SSAB (SSAB) Q2 2025 earnings summary

Executive summary

• Q2 2025 operating result improved to SEK 2,140 million, driven by strong performance in advanced high-strength steel sales to automotive and robust results in the Americas and Special Steels divisions, despite lower standard steel prices and negative currency effects.

• Safety performance improved, reflecting a new safety culture across the organization.

• Major transformation projects in Luleå and Oxelösund are progressing, though Luleå's start-up is delayed by 12 months to end-2029 due to grid issues, with no cost impact expected.

• Partnership with Volvo Cars enhances circularity and secures high-quality scrap supply for fossil-free steel production.

Financial highlights

• Q2 2025 revenue was SEK 25,631 million, down 9% year-over-year but flat sequentially; EBITDA improved to SEK 3,157 million from SEK 2,400 million in Q1, but below SEK 4,038 million in Q2 last year.

• Steel shipments totaled 1,708 kilotons, up 32 kilotons from Q1 and 62 kilotons year-over-year.

• Operating cash flow for Q2 2025 was SEK 1,753 million; net cash position at quarter-end was SEK 10.9 billion.

• Dividend payout of SEK 2.6 billion during Q2 2025.

• Earnings per share for Q2 2025 were SEK 1.86.

Outlook and guidance

• Q3 2025 expected to be seasonally weaker, with lower shipments for all divisions; prices stable for Special Steels and Europe, higher for Americas.

• Market remains turbulent, with neutral to weak demand in construction machinery and automotive, but strong demand in mining and energy transmission.

• CapEx guidance for 2025 maintained at SEK 10 billion, with Luleå project delay not impacting this year’s plan.

• Maintenance costs for 2025 forecast at SEK 1,570 million, unchanged from previous guidance.