The discontinuation of loss-making business activities as part of the restructuring of the business unit Carbon Fibers and the continuing weakness in demand in the semiconductor market segment weighed on SGL Carbons sales performance in the past fiscal year 2025. Consolidated sales declined accordingly by 17.2% to 850.2 million (2024: 1,026.4 million).
Due to the lack of sales contributions, the company focused on securing profitability by implementing quick and consistent cost-saving measures. At 135.0 million, adjusted EBITDA was 17.1% below the previous years figure of 162.9 million, but within the guidance for 2025 of 130 to 150 million. As a result, the adjusted EBITDA margin remained at 15.9% at the previous years level (2024: 15.9%).
Sales developmentThe decline in Group sales is primarily attributable to negative volume effects, to which all four operating business units contributed. In particular, lower sales to customers from the semiconductor industry in the business unit Graphite Solutions (GS) weighed on Group sales. GS reported sales of 442.3 million, down 96.7 million on the previous year. Sales in Carbon Fibers fell by 60.9 million to 148.9 million due to the discontinuation of loss-making business activities. Process Technology (PT) was also unable to maintain the high sales level of the previous year. PT sales declined slightly by 7.4 million to 130.9 million. Burdened by the high level of uncertainty in the automotive industry and the associated lower order volumes, sales in business unit Composite Solutions (CS) also fell by 15.8 million to 108.8 million.
Earnings performanceThe lack of high-margin semiconductor sales at Graphite Solutions (GS) in particular weighed on the Groups adjusted EBITDA. After 131.0 million in the previous year, GS achieved adjusted EBITDA of 81.1 million in 2025. In contrast, adjusted EBITDA for Carbon Fibers (CF) improved from minus 11.0 million in the previous year to 14.1 million in the reporting period due to successful restructuring measures. This was due to a significant reduction in fixed costs and strict cost management. Adjusted EBITDA in Process Technology also declined slightly from 33.0 million in the previous year to 31.8 million. Lower fixed cost coverage due to reduced capacity utilization impacted adjusted EBITDA in Composite Solutions (CS). Adjusted EBITDA for CS fell to 11.4 million in the reporting period, compared with 18.2 million in the previous year.
Earnings performance in the past fiscal year was significantly impacted by one-time effects and special items totaling minus 92.8 million (2024: minus 118.5 million). These include, in particular, restructuring expenses totaling 65.8 million, mainly from the restructuring of the business unit CF, which accounted for 59.8 million. The one-time effects and special items also include impairments on fixed assets totaling 23.6 million. After these adjustments as well as depreciation and amortization of 53.4 million (2024: 58.7 million), EBIT in 2025 amounted to minus 11.2 million (2024: minus 14.3 million).
Taking into account the slightly improved financial result of minus 30.4 million (2024: minus 32.6 million) and tax expenses of 36.7 million (2024: 32.5 million), the extensive restructuring measures and associated special effects resulted in a negative consolidated result of minus 99.2 million (2024: minus 80.3 million).
Net financial debt, equity, and free cash flowIn fiscal year 2025, net financial debt decreased by 8.6% to 98.9 million compared to the end of the previous year (2024: 108.2 million). The debt ratio remained stable at 0.7 as of December 31, 2025 (2024: 0.7). Despite the negative consolidated net income of 79.2 million - which included restructuring-related impairment losses on property, plant, and equipment totaling 23.6 million, as well as a write-down of capitalized deferred taxes in the U.S. amounting to 32.5 million - the equity ratio remained solid at 39.2% (2024: 41.5%).
The stability of SGL Carbons financial structure is also reflected in its free cash flow, which remained almost unchanged at 37.0 million compared to the previous year (2024: 38.7 million) despite payments resulting from the restructuring of the Carbon Fiber activities, in particular the closure of the sites in Portugal and the USA. Overall, the restructuring is thus almost complete in terms of liquidity.
Outlook for fiscal year 2026For 2026, we expect geopolitical conditions to remain uncertain and different developments in our key sales markets. Following weak demand for our products from the semiconductor industry in 2025, we do not anticipate a recovery in this market segment in 2026 due to continued high inventory levels at our customers. We also expect slower growth in the automotive market segment. In particular, existing trade barriers and increasing competition from Asia could lead to lower demand for our products for automotive applications. We expect a similar development for the European chemical industry. Here, high manufacturing costs and regulatory requirements in particular are weighing on production sites in Europe and, in some cases, leading to postponements of new projects and investments. For our other existing market segments, especially our industrial applications, we expect stagnant development in 2026 due to the prevailing general conditions.
When forecasting sales for the 2026 fiscal year, it should be noted that the full-year effect of the discontinuation of loss-making business activities in the business unit Carbon Fibers in mid-2025 will be fully reflected in sales in 2026. In line with expectations for our existing sales markets and largely unchanged economic conditions, we anticipate consolidated sales of between 720 million and 770 million (2025: 850.2 million) and adjusted EBITDA (EBITDApre) of betw
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