SGL Carbon: Still on track to meet its 2026 annual targets
EQS-News: SGL Carbon SE / Key word(s): Half Year Report/Half Year Results
SGL Carbon: Still on track to meet its 2026 annual targets
06.08.2026 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.
SGL Carbon: Still on track to meet its 2026 annual targets
In the first half of 2026, SGL Carbon generated adjusted EBITDA of €69.8 million, representing a slight decline of 3.7% (H1 2025: €72.5 million). Adjusted EBITDA was negatively impacted in particular by the decline in high-margin sales in the Process Technology business unit. In contrast, the compensation payments described above resulting from the adjustment of existing supply contracts with Graphite Solutions customers (Q1: €7.7 million; Q2: €21.0 million) had a positive effect on adjusted EBITDA. The adjusted EBITDA margin, including the received compensation payments, improved from 16.0% to 17.7% in the first half of 2026.
"Despite the continuing challenging market environment, SGL Carbon is on track to achieve its 2026 targets. In addition, with our ‘SGL Growth 2030’ strategy, we are consistently focusing the company on profitable and high-growth target markets such as semiconductors, power generation, defense, and aerospace. Meetings with customers over the past few weeks have shown that we have the right materials and solutions to successfully serve these markets,” explains Andreas Klein, CEO of SGL Carbon.
With depreciation and amortization of minus €24.2 million (H1 2025: minus €25.8 million), adjusted EBIT came in at €45.6 million, only slightly below the first half of the previous year (H1 2025: €46.7 million). Due to significantly lower restructuring expenses of minus €3.9 million (H1 2025: minus €47.0 million), EBIT rose to €40.5 million (H1 2025: minus €3.2 million). As a result, a positive consolidated net income of €11.8 million was once again achieved in the first half of 2026 (H1 2025: minus €31.4 million).
Development of the Business Units
SGL’s largest business segment, Graphite Solutions (GS), generated sales of €234.1 million in the first half of 2026, up 5.9% from the same period last year (H1 2025: €221.0 million). Included in sales are compensation payments recognized in income resulting from the adjustment of existing supply contracts with semiconductor customers in the amount of €28.7 million. Among others, these payments offset the customers’ contractually agreed purchase obligations to SGL. SGL Carbon had already indicated in recent months its intention to work in partnership with its semiconductor customers to help to reduce their inventory levels and paving the way for future collaboration.
GS’s sales development in the first half of 2026, including compensation payments, had a positive impact on the business segment’s adjusted EBITDA, which improved by 14.2% to €46.6 million (H1 2025: €40.8 million). When comparing half-year figures, it should be noted that, during the reporting period, earnings from adjustments to customer contracts - which originally pertained to the entire fiscal year - were brought forward to the first half of 2026. Slightly higher price pressure and rising raw material prices had a negative impact on GS’s adjusted EBITDA. Due to the developments described above, the adjusted EBITDA margin rose to 19.9% on a half-year-over-half-year basis (H1 2025: 18.5%).
The Process Technology (PT) business unit reported a 28.2% decline in sales to €50.4 million in the first half of 2026 (H1 2025: €70.2 million). This is primarily due to cautious order placement by chemical industry customers, PT’s most important market segment. Rising energy prices, high labor costs, and regulatory requirements are prompting many chemical companies to postpone investment projects. In addition, lower capacity utilization is leading to the suspension of maintenance and replacement investments as well.
The decline in sales is also reflected in the development of adjusted EBITDA, which fell significantly from €19.9 million to €7.3 million on a year-on-year basis. In addition to volume effects, lower selling prices weighed on PT’s adjusted EBITDA. As a result, the adjusted EBITDA margin declined to 14.5% (H1 2025: 28.3%). It should be noted that the first half of the previous year was still characterized by the delivery of large high-margin projects.
Sales in the Fiber Composites (FC) business unit - formed by the merger of the former Carbon Fibers and Composite Solutions segments - totaled €99.4 million in the first half of 2026, falling, as expected, below the €152.6 million recorded in the same period of 2025. The decline of €53.2 million is primarily attributable to the discontinuation of loss-making business activities as part of the Carbon Fibers restructuring in mid-2025.
In terms of results, the new Fiber Composites business unit performed very well. The significant cost reductions resulting from the restructuring of the carbon fiber business, along with the changed product mix, led to an improvement in adjusted EBITDA of €8.3 million to €18.9 million in the first half of 2026 (H1 2025: €10.6 million). The joint venture Brembo SGL Carbon Ceramic Brakes (BSCCB), accounted for using the equity method, contributed €7.4 million (H1 2025: €4.7 million) to FC’s adjusted EBITDA. Accordingly, the adjusted EBITDA margin increased from 6.9% to 19.0%.
Debt, Equity, and Investments
SGL Carbon’s balance sheet structure remains very solid as of June 30, 2026. Net financial debt decreased from €98.9 million at the end of 2025 to €79.3 million. Consequently, the debt ratio fell to 0.6 (December 31, 2025: 0.7). The equity ratio remained nearly constant at 39.7% (December 31, 2025: 39.2%).
Capital expenditures in the first half of 2026 totaled €19.6 million, which was below depreciation and amortization of €24.5 million.
Outlook
The ongoing armed conflict in the Middle East increases the risk of a further slowdown in global and regional economic growth. In particular, a prolonged disruption affecting the Strait of Hormuz - a key trade route - could impact the availability of raw materials and fossil fuels or cause further price increases. Overall, the 2026 fiscal year will be marked by increased uncertainty in many of our sales markets, which will affect our customers’ demand and investment decisions.
Assuming that the economic and geopolitical situation does not deteriorate further as well as based on our business performance in the first half of 2026 and our expectations for the coming six months, we continue to expect to meet our full-year 2026 guidance.
For fiscal year 2026, we expect consolidated sales of between €720 million and €770 million and adjusted EBITDA of between €110 million and €130 million.
Further details on business performance in the first half of 2026 can be found in the half-year report on our website at www.sglcarbon.com.
Key figures H1 2026
* EBITDApre (adjusted EBITDA): Earnings before interest, taxes, depreciation and amortization adjusted for one-off effects and non-recurring items.
Outlook 2026
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 28 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
www.sglcarbon.com
LinkedIn
Facebook
- Sales and adjusted EBITDA as expected, below the prior-year level
- The discontinuation of unprofitable business activities in mid-2025 is leading to a decline in sales compared to prior-year period
- EBITDA margin in H1 2026 at 17.7% (H1 2025: 16.0%)
- Sales and earnings forecast for 2026 confirmed
In the first half of 2026, SGL Carbon generated adjusted EBITDA of €69.8 million, representing a slight decline of 3.7% (H1 2025: €72.5 million). Adjusted EBITDA was negatively impacted in particular by the decline in high-margin sales in the Process Technology business unit. In contrast, the compensation payments described above resulting from the adjustment of existing supply contracts with Graphite Solutions customers (Q1: €7.7 million; Q2: €21.0 million) had a positive effect on adjusted EBITDA. The adjusted EBITDA margin, including the received compensation payments, improved from 16.0% to 17.7% in the first half of 2026.
"Despite the continuing challenging market environment, SGL Carbon is on track to achieve its 2026 targets. In addition, with our ‘SGL Growth 2030’ strategy, we are consistently focusing the company on profitable and high-growth target markets such as semiconductors, power generation, defense, and aerospace. Meetings with customers over the past few weeks have shown that we have the right materials and solutions to successfully serve these markets,” explains Andreas Klein, CEO of SGL Carbon.
With depreciation and amortization of minus €24.2 million (H1 2025: minus €25.8 million), adjusted EBIT came in at €45.6 million, only slightly below the first half of the previous year (H1 2025: €46.7 million). Due to significantly lower restructuring expenses of minus €3.9 million (H1 2025: minus €47.0 million), EBIT rose to €40.5 million (H1 2025: minus €3.2 million). As a result, a positive consolidated net income of €11.8 million was once again achieved in the first half of 2026 (H1 2025: minus €31.4 million).
Development of the Business Units
SGL’s largest business segment, Graphite Solutions (GS), generated sales of €234.1 million in the first half of 2026, up 5.9% from the same period last year (H1 2025: €221.0 million). Included in sales are compensation payments recognized in income resulting from the adjustment of existing supply contracts with semiconductor customers in the amount of €28.7 million. Among others, these payments offset the customers’ contractually agreed purchase obligations to SGL. SGL Carbon had already indicated in recent months its intention to work in partnership with its semiconductor customers to help to reduce their inventory levels and paving the way for future collaboration.
GS’s sales development in the first half of 2026, including compensation payments, had a positive impact on the business segment’s adjusted EBITDA, which improved by 14.2% to €46.6 million (H1 2025: €40.8 million). When comparing half-year figures, it should be noted that, during the reporting period, earnings from adjustments to customer contracts - which originally pertained to the entire fiscal year - were brought forward to the first half of 2026. Slightly higher price pressure and rising raw material prices had a negative impact on GS’s adjusted EBITDA. Due to the developments described above, the adjusted EBITDA margin rose to 19.9% on a half-year-over-half-year basis (H1 2025: 18.5%).
The Process Technology (PT) business unit reported a 28.2% decline in sales to €50.4 million in the first half of 2026 (H1 2025: €70.2 million). This is primarily due to cautious order placement by chemical industry customers, PT’s most important market segment. Rising energy prices, high labor costs, and regulatory requirements are prompting many chemical companies to postpone investment projects. In addition, lower capacity utilization is leading to the suspension of maintenance and replacement investments as well.
The decline in sales is also reflected in the development of adjusted EBITDA, which fell significantly from €19.9 million to €7.3 million on a year-on-year basis. In addition to volume effects, lower selling prices weighed on PT’s adjusted EBITDA. As a result, the adjusted EBITDA margin declined to 14.5% (H1 2025: 28.3%). It should be noted that the first half of the previous year was still characterized by the delivery of large high-margin projects.
Sales in the Fiber Composites (FC) business unit - formed by the merger of the former Carbon Fibers and Composite Solutions segments - totaled €99.4 million in the first half of 2026, falling, as expected, below the €152.6 million recorded in the same period of 2025. The decline of €53.2 million is primarily attributable to the discontinuation of loss-making business activities as part of the Carbon Fibers restructuring in mid-2025.
In terms of results, the new Fiber Composites business unit performed very well. The significant cost reductions resulting from the restructuring of the carbon fiber business, along with the changed product mix, led to an improvement in adjusted EBITDA of €8.3 million to €18.9 million in the first half of 2026 (H1 2025: €10.6 million). The joint venture Brembo SGL Carbon Ceramic Brakes (BSCCB), accounted for using the equity method, contributed €7.4 million (H1 2025: €4.7 million) to FC’s adjusted EBITDA. Accordingly, the adjusted EBITDA margin increased from 6.9% to 19.0%.
Debt, Equity, and Investments
SGL Carbon’s balance sheet structure remains very solid as of June 30, 2026. Net financial debt decreased from €98.9 million at the end of 2025 to €79.3 million. Consequently, the debt ratio fell to 0.6 (December 31, 2025: 0.7). The equity ratio remained nearly constant at 39.7% (December 31, 2025: 39.2%).
Capital expenditures in the first half of 2026 totaled €19.6 million, which was below depreciation and amortization of €24.5 million.
Outlook
The ongoing armed conflict in the Middle East increases the risk of a further slowdown in global and regional economic growth. In particular, a prolonged disruption affecting the Strait of Hormuz - a key trade route - could impact the availability of raw materials and fossil fuels or cause further price increases. Overall, the 2026 fiscal year will be marked by increased uncertainty in many of our sales markets, which will affect our customers’ demand and investment decisions.
Assuming that the economic and geopolitical situation does not deteriorate further as well as based on our business performance in the first half of 2026 and our expectations for the coming six months, we continue to expect to meet our full-year 2026 guidance.
For fiscal year 2026, we expect consolidated sales of between €720 million and €770 million and adjusted EBITDA of between €110 million and €130 million.
Further details on business performance in the first half of 2026 can be found in the half-year report on our website at www.sglcarbon.com.
Key figures H1 2026
| in € million | H1 2026 | H1 2025 | Change | Change in % |
| Group sales | 394.2 | 453.2 | -59.0 | -13.0% |
| Graphite Solutions | 234.1 | 221.0 | 13.1 | 5.9% |
| Process Technology | 50.4 | 70.2 | -19.8 | -28.2% |
| Fiber Composites | 99.4 | 152.6 | -53.2 | -34.9% |
| Corporate | 10.3 | 9.4 | 0.9 | 9.6% |
| EBITDA pre* | 69.8 | 72.5 | -2.7 | -3.7% |
| Graphite Solutions | 46.6 | 40.8 | 5.8 | 14.2% |
| Process Technology | 7.3 | 19.9 | -12.6 | -63.3% |
| Fiber Composites | 18.9 | 10.6 | 8.3 | 78.3% |
| Corporate | -3.0 | 1.2 | -4.2 | -- |
| in € million | H1 2026 | H1 2025 | Change | Change in % |
EBITDApre margin (in %) | 17.7 % | 16.0 % | +1.7%-points | |
| Net result (attributable to shareholders of the parent company) | 11.8 | -31.4 | 12.0 | -- |
| Free Cash flow | 31.4 | 7.3 | 1.3 | >100% |
| June 30, 2026 | Dec 31, 2025 | Change | Change in % | |
| Equity ratio (in %) | 39.7 % | 39.2 % | 0.5%-points | |
| Net financial debt (in € million) | 79.3 | 98.9 | -19.6 | -19.8% |
| ROCE (EBIT pre) (in %) | 9.8 % | 9.8 % | -- |
Outlook 2026
| (in € million) | 2026 Outlook | 2025 IST |
| Group sales | 720- 770 | 850.2 |
| Adjusted EBITDA | 110 - 130 | 135.0 |
| Return on capital employed (ROCE EBIT adjusted) | 9% - 10% | 9,8 |
| Free cash flow | at previous year's level | 37.0 |
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 28 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
www.sglcarbon.com
06.08.2026 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group.
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| Language: | English |
| Company: | SGL Carbon SE |
| Söhnleinstraße 8 | |
| 65201 Wiesbaden | |
| Germany | |
| Phone: | +49 (0)611 6029 - 0 |
| Fax: | +49 (0)611 6029 - 101 |
| E-mail: | investor-relations@sglcarbon.com |
| Internet: | www.sglcarbon.com |
| ISIN: | DE0007235301, DE000A30VKB5, DE000A351SD3 |
| WKN: | 723530 |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate BSX |
| LEI Code: | 52990038IB31TYK07X63 |
| EQS News ID: | 2378142 |
| End of News | EQS News Service |
2378142 06.08.2026 CET/CEST