Outokumpu Q3'26 preview: Differences between continents

Automatic translation from Finnish. Give feedback in the Inderes forum.

Outokumpu's Q3 adjusted EBITDA was EUR 101 million, which was broadly in line with expectations. Revenue was EUR 1,555 million. Stainless steel deliveries decreased by 7% quarter-on-quarter as demand weakened in Europe. However, the Americas business delivered its best earnings in three years. A much weaker-than-expected outlook overshadowed the earnings: Q4'26 adjusted EBITDA is estimated to be at the same level as the EUR 10 million reported in Q4'25. Outokumpu CEO Kati ter Horst comments on the earnings in a video. Topics: (00:00) Outokumpu's Q3 performance (00:41) Americas was strong (01:33) Europe's earnings were weak (02:49) Potential structural changes in Europe? (04:06) Weak customer segments in Europe (05:49) South African ferrochrome production is back on its feet thanks to subsidies (07:38) Guidance points to a weak Q4