Outokumpu (OUT1V) Pre-Silent Call summary

Executive summary

• Q3 pre-silent call focused on current market conditions, operational updates, and expectations for Q3 results.

• Market softness persists in the Americas, influenced by U.S. and Mexican elections.

• European market faces weak demand and increased imports, with inventories normalizing.

Trading performance and revenue trends

• Americas market remains soft, with low distributor inventories and limited demand stimulation from new tariffs.

• European imports increased in Q3, partly due to material ordered during spring strikes.

• Stainless-steel deliveries expected to remain stable compared to Q2.

Profitability and margins

• Maintenance costs in Q3 are higher by a mid-single-digit percentage, as previously guided.

• Net timing and hedging gains expected in Q3, assuming current raw material prices.

• Adjusted EBITDA for Q3 anticipated to be at or above Q2 levels.