Outokumpu (OUT1V) Investor presentation summary

Market position and portfolio

• Global #1 sustainable stainless steel producer in Europe and #2 in the U.S.; Western world's #1 ferrochrome producer, with ~60% market share.

• Integrated value chain includes the EU's only chrome mine, supplying ferrochrome for internal use and external sales.

• Products serve consumer and industrial applications, including appliances, construction, process industries, energy, automotive and heavy transport.

• EU safeguard measures effective July 1, 2026, and CBAM effective January 1, 2026, are expected to reduce import pressure and support low-emission supply.

2025 performance and capital

• Sales €5.468bn vs. €5.942bn in 2024; stainless steel deliveries 1.751m tonnes vs. 1.793m; adjusted EBITDA €167m vs. €177m.

• Adjusted EBITDA over the cycle targeted at ~€600m, supported by consistent strategic actions and cost control.

• 2025 capital expenditure €145m vs. €216m in 2024; 2020–2025 capex totaled €1.040bn.

• Net debt €265m vs. €189m; net debt/adjusted EBITDA 1.6x vs. 1.1x; cash €362m and total liquidity reserves €1.2bn.

• 2025 dividend €0.13 per share; dividend policy targets stable, growing distributions while preserving investment flexibility and a minimum 20% IRR for transformative initiatives.

Business areas

• Europe: 28% market share; 2025 adjusted EBITDA -€46m and stainless steel deliveries 1.148m tonnes.

• Americas: 25% North American market share, #2 in the U.S. and #1 in Mexico; 2025 adjusted EBITDA €102m and deliveries 552,000 tonnes.

• Ferrochrome: ~60% Western-world market share; 2025 adjusted EBITDA €106m and deliveries 395,000 tonnes.

• Strategic priorities include improving European cost competitiveness, advancing Americas operational excellence and expanding higher-margin ferrochrome products.