SGL Carbon shows stability in a difficult market environment

08/08/2024

Q2 2024 confirms SGL Carbons solid business development in an increasingly volatile market environment. After 272.6 million in Q1 and 265.4 million in Q2, SGL Carbon generated consolidated sales of 538.0 million in the first half of 2024 (H1 2023: 560.5 million). This corresponds to a slight decrease of 4.0% compared to the prior year period; adjusted for currency effects, Group sales decreased by only 2.2%. By contrast, adjusted EBITDA, an important key figure for the Group, remained almost constant year-on-year at 86.5 million (H1 2023: 88.0 million). The adjusted EBITDA margin improved from 15.7% to 16.1%, in particular due to the continued positive sales trend in the Semiconductor market segment and the associated change in the product mix. On the other hand, the persistently weak demand in the Carbon Fibers business unit continued to weigh on the Groups sales and earnings

performance.

The different dynamics in our sales markets are also reflected in the development of our business units. As expected, Graphite Solutions and Process Technology performed well in the first six months of 2024. Due to the termination of a supply contract and weak demand from the automotive industry Composite Solutions was unable to repeat its good figures from the previous year. We do not see any recovery for the business unit Carbon Fibers even after six months in 2024, explains CEO Dr. Torsten Derr.

Taking into account depreciation and amortization of 27.0 million (H1 2023: 29.1 million) as well as one-off effects and non-reccuring items of minus 3.6 million (H1 2023: minus 46.9 million), EBIT for the first half of 2024 amounted to 55.9 million (H1 2023: 12.0 million). The one-off effects and non-reccurring items result, among other things, from the restructuring measures for the Carbon Fibers and Battery Solutions activities. When comparing the previous year, it should be noted that the first half of 2023 was disproportionately impacted by the impairment on the assets of Carbon Fibers ( 44.7 million).

Development of the business unitsThe Graphite Solutions business unit generated sales of 284.2 million in the first half of 2024, up slightly by 1.3% on the same period of the previous year (H1 2023: 280.6 million). The continued double-digit percentage increase in sales with customers from the semiconductor industry was almost completely offset by the decline in demand in the Battery Materials, Solar and Industrial Applications market segments.

With an increase in sales of 16.4 million or 13.1% compared to the same period of the previous year, the LED and Semiconductors market segment in particular contributed to the positive development of Graphite Solutions and now represents around 50% of Graphite Solutions total sales (H1 2023: around 45%). The most important sales segment here are customers from the silicon carbide-based semiconductor sector, which recorded an increase in sales of more than 20% in the first half of 2024.

The adjusted EBITDA of Graphite Solutions rose disproportionately to sales by a significant 10.9% to 72.2 million in the first half of the year (H1 2023: 65.1 million). Accordingly, the adjusted EBITDA margin also increased accordingly from 23.2% to 25.4% in the first half of the year.

The Process Technology business unit once again improved on the previous years good sales and earnings figures. With an increase in sales of 8.5% to 69.9 million (H1 2023: 64.4 million), the business unit continued its successful business development. Process Technology is benefiting from its global orientation with locations in North America, Europe and Asia. The high capacity utilization also led to a significant improvement in adjusted EBITDA from 11.9 million to 16.0 million in the first half of 2024. The EBITDA margin rose accordingly from 18.5% in the first half of 2023 to 22.9%.

In the first half of 2024, sales in the Carbon Fibers business unit amounted to 110.1 million and were therefore below the figure of 125.1 million in the same period of the previous year. The decline was due in particular to persistently weak demand from the wind industry. In the first half of 2024, global overcapacity for products in the market segments Textile Fibers, Industrial Applications and Transportation also led to a low double-digit percentage decline in sales. The adjusted EBITDA of Carbon Fibers fell accordingly by 10.5 million to minus 4.4 million (H1 2023: 6.1 million). The lack of fixed cost absorption due to temporarily closed production lines led to high idle capacity costs and, combined with falling margins for commodity products, had a correspondingly negative impact on adjusted EBITDA. It should be noted that the adjusted EBITDA of the Carbon Fibers business unit includes an earnings contribution of 7.7 million from the joint venture BSCCB, which is accounted for At-Equity (H1 2023: 11.0 million).

Revenue in the Composite Solutions business unit decreased by 16.0% to 66.9 million in the first half of 2024 (H1 2023: 79.6 million). The decline is due in particular to the termination of a project-related supply contract with an automotive customer. The lower sales figures for electric vehicles also had a noticeable impact on demand. The Automotive market segment is the dominant customer segment, accounting for 93% of Composite Solutions half-year sales. As a result of lower sales volumes, the adjusted EBITDA of Composite Solutions fell significantly by 34.1% year-on-year to 8.1 million (H1 2023: 12.3 million). The adjusted EBITDA margin weakened accordingly from 15.5% in H1 2023 to 12.1%.

Debt, equity and capitel expenditureNet financial debt as at June 30, 2024 increased slightly by 3.1% to 119.4 million (December 31, 2023: 115.8 million). The leverage factor remained unchanged at 0.7. Due to the positive Group result, the equity ratio increased slightly co

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