Slides
Page 1
Low-CO2 enriched ferrochrome produced in Outokumpu's laboratory. Pioneering materials and technologies that power tomorrow Outokumpu Q2 2026 results Kati ter Horst, President & CEO Marc-Simon Schaar, CFO July 30, 2026
Page 2
July 30, 20262 This presentation contains, or may be deemed to contain, statements that are not historical facts but forward-looking statements. Such forward-looking statements are based on the current plans, estimates and expectations of Outokumpu’s management based on information available to it on the date of this presentation. By their nature, forward-looking statements involve risks and uncertainties, because they relate to events and depend on circumstances that may or may not occur in the future. Future results of Outokumpu may vary from the results expressed in, or implied by, the forward-looking statements, possibly to a material degree. Factors that could cause such differences include, but are not limited to, the risks described in the "Risk factors" section of Outokumpu’s latest Annual Report, and the risks detailed in Outokumpu’s most recent financial results announcement. Outokumpu undertakes no obligation to update this presentation after the date hereof. Disclaimer
Page 3
3 July 30, 2026 Kati ter Horst, President & CEO Weilong Winery I Australia
Page 4
• Adjusted EBITDA increased to EUR 100 million, driven by an improvement in BA Europe. • BA Americas continued its strong performance, while BA Ferrochrome improved further. • Regional policy measures supported European producers, while U.S. demand was robust, and demand for Outokumpu’s low-emission European ferrochrome remained good. • EVOLVE growth strategy progressing; ◦ Starting an investment program in high-nickel alloys, targeting attractive growth, higher margins and resilience. ◦ S c a l e - u p o f p r o p r i e t a r y t e c h n o l o g y t o p r o d u c e l o w - C O ₂ chromium materials advancing; publication of the first patent applications marking an important milestone. Group adjusted EBITDA, EUR million 56 86 -3 49 75 34 10 65 100 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Improved profitability while progressing on EVOLVE growth strategy July 30, 20264
Page 5
Imports into Europe well below last year due to CBAM and new safeguards 5 2023 2024 2025 Q1 2026 Q2 2026 10 20 30 40 Europe The U.S. North America 17% 26% 5 July 30, 2026 European parliament building I Brussels, Belgium
Page 6
Market sentiment Q2 vs Q1 Consumer & FoodTransport Construction 6 July 30, 2026 Industrial Europe: Heavy transport stable Automotive declined Europe: HVAC improved Datacenters improved Cladding and structures stable Elevators declined Europe: Appliances stable at low levels Food & Beverage stable at low levels Europe: Energy improved Oil & gas stable at low levels Chemical stable at low levels Pulp & paper declined Americas: Heavy transport stable Automotive declined Americas: Appliances declined Kitchenware stable Food & Beverage stable Americas: Water infrastructure improved HVAC improved Datacenters at strong levels Cladding and structures stable Elevators stable Americas: Energy improved Oil & gas stable at good levels Chemical stable at good levels Industrial applications stable
Page 7
Delivery volumes supported by policy measures in Europe July 30, 20267 BA Europe, stainless steel deliveries 1,000 tonnes Q2/22 Q2/23 Q2/24 Q2/25 Q2/26 BA Americas, stainless steel deliveries 1,000 tonnes Q2/22 Q2/23 Q2/24 Q2/25 Q2/26 BA Ferrochrome deliveries 1,000 tonnes Q2/22 Q2/23 Q2/24 Q2/25 Q2/26 372 349 316 324 339 177 147 161 166 153 120 90 104 101 114
Page 8
8 The global sustainability leader in stainless steel • Safety performance improved with 1.4 TRIFR in Q2. • High 96% recycled material content and continued progress towards science-based target. • Outokumpu was recognized by TIME and Statista in the World’s Most Sustainable Companies ranking. • In addition, Outokumpu was acknowledged for the third time as a Climate Leader in Europe by Financial Times. Safety performance, TRIFR Recycled materials, % TRIFR measures all recordable injuries within hours worked in a certain period and is expressed as a number of incidents per million working hours. The recycled material content equals the tons of recycled metal input to the melt compared to the volume of crude steel produced. The recycled metal input includes both pre- and post-consumer recycled metals as defined by ISO 14021. Emission intensity for stainless steel equals tonne of CO2 per tonne produced crude stainless steel across Scope 1, 2 and 3. Years 2016-2020 include discontinued operations. 8.7 4.4 4.1 3.2 2.4 2 1.8 1.5 1.5 1.8 1.8 1.4 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 2026 Q2 2026 87 89 90 93 90 94 95 95 97 95 96 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 2026 Q2 2026 July 30, 2026 2.08 1.96 1.91 1.78 1.72 1.78 1.7 1.52 1.42 1.39 1.35 1.33 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 2026 Q2 2026 Emission intensity for stainless steel, rolling 12 months
Page 9
July 30, 20269 Pearl International Finance Center I China Marc-Simon Schaar, CFO
Page 10
Adjusted EBITDA increased further, strong financial position maintained 10 10 • Adjusted EBITDA increased to EUR 100 million, mainly driven by BA Europe. • Strong financial performance in BA Americas continued, while BA Ferrochrome improved further. • Operating cash flow remained solid at EUR 85 million. • Net debt decreased to EUR 224 million despite payment of the first dividend installment of EUR 28 million. • Strong liquidity and total liquidity reserves. Adjusted EBITDA, EUR million Q1 2026 Q2 2026 Group BA Europe BA AmericasBA Ferrochrome -50 0 50 100 10 July 30, 2026
Page 11
July 30, 202611 • European producers continued to benefit from CBAM and the new safeguard measures, however end- use demand remained sluggish. • Profitability increase supported by 5% higher deliveries and improved margins. • Margins benefited from higher realized prices and lower realized fixed costs. Stainless steel deliveries, 1,000 tonnes Adjusted EBITDA, EUR million 316 316 287 318 324 284 223 324 339 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 28 59 -32 6 16 -12 -56 -13 17 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 BA Europe Profitability improved on higher deliveries and improved margins July 30, 202611
Page 12
July 30, 202612 • US demand remained good, supported by strength in several industrial segments, while activity in the Mexican market somewhat improved. • Profitability remained strong, supported by higher selling prices and 4% higher deliveries, offset by increased costs. Stainless steel deliveries, 1,000 tonnes Adjusted EBITDA, EUR million 161 148 137 156 166 156 144 148 153 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 21 5 9 11 29 30 31 52 53 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 BA Americas Continued strong financial performance supported by higher selling prices
Page 13
July 30, 202613 • Solid demand for Outokumpu's low- emission European offering. • Profitability increased as higher selling prices and 4% higher deliveries more than offset higher variable costs. • Production in South Africa expected to increase following an agreement on electricity price support. • Expansion of product portfolio into higher-margin ferrochrome products continued. Ferrochrome deliveries, 1,000 tonnes Adjusted EBITDA, EUR million 104 104 79 95 101 105 94 110 114 Q2 2024Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026 22 29 33 43 32 21 42 30 37 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 BA Ferrochrome Profitability improved on higher selling prices and deliveries
Page 14
Operating cash flow remained solid and net debt improved Q2/26 cash flow, EUR million 94 20 -30 85 -34 51 EBITDA Working capital Taxes, financials and other Operating cash flow Net investments Free cash flow July 30, 202614 Net debt and leverage ratio, EUR million -71 169 230 265 241 224 0.8 1.5 1.6 1.3 1.1 Net debt Net debt to adjusted EBITDA Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 • Operating cash flow solid at EUR 85 million, supported by improved result and working capital management. • Net debt decreased despite dividend payment of EUR 28 million and leverage ratio improved to 1.1x.
Page 15
15 July 30, 2026 Kati ter Horst, President & CEO Finken Bridge I Helsinki, Finland
Page 16
16 July 30, 2026 Outlook for Q3 2026 Group stainless steel deliveries in the third quarter are expected to decrease by 0-10% compared to the second quarter due to seasonality in business area Europe. Based on the current order book, the net impact of realized prices and raw material costs is expected to be positive. With current raw material prices, some raw material-related inventory and metal derivative gains are forecasted for the third quarter. Guidance for Q3 2026 Adjusted EBITDA in the third quarter of 2026 is expected to be on a similar level compared to the second quarter of 2026. 16 Finken Bridge I Helsinki, Finland
Page 17
Pilot plant in the U.S. Scale-up of proprietary technology to produce low- C O ₂ - e n r i c h e d f e r r o c h r o m e and chromium metal is advancing. Publication of the first patent applications covering key process elements is an important milestone. Technology initiative evolving into a future- oriented business platform for growth. 17 July 30, 2026 Progressing on EVOLVE growth strategy Advancing into high-nickel alloys Starting an investment program in high-nickel alloys, building on the existing Advanced Materials business. This investment adding ~13 kt volume will make Outokumpu one of the key players in the global nickel alloy market for flat products. Implementing the program in two phases at the Avesta site to accelerate market entry and improve returns. Phase 1: EUR 30 million investment in remelting equipment to accelerate customer qualification and complete a detailed engineering study for Phase 2, confirming the total program capex estimate of EUR ~150 million. Phase 2: Greenfield investment in new melting and casting capabilities to further expand the high-nickel alloy product portfolio.
Page 18
February 8, 202418 July 30, 202618 Key messages The Address Sky view towers I Dubai, United Arab Emitrates • Adjusted EBITDA increased to EUR 100 million, supported by improved market fundamentals across all three business areas. • Adjusted EBITDA in Q3 expected to be at a similar level despite seasonality in Europe. • Financial position remained strong and net debt decreased. • EVOLVE growth strategy is progressing well and gaining momentum: ◦ Starting an investment program in high-nickel alloys, targeting attractive growth, higher margins and resilience. ◦ First patents regarding proprietary metal processing technology published
Page 19
Thank you! Questions & answers Our achievements in sustainability have been globally recognized July 30, 202619
Page 20
July 30, 2026 Stainless steel and nickel prices Transaction prices 304 stainless, USD/tonne* Europe The U.S. China Nickel LME cash, USD/tonne Source: CRU Stainless Steel Flat Products Monitor June 2026 Nickel: London Metal Exchange (LME) Nickel Cash Official Stainless transaction prices 304 monthly figures, nickel quarterly figures *EUR/USD FX rate impacting USD transaction prices 20 2023 2024 2025 2026 5000 10000 15000 20000 25000 30000 2023 2024 2025 2026 2000 4000 6000 JuneJune
Page 21
21 Increased deliveries and higher selling prices Adjusted EBITDA was EUR 100 million in Q2 2026 1) Indicative columns based on management estimates Q1/26 Deliveries Net of pricing, mix and raw material costs Net of timing and hedging Costs Q2/26Ferrochrome Adjusted EBITDA quarter-on-quarter comparison1, EUR million 65 100 July 30, 202621 Higher average sales prices largely offset by higher raw material costs
Page 22
-13 17 Q1/26 Deliveries Pricing, mix & raw material costs Net of timing and hedging Costs Q2/26 BA Europe’s adjusted EBITDA was EUR 17 million in Q2 2026 Adjusted EBITDA quarter-on-quarter comparison1, EUR million 1) Indicative columns based on management estimates Adjusted EBITDA, EUR million 16 -12 -56 -13 17 Q2/2025 Q3/2025 Q4/2025 Q1/2026 Q2/2026 July 30, 202622 Higher raw material costs Higher net fixed cost absorption
Page 23
52 53 Q1/26 Deliveries Pricing, mix & raw material costs Net of timing and hedging Costs Q2/26 BA Americas’ adjusted EBITDA was EUR 53 million in Q2 2026 Adjusted EBITDA quarter-on-quarter comparison1, EUR millionAdjusted EBITDA, EUR million 29 30 31 52 53 Q2/2025 Q3/2025 Q4/2025 Q1/2026 Q2/2026 1) Indicative columns based on management estimates July 30, 202623 Higher selling prices due to higher alloy surcharge Costs increased predominantly due to higher freight costs and non- conforming material costs
Page 24
30 37 Q1/26 Deliveries Ferrochrome price Costs Q2/26 BA Ferrochrome’s adjusted EBITDA was EUR 37 million in Q2 2026 Adjusted EBITDA quarter-on-quarter comparison1, EUR millionAdjusted EBITDA, EUR million 32 21 42 30 37 Q2/2025 Q3/2025 Q4/2025 Q1/2026 Q2/2026 1) Indicative columns based on management estimates July 30, 202624 Ferrochrome sales price increased Higher variable costs incl. freight
Page 25
Smart decarbonization unlocking new business opportunities 2016–2024 High recycled material content, low- emission energy, energy efficiency and incremental process improvements 2030 TARGET - 42% tCO2/ton CS Approximately 75% lower carbon footprint compared to industry average 2025 RESULTS - 33% 1.39 tCO2/ton CS -33% against 2016 baseline • Cost avoidance from lower CO2 emissions as free EU ETS allowances are phased out • Competitive advantage from CBAM – leveling the carbon cost playing field for imports to the EU • Capturing voluntary demand for low-emission stainless steel and ferrochrome • From side streams to value, creating new business opportunities *Including discontinued operations 2025–2030 Targeted investments in biocoke, low- emission raw materials, utilization of by-products and carbon capture through established technologies as well as new innovations July 30, 202625