SGL Carbon SE (ISIN: DE0007235301), the Wiesbaden-based specialty graphite and carbon materials manufacturer, has raised its full-year 2026 adjusted EBITDA forecast to between €130 million and €140 million, up from a previous range of €110 million to €130 million. The upward revision follows a solid third quarter in which standalone Q3 2026 consolidated sales of €200.6 million returned to the prior-year level of €199.7 million, despite the earlier discontinuation of loss-making carbon fibre activities. The company also reported a swing to positive net income of €31.3 million for the nine months to September 2026, compared with a loss of €51.3 million in the same period of 2025.

Key Points

  • SGL Carbon SE (0MPL / SDAX) — global manufacturer of specialty graphite, high-performance fibres, and composite materials
  • Full-year 2026 adjusted EBITDA forecast raised to €130 million–€140 million; consolidated sales expected at the upper end of the €720 million–€770 million range
  • Nine-month adjusted EBITDA margin improved to 17.9% from 16.6%; free cash flow reached €38.0 million versus €12.5 million a year earlier
  • Investors may be watching the Moses Lake site disposal proceeds and further progress in semiconductor and nuclear demand through year-end

SGL Carbon Nine-Month 2026 Group Sales and Margin Recovery

Consolidated sales for the first nine months of 2026 totalled €594.8 million, an 8.9% decline from €652.9 million in the comparable period of 2025. The announcement states this reduction primarily reflects the mid-August 2025 exit from unprofitable carbon fibre activities. Despite the lower top line, adjusted EBITDA fell at a slower rate of only 2.1% to €106.3 million, as compensation payments totalling €30.4 million from renegotiated semiconductor supply contracts and a favourable product-mix shift in Graphite Solutions and Fibre Composites cushioned earnings. The adjusted EBITDA margin consequently improved by 1.3 percentage points to 17.9% over the nine-month period.

Graphite Solutions Growth Offset by Process Technology Weakness

The Graphite Solutions business unit was the standout performer, delivering a 10.0% sales increase to €358.3 million and a 23.5% rise in adjusted EBITDA to €71.9 million, lifting its margin to 20.1%. Semiconductor customers represent approximately 37.8% of Graphite Solutions sales, while the Energy segment — which now includes nuclear industry customers — grew its share from 14.2% to 18.2%. By contrast, the Process Technology unit suffered a 27.7% sales decline to €74.0 million, with adjusted EBITDA falling sharply from €28.0 million to €11.2 million, as chemical industry customers postponed investment projects amid rising energy costs and regulatory pressures.

Fibre Composites Restructuring Delivers Margin Turnaround and BSCCB Contribution

The Fibre Composites unit reported sales of €147.0 million for the nine months, down €63.5 million year-on-year, almost entirely attributable to the carbon fibre business discontinuation. However, restructuring-driven cost reductions and a shift towards customised solutions lifted adjusted EBITDA to €28.7 million from €17.8 million, pushing the margin from 8.5% to 19.5%. The BSCCB joint venture contributed €10.9 million to earnings, compared with €5.6 million in the prior-year period, reflecting the structural improvement in the segment's earnings quality following the portfolio rationalisation under the SGL Growth 2030 strategy.

Balance Sheet Strengthens and Moses Lake Site Sale Boosts Free Cash Flow Outlook

Net financial debt fell to €78.5 million from €98.9 million at the end of 2025, reducing the leverage ratio to 0.6. The equity ratio rose to 41.0% from 39.2%. Free cash flow of €38.0 million through September significantly exceeded the prior-year €12.5 million. SGL Carbon additionally signed an agreement on 23 October 2026 to sell its former Carbon Fibre site in Moses Lake, USA, receiving a first instalment of USD 45 million. The company has raised its full-year free cash flow forecast accordingly, though the total transaction value was not separately disclosed in the announcement beyond the initial instalment received.