SGL Carbon SE

For H1 2026, total turnover was EUR 394 million, down 13% from EUR 453 million last year. EBITDA pre was roughly EUR 70 million, down 3.7% from EUR 72.5 million, and EBITDA pre margin was 17.7%. Graphite Solutions sales increased to EUR 234 million from EUR 221 million, with EBITDA pre up to EUR 46.6 million from EUR 40.8 million. Process Tech sales fell to a little over EUR 50 million from EUR 70.2 million, while EBITDA pre dropped to EUR 7.3 million from almost EUR 20 million and margin fell to 14.5% from 28.3%. Fiber Composites sales declined to roughly EUR 100 million from EUR 150 million, while EBITDA pre improved to almost EUR 19 million from EUR 10.6 million. Net result improved to EUR 11.8 million from minus EUR 31 million, free cash flow was EUR 31.4 million, net financial debt fell by almost EUR 20 million, leverage was 0.6, equity ratio was almost 40%, and ROCE was roughly 10%. Management said it is still on track to deliver 2026 guidance, but did not provide new numeric full-year group guidance in the call; for Process Tech it implied only a low-level stabilization in H2, and for Fiber Composites it said H2 should not be expected to repeat the one-time restructuring benefit seen in H1.

Andreas Klein emphasized that SGL Growth 2030 is already generating positive momentum less than half a year after launch. He pointed to improving semiconductor market momentum in China and SiC, successful customer feedback on new coating products, an expanded nuclear graphite agreement with X-energy, progress in space and defense relationships, and doubled production volume in retrofit floor panels for aero. His tone was constructive but cautious, repeatedly noting that macro conditions and geopolitics remain challenging and several key markets are still weak.

Thomas Dippold focused on the financial bridge from the prior year: turnover fell because of the carbon fiber exit and weak demand in Graphite Solutions and Process Tech, while compensation payments from renegotiated take-or-pay contracts boosted both top line and profit. He highlighted that H1 restructuring costs were a little more than EUR 40 million versus a prior target of no more than EUR 50 million over two years, and said the restructuring was completed in less than one year. He also stressed the balance sheet, citing EUR 31.4 million in free cash flow, net financial debt down by almost EUR 20 million, leverage at 0.6, equity ratio near 40%, and ROCE of roughly 10%.

In Q&A, Deutsche Bank asked whether further compensation payments from semiconductor customers should be expected; management said discussions are ongoing and more may come in future quarters, but the big chunk has already been renegotiated. On Process Tech, management said the division is stabilizing only at a low level and any awarded projects now would likely turn into sales only in 2027, so there is no quick turnaround expected. On Fiber Composites, management explained that H1 benefited from one-time closure effects that cannot repeat in H2, while BSCCB also contributed about EUR 3 million more than last year; for Corporate, management said rental income from unused buildings helps, and overhead costs will remain tightly controlled.