SSAB (SSAB) Q3 2025 earnings summary

Executive summary

• Safety performance reached record levels, with LTIF as low as 0.56, reflecting a strong safety culture.

• Q3 2025 results were stable, with operating result and cash flow improving year-over-year, mainly driven by SSAB Americas.

• Major transformation projects, including the Luleå mini-mill and Oxelösund electric arc furnace, are progressing, though Luleå's start is delayed to end of 2029 due to grid issues.

• Achieved a world-first in near-zero emissions steel certification, with deliveries to GE Vernova and use of HYBRIT technology.

• European Commission proposed new measures to strengthen the steel industry, welcomed by the company.

Financial highlights

• Q3 2025 revenue was SEK 22,960 million, down 6% year-over-year, mainly due to negative currency effects and lower shipments.

• Q3 EBITDA was SEK 2,886 million, up from SEK 2,320 million in Q3 2024; operating result rose to SEK 1,869 million, up SEK 621 million year-over-year.

• Operating cash flow improved to SEK 2,274 million, and net cash at quarter-end was SEK 10.8 billion.

• EBITDA margin improved to 12.6% from 9.5% year-over-year; operating margin for Q3 2025 was 8%.

• Earnings per share increased to SEK 1.49 from SEK 1.05 year-over-year.

Outlook and guidance

• Q4 2025 outlook is uncertain, with expected seasonal slowdown in Europe and planned maintenance in both North America and Europe.

• Shipments expected to be somewhat lower across all segments in Q4; prices stable to somewhat lower.

• Maintenance activities in Q4 will negatively impact financial performance; planned maintenance costs for 2025 expected at SEK 1,530 million, lower than previous forecast.

• CapEx guidance for the year remains at SEK 10 billion, with higher strategic investments for transformation projects.