SSAB (SSAB) Q2 2026 earnings summary

Executive summary

• Q2 2026 delivered improved earnings and revenue growth, driven by higher prices and shipments in both European and American segments, despite increased variable costs from geopolitical turbulence.

• Strategic transformation projects, including the Oxelösund conversion, Luleå mini mill, and a new quenching line, are progressing, with minor delays addressed and investments remaining on schedule and within budget.

• Dividend payout of just below SEK 2 billion was executed in Q2, maintaining a strong net cash position of SEK 8.6 billion at quarter-end.

• Safety KPIs improved, with lost time injury frequency at a record low of 0.38, reflecting a strong safety culture.

Financial highlights

• Q2 2026 revenue reached SEK 31.8 billion, with EBITDA at SEK 3.8 billion (14% margin), and operating result at SEK 2.7 billion.

• Net cash at quarter-end was SEK 8.6 billion, with a net debt/equity ratio of -12%.

• Operating cash flow for Q2 was SEK 3.7 billion, up from SEK 1.8 billion a year earlier.

• Return on capital employed (rolling 12 months) improved to 13% from 9% year-over-year.

• Dividend of SEK 2 billion paid in Q2.

Outlook and guidance

• Q3 2026 is expected to see significantly lower shipments across all divisions due to planned maintenance and seasonality, but somewhat higher realized prices.

• Full-year 2026 maintenance and strategic capex guidance unchanged at SEK 13.5 billion, with higher strategic capex for Luleå and Oxelösund.

• Maintenance costs for 2026 expected at SEK 1,450 million.

• Scrap consumption costs in the U.S. expected to be slightly lower in Q3.