SSAB (SSAB) Q4 2025 earnings summary

Executive summary

• Full-year 2025 revenue was SEK 96,220 million, with an operating result of SEK 6,116 million and net cash of SEK 11,596 million at year-end, reflecting resilience amid weak markets and lower prices.

• Board proposed a SEK 2.00 per share dividend for 2025, down from SEK 2.60, totaling around SEK 2.0 billion.

• Strategic investments in fossil-free steel, premium products, and major projects in Oxelösund and Luleå are progressing as planned.

• Weak markets due to geopolitical turbulence and tariffs were mitigated by premium strategy, geographic diversification, and cost adjustments.

• Safety performance improved, with lost time injury frequency reduced to 0.56 and total recordable injuries also down year-over-year.

Financial highlights

• Q4 2025 revenue was SEK 22,106 million, down 6% year-over-year, with operating result up to SEK 756 million from SEK 487 million, mainly due to improved Americas performance and higher shipments.

• Q4 EBITDA was SEK 1,777 million; full-year EBITDA was SEK 10,189 million.

• Net cash at year-end was SEK 11,596 million, with a net debt/equity ratio of -17%.

• Dividend proposed at SEK 2.00 per share, down from SEK 2.60.

• Operating cash flow for 2025 was SEK 7,621 million.

Outlook and guidance

• Q1 2026 shipments expected to be significantly higher for Special Steels, higher for Europe, and somewhat higher for Americas, with stable to slightly increasing prices.

• Capital expenditure for 2026 is estimated at SEK 13.5 billion, mainly for the Luleå mini-mill.

• Maintenance costs for 2026 are expected to total SEK 1,450 million.

• Raw material costs expected to remain stable or slightly down in Europe and Special Steels, but rise in Americas, impacting Q1 margins.

• Construction segment expected to remain weak in Q1, with potential improvement in the second half of 2026.