SSAB (SSAB) Q3 2026 earnings summary

Executive summary

• Q3 revenue was SEK 25,632m, up 12% YoY; operating result rose to SEK 2,157m from SEK 1,869m, while EBITDA increased to SEK 3,259m from SEK 2,886m.

• Higher shipments and prices supported earnings, while SEK 810m of planned maintenance costs and higher input costs weighed on performance.

• Premium-steel demand remained strong; transformation projects progressed, with production starts planned for Q2 2027 in Oxelösund and late 2029 in Luleå.

Financial highlights

• Q3 shipments were 1,530 kt, up 64 kt or 4% YoY and down 230 kt or 13% QoQ; revenue was SEK 25,632m, down 7% QoQ.

• Q3 EBITDA was SEK 3,259m vs SEK 2,886m; EBITDA margin was 13% in both periods. Operating margin was 8%, unchanged YoY.

• Q3 net income was SEK 1,561m vs SEK 1,489m; basic and diluted EPS was SEK 1.56 vs SEK 1.49.

• YTD revenue was SEK 78,457m, up 6% YoY; EBITDA was SEK 10,272m vs SEK 8,411m, and operating result was SEK 7,053m vs SEK 5,360m.

• Q3 operating cash flow was SEK 2,500m vs SEK 2,274m; YTD operating cash flow rose to SEK 6,241m from SEK 3,480m.

Outlook and guidance

• Q4 vs Q3 shipments: Special Steels somewhat lower, Europe higher and Americas stable; realized prices in all three steel divisions expected somewhat higher.

• Planned Q4 maintenance completes the 2026 program; full-year maintenance costs are forecast at SEK 1,450m, unchanged from the prior estimate.

• Q4 raw-material costs are expected somewhat higher; freight and energy costs are expected to remain high.

• 2026 capex guidance fell to SEK 11.2bn from SEK 13.5bn due to revised supplier payment timing; the deferred spend shifts into next year.

• Q4 price realization may lag spot markets because of contracts and lead times; no Q4 margin guidance was given.