SGL Carbon: Business performance in Q3 2026 supports an upward revision of the full-year earnings forecast

  Strong Q3 2026 with sales at the previous year’s level despite the discontinuation of loss-making business segments in mid-2025 Adjusted EBITDA after nine months of 2026 nearly back to the prior year’s level Adjusted EBITDA margin rises to 17.9% (9M 2025: 16.6%) Full-year forecast for 2026 adjusted EBITDA increased   Wiesbaden, November 5, 2026. SGL Carbon’s consolidated sales in the first nine months of 2026 totaled €594.8 million, down 8.9% from the prior-year figure of €652.9 million. The decline is primarily attributable to the discontinuation of unprofitable business activities in the carbon fiber segment by mid-August of the prior year. Looking at consolidated sales for isolated third quarter 2026 separately, the figure of 200.6 million euros was already back at the previous year’s level (third quarter of 2025: 199.7 million euros). Despite lower consolidated sales (down 8.9%) on a nine-month basis, adjusted EBITDA (EBITDApre) declined at a slower rate, falling 2.1% to €106.3 million (9M 2025: €108.6 million). This is partly due to income-impacting compensation payments totaling €30.4 million resulting from the adjustment of existing supply contracts with semiconductor customers, as well as to a sustained shift in the product mix in the Graphite Solutions and Fiber Composites business units. Accordingly, the adjusted EBITDA margin improved year-over-year from 16.6% to 17.9% in 9M 2026. “Business performance in the third quarter 2026, demand for our products that exceeded our expectations - particularly in the semiconductor and nuclear sectors - as well as the first financial successes resulting from the implementation of our SGL Growth 2030 strategy have led us to raise our earnings forecast for the full year 2026,” says Andreas Klein, CEO of SGL Carbon SE. With depreciation and amortization of minus €37.1 million (9M 2025: minus €39.2 million), adjusted EBIT came in at €69.2 million, on par with the prior year (9M 2025: €69.4 million). Due to significantly lower one-time and special items compared to the prior year - amounting to minus €3.1 million (9M 2025: minus €84.7 million) - EBIT rose to €66.1 million (9M 2025: minus €15.3 million). As a result, the Group once again posted a positive net income of €31.3 million (9M 2025: minus €51.3 million). The prior year was exceptionally impacted by one-time effects resulting from the implementation of the restructuring of the Carbon Fibers business unit.
  Development of the Business Unit The Graphite Solutions (GS) business unit reported a 10.0% increase in sales to €358.3 million in the first nine months of fiscal year 2026 compared with the same period last year (9M 2025: €325.7 million). Sales include compensation payments resulting from the adjustment of existing contracts with semiconductor customers in the amount of €30.4 million (Q1: €7.7 million, Q2: €21.0 million, and Q3 2026: €1.7 million). These payments, in part, offset contractually stipulated purchase obligations of the customers toward GS. Partly due to compensation payments, sales to semiconductor customers account for approximately 37.8% of GS sales (9M 2025: 36.5%). Of particular note is the GS “Energy” market segment, whose share rose from 14.2% to 18.2% on a nine-month basis. The “Energy” segment also includes sales to customers in the nuclear industry, which increased in Q3 2026 due to the ramp-up of production. Both the sales development and the changed product mix at GS, as well as earnings-impacting compensation payments, had a positive effect on GS’s adjusted EBITDA in the first three quarters 2026. On a year-over-year basis, adjusted EBITDA improved by 23.5% to €71.9 million (9M 2025: €58.2 million). In line with the trends described above, the adjusted EBITDA margin rose to 20.1% (9M 2025: 17.9%). Due to its dependence on the chemical industry as its most important customer segment, the Process Technology (PT) business unit reported a 27.7% year-over-year decline in sales to €74.0 million (9M 2025: €102.4 million). Rising energy prices, high labor costs, and regulatory requirements are prompting many chemical companies to postpone investment and maintenance projects. In particular, the cancellation of major projects is reflected in the adjusted EBITDA, which fell significantly from €28.0 million to €11.2 million. In addition to volume effects, lower selling prices also weighed on PT’s adjusted EBITDA. Consequently, the adjusted EBITDA margin declined to 15.1% (9M 2025: 27.3%). Sales in the Fiber Composites (FC) business unit totaled €147.0 million after nine months in 2026, which was €63.5 million below the prior-year figure of €210.5 million. The decline is primarily attributable to a negative impact on sales in the nine-month comparison resulting from the discontinuation of loss-making business activities as part of the Carbon Fibers restructuring until mid-August 2025. The significantly reduced costs resulting from the restructuring of the carbon fiber business, a shift in the product mix toward more customized customer solutions, and a higher earnings contribution from the BSCCB joint venture of €10.9 million (9M 2025: €5.6 million) led to a significant improvement in the FC business segment’s adjusted EBITDA to €28.7 million after nine months 2026 (9M 2025: €17.8 million). The adjusted EBITDA margin improved accordingly from 8.5% to 19.5%.
  Debt, Equity, and Free Cash Flow SGL Carbon’s balance sheet structure remains solid as of September 30, 2026. Net financial debt decreased from €98.9 million at the end of 2025 to €78.5 million. The leverage ratio improved to 0.6 from 0.7 at the end of fiscal year 2025. The equity ratio increased to 41.0% (Dec. 31, 2025: 39.2%). Free cash flow amounted to €38.0 million after three quarters of the current fiscal year, significantly exceeding the comparable figure of €12.5 million from the previous year.   Outlook Based on business performance to date - particularly in the third quarter 2026 - as well as the expectations through the end of the current fiscal year, we refined our sales expectations on October 6, 2026, and raised our earnings forecast for fiscal year 2026. For fiscal year 2026, we expect consolidated sales to be at the upper end of the previously stated range of €720 million to €770 million and adjusted EBITDA (EBITDApre) to be between €130 million and €140 million (previously €110 million to €130 million). In light of the agreement signed on October 23, 2026, regarding the sale of our former Carbon Fiber site in Moses Lake (USA) and the receipt of the first installment of the purchase price in the amount of USD 45 million, we have also raised our 2026 free cash flow forecast (previously at the prior-year level) by the amount of the purchase price received. The medium-term plan through 2030 remains unaffected by the update to the 2026 forecast. Further details on business performance in the first nine months of 2026 can be found in the quarterly statement on our website.


Key figures 9M 2026
 

in € million	9M 2026	9M 2025	Change	Change in %
Group sales	594.8	652.9	-58.1	-8.9%
Graphite Solutions	358.3	325.7	32.6	10.0%
Process Technology	74.0	102.4	-28.4	-27.7%
Fiber Composites	147.0	210.5	-63.5	-30.2%
Corporate	15.5	14.3	1.2	8.4%
EBITDA pre*	106.3	108.6	-2.3	-2.1%
Graphite Solutions	71.9	52.8	13.7	23.5%
Process Technology	11.2	28.0	-16.8	-60.0%
Fiber Composites	28.7	17.8	10.9	61.2%
Corporate	-5.5	4.6	-10.1	--
in € million	9M 2026	9M 2025	Change	Change in %
EBITDApre margin (in %)	17.9 %	16.6 %		+1.3%-points
Net result (attributable to shareholders of the parent company)	31.3	-51.3	82.6	--
Free Cash flow	38.0	12.5	25.5	>100%

* EBITDApre (adjusted EBITDA): Earnings before interest, taxes, depreciation and amortization adjusted for one-off effects and non-recurring items.

                                                                                                                                                

	Sept. 30, 2026	Dec 31, 2025	Change	Change in %
Equity ratio (in %)	41.0 %	39.2 %		1.8%-points
Net financial debt (in € million)	78.5	98.9	-20.4	-20.6%
ROCE (EBIT pre) (in %)	10.1 %	9.8 %		0.3%-points

  About SGL Carbon SGL Carbon is a technology-based company and one of the world’s leading manufacturers of carbon-based solutions. Its materials and products made from specialty graphite, high-performance fibers, and composite materials serve the most demanding applications in many industries that are shaping the future: mobility, semiconductor technology, LEDs, energy generation, aerospace, and fuel cell manufacturing. SGL Carbon also develops forward-looking and reliable solutions for the chemical industry, numerous industrial applications, and, increasingly, the defense industry. With approximately 3,800 employees at 27 locations in Europe, North America, and Asia, SGL Carbon generated revenue of 850 million euros in fiscal year 2025. Further information about SGL Carbon can be found at www.sglcarbon.com/presse.   Important note: To the extent that our press release contains forward-looking statements, the latter are based on information that is available at present and on our current forecasts and assumptions. Forward-looking statements, by their very nature, entail known as well as unknown risks and uncertainties that may lead to actual developments and events differing substantially from the forward-looking assessments. Forward-looking statements must not be understood to be guarantees. Instead, future developments and events depend on a large number of factors; they comprise various risks and imponderables and are based on assumptions that may possibly turn out not to be appropriate. These include unforeseeable changes to fundamental political, economic, legal and societal conditions, particularly in the context of our main customers’ industries, the competitive situation, interest and exchange rate trends, technological developments as well as other risks and uncertainties. We perceive additional risks e.g. in pricing developments, unforeseeable events in the environment of companies acquired and Group member companies as well as in current cost savings programs from time to time. The SGL Carbon assumes no obligation and does not intend to adjust or otherwise update these forward-looking statements either.   SGL Carbon SE Claudia Kellert – Head of Investor Relations,
Communications and Corporate Sustainability Soehnleinstrasse 8
65201 Wiesbaden/Germany Telephone +49 611 6029-100
Fax +49 611 6029-101
press@sglcarbon.com
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