SGL CARBON (1K) | Hold | Q2 preview: Recovery pending

研报英文原文证据摘录

SGL CARBON (1K) | Hold | Q2 preview: Recovery pending

#EarningsPreview #EstimatesRevision

Release date: 22 July 2026

Company research

HoldSGL CARBON

Germany | Capital goods MCap: EUR488.8M

Target Price: EUR4.50 Change in TP: 0.0 % Bloomberg: SGL GR Reuters: SGCG.DE

Current Price: EUR4.00 Change in Sales: -0.7% 26E/1.4% 27E Free float 46%

Up/downside: 12.6% Change in Adj EBIT: 10.1% 26E/12.3% 27E Avg. daily volume (EURm) 2.1

YTD abs performance 27.6% Market data: 21 July 2026 Change in Adj. EPS: -14.2% 26E/-13.5% 27E

52-week high/low (EUR) 5.39/2.59

Q2 preview: Recovery pending Price performance

Why this report?

We preview Q2 2026E scheduled for 6 August, refine our segment

assumptions, and reiterate our Hold rating and EUR4.5 target price. The Fiber

Composite's structural margin improvement is offset by persistent weakness

in Graphite Solutions and Process Technology. Q2 should show another sharp

sales decline but a broadly stable margin.

Key findings

A SiC recovery in the Graphite Solutions (GS) segment before 2027 is not expected,

Process Technology (PT) will continue its correction from peak profitability, and

the new Fiber Composites segment will continue to see a sharp sales decline in

Q2, albeit the new margin level looks sustainable and healthy.

The group is adding a second growth pillar in the GS segment by expanding into FY to 31/12 (EUR) 12/26E 12/27E 12/28E

the nuclear end-market. A three-year USD100m contract and a ten-year Sales 749 808 865

framework agreement with X-Energy to supply graphite components is a first EBITDA adj. 120 130 139

EBIT adj. 70 75 80 proof point, but SGL will have to acquire more business in this space for it to Net profit adj. 22 28 33

become significant. Net financial debt 85 68 52