After nine months of fiscal year 2025, SGL Carbon generated sales of €652.9 million, down 16.5% on the previous year (9M 2024: €781.9 million). This is attributable to continued weak demand for specialty graphite products for the semiconductor industry on the one hand, and the withdrawal from unprofitable business activities as part of the restructuring of the Carbon Fibers business unit on the other.
Based on the lower sales, SGL Carbon's adjusted EBITDA decreased by 14.9% to €108.6 million compared to the first nine months of the previous year (9M 2024: €127.6 million). Due to extensive restructuring and cost-saving measures, the adjusted EBITDA margin was slightly above the previous year at 16.6% (9M 2024: 16.3%).
Based on adjusted EBITDA of €108.6 million and taking into account depreciation and amortization of €39.2 million (9M 2024: €41.0 million) as well as one-off effects and non-recurring items of minus €84.7 million (9M 2024: minus €18.3 million), EBIT after nine months in 2025 amounts to minus €15.3 million (9M 2024: €68.3 million). The one-off effects and non-recurring items, amounting to minus €76.0 million, result primarily from the implementation of the restructuring of the Carbon Fibers business unit.
Development of the business units
The 21.0% decline in sales in the Graphite Solutions business unit to €325.7 million (9M 2024: €412.5 million) is primarily attributable to declining demand from the Semiconductor & LED market segment. Sales with customers in this segment decreased by €76.9 million or 39.3% to €118.8 million (9M 2024: €195.7 million) in a nine-month comparison.
“Demand for specialty graphite products from our silicon carbide customers will remain low in the second half of 2025. However, we are noticing a gradual reduction in our customers' inventories,” explains Andreas Klein, CEO of SGL Carbon.
The significant decline in high-margin sales could not be offset by cost-saving measures, resulting in a 44.2% year-on-year decline in adjusted EBITDA for Graphite Solutions to €58.2 million (9M 2024: €104.3 million). Accordingly, the adjusted EBITDA margin decreased from 25.3% to 17.9%.
With sales of €102.4 million (9M 2024: €106.2 million), only slightly below the comparable period (-3.6%), the Process Technology business unit confirmed the stability of its business activities. The completion of several major projects as well as efficient project and strict cost management are also reflected in the increase in adjusted EBITDA for Process Technology, which rose by 9.4% compared to the same period last year to €28.0 million (9M 2024: €25.6 million). The adjusted EBITDA margin thus improved to 27.3% after nine months in 2025 (9M 2024: 24.1%).
After years of operating losses, the Carbon Fibers business unit is once again generating positive adjusted EBITDA after around seven months of intensive restructuring. The discontinuation of loss-making business activities has resulted in a decline in Carbon Fibers sales of 20.0% to €125.7 million (9M 2024: €157.1 million), but also in an increase in adjusted EBITDA from minus €7.9 million in the prior-year period to €9.5 million after nine months in 2025. It should be noted that the adjusted EBITDA of the Carbon Fibers business unit includes a contribution to earnings of €5.6 million primarily from the BSCCB joint venture, which is accounted for using the equity method (9M 2024: €11.6 million). Excluding this earnings contribution from BSCCB, which is accounted for At-Equity, adjusted EBITDA for Carbon Fibers amounted to €4.0 million (9M 2024: minus €19.6 million). Overall, cost savings of around €25 million were generated as part of the Carbon Fibers restructuring.
The 11.5% decline in sales in the Composite Solutions business unit to €84.8 million (9M 2024: €95.8 million) is primarily due to the high dependence on the automotive industry, which is currently characterized by high uncertainties, lower demand, and the postponement of new vehicle models. Accordingly, order intake from our customers has been lower in recent months. Weak demand and the associated lower capacity utilization resulted in a 22.4% year-on-year decline in adjusted EBITDA for Composite Solutions to €8.3 million (9M 2024: €10.7 million). The adjusted EBITDA margin weakened accordingly to 9.8% (9M 2024: 11.2%).
Debt, equity, and capital expenditures
Net financial debt as of September 30, 2025, increased slightly by 7.7% to €116.5 million (December 31, 2024: €108.2 million). The debt ratio remained nearly unchanged at 0.8 (December 31, 2024: 0.7).
Following the investment-intensive previous year, the capital expenditure volume in the first nine months of 2025 amounted to €38.2 million (9M 2024: €66.5 million), which was on par with depreciation and amortization of €39.2 million (9M 2024: €41.0 million).
Despite the weaker earnings contribution and one-time payments for restructuring measures, free cash flow remained positive at €12.5 million (9M 2024: €15.5 million) after nine months in 2025, almost at the previous year's level, thanks to strict cost management and lower investments.
Outlook
Overall, we expect the economic conditions for our businesses to remain difficult in the coming months. Higher tariffs, trade barriers, and geopolitical uncertainties continue to dampen demand for our products. Despite these challenges, declines in demand for certain products can be partially offset by other product areas thanks to our customer-oriented solutions and the high degree of diversification in our business model. Furthermore, cost-saving measures have been introduced to counteract these effects. We therefore expect to achieve our outlook for the SGL Carbon Group, which was adjusted on July 14, 2025. For fiscal year 2025, we expect consolidated sales to be 10–15% below the previous year's level (2024: €1,026.4 million) and adjusted EBITDA at Group level to be between €130 million and €150 million.
"The first nine months of fiscal year 2025 were dominated by securing our profitability. The restructuring of the Carbon Fibers business unit is almost completed. At the same time, we have focused the entire SGL Carbon organization on cost and process efficiency. The coming months will be characterized by strategically aligning existing resources and company’s strengths for future growth," comments Andreas Klein, CEO of SGL Carbon.
Further details on business development in the first nine months of 2025 can be found in the quarterly report.
Key figures of the first nine months 2025
