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.

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

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

• Board proposes a SEK 2.00 per share dividend for 2025, down from SEK 2.60.

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

Financial highlights

• Q4 2025 shipment volumes were 1,515 kilotons, up 3% sequentially and 5% year-over-year.

• Q4 2025 revenue was SEK 22,106 million, down 6% year-over-year; Q4 EBITDA was SEK 1,777 million.

• Full-year 2025 EBITDA was SEK 10,189 million; adjusted EBITDA was SEK 10,200 million.

• Operating cash flow for 2025 was SEK 7,621 million; net cash position at year-end was SEK 11,596 million, net debt/equity ratio at -17%.

• Full-year CapEx was just above SEK 10 billion, with strategic CapEx at SEK 7.2 billion and maintenance CapEx just below SEK 3 billion.

Outlook and guidance

• Q1 2026 shipments expected to be significantly higher for Special Steels, higher for Europe, and somewhat higher for Americas due to seasonality.

• Prices expected to remain stable for Special Steels, with some increase in Europe and Americas.

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

• Strategic CapEx planned to increase to SEK 13.5 billion in 2026, mainly for Luleå and Oxelösund projects.

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