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"dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-433": { "value": "
1.1 Corporate information
Outokumpu Corporation is a Finnish public limited liability company organized under the laws of
Finland and domiciled in Helsinki, Finland. The company has been listed on the Nasdaq Helsinki
since 1988. Outokumpu Corporation is the parent company (\"parent company\", \"Outokumpu
Corporation\") of the Outokumpu Group (the \"Group\", \"Outokumpu\", the \"company\").
Outokumpu\u2019s vision is to pioneer materials and technologies that power tomorrow. As the global
leader in sustainable stainless steel, we are accelerating the green transition, and we lead the
development of low-CO\u2082 metals and solutions across the stainless steel value chain \u2013 and
beyond.
Our business is based on the circular economy: our products are made from more than 90%
recycled materials, which we turn into fully recyclable stainless steel with up to 75% lower
carbon footprint than the industry average. This steel is utilized in various applications across
society, including infrastructure, energy, industrial applications and household appliances. With
our new EVOLVE strategy, we focus on maximizing value in sustainable stainless steel while
expanding our offering in advanced materials and alloys, ferrochrome and innovative
technologies.
We operate production sites in Finland, Germany, Sweden, the Netherlands, the United States,
and Mexico whilst our mine in Kemi, Finland is the only chrome mine within the European
Union.
In 2025, Outokumpu\u2019s revenue was EUR 5.5 billion. Outokumpu employs approximately 8,600
professionals in nearly 30 countries, with headquarters in Helsinki, Finland. Our shares are
listed on Nasdaq Helsinki. Read more: www.outokumpu.com.
Outokumpu\u2019s consolidated Financial Statements according to ESEF regulations are published in
XHTML format at www.outokumpu.com/reports. Financial Statements presented in other
reports and formats, such as in the Annual report PDF or print, do not constitute as reports
according to the ESEF regulations.
On February 12, 2026, the Board of Directors of Outokumpu Corporation approved the
publishing of these consolidated Financial Statements. According to the Finnish Companies Act,
the General Meeting of Shareholders is entitled to decide on the adoption of the Financial
Statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-434": { "value": "Outokumpu Corporation is the parent company (\"parent company\", \"Outokumpu Corporation\") of the Outokumpu Group (the \"Group\", \"Outokumpu\", the \"company\").Outokumpu\u2019s vision is to pioneer materials and technologies that power tomorrow. As the global leader in sustainable stainless steel, we are accelerating the green transition, and we lead the development of low-CO\u2082 metals and solutions across the stainless steel value chain \u2013 and beyond.Our business is based on the circular economy: our products are made from more than 90% recycled materials, which we turn into fully recyclable stainless steel with up to 75% lower carbon footprint than the industry average. This steel is utilized in various applications across society, including infrastructure, energy, industrial applications and household appliances. With our new EVOLVE strategy, we focus on maximizing value in sustainable stainless steel while expanding our offering in advanced materials and alloys, ferrochrome and innovative technologies.We operate production sites in Finland, Germany, Sweden, the Netherlands, the United States, and Mexico whilst our mine in Kemi, Finland is the only chrome mine within the European Union.In 2025, Outokumpu\u2019s revenue was EUR 5.5 billion. Outokumpu employs approximately 8,600 professionals in nearly 30 countries, with headquarters in Helsinki, Finland. Our shares are listed on Nasdaq Helsinki. Read more: www.outokumpu.com.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-435": { "value": "
On February 12, 2026, the Board of Directors of Outokumpu Corporation approved the
publishing of these consolidated Financial Statements. According to the Finnish Companies Act,
the General Meeting of Shareholders is entitled to decide on the adoption of the Financial
Statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-436": { "value": "
1.2 Basis of preparation
These consolidated Financial Statements of Outokumpu have been prepared on a going concern
basis for the financial year 2025 covering the period from January 1 to December 31, 2025.
The consolidated Financial Statements have been prepared in accordance with IFRS Accounting
Standards as adopted by the European Union including SIC and IFRIC interpretations in force on
December 31, 2025. The consolidated Financial Statements also comply with the regulations of
Finnish accounting and company legislation complementing the IFRS.
The consolidated Financial Statements are presented in millions of euros and have been
prepared under the historical costs convention unless otherwise stated in the accounting
principles. All figures presented have been rounded, and consequently the sum of individual
figures may deviate from the presented aggregate figure. Key figures have been calculated
using exact figures.
Corporate information
Company name
Outokumpu Corporation
Legal form
Public limited liability company
Country of incorporation
Finland
Domicile and principal place of business
Helsinki, Finland
Company address
P.O. Box 245, 00181 Helsinki, Finland
Ultimate parent company
Outokumpu Corporation
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-437": { "value": "
These consolidated Financial Statements of Outokumpu have been prepared on a going concern
basis for the financial year 2025 covering the period from January 1 to December 31, 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-438": { "value": "
The consolidated Financial Statements have been prepared in accordance with IFRS Accounting
Standards as adopted by the European Union including SIC and IFRIC interpretations in force on
December 31, 2025. The consolidated Financial Statements also comply with the regulations of
Finnish accounting and company legislation complementing the IFRS.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-439": { "value": "Outokumpu Corporation", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-440": { "value": "Public limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-441": { "value": "Finland", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-442": { "value": "Helsinki, Finland", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-443": { "value": "Helsinki, Finland", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-444": { "value": "P.O. Box 245, 00181 Helsinki, Finland", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-445": { "value": "Outokumpu Corporation", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-446": { "value": "Outokumpu Corporation", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-447": { "value": "
Global economy and geopolitical conflicts
Outokumpu is exposed to a range of risks and uncertainties that may adversely affect its
business and operations. To mitigate these risks, the company applies continuous and
comprehensive risk management across its operations.
Global economic activity, shifts in trade and economic policies, and geopolitical tensions
expose Outokumpu to risks and uncertainties in its operating environment. These factors could
have an adverse impact on the company's operations, financial performance, and overall
financial position.
The main short-term risks relate to the development in trade policies and increased
geopolitical tensions, which could disrupt global trade, increase inflation, and slow economic
growth, ultimately leading to possible weakening of demand and pressure on stainless steel
prices, even with their broad range of end uses.
The U.S. administration\u2019s shifts in trade policies has created uncertainties in global trade
flows and imposed duties of 50% on steel imports in 2025. As a result, high volumes of low-
priced Asian imports risk being diverted into Europe, continuing to burden the European
stainless steel market. To address this, the European Commission has proposed more effective
safeguards to strengthen the industry\u2019s competitive position, with measures expected by
mid-2026. Since Outokumpu operates in both the US and Europe, imposed tariffs may support
US operations while potentially negatively impacting European operations if effective safeguards
are not implemented.\u00a0
Starting January 2026, the Carbon Border Adjustment Mechanism (CBAM) aims to ensure
that imported carbon-intensive goods face the same carbon costs as those produced within the
EU. However, uncertainties remain regarding the effectiveness of these measures in preventing
circumvention, ensuring a level playing field in climate action and preventing carbon leakage.
The company remains exposed to risks related to volatile metal prices, especially nickel.
Financial derivatives are used to manage the impacts of nickel price changes.
Although Outokumpu has implemented mitigation actions, the risks and uncertainties
described above may still materialize and lead to disruptions affecting Outokumpu, its
employees, markets, suppliers, and customers. Such disruptions could have a material adverse
impact especially on demand. Prolonged periods of reduced demand or other adverse impact on
business performance could, in turn, negatively affect the valuation of non\u2011current assets,
including deferred tax assets and goodwill.
Cyber security threats and dependencies on critical suppliers and machinery expose
Outokumpu to the risk of operational disruption and additional costs.
For more information on risks and uncertainties see Review of Board of Directors and
Financial Statement note 5.3 for financial risks. For more information on the valuation of the
deferred taxes and goodwill impairment see notes 2.6 and 4.3 respectively.
Climate matters
One of Outokumpu\u2019s EVOLVE strategy\u2019s pillars is sustainability leadership and therefore climate
matters play an important part in Outokumpu\u2019s business. Outokumpu\u2019s low carbon footprint
stainless steel provides emission reduction possibilities to its customers and improves
Outokumpu\u2019s ability to meet climate-related investor and regulatory requirements. In line with
its business strategy, Outokumpu aims to reduce its carbon emission intensity by 42% by the
end of 2030 compared to the 2016 level, which is Outokumpu\u2019s Science-Based Target initiative
(SBTi) 1.5-degree climate target.
Outokumpu has assessed physical climate risks and mitigation measures for all sites and
included them in its general risk assessment. Risk evaluations show that climate-related
physical risks do not currently have material effects to the Group's capital or operating
expenditure. Financial effects of climate-related transition risks are significant and have been
considered for the target period until 2030.
To be able to attain the 1.5 degree climate target, the company has created and committed
to a low carbon roadmap and many carbon emission reduction projects have been initiated
already. Capital expenditure related to the low carbon roadmap has been considered in the
cash flow forecasts used in goodwill impairment testing. In 2025, investments to support smart
decarbonization amounted to EUR 8.3 million. More information about the Goodwill impairment
testing in note 4.3.
Avoided direct emissions of Outokumpu\u2019s smart decarbonization projects at it\u2019s European
sites in the period 2026-2030 would correspond to European emission allowances estimated to
be worth in total approximately EUR 57 million1). See more information about climate related
risks and it\u2019s transition plan in the Sustainability Statement in the Review of Board of Directors.
More information about emission allowances and their impact in the Financial Statements of
the Group in note 4.1.
Outokumpu\u2019s long-term incentive plan, the Performance Share Plan, includes sustainability-
related criteria for the ongoing plan periods 2023\u20132025, 2024\u20132026, 2025\u20132027 and
2026-2028 which was approved by the Board of Directors in December 2025. The performance
share plan sets the compensation criteria for each period and is a part of the regular
compensation of top executives.
As of 2022, 20% of the Performance Share Plans awarded to the top management have
been tied to a greenhouse gas emission reduction target, according to Outokumpu\u2019s Science
Based Targets initiative (SBTi) commitment to keep global warming below 1.5\u00b0C. Specifically,
Outokumpu\u2019s greenhouse gas emissions per tonne of crude steel produced must reach a
reduced level each year. More information about the share-based payments in note 3.4.
Outokumpu signed during 2025 a committed unsecured EUR 800 million revolving credit
facility replacing its existing and currently unused unsecured revolving credit facilities of EUR
700 million and EUR 100 million. The margin of the new facility is linked to emission reductions
in line with the approved emission reduction target by the Science Based Targets initiative for
2030. More information on the revolving credit facility in note 5.1.
1) The financial impact is evaluated with an assumed carbon price of 100 EUR per ton of CO2.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-448": { "value": "
Global economy and geopolitical conflicts
Outokumpu is exposed to a range of risks and uncertainties that may adversely affect its
business and operations. To mitigate these risks, the company applies continuous and
comprehensive risk management across its operations.
Global economic activity, shifts in trade and economic policies, and geopolitical tensions
expose Outokumpu to risks and uncertainties in its operating environment. These factors could
have an adverse impact on the company's operations, financial performance, and overall
financial position.
The main short-term risks relate to the development in trade policies and increased
geopolitical tensions, which could disrupt global trade, increase inflation, and slow economic
growth, ultimately leading to possible weakening of demand and pressure on stainless steel
prices, even with their broad range of end uses.
The U.S. administration\u2019s shifts in trade policies has created uncertainties in global trade
flows and imposed duties of 50% on steel imports in 2025. As a result, high volumes of low-
priced Asian imports risk being diverted into Europe, continuing to burden the European
stainless steel market. To address this, the European Commission has proposed more effective
safeguards to strengthen the industry\u2019s competitive position, with measures expected by
mid-2026. Since Outokumpu operates in both the US and Europe, imposed tariffs may support
US operations while potentially negatively impacting European operations if effective safeguards
are not implemented.\u00a0
Starting January 2026, the Carbon Border Adjustment Mechanism (CBAM) aims to ensure
that imported carbon-intensive goods face the same carbon costs as those produced within the
EU. However, uncertainties remain regarding the effectiveness of these measures in preventing
circumvention, ensuring a level playing field in climate action and preventing carbon leakage.
The company remains exposed to risks related to volatile metal prices, especially nickel.
Financial derivatives are used to manage the impacts of nickel price changes.
Although Outokumpu has implemented mitigation actions, the risks and uncertainties
described above may still materialize and lead to disruptions affecting Outokumpu, its
employees, markets, suppliers, and customers. Such disruptions could have a material adverse
impact especially on demand. Prolonged periods of reduced demand or other adverse impact on
business performance could, in turn, negatively affect the valuation of non\u2011current assets,
including deferred tax assets and goodwill.
Cyber security threats and dependencies on critical suppliers and machinery expose
Outokumpu to the risk of operational disruption and additional costs.
For more information on risks and uncertainties see Review of Board of Directors and
Financial Statement note 5.3 for financial risks. For more information on the valuation of the
deferred taxes and goodwill impairment see notes 2.6 and 4.3 respectively.
", "dimensions": { "concept": "outokumpu:DisclosureGlobalEconomyAndGeopoliticalConflicts", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-449": { "value": "
Climate matters
One of Outokumpu\u2019s EVOLVE strategy\u2019s pillars is sustainability leadership and therefore climate
matters play an important part in Outokumpu\u2019s business. Outokumpu\u2019s low carbon footprint
stainless steel provides emission reduction possibilities to its customers and improves
Outokumpu\u2019s ability to meet climate-related investor and regulatory requirements. In line with
its business strategy, Outokumpu aims to reduce its carbon emission intensity by 42% by the
end of 2030 compared to the 2016 level, which is Outokumpu\u2019s Science-Based Target initiative
(SBTi) 1.5-degree climate target.
Outokumpu has assessed physical climate risks and mitigation measures for all sites and
included them in its general risk assessment. Risk evaluations show that climate-related
physical risks do not currently have material effects to the Group's capital or operating
expenditure. Financial effects of climate-related transition risks are significant and have been
considered for the target period until 2030.
To be able to attain the 1.5 degree climate target, the company has created and committed
to a low carbon roadmap and many carbon emission reduction projects have been initiated
already. Capital expenditure related to the low carbon roadmap has been considered in the
cash flow forecasts used in goodwill impairment testing. In 2025, investments to support smart
decarbonization amounted to EUR 8.3 million. More information about the Goodwill impairment
testing in note 4.3.
Avoided direct emissions of Outokumpu\u2019s smart decarbonization projects at it\u2019s European
sites in the period 2026-2030 would correspond to European emission allowances estimated to
be worth in total approximately EUR 57 million1). See more information about climate related
risks and it\u2019s transition plan in the Sustainability Statement in the Review of Board of Directors.
More information about emission allowances and their impact in the Financial Statements of
the Group in note 4.1.
Outokumpu\u2019s long-term incentive plan, the Performance Share Plan, includes sustainability-
related criteria for the ongoing plan periods 2023\u20132025, 2024\u20132026, 2025\u20132027 and
2026-2028 which was approved by the Board of Directors in December 2025. The performance
share plan sets the compensation criteria for each period and is a part of the regular
compensation of top executives.
As of 2022, 20% of the Performance Share Plans awarded to the top management have
been tied to a greenhouse gas emission reduction target, according to Outokumpu\u2019s Science
Based Targets initiative (SBTi) commitment to keep global warming below 1.5\u00b0C. Specifically,
Outokumpu\u2019s greenhouse gas emissions per tonne of crude steel produced must reach a
reduced level each year. More information about the share-based payments in note 3.4.
Outokumpu signed during 2025 a committed unsecured EUR 800 million revolving credit
facility replacing its existing and currently unused unsecured revolving credit facilities of EUR
700 million and EUR 100 million. The margin of the new facility is linked to emission reductions
in line with the approved emission reduction target by the Science Based Targets initiative for
2030. More information on the revolving credit facility in note 5.1.
1) The financial impact is evaluated with an assumed carbon price of 100 EUR per ton of CO2.
", "dimensions": { "concept": "outokumpu:DisclosureOfClimateMatters", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-450": { "value": "
Management judgments
\"image.png\"
The preparation of the Financial Statements in accordance with IFRS requires management to
make judgments, estimates and assumptions that affect the reported amounts of assets and
liabilities and the disclosure of contingent assets and contingent liabilities at the reporting
date, as well as the reported amounts of income and expenses during the reporting period.
Management\u2019s estimates and judgments are continuously evaluated and they are based on
prior experience and other factors, such as future expectations assumed to be reasonable
considering the circumstances. Although these estimates are based on management\u2019s best
knowledge of the circumstances at the end of the reporting period, actual results may differ
from the estimates and the assumptions.
The table in the beginning of the notes to the consolidated Financial Statements outlines
the notes that include material management judgments.
Management judgments
\"image.png\"
Outokumpu operates and earns income in numerous countries and is subject to changes in tax
laws in multiple jurisdictions. When recognizing income tax liabilities, material judgments and
estimates need to be made on tax uncertainties.
In deferred tax asset recognition, the management assesses whether the realization of
future tax benefits is sufficiently probable to support the recognition. This assessment requires
judgment regarding, for example, realizable benefits from future taxable income, available tax
strategies, as well as other positive and negative factors. The recorded amount of deferred tax
assets could be reduced as a result of changes in these estimates or in tax regulations
imposing restrictions on the utilization of future tax benefits.
In year 2025 a change in the federal corporate income tax rate from 15% to 10% was
enacted in Germany. Reduction of tax rate will be implemented gradually, 1 %-point each year,
during 2028-2032. Since the tax rate change is enacted, Outokumpu is obliged to remeasure
the deferred tax balances taken into consideration the enacted future tax rate changes. This
calculation includes estimates and judgments by management.
Management judgments
\"image.png\"
The present value of pension obligations is subject to actuarial assumptions which are used in
calculating these obligations. These assumptions include, among others, discount rate, the
annual rate of increase in future compensation levels, inflation rate and employee turnover
rate. The assumptions are proposed by external independent actuaries separately for each
defined benefit plan or each country where Outokumpu has defined benefit plan and approved
by the management.
Management judgments
\"image.png\"
In valuing the share-based payment plans, the management estimates the likelihood of
achieving the non-market performance criteria and the number of participants remaining in the
plan when the vesting period ends.
The evaluation of the likelihood of achieving the non-market performance criteria uses
mainly external financial forecasts but also internal forecasts are used. The number of
participants remaining in plans at the end of the vesting period is estimated based on historical
forfeit ratios of similar plans. Also potential impacts from restructuring activities carried out in
the Group are considered in the estimate.
Management judgments
\"image.png\"
Management estimates relating to useful lives and recoverable amounts affect significantly the
intangible asset and property, plant and equipment values in the consolidated statement of
financial position, and different assumptions and assigned lives could have a material impact
on the reported amounts.
Carrying amounts of intangible asset and property, plant and equipment items are regularly
reviewed for any indication of impairment. If any such indication emerges, the asset\u2019s
recoverable amount is assessed, which requires estimation of future cash flows attributable to
the asset and related valuation parameters.
Indications for changes in useful lives are reviewed annually, and if changes to previous
estimates are identified, the useful lives are revised accordingly. If an impairment loss is
recognized, the estimated useful life of the asset is also reassessed.
Management judgments
\"image.png\"
Management judgment and estimates relate mainly to incremental borrowing rates of the Group
companies, the probabilities of utilizing extension options in lease contracts and lease terms
applied for contracts that are valid until further notice, which impact the reported amounts of
lease liabilities and right-of-use assets.
The incremental borrowing rates are defined as part of the process to determine interest
rates for intra-group lending, in which Outokumpu defines synthetic ratings for the subsidiaries.
The incremental borrowing rate takes into account the currency, the maturity of the lease
liability, the credit risk of the lessee based on the synthetic rating, and country risk.
The contracts with extension options are reviewed regularly to evaluate the probability of
utilization based on information available.
Contracts that are valid until further notice represent only a small amount of Group\u2019s lease
contracts, as most contracts have a fixed term. The lease terms for the contracts that are valid
until further notice are either defined based on the Group\u2019s mid-term planning cycle of 3 years
or treated as short-term depending of the type of the asset.
The Group applies materiality in defining low-value items for lease accounting purposes.
Management judgments
\"image.png\"
Key assumptions of the value-in-use calculations include the discount rate, sales prices,
delivery volumes and the terminal value growth rate. Assumptions also include estimates on
capital expenditure development including decarbonization related investments, and impacts
related to on-going EVOLVE-strategy-implementation related initiatives.
Cash flow forecasts are discounted using the pre-tax weighted-average cost of capital
(WACC) as defined for Outokumpu. The components of WACC are the risk-free rate,
Outokumpu\u2019s credit margin, the equity market risk premium, the equity beta for a peer group,
and the industry's median capital structure.
In general, management believes that the assumptions used in the value-in-use calculations
are conservative based on the current economic circumstances. Growth rates assumed for
stainless steel deliveries are generally lower than independent analysts\u2019 view on long-term
market development.
Management judgments
\"image.png\"
Management judgment and estimates are applied in net realizable value (NRV) and inventory
obsolescence analysis.
NRV calculation requires estimates on sales prices for products to be sold in the future to
the extent the prices are not known, which can be a significant part of the future prices. Due to
fluctuations in nickel and other alloy prices, which are the most important commodity price
risks for Outokumpu, the realized prices can deviate significantly from the estimates used in
NRV calculations.
The alloy surcharge clause as well as daily fixed pricing of stainless steel reduce the risk
arising from the time difference between raw material purchase and product delivery. However,
the risk is still significant because the delivery cycle in production is longer than the alloy
surcharge mechanism expects and the daily fixed pricing can also deviate from this cycle
depending on the timing of the delivery.
Inventory obsolescence for stainless steel products is estimated based on internal guidelines
on slow-moving inventory.
Management judgments
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Provisions are based on management\u2019s best estimates at the end of the reporting period.
Regarding environmental provisions, the management judgments and estimates relate
mainly to the timing and the scope of the activities to be carried out as well as the costs of
such activities in the future. Environmental expenditure related to dismantling an entire
production facility and restoring the area are generally estimated when decision on a site
closure is made.
As actual outflows can differ from estimates due to changes in law, regulations, public
expectations, technology, prices and conditions, and can take place in many years in the future,
the provisions are regularly reviewed to take such changes into account.
Regarding restructuring provisions, the judgments and estimates mainly relate to the
amounts of termination benefits to employees.
Management judgments
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Unlisted strategic energy companies
The valuation model of the other unlisted strategic energy companies include among others
discount rate derived from risk free rate (Germany 10 year bond yield), growth factor depending
the nature of the power plant or wearing out of the mill and contractual factors which may have
an impact on the valuation. Discounted cash flow models include also adjustments based on
the latest information regarding the power plants and potential energy production.
Management judgments
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Significant influence
Management judgment is applied when assessing whether Outokumpu has significant influence
over another company. Consideration is given to whether Outokumpu has the ability to
participate in significant financial and operating policy decisions through contractual
arrangements or agreements, and whether such arrangements confer significant influence.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-451": { "value": "
Accounting principles
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Principles of consolidation
The consolidated Financial Statements include the parent company Outokumpu Corporation
and all subsidiaries controlled by Outokumpu Corporation either directly or indirectly. The Group
controls an entity when it is exposed to, or has rights to, variable returns from its involvement
with the entity and has the ability to affect those returns through its power over the entity.
The Financial Statements of subsidiaries are included in the consolidated Financial
Statements from the date on which control commences until the date on which control ceases.
Changes in the parent company\u2019s ownership interest in a subsidiary are accounted for as equity
transactions if the parent company retains control of the subsidiary.
All intra-group transactions, receivables, liabilities and unrealized margins, as well as
distribution of profits within the Group, are eliminated in the preparation of consolidated
Financial Statements.
Foreign currency transactions
Transactions of each subsidiary included in the consolidated Financial Statements are
measured using the currency that best reflects the economic substance of the underlying
events and circumstances relevant to that subsidiary (\u201cthe functional currency\u201d). The functional
currency is mainly the subsidiary\u2019s local currency except for subsidiary in Mexico who uses the
US dollar as their functional currency.
The consolidated Financial Statements are presented in euros which is the functional and
presentation currency of the parent company. Group companies\u2019 foreign currency transactions
are translated into local functional currencies using the exchange rates prevailing at the dates
of the transactions. Receivables and liabilities in foreign currencies are translated into
functional currencies at the exchange rates prevailing at the end of the reporting period.
Foreign exchange differences arising from interest-bearing assets and liabilities and related
derivatives are recognized in financial income and expenses in the consolidated statement of
income. Foreign exchange differences arising in respect of other financial instruments are
included in operating profit under other operating expenses. The effective portion of
accumulated exchange differences arisen from hedges of net investments in foreign operations
are recognized in equity.
For those subsidiaries whose functional and presentation currency is not the euro, the items
in the statements of income and comprehensive income, and in the statement of cash flows
are translated into euro using monthly average exchange rates. The assets and liabilities in the
statement of financial position are translated using the exchange rates prevailing at the
reporting date. The translation differences arising from the use of different exchange rates
explained above are recognized in the Group\u2019s equity through other comprehensive income.
Any goodwill arising on acquisitions of foreign operations and any fair value adjustments to
the carrying amounts of assets and liabilities arising on acquisitions of those foreign operations
are treated as assets and liabilities of those foreign operations. They are translated into euro
using the exchange rates prevailing at the reporting date. When a foreign operation is sold, or is
otherwise partially or completely disposed of, the translation differences accumulated in equity
are reclassified in profit or loss as part of the gain or loss on the sale.
Adoption of new and amended IFRS standards
As of January 1, 2025, Outokumpu has applied the following new and amended standards,
interpretations and decisions.
\u2022 Amendments to IAS 21 - Lack of Exchangeability. The amendments aim to improve IAS 21 by
adding requirements to help entities to determine whether a currency is exchangeable into
another currency, and the spot exchange rate to use when it is not. Prior to these
amendments, IAS 21 set out the exchange rate to use when exchangeability is temporarily
lacking, but not what to do when lack of exchangeability is not temporary. Outokumpu has
not operated with currencies that lack exchangeability during the financial year, but will
follow these amendments if such transactions occur.
The new and amended standards, interpretations and decisions did not have material impact
on Outokumpu\u2019s consolidated Financial Statements.
Accounting principles
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Outokumpu\u2019s CEO, supported by the Leadership Team, is the Group\u2019s chief operating decision
maker. The segments are reviewed regularly for the purpose of assessing performance and
allocating resources to segments. The review is based on internal management reporting on
IFRS based financial information.
Adjusted EBITDA, adjusted operating profit (EBIT) and capital expenditure are alternative
performance measures, meaning that they are not IFRS-defined measures. They are defined
also in the Reconciliation of alternative performance measures section within the Review by the
Board of Directors and reconciled to the consolidated statement of income. Alternative
performance measures are unaudited.
Adjusted EBITDA
Adjusted EBITDA is Outokumpu\u2019s main performance indicator in financial reporting, and is also
used to assess the segments\u2019 performance. Adjusted EBITDA is defined as EBIT before
depreciation, amortization and impairment charges, and excluding such material income and
expense items which affect the comparability between periods due to their unusual nature, size
or incidence resulting from, for example, Group-wide restructuring programs or disposals of
assets or businesses.
Adjusted operating profit (EBIT)
Adjusted operating profit (EBIT) is a measure of financial performance of the Group. Adjusted
EBIT is defined as net result for the period excluding income taxes, financial income and
expenses and share of results in associated companies and excluding such material income
and expense items which affect the comparability between periods due to their unusual nature,
size or incidence resulting from, for example, Group-wide restructuring programs or disposals of
assets or businesses.
Capital expenditure
Capital expenditure indicates the investment in assets to generate future cash flows for the
Group.
Operating capital and ROOC
Segment assets and liabilities resulting in the operating capital are allocated to the segments
based on the operations and the physical location of the assets and are measured the same
way as in the Financial Statements.
Return on operating capital (ROOC) is a key figure for the segment reporting and it is an
internal measure for the value the business areas generate to the capital invested in their
operations. The formula for calculating Return on operating capital (ROOC) is presented in the
Review by the Board of Directors section Definitions of financial key figures.
Personnel at end of period, FTE
Personnel at end of the period, FTE as a key figure reflects the true amount of workforce
capacity available to the organization. The formula for calculating Personnel at end of period,
FTE is presented in the Review by the Board of Directors section Definitions of financial key
figures.
Accounting principles
\"image.png\"
Outokumpu generates revenue mainly from sales of stainless steel and ferrochrome.
Outokumpu ships these goods to customers under a variety of Incoterms, and considers the
physical possession as well as risks and rewards related to the ownership of the goods
to be transferred accordingly. This also signifies the transfer of control of the goods to the
customer.
Outokumpu\u2019s performance obligations related to sale of stainless steel and ferrochrome are
satisfied and revenue from contracts with customers recognized at a point of time. Only revenue
from the performance obligation related to transportation of the goods is recognized over a
period of time, and the period under which the revenue is recognized is relatively short.
Moreover, the timing of revenue recognition does not have an impact when assessing the
uncertainty associated with future cash flows, as the sales of goods and transportation service
are billed from the customer on the same invoice. Outokumpu acts as a principal with regards
to transportation of goods. The amount of the remaining performance obligations related to the
transportation service was immaterial at the end of 2025.
Outokumpu has bill-and-hold arrangements with selected European customers. Under these
arrangements, based on a customer request, Outokumpu holds the readily available material at
its own stock locations for the customer for up to a period of three months before the actual
delivery of the material. Outokumpu has transferred control of these materials to the customer
as Outokumpu is not able to direct the material to another customer, and consequently
recognizes the revenue for the material sales. The revenue related to Outokumpu\u2019s
transportation service performance obligation to deliver the material is recognized over the time
when the delivery takes place. At the end of 2025, the amount of revenue recognized under the
bill-and-hold arrangements for products not yet delivered was immaterial.
Stainless steel and ferrochrome sales prices are mainly fixed before delivery, and volume
discounts estimated and accrued in the revenue recognition are the only variable component in
pricing. In individual cases, the sales price of ferrochrome is based on the period of time when
the customer uses the purchased ferrochrome. The payment terms vary from advance payment
to 90 days payment term, and do not include any significant financing component.
Liabilities related to customer contracts are presented in note 4.5.
Outokumpu does not have individual significant customers as defined in IFRS 8.
Accounting principles
\"image.png\"
Cost of sales
Cost of sales includes expenses related to materials and supplies, energy, maintenance and
freight. Employee benefit expenses, depreciation and amortization and other expenses are
included to the extent they relate to operational activities.
Research and development costs
As a main rule, research and development costs are expensed as incurred. If development is
expected to generate future economic benefits for the Group, related costs are capitalized as
intangible assets and amortized on a systematic basis over their useful lives.
Repairs and maintenance costs
Ordinary repairs and maintenance is carried out to maintain operating conditions of the mills
and the equipment, and the related costs are expensed as they are incurred.
The costs of major repairs and renovations are included in the asset\u2019s carrying amount as
capital expenditure when these activities are expected to generate future economic benefits for
the Group, for example in form of a longer useful life, a wider product range, a higher output, or
an improved quality, in excess of the originally assessed standard performance level.
Depreciation and amortization methods and useful lives of non-current assets
Depreciation and amortization methods as well as estimates for useful lives of different types of
intangible asset and property, plant and equipment items are described in note 4.1.
Accounting principles
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Other operating income and expenses include items such as gains or losses from disposals of
non-current assets or businesses, foreign exchange differences arising in respect of other
financial instruments than interest-bearing assets and liabilities and gains or losses from
derivative financial instruments that are not hedge accounted or do not relate to the Group\u2019s
financing activities. Other operating income also includes rental and lease income, insurance
compensations and government and other grants and support. Other operating expenses
include also costs related to emission allowances and impairment losses related to non-current
assets.
Grants and other support are recognized as income over the same periods as the costs they
are intended to compensate. Investment grants related to purchases of non-current assets are
deducted from the cost of the asset and recognized as income on a systematic basis as a
reduction in depreciation or amortization over the useful life of the asset.
Accounting principles
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Financial income includes mainly interest income on cash and cash equivalents and defined
benefit plans.
Financial expenses include mainly interest expenses of borrowings, lease liabilities, factoring
and defined benefit plans.
Other income and expenses include fees related to commitment credit facilities and other
financial fees.
Exchange gains and losses include exchange and other market price gains and losses on
cash, debt and receivables and derivatives related to Group\u2019s financing activities.
Exchange and other market price gains and losses on operative items and related derivative
instruments are recognized in EBIT. Exchange and other market price gains and losses on
financing items and related derivative instruments are recognized in financial income and
expenses.
Accounting principles
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Current and deferred income taxes are determined on entity level to the extent an entity is
subject to income taxation. The income taxes in the consolidated statement of income include
the Group companies\u2019 current income taxes based on taxable profit for the period, tax
adjustments for previous periods, and the change in deferred income taxes. In several countries
(Finland, Germany, the Netherlands, Sweden, and the US) Outokumpu companies are included
in income tax consolidation groups or group taxation systems. The share of results in
associated companies is reported in the statement of income based on the net result and thus
including the income tax effect.
Deferred income taxes are stated using the balance sheet liability method to reflect the net
tax effects of temporary differences between the assets and liabilities\u2019 carrying amounts in the
Financial Statements and the corresponding tax basis at the reporting date, as well as for
unused tax loss or credit carry forwards.
Deferred tax assets are recognized for all deductible temporary differences to the extent that
it is probable that future taxable profits will be available for utilization of these differences. A
valuation allowance is recognized if the realization of the tax benefits is not probable. The
ability to recognize deferred tax assets is reviewed at the end of each reporting period.
Deferred tax liabilities are usually recognized in the statement of financial position in full.
As an exception, deferred tax liabilities are not recognized if they arise from initial
recognition of an asset or a liability in a transaction that is not a business combination and that
does not affect the accounting nor taxable profit at the time of the transaction.
Deferred taxes are calculated at the enacted or substantially enacted tax rates that are
expected to apply by the end of the reporting period. Generally, deferred tax is recognized to
the statement of income. However, if the taxes are related to items of other comprehensive
income or to transactions or other events recognized directly in equity, the related income taxes
are also recognized either in other comprehensive income or directly in equity, respectively.
The Group is within the scope of the OECD Pillar Two model rules. Pillar Two legislation was
implemented in Finland, the jurisdiction in which Outokumpu Corporation is incorporated, based
on the EU Directive, and is effective from January 1, 2024. The Group has not recognized any
tax expense related to the top-up tax in 2025. The Group has applied a temporary mandatory
relief from deferred tax accounting for the potential impacts of the top-up tax and would
account for it as a current tax if it would incur. Management assesses that the risk for any
future exposure to top-up tax for the Group is limited.
Accounting principles
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Basic earnings per share is calculated by dividing the net result attributable to
the equity holders of the company by the adjusted weighted average number of shares
outstanding during the period, excluding shares held by Outokumpu as treasury shares.
In a share issue, when shares are offered at discount compared to market price, the pro-
portion of the issue representing the discount is retrospectively adjusted to the weighted
average number of shares.
Diluted earnings per share is calculated by adjusting the adjusted weighted average number
of ordinary shares outstanding with the assumption that convertible instruments are converted.
The profit or loss used in the calculation is adjusted for the interest expense related to the
instrument and recognized in the period, net of tax. In addition, the shares estimated to be
delivered based on the share-based incentive programs are taken into account. However,
potential ordinary shares are only dilutive if the adjustments decrease the earnings per share
ratio.
Accounting principles
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Employee benefits for the key management include the benefits to each Leadership Team or
Board of Directors member for the time they hold these positions.
Employee benefits are presented based on expenses recognized in profit or loss during the
year on accrual basis except for the CEO whose remuneration is presented also based on paid
benefits during the year. The remuneration to Board of Directors is also presented on paid
basis.
Short-term incentives are recognized to profit or loss during the period they relate to whereas
bonuses are typically paid out during the following financial year. Expenses on share-based
payments are recognized to profit or loss at the share price on the grant date of the benefit and
over the period when the benefit is earned. Share-based benefits are reported as paid when
delivered and at the share price on the delivery date.
Accounting principles
\"image.png\"
The Group companies in different countries have various post-employment benefit plans in
accordance with local conditions and practices. The plans are classified as either defined
contribution plans or defined benefit plans.
The fixed contributions to defined contribution plans are recognized as expense in the period
to which they relate. The Group has no legal or constructive obligation to pay further
contributions if the receiving party is not able to pay the benefits in question. All such
arrangements that do not meet these requirements are defined benefit plans.
Defined benefit plans are funded with payments to the pension funds or insurance
companies. The present value of the defined benefit obligations is determined separately for
each plan by using the projected unit credit method. The liability recognized in the statement of
financial position is the defined benefit obligation less the fair value of plan assets at the
closing date. When the fair value of plan assets exceeds the value of the obligation, the net
amount is recognized as defined benefit plan assets.
Current service costs, past service costs and gains or losses on settlements are recognized
in functional costs above EBIT. Net interest expense or income is recognized in financial items
under interest expense or interest income. All remeasurements of the net defined benefit
liability (asset) are recognized directly in other comprehensive income.
Buy-in contract in the UK does not result in a settlement because Outokumpu remains
responsible for the benefit obligation. The buy-in contract is effectively an investment by which
the plan can receive payments from the insurer corresponding to the benefits due to the
participants, but ultimately the primary obligation to pay benefits has not been transferred.
For other long-term employee benefits, all service costs and remeasurements are recognized
immediately in the statement of income. Interest expenses are recognized in financial items
under interest expenses.
The significant actuarial assumptions are presented separately for the most significant
countries, and for other countries a weighted average of the assumptions is presented.
Accounting principles
\"image.png\"
The share-based payments are settled net of tax withholding, and they are accounted as fully
equity-settled. The expense of the programs recognized over vesting periods is based on the
grant date fair value and is reported as employee benefit expenses within the administrative
expenses in profit or loss.
Applicable statistical models are used in valuation, and the valuation is revised at the end of
each reporting period based on the likelihood of achieving the non-market performance criteria
and the estimated retention rate of the participants.
The salary-based maximum limits for the pay-outs have been taken into account in the
valuation of the benefits.
Accounting principles
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Intangible assets other than goodwill include capitalized development costs, patents, licenses
and software. These assets comprise mainly acquired assets that typically have definite useful
lives. An intangible asset is recognized if it is probable that the asset will generate future
economic benefits to the Group and the cost of the asset can be measured reliably.
Property, plant and equipment consist mainly of facilities, machinery and equipment used in
stainless steel and ferrochrome production.
Intangible assets and property, plant and equipment are recognized initially at cost. Cost
comprises of the asset\u2019s purchase price and all costs directly attributable to bringing the asset
ready for its intended use. Government grants received for investment purposes are deducted
from the asset\u2019s cost. Intangible assets and property, plant and equipment acquired in a
business combination are measured at fair value at the acquisition date.
Borrowing costs (mainly interest costs) directly attributable to the acquisition of an asset are
capitalized in the statement of financial position as part of the asset\u2019s carrying amount, when it
takes a substantial period of time to get the asset ready for its intended use.
After initial recognition, intangible assets and property, plant and equipment are measured
at cost less accumulated amortization, depreciation and impairment losses. Intangible assets
and property, plant and equipment, other than land and mine properties, are amortized or
depreciated on a straight-line basis over their expected useful lives. Assets tied to a certain
fixed period are amortized over the contract term.
Amortization of intangible assets is based on the following estimated useful lives:
Softwareup to 10 years
Capitalized development costs up to 10 years
Intangible rightsup to 20 years
Depreciation of property, plant and equipment items is based on the following estimated useful
lives:
Buildings25\u201340 years
Heavy machinery15\u201330 years
Light machinery and equipment\u00a0 3\u201315 years
Self-owned land is not depreciated, as the useful life of land is assumed to be indefinite.
Mine properties include preparatory work to utilize an ore body or a portion thereof, such as
shafts, ramps, ventilation and other infrastructure necessary for mining operations. Mine
properties are depreciated using the units-of-production method, which allocates the
depreciable amount based on the extraction of proven and probable ore reserves over their
estimated useful lives. Reserve estimates are reviewed annually, and depreciation rates are
adjusted prospectively to reflect changes in expected production or reserve quantities.
Other tangible assets include items such as land improvements, asset retirement obligations
related to landfill areas and infrastructure within the facilities, such as roads and railroads.
Recognition of amortization or depreciation on an asset is ceased when the item is classified
as held for sale.
If indication regarding an impairment of an asset is identified, the asset\u2019s recoverable
amount is estimated as the higher of the fair value less costs to sell or the value in use. If the
carrying amount of an asset exceeds its recoverable amount, an impairment loss is recognized.
A previously recognized impairment loss is reversed if there is a change in the recoverable
amount. However, the reversal must not result in a higher carrying amount than what it would
have been if no prior impairment loss had been recognized. Impairment losses are presented as
other operating expenses in the consolidated statement of income.
Gains or losses on disposals of property, plant and equipment or intangible assets are
determined as the difference between the net proceeds received and the carrying amount of
the asset. These gains or losses are presented in other operating income or expenses.
Goodwill
Goodwill arises from business combinations and is recognized at the acquisition date
at the amount excess of the consideration transferred over the fair value of the identifiable
assets acquired, liabilities assumed and any non-controlling interest and any previously held
equity interests in the acquiree. Goodwill is not amortized but tested for impairment. Goodwill is
measured at cost less accumulated impairment losses. Impairment losses on goodwill cannot
be subsequently reversed.
See note 4.3 for goodwill impairment testing.
Emission allowances
Emission allowances are reported as other intangible assets. They are measured at cost and
initially recognized when control is obtained. Allowances received free of charge are recognized
at nominal value, i.e. at zero carrying amount. Emission allowances are derecognized against
the actual emissions, or when the emission allowances are sold.
Emission allowance expense is recognized when emission allowances received free of charge
do not cover the annual emissions for the difference based on the cost of the purchased
allowances. In case the Group does not hold sufficient allowances to cover the actual
emissions, a provision regarding the obligation to return the emission allowances is recognized
at fair value at the end of the reporting period. The expenses are presented as other operating
expenses. Gains from the sale of emission allowances are recognized as other operating
income.
Accounting principles
\"image.png\"
Group as a lessee
Lease liabilities measured at the present value of future lease payments are recognized to the
statement of financial position. In determining the present value of the lease liabilities, the
fixed and index/rate-based lease payments are discounted with the interest rate implicit to the
lease when available, or with the incremental borrowing rate of the company.\u00a0
Lease payments are divided into interest expense and repayment of the lease liability. Lease
contracts may include options to extend the contract term or purchase the leased asset at the
end of the lease term. Lease term is determined as the non-cancellable period of the lease
taking into consideration the options to extend and terminate if it is reasonably certain that the
Group will exercise the extension option or will not exercise the termination option.
Leased assets are presented in the balance sheet as a separate line item. Right-of-use
assets recognized to the statement of financial position are measured at the amount of lease
liability and lease payments made in advance, less accumulated depreciation and impairments.
Right-of-use assets are depreciated on a straight-line basis over the lease term, or over the
expected useful life of the asset in case the asset will transfer to Outokumpu at the end of the
lease term or it is highly probable that a purchase option will be used.
Lease liabilities are presented as part of non-current and current debt in the consolidated
statement of financial position. Lease liabilities are part of the net debt calculation.
Lease liabilities or right-of-use assets relating to short-term leases, leases of low value items,
or intangible assets are not recognized to the statement of financial position. Instead, related
payments are recognized as expense to the profit or loss.
Sale and lease-back
So-called sale and lease-back transactions by the Group in 2019 or later (i.e. in accordance
with IFRS 16) do not typically meet the IFRS 15 criteria of a sale, as Outokumpu typically
retains the control of the asset. Consequently, they do not meet the criteria of sale and lease-
back, either. The asset remains in Outokumpu\u2019s property, plant and equipment at cost less
accumulated depreciation and impairments. The proceeds of the transaction are recognized as
other loans under non-current or current debt.
Sale and lease-back transactions carried out prior to 2019 have been treated according to
the accounting principles prevailing at the time.
Group as a lessor
At inception of a lease contract, an assessment is made whether the lease is a finance lease or
an operating lease. If the lease transfers substantially all of the risks and rewards incidental to
ownership of the asset, it is considered to be a finance lease, otherwise the lease is considered
to be an operating lease. The Group has no material finance lease contracts.\u00a0 \u00a0
\u00a0 Rental income received from property, plant and equipment leased out by the Group under
operating leases is recognized on a straight-line basis over the lease term. Rental income is
presented as other operating income. The Group has no material income from operating lease
contracts.
Accounting principles
\"image.png\"
Goodwill is allocated to and tested for impairment on operating segment level, which
corresponds to the Group\u2019s cash-generating units (CGUs), and the lowest level goodwill is
monitored. Impairment test is carried out on an annual basis, or more frequently if indication of
goodwill impairment exists.
In goodwill impairment testing, the recoverable amounts are based on value in use
determined by discounted future net cash flows expected to be generated by the cash-
generating unit. The discount rate used is a pre-tax rate that reflects the current market view on
the time value of money and the CGU-specific risks.
An impairment loss is the amount by which the carrying amount of the segment\u2019s assets
exceeds its recoverable amount. Impairment losses are recognized first on goodwill and after
that on other intangible and tangible assets on a pro-rata basis. In the consolidated statement
of income impairments are presented in other operating expenses. Impairment losses related to
goodwill cannot be subsequently reversed.
Accounting principles
\"image.png\"
Inventories are stated at the lower of cost and net realizable value. These are defined with
different methodologies depending on the type of inventory.
The cost of raw materials is determined as the monthly weighted average of the actual raw
material cost. The cost of self-produced finished goods and work in progress comprises of raw
materials, direct labor, other direct costs and related production and procurement overheads.
Cost of purchased products includes all purchasing costs including direct transportation,
handling and other costs.
NRV is calculated as the estimated selling price in the ordinary course of business, less the
estimated costs of completion and the estimated costs attributable to the sale.
Obsolete stainless steel products are valued at scrap value. Spare parts are carried as
inventory and their cost is recognized in profit or loss as consumed.
Major spare parts are recognized in property, plant and equipment when they are expected
to be used over more than one year.
Accounting principles
\"image.png\"
Trade and other receivables and payables include financial assets or liabilities measured at
amortized cost. After initial recognition, they are measured at amortized cost by using the
effective interest rate method. Trade and other receivables are valued net of accumulated
impairments.
Factored trade receivables
Factored trade receivables have been derecognized from the statement of financial position
when the related risks and rewards of ownership have materially been transferred to the
counterparty of the factoring transaction.
Expected credit losses
Outokumpu applies a simplified model in assessing and recognizing loss allowance for expected
credit losses on trade receivables. The calculation model is based on overdue statistics and
counterparty-specific credit ratings linked with loss probabilities for each rating. Loss
allowances are recognized in selling and marketing expenses in the consolidated statement of
income.
Liabilities related to customer contracts
Liabilities related to customer contracts include accrued volume rebates, advance payments
received and liabilities related to transportation service not yet performed. Accrued volume
discounts have been recognized as reductions in revenue during the financial year.
Accounting principles
\"image.png\"
A provision is recognized when Outokumpu has a present legal or constructive obligation as a
result of a past event, and it is probable that an outflow of economic benefits will be required to
settle the obligation and the amount can be reliably estimated. Provisions relate mainly to
environmental liabilities, restructuring plans, onerous contracts and litigations. Non-current
provisions are discounted to present value at the end of the reporting period using risk-free
discount rates.
Outokumpu aims at minimizing negative impacts of its present and discontinued operations
on the environment, and aims to remediate any material negative impacts that have occurred
where viable. Environmental expenditure arising from restoring the conditions caused by past
operations are recognized as expenses when they are incurred. Environmental provision is
recognized when the Group has a legal or constructive obligation to decommission or remove a
facility or equipment, rehabilitate environmental damage, or landscape and restore an area. The
recognition of environmental provisions is based on current interpretation of the effective
environmental laws and regulations together with Outokumpu\u2019s Code of Conduct.
When environmental expenditure will arise from future asset retirement obligations, an item
of property, plant and equipment corresponding to the amount of the provision is recognized,
and it will be depreciated over the asset\u2019s useful life. Subsequent adjustments to the provision
are deducted from or added to the cost of the corresponding asset in a symmetrical manner.
A restructuring provision is recognized when a detailed restructuring plan has been prepared
and its implementation has been started or the main parts of the plan have been
communicated to those, who are impacted by the plan. Restructuring provision mainly comprise
of employee termination benefits.
Any potential compensation from a third party is not included in the amount of the provision
but recognized as a separate asset when it is virtually certain that the compensation will be
received.
Accounting principles
\"image.png\"
Bonds, loans from financial institutions, pension and other loans are recognized at the
settlement date and measured initially at fair value net of direct transaction costs.
Subsequently they are carried at amortized cost using the effective interest rate method.
Transaction costs are amortized over the maturity of the borrowing using the effective
interest rate method. A financial liability (or part of the liability) is derecognized when the
liability ceases to exist, that is, when the obligation identified in a contract has been fulfilled or
cancelled or is no longer effective.
The fair value of non-current and current debt is determined based on quoted prices for
listed instruments. For loans the fair value is determined using the discounted cash flow
method based on yields at the reporting date. The fair values of non-current and current debt
are presented in note 5.5.
Fees related to revolving credit facilities are amortized over the expected facility term.
Convertible bonds
Convertible bonds are compound instruments with components of the bonds classified
separately as financial liabilities and equity in accordance with the substance of the
arrangement.
The liability component is recognized initially at fair value of a similar liability. The equity
component is recognized initially at the difference between the fair values of the full bond and
the liability component. Transaction costs are allocated to the components in proportion to
their initial carrying amounts. The fair value includes the value of conversion rights.
Subsequently the liability component is measured at amortized cost with the effective
interest method. At conversion or on expiry the equity component is reclassified within equity.
Lease liabilities
Accounting principles related to lease liabilities are presented in note 4.2.
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand, deposits held at call with banks and other
highly liquid investments with original maturities of three months or less. These are readily
convertible to a known amount of cash with a low risk of any changes in the value.
Bank overdrafts are reported as current debt.
Accounting principles
\"image.png\"
Shares and share capital
According to the Articles of Association, Outokumpu has one single class of shares and all
shares have equal voting rights at General meetings. The shares do not have a nominal value.
Premium fund
Premium fund includes proceeds from share subscriptions and other contributions based on the
old Finnish Limited Liability Companies Act for the part the contributions exceeded the account
equivalent value allocated to share capital.
Other restricted reserves
Other restricted reserves include amounts transferred from the distributable equity under the
Articles of Association or by a decision of the General Meeting of Shareholders, and other items
based on the local regulations of the Group companies.
Invested unrestricted equity reserve
The reserve for invested unrestricted equity comprises the portion of the subscription price for
issued shares that, in accordance with the share issue decision, is not recorded as share
capital. It also includes other equity contributions that are not recorded to some other reserve.
In Outokumpu, invested unrestricted equity reserve includes the net proceeds from the rights
issues in 2012 and 2014, the directed share issue in 2021 as well as conversion of convertible
bond in 2025.
Fair value reserves
Fair value reserves include movements in the fair values of equity securities and hedge
accounted derivative instruments.
Retained earnings
Retained earnings include remeasurements of defined benefit plans, cumulative translation
differences and other retained earnings and losses.
Treasury shares
When the parent company or its subsidiaries purchase the parent company\u2019s own shares, the
consideration paid, including any attributable transaction costs, net of taxes, is deducted from
the parent company\u2019s equity as treasury shares until the shares are cancelled. When such
shares are subsequently sold or reissued, any consideration received is recognized directly in
equity.
Dividends
The dividend proposed by the Board of Directors is not deducted from distributable equity until
approved by the Annual General Meeting of Shareholders. For the time period between the
approval and the payment, the dividend to be paid is presented in current trade and other
payables.
Accounting principles
\"image.png\"
Derivatives are initially recognized at fair value on the trade date, when the Group enters into a
derivative contract, and are subsequently measured at fair value.
The presentation of the gains or losses arising from the fair value measurement depends on
the purpose of the derivative. The gains or losses arising from fair value changes of effective
hedge-accounted derivative contracts are presented in profit or loss congruent with the hedged
item. Changes in fair value of derivative contracts, where hedge accounting is not applied, are
recognized in EBIT in other operating income and expenses. Changes in fair value of derivatives
designated for financing activities are presented within financial income and expenses.
The fair value measurement is based on quoted market prices and rates as well as on
discounted cash flows at the end of the reporting period. Fair values of derivatives can in
certain cases be based on valuations of external counterparties.
Hedge accounting
Outokumpu applies cash flow hedge accounting on certain commodity derivatives. For each
hedging arrangement the relationship between the hedging instrument and the hedged item,
the objectives of risk management and the strategy of the hedging arrangement are
documented.
The effectiveness of the hedge relationship is documented and assessed when hedging is
started and at least in the end of each reporting period. Hedge effectiveness is calculated and
assessed between the changes in the fair value or cash flows of the hedged item attributable to
the hedged risk and the changes in the fair value or cash flows of the hedging instrument to
ensure that these impacts offset one another. Hedge accounting is discontinued if the
requirements of hedge accounting are no longer met.
Fair value changes of derivatives designated to hedge forecasted cash flows are recognized
in other comprehensive income and presented within the fair value reserve in equity to the
extent that the hedge is effective. Such fair value changes accumulated in equity are
reclassified in profit or loss, and presented in sales or cost of sales in the period when the
hedge accounted cash flows affect the profit or loss. In the certain hedge accounted
transaction, the realized gains or losses of the nickel derivatives are first reclassified from fair
value reserves in equity to the inventory for a certain period and finally recognized in profit or
loss. The fair value changes related to the ineffective portion of the hedging instrument are
recognized immediately in profit or loss.
Accounting principles
\"image.png\"
The Group\u2019s financial assets and liabilities are classified as items at fair value through profit or
loss, items at fair value through other comprehensive income and items at amortized cost.
The classification is based on Group\u2019s business model for financial assets and liabilities, and
their contractual cash flow characteristics.
If a financial asset is not measured at fair value through profit or loss, significant transaction
costs are included in the initial carrying amount of the asset. Financial assets are derecognized
when the Group loses the rights to receive the contractual cash flows on the financial asset or it
transfers substantially all the risks and rewards of ownership outside the Group. Accounting
principles related to transaction costs and derecognition of borrowings are presented in note
5.1.
Financial assets and liabilities measured at amortized cost
Financial assets measured at amortized cost include trade and other receivables and
cash and cash equivalents. These assets are measured initially at fair value. After initial
recognition, they are measured at amortized cost by using the effective interest rate method
less accumulated impairments. The accounting principles related to factored receivables and
expected credit losses are presented in note 4.5.
Financial liabilities measured at amortized cost include the borrowing and trade and other
payables. See note 5.1 for further accounting and fair valuation principles for borrowings and
note 4.5 for accounting principles for trade and other payables.
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income include equity investments
in listed and unlisted companies. Accounting principles are presented in note 5.6.
Financial assets and liabilities at fair value through profit or loss
Financial assets and liabilities at fair value through profit or loss include derivative instruments.
Financial assets at fair value through profit or loss include also investments in debt instrument
or money market funds held for trading purposes and intended to be sold within a short period
of time. In some cases, also equity investments can be classified in this category.
These financial assets and liabilities are recognized at the trade date at fair value and
subsequently remeasured at fair value at the end of each reporting period. The fair value
measurement is based on quoted rates and market prices as well as on appropriate valuation
methodologies and models.
Realized and unrealized gains and losses arising from changes in fair values of non-
derivative financial assets are recognized in market price gains and losses under financial
income and expenses in the reporting period in which they are incurred. Accounting principles
related to derivatives are described in more detail in note 5.4.
Measurement of fair values
Several accounting policies and disclosures require the measurement of fair values.
Financial assets and liabilities measured at fair value are classified to fair value hierarchy levels
based on the source information and inputs used in the fair valuation. In level one, fair values
are based on public quotations for identical instruments. In level two, fair values are based on
market rates and prices and discounted future cash flows. For assets and liabilities in level
three, there is no reliable market source available and thus the fair value measurement is not
based on observable market data. Therefore, the measurement methods are chosen taking into
account the information available for the measurement and the characteristics of the measured
item.
Accounting principles
\"image.png\"
Equity investments at fair value through other comprehensive income consists of investments
which are not held for trading, and which the Group has irrevocably elected at initial recognition
to recognize in this category. These are mainly strategic investments, so this classification is
considered relevant.
The investments and divestments are recognized at the trade date. They are included in non-
current assets unless there is an intention to dispose of the investment within 12 months from
the reporting date.
The investments are measured at fair value, and fair value changes are recognized through
other comprehensive income and presented net of tax in fair value reserve in equity. The
valuation is based on quoted rates and market prices at the end of the reporting period, as well
as on appropriate valuation techniques, such as cash flow discounting. Observable market data
is used in the valuation when available but also entity-specific management estimates are
applied.
Dividends are recognized in profit or loss. When equity investment is disposed, the
accumulated fair value changes are reclassified from fair value reserve to retained earnings.
The premium paid over the FPX Nickel Corp. share's market price at the acquisition date has
been treated as part of the inventory and will be released at the time of the nickel purchase.
Accounting principles
\"image.png\"
Unrecognized commitments are disclosed when the Group has an obligation or a pledge to
assume a financial liability at a future date.
A contingent liability is a possible obligation that arises from past events and the existence
of which will be confirmed by uncertain future events that are not wholly within the control of
the entity. Obligations that are not considered probable or where the amounts cannot be
reliably measured are also considered as contingent liabilities. Contingent liabilities are not
recognized in the statement of financial position but disclosed as off-balance sheet
commitments.
Accounting principles
\"image.png\"
Non-current assets or a disposal group are classified as held for sale if their carrying amount
will be recovered principally through the disposal of the assets and the sale is highly probable.
If their carrying amount will be recovered principally through their disposal rather than through
their continuing use, they are measured at the lower of carrying amount and fair value less cost
to sell. Property, plant and equipment and intangible assets are not depreciated or amortized
once classified as held for sale.
Result from the discontinued operations is reported separately from income and expenses
from continuing operations in the consolidated statement of income and prior periods are
restated accordingly. Assets and liabilities related to the discontinued operations are presented
as separate line items in the statement of the financial position and the comparative period is
not restated. The statement of cash flows consists of total group figures including the dis-
continued operations.
Intra-group revenues and expenses between continuing and discontinued operations are
eliminated in continuing operations only when the revenues and expenses are not considered to
continue after the disposal of the discontinued operations.
Accounting principles
\"image.png\"
The disposed companies are included in the consolidated Financial Statements up to
the date when the control is lost. The gain or loss on disposal together with cumulative
translation adjustments related to disposed companies are recognized in the consolidated
statement of income at the date control is lost.
Accounting principles
\"image.png\"
Companies where Outokumpu generally holds voting rights of 20\u201350% or in which Outokumpu
otherwise has significant influence, but not control, are included in the consolidated Financial
Statements as associated companies, and they are accounted for using the equity method from
the date significant influence was obtained until it ceases.
The Group\u2019s share of the associated company\u2019s net result for the period is separately
disclosed below Operating profit (EBIT) in the consolidated statement of income. Outokumpu\u2019s
share of changes recognized in the associated company\u2019s other comprehensive income is
recognized in the Group\u2019s other comprehensive income.
If Outokumpu\u2019s share of the associated company\u2019s losses exceeds the carrying amount of
the investment, the investment is recognized at zero value in the statement of financial position
and recognition of further losses is discontinued, except to the extent that the Group has
incurred obligations in respect of the associated company. The interest in an associated
company comprises the carrying amount of the investment under the equity method together
with any long-term interest that, in substance, forms a part of the net investment in the
associated company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-452": { "value": "
Principles of consolidation
The consolidated Financial Statements include the parent company Outokumpu Corporation
and all subsidiaries controlled by Outokumpu Corporation either directly or indirectly. The Group
controls an entity when it is exposed to, or has rights to, variable returns from its involvement
with the entity and has the ability to affect those returns through its power over the entity.
The Financial Statements of subsidiaries are included in the consolidated Financial
Statements from the date on which control commences until the date on which control ceases.
Changes in the parent company\u2019s ownership interest in a subsidiary are accounted for as equity
transactions if the parent company retains control of the subsidiary.
All intra-group transactions, receivables, liabilities and unrealized margins, as well as
distribution of profits within the Group, are eliminated in the preparation of consolidated
Financial Statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-454": { "value": "
Foreign currency transactions
Transactions of each subsidiary included in the consolidated Financial Statements are
measured using the currency that best reflects the economic substance of the underlying
events and circumstances relevant to that subsidiary (\u201cthe functional currency\u201d). The functional
currency is mainly the subsidiary\u2019s local currency except for subsidiary in Mexico who uses the
US dollar as their functional currency.
The consolidated Financial Statements are presented in euros which is the functional and
presentation currency of the parent company. Group companies\u2019 foreign currency transactions
are translated into local functional currencies using the exchange rates prevailing at the dates
of the transactions. Receivables and liabilities in foreign currencies are translated into
functional currencies at the exchange rates prevailing at the end of the reporting period.
Foreign exchange differences arising from interest-bearing assets and liabilities and related
derivatives are recognized in financial income and expenses in the consolidated statement of
income. Foreign exchange differences arising in respect of other financial instruments are
included in operating profit under other operating expenses. The effective portion of
accumulated exchange differences arisen from hedges of net investments in foreign operations
are recognized in equity.
For those subsidiaries whose functional and presentation currency is not the euro, the items
in the statements of income and comprehensive income, and in the statement of cash flows
are translated into euro using monthly average exchange rates. The assets and liabilities in the
statement of financial position are translated using the exchange rates prevailing at the
reporting date. The translation differences arising from the use of different exchange rates
explained above are recognized in the Group\u2019s equity through other comprehensive income.
Any goodwill arising on acquisitions of foreign operations and any fair value adjustments to
the carrying amounts of assets and liabilities arising on acquisitions of those foreign operations
are treated as assets and liabilities of those foreign operations. They are translated into euro
using the exchange rates prevailing at the reporting date. When a foreign operation is sold, or is
otherwise partially or completely disposed of, the translation differences accumulated in equity
are reclassified in profit or loss as part of the gain or loss on the sale.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-453": { "value": "
Foreign currency transactions
Transactions of each subsidiary included in the consolidated Financial Statements are
measured using the currency that best reflects the economic substance of the underlying
events and circumstances relevant to that subsidiary (\u201cthe functional currency\u201d). The functional
currency is mainly the subsidiary\u2019s local currency except for subsidiary in Mexico who uses the
US dollar as their functional currency.
The consolidated Financial Statements are presented in euros which is the functional and
presentation currency of the parent company. Group companies\u2019 foreign currency transactions
are translated into local functional currencies using the exchange rates prevailing at the dates
of the transactions. Receivables and liabilities in foreign currencies are translated into
functional currencies at the exchange rates prevailing at the end of the reporting period.
Foreign exchange differences arising from interest-bearing assets and liabilities and related
derivatives are recognized in financial income and expenses in the consolidated statement of
income. Foreign exchange differences arising in respect of other financial instruments are
included in operating profit under other operating expenses. The effective portion of
accumulated exchange differences arisen from hedges of net investments in foreign operations
are recognized in equity.
For those subsidiaries whose functional and presentation currency is not the euro, the items
in the statements of income and comprehensive income, and in the statement of cash flows
are translated into euro using monthly average exchange rates. The assets and liabilities in the
statement of financial position are translated using the exchange rates prevailing at the
reporting date. The translation differences arising from the use of different exchange rates
explained above are recognized in the Group\u2019s equity through other comprehensive income.
Any goodwill arising on acquisitions of foreign operations and any fair value adjustments to
the carrying amounts of assets and liabilities arising on acquisitions of those foreign operations
are treated as assets and liabilities of those foreign operations. They are translated into euro
using the exchange rates prevailing at the reporting date. When a foreign operation is sold, or is
otherwise partially or completely disposed of, the translation differences accumulated in equity
are reclassified in profit or loss as part of the gain or loss on the sale.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-455": { "value": "
Adoption of new and amended IFRS standards
As of January 1, 2025, Outokumpu has applied the following new and amended standards,
interpretations and decisions.
\u2022 Amendments to IAS 21 - Lack of Exchangeability. The amendments aim to improve IAS 21 by
adding requirements to help entities to determine whether a currency is exchangeable into
another currency, and the spot exchange rate to use when it is not. Prior to these
amendments, IAS 21 set out the exchange rate to use when exchangeability is temporarily
lacking, but not what to do when lack of exchangeability is not temporary. Outokumpu has
not operated with currencies that lack exchangeability during the financial year, but will
follow these amendments if such transactions occur.
The new and amended standards, interpretations and decisions did not have material impact
on Outokumpu\u2019s consolidated Financial Statements.
6.7 New IFRS standards
Adoption of new and amended IFRS standards
Certain new accounting standards, amendments to or interpretations of accounting standards
have been published that came into effect only after the reporting period started on January 1,
2025. These standards and amendments have not been early adopted nor are expected to
have a material impact on Outokumpu\u2019s current or future reporting periods nor foreseeable
future transactions. These new accounting standards and amendments are:
\u2022 Classification and Measurement of Financial Instruments - Amendments to IFRS 9 and IFRS
7, effective from January 1, 2026 - accounting policy choice of Outokumpu is not to apply
the possibility to derecognize a liability from the balance sheet earlier than the settlement
date.
\u2022 Contracts Referencing Nature-dependent Electricity - Amendments to IFRS 9 and IFRS 7,
effective from January 1, 2026 - Outokumpu applies the own use exception on these
contracts
\u2022 Annual Improvements to IFRS Accounting Standards - Volume 11, effective from January 1,
2026
\u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures, effective from January 1,
2027
The IFRS 18 Presentation and Disclosure of Financial Statements will come into effect on January 1,
2027. Outokumpu is currently assessing the impact the amendments will have on the Group\u2019s
consolidated financial statements. The following potential impacts have been identified so far:
\u2022 The adoption of IFRS 18 will have no impact on the Group\u2019s net profit, but the new
categories of grouping income and expenses in the statement of profit or loss will impact
how operating profit is calculated and reported. Based on a preliminary assessment, the
Group has identified the following items that may have an impact on operating profit: foreign
exchange gains and losses and related derivatives, as well as other financing\u2011related items,
including factoring and the revolving credit facility expenses.
\u2022 The concept of \u201cuseful structured summary\u201d and the enhanced principles on aggregation
and disaggregation might change the line items presented on the primary financial
statements. However, the information presented will follow the same requirements of
disclosing material information as earlier and Outokumpu is not expecting to have a
significant change in information presented.
\u2022 Significant new disclosures are required for:
\u25e6 management-defined performance measures;
\u25e6 a breakdown of the nature of expenses for line items presented by function in the
operating category of the statement of profit or loss; and
\u25e6 for the first annual period of applying IFRS 18, a reconciliation of each line item in
the statement of profit or loss between the restated amounts presented by applying
IFRS 18 and the amounts previously presented when applying IAS 1.
\u2022 The statement of cash flows will be changed from the net result to operating profit as the
starting point for calculating cash flows from operating activities. Interest paid will be
presented as financing cash flows and interest received as investing cash flows instead of
the current presentation as part of operating cash flows. Also dividends received will be
presented in investing cash flows instead of operating cash flows.
Outokumpu will apply IFRS 18 from the mandatory effective date of January 1, 2027.
Retrospective application is required, meaning the comparative information for the financial
year ending December 31, 2026 will be restated in accordance with IFRS 18.
", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-456": { "value": "
2.1 Operating segments
Outokumpu has three business areas \u2013 Europe, the Americas, and Ferrochrome. Business areas
are organized so that Europe and the Americas include both coil and plate stainless steel
operations in their market area, while Ferrochrome focuses on the chrome mine and
ferrochrome operations. The business areas have responsibility for commercial activities, supply
chain management and operations and they are Outokumpu\u2019s operating segments under IFRS.
In addition to the business area structure, Group Functions cover Legal and compliance, Health
and safety, Procurement, Finance, Treasury, IR, Strategy, M&A and Corporate Development, HR,
Group communications, R&D, Technology, Sustainability and Group IT.
Europe consists of both coil and plate operations. In sustainable stainless steel operations
Outokumpu combines unmatched cost competitiveness, sustainability of our products, highest
level of reliability and quality to a unique customer experience. Sustainable stainless steel is
used in numerous different industries, for example in architecture and construction,
transportation, automotive and home appliances. In advanced materials and alloys, Outokumpu
provides industrial tailored stainless and nickel-based alloy solutions for demanding
environments in the process industry, oil and gas, and electric vehicles, for example. The
production facilities are located in Finland, Germany, Sweden and Netherlands. The business
area has an extensive service center and sales network across Europe, Middle East, Africa and
APAC region.
Americas produces standard austenitic and ferritic grades as well as tailored products. Its
largest customer segments are automotive and transport, consumer appliances, oil and gas,
chemical and petrochemical industries, food and beverage processing, as well as building and
construction industry. The business area has production units in the US and Mexico.
Ferrochrome produces charge grade of ferrochrome and runs the chrome mine in Kemi and
ferrochrome smelter in Tornio, Finland.
Other operations consist of activities outside the three operating segments, as well as
industrial holdings, non-core businesses, strategic group level investments and new business
development. Such business development expenses, Corporate Management expenses and
other extraordinary costs that are not part of business area performance assessment and not
allocated to the business areas are also reported under Other operations. Sales of Other
operations consist of sales of electricity to the Group\u2019s production facilities in Finland and in
Sweden, sales of non-core businesses and internal services.
Sales, \u20ac million
\"2135\"
Adjusted EBITDA, \u20ac million
\"2164\"
Earnings per share, \u20ac
\"2188\"
Reconciliation
2025
\u20ac million
Europe
Americas
Ferrochrome
Operating
segments total
Other operations
Eliminations
Group
External sales
3,557
1,675
217
5,449
19
\u2014
5,468
Internal sales
43
1
245
289
140
-429
\u2014
Sales
3,600
1,676
462
5,738
159
-429
5,468
Adjusted EBITDA
-46
102
138
194
-24
-3
167
Items affecting comparability in EBITDA
Restructuring costs
-65
0
-1
-66
-5
\u2014
-71
Litigation provisions
\u2014
-6
\u2014
-6
\u2014
\u2014
-6
Environmental
\u2014
0
\u2014
0
-1
\u2014
-2
EBITDA
-111
95
137
121
-31
-3
88
Depreciation and amortization
-114
-34
-52
-201
-14
\u2014
-215
Impairments
-7
\u2014
\u2014
-7
\u2014
\u2014
-7
Operating profit (EBIT)
-233
61
85
-87
-45
-3
-134
Items affecting comparability in EBIT
-72
-7
-1
-80
-7
\u2014
-86
Adjusted operating profit (EBIT)
-160
67
86
-7
-38
-3
-48
Capital expenditure
68
22
13
102
42
\u2014
145
Assets in operating capital
2,751
854
967
4,572
296
-164
4,704
Other assets
499
Deferred tax assets
502
Total assets
5,705
Liabilities in operating capital
902
423
132
1,457
194
-146
1,504
Other liabilities
796
Deferred tax liabilities
0
Total liabilities
2,300
Operating capital
1,849
431
835
3,116
102
-18
3,200
Return on operating capital (ROOC), %
-8.5
13.0
10.0
Personnel at end of period, FTE
5,646
1,744
454
7,843
407
\u2014
8,251
Reconciliation
2024
\u20ac million
Europe
Americas
Ferrochrome
Operating
segments total
Other operations
Eliminations
Group
External sales
4,044
1,707
180
5,930
11
\u2014
5,942
Internal sales
58
\u2014
289
347
175
-522
\u2014
Sales
4,102
1,707
469
6,277
186
-522
5,942
Adjusted EBITDA
58
59
106
223
-46
-1
177
Items affecting comparability in EBITDA
Loss on disposal of shares in Group companies and
businesses
\u2014
\u2014
\u2014
\u2014
-3
\u2014
-3
Litigation provisions
\u2014
-2
\u2014
-2
\u2014
\u2014
-2
Restructuring costs
-5
\u2014
\u2014
-5
-2
\u2014
-7
Inventory revaluations
2
\u2014
\u2014
2
\u2014
\u2014
2
Environmental
\u2014
-5
\u2014
-5
\u2014
\u2014
-5
EBITDA
55
51
106
212
-50
-1
162
Depreciation and amortization
-115
-33
-58
-206
-14
\u2014
-220
Impairments
7
0
\u2014
7
\u2014
\u2014
7
Operating profit (EBIT)
-52
18
48
14
-64
-1
-51
Items affecting comparability in EBIT
4
-8
\u2014
-3
-4
\u2014
-8
Adjusted operating profit (EBIT)
-56
25
48
17
-60
\u2014
-43
Capital expenditure
117
30
27
174
42
\u2014
216
Assets in operating capital
2,948
944
986
4,879
297
-168
5,008
Other assets
453
Deferred tax assets
504
Total assets
5,965
Liabilities in operating capital
989
370
123
1,482
182
-152
1,513
Other liabilities
698
Deferred tax liabilities
6
Total liabilities
2,217
Operating capital
1,959
574
863
3,396
115
-16
3,495
Return on operating capital (ROOC), %
-3.0
4.2
5.5
Personnel at end of period, FTE
5,757
1,784
472
8,012
412
\u2014
8,424
Items affecting comparability in EBITDA and EBIT
\u20ac million
2025
2024
Restructuring costs
-71
-7
Litigation provisions
-6
-2
Environmental
-2
-5
Loss on disposal of shares in Group companies and
businesses
\u2014
-3
Inventory revaluations
\u2014
2
Items affecting comparability in EBITDA
-79
-15
Impairments on non-current assets
-7
7
Items affecting comparability in EBIT
-86
-8
In 2025, items affecting comparability in EBIT mainly related to the restructuring provisions of
which EUR 34 million arising from personnel negotiations, primarily in the Europe business area
and Group functions, as announced on October 1, 2025 and EUR 29 million and non-current
asset impairments EUR 7 million in relation to strategy, EVOLVE announced on June 10, 2025.
Restructuring costs also include EUR 6 million related to the remaining actions of German site
closures and transfers of operations as announced in 2023. Litigation provisions EUR 6 million
relate to an increase of provision related to legal proceedings against Outokumpu Stainless
USA, LLC. More information on the litigation can be found in note 6.3.
In 2024, the German restructuring provisions of 2023 were revised which led to an increase of
EUR 5 million. At the same time, the impairment of EUR 5 million recognized in 2023 was
reversed. The environmental items of EUR 5 million are related to flooding that was caused by
torrential rains in San Luis Potos\u00ed, Mexico. The loss on the disposal of shares in Group
companies and businesses of EUR 3 million is due to a final escrow account agreement relating
to the sale of Long Products businesses in 2023.
Accounting principles
\"image.png\"
Outokumpu\u2019s CEO, supported by the Leadership Team, is the Group\u2019s chief operating decision
maker. The segments are reviewed regularly for the purpose of assessing performance and
allocating resources to segments. The review is based on internal management reporting on
IFRS based financial information.
Adjusted EBITDA, adjusted operating profit (EBIT) and capital expenditure are alternative
performance measures, meaning that they are not IFRS-defined measures. They are defined
also in the Reconciliation of alternative performance measures section within the Review by the
Board of Directors and reconciled to the consolidated statement of income. Alternative
performance measures are unaudited.
Adjusted EBITDA
Adjusted EBITDA is Outokumpu\u2019s main performance indicator in financial reporting, and is also
used to assess the segments\u2019 performance. Adjusted EBITDA is defined as EBIT before
depreciation, amortization and impairment charges, and excluding such material income and
expense items which affect the comparability between periods due to their unusual nature, size
or incidence resulting from, for example, Group-wide restructuring programs or disposals of
assets or businesses.
Adjusted operating profit (EBIT)
Adjusted operating profit (EBIT) is a measure of financial performance of the Group. Adjusted
EBIT is defined as net result for the period excluding income taxes, financial income and
expenses and share of results in associated companies and excluding such material income
and expense items which affect the comparability between periods due to their unusual nature,
size or incidence resulting from, for example, Group-wide restructuring programs or disposals of
assets or businesses.
Capital expenditure
Capital expenditure indicates the investment in assets to generate future cash flows for the
Group.
Operating capital and ROOC
Segment assets and liabilities resulting in the operating capital are allocated to the segments
based on the operations and the physical location of the assets and are measured the same
way as in the Financial Statements.
Return on operating capital (ROOC) is a key figure for the segment reporting and it is an
internal measure for the value the business areas generate to the capital invested in their
operations. The formula for calculating Return on operating capital (ROOC) is presented in the
Review by the Board of Directors section Definitions of financial key figures.
Personnel at end of period, FTE
Personnel at end of the period, FTE as a key figure reflects the true amount of workforce
capacity available to the organization. The formula for calculating Personnel at end of period,
FTE is presented in the Review by the Board of Directors section Definitions of financial key
figures.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-457": { "value": "
Accounting principles
\"image.png\"
Outokumpu\u2019s CEO, supported by the Leadership Team, is the Group\u2019s chief operating decision
maker. The segments are reviewed regularly for the purpose of assessing performance and
allocating resources to segments. The review is based on internal management reporting on
IFRS based financial information.
Adjusted EBITDA, adjusted operating profit (EBIT) and capital expenditure are alternative
performance measures, meaning that they are not IFRS-defined measures. They are defined
also in the Reconciliation of alternative performance measures section within the Review by the
Board of Directors and reconciled to the consolidated statement of income. Alternative
performance measures are unaudited.
Adjusted EBITDA
Adjusted EBITDA is Outokumpu\u2019s main performance indicator in financial reporting, and is also
used to assess the segments\u2019 performance. Adjusted EBITDA is defined as EBIT before
depreciation, amortization and impairment charges, and excluding such material income and
expense items which affect the comparability between periods due to their unusual nature, size
or incidence resulting from, for example, Group-wide restructuring programs or disposals of
assets or businesses.
Adjusted operating profit (EBIT)
Adjusted operating profit (EBIT) is a measure of financial performance of the Group. Adjusted
EBIT is defined as net result for the period excluding income taxes, financial income and
expenses and share of results in associated companies and excluding such material income
and expense items which affect the comparability between periods due to their unusual nature,
size or incidence resulting from, for example, Group-wide restructuring programs or disposals of
assets or businesses.
Capital expenditure
Capital expenditure indicates the investment in assets to generate future cash flows for the
Group.
Operating capital and ROOC
Segment assets and liabilities resulting in the operating capital are allocated to the segments
based on the operations and the physical location of the assets and are measured the same
way as in the Financial Statements.
Return on operating capital (ROOC) is a key figure for the segment reporting and it is an
internal measure for the value the business areas generate to the capital invested in their
operations. The formula for calculating Return on operating capital (ROOC) is presented in the
Review by the Board of Directors section Definitions of financial key figures.
Personnel at end of period, FTE
Personnel at end of the period, FTE as a key figure reflects the true amount of workforce
capacity available to the organization. The formula for calculating Personnel at end of period,
FTE is presented in the Review by the Board of Directors section Definitions of financial key
figures.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-459": { "value": "
2.2 Revenue
External sales by geographical destination
\u20ac million
Finland
Germany
Italy
The
UK
Poland
Other
Europe
North
America
APAC
region
Other
countries
Group
2025
Operating
segment
Europe
180
898
590
189
163
1,105
101
272
59
3,557
Americas
\u2014
\u2014
\u2014
1
\u2014
\u2014
1,668
3
2
1,675
Ferrochrome
12
17
14
10
\u2014
93
36
34
0
217
Other operations
13
3
\u2014
0
\u2014
2
1
0
0
19
204
918
604
200
163
1,201
1,807
309
62
5,468
2024
Operating
segment
Europe
199
1,124
704
235
195
1,156
92
291
48
4,044
Americas
\u2014
\u2014
\u2014
0
\u2014
\u2014
1,691
6
10
1,707
Ferrochrome
14
22
14
7
0
89
21
11
1
180
Other operations
9
3
\u2014
0
\u2014
0
\u2014
\u2014
\u2014
11
222
1,148
718
243
195
1,244
1,805
307
59
5,942
Accounting principles
\"image.png\"
Outokumpu generates revenue mainly from sales of stainless steel and ferrochrome.
Outokumpu ships these goods to customers under a variety of Incoterms, and considers the
physical possession as well as risks and rewards related to the ownership of the goods
to be transferred accordingly. This also signifies the transfer of control of the goods to the
customer.
Outokumpu\u2019s performance obligations related to sale of stainless steel and ferrochrome are
satisfied and revenue from contracts with customers recognized at a point of time. Only revenue
from the performance obligation related to transportation of the goods is recognized over a
period of time, and the period under which the revenue is recognized is relatively short.
Moreover, the timing of revenue recognition does not have an impact when assessing the
uncertainty associated with future cash flows, as the sales of goods and transportation service
are billed from the customer on the same invoice. Outokumpu acts as a principal with regards
to transportation of goods. The amount of the remaining performance obligations related to the
transportation service was immaterial at the end of 2025.
Outokumpu has bill-and-hold arrangements with selected European customers. Under these
arrangements, based on a customer request, Outokumpu holds the readily available material at
its own stock locations for the customer for up to a period of three months before the actual
delivery of the material. Outokumpu has transferred control of these materials to the customer
as Outokumpu is not able to direct the material to another customer, and consequently
recognizes the revenue for the material sales. The revenue related to Outokumpu\u2019s
transportation service performance obligation to deliver the material is recognized over the time
when the delivery takes place. At the end of 2025, the amount of revenue recognized under the
bill-and-hold arrangements for products not yet delivered was immaterial.
Stainless steel and ferrochrome sales prices are mainly fixed before delivery, and volume
discounts estimated and accrued in the revenue recognition are the only variable component in
pricing. In individual cases, the sales price of ferrochrome is based on the period of time when
the customer uses the purchased ferrochrome. The payment terms vary from advance payment
to 90 days payment term, and do not include any significant financing component.
Liabilities related to customer contracts are presented in note 4.5.
Outokumpu does not have individual significant customers as defined in IFRS 8.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-458": { "value": "
2.2 Revenue
External sales by geographical destination
\u20ac million
Finland
Germany
Italy
The
UK
Poland
Other
Europe
North
America
APAC
region
Other
countries
Group
2025
Operating
segment
Europe
180
898
590
189
163
1,105
101
272
59
3,557
Americas
\u2014
\u2014
\u2014
1
\u2014
\u2014
1,668
3
2
1,675
Ferrochrome
12
17
14
10
\u2014
93
36
34
0
217
Other operations
13
3
\u2014
0
\u2014
2
1
0
0
19
204
918
604
200
163
1,201
1,807
309
62
5,468
2024
Operating
segment
Europe
199
1,124
704
235
195
1,156
92
291
48
4,044
Americas
\u2014
\u2014
\u2014
0
\u2014
\u2014
1,691
6
10
1,707
Ferrochrome
14
22
14
7
0
89
21
11
1
180
Other operations
9
3
\u2014
0
\u2014
0
\u2014
\u2014
\u2014
11
222
1,148
718
243
195
1,244
1,805
307
59
5,942
Accounting principles
\"image.png\"
Outokumpu generates revenue mainly from sales of stainless steel and ferrochrome.
Outokumpu ships these goods to customers under a variety of Incoterms, and considers the
physical possession as well as risks and rewards related to the ownership of the goods
to be transferred accordingly. This also signifies the transfer of control of the goods to the
customer.
Outokumpu\u2019s performance obligations related to sale of stainless steel and ferrochrome are
satisfied and revenue from contracts with customers recognized at a point of time. Only revenue
from the performance obligation related to transportation of the goods is recognized over a
period of time, and the period under which the revenue is recognized is relatively short.
Moreover, the timing of revenue recognition does not have an impact when assessing the
uncertainty associated with future cash flows, as the sales of goods and transportation service
are billed from the customer on the same invoice. Outokumpu acts as a principal with regards
to transportation of goods. The amount of the remaining performance obligations related to the
transportation service was immaterial at the end of 2025.
Outokumpu has bill-and-hold arrangements with selected European customers. Under these
arrangements, based on a customer request, Outokumpu holds the readily available material at
its own stock locations for the customer for up to a period of three months before the actual
delivery of the material. Outokumpu has transferred control of these materials to the customer
as Outokumpu is not able to direct the material to another customer, and consequently
recognizes the revenue for the material sales. The revenue related to Outokumpu\u2019s
transportation service performance obligation to deliver the material is recognized over the time
when the delivery takes place. At the end of 2025, the amount of revenue recognized under the
bill-and-hold arrangements for products not yet delivered was immaterial.
Stainless steel and ferrochrome sales prices are mainly fixed before delivery, and volume
discounts estimated and accrued in the revenue recognition are the only variable component in
pricing. In individual cases, the sales price of ferrochrome is based on the period of time when
the customer uses the purchased ferrochrome. The payment terms vary from advance payment
to 90 days payment term, and do not include any significant financing component.
Liabilities related to customer contracts are presented in note 4.5.
Outokumpu does not have individual significant customers as defined in IFRS 8.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-460": { "value": "
Accounting principles
\"image.png\"
Outokumpu generates revenue mainly from sales of stainless steel and ferrochrome.
Outokumpu ships these goods to customers under a variety of Incoterms, and considers the
physical possession as well as risks and rewards related to the ownership of the goods
to be transferred accordingly. This also signifies the transfer of control of the goods to the
customer.
Outokumpu\u2019s performance obligations related to sale of stainless steel and ferrochrome are
satisfied and revenue from contracts with customers recognized at a point of time. Only revenue
from the performance obligation related to transportation of the goods is recognized over a
period of time, and the period under which the revenue is recognized is relatively short.
Moreover, the timing of revenue recognition does not have an impact when assessing the
uncertainty associated with future cash flows, as the sales of goods and transportation service
are billed from the customer on the same invoice. Outokumpu acts as a principal with regards
to transportation of goods. The amount of the remaining performance obligations related to the
transportation service was immaterial at the end of 2025.
Outokumpu has bill-and-hold arrangements with selected European customers. Under these
arrangements, based on a customer request, Outokumpu holds the readily available material at
its own stock locations for the customer for up to a period of three months before the actual
delivery of the material. Outokumpu has transferred control of these materials to the customer
as Outokumpu is not able to direct the material to another customer, and consequently
recognizes the revenue for the material sales. The revenue related to Outokumpu\u2019s
transportation service performance obligation to deliver the material is recognized over the time
when the delivery takes place. At the end of 2025, the amount of revenue recognized under the
bill-and-hold arrangements for products not yet delivered was immaterial.
Stainless steel and ferrochrome sales prices are mainly fixed before delivery, and volume
discounts estimated and accrued in the revenue recognition are the only variable component in
pricing. In individual cases, the sales price of ferrochrome is based on the period of time when
the customer uses the purchased ferrochrome. The payment terms vary from advance payment
to 90 days payment term, and do not include any significant financing component.
Liabilities related to customer contracts are presented in note 4.5.
Outokumpu does not have individual significant customers as defined in IFRS 8.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-465": { "value": "
2.3 Cost of sales and selling, general and administrative expenses
\u20ac million
2025
2024
Cost of sales
-5,279
-5,710
Selling and marketing expenses
-68
-71
Administrative expenses
-263
-240
Research and development expenses
-11
-15
Total
-5,622
-6,035
Cost of sales and selling, general and administrative expenses by nature
\u20ac million
2025
2024
Materials
-2,871
-3,094
Supplies
-611
-619
Energy
-325
-360
Maintenance
-231
-239
Freight
-242
-250
Employee benefits
-782
-714
Depreciation and amortization
-215
-220
Other
-344
-539
Total
-5,622
-6,035
Depreciation and amortization by function
\u20ac million
2025
2024
Cost of sales
-205
-211
Selling and marketing expenses
0
0
Administrative expenses
-8
-8
Research and development expenses
-1
-1
Total
-215
-220
Auditor fees
\u20ac million
2025
2024
Audit
-2.8
-2.9
Audit-related services
-0.3
\u2014
Tax advisory
0.0
-0.1
Other services
-0.4
-0.2
Total
-3.4
-3.2
PricewaterhouseCoopers has provided non-audit services to Outokumpu in total of EUR 0.6 million during
2025 (2024: EUR 0.3 million). These services comprised of Sustainability Statement audit and other
agreed-upon procedures.
Accounting principles
\"image.png\"
Cost of sales
Cost of sales includes expenses related to materials and supplies, energy, maintenance and
freight. Employee benefit expenses, depreciation and amortization and other expenses are
included to the extent they relate to operational activities.
Research and development costs
As a main rule, research and development costs are expensed as incurred. If development is
expected to generate future economic benefits for the Group, related costs are capitalized as
intangible assets and amortized on a systematic basis over their useful lives.
Repairs and maintenance costs
Ordinary repairs and maintenance is carried out to maintain operating conditions of the mills
and the equipment, and the related costs are expensed as they are incurred.
The costs of major repairs and renovations are included in the asset\u2019s carrying amount as
capital expenditure when these activities are expected to generate future economic benefits for
the Group, for example in form of a longer useful life, a wider product range, a higher output, or
an improved quality, in excess of the originally assessed standard performance level.
Depreciation and amortization methods and useful lives of non-current assets
Depreciation and amortization methods as well as estimates for useful lives of different types of
intangible asset and property, plant and equipment items are described in note 4.1.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-464": { "value": "
2.3 Cost of sales and selling, general and administrative expenses
\u20ac million
2025
2024
Cost of sales
-5,279
-5,710
Selling and marketing expenses
-68
-71
Administrative expenses
-263
-240
Research and development expenses
-11
-15
Total
-5,622
-6,035
Cost of sales and selling, general and administrative expenses by nature
\u20ac million
2025
2024
Materials
-2,871
-3,094
Supplies
-611
-619
Energy
-325
-360
Maintenance
-231
-239
Freight
-242
-250
Employee benefits
-782
-714
Depreciation and amortization
-215
-220
Other
-344
-539
Total
-5,622
-6,035
Depreciation and amortization by function
\u20ac million
2025
2024
Cost of sales
-205
-211
Selling and marketing expenses
0
0
Administrative expenses
-8
-8
Research and development expenses
-1
-1
Total
-215
-220
Auditor fees
\u20ac million
2025
2024
Audit
-2.8
-2.9
Audit-related services
-0.3
\u2014
Tax advisory
0.0
-0.1
Other services
-0.4
-0.2
Total
-3.4
-3.2
PricewaterhouseCoopers has provided non-audit services to Outokumpu in total of EUR 0.6 million during
2025 (2024: EUR 0.3 million). These services comprised of Sustainability Statement audit and other
agreed-upon procedures.
Accounting principles
\"image.png\"
Cost of sales
Cost of sales includes expenses related to materials and supplies, energy, maintenance and
freight. Employee benefit expenses, depreciation and amortization and other expenses are
included to the extent they relate to operational activities.
Research and development costs
As a main rule, research and development costs are expensed as incurred. If development is
expected to generate future economic benefits for the Group, related costs are capitalized as
intangible assets and amortized on a systematic basis over their useful lives.
Repairs and maintenance costs
Ordinary repairs and maintenance is carried out to maintain operating conditions of the mills
and the equipment, and the related costs are expensed as they are incurred.
The costs of major repairs and renovations are included in the asset\u2019s carrying amount as
capital expenditure when these activities are expected to generate future economic benefits for
the Group, for example in form of a longer useful life, a wider product range, a higher output, or
an improved quality, in excess of the originally assessed standard performance level.
Depreciation and amortization methods and useful lives of non-current assets
Depreciation and amortization methods as well as estimates for useful lives of different types of
intangible asset and property, plant and equipment items are described in note 4.1.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-463": { "value": "
2.3 Cost of sales and selling, general and administrative expenses
\u20ac million
2025
2024
Cost of sales
-5,279
-5,710
Selling and marketing expenses
-68
-71
Administrative expenses
-263
-240
Research and development expenses
-11
-15
Total
-5,622
-6,035
Cost of sales and selling, general and administrative expenses by nature
\u20ac million
2025
2024
Materials
-2,871
-3,094
Supplies
-611
-619
Energy
-325
-360
Maintenance
-231
-239
Freight
-242
-250
Employee benefits
-782
-714
Depreciation and amortization
-215
-220
Other
-344
-539
Total
-5,622
-6,035
Depreciation and amortization by function
\u20ac million
2025
2024
Cost of sales
-205
-211
Selling and marketing expenses
0
0
Administrative expenses
-8
-8
Research and development expenses
-1
-1
Total
-215
-220
Auditor fees
\u20ac million
2025
2024
Audit
-2.8
-2.9
Audit-related services
-0.3
\u2014
Tax advisory
0.0
-0.1
Other services
-0.4
-0.2
Total
-3.4
-3.2
PricewaterhouseCoopers has provided non-audit services to Outokumpu in total of EUR 0.6 million during
2025 (2024: EUR 0.3 million). These services comprised of Sustainability Statement audit and other
agreed-upon procedures.
Accounting principles
\"image.png\"
Cost of sales
Cost of sales includes expenses related to materials and supplies, energy, maintenance and
freight. Employee benefit expenses, depreciation and amortization and other expenses are
included to the extent they relate to operational activities.
Research and development costs
As a main rule, research and development costs are expensed as incurred. If development is
expected to generate future economic benefits for the Group, related costs are capitalized as
intangible assets and amortized on a systematic basis over their useful lives.
Repairs and maintenance costs
Ordinary repairs and maintenance is carried out to maintain operating conditions of the mills
and the equipment, and the related costs are expensed as they are incurred.
The costs of major repairs and renovations are included in the asset\u2019s carrying amount as
capital expenditure when these activities are expected to generate future economic benefits for
the Group, for example in form of a longer useful life, a wider product range, a higher output, or
an improved quality, in excess of the originally assessed standard performance level.
Depreciation and amortization methods and useful lives of non-current assets
Depreciation and amortization methods as well as estimates for useful lives of different types of
intangible asset and property, plant and equipment items are described in note 4.1.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-462": { "value": "
2.3 Cost of sales and selling, general and administrative expenses
\u20ac million
2025
2024
Cost of sales
-5,279
-5,710
Selling and marketing expenses
-68
-71
Administrative expenses
-263
-240
Research and development expenses
-11
-15
Total
-5,622
-6,035
Cost of sales and selling, general and administrative expenses by nature
\u20ac million
2025
2024
Materials
-2,871
-3,094
Supplies
-611
-619
Energy
-325
-360
Maintenance
-231
-239
Freight
-242
-250
Employee benefits
-782
-714
Depreciation and amortization
-215
-220
Other
-344
-539
Total
-5,622
-6,035
Depreciation and amortization by function
\u20ac million
2025
2024
Cost of sales
-205
-211
Selling and marketing expenses
0
0
Administrative expenses
-8
-8
Research and development expenses
-1
-1
Total
-215
-220
Auditor fees
\u20ac million
2025
2024
Audit
-2.8
-2.9
Audit-related services
-0.3
\u2014
Tax advisory
0.0
-0.1
Other services
-0.4
-0.2
Total
-3.4
-3.2
PricewaterhouseCoopers has provided non-audit services to Outokumpu in total of EUR 0.6 million during
2025 (2024: EUR 0.3 million). These services comprised of Sustainability Statement audit and other
agreed-upon procedures.
Accounting principles
\"image.png\"
Cost of sales
Cost of sales includes expenses related to materials and supplies, energy, maintenance and
freight. Employee benefit expenses, depreciation and amortization and other expenses are
included to the extent they relate to operational activities.
Research and development costs
As a main rule, research and development costs are expensed as incurred. If development is
expected to generate future economic benefits for the Group, related costs are capitalized as
intangible assets and amortized on a systematic basis over their useful lives.
Repairs and maintenance costs
Ordinary repairs and maintenance is carried out to maintain operating conditions of the mills
and the equipment, and the related costs are expensed as they are incurred.
The costs of major repairs and renovations are included in the asset\u2019s carrying amount as
capital expenditure when these activities are expected to generate future economic benefits for
the Group, for example in form of a longer useful life, a wider product range, a higher output, or
an improved quality, in excess of the originally assessed standard performance level.
Depreciation and amortization methods and useful lives of non-current assets
Depreciation and amortization methods as well as estimates for useful lives of different types of
intangible asset and property, plant and equipment items are described in note 4.1.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-461": { "value": "
2.3 Cost of sales and selling, general and administrative expenses
\u20ac million
2025
2024
Cost of sales
-5,279
-5,710
Selling and marketing expenses
-68
-71
Administrative expenses
-263
-240
Research and development expenses
-11
-15
Total
-5,622
-6,035
Cost of sales and selling, general and administrative expenses by nature
\u20ac million
2025
2024
Materials
-2,871
-3,094
Supplies
-611
-619
Energy
-325
-360
Maintenance
-231
-239
Freight
-242
-250
Employee benefits
-782
-714
Depreciation and amortization
-215
-220
Other
-344
-539
Total
-5,622
-6,035
Depreciation and amortization by function
\u20ac million
2025
2024
Cost of sales
-205
-211
Selling and marketing expenses
0
0
Administrative expenses
-8
-8
Research and development expenses
-1
-1
Total
-215
-220
Auditor fees
\u20ac million
2025
2024
Audit
-2.8
-2.9
Audit-related services
-0.3
\u2014
Tax advisory
0.0
-0.1
Other services
-0.4
-0.2
Total
-3.4
-3.2
PricewaterhouseCoopers has provided non-audit services to Outokumpu in total of EUR 0.6 million during
2025 (2024: EUR 0.3 million). These services comprised of Sustainability Statement audit and other
agreed-upon procedures.
Accounting principles
\"image.png\"
Cost of sales
Cost of sales includes expenses related to materials and supplies, energy, maintenance and
freight. Employee benefit expenses, depreciation and amortization and other expenses are
included to the extent they relate to operational activities.
Research and development costs
As a main rule, research and development costs are expensed as incurred. If development is
expected to generate future economic benefits for the Group, related costs are capitalized as
intangible assets and amortized on a systematic basis over their useful lives.
Repairs and maintenance costs
Ordinary repairs and maintenance is carried out to maintain operating conditions of the mills
and the equipment, and the related costs are expensed as they are incurred.
The costs of major repairs and renovations are included in the asset\u2019s carrying amount as
capital expenditure when these activities are expected to generate future economic benefits for
the Group, for example in form of a longer useful life, a wider product range, a higher output, or
an improved quality, in excess of the originally assessed standard performance level.
Depreciation and amortization methods and useful lives of non-current assets
Depreciation and amortization methods as well as estimates for useful lives of different types of
intangible asset and property, plant and equipment items are described in note 4.1.
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-466": { "value": "
Depreciation and amortization by function
\u20ac million
2025
2024
Cost of sales
-205
-211
Selling and marketing expenses
0
0
Administrative expenses
-8
-8
Research and development expenses
-1
-1
Total
-215
-220
4.1 Intangible assets and property, plant and equipment
Intangible assets
2025
\u20ac million
Goodwill
Other
intangible
assets
Total
Historical cost on Jan 1, 2025
473
370
843
Translation differences
-1
-1
-1
Additions
\u2014
17
17
Disposals
\u2014
-79
-79
Reclassifications
\u2014
-11
-11
Historical cost on Dec 31, 2025
473
296
769
Accumulated amortization and impairment on Jan 1, 2025
-16
-247
-263
Translation differences
1
0
1
Amortization
\u2014
-14
-14
Disposals
\u2014
69
69
Reclassifications
\u2014
11
11
Accumulated amortization and impairment on Dec, 31, 2025
-16
-180
-196
Carrying value on Dec 31, 2025
457
116
573
Carrying value on Jan 1, 2025
457
123
580
2024
\u20ac million
Goodwill
Other
intangible
assets
Total
Historical cost on Jan 1, 2024
472
332
804
Translation differences
1
0
1
Additions
\u2014
39
39
Disposals
\u2014
-3
-3
Reclassifications
\u2014
2
2
Historical cost on Dec 31, 2024
473
370
843
Accumulated amortization and impairment on Jan 1, 2024
-15
-234
-249
Translation differences
-1
0
-1
Amortization
\u2014
-14
-14
Disposals
\u2014
1
1
Reclassifications
\u2014
-1
-1
Accumulated amortization and impairment on Dec, 31, 2024
-16
-247
-263
Carrying value on Dec 31, 2024
457
123
580
Carrying value on Jan 1, 2024
457
98
556
In 2024, additions to other intangible assets are mainly related to ERP implementation project
and purchases of emission allowances.
Property, plant and equipment
2025
\u20ac million
Land
Mine properties
Buildings
Machinery and
equipment
Other tangible assets
Advances paid and
construction work in
progress
Group
Historical cost on Jan 1, 2025
70
326
1,261
4,296
137
256
6,345
Translation differences
-2
\u2014
-20
-76
1
-4
-101
Additions
\u2014
1
0
9
4
120
134
Disposals
0
\u2014
-1
-62
-4
0
-68
Reclassifications
0
36
-11
71
28
-115
9
Other
0
\u2014
0
0
\u2014
0
0
Historical cost on Dec 31, 2025
67
363
1,230
4,237
165
257
6,320
Accumulated depreciation and impairment on Jan 1, 2025
-6
-73
-908
-3,325
-98
\u2014
-4,410
Translation differences
0
\u2014
12
51
-1
\u2014
62
Disposals
\u2014
\u2014
1
59
4
\u2014
63
Depreciation
\u2014
-11
-35
-110
-5
\u2014
-161
Impairments
\u2014
\u2014
\u2014
-7
\u2014
\u2014
-7
Reclassifications
0
\u2014
-4
21
-25
\u2014
-8
Other
\u2014
\u2014
0
0
0
\u2014
0
Accumulated depreciation and impairment on Dec 31, 2025
-6
-84
-934
-3,312
-124
\u2014
-4,461
Carrying value on Dec 31, 2025
61
279
296
925
41
257
1,859
Carrying value on Jan 1, 2025
63
253
353
971
39
256
1,935
Reclassifications include transfers from advances paid and construction work in progress to other asset classes as well as transfers between other assets classes.
Cash flow item Purchases of property, plant and equipment includes grants received amounting to EUR 9 million.
2024
\u20ac million
Land
Mine properties
Buildings
Machinery and
equipment
Other tangible assets
Advances paid and
construction work in
progress
Group
Historical cost on Jan 1, 2024
70
307
1,228
4,240
131
174
6,150
Translation differences
1
\u2014
10
37
0
3
51
Additions
\u2014
0
1
9
1
172
184
Disposals
-1
\u2014
-2
-39
-1
0
-43
Reclassifications
-1
19
23
48
7
-93
3
Other
\u2014
\u2014
0
0
0
0
0
Historical cost on Dec 31, 2024
70
326
1,261
4,296
137
256
6,345
Accumulated depreciation and impairment on Jan 1, 2024
-7
-56
-847
-3,246
-88
\u2014
-4,244
Translation differences
0
\u2014
-6
-25
0
\u2014
-30
Disposals
\u2014
\u2014
1
35
1
\u2014
37
Depreciation
\u2014
-17
-40
-105
-6
\u2014
-168
Impairments
\u2014
\u2014
0
0
\u2014
\u2014
0
Reclassifications
1
\u2014
-16
17
-6
\u2014
-4
Other
\u2014
\u2014
0
0
0
\u2014
0
Accumulated depreciation and impairment on Dec 31, 2024
-6
-73
-908
-3,325
-98
\u2014
-4,410
Carrying value on Dec 31, 2024
63
253
353
971
39
256
1,935
Carrying value on Jan 1, 2024
63
251
381
994
43
174
1,905
Reclassifications include transfers from advances paid and construction work in progress to other asset classes as well as transfers between historical cost and accumulated depreciation and impairment.
Intangible assets and property, plant and equipment are recognized initially at cost. Cost
comprises of the asset\u2019s purchase price and all costs directly attributable to bringing the asset
ready for its intended use.
After initial recognition, intangible assets and property, plant and equipment are measured
at cost less accumulated amortization, depreciation and impairment losses. Intangible assets
and property, plant and equipment, other than land and mine properties, are amortized or
depreciated on a straight-line basis over their expected useful lives. Assets tied to a certain
fixed period are amortized over the contract term.
Amortization of intangible assets is based on the following estimated useful lives:
Softwareup to 10 years
Capitalized development costs up to 10 years
Intangible rightsup to 20 years
Depreciation of property, plant and equipment items is based on the following estimated useful
lives:
Buildings25\u201340 years
Heavy machinery15\u201330 years
Light machinery and equipment\u00a0 3\u201315 years
Self-owned land is not depreciated, as the useful life of land is assumed to be indefinite.
Mine properties include preparatory work to utilize an ore body or a portion thereof, such as
shafts, ramps, ventilation and other infrastructure necessary for mining operations. Mine
properties are depreciated using the units-of-production method, which allocates the
depreciable amount based on the extraction of proven and probable ore reserves over their
estimated useful lives. Reserve estimates are reviewed annually, and depreciation rates are
adjusted prospectively to reflect changes in expected production or reserve quantities.
Recognition of amortization or depreciation on an asset is ceased when the item is classified
as held for sale.
Right-of-use assets
2025
\u20ac million
Land
Buildings
Machinery and
equipment
Advances paid and
other tangible assets
Total
Historical cost on Jan 1, 2025
36
39
223
1
299
Additions
\u2014
9
17
0
26
Reclassifications
\u2014
0
0
\u2014
1
Other changes
0
0
3
0
3
Historical cost on Dec 31, 2025
36
49
243
1
329
Accumulated depreciation and impairment on Jan 1,2025
-6
-24
-89
0
-119
Depreciation and impairments
-1
-4
-36
0
-41
Reclassifications
\u2014
0
0
\u2014
-1
Other changes
0
0
5
0
5
Accumulated depreciation and impairment on Dec 31, 2025
-7
-28
-120
-1
-156
Carrying value on Dec 31, 2025
29
20
123
1
173
Carrying value on Jan 1, 2025
30
15
134
1
179
2024
\u20ac million
Land
Buildings
Machinery and
equipment
Advances paid and
other tangible assets
Total
Historical cost on Jan 1, 2024
36
41
179
1
257
Additions
\u2014
5
51
0
56
Reclassifications
1
1
0
0
1
Other changes
0
-9
-7
-1
-16
Historical cost on Dec 31, 2024
36
39
223
1
299
Accumulated depreciation and impairment on Jan 1, 2024
-5
-30
-75
-1
-110
Depreciation and impairments
-1
3
-33
0
-31
Reclassifications
-1
-1
0
0
-1
Other changes
\u2014
4
19
1
23
Accumulated depreciation and impairment on Dec 31, 2024
-6
-24
-89
0
-119
Carrying value on Dec 31, 2024
30
15
134
1
179
Carrying value on Jan 1, 2024
30
11
104
1
147
In 2024, Outokumpu took into use three cargo vessels leased from Langh Ship. Additions include EUR 39 million related to these contracts.
Lease expenses
\u20ac million
2025
2024
Depreciation
-41
-38
Impairments and impairment reversals
0
7
Interest expenses
-12
-13
Expenses on short-term and low-value leases
-23
-25
Total
-76
-68
In 2024, the impairment reversal of EUR 7 million is related to a lease contract in Germany.
Leased assets are presented in the balance sheet as a separate line item. Right-of-use
assets recognized to the statement of financial position are measured at the amount of lease
liability and lease payments made in advance, less accumulated depreciation and impairments.
Right-of-use assets are depreciated on a straight-line basis over the lease term, or over the
expected useful life of the asset in case the asset will transfer to Outokumpu at the end of the
lease term or it is highly probable that a purchase option will be used.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-467": { "value": "
Auditor fees
\u20ac million
2025
2024
Audit
-2.8
-2.9
Audit-related services
-0.3
\u2014
Tax advisory
0.0
-0.1
Other services
-0.4
-0.2
Total
-3.4
-3.2
PricewaterhouseCoopers has provided non-audit services to Outokumpu in total of EUR 0.6 million during
2025 (2024: EUR 0.3 million). These services comprised of Sustainability Statement audit and other
agreed-upon procedures.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-468": { "value": "
Accounting principles
\"image.png\"
Cost of sales
Cost of sales includes expenses related to materials and supplies, energy, maintenance and
freight. Employee benefit expenses, depreciation and amortization and other expenses are
included to the extent they relate to operational activities.
Research and development costs
As a main rule, research and development costs are expensed as incurred. If development is
expected to generate future economic benefits for the Group, related costs are capitalized as
intangible assets and amortized on a systematic basis over their useful lives.
Repairs and maintenance costs
Ordinary repairs and maintenance is carried out to maintain operating conditions of the mills
and the equipment, and the related costs are expensed as they are incurred.
The costs of major repairs and renovations are included in the asset\u2019s carrying amount as
capital expenditure when these activities are expected to generate future economic benefits for
the Group, for example in form of a longer useful life, a wider product range, a higher output, or
an improved quality, in excess of the originally assessed standard performance level.
Depreciation and amortization methods and useful lives of non-current assets
Depreciation and amortization methods as well as estimates for useful lives of different types of
intangible asset and property, plant and equipment items are described in note 4.1.
Accounting principles
\"image.png\"
Other operating income and expenses include items such as gains or losses from disposals of
non-current assets or businesses, foreign exchange differences arising in respect of other
financial instruments than interest-bearing assets and liabilities and gains or losses from
derivative financial instruments that are not hedge accounted or do not relate to the Group\u2019s
financing activities. Other operating income also includes rental and lease income, insurance
compensations and government and other grants and support. Other operating expenses
include also costs related to emission allowances and impairment losses related to non-current
assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-469": { "value": "
Research and development costs
As a main rule, research and development costs are expensed as incurred. If development is
expected to generate future economic benefits for the Group, related costs are capitalized as
intangible assets and amortized on a systematic basis over their useful lives.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-470": { "value": "
Repairs and maintenance costs
Ordinary repairs and maintenance is carried out to maintain operating conditions of the mills
and the equipment, and the related costs are expensed as they are incurred.
The costs of major repairs and renovations are included in the asset\u2019s carrying amount as
capital expenditure when these activities are expected to generate future economic benefits for
the Group, for example in form of a longer useful life, a wider product range, a higher output, or
an improved quality, in excess of the originally assessed standard performance level.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-471": { "value": "
Depreciation and amortization methods and useful lives of non-current assets
Depreciation and amortization methods as well as estimates for useful lives of different types of
intangible asset and property, plant and equipment items are described in note 4.1.
Intangible assets and property, plant and equipment are recognized initially at cost. Cost
comprises of the asset\u2019s purchase price and all costs directly attributable to bringing the asset
ready for its intended use.
After initial recognition, intangible assets and property, plant and equipment are measured
at cost less accumulated amortization, depreciation and impairment losses. Intangible assets
and property, plant and equipment, other than land and mine properties, are amortized or
depreciated on a straight-line basis over their expected useful lives. Assets tied to a certain
fixed period are amortized over the contract term.
Depreciation of property, plant and equipment items is based on the following estimated useful
lives:
Buildings25\u201340 years
Heavy machinery15\u201330 years
Light machinery and equipment\u00a0 3\u201315 years
Self-owned land is not depreciated, as the useful life of land is assumed to be indefinite.
Mine properties include preparatory work to utilize an ore body or a portion thereof, such as
shafts, ramps, ventilation and other infrastructure necessary for mining operations. Mine
properties are depreciated using the units-of-production method, which allocates the
depreciable amount based on the extraction of proven and probable ore reserves over their
estimated useful lives. Reserve estimates are reviewed annually, and depreciation rates are
adjusted prospectively to reflect changes in expected production or reserve quantities.
Recognition of amortization or depreciation on an asset is ceased when the item is classified
as held for sale.
Leased assets are presented in the balance sheet as a separate line item. Right-of-use
assets recognized to the statement of financial position are measured at the amount of lease
liability and lease payments made in advance, less accumulated depreciation and impairments.
Right-of-use assets are depreciated on a straight-line basis over the lease term, or over the
expected useful life of the asset in case the asset will transfer to Outokumpu at the end of the
lease term or it is highly probable that a purchase option will be used.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-473": { "value": "
2.4 Other operating income and expenses
Other operating income
\u20ac million
2025
2024
Exchange gains and losses from foreign exchange derivatives
\u2014
12
Market price gains and losses from commodity derivatives
3
11
Market price gains and losses from derivative financial
instruments
3
23
Sale of services and rental income
8
9
Gains on sale of non-current assets
11
5
Gains from disposal of subsidiaries and businesses
\u2014
3
Insurance compensation
1
1
Other income items
5
16
Total
28
57
Other operating expenses
\u20ac million
2025
2024
Exchange gains and losses from foreign exchange derivatives
-3
-6
Market price gains and losses from commodity derivatives
0
-1
Market price gains and losses from derivative financial
instruments
-3
-7
Impairments and impairment reversals in non-current assets
-7
7
Loss on disposal of shares in Group companies and
businesses
\u2014
-3
Loss on sale of non-current assets
-3
-4
Other expense items
5
-9
Total
-9
-15
In year 2025, gains on sale of non-current assets include the sale of a land area in Pori, Finland
and the sale of emission allowances.
In year 2025, the line Other expense items under Other operating expenses includes exchange
gains and losses on trade receivables and trade payables.
In 2024, other operating income includes EUR 3 million of gains from disposal of subsidiaries
and businesses, which is related to the sale of Mexico branch distribution business in Mexico
City, Guadalajara and Monterrey. More information on the disposal in note 6.2.
In 2024, other operating expenses include EUR 7 million of impairments and impairment
reversals in non-current assets, which is related to impairment reversals of right-of-use assets in
Germany.
Accounting principles
\"image.png\"
Other operating income and expenses include items such as gains or losses from disposals of
non-current assets or businesses, foreign exchange differences arising in respect of other
financial instruments than interest-bearing assets and liabilities and gains or losses from
derivative financial instruments that are not hedge accounted or do not relate to the Group\u2019s
financing activities. Other operating income also includes rental and lease income, insurance
compensations and government and other grants and support. Other operating expenses
include also costs related to emission allowances and impairment losses related to non-current
assets.
Grants and other support are recognized as income over the same periods as the costs they
are intended to compensate. Investment grants related to purchases of non-current assets are
deducted from the cost of the asset and recognized as income on a systematic basis as a
reduction in depreciation or amortization over the useful life of the asset.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-472": { "value": "
2.4 Other operating income and expenses
Other operating income
\u20ac million
2025
2024
Exchange gains and losses from foreign exchange derivatives
\u2014
12
Market price gains and losses from commodity derivatives
3
11
Market price gains and losses from derivative financial
instruments
3
23
Sale of services and rental income
8
9
Gains on sale of non-current assets
11
5
Gains from disposal of subsidiaries and businesses
\u2014
3
Insurance compensation
1
1
Other income items
5
16
Total
28
57
Other operating expenses
\u20ac million
2025
2024
Exchange gains and losses from foreign exchange derivatives
-3
-6
Market price gains and losses from commodity derivatives
0
-1
Market price gains and losses from derivative financial
instruments
-3
-7
Impairments and impairment reversals in non-current assets
-7
7
Loss on disposal of shares in Group companies and
businesses
\u2014
-3
Loss on sale of non-current assets
-3
-4
Other expense items
5
-9
Total
-9
-15
In year 2025, gains on sale of non-current assets include the sale of a land area in Pori, Finland
and the sale of emission allowances.
In year 2025, the line Other expense items under Other operating expenses includes exchange
gains and losses on trade receivables and trade payables.
In 2024, other operating income includes EUR 3 million of gains from disposal of subsidiaries
and businesses, which is related to the sale of Mexico branch distribution business in Mexico
City, Guadalajara and Monterrey. More information on the disposal in note 6.2.
In 2024, other operating expenses include EUR 7 million of impairments and impairment
reversals in non-current assets, which is related to impairment reversals of right-of-use assets in
Germany.
Accounting principles
\"image.png\"
Other operating income and expenses include items such as gains or losses from disposals of
non-current assets or businesses, foreign exchange differences arising in respect of other
financial instruments than interest-bearing assets and liabilities and gains or losses from
derivative financial instruments that are not hedge accounted or do not relate to the Group\u2019s
financing activities. Other operating income also includes rental and lease income, insurance
compensations and government and other grants and support. Other operating expenses
include also costs related to emission allowances and impairment losses related to non-current
assets.
Grants and other support are recognized as income over the same periods as the costs they
are intended to compensate. Investment grants related to purchases of non-current assets are
deducted from the cost of the asset and recognized as income on a systematic basis as a
reduction in depreciation or amortization over the useful life of the asset.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-474": { "value": "
Other operating income
\u20ac million
2025
2024
Exchange gains and losses from foreign exchange derivatives
\u2014
12
Market price gains and losses from commodity derivatives
3
11
Market price gains and losses from derivative financial
instruments
3
23
Sale of services and rental income
8
9
Gains on sale of non-current assets
11
5
Gains from disposal of subsidiaries and businesses
\u2014
3
Insurance compensation
1
1
Other income items
5
16
Total
28
57
In year 2025, gains on sale of non-current assets include the sale of a land area in Pori, Finland
and the sale of emission allowances.
In year 2025, the line Other expense items under Other operating expenses includes exchange
gains and losses on trade receivables and trade payables.
In 2024, other operating income includes EUR 3 million of gains from disposal of subsidiaries
and businesses, which is related to the sale of Mexico branch distribution business in Mexico
City, Guadalajara and Monterrey. More information on the disposal in note 6.2.
In 2024, other operating expenses include EUR 7 million of impairments and impairment
reversals in non-current assets, which is related to impairment reversals of right-of-use assets in
Germany.
Accounting principles
\"image.png\"
Other operating income and expenses include items such as gains or losses from disposals of
non-current assets or businesses, foreign exchange differences arising in respect of other
financial instruments than interest-bearing assets and liabilities and gains or losses from
derivative financial instruments that are not hedge accounted or do not relate to the Group\u2019s
financing activities. Other operating income also includes rental and lease income, insurance
compensations and government and other grants and support. Other operating expenses
include also costs related to emission allowances and impairment losses related to non-current
assets.
Grants and other support are recognized as income over the same periods as the costs they
are intended to compensate. Investment grants related to purchases of non-current assets are
deducted from the cost of the asset and recognized as income on a systematic basis as a
reduction in depreciation or amortization over the useful life of the asset.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-475": { "value": "
Other operating expenses
\u20ac million
2025
2024
Exchange gains and losses from foreign exchange derivatives
-3
-6
Market price gains and losses from commodity derivatives
0
-1
Market price gains and losses from derivative financial
instruments
-3
-7
Impairments and impairment reversals in non-current assets
-7
7
Loss on disposal of shares in Group companies and
businesses
\u2014
-3
Loss on sale of non-current assets
-3
-4
Other expense items
5
-9
Total
-9
-15
In year 2025, gains on sale of non-current assets include the sale of a land area in Pori, Finland
and the sale of emission allowances.
In year 2025, the line Other expense items under Other operating expenses includes exchange
gains and losses on trade receivables and trade payables.
In 2024, other operating income includes EUR 3 million of gains from disposal of subsidiaries
and businesses, which is related to the sale of Mexico branch distribution business in Mexico
City, Guadalajara and Monterrey. More information on the disposal in note 6.2.
In 2024, other operating expenses include EUR 7 million of impairments and impairment
reversals in non-current assets, which is related to impairment reversals of right-of-use assets in
Germany.
Accounting principles
\"image.png\"
Other operating income and expenses include items such as gains or losses from disposals of
non-current assets or businesses, foreign exchange differences arising in respect of other
financial instruments than interest-bearing assets and liabilities and gains or losses from
derivative financial instruments that are not hedge accounted or do not relate to the Group\u2019s
financing activities. Other operating income also includes rental and lease income, insurance
compensations and government and other grants and support. Other operating expenses
include also costs related to emission allowances and impairment losses related to non-current
assets.
Grants and other support are recognized as income over the same periods as the costs they
are intended to compensate. Investment grants related to purchases of non-current assets are
deducted from the cost of the asset and recognized as income on a systematic basis as a
reduction in depreciation or amortization over the useful life of the asset.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-477": { "value": "
Accounting principles
\"image.png\"
Other operating income and expenses include items such as gains or losses from disposals of
non-current assets or businesses, foreign exchange differences arising in respect of other
financial instruments than interest-bearing assets and liabilities and gains or losses from
derivative financial instruments that are not hedge accounted or do not relate to the Group\u2019s
financing activities. Other operating income also includes rental and lease income, insurance
compensations and government and other grants and support. Other operating expenses
include also costs related to emission allowances and impairment losses related to non-current
assets.
Grants and other support are recognized as income over the same periods as the costs they
are intended to compensate. Investment grants related to purchases of non-current assets are
deducted from the cost of the asset and recognized as income on a systematic basis as a
reduction in depreciation or amortization over the useful life of the asset.
Intangible assets and property, plant and equipment are recognized initially at cost. Cost
comprises of the asset\u2019s purchase price and all costs directly attributable to bringing the asset
ready for its intended use. Government grants received for investment purposes are deducted
from the asset\u2019s cost. Intangible assets and property, plant and equipment acquired in a
business combination are measured at fair value at the acquisition date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-476": { "value": "
Accounting principles
\"image.png\"
Other operating income and expenses include items such as gains or losses from disposals of
non-current assets or businesses, foreign exchange differences arising in respect of other
financial instruments than interest-bearing assets and liabilities and gains or losses from
derivative financial instruments that are not hedge accounted or do not relate to the Group\u2019s
financing activities. Other operating income also includes rental and lease income, insurance
compensations and government and other grants and support. Other operating expenses
include also costs related to emission allowances and impairment losses related to non-current
assets.
Grants and other support are recognized as income over the same periods as the costs they
are intended to compensate. Investment grants related to purchases of non-current assets are
deducted from the cost of the asset and recognized as income on a systematic basis as a
reduction in depreciation or amortization over the useful life of the asset.
", "dimensions": { "concept": "outokumpu:DescriptionOfAccountingPolicyOfOtherOperatingIncomeAndExpenses", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-484": { "value": "
2.5 Financial income and expenses
\u20ac million
2025
2024
Interest income
7
11
Other financial income
3
2
Interest income and other financial income
9
13
Interest expenses
Debt at amortized cost
-15
-17
Factoring
-17
-22
Lease liabilities
-12
-13
Employee benefit obligations
-7
-7
Other interest expenses
-2
-6
Interest expenses
-54
-64
Fees related to committed credit facilities
-8
-7
Other fees
-3
-3
Other financial expenses
-11
-10
Exchange gains and losses
Derivatives
-93
64
Cash, loans and receivables
106
-50
Other market price gains and losses
Derivatives
2
5
Other
-3
1
Market price gains and losses
12
20
Total
-43
-41
Exchange gains and losses in the consolidated statement of income
\u20ac million
2025
2024
In sales
\u2014
-5
In purchases
\u2014
-17
In other operating income and expenses1)
-3
6
In financial income and expenses
13
14
Total
10
-2
1)\u00a0 Year 2025 include exchange gains and losses on trade receivables and trade payables.\u00a0
Exchange gains and losses
Outokumpu\u2019s most significant foreign exchange transaction risk exposures are in US dollars and
Swedish krona.
Exchange gains and losses include EUR 96 million of net exchange loss on derivative financial
instruments (2024: EUR 71 million net exchange gain) of which a loss of EUR 3 million (2024:
EUR 6 million gain) has been recognized in other operating income and expenses and a loss of
EUR 93 million (2024: EUR 64 million gain) in financial income and expenses.
More information on foreign exchange positions in note 5.3.
Accounting principles
\"image.png\"
Financial income includes mainly interest income on cash and cash equivalents and defined
benefit plans.
Financial expenses include mainly interest expenses of borrowings, lease liabilities, factoring
and defined benefit plans.
Other income and expenses include fees related to commitment credit facilities and other
financial fees.
Exchange gains and losses include exchange and other market price gains and losses on
cash, debt and receivables and derivatives related to Group\u2019s financing activities.
Exchange and other market price gains and losses on operative items and related derivative
instruments are recognized in EBIT. Exchange and other market price gains and losses on
financing items and related derivative instruments are recognized in financial income and
expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-483": { "value": "
2.5 Financial income and expenses
\u20ac million
2025
2024
Interest income
7
11
Other financial income
3
2
Interest income and other financial income
9
13
Interest expenses
Debt at amortized cost
-15
-17
Factoring
-17
-22
Lease liabilities
-12
-13
Employee benefit obligations
-7
-7
Other interest expenses
-2
-6
Interest expenses
-54
-64
Fees related to committed credit facilities
-8
-7
Other fees
-3
-3
Other financial expenses
-11
-10
Exchange gains and losses
Derivatives
-93
64
Cash, loans and receivables
106
-50
Other market price gains and losses
Derivatives
2
5
Other
-3
1
Market price gains and losses
12
20
Total
-43
-41
Exchange gains and losses in the consolidated statement of income
\u20ac million
2025
2024
In sales
\u2014
-5
In purchases
\u2014
-17
In other operating income and expenses1)
-3
6
In financial income and expenses
13
14
Total
10
-2
1)\u00a0 Year 2025 include exchange gains and losses on trade receivables and trade payables.\u00a0
Exchange gains and losses
Outokumpu\u2019s most significant foreign exchange transaction risk exposures are in US dollars and
Swedish krona.
Exchange gains and losses include EUR 96 million of net exchange loss on derivative financial
instruments (2024: EUR 71 million net exchange gain) of which a loss of EUR 3 million (2024:
EUR 6 million gain) has been recognized in other operating income and expenses and a loss of
EUR 93 million (2024: EUR 64 million gain) in financial income and expenses.
More information on foreign exchange positions in note 5.3.
Accounting principles
\"image.png\"
Financial income includes mainly interest income on cash and cash equivalents and defined
benefit plans.
Financial expenses include mainly interest expenses of borrowings, lease liabilities, factoring
and defined benefit plans.
Other income and expenses include fees related to commitment credit facilities and other
financial fees.
Exchange gains and losses include exchange and other market price gains and losses on
cash, debt and receivables and derivatives related to Group\u2019s financing activities.
Exchange and other market price gains and losses on operative items and related derivative
instruments are recognized in EBIT. Exchange and other market price gains and losses on
financing items and related derivative instruments are recognized in financial income and
expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-482": { "value": "
2.5 Financial income and expenses
\u20ac million
2025
2024
Interest income
7
11
Other financial income
3
2
Interest income and other financial income
9
13
Interest expenses
Debt at amortized cost
-15
-17
Factoring
-17
-22
Lease liabilities
-12
-13
Employee benefit obligations
-7
-7
Other interest expenses
-2
-6
Interest expenses
-54
-64
Fees related to committed credit facilities
-8
-7
Other fees
-3
-3
Other financial expenses
-11
-10
Exchange gains and losses
Derivatives
-93
64
Cash, loans and receivables
106
-50
Other market price gains and losses
Derivatives
2
5
Other
-3
1
Market price gains and losses
12
20
Total
-43
-41
Exchange gains and losses in the consolidated statement of income
\u20ac million
2025
2024
In sales
\u2014
-5
In purchases
\u2014
-17
In other operating income and expenses1)
-3
6
In financial income and expenses
13
14
Total
10
-2
1)\u00a0 Year 2025 include exchange gains and losses on trade receivables and trade payables.\u00a0
Exchange gains and losses
Outokumpu\u2019s most significant foreign exchange transaction risk exposures are in US dollars and
Swedish krona.
Exchange gains and losses include EUR 96 million of net exchange loss on derivative financial
instruments (2024: EUR 71 million net exchange gain) of which a loss of EUR 3 million (2024:
EUR 6 million gain) has been recognized in other operating income and expenses and a loss of
EUR 93 million (2024: EUR 64 million gain) in financial income and expenses.
More information on foreign exchange positions in note 5.3.
Accounting principles
\"image.png\"
Financial income includes mainly interest income on cash and cash equivalents and defined
benefit plans.
Financial expenses include mainly interest expenses of borrowings, lease liabilities, factoring
and defined benefit plans.
Other income and expenses include fees related to commitment credit facilities and other
financial fees.
Exchange gains and losses include exchange and other market price gains and losses on
cash, debt and receivables and derivatives related to Group\u2019s financing activities.
Exchange and other market price gains and losses on operative items and related derivative
instruments are recognized in EBIT. Exchange and other market price gains and losses on
financing items and related derivative instruments are recognized in financial income and
expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-481": { "value": "
2.5 Financial income and expenses
\u20ac million
2025
2024
Interest income
7
11
Other financial income
3
2
Interest income and other financial income
9
13
Interest expenses
Debt at amortized cost
-15
-17
Factoring
-17
-22
Lease liabilities
-12
-13
Employee benefit obligations
-7
-7
Other interest expenses
-2
-6
Interest expenses
-54
-64
Fees related to committed credit facilities
-8
-7
Other fees
-3
-3
Other financial expenses
-11
-10
Exchange gains and losses
Derivatives
-93
64
Cash, loans and receivables
106
-50
Other market price gains and losses
Derivatives
2
5
Other
-3
1
Market price gains and losses
12
20
Total
-43
-41
Exchange gains and losses in the consolidated statement of income
\u20ac million
2025
2024
In sales
\u2014
-5
In purchases
\u2014
-17
In other operating income and expenses1)
-3
6
In financial income and expenses
13
14
Total
10
-2
1)\u00a0 Year 2025 include exchange gains and losses on trade receivables and trade payables.\u00a0
Exchange gains and losses
Outokumpu\u2019s most significant foreign exchange transaction risk exposures are in US dollars and
Swedish krona.
Exchange gains and losses include EUR 96 million of net exchange loss on derivative financial
instruments (2024: EUR 71 million net exchange gain) of which a loss of EUR 3 million (2024:
EUR 6 million gain) has been recognized in other operating income and expenses and a loss of
EUR 93 million (2024: EUR 64 million gain) in financial income and expenses.
More information on foreign exchange positions in note 5.3.
Accounting principles
\"image.png\"
Financial income includes mainly interest income on cash and cash equivalents and defined
benefit plans.
Financial expenses include mainly interest expenses of borrowings, lease liabilities, factoring
and defined benefit plans.
Other income and expenses include fees related to commitment credit facilities and other
financial fees.
Exchange gains and losses include exchange and other market price gains and losses on
cash, debt and receivables and derivatives related to Group\u2019s financing activities.
Exchange and other market price gains and losses on operative items and related derivative
instruments are recognized in EBIT. Exchange and other market price gains and losses on
financing items and related derivative instruments are recognized in financial income and
expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-480": { "value": "
2.5 Financial income and expenses
\u20ac million
2025
2024
Interest income
7
11
Other financial income
3
2
Interest income and other financial income
9
13
Interest expenses
Debt at amortized cost
-15
-17
Factoring
-17
-22
Lease liabilities
-12
-13
Employee benefit obligations
-7
-7
Other interest expenses
-2
-6
Interest expenses
-54
-64
Fees related to committed credit facilities
-8
-7
Other fees
-3
-3
Other financial expenses
-11
-10
Exchange gains and losses
Derivatives
-93
64
Cash, loans and receivables
106
-50
Other market price gains and losses
Derivatives
2
5
Other
-3
1
Market price gains and losses
12
20
Total
-43
-41
Exchange gains and losses in the consolidated statement of income
\u20ac million
2025
2024
In sales
\u2014
-5
In purchases
\u2014
-17
In other operating income and expenses1)
-3
6
In financial income and expenses
13
14
Total
10
-2
1)\u00a0 Year 2025 include exchange gains and losses on trade receivables and trade payables.\u00a0
Exchange gains and losses
Outokumpu\u2019s most significant foreign exchange transaction risk exposures are in US dollars and
Swedish krona.
Exchange gains and losses include EUR 96 million of net exchange loss on derivative financial
instruments (2024: EUR 71 million net exchange gain) of which a loss of EUR 3 million (2024:
EUR 6 million gain) has been recognized in other operating income and expenses and a loss of
EUR 93 million (2024: EUR 64 million gain) in financial income and expenses.
More information on foreign exchange positions in note 5.3.
Accounting principles
\"image.png\"
Financial income includes mainly interest income on cash and cash equivalents and defined
benefit plans.
Financial expenses include mainly interest expenses of borrowings, lease liabilities, factoring
and defined benefit plans.
Other income and expenses include fees related to commitment credit facilities and other
financial fees.
Exchange gains and losses include exchange and other market price gains and losses on
cash, debt and receivables and derivatives related to Group\u2019s financing activities.
Exchange and other market price gains and losses on operative items and related derivative
instruments are recognized in EBIT. Exchange and other market price gains and losses on
financing items and related derivative instruments are recognized in financial income and
expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-479": { "value": "
2.5 Financial income and expenses
\u20ac million
2025
2024
Interest income
7
11
Other financial income
3
2
Interest income and other financial income
9
13
Interest expenses
Debt at amortized cost
-15
-17
Factoring
-17
-22
Lease liabilities
-12
-13
Employee benefit obligations
-7
-7
Other interest expenses
-2
-6
Interest expenses
-54
-64
Fees related to committed credit facilities
-8
-7
Other fees
-3
-3
Other financial expenses
-11
-10
Exchange gains and losses
Derivatives
-93
64
Cash, loans and receivables
106
-50
Other market price gains and losses
Derivatives
2
5
Other
-3
1
Market price gains and losses
12
20
Total
-43
-41
Exchange gains and losses in the consolidated statement of income
\u20ac million
2025
2024
In sales
\u2014
-5
In purchases
\u2014
-17
In other operating income and expenses1)
-3
6
In financial income and expenses
13
14
Total
10
-2
1)\u00a0 Year 2025 include exchange gains and losses on trade receivables and trade payables.\u00a0
Exchange gains and losses
Outokumpu\u2019s most significant foreign exchange transaction risk exposures are in US dollars and
Swedish krona.
Exchange gains and losses include EUR 96 million of net exchange loss on derivative financial
instruments (2024: EUR 71 million net exchange gain) of which a loss of EUR 3 million (2024:
EUR 6 million gain) has been recognized in other operating income and expenses and a loss of
EUR 93 million (2024: EUR 64 million gain) in financial income and expenses.
More information on foreign exchange positions in note 5.3.
Accounting principles
\"image.png\"
Financial income includes mainly interest income on cash and cash equivalents and defined
benefit plans.
Financial expenses include mainly interest expenses of borrowings, lease liabilities, factoring
and defined benefit plans.
Other income and expenses include fees related to commitment credit facilities and other
financial fees.
Exchange gains and losses include exchange and other market price gains and losses on
cash, debt and receivables and derivatives related to Group\u2019s financing activities.
Exchange and other market price gains and losses on operative items and related derivative
instruments are recognized in EBIT. Exchange and other market price gains and losses on
financing items and related derivative instruments are recognized in financial income and
expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-478": { "value": "
2.5 Financial income and expenses
\u20ac million
2025
2024
Interest income
7
11
Other financial income
3
2
Interest income and other financial income
9
13
Interest expenses
Debt at amortized cost
-15
-17
Factoring
-17
-22
Lease liabilities
-12
-13
Employee benefit obligations
-7
-7
Other interest expenses
-2
-6
Interest expenses
-54
-64
Fees related to committed credit facilities
-8
-7
Other fees
-3
-3
Other financial expenses
-11
-10
Exchange gains and losses
Derivatives
-93
64
Cash, loans and receivables
106
-50
Other market price gains and losses
Derivatives
2
5
Other
-3
1
Market price gains and losses
12
20
Total
-43
-41
Capitalized interest expenses
There were no capitalization of borrowing costs on investment projects during 2025 nor in
comparison year. Total capitalized interests on December 31, 2025 were EUR 21 million (Dec
31, 2024: EUR 22 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-487": { "value": "
Accounting principles
\"image.png\"
Financial income includes mainly interest income on cash and cash equivalents and defined
benefit plans.
Financial expenses include mainly interest expenses of borrowings, lease liabilities, factoring
and defined benefit plans.
Other income and expenses include fees related to commitment credit facilities and other
financial fees.
Exchange gains and losses include exchange and other market price gains and losses on
cash, debt and receivables and derivatives related to Group\u2019s financing activities.
Exchange and other market price gains and losses on operative items and related derivative
instruments are recognized in EBIT. Exchange and other market price gains and losses on
financing items and related derivative instruments are recognized in financial income and
expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-486": { "value": "
Accounting principles
\"image.png\"
Financial income includes mainly interest income on cash and cash equivalents and defined
benefit plans.
Financial expenses include mainly interest expenses of borrowings, lease liabilities, factoring
and defined benefit plans.
Other income and expenses include fees related to commitment credit facilities and other
financial fees.
Exchange gains and losses include exchange and other market price gains and losses on
cash, debt and receivables and derivatives related to Group\u2019s financing activities.
Exchange and other market price gains and losses on operative items and related derivative
instruments are recognized in EBIT. Exchange and other market price gains and losses on
financing items and related derivative instruments are recognized in financial income and
expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-485": { "value": "
Accounting principles
\"image.png\"
Financial income includes mainly interest income on cash and cash equivalents and defined
benefit plans.
Financial expenses include mainly interest expenses of borrowings, lease liabilities, factoring
and defined benefit plans.
Other income and expenses include fees related to commitment credit facilities and other
financial fees.
Exchange gains and losses include exchange and other market price gains and losses on
cash, debt and receivables and derivatives related to Group\u2019s financing activities.
Exchange and other market price gains and losses on operative items and related derivative
instruments are recognized in EBIT. Exchange and other market price gains and losses on
financing items and related derivative instruments are recognized in financial income and
expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-489": { "value": "
2.6 Income taxes
Income taxes in the consolidated statement of income
\u20ac million
2025
2024
Current taxes
-9
-10
Deferred taxes
46
59
Total
36
49
Reconciliation of income taxes in the consolidated statement of income
\u20ac million
2025
2024
Result before taxes
-174
-89
Income taxes at Finnish tax rate of 20%
35
18
Difference between Finnish and foreign tax rates
7
-1
Non-deductible expenses and tax exempt income
1
-5
Current year result for which no deferred tax asset has been
recognized
\u2014
0
Changes in deferred tax recognition
2
37
Group company disposals
\u2014
-1
Taxes for prior years
0
1
Tax rate changes and other changes in tax laws
-9
0
Associated companies
1
1
Total
36
49
Accumulated deferred taxes recognized in equity
\u20ac million
2025
2024
Deferred tax on convertible bonds equity component
\u2014
0
Net investment hedging
-4
-4
Remeasurements of the net defined benefit liability
57
65
Derivatives
2
-2
Total
54
58
Deferred tax assets and liabilities
Jan 1, 2025
Movements
Dec 31, 2025
\u20ac million
Net deferred tax assets
(+) and liabilities (-)
Reclassifications
Recognized in profit or
loss
Recognized in other
comprehensive income or
directly in equity
Translation differences
Net deferred tax assets
(+) and liabilities (-)
Intangible assets
7
\u2014
-2
\u2014
0
5
Property, plant and equipment
-90
6
16
\u2014
2
-66
Right-of-use assets
-34
-6
3
\u2014
0
-37
Inventories
2
\u2014
-1
\u2014
0
0
Net derivative financial assets
-1
\u2014
-3
4
0
0
Other financial assets
9
\u2014
-1
\u2014
0
8
Employee benefit obligations
21
0
-1
-8
0
12
Other financial liabilities
6
\u2014
-2
\u2014
0
4
Lease liabilities
44
\u2014
-3
\u2014
0
41
Provisions
13
0
3
\u2014
0
16
Tax losses and tax credits
520
\u2014
35
\u2014
-38
518
Net deferred tax assets
498
0
46
-4
-37
502
Deferred tax assets
504
502
Deferred tax liabilities
-6
0
Jan 1, 2024
Movements
Dec 31, 2024
\u20ac million
Net deferred tax assets
(+) and liabilities (-)
Reclassifications
Recognized in profit or
loss
Recognized in other
comprehensive income or
directly in equity
Translation differences
Net deferred tax assets
(+) and liabilities (-)
Intangible assets
8
\u2014
-1
\u2014
0
7
Property, plant and equipment
-97
-1
8
\u2014
-1
-90
Right-of-use assets
-25
1
-10
\u2014
0
-34
Inventories
-11
\u2014
12
\u2014
0
2
Net derivative financial assets
-3
\u2014
2
0
0
-1
Other financial assets
6
\u2014
3
\u2014
0
9
Employee benefit obligations
26
\u2014
-1
-4
0
21
Other financial liabilities
5
1
1
\u2014
0
6
Lease liabilities
38
-1
7
\u2014
0
44
Provisions
14
0
-1
\u2014
0
13
Tax losses and tax credits
461
0
39
\u2014
21
520
Net deferred tax assets
423
0
59
-5
21
498
Deferred tax assets
454
504
Deferred tax liabilities
-31
-6
Tax losses and related deferred tax assets
Tax losses carried
forward
Recognized deferred
tax assets
Unrecognized
deferred tax assets
\u20ac million
2025
2024
2025
2024
2025
2024
Expire in 2-5 years
0
\u2014
0
\u2014
\u2014
\u2014
Expire later than in 5 year
1,063
1,093
245
253
7
12
Never expire
1,107
1,056
273
267
\u2014
\u2014
Total
2,171
2,150
519
520
7
12
Tax losses by country
\u20ac million
2025
2024
Finland
221
79
Germany
336
234
Sweden
206
197
The US
1,183
1,400
The UK
174
186
Other countries
50
54
Total
2,171
2,150
As of December 31, 2025, Outokumpu Group has recognized a deferred tax asset on all
material tax losses. The tax attributes of the Outokumpu Group for which no deferred tax asset
has been recognized relate to a portion of the US state tax losses which are estimated to expire
before utilization.
No deferred tax liabilities were recorded on undistributed profits of foreign subsidiaries, as such
profits are not to be distributed in the foreseeable future.
Outokumpu Group has remeasured its deferred tax due to an enacted corporate income tax rate
change in Germany. The tax rate change has a total effect of EUR -12 million on the deferred
tax assets as of December 31, 2025. For more information about the tax rate change see the
following section, management judgments.
Management judgments
\"image.png\"
Outokumpu operates and earns income in numerous countries and is subject to changes in tax
laws in multiple jurisdictions. When recognizing income tax liabilities, material judgments and
estimates need to be made on tax uncertainties.
In deferred tax asset recognition, the management assesses whether the realization of
future tax benefits is sufficiently probable to support the recognition. This assessment requires
judgment regarding, for example, realizable benefits from future taxable income, available tax
strategies, as well as other positive and negative factors. The recorded amount of deferred tax
assets could be reduced as a result of changes in these estimates or in tax regulations
imposing restrictions on the utilization of future tax benefits.
In year 2025 a change in the federal corporate income tax rate from 15% to 10% was
enacted in Germany. Reduction of tax rate will be implemented gradually, 1 %-point each year,
during 2028-2032. Since the tax rate change is enacted, Outokumpu is obliged to remeasure
the deferred tax balances taken into consideration the enacted future tax rate changes. This
calculation includes estimates and judgments by management.
Accounting principles
\"image.png\"
Current and deferred income taxes are determined on entity level to the extent an entity is
subject to income taxation. The income taxes in the consolidated statement of income include
the Group companies\u2019 current income taxes based on taxable profit for the period, tax
adjustments for previous periods, and the change in deferred income taxes. In several countries
(Finland, Germany, the Netherlands, Sweden, and the US) Outokumpu companies are included
in income tax consolidation groups or group taxation systems. The share of results in
associated companies is reported in the statement of income based on the net result and thus
including the income tax effect.
Deferred income taxes are stated using the balance sheet liability method to reflect the net
tax effects of temporary differences between the assets and liabilities\u2019 carrying amounts in the
Financial Statements and the corresponding tax basis at the reporting date, as well as for
unused tax loss or credit carry forwards.
Deferred tax assets are recognized for all deductible temporary differences to the extent that
it is probable that future taxable profits will be available for utilization of these differences. A
valuation allowance is recognized if the realization of the tax benefits is not probable. The
ability to recognize deferred tax assets is reviewed at the end of each reporting period.
Deferred tax liabilities are usually recognized in the statement of financial position in full.
As an exception, deferred tax liabilities are not recognized if they arise from initial
recognition of an asset or a liability in a transaction that is not a business combination and that
does not affect the accounting nor taxable profit at the time of the transaction.
Deferred taxes are calculated at the enacted or substantially enacted tax rates that are
expected to apply by the end of the reporting period. Generally, deferred tax is recognized to
the statement of income. However, if the taxes are related to items of other comprehensive
income or to transactions or other events recognized directly in equity, the related income taxes
are also recognized either in other comprehensive income or directly in equity, respectively.
The Group is within the scope of the OECD Pillar Two model rules. Pillar Two legislation was
implemented in Finland, the jurisdiction in which Outokumpu Corporation is incorporated, based
on the EU Directive, and is effective from January 1, 2024. The Group has not recognized any
tax expense related to the top-up tax in 2025. The Group has applied a temporary mandatory
relief from deferred tax accounting for the potential impacts of the top-up tax and would
account for it as a current tax if it would incur. Management assesses that the risk for any
future exposure to top-up tax for the Group is limited.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-488": { "value": "
2.6 Income taxes
Income taxes in the consolidated statement of income
\u20ac million
2025
2024
Current taxes
-9
-10
Deferred taxes
46
59
Total
36
49
Reconciliation of income taxes in the consolidated statement of income
\u20ac million
2025
2024
Result before taxes
-174
-89
Income taxes at Finnish tax rate of 20%
35
18
Difference between Finnish and foreign tax rates
7
-1
Non-deductible expenses and tax exempt income
1
-5
Current year result for which no deferred tax asset has been
recognized
\u2014
0
Changes in deferred tax recognition
2
37
Group company disposals
\u2014
-1
Taxes for prior years
0
1
Tax rate changes and other changes in tax laws
-9
0
Associated companies
1
1
Total
36
49
Accumulated deferred taxes recognized in equity
\u20ac million
2025
2024
Deferred tax on convertible bonds equity component
\u2014
0
Net investment hedging
-4
-4
Remeasurements of the net defined benefit liability
57
65
Derivatives
2
-2
Total
54
58
Deferred tax assets and liabilities
Jan 1, 2025
Movements
Dec 31, 2025
\u20ac million
Net deferred tax assets
(+) and liabilities (-)
Reclassifications
Recognized in profit or
loss
Recognized in other
comprehensive income or
directly in equity
Translation differences
Net deferred tax assets
(+) and liabilities (-)
Intangible assets
7
\u2014
-2
\u2014
0
5
Property, plant and equipment
-90
6
16
\u2014
2
-66
Right-of-use assets
-34
-6
3
\u2014
0
-37
Inventories
2
\u2014
-1
\u2014
0
0
Net derivative financial assets
-1
\u2014
-3
4
0
0
Other financial assets
9
\u2014
-1
\u2014
0
8
Employee benefit obligations
21
0
-1
-8
0
12
Other financial liabilities
6
\u2014
-2
\u2014
0
4
Lease liabilities
44
\u2014
-3
\u2014
0
41
Provisions
13
0
3
\u2014
0
16
Tax losses and tax credits
520
\u2014
35
\u2014
-38
518
Net deferred tax assets
498
0
46
-4
-37
502
Deferred tax assets
504
502
Deferred tax liabilities
-6
0
Jan 1, 2024
Movements
Dec 31, 2024
\u20ac million
Net deferred tax assets
(+) and liabilities (-)
Reclassifications
Recognized in profit or
loss
Recognized in other
comprehensive income or
directly in equity
Translation differences
Net deferred tax assets
(+) and liabilities (-)
Intangible assets
8
\u2014
-1
\u2014
0
7
Property, plant and equipment
-97
-1
8
\u2014
-1
-90
Right-of-use assets
-25
1
-10
\u2014
0
-34
Inventories
-11
\u2014
12
\u2014
0
2
Net derivative financial assets
-3
\u2014
2
0
0
-1
Other financial assets
6
\u2014
3
\u2014
0
9
Employee benefit obligations
26
\u2014
-1
-4
0
21
Other financial liabilities
5
1
1
\u2014
0
6
Lease liabilities
38
-1
7
\u2014
0
44
Provisions
14
0
-1
\u2014
0
13
Tax losses and tax credits
461
0
39
\u2014
21
520
Net deferred tax assets
423
0
59
-5
21
498
Deferred tax assets
454
504
Deferred tax liabilities
-31
-6
Tax losses and related deferred tax assets
Tax losses carried
forward
Recognized deferred
tax assets
Unrecognized
deferred tax assets
\u20ac million
2025
2024
2025
2024
2025
2024
Expire in 2-5 years
0
\u2014
0
\u2014
\u2014
\u2014
Expire later than in 5 year
1,063
1,093
245
253
7
12
Never expire
1,107
1,056
273
267
\u2014
\u2014
Total
2,171
2,150
519
520
7
12
Tax losses by country
\u20ac million
2025
2024
Finland
221
79
Germany
336
234
Sweden
206
197
The US
1,183
1,400
The UK
174
186
Other countries
50
54
Total
2,171
2,150
As of December 31, 2025, Outokumpu Group has recognized a deferred tax asset on all
material tax losses. The tax attributes of the Outokumpu Group for which no deferred tax asset
has been recognized relate to a portion of the US state tax losses which are estimated to expire
before utilization.
No deferred tax liabilities were recorded on undistributed profits of foreign subsidiaries, as such
profits are not to be distributed in the foreseeable future.
Outokumpu Group has remeasured its deferred tax due to an enacted corporate income tax rate
change in Germany. The tax rate change has a total effect of EUR -12 million on the deferred
tax assets as of December 31, 2025. For more information about the tax rate change see the
following section, management judgments.
Management judgments
\"image.png\"
Outokumpu operates and earns income in numerous countries and is subject to changes in tax
laws in multiple jurisdictions. When recognizing income tax liabilities, material judgments and
estimates need to be made on tax uncertainties.
In deferred tax asset recognition, the management assesses whether the realization of
future tax benefits is sufficiently probable to support the recognition. This assessment requires
judgment regarding, for example, realizable benefits from future taxable income, available tax
strategies, as well as other positive and negative factors. The recorded amount of deferred tax
assets could be reduced as a result of changes in these estimates or in tax regulations
imposing restrictions on the utilization of future tax benefits.
In year 2025 a change in the federal corporate income tax rate from 15% to 10% was
enacted in Germany. Reduction of tax rate will be implemented gradually, 1 %-point each year,
during 2028-2032. Since the tax rate change is enacted, Outokumpu is obliged to remeasure
the deferred tax balances taken into consideration the enacted future tax rate changes. This
calculation includes estimates and judgments by management.
Accounting principles
\"image.png\"
Current and deferred income taxes are determined on entity level to the extent an entity is
subject to income taxation. The income taxes in the consolidated statement of income include
the Group companies\u2019 current income taxes based on taxable profit for the period, tax
adjustments for previous periods, and the change in deferred income taxes. In several countries
(Finland, Germany, the Netherlands, Sweden, and the US) Outokumpu companies are included
in income tax consolidation groups or group taxation systems. The share of results in
associated companies is reported in the statement of income based on the net result and thus
including the income tax effect.
Deferred income taxes are stated using the balance sheet liability method to reflect the net
tax effects of temporary differences between the assets and liabilities\u2019 carrying amounts in the
Financial Statements and the corresponding tax basis at the reporting date, as well as for
unused tax loss or credit carry forwards.
Deferred tax assets are recognized for all deductible temporary differences to the extent that
it is probable that future taxable profits will be available for utilization of these differences. A
valuation allowance is recognized if the realization of the tax benefits is not probable. The
ability to recognize deferred tax assets is reviewed at the end of each reporting period.
Deferred tax liabilities are usually recognized in the statement of financial position in full.
As an exception, deferred tax liabilities are not recognized if they arise from initial
recognition of an asset or a liability in a transaction that is not a business combination and that
does not affect the accounting nor taxable profit at the time of the transaction.
Deferred taxes are calculated at the enacted or substantially enacted tax rates that are
expected to apply by the end of the reporting period. Generally, deferred tax is recognized to
the statement of income. However, if the taxes are related to items of other comprehensive
income or to transactions or other events recognized directly in equity, the related income taxes
are also recognized either in other comprehensive income or directly in equity, respectively.
The Group is within the scope of the OECD Pillar Two model rules. Pillar Two legislation was
implemented in Finland, the jurisdiction in which Outokumpu Corporation is incorporated, based
on the EU Directive, and is effective from January 1, 2024. The Group has not recognized any
tax expense related to the top-up tax in 2025. The Group has applied a temporary mandatory
relief from deferred tax accounting for the potential impacts of the top-up tax and would
account for it as a current tax if it would incur. Management assesses that the risk for any
future exposure to top-up tax for the Group is limited.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-491": { "value": "
Accounting principles
\"image.png\"
Current and deferred income taxes are determined on entity level to the extent an entity is
subject to income taxation. The income taxes in the consolidated statement of income include
the Group companies\u2019 current income taxes based on taxable profit for the period, tax
adjustments for previous periods, and the change in deferred income taxes. In several countries
(Finland, Germany, the Netherlands, Sweden, and the US) Outokumpu companies are included
in income tax consolidation groups or group taxation systems. The share of results in
associated companies is reported in the statement of income based on the net result and thus
including the income tax effect.
Deferred income taxes are stated using the balance sheet liability method to reflect the net
tax effects of temporary differences between the assets and liabilities\u2019 carrying amounts in the
Financial Statements and the corresponding tax basis at the reporting date, as well as for
unused tax loss or credit carry forwards.
Deferred tax assets are recognized for all deductible temporary differences to the extent that
it is probable that future taxable profits will be available for utilization of these differences. A
valuation allowance is recognized if the realization of the tax benefits is not probable. The
ability to recognize deferred tax assets is reviewed at the end of each reporting period.
Deferred tax liabilities are usually recognized in the statement of financial position in full.
As an exception, deferred tax liabilities are not recognized if they arise from initial
recognition of an asset or a liability in a transaction that is not a business combination and that
does not affect the accounting nor taxable profit at the time of the transaction.
Deferred taxes are calculated at the enacted or substantially enacted tax rates that are
expected to apply by the end of the reporting period. Generally, deferred tax is recognized to
the statement of income. However, if the taxes are related to items of other comprehensive
income or to transactions or other events recognized directly in equity, the related income taxes
are also recognized either in other comprehensive income or directly in equity, respectively.
The Group is within the scope of the OECD Pillar Two model rules. Pillar Two legislation was
implemented in Finland, the jurisdiction in which Outokumpu Corporation is incorporated, based
on the EU Directive, and is effective from January 1, 2024. The Group has not recognized any
tax expense related to the top-up tax in 2025. The Group has applied a temporary mandatory
relief from deferred tax accounting for the potential impacts of the top-up tax and would
account for it as a current tax if it would incur. Management assesses that the risk for any
future exposure to top-up tax for the Group is limited.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-490": { "value": "
Accounting principles
\"image.png\"
Current and deferred income taxes are determined on entity level to the extent an entity is
subject to income taxation. The income taxes in the consolidated statement of income include
the Group companies\u2019 current income taxes based on taxable profit for the period, tax
adjustments for previous periods, and the change in deferred income taxes. In several countries
(Finland, Germany, the Netherlands, Sweden, and the US) Outokumpu companies are included
in income tax consolidation groups or group taxation systems. The share of results in
associated companies is reported in the statement of income based on the net result and thus
including the income tax effect.
Deferred income taxes are stated using the balance sheet liability method to reflect the net
tax effects of temporary differences between the assets and liabilities\u2019 carrying amounts in the
Financial Statements and the corresponding tax basis at the reporting date, as well as for
unused tax loss or credit carry forwards.
Deferred tax assets are recognized for all deductible temporary differences to the extent that
it is probable that future taxable profits will be available for utilization of these differences. A
valuation allowance is recognized if the realization of the tax benefits is not probable. The
ability to recognize deferred tax assets is reviewed at the end of each reporting period.
Deferred tax liabilities are usually recognized in the statement of financial position in full.
As an exception, deferred tax liabilities are not recognized if they arise from initial
recognition of an asset or a liability in a transaction that is not a business combination and that
does not affect the accounting nor taxable profit at the time of the transaction.
Deferred taxes are calculated at the enacted or substantially enacted tax rates that are
expected to apply by the end of the reporting period. Generally, deferred tax is recognized to
the statement of income. However, if the taxes are related to items of other comprehensive
income or to transactions or other events recognized directly in equity, the related income taxes
are also recognized either in other comprehensive income or directly in equity, respectively.
The Group is within the scope of the OECD Pillar Two model rules. Pillar Two legislation was
implemented in Finland, the jurisdiction in which Outokumpu Corporation is incorporated, based
on the EU Directive, and is effective from January 1, 2024. The Group has not recognized any
tax expense related to the top-up tax in 2025. The Group has applied a temporary mandatory
relief from deferred tax accounting for the potential impacts of the top-up tax and would
account for it as a current tax if it would incur. Management assesses that the risk for any
future exposure to top-up tax for the Group is limited.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-492": { "value": "
2.7 Earnings per share
2025
2024
Net result attributable to the equity holders of the parent
company, \u20ac million
-137
-40
Interest expenses on convertible bonds, net of tax, \u20ac million
2
8
Adjusted net result attributable to the equity holders of the
parent company, \u20ac million
-136
-31
Adjusted weighted average number of shares, in thousands
450,345
424,238
Adjusted diluted weighted average number of shares, in
thousands
472,340
470,977
Earnings per share, \u20ac
-0.31
-0.09
Diluted earnings per share, \u20ac
-0.31
-0.09
Diluted earnings per share equals to earnings per share as potential ordinary shares have
antidilutive impact.
In 2025, Outokumpu cancelled a total of 30,836,205 own shares in relation to its convertible
bond conversions and converted the convertible bond into 47,046,505 shares, of which 67,916
shares were converted during the year 2023. More information is presented in note 5.1 and in
note 5.2.
In 2024, Outokumpu repurchased 8,357,545 treasury shares as part of share buyback program
which started in year 2023. More information on the program is presented in note 5.2.
Accounting principles
\"image.png\"
Basic earnings per share is calculated by dividing the net result attributable to
the equity holders of the company by the adjusted weighted average number of shares
outstanding during the period, excluding shares held by Outokumpu as treasury shares.
In a share issue, when shares are offered at discount compared to market price, the pro-
portion of the issue representing the discount is retrospectively adjusted to the weighted
average number of shares.
Diluted earnings per share is calculated by adjusting the adjusted weighted average number
of ordinary shares outstanding with the assumption that convertible instruments are converted.
The profit or loss used in the calculation is adjusted for the interest expense related to the
instrument and recognized in the period, net of tax. In addition, the shares estimated to be
delivered based on the share-based incentive programs are taken into account. However,
potential ordinary shares are only dilutive if the adjustments decrease the earnings per share
ratio.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-493": { "value": "
Accounting principles
\"image.png\"
Basic earnings per share is calculated by dividing the net result attributable to
the equity holders of the company by the adjusted weighted average number of shares
outstanding during the period, excluding shares held by Outokumpu as treasury shares.
In a share issue, when shares are offered at discount compared to market price, the pro-
portion of the issue representing the discount is retrospectively adjusted to the weighted
average number of shares.
Diluted earnings per share is calculated by adjusting the adjusted weighted average number
of ordinary shares outstanding with the assumption that convertible instruments are converted.
The profit or loss used in the calculation is adjusted for the interest expense related to the
instrument and recognized in the period, net of tax. In addition, the shares estimated to be
delivered based on the share-based incentive programs are taken into account. However,
potential ordinary shares are only dilutive if the adjustments decrease the earnings per share
ratio.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-495": { "value": "
3.1 Employee benefit expenses
\u20ac million
2025
2024
Wages and salaries
-557
-547
Termination benefits
-60
-4
Social security costs
-99
-97
Post-employment and other long-term employee benefits
Defined benefit plans
-4
-3
Defined contribution plans
-52
-50
Other long-term employee benefits
-6
-7
Share-based payments
-1
-2
Other employee benefit expenses
-3
-4
Total
-782
-714
Total employee benefit
expenses EUR
-782 million
Number of personnel
at the end of period (FTE)
8,251
Employee benefit expenses, \u20ac million
\"178\"
Personnel on December 31, FTE
\"210\"
Outokumpu has redefined personnel, full time equivalent (FTE) measure in year 2024. FTE is excluding
interim workforce as of year 2023.
3.2 Employee benefits for key management
\u20ac thousands
2025
2024
Short-term employee benefits
4,624
4,677
Post-employment benefits 1)
669
614
Share-based payments
331
506
Remuneration to the Board of Directors
888
948
6,512
6,745
1) Contains only supplementary pensions.
Key management includes nine (nine) positions in the Outokumpu Leadership Team and eight
(seven) members of the parent company Outokumpu Corporation\u2019s Board of Directors. On
December 31, 2025, President and CEO, CFO, Presidents of the core business areas and
business lines, Chief Technology Officer and Executive Vice President, General Counsel are part
of the Outokumpu Leadership Team. The position of Executive Vice President, People,
Sustainability & Corporate Relations remains vacant until end of January 2026.
At the end of March 2025, Niklas Wass, President Business Line Stainless Europe, left
Outokumpu. His successor Matthieu Jehl started in August. Johann Steiner, Executive Vice
President, Sustainability, Strategy and People, moved to a new assignment in October. He
replaced Tamara Weinert in the role of President, Business Area Americas. Johann Steiner\u2019s
previous role was adapted to Executive Vice President, People, Sustainability & Corporate
Relations and organized with interim arrangements until the start of the appointed successor
Anouk de Graaf in February 2026.
Key management shareholdings can be found in the Corporate Governance statement.
Employee benefits for the CEO
Recognized in profit or loss
Remuneration paid
\u20ac thousands
2025
2024
2025
2024
Salaries and short-term benefits
930
964
930
964
Short-term incentives
200
106
\u2014
622
Post-employment benefits
322
330
322
330
Share-based payments
249
35
225
507
1,701
1,435
1,477
2,423
The CEO participates in the Finnish TyEL pension system. The post-employment benefits consist of the
statutory pension and the supplementary pension.
Remuneration paid to Board of Directors
\u20ac thousands
2025
2024
Chairman Kari Jordan
202
203
Vice Chairman Jyrki M\u00e4ki-Kala
114
113
Vice Chairman Kati ter Horst, until September 30, 2024
\u2014
121
Member Hilde Merete Aasheim, as of April 3, 2025
95
\u2014
Member Heinz J\u00f6rg Fuhrmann
97
104
Member Olavi Huhtala, as of April 3, 2025
87
\u2014
Member P\u00e4ivi Luostarinen
91
92
Member Karl-Petter S\u00f6derstr\u00f6m
91
92
Member Pierre Vareille, until April 3, 2025
8
107
Member Julia Woodhouse
105
117
Total
888
948
Remuneration of the CEO
The remuneration of the CEO consists of a base salary, benefits and an annually determined
short-term incentive plan. In addition, the CEO participates in long-term incentives comprising
performance share plans launched on a yearly basis.
In 2025, the CEO\u2019s short-term incentive earning opportunity stayed unchanged at 50% of the
annual gross base salary on a target level and 100% on a maximum level. Kati ter Horst did not
receive a short-term incentive for 2024 results. She was paid a sign-on bonus in 2024.
In 2025, the long-term incentive target and maximum levels remained at 50% and respectively
75% of the annual base salary at time of grant. The CEO did not receive a share reward based
on the performance from 2022 to 2024. In 2025, she was delivered 50,000 restricted shares
(gross) and an additional 100,000 shares are to be delivered in 2026 and 2027, recognizing
lost incentives from her previous assignment. Long-term incentive will not be paid to the CEO
for the performance cycle 2023 to 2025.\u00a0
The members of Outokumpu\u2019s Leadership Team, including the CEO, are expected to own
Outokumpu shares they receive in the company\u2019s share-based incentive programs
corresponding to at least the value of their annual gross base salary. Half of the net shares
received from the share-based incentive programs must be used to fulfil that ownership
recommendation.
The service contract of the CEO is valid until further notice. The notice period is 9 months for
Kati ter Horst. For the company, the notice period is 6 months, and the severance payment in
such a case is 12 months. Kati ter Horst\u2019s retirement age is 65 years. Besides the
supplementary pension, she participates in the Finnish statutory pension system.
Remuneration of the Board of Directors
Outokumpu\u2019s Annual General Meeting approved the annual remuneration to the members of the
Board of Directors. 40% of the annual fee was paid in the company\u2019s own shares using treasury
shares, unless a Board member already owned shares for a value exceeding the annual
remuneration and choose to increase their cash portion. The annual fee is paid once a year,
and in addition to the annual remuneration, all the members of the Board of Directors are paid
a fee for each meeting they attend. The members of the Board are not entitled to any other
share-based rewards. The Board members are not eligible for any pension schemes.
Accounting principles
\"image.png\"
Employee benefits for the key management include the benefits to each Leadership Team or
Board of Directors member for the time they hold these positions.
Employee benefits are presented based on expenses recognized in profit or loss during the
year on accrual basis except for the CEO whose remuneration is presented also based on paid
benefits during the year. The remuneration to Board of Directors is also presented on paid
basis.
Short-term incentives are recognized to profit or loss during the period they relate to whereas
bonuses are typically paid out during the following financial year. Expenses on share-based
payments are recognized to profit or loss at the share price on the grant date of the benefit and
over the period when the benefit is earned. Share-based benefits are reported as paid when
delivered and at the share price on the delivery date.
3.3 Employee benefit obligations
Outokumpu has several defined benefit and defined contribution plans in various countries. The
most significant defined benefit plans are in Germany and the UK, representing 43% and 53%
of the Group\u2019s total defined benefit obligation, respectively.
Funding requirements of the defined benefit plans are generally based on the pension fund\u2019s
actuarial measurement framework set out in the funding policies and local regulation.
Germany
Outokumpu has several defined benefit plans in Germany, of which major plans include a
management plan, open pension plans for other staff, and other pension obligations, which are
nearly all closed for new entrants. Basis to all pension obligations in Germany are bargaining
agreements and/or individual contracts (management obligations). The management plan and
other pension obligations are based on annuity payments, whereas plans for other employees
are based on one lump sum payment after retirement.
In addition, all the obligations in Germany are embedded in the BetrAVG law. The law contains
rules for vested rights, pension protection scheme and regulations for the pension adjustments.
In Germany, no funding requirements exist, and the plans are funded only for a small part with a
CTA model (Contractual Trust Arrangement) that was introduced in 2019.
The UK
The AvestaPolarit Pension Scheme (the Scheme) is registered under UK legislation and is
contracted out of the State Second Pension. The Scheme is subject to the funding
requirements outlined in UK legislation. The Scheme\u2019s trustee is responsible for the operation
and governance of the Scheme, including decisions regarding the Scheme\u2019s funding and
investment strategy.
In December 2021, a GBP 390 million buy-in contract was implemented. This buy-in completed
the Scheme\u2019s de-risking process which began with an initial buy-in in 2020, when a GBP 110
million buy-in insurance solution was implemented.
A buy-in removes risks of investment, longevity, interest rate changes and inflation for the
Scheme and is held as a Scheme asset. Until a buy-out is secured, the Scheme ultimately
remains the responsibility of Outokumpu Stainless Ltd.
However, as a result of the buy-in arrangement, the risks related to the Scheme\u2019s obligation are
now significantly reduced and mostly covered by insurance. Outokumpu has agreed with the
trustees to hold cash in an escrow account to provide for small mismatches in the insurance
coverage and liquidity to the scheme.
At year-end 2025, the escrow balance was GBP 11 million (2024: GBP 12 million). The
actuarial gains in 2025 amounted to EUR 4.1 million (2024 EUR 2.1 million actuarial gains).
Due to the buy-in solutions, no further contributions are expected to be required because of the
triennial valuations. The latest valuation for this purpose was completed in 2024.
Outokumpu has decided to commence with the buy out of the scheme with a targeted
completion at the end of 2027. Outokumpu will formally trigger the process in 2026 based on
pension scheme requirements, but initial project work has already commenced to ensure an
effective transition.
Defined benefit cost in profit or loss and other comprehensive income
\u20ac million
2025
2024
In employee benefit expenses in operating profit (EBIT)
-4
-3
In financial income and expenses
-6
-7
Defined benefit cost in profit or loss
-10
-9
In other comprehensive income
20
12
Total defined benefit cost
10
3
Gross defined benefit obligations and plan assets
\u20ac million
2025
2024
Present value of funded defined benefit obligations
468
506
Present value of unfunded defined benefit obligations
1
1
Fair value of plan assets
-324
-333
Net defined benefit liability
146
174
Amounts recognized in the consolidated statement of financial position
\u20ac million
2025
2024
Net defined benefit liability
146
174
Other long-term employee benefit liabilities
22
22
Employee benefit obligations in statement of financial position
169
196
Gross defined benefit obligations and plan assets are presented in the statement of financial position
netted per plan either as a liability or an asset depending on nature of the netted item.
Movement in net defined benefit liability
2025
2024
\u20ac million
Present
value of
obligation
Fair value
of plan
assets
Net
defined
benefit
liability
Present
value of
obligation
Fair value
of plan
assets
Net
defined
benefit
liability
Total on Jan 1
507
-333
174
524
-330
193
Current service cost
3
\u2014
3
3
\u2014
3
Past service cost
\u2014
\u2014
\u2014
0
\u2014
0
Interest expense/(income)
22
-15
6
21
-15
7
Remeasurements arising from
Return on plan assets
\u2014
-4
-4
\u2014
10
10
Demographic assumptions
0
\u2014
0
-3
\u2014
-3
Financial assumptions
-20
\u2014
-20
-39
\u2014
-39
Experience adjustment
4
\u2014
4
20
\u2014
20
Exchange differences
-14
13
-1
13
-13
0
Employer contributions
0
-17
-17
0
-17
-17
Benefits paid
-32
32
\u2014
-31
31
\u2014
Settlements
0
1
1
0
\u2014
0
Total on Dec 31
470
-324
146
507
-333
174
Germany on Dec 31
204
-72
132
224
-67
157
The UK on Dec 31
249
-248
1
266
-262
4
The weighted average duration of the overall defined benefit obligation is 11.4 years (2024:
12.4 years). In Germany and in the UK, the weighted average durations are 9.8 and 13 years
(2024: 10.8 and 14.0 years) respectively.
Discount rates, rising inflation and increasing retirement age have material impact on financial
assumptions and remeasurement amounts.
The expected contributions to be paid to the defined benefit plans in 2026 are EUR 16 million
and relate mainly to the German plans.
Allocation of plan assets
\u20ac million
2025
2024
Cash and cash equivalents
5
2
Insurance policies
247
264
Other assets
72
67
Total plan assets
324
333
On December 31, 2025, 1.5% of the plan assets were invested in quoted instruments (Dec 31, 2024:
0.7%).
Significant actuarial assumptions
Germany
The UK
Other countries
Discount rate, %
2025
3.94
5.50
7.65
2024
3.36
5.50
8.09
Future salary
increase, %
2025
\u2014
\u2014
4.50
2024
\u2014
\u2014
4.50
Inflation rate, %
2025
2.20
2.85
3.48
2024
2.30
3.15
3.46
Future benefit
increase, %
2025
2.20
2.40
2.06
2024
2.30
2.65
2.05
Medical cost trend
rate, %
2025
\u2014
\u2014
7.90
2024
\u2014
\u2014
9.20
Life expectancy
2025
RT 2018 G
mortality tables
96% SAPS All
Pensioner Amounts
tables with CMI Core
Projection Model -
2024
Standard mortality
tables
2024
RT 2018 G
mortality tables
96% SAPS All Pensioner
Amounts tables with
CMI Core Projection
Model - 2023
Standard mortality
tables
Sensitivity analysis of significant actuarial assumptions
Change in
assumption
Germany, %
The UK, %
Other
countries, %
2025
Discount rate
+/-0.5%
-5
/
+5
-6
/
+6
-3
/
+3
Future benefit increase 1)
+/-0.5%
+2
/
-2
+4
/
-4
+2
/
-2
Medical cost trend rate
+/-0.5%
\u2014
/
\u2014
\u2014
/
\u2014
+9
/
-8
Future salary increase 1)
+/-0.5%
\u2014
/
\u2014
\u2014
/
\u2014
+3
/
-3
Life expectancy
+ 1 year
\u2014
/
+2
\u2014
/
+3
\u2014
/
+7
2024
Discount rate
+/-0.5%
-5
/
+5
-6
/
+7
-3
/
+3
Future benefit increase 1)
+/-0.5%
+2
/
-2
+5
/
-5
+2
/
-2
Medical cost trend rate
+/-0.5%
\u2014
/
\u2014
\u2014
/
\u2014
+9
/
-8
Future salary increase 1)
+/-0.5%
\u2014
/
\u2014
\u2014
/
\u2014
+3
/
-3
Life expectancy
+ 1 year
\u2014
/
+3
\u2014
/
+3
\u2014
/
+7
Sensitivity is presented for reasonably possible change at the reporting date in one of the principal
assumptions, while holding all other assumptions constant.
1)Significant actuarial assumption inflation rate is linked to future benefit and future salary increase.
Other long-term employee benefits
Other long-term employee benefits mainly relate to early retirement provisions in Germany and
long-service remunerations in Finland.
Under the German early retirement regulations, employees are able to retire a certain number
of years prior to their earliest pensionable age (passive phase). During a period equal in length
to the passive phase they will be working full-time with their net salary cut to 50% of their
former regular salary (active phase). During both phases the employer supplements the net
salary to match a defined percentage of the employee\u2018s former regular net salary. Under the
long-service remunerations in Finland, the employees are entitled to receive a one-time
indemnity every five years after 20 years of service.
Multi-employer defined benefit plans
ITP pension plans operated by Alecta in Sweden and plans operated by Stichting
Bedrijfspensioenfonds voor de metaalindustrie in the Netherlands are multi-employer defined
benefit pension plans. However, it has not been possible to get sufficient information for the
calculation of obligations and assets by employer from the plan operators, and therefore these
plans have been accounted for as defined contribution plans in the consolidated Financial
Statements.
Risk information
\"image.png\"
Through its defined benefit plans, Outokumpu is exposed to a number of risks, the most
significant of which are detailed below.
Asset volatility: The level of equity returns is a key factor in the overall investment return. If a
plan holds significant proportion of equities, which are expected to outperform corporate bonds
in the long-term, it might face higher volatility and risk in the short-term. The investment
portfolio might also be subject to a range of other risks typical of the assets held, in particular
credit risk on bonds and exposure to the property market.
Change in bond yields: A decrease in corporate bond yields will increase plan liabilities,
although this will be partially offset by an increase in the value of the plan\u2019s bond holdings (if
any). In a situation where the return on plan assets is lower than the corporate bond yields, a
plan may face a shortfall which might lead to increased contributions.
Inflation risk: Inflation rate is linked to both future pension and salary increase, and higher
inflation will lead to higher liabilities.
Longevity: The majority of Outokumpu\u2019s defined benefit obligations are to provide benefits
for the life of the member, so increases in life expectancy will result in an increase in the plans\u2019
liabilities.
The buy-in solutions implemented in the UK in 2021 and 2020 significantly reduce the
earlier-mentioned risks for the Scheme, which is mostly covered by insurance.
Management judgments
\"image.png\"
The present value of pension obligations is subject to actuarial assumptions which are used in
calculating these obligations. These assumptions include, among others, discount rate, the
annual rate of increase in future compensation levels, inflation rate and employee turnover
rate. The assumptions are proposed by external independent actuaries separately for each
defined benefit plan or each country where Outokumpu has defined benefit plan and approved
by the management.
Accounting principles
\"image.png\"
The Group companies in different countries have various post-employment benefit plans in
accordance with local conditions and practices. The plans are classified as either defined
contribution plans or defined benefit plans.
The fixed contributions to defined contribution plans are recognized as expense in the period
to which they relate. The Group has no legal or constructive obligation to pay further
contributions if the receiving party is not able to pay the benefits in question. All such
arrangements that do not meet these requirements are defined benefit plans.
Defined benefit plans are funded with payments to the pension funds or insurance
companies. The present value of the defined benefit obligations is determined separately for
each plan by using the projected unit credit method. The liability recognized in the statement of
financial position is the defined benefit obligation less the fair value of plan assets at the
closing date. When the fair value of plan assets exceeds the value of the obligation, the net
amount is recognized as defined benefit plan assets.
Current service costs, past service costs and gains or losses on settlements are recognized
in functional costs above EBIT. Net interest expense or income is recognized in financial items
under interest expense or interest income. All remeasurements of the net defined benefit
liability (asset) are recognized directly in other comprehensive income.
Buy-in contract in the UK does not result in a settlement because Outokumpu remains
responsible for the benefit obligation. The buy-in contract is effectively an investment by which
the plan can receive payments from the insurer corresponding to the benefits due to the
participants, but ultimately the primary obligation to pay benefits has not been transferred.
For other long-term employee benefits, all service costs and remeasurements are recognized
immediately in the statement of income. Interest expenses are recognized in financial items
under interest expenses.
The significant actuarial assumptions are presented separately for the most significant
countries, and for other countries a weighted average of the assumptions is presented.
3.4 Share-based payments
Share-based programs are part of the Group\u2019s incentive and commitment-building system for
key employees. The objectives are to align the interests between key employees and
shareholders, promote shareholder value creation and the achievement of long-term strategic
targets.
Outokumpu operates two share-based programs. The Performance Share Plan (PSP) includes an
earning criterion and is part of the regular compensation of top executives, with a maximum
number of participants of 200. The Restricted Share Pool (RSP) does not have any specific
earning criterion and it is used for a limited number of employees, for key recruitments,
exceptional performance, high potential, retention needs and other individual specific
situations.
For the financial year 2025, the share-based payment expenses included in the employee
benefit expenses were EUR 1 million (2024: EUR 2 million). The total estimated value of the
share-based payment plans is EUR 4 million on December 31, 2025 (2024: EUR 7 million). This
value is recognized as an expense in the statement of income during the vesting periods.
Outstanding programs
During 2025, Outokumpu's share-based payment programs include Performance Share Plan
(periods 2023\u20132025, 2024\u20132026 and 2025\u20132027) and Restricted Share Pool (periods 2023\u2013
2025, 2024\u20132026 and 2025\u20132027).
In December 2025, the Board of Directors has approved the commencement of Outokumpu\u2019s
share-based programs, Performance Share Plan and Restricted Share Pool, for the period
2026\u20132028. The plans commence at the beginning of 2026.
Vested programs
In 2025, the Performance Share Plan 2022\u20132024 ended with the targets achieved by 85.4%,
and after deduction for the applicable taxes, a total of 328,765 shares were delivered to the
89 participants. From the Restricted Share Pool 2022\u20132024, after deductions for applicable
taxes as the last installment of three, in total 106,949 shares were delivered to the 64
participants. From the Restricted Share Pool 2023\u20132025, after deductions for applicable taxes
as the second installment of three, in total 35,997 shares were delivered to the 52
participants. From the Restricted Share Pool 2024\u20132026, after deductions for applicable taxes
as the first installment of three, in total 72,493 shares were delivered to the 72 participants.
Shares were delivered in February 2025, and Outokumpu used its treasury shares for the
reward payments.
Share-based payment opportunity
Maximum number of shares Dec 31, 2025
2026
2027
2028
Total
PSP 2023-2025
2,022,450
\u2014
\u2014
2,022,450
RSP 2023-2025
51,102
\u2014
\u2014
51,102
2,073,552
\u2014
\u2014
2,073,552
PSP 2024-2026
\u2014
2,532,750
\u2014
2,532,750
RSP 2024-2026
161,083
141,084
\u2014
302,167
161,083
2,673,834
\u2014
2,834,917
PSP 2025-2027
\u2014
\u2014
3,520,050
3,520,050
RSP 2025-2027
74,201
74,201
84,198
232,600
74,201
74,201
3,604,248
3,752,650
Total
2,308,836
2,748,035
3,604,248
8,661,119
The general terms and conditions of the outstanding share-based incentive programs
Performance Share plan
PSP 2023-2025
PSP 2024-2026
PSP 2025-2027
Grant date
March 10, 2023
March 11, 2024
March 21, 2025
Vesting period
Jan 1, 2023-Mar 31, 2026
Jan 1, 2024-Mar 31, 2027
Jan 1, 2025-Mar 31, 2028
Number of participants
164
185
192
Share price at grant date, \u20ac
5.68
3.83
3.78
Exercised
In shares and cash in 2026
In shares and cash in 2027
In shares and cash in 2028
Vesting conditions
Non-market
Return on capital employed (80%), CO2 emissions
per ton of crude steel produced (20%)
Return on capital employed (80%), CO2 emissions
per ton of crude steel produced (20%)
Return on capital employed (80%), CO2 emissions
per ton of crude steel produced (20%)
Other relevant conditions
Continuation of employment until the shares are delivered, a salary based limit for the maximum benefits
Restricted Share Pool Program
RSP 2023-2025
RSP 2024-2026
RSP 2025-2027
Grant date
March 10, 2023
March 11, 2024
March 21, 2025
Vesting period
Jan 1, 2023-Mar 31, 2026
Jan 1, 2024-Mar 31, 2027
Jan 1, 2025-Mar 31, 2028
Number of participants
49
72
59
Share price at grant date, \u20ac
5.68
3.83
3.78
Exercised
In shares and cash in 3 installments in 2024, 2025
and 2026
In shares and cash in 3 installments in 2025, 2026
and 2027
In shares and cash, either in full in 2028 or in 3
installments in 2026, 2027 and 2028
Vesting conditions
Continuation of employment until the shares are delivered, a salary-based limit for the maximum benefits
Detailed information of the share-based incentive programs can be found in Outokumpu\u2019s home page www.outokumpu.com.
Management judgments
\"image.png\"
In valuing the share-based payment plans, the management estimates the likelihood of
achieving the non-market performance criteria and the number of participants remaining in the
plan when the vesting period ends.
The evaluation of the likelihood of achieving the non-market performance criteria uses
mainly external financial forecasts but also internal forecasts are used. The number of
participants remaining in plans at the end of the vesting period is estimated based on historical
forfeit ratios of similar plans. Also potential impacts from restructuring activities carried out in
the Group are considered in the estimate.
Accounting principles
\"image.png\"
The share-based payments are settled net of tax withholding, and they are accounted as fully
equity-settled. The expense of the programs recognized over vesting periods is based on the
grant date fair value and is reported as employee benefit expenses within the administrative
expenses in profit or loss.
Applicable statistical models are used in valuation, and the valuation is revised at the end of
each reporting period based on the likelihood of achieving the non-market performance criteria
and the estimated retention rate of the participants.
The salary-based maximum limits for the pay-outs have been taken into account in the
valuation of the benefits.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-494": { "value": "
3.1 Employee benefit expenses
\u20ac million
2025
2024
Wages and salaries
-557
-547
Termination benefits
-60
-4
Social security costs
-99
-97
Post-employment and other long-term employee benefits
Defined benefit plans
-4
-3
Defined contribution plans
-52
-50
Other long-term employee benefits
-6
-7
Share-based payments
-1
-2
Other employee benefit expenses
-3
-4
Total
-782
-714
Total employee benefit
expenses EUR
-782 million
Number of personnel
at the end of period (FTE)
8,251
Employee benefit expenses, \u20ac million
\"178\"
Personnel on December 31, FTE
\"210\"
Outokumpu has redefined personnel, full time equivalent (FTE) measure in year 2024. FTE is excluding
interim workforce as of year 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-496": { "value": "
3.2 Employee benefits for key management
\u20ac thousands
2025
2024
Short-term employee benefits
4,624
4,677
Post-employment benefits 1)
669
614
Share-based payments
331
506
Remuneration to the Board of Directors
888
948
6,512
6,745
1) Contains only supplementary pensions.
Key management includes nine (nine) positions in the Outokumpu Leadership Team and eight
(seven) members of the parent company Outokumpu Corporation\u2019s Board of Directors. On
December 31, 2025, President and CEO, CFO, Presidents of the core business areas and
business lines, Chief Technology Officer and Executive Vice President, General Counsel are part
of the Outokumpu Leadership Team. The position of Executive Vice President, People,
Sustainability & Corporate Relations remains vacant until end of January 2026.
At the end of March 2025, Niklas Wass, President Business Line Stainless Europe, left
Outokumpu. His successor Matthieu Jehl started in August. Johann Steiner, Executive Vice
President, Sustainability, Strategy and People, moved to a new assignment in October. He
replaced Tamara Weinert in the role of President, Business Area Americas. Johann Steiner\u2019s
previous role was adapted to Executive Vice President, People, Sustainability & Corporate
Relations and organized with interim arrangements until the start of the appointed successor
Anouk de Graaf in February 2026.
Key management shareholdings can be found in the Corporate Governance statement.
Employee benefits for the CEO
Recognized in profit or loss
Remuneration paid
\u20ac thousands
2025
2024
2025
2024
Salaries and short-term benefits
930
964
930
964
Short-term incentives
200
106
\u2014
622
Post-employment benefits
322
330
322
330
Share-based payments
249
35
225
507
1,701
1,435
1,477
2,423
The CEO participates in the Finnish TyEL pension system. The post-employment benefits consist of the
statutory pension and the supplementary pension.
Remuneration paid to Board of Directors
\u20ac thousands
2025
2024
Chairman Kari Jordan
202
203
Vice Chairman Jyrki M\u00e4ki-Kala
114
113
Vice Chairman Kati ter Horst, until September 30, 2024
\u2014
121
Member Hilde Merete Aasheim, as of April 3, 2025
95
\u2014
Member Heinz J\u00f6rg Fuhrmann
97
104
Member Olavi Huhtala, as of April 3, 2025
87
\u2014
Member P\u00e4ivi Luostarinen
91
92
Member Karl-Petter S\u00f6derstr\u00f6m
91
92
Member Pierre Vareille, until April 3, 2025
8
107
Member Julia Woodhouse
105
117
Total
888
948
Remuneration of the CEO
The remuneration of the CEO consists of a base salary, benefits and an annually determined
short-term incentive plan. In addition, the CEO participates in long-term incentives comprising
performance share plans launched on a yearly basis.
In 2025, the CEO\u2019s short-term incentive earning opportunity stayed unchanged at 50% of the
annual gross base salary on a target level and 100% on a maximum level. Kati ter Horst did not
receive a short-term incentive for 2024 results. She was paid a sign-on bonus in 2024.
In 2025, the long-term incentive target and maximum levels remained at 50% and respectively
75% of the annual base salary at time of grant. The CEO did not receive a share reward based
on the performance from 2022 to 2024. In 2025, she was delivered 50,000 restricted shares
(gross) and an additional 100,000 shares are to be delivered in 2026 and 2027, recognizing
lost incentives from her previous assignment. Long-term incentive will not be paid to the CEO
for the performance cycle 2023 to 2025.\u00a0
The members of Outokumpu\u2019s Leadership Team, including the CEO, are expected to own
Outokumpu shares they receive in the company\u2019s share-based incentive programs
corresponding to at least the value of their annual gross base salary. Half of the net shares
received from the share-based incentive programs must be used to fulfil that ownership
recommendation.
The service contract of the CEO is valid until further notice. The notice period is 9 months for
Kati ter Horst. For the company, the notice period is 6 months, and the severance payment in
such a case is 12 months. Kati ter Horst\u2019s retirement age is 65 years. Besides the
supplementary pension, she participates in the Finnish statutory pension system.
Remuneration of the Board of Directors
Outokumpu\u2019s Annual General Meeting approved the annual remuneration to the members of the
Board of Directors. 40% of the annual fee was paid in the company\u2019s own shares using treasury
shares, unless a Board member already owned shares for a value exceeding the annual
remuneration and choose to increase their cash portion. The annual fee is paid once a year,
and in addition to the annual remuneration, all the members of the Board of Directors are paid
a fee for each meeting they attend. The members of the Board are not entitled to any other
share-based rewards. The Board members are not eligible for any pension schemes.
Accounting principles
\"image.png\"
Employee benefits for the key management include the benefits to each Leadership Team or
Board of Directors member for the time they hold these positions.
Employee benefits are presented based on expenses recognized in profit or loss during the
year on accrual basis except for the CEO whose remuneration is presented also based on paid
benefits during the year. The remuneration to Board of Directors is also presented on paid
basis.
Short-term incentives are recognized to profit or loss during the period they relate to whereas
bonuses are typically paid out during the following financial year. Expenses on share-based
payments are recognized to profit or loss at the share price on the grant date of the benefit and
over the period when the benefit is earned. Share-based benefits are reported as paid when
delivered and at the share price on the delivery date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-497": { "value": "
Accounting principles
\"image.png\"
Employee benefits for the key management include the benefits to each Leadership Team or
Board of Directors member for the time they hold these positions.
Employee benefits are presented based on expenses recognized in profit or loss during the
year on accrual basis except for the CEO whose remuneration is presented also based on paid
benefits during the year. The remuneration to Board of Directors is also presented on paid
basis.
Short-term incentives are recognized to profit or loss during the period they relate to whereas
bonuses are typically paid out during the following financial year. Expenses on share-based
payments are recognized to profit or loss at the share price on the grant date of the benefit and
over the period when the benefit is earned. Share-based benefits are reported as paid when
delivered and at the share price on the delivery date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-498": { "value": "
3.4 Share-based payments
Share-based programs are part of the Group\u2019s incentive and commitment-building system for
key employees. The objectives are to align the interests between key employees and
shareholders, promote shareholder value creation and the achievement of long-term strategic
targets.
Outokumpu operates two share-based programs. The Performance Share Plan (PSP) includes an
earning criterion and is part of the regular compensation of top executives, with a maximum
number of participants of 200. The Restricted Share Pool (RSP) does not have any specific
earning criterion and it is used for a limited number of employees, for key recruitments,
exceptional performance, high potential, retention needs and other individual specific
situations.
For the financial year 2025, the share-based payment expenses included in the employee
benefit expenses were EUR 1 million (2024: EUR 2 million). The total estimated value of the
share-based payment plans is EUR 4 million on December 31, 2025 (2024: EUR 7 million). This
value is recognized as an expense in the statement of income during the vesting periods.
Outstanding programs
During 2025, Outokumpu's share-based payment programs include Performance Share Plan
(periods 2023\u20132025, 2024\u20132026 and 2025\u20132027) and Restricted Share Pool (periods 2023\u2013
2025, 2024\u20132026 and 2025\u20132027).
In December 2025, the Board of Directors has approved the commencement of Outokumpu\u2019s
share-based programs, Performance Share Plan and Restricted Share Pool, for the period
2026\u20132028. The plans commence at the beginning of 2026.
Vested programs
In 2025, the Performance Share Plan 2022\u20132024 ended with the targets achieved by 85.4%,
and after deduction for the applicable taxes, a total of 328,765 shares were delivered to the
89 participants. From the Restricted Share Pool 2022\u20132024, after deductions for applicable
taxes as the last installment of three, in total 106,949 shares were delivered to the 64
participants. From the Restricted Share Pool 2023\u20132025, after deductions for applicable taxes
as the second installment of three, in total 35,997 shares were delivered to the 52
participants. From the Restricted Share Pool 2024\u20132026, after deductions for applicable taxes
as the first installment of three, in total 72,493 shares were delivered to the 72 participants.
Shares were delivered in February 2025, and Outokumpu used its treasury shares for the
reward payments.
Share-based payment opportunity
Maximum number of shares Dec 31, 2025
2026
2027
2028
Total
PSP 2023-2025
2,022,450
\u2014
\u2014
2,022,450
RSP 2023-2025
51,102
\u2014
\u2014
51,102
2,073,552
\u2014
\u2014
2,073,552
PSP 2024-2026
\u2014
2,532,750
\u2014
2,532,750
RSP 2024-2026
161,083
141,084
\u2014
302,167
161,083
2,673,834
\u2014
2,834,917
PSP 2025-2027
\u2014
\u2014
3,520,050
3,520,050
RSP 2025-2027
74,201
74,201
84,198
232,600
74,201
74,201
3,604,248
3,752,650
Total
2,308,836
2,748,035
3,604,248
8,661,119
The general terms and conditions of the outstanding share-based incentive programs
Performance Share plan
PSP 2023-2025
PSP 2024-2026
PSP 2025-2027
Grant date
March 10, 2023
March 11, 2024
March 21, 2025
Vesting period
Jan 1, 2023-Mar 31, 2026
Jan 1, 2024-Mar 31, 2027
Jan 1, 2025-Mar 31, 2028
Number of participants
164
185
192
Share price at grant date, \u20ac
5.68
3.83
3.78
Exercised
In shares and cash in 2026
In shares and cash in 2027
In shares and cash in 2028
Vesting conditions
Non-market
Return on capital employed (80%), CO2 emissions
per ton of crude steel produced (20%)
Return on capital employed (80%), CO2 emissions
per ton of crude steel produced (20%)
Return on capital employed (80%), CO2 emissions
per ton of crude steel produced (20%)
Other relevant conditions
Continuation of employment until the shares are delivered, a salary based limit for the maximum benefits
Restricted Share Pool Program
RSP 2023-2025
RSP 2024-2026
RSP 2025-2027
Grant date
March 10, 2023
March 11, 2024
March 21, 2025
Vesting period
Jan 1, 2023-Mar 31, 2026
Jan 1, 2024-Mar 31, 2027
Jan 1, 2025-Mar 31, 2028
Number of participants
49
72
59
Share price at grant date, \u20ac
5.68
3.83
3.78
Exercised
In shares and cash in 3 installments in 2024, 2025
and 2026
In shares and cash in 3 installments in 2025, 2026
and 2027
In shares and cash, either in full in 2028 or in 3
installments in 2026, 2027 and 2028
Vesting conditions
Continuation of employment until the shares are delivered, a salary-based limit for the maximum benefits
Detailed information of the share-based incentive programs can be found in Outokumpu\u2019s home page www.outokumpu.com.
Management judgments
\"image.png\"
In valuing the share-based payment plans, the management estimates the likelihood of
achieving the non-market performance criteria and the number of participants remaining in the
plan when the vesting period ends.
The evaluation of the likelihood of achieving the non-market performance criteria uses
mainly external financial forecasts but also internal forecasts are used. The number of
participants remaining in plans at the end of the vesting period is estimated based on historical
forfeit ratios of similar plans. Also potential impacts from restructuring activities carried out in
the Group are considered in the estimate.
Accounting principles
\"image.png\"
The share-based payments are settled net of tax withholding, and they are accounted as fully
equity-settled. The expense of the programs recognized over vesting periods is based on the
grant date fair value and is reported as employee benefit expenses within the administrative
expenses in profit or loss.
Applicable statistical models are used in valuation, and the valuation is revised at the end of
each reporting period based on the likelihood of achieving the non-market performance criteria
and the estimated retention rate of the participants.
The salary-based maximum limits for the pay-outs have been taken into account in the
valuation of the benefits.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-499": { "value": "
Accounting principles
\"image.png\"
The share-based payments are settled net of tax withholding, and they are accounted as fully
equity-settled. The expense of the programs recognized over vesting periods is based on the
grant date fair value and is reported as employee benefit expenses within the administrative
expenses in profit or loss.
Applicable statistical models are used in valuation, and the valuation is revised at the end of
each reporting period based on the likelihood of achieving the non-market performance criteria
and the estimated retention rate of the participants.
The salary-based maximum limits for the pay-outs have been taken into account in the
valuation of the benefits.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-503": { "value": "
4.1 Intangible assets and property, plant and equipment
Intangible assets
2025
\u20ac million
Goodwill
Other
intangible
assets
Total
Historical cost on Jan 1, 2025
473
370
843
Translation differences
-1
-1
-1
Additions
\u2014
17
17
Disposals
\u2014
-79
-79
Reclassifications
\u2014
-11
-11
Historical cost on Dec 31, 2025
473
296
769
Accumulated amortization and impairment on Jan 1, 2025
-16
-247
-263
Translation differences
1
0
1
Amortization
\u2014
-14
-14
Disposals
\u2014
69
69
Reclassifications
\u2014
11
11
Accumulated amortization and impairment on Dec, 31, 2025
-16
-180
-196
Carrying value on Dec 31, 2025
457
116
573
Carrying value on Jan 1, 2025
457
123
580
In 2025, additions to the other intangible assets are mainly related to the ERP implementation
project. Disposals include IT system disposals and the sale of emission allowances.
Capital expenditure, \u20ac million
\"250\"
Inventories, \u20ac million
\"276\"
Return on capital employed, %
\"309\"
Emission allowances
Outokumpu had the following active sites operating under EU\u2019s Emissions Trading Scheme (EU
ETS) in 2025: production plants in Tornio, Finland; Avesta, Degerfors and Nyby in Sweden; as
well as Krefeld together with Dillenburg in Germany. All Outokumpu sites met the compliance
requirements on time in 2025.
The pre-verified carbon dioxide emissions under EU ETS were approximately 0.9 million tonnes
in 2025 (2024: 0.8 million tonnes). For its 2025 emission allowance delivery, Outokumpu will
use allowances received for free and allowances acquired from the market in prior years. The
cost of usage has been recognized as other operating expenses. During 2025, Outokumpu
Corporation sold externally 150,000 tons of emission allowances with selling value of EUR 13
million. During 2025, Outokumpu did not buy externally emission allowances (2024: 173,861
tons with purchase value of EUR 10 million)
The Group\u2019s emission position is composed of realized and forecasted carbon emissions netted
against confirmed and forecasted emission allowances granted by governments. All relevant
Outokumpu sites applied for free emission allowances for Phase IV trading period according to
the efficiency-based benchmarks and historical activity. The allocations for the second part of
the trading period (2026-2030) are currently pending for approval by EU Commission. The pre-
verified number of free allowances combined with the allowances held from prior period are
adequate to cover the forecasted needs of EU emission allowances for the rest of the trading
Phase IV (2021\u20132030).
The emission allowance price risk is presented in note 5.3 under Energy price risk.
2024
\u20ac million
Goodwill
Other
intangible
assets
Total
Historical cost on Jan 1, 2024
472
332
804
Translation differences
1
0
1
Additions
\u2014
39
39
Disposals
\u2014
-3
-3
Reclassifications
\u2014
2
2
Historical cost on Dec 31, 2024
473
370
843
Accumulated amortization and impairment on Jan 1, 2024
-15
-234
-249
Translation differences
-1
0
-1
Amortization
\u2014
-14
-14
Disposals
\u2014
1
1
Reclassifications
\u2014
-1
-1
Accumulated amortization and impairment on Dec, 31, 2024
-16
-247
-263
Carrying value on Dec 31, 2024
457
123
580
Carrying value on Jan 1, 2024
457
98
556
In 2024, additions to other intangible assets are mainly related to ERP implementation project
and purchases of emission allowances.
Property, plant and equipment
2025
\u20ac million
Land
Mine properties
Buildings
Machinery and
equipment
Other tangible assets
Advances paid and
construction work in
progress
Group
Historical cost on Jan 1, 2025
70
326
1,261
4,296
137
256
6,345
Translation differences
-2
\u2014
-20
-76
1
-4
-101
Additions
\u2014
1
0
9
4
120
134
Disposals
0
\u2014
-1
-62
-4
0
-68
Reclassifications
0
36
-11
71
28
-115
9
Other
0
\u2014
0
0
\u2014
0
0
Historical cost on Dec 31, 2025
67
363
1,230
4,237
165
257
6,320
Accumulated depreciation and impairment on Jan 1, 2025
-6
-73
-908
-3,325
-98
\u2014
-4,410
Translation differences
0
\u2014
12
51
-1
\u2014
62
Disposals
\u2014
\u2014
1
59
4
\u2014
63
Depreciation
\u2014
-11
-35
-110
-5
\u2014
-161
Impairments
\u2014
\u2014
\u2014
-7
\u2014
\u2014
-7
Reclassifications
0
\u2014
-4
21
-25
\u2014
-8
Other
\u2014
\u2014
0
0
0
\u2014
0
Accumulated depreciation and impairment on Dec 31, 2025
-6
-84
-934
-3,312
-124
\u2014
-4,461
Carrying value on Dec 31, 2025
61
279
296
925
41
257
1,859
Carrying value on Jan 1, 2025
63
253
353
971
39
256
1,935
Reclassifications include transfers from advances paid and construction work in progress to other asset classes as well as transfers between other assets classes.
Cash flow item Purchases of property, plant and equipment includes grants received amounting to EUR 9 million.
2024
\u20ac million
Land
Mine properties
Buildings
Machinery and
equipment
Other tangible assets
Advances paid and
construction work in
progress
Group
Historical cost on Jan 1, 2024
70
307
1,228
4,240
131
174
6,150
Translation differences
1
\u2014
10
37
0
3
51
Additions
\u2014
0
1
9
1
172
184
Disposals
-1
\u2014
-2
-39
-1
0
-43
Reclassifications
-1
19
23
48
7
-93
3
Other
\u2014
\u2014
0
0
0
0
0
Historical cost on Dec 31, 2024
70
326
1,261
4,296
137
256
6,345
Accumulated depreciation and impairment on Jan 1, 2024
-7
-56
-847
-3,246
-88
\u2014
-4,244
Translation differences
0
\u2014
-6
-25
0
\u2014
-30
Disposals
\u2014
\u2014
1
35
1
\u2014
37
Depreciation
\u2014
-17
-40
-105
-6
\u2014
-168
Impairments
\u2014
\u2014
0
0
\u2014
\u2014
0
Reclassifications
1
\u2014
-16
17
-6
\u2014
-4
Other
\u2014
\u2014
0
0
0
\u2014
0
Accumulated depreciation and impairment on Dec 31, 2024
-6
-73
-908
-3,325
-98
\u2014
-4,410
Carrying value on Dec 31, 2024
63
253
353
971
39
256
1,935
Carrying value on Jan 1, 2024
63
251
381
994
43
174
1,905
Reclassifications include transfers from advances paid and construction work in progress to other asset classes as well as transfers between historical cost and accumulated depreciation and impairment.
Intangible assets and property, plant and equipment by geographical region
\u20ac million
2025
2024
Finland
1,544
1,563
Other Europe
515
518
North America
366
426
APAC region
6
8
Other countries
0
0
2,432
2,515
Capitalized interest expenses
There were no capitalization of borrowing costs on investment projects during 2025 nor in
comparison year. Total capitalized interests on December 31, 2025 were EUR 21 million (Dec
31, 2024: EUR 22 million).
Management judgments
\"image.png\"
Management estimates relating to useful lives and recoverable amounts affect significantly the
intangible asset and property, plant and equipment values in the consolidated statement of
financial position, and different assumptions and assigned lives could have a material impact
on the reported amounts.
Carrying amounts of intangible asset and property, plant and equipment items are regularly
reviewed for any indication of impairment. If any such indication emerges, the asset\u2019s
recoverable amount is assessed, which requires estimation of future cash flows attributable to
the asset and related valuation parameters.
Indications for changes in useful lives are reviewed annually, and if changes to previous
estimates are identified, the useful lives are revised accordingly. If an impairment loss is
recognized, the estimated useful life of the asset is also reassessed.
Accounting principles
\"image.png\"
Intangible assets other than goodwill include capitalized development costs, patents, licenses
and software. These assets comprise mainly acquired assets that typically have definite useful
lives. An intangible asset is recognized if it is probable that the asset will generate future
economic benefits to the Group and the cost of the asset can be measured reliably.
Property, plant and equipment consist mainly of facilities, machinery and equipment used in
stainless steel and ferrochrome production.
Intangible assets and property, plant and equipment are recognized initially at cost. Cost
comprises of the asset\u2019s purchase price and all costs directly attributable to bringing the asset
ready for its intended use. Government grants received for investment purposes are deducted
from the asset\u2019s cost. Intangible assets and property, plant and equipment acquired in a
business combination are measured at fair value at the acquisition date.
Borrowing costs (mainly interest costs) directly attributable to the acquisition of an asset are
capitalized in the statement of financial position as part of the asset\u2019s carrying amount, when it
takes a substantial period of time to get the asset ready for its intended use.
After initial recognition, intangible assets and property, plant and equipment are measured
at cost less accumulated amortization, depreciation and impairment losses. Intangible assets
and property, plant and equipment, other than land and mine properties, are amortized or
depreciated on a straight-line basis over their expected useful lives. Assets tied to a certain
fixed period are amortized over the contract term.
Amortization of intangible assets is based on the following estimated useful lives:
Softwareup to 10 years
Capitalized development costs up to 10 years
Intangible rightsup to 20 years
Depreciation of property, plant and equipment items is based on the following estimated useful
lives:
Buildings25\u201340 years
Heavy machinery15\u201330 years
Light machinery and equipment\u00a0 3\u201315 years
Self-owned land is not depreciated, as the useful life of land is assumed to be indefinite.
Mine properties include preparatory work to utilize an ore body or a portion thereof, such as
shafts, ramps, ventilation and other infrastructure necessary for mining operations. Mine
properties are depreciated using the units-of-production method, which allocates the
depreciable amount based on the extraction of proven and probable ore reserves over their
estimated useful lives. Reserve estimates are reviewed annually, and depreciation rates are
adjusted prospectively to reflect changes in expected production or reserve quantities.
Other tangible assets include items such as land improvements, asset retirement obligations
related to landfill areas and infrastructure within the facilities, such as roads and railroads.
Recognition of amortization or depreciation on an asset is ceased when the item is classified
as held for sale.
If indication regarding an impairment of an asset is identified, the asset\u2019s recoverable
amount is estimated as the higher of the fair value less costs to sell or the value in use. If the
carrying amount of an asset exceeds its recoverable amount, an impairment loss is recognized.
A previously recognized impairment loss is reversed if there is a change in the recoverable
amount. However, the reversal must not result in a higher carrying amount than what it would
have been if no prior impairment loss had been recognized. Impairment losses are presented as
other operating expenses in the consolidated statement of income.
Gains or losses on disposals of property, plant and equipment or intangible assets are
determined as the difference between the net proceeds received and the carrying amount of
the asset. These gains or losses are presented in other operating income or expenses.
Goodwill
Goodwill arises from business combinations and is recognized at the acquisition date
at the amount excess of the consideration transferred over the fair value of the identifiable
assets acquired, liabilities assumed and any non-controlling interest and any previously held
equity interests in the acquiree. Goodwill is not amortized but tested for impairment. Goodwill is
measured at cost less accumulated impairment losses. Impairment losses on goodwill cannot
be subsequently reversed.
See note 4.3 for goodwill impairment testing.
4.3 Goodwill impairment test
Goodwill by operating segment
Goodwill
\u20ac million
2025
2024
Europe
343
343
Ferrochrome
114
114
Total
457
457
Assumptions by operating segment
Europe
Ferrochrome
2025
Weighted average cost of capital (WACC), pre-tax, %
9.9
10.0
Weighted average cost of capital (WACC), after-tax, %
7.9
8.1
Terminal growth rate, %
0.5
0.5
2024
Weighted average cost of capital (WACC), pre-tax, %
9.1
9.1
Weighted average cost of capital (WACC), after-tax, %
7.1
7.4
Terminal growth rate, %
0.5
0.5
Test results and sensitivities by operating segment
2025
Europe
Ferrochrome
Headroom, \u20ac million
685
122
After-tax WACC increase leading to impairment, %-points
2.6
1.2
EBITDA decrease leading to impairment, %
22
10
Terminal growth rate of zero leading to impairment
No
No
Headroom is the amount by which the recoverable amount determined based on the value-in-use analysis
exceeds the segment\u2019s operating capital amount as at the impairment testing date.
Goodwill impairment testing
In 2025 and 2024, as a result of the impairment testing performed to Group\u2019s cash-generating
units, no goodwill impairment losses were recognized. Goodwill impairment testing is carried out
on an operating segment level, as they correspond to the Group\u2019s cash-generating units (CGUs)
and the goodwill allocation level.
The recoverable amounts of the cash-generating units are based on value-in-use calculations
that are prepared using discounted cash flow projections. These long-term projections are
based on the Group\u2019s strategy approved by the Board of Directors and Outokumpu Leadership
team. The estimates include cash flow forecasts for the period 2026\u20132030 after which the
terminal value is calculated. The carrying amount to which the recoverable amount is compared,
is the operating capital of the segment.
The value-in-use calculation is highly sensitive to changes in key assumptions such as
estimated delivery volumes and estimated sales prices contributing to EBITDA estimates, as
well as discount rate.
Management judgments
\"image.png\"
Key assumptions of the value-in-use calculations include the discount rate, sales prices,
delivery volumes and the terminal value growth rate. Assumptions also include estimates on
capital expenditure development including decarbonization related investments, and impacts
related to on-going EVOLVE-strategy-implementation related initiatives.
Cash flow forecasts are discounted using the pre-tax weighted-average cost of capital
(WACC) as defined for Outokumpu. The components of WACC are the risk-free rate,
Outokumpu\u2019s credit margin, the equity market risk premium, the equity beta for a peer group,
and the industry's median capital structure.
In general, management believes that the assumptions used in the value-in-use calculations
are conservative based on the current economic circumstances. Growth rates assumed for
stainless steel deliveries are generally lower than independent analysts\u2019 view on long-term
market development.
Accounting principles
\"image.png\"
Goodwill is allocated to and tested for impairment on operating segment level, which
corresponds to the Group\u2019s cash-generating units (CGUs), and the lowest level goodwill is
monitored. Impairment test is carried out on an annual basis, or more frequently if indication of
goodwill impairment exists.
In goodwill impairment testing, the recoverable amounts are based on value in use
determined by discounted future net cash flows expected to be generated by the cash-
generating unit. The discount rate used is a pre-tax rate that reflects the current market view on
the time value of money and the CGU-specific risks.
An impairment loss is the amount by which the carrying amount of the segment\u2019s assets
exceeds its recoverable amount. Impairment losses are recognized first on goodwill and after
that on other intangible and tangible assets on a pro-rata basis. In the consolidated statement
of income impairments are presented in other operating expenses. Impairment losses related to
goodwill cannot be subsequently reversed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-502": { "value": "
4.1 Intangible assets and property, plant and equipment
Intangible assets
2025
\u20ac million
Goodwill
Other
intangible
assets
Total
Historical cost on Jan 1, 2025
473
370
843
Translation differences
-1
-1
-1
Additions
\u2014
17
17
Disposals
\u2014
-79
-79
Reclassifications
\u2014
-11
-11
Historical cost on Dec 31, 2025
473
296
769
Accumulated amortization and impairment on Jan 1, 2025
-16
-247
-263
Translation differences
1
0
1
Amortization
\u2014
-14
-14
Disposals
\u2014
69
69
Reclassifications
\u2014
11
11
Accumulated amortization and impairment on Dec, 31, 2025
-16
-180
-196
Carrying value on Dec 31, 2025
457
116
573
Carrying value on Jan 1, 2025
457
123
580
In 2025, additions to the other intangible assets are mainly related to the ERP implementation
project. Disposals include IT system disposals and the sale of emission allowances.
Capital expenditure, \u20ac million
\"250\"
Inventories, \u20ac million
\"276\"
Return on capital employed, %
\"309\"
Emission allowances
Outokumpu had the following active sites operating under EU\u2019s Emissions Trading Scheme (EU
ETS) in 2025: production plants in Tornio, Finland; Avesta, Degerfors and Nyby in Sweden; as
well as Krefeld together with Dillenburg in Germany. All Outokumpu sites met the compliance
requirements on time in 2025.
The pre-verified carbon dioxide emissions under EU ETS were approximately 0.9 million tonnes
in 2025 (2024: 0.8 million tonnes). For its 2025 emission allowance delivery, Outokumpu will
use allowances received for free and allowances acquired from the market in prior years. The
cost of usage has been recognized as other operating expenses. During 2025, Outokumpu
Corporation sold externally 150,000 tons of emission allowances with selling value of EUR 13
million. During 2025, Outokumpu did not buy externally emission allowances (2024: 173,861
tons with purchase value of EUR 10 million)
The Group\u2019s emission position is composed of realized and forecasted carbon emissions netted
against confirmed and forecasted emission allowances granted by governments. All relevant
Outokumpu sites applied for free emission allowances for Phase IV trading period according to
the efficiency-based benchmarks and historical activity. The allocations for the second part of
the trading period (2026-2030) are currently pending for approval by EU Commission. The pre-
verified number of free allowances combined with the allowances held from prior period are
adequate to cover the forecasted needs of EU emission allowances for the rest of the trading
Phase IV (2021\u20132030).
The emission allowance price risk is presented in note 5.3 under Energy price risk.
2024
\u20ac million
Goodwill
Other
intangible
assets
Total
Historical cost on Jan 1, 2024
472
332
804
Translation differences
1
0
1
Additions
\u2014
39
39
Disposals
\u2014
-3
-3
Reclassifications
\u2014
2
2
Historical cost on Dec 31, 2024
473
370
843
Accumulated amortization and impairment on Jan 1, 2024
-15
-234
-249
Translation differences
-1
0
-1
Amortization
\u2014
-14
-14
Disposals
\u2014
1
1
Reclassifications
\u2014
-1
-1
Accumulated amortization and impairment on Dec, 31, 2024
-16
-247
-263
Carrying value on Dec 31, 2024
457
123
580
Carrying value on Jan 1, 2024
457
98
556
In 2024, additions to other intangible assets are mainly related to ERP implementation project
and purchases of emission allowances.
Intangible assets and property, plant and equipment by geographical region
\u20ac million
2025
2024
Finland
1,544
1,563
Other Europe
515
518
North America
366
426
APAC region
6
8
Other countries
0
0
2,432
2,515
Capitalized interest expenses
There were no capitalization of borrowing costs on investment projects during 2025 nor in
comparison year. Total capitalized interests on December 31, 2025 were EUR 21 million (Dec
31, 2024: EUR 22 million).
Management judgments
\"image.png\"
Management estimates relating to useful lives and recoverable amounts affect significantly the
intangible asset and property, plant and equipment values in the consolidated statement of
financial position, and different assumptions and assigned lives could have a material impact
on the reported amounts.
Carrying amounts of intangible asset and property, plant and equipment items are regularly
reviewed for any indication of impairment. If any such indication emerges, the asset\u2019s
recoverable amount is assessed, which requires estimation of future cash flows attributable to
the asset and related valuation parameters.
Indications for changes in useful lives are reviewed annually, and if changes to previous
estimates are identified, the useful lives are revised accordingly. If an impairment loss is
recognized, the estimated useful life of the asset is also reassessed.
Accounting principles
\"image.png\"
Intangible assets other than goodwill include capitalized development costs, patents, licenses
and software. These assets comprise mainly acquired assets that typically have definite useful
lives. An intangible asset is recognized if it is probable that the asset will generate future
economic benefits to the Group and the cost of the asset can be measured reliably.
Property, plant and equipment consist mainly of facilities, machinery and equipment used in
stainless steel and ferrochrome production.
Intangible assets and property, plant and equipment are recognized initially at cost. Cost
comprises of the asset\u2019s purchase price and all costs directly attributable to bringing the asset
ready for its intended use. Government grants received for investment purposes are deducted
from the asset\u2019s cost. Intangible assets and property, plant and equipment acquired in a
business combination are measured at fair value at the acquisition date.
Borrowing costs (mainly interest costs) directly attributable to the acquisition of an asset are
capitalized in the statement of financial position as part of the asset\u2019s carrying amount, when it
takes a substantial period of time to get the asset ready for its intended use.
After initial recognition, intangible assets and property, plant and equipment are measured
at cost less accumulated amortization, depreciation and impairment losses. Intangible assets
and property, plant and equipment, other than land and mine properties, are amortized or
depreciated on a straight-line basis over their expected useful lives. Assets tied to a certain
fixed period are amortized over the contract term.
Amortization of intangible assets is based on the following estimated useful lives:
Softwareup to 10 years
Capitalized development costs up to 10 years
Intangible rightsup to 20 years
If indication regarding an impairment of an asset is identified, the asset\u2019s recoverable
amount is estimated as the higher of the fair value less costs to sell or the value in use. If the
carrying amount of an asset exceeds its recoverable amount, an impairment loss is recognized.
A previously recognized impairment loss is reversed if there is a change in the recoverable
amount. However, the reversal must not result in a higher carrying amount than what it would
have been if no prior impairment loss had been recognized. Impairment losses are presented as
other operating expenses in the consolidated statement of income.
Gains or losses on disposals of property, plant and equipment or intangible assets are
determined as the difference between the net proceeds received and the carrying amount of
the asset. These gains or losses are presented in other operating income or expenses.
Goodwill
Goodwill arises from business combinations and is recognized at the acquisition date
at the amount excess of the consideration transferred over the fair value of the identifiable
assets acquired, liabilities assumed and any non-controlling interest and any previously held
equity interests in the acquiree. Goodwill is not amortized but tested for impairment. Goodwill is
measured at cost less accumulated impairment losses. Impairment losses on goodwill cannot
be subsequently reversed.
See note 4.3 for goodwill impairment testing.
Emission allowances
Emission allowances are reported as other intangible assets. They are measured at cost and
initially recognized when control is obtained. Allowances received free of charge are recognized
at nominal value, i.e. at zero carrying amount. Emission allowances are derecognized against
the actual emissions, or when the emission allowances are sold.
Emission allowance expense is recognized when emission allowances received free of charge
do not cover the annual emissions for the difference based on the cost of the purchased
allowances. In case the Group does not hold sufficient allowances to cover the actual
emissions, a provision regarding the obligation to return the emission allowances is recognized
at fair value at the end of the reporting period. The expenses are presented as other operating
expenses. Gains from the sale of emission allowances are recognized as other operating
income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-500": { "value": "
4.1 Intangible assets and property, plant and equipment
Intangible assets
2025
\u20ac million
Goodwill
Other
intangible
assets
Total
Historical cost on Jan 1, 2025
473
370
843
Translation differences
-1
-1
-1
Additions
\u2014
17
17
Disposals
\u2014
-79
-79
Reclassifications
\u2014
-11
-11
Historical cost on Dec 31, 2025
473
296
769
Accumulated amortization and impairment on Jan 1, 2025
-16
-247
-263
Translation differences
1
0
1
Amortization
\u2014
-14
-14
Disposals
\u2014
69
69
Reclassifications
\u2014
11
11
Accumulated amortization and impairment on Dec, 31, 2025
-16
-180
-196
Carrying value on Dec 31, 2025
457
116
573
Carrying value on Jan 1, 2025
457
123
580
In 2025, additions to the other intangible assets are mainly related to the ERP implementation
project. Disposals include IT system disposals and the sale of emission allowances.
Capital expenditure, \u20ac million
\"250\"
Inventories, \u20ac million
\"276\"
Return on capital employed, %
\"309\"
Emission allowances
Outokumpu had the following active sites operating under EU\u2019s Emissions Trading Scheme (EU
ETS) in 2025: production plants in Tornio, Finland; Avesta, Degerfors and Nyby in Sweden; as
well as Krefeld together with Dillenburg in Germany. All Outokumpu sites met the compliance
requirements on time in 2025.
The pre-verified carbon dioxide emissions under EU ETS were approximately 0.9 million tonnes
in 2025 (2024: 0.8 million tonnes). For its 2025 emission allowance delivery, Outokumpu will
use allowances received for free and allowances acquired from the market in prior years. The
cost of usage has been recognized as other operating expenses. During 2025, Outokumpu
Corporation sold externally 150,000 tons of emission allowances with selling value of EUR 13
million. During 2025, Outokumpu did not buy externally emission allowances (2024: 173,861
tons with purchase value of EUR 10 million)
The Group\u2019s emission position is composed of realized and forecasted carbon emissions netted
against confirmed and forecasted emission allowances granted by governments. All relevant
Outokumpu sites applied for free emission allowances for Phase IV trading period according to
the efficiency-based benchmarks and historical activity. The allocations for the second part of
the trading period (2026-2030) are currently pending for approval by EU Commission. The pre-
verified number of free allowances combined with the allowances held from prior period are
adequate to cover the forecasted needs of EU emission allowances for the rest of the trading
Phase IV (2021\u20132030).
The emission allowance price risk is presented in note 5.3 under Energy price risk.
2024
\u20ac million
Goodwill
Other
intangible
assets
Total
Historical cost on Jan 1, 2024
472
332
804
Translation differences
1
0
1
Additions
\u2014
39
39
Disposals
\u2014
-3
-3
Reclassifications
\u2014
2
2
Historical cost on Dec 31, 2024
473
370
843
Accumulated amortization and impairment on Jan 1, 2024
-15
-234
-249
Translation differences
-1
0
-1
Amortization
\u2014
-14
-14
Disposals
\u2014
1
1
Reclassifications
\u2014
-1
-1
Accumulated amortization and impairment on Dec, 31, 2024
-16
-247
-263
Carrying value on Dec 31, 2024
457
123
580
Carrying value on Jan 1, 2024
457
98
556
In 2024, additions to other intangible assets are mainly related to ERP implementation project
and purchases of emission allowances.
Intangible assets and property, plant and equipment by geographical region
\u20ac million
2025
2024
Finland
1,544
1,563
Other Europe
515
518
North America
366
426
APAC region
6
8
Other countries
0
0
2,432
2,515
Capitalized interest expenses
There were no capitalization of borrowing costs on investment projects during 2025 nor in
comparison year. Total capitalized interests on December 31, 2025 were EUR 21 million (Dec
31, 2024: EUR 22 million).
Management judgments
\"image.png\"
Management estimates relating to useful lives and recoverable amounts affect significantly the
intangible asset and property, plant and equipment values in the consolidated statement of
financial position, and different assumptions and assigned lives could have a material impact
on the reported amounts.
Carrying amounts of intangible asset and property, plant and equipment items are regularly
reviewed for any indication of impairment. If any such indication emerges, the asset\u2019s
recoverable amount is assessed, which requires estimation of future cash flows attributable to
the asset and related valuation parameters.
Indications for changes in useful lives are reviewed annually, and if changes to previous
estimates are identified, the useful lives are revised accordingly. If an impairment loss is
recognized, the estimated useful life of the asset is also reassessed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-501": { "value": "
4.1 Intangible assets and property, plant and equipment
Intangible assets
2025
\u20ac million
Goodwill
Other
intangible
assets
Total
Historical cost on Jan 1, 2025
473
370
843
Translation differences
-1
-1
-1
Additions
\u2014
17
17
Disposals
\u2014
-79
-79
Reclassifications
\u2014
-11
-11
Historical cost on Dec 31, 2025
473
296
769
Accumulated amortization and impairment on Jan 1, 2025
-16
-247
-263
Translation differences
1
0
1
Amortization
\u2014
-14
-14
Disposals
\u2014
69
69
Reclassifications
\u2014
11
11
Accumulated amortization and impairment on Dec, 31, 2025
-16
-180
-196
Carrying value on Dec 31, 2025
457
116
573
Carrying value on Jan 1, 2025
457
123
580
2024
\u20ac million
Goodwill
Other
intangible
assets
Total
Historical cost on Jan 1, 2024
472
332
804
Translation differences
1
0
1
Additions
\u2014
39
39
Disposals
\u2014
-3
-3
Reclassifications
\u2014
2
2
Historical cost on Dec 31, 2024
473
370
843
Accumulated amortization and impairment on Jan 1, 2024
-15
-234
-249
Translation differences
-1
0
-1
Amortization
\u2014
-14
-14
Disposals
\u2014
1
1
Reclassifications
\u2014
-1
-1
Accumulated amortization and impairment on Dec, 31, 2024
-16
-247
-263
Carrying value on Dec 31, 2024
457
123
580
Carrying value on Jan 1, 2024
457
98
556
In 2024, additions to other intangible assets are mainly related to ERP implementation project
and purchases of emission allowances.
Goodwill
Goodwill arises from business combinations and is recognized at the acquisition date
at the amount excess of the consideration transferred over the fair value of the identifiable
assets acquired, liabilities assumed and any non-controlling interest and any previously held
equity interests in the acquiree. Goodwill is not amortized but tested for impairment. Goodwill is
measured at cost less accumulated impairment losses. Impairment losses on goodwill cannot
be subsequently reversed.
See note 4.3 for goodwill impairment testing.
4.3 Goodwill impairment test
Goodwill by operating segment
Goodwill
\u20ac million
2025
2024
Europe
343
343
Ferrochrome
114
114
Total
457
457
Assumptions by operating segment
Europe
Ferrochrome
2025
Weighted average cost of capital (WACC), pre-tax, %
9.9
10.0
Weighted average cost of capital (WACC), after-tax, %
7.9
8.1
Terminal growth rate, %
0.5
0.5
2024
Weighted average cost of capital (WACC), pre-tax, %
9.1
9.1
Weighted average cost of capital (WACC), after-tax, %
7.1
7.4
Terminal growth rate, %
0.5
0.5
Test results and sensitivities by operating segment
2025
Europe
Ferrochrome
Headroom, \u20ac million
685
122
After-tax WACC increase leading to impairment, %-points
2.6
1.2
EBITDA decrease leading to impairment, %
22
10
Terminal growth rate of zero leading to impairment
No
No
Headroom is the amount by which the recoverable amount determined based on the value-in-use analysis
exceeds the segment\u2019s operating capital amount as at the impairment testing date.
Goodwill impairment testing
In 2025 and 2024, as a result of the impairment testing performed to Group\u2019s cash-generating
units, no goodwill impairment losses were recognized. Goodwill impairment testing is carried out
on an operating segment level, as they correspond to the Group\u2019s cash-generating units (CGUs)
and the goodwill allocation level.
The recoverable amounts of the cash-generating units are based on value-in-use calculations
that are prepared using discounted cash flow projections. These long-term projections are
based on the Group\u2019s strategy approved by the Board of Directors and Outokumpu Leadership
team. The estimates include cash flow forecasts for the period 2026\u20132030 after which the
terminal value is calculated. The carrying amount to which the recoverable amount is compared,
is the operating capital of the segment.
The value-in-use calculation is highly sensitive to changes in key assumptions such as
estimated delivery volumes and estimated sales prices contributing to EBITDA estimates, as
well as discount rate.
Management judgments
\"image.png\"
Key assumptions of the value-in-use calculations include the discount rate, sales prices,
delivery volumes and the terminal value growth rate. Assumptions also include estimates on
capital expenditure development including decarbonization related investments, and impacts
related to on-going EVOLVE-strategy-implementation related initiatives.
Cash flow forecasts are discounted using the pre-tax weighted-average cost of capital
(WACC) as defined for Outokumpu. The components of WACC are the risk-free rate,
Outokumpu\u2019s credit margin, the equity market risk premium, the equity beta for a peer group,
and the industry's median capital structure.
In general, management believes that the assumptions used in the value-in-use calculations
are conservative based on the current economic circumstances. Growth rates assumed for
stainless steel deliveries are generally lower than independent analysts\u2019 view on long-term
market development.
Accounting principles
\"image.png\"
Goodwill is allocated to and tested for impairment on operating segment level, which
corresponds to the Group\u2019s cash-generating units (CGUs), and the lowest level goodwill is
monitored. Impairment test is carried out on an annual basis, or more frequently if indication of
goodwill impairment exists.
In goodwill impairment testing, the recoverable amounts are based on value in use
determined by discounted future net cash flows expected to be generated by the cash-
generating unit. The discount rate used is a pre-tax rate that reflects the current market view on
the time value of money and the CGU-specific risks.
An impairment loss is the amount by which the carrying amount of the segment\u2019s assets
exceeds its recoverable amount. Impairment losses are recognized first on goodwill and after
that on other intangible and tangible assets on a pro-rata basis. In the consolidated statement
of income impairments are presented in other operating expenses. Impairment losses related to
goodwill cannot be subsequently reversed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-504": { "value": "
Property, plant and equipment
2025
\u20ac million
Land
Mine properties
Buildings
Machinery and
equipment
Other tangible assets
Advances paid and
construction work in
progress
Group
Historical cost on Jan 1, 2025
70
326
1,261
4,296
137
256
6,345
Translation differences
-2
\u2014
-20
-76
1
-4
-101
Additions
\u2014
1
0
9
4
120
134
Disposals
0
\u2014
-1
-62
-4
0
-68
Reclassifications
0
36
-11
71
28
-115
9
Other
0
\u2014
0
0
\u2014
0
0
Historical cost on Dec 31, 2025
67
363
1,230
4,237
165
257
6,320
Accumulated depreciation and impairment on Jan 1, 2025
-6
-73
-908
-3,325
-98
\u2014
-4,410
Translation differences
0
\u2014
12
51
-1
\u2014
62
Disposals
\u2014
\u2014
1
59
4
\u2014
63
Depreciation
\u2014
-11
-35
-110
-5
\u2014
-161
Impairments
\u2014
\u2014
\u2014
-7
\u2014
\u2014
-7
Reclassifications
0
\u2014
-4
21
-25
\u2014
-8
Other
\u2014
\u2014
0
0
0
\u2014
0
Accumulated depreciation and impairment on Dec 31, 2025
-6
-84
-934
-3,312
-124
\u2014
-4,461
Carrying value on Dec 31, 2025
61
279
296
925
41
257
1,859
Carrying value on Jan 1, 2025
63
253
353
971
39
256
1,935
Reclassifications include transfers from advances paid and construction work in progress to other asset classes as well as transfers between other assets classes.
Cash flow item Purchases of property, plant and equipment includes grants received amounting to EUR 9 million.
2024
\u20ac million
Land
Mine properties
Buildings
Machinery and
equipment
Other tangible assets
Advances paid and
construction work in
progress
Group
Historical cost on Jan 1, 2024
70
307
1,228
4,240
131
174
6,150
Translation differences
1
\u2014
10
37
0
3
51
Additions
\u2014
0
1
9
1
172
184
Disposals
-1
\u2014
-2
-39
-1
0
-43
Reclassifications
-1
19
23
48
7
-93
3
Other
\u2014
\u2014
0
0
0
0
0
Historical cost on Dec 31, 2024
70
326
1,261
4,296
137
256
6,345
Accumulated depreciation and impairment on Jan 1, 2024
-7
-56
-847
-3,246
-88
\u2014
-4,244
Translation differences
0
\u2014
-6
-25
0
\u2014
-30
Disposals
\u2014
\u2014
1
35
1
\u2014
37
Depreciation
\u2014
-17
-40
-105
-6
\u2014
-168
Impairments
\u2014
\u2014
0
0
\u2014
\u2014
0
Reclassifications
1
\u2014
-16
17
-6
\u2014
-4
Other
\u2014
\u2014
0
0
0
\u2014
0
Accumulated depreciation and impairment on Dec 31, 2024
-6
-73
-908
-3,325
-98
\u2014
-4,410
Carrying value on Dec 31, 2024
63
253
353
971
39
256
1,935
Carrying value on Jan 1, 2024
63
251
381
994
43
174
1,905
Reclassifications include transfers from advances paid and construction work in progress to other asset classes as well as transfers between historical cost and accumulated depreciation and impairment.
Intangible assets and property, plant and equipment by geographical region
\u20ac million
2025
2024
Finland
1,544
1,563
Other Europe
515
518
North America
366
426
APAC region
6
8
Other countries
0
0
2,432
2,515
Capitalized interest expenses
There were no capitalization of borrowing costs on investment projects during 2025 nor in
comparison year. Total capitalized interests on December 31, 2025 were EUR 21 million (Dec
31, 2024: EUR 22 million).
Management judgments
\"image.png\"
Management estimates relating to useful lives and recoverable amounts affect significantly the
intangible asset and property, plant and equipment values in the consolidated statement of
financial position, and different assumptions and assigned lives could have a material impact
on the reported amounts.
Carrying amounts of intangible asset and property, plant and equipment items are regularly
reviewed for any indication of impairment. If any such indication emerges, the asset\u2019s
recoverable amount is assessed, which requires estimation of future cash flows attributable to
the asset and related valuation parameters.
Indications for changes in useful lives are reviewed annually, and if changes to previous
estimates are identified, the useful lives are revised accordingly. If an impairment loss is
recognized, the estimated useful life of the asset is also reassessed.
Accounting principles
\"image.png\"
Intangible assets other than goodwill include capitalized development costs, patents, licenses
and software. These assets comprise mainly acquired assets that typically have definite useful
lives. An intangible asset is recognized if it is probable that the asset will generate future
economic benefits to the Group and the cost of the asset can be measured reliably.
Property, plant and equipment consist mainly of facilities, machinery and equipment used in
stainless steel and ferrochrome production.
Intangible assets and property, plant and equipment are recognized initially at cost. Cost
comprises of the asset\u2019s purchase price and all costs directly attributable to bringing the asset
ready for its intended use. Government grants received for investment purposes are deducted
from the asset\u2019s cost. Intangible assets and property, plant and equipment acquired in a
business combination are measured at fair value at the acquisition date.
Borrowing costs (mainly interest costs) directly attributable to the acquisition of an asset are
capitalized in the statement of financial position as part of the asset\u2019s carrying amount, when it
takes a substantial period of time to get the asset ready for its intended use.
After initial recognition, intangible assets and property, plant and equipment are measured
at cost less accumulated amortization, depreciation and impairment losses. Intangible assets
and property, plant and equipment, other than land and mine properties, are amortized or
depreciated on a straight-line basis over their expected useful lives. Assets tied to a certain
fixed period are amortized over the contract term.
Amortization of intangible assets is based on the following estimated useful lives:
Softwareup to 10 years
Capitalized development costs up to 10 years
Intangible rightsup to 20 years
Depreciation of property, plant and equipment items is based on the following estimated useful
lives:
Buildings25\u201340 years
Heavy machinery15\u201330 years
Light machinery and equipment\u00a0 3\u201315 years
Self-owned land is not depreciated, as the useful life of land is assumed to be indefinite.
Mine properties include preparatory work to utilize an ore body or a portion thereof, such as
shafts, ramps, ventilation and other infrastructure necessary for mining operations. Mine
properties are depreciated using the units-of-production method, which allocates the
depreciable amount based on the extraction of proven and probable ore reserves over their
estimated useful lives. Reserve estimates are reviewed annually, and depreciation rates are
adjusted prospectively to reflect changes in expected production or reserve quantities.
Other tangible assets include items such as land improvements, asset retirement obligations
related to landfill areas and infrastructure within the facilities, such as roads and railroads.
Recognition of amortization or depreciation on an asset is ceased when the item is classified
as held for sale.
If indication regarding an impairment of an asset is identified, the asset\u2019s recoverable
amount is estimated as the higher of the fair value less costs to sell or the value in use. If the
carrying amount of an asset exceeds its recoverable amount, an impairment loss is recognized.
A previously recognized impairment loss is reversed if there is a change in the recoverable
amount. However, the reversal must not result in a higher carrying amount than what it would
have been if no prior impairment loss had been recognized. Impairment losses are presented as
other operating expenses in the consolidated statement of income.
Gains or losses on disposals of property, plant and equipment or intangible assets are
determined as the difference between the net proceeds received and the carrying amount of
the asset. These gains or losses are presented in other operating income or expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-506": { "value": "
Accounting principles
\"image.png\"
Intangible assets other than goodwill include capitalized development costs, patents, licenses
and software. These assets comprise mainly acquired assets that typically have definite useful
lives. An intangible asset is recognized if it is probable that the asset will generate future
economic benefits to the Group and the cost of the asset can be measured reliably.
Property, plant and equipment consist mainly of facilities, machinery and equipment used in
stainless steel and ferrochrome production.
Intangible assets and property, plant and equipment are recognized initially at cost. Cost
comprises of the asset\u2019s purchase price and all costs directly attributable to bringing the asset
ready for its intended use. Government grants received for investment purposes are deducted
from the asset\u2019s cost. Intangible assets and property, plant and equipment acquired in a
business combination are measured at fair value at the acquisition date.
Borrowing costs (mainly interest costs) directly attributable to the acquisition of an asset are
capitalized in the statement of financial position as part of the asset\u2019s carrying amount, when it
takes a substantial period of time to get the asset ready for its intended use.
After initial recognition, intangible assets and property, plant and equipment are measured
at cost less accumulated amortization, depreciation and impairment losses. Intangible assets
and property, plant and equipment, other than land and mine properties, are amortized or
depreciated on a straight-line basis over their expected useful lives. Assets tied to a certain
fixed period are amortized over the contract term.
Amortization of intangible assets is based on the following estimated useful lives:
Softwareup to 10 years
Capitalized development costs up to 10 years
Intangible rightsup to 20 years
Depreciation of property, plant and equipment items is based on the following estimated useful
lives:
Buildings25\u201340 years
Heavy machinery15\u201330 years
Light machinery and equipment\u00a0 3\u201315 years
Self-owned land is not depreciated, as the useful life of land is assumed to be indefinite.
Mine properties include preparatory work to utilize an ore body or a portion thereof, such as
shafts, ramps, ventilation and other infrastructure necessary for mining operations. Mine
properties are depreciated using the units-of-production method, which allocates the
depreciable amount based on the extraction of proven and probable ore reserves over their
estimated useful lives. Reserve estimates are reviewed annually, and depreciation rates are
adjusted prospectively to reflect changes in expected production or reserve quantities.
Other tangible assets include items such as land improvements, asset retirement obligations
related to landfill areas and infrastructure within the facilities, such as roads and railroads.
Recognition of amortization or depreciation on an asset is ceased when the item is classified
as held for sale.
If indication regarding an impairment of an asset is identified, the asset\u2019s recoverable
amount is estimated as the higher of the fair value less costs to sell or the value in use. If the
carrying amount of an asset exceeds its recoverable amount, an impairment loss is recognized.
A previously recognized impairment loss is reversed if there is a change in the recoverable
amount. However, the reversal must not result in a higher carrying amount than what it would
have been if no prior impairment loss had been recognized. Impairment losses are presented as
other operating expenses in the consolidated statement of income.
Gains or losses on disposals of property, plant and equipment or intangible assets are
determined as the difference between the net proceeds received and the carrying amount of
the asset. These gains or losses are presented in other operating income or expenses.
Goodwill
Goodwill arises from business combinations and is recognized at the acquisition date
at the amount excess of the consideration transferred over the fair value of the identifiable
assets acquired, liabilities assumed and any non-controlling interest and any previously held
equity interests in the acquiree. Goodwill is not amortized but tested for impairment. Goodwill is
measured at cost less accumulated impairment losses. Impairment losses on goodwill cannot
be subsequently reversed.
See note 4.3 for goodwill impairment testing.
Emission allowances
Emission allowances are reported as other intangible assets. They are measured at cost and
initially recognized when control is obtained. Allowances received free of charge are recognized
at nominal value, i.e. at zero carrying amount. Emission allowances are derecognized against
the actual emissions, or when the emission allowances are sold.
Emission allowance expense is recognized when emission allowances received free of charge
do not cover the annual emissions for the difference based on the cost of the purchased
allowances. In case the Group does not hold sufficient allowances to cover the actual
emissions, a provision regarding the obligation to return the emission allowances is recognized
at fair value at the end of the reporting period. The expenses are presented as other operating
expenses. Gains from the sale of emission allowances are recognized as other operating
income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-505": { "value": "
Accounting principles
\"image.png\"
Intangible assets other than goodwill include capitalized development costs, patents, licenses
and software. These assets comprise mainly acquired assets that typically have definite useful
lives. An intangible asset is recognized if it is probable that the asset will generate future
economic benefits to the Group and the cost of the asset can be measured reliably.
Property, plant and equipment consist mainly of facilities, machinery and equipment used in
stainless steel and ferrochrome production.
Intangible assets and property, plant and equipment are recognized initially at cost. Cost
comprises of the asset\u2019s purchase price and all costs directly attributable to bringing the asset
ready for its intended use. Government grants received for investment purposes are deducted
from the asset\u2019s cost. Intangible assets and property, plant and equipment acquired in a
business combination are measured at fair value at the acquisition date.
Borrowing costs (mainly interest costs) directly attributable to the acquisition of an asset are
capitalized in the statement of financial position as part of the asset\u2019s carrying amount, when it
takes a substantial period of time to get the asset ready for its intended use.
After initial recognition, intangible assets and property, plant and equipment are measured
at cost less accumulated amortization, depreciation and impairment losses. Intangible assets
and property, plant and equipment, other than land and mine properties, are amortized or
depreciated on a straight-line basis over their expected useful lives. Assets tied to a certain
fixed period are amortized over the contract term.
Amortization of intangible assets is based on the following estimated useful lives:
Softwareup to 10 years
Capitalized development costs up to 10 years
Intangible rightsup to 20 years
Depreciation of property, plant and equipment items is based on the following estimated useful
lives:
Buildings25\u201340 years
Heavy machinery15\u201330 years
Light machinery and equipment\u00a0 3\u201315 years
Self-owned land is not depreciated, as the useful life of land is assumed to be indefinite.
Mine properties include preparatory work to utilize an ore body or a portion thereof, such as
shafts, ramps, ventilation and other infrastructure necessary for mining operations. Mine
properties are depreciated using the units-of-production method, which allocates the
depreciable amount based on the extraction of proven and probable ore reserves over their
estimated useful lives. Reserve estimates are reviewed annually, and depreciation rates are
adjusted prospectively to reflect changes in expected production or reserve quantities.
Other tangible assets include items such as land improvements, asset retirement obligations
related to landfill areas and infrastructure within the facilities, such as roads and railroads.
Recognition of amortization or depreciation on an asset is ceased when the item is classified
as held for sale.
If indication regarding an impairment of an asset is identified, the asset\u2019s recoverable
amount is estimated as the higher of the fair value less costs to sell or the value in use. If the
carrying amount of an asset exceeds its recoverable amount, an impairment loss is recognized.
A previously recognized impairment loss is reversed if there is a change in the recoverable
amount. However, the reversal must not result in a higher carrying amount than what it would
have been if no prior impairment loss had been recognized. Impairment losses are presented as
other operating expenses in the consolidated statement of income.
Gains or losses on disposals of property, plant and equipment or intangible assets are
determined as the difference between the net proceeds received and the carrying amount of
the asset. These gains or losses are presented in other operating income or expenses.
Goodwill
Goodwill arises from business combinations and is recognized at the acquisition date
at the amount excess of the consideration transferred over the fair value of the identifiable
assets acquired, liabilities assumed and any non-controlling interest and any previously held
equity interests in the acquiree. Goodwill is not amortized but tested for impairment. Goodwill is
measured at cost less accumulated impairment losses. Impairment losses on goodwill cannot
be subsequently reversed.
See note 4.3 for goodwill impairment testing.
Emission allowances
Emission allowances are reported as other intangible assets. They are measured at cost and
initially recognized when control is obtained. Allowances received free of charge are recognized
at nominal value, i.e. at zero carrying amount. Emission allowances are derecognized against
the actual emissions, or when the emission allowances are sold.
Emission allowance expense is recognized when emission allowances received free of charge
do not cover the annual emissions for the difference based on the cost of the purchased
allowances. In case the Group does not hold sufficient allowances to cover the actual
emissions, a provision regarding the obligation to return the emission allowances is recognized
at fair value at the end of the reporting period. The expenses are presented as other operating
expenses. Gains from the sale of emission allowances are recognized as other operating
income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-509": { "value": "
Accounting principles
\"image.png\"
Intangible assets other than goodwill include capitalized development costs, patents, licenses
and software. These assets comprise mainly acquired assets that typically have definite useful
lives. An intangible asset is recognized if it is probable that the asset will generate future
economic benefits to the Group and the cost of the asset can be measured reliably.
Property, plant and equipment consist mainly of facilities, machinery and equipment used in
stainless steel and ferrochrome production.
Intangible assets and property, plant and equipment are recognized initially at cost. Cost
comprises of the asset\u2019s purchase price and all costs directly attributable to bringing the asset
ready for its intended use. Government grants received for investment purposes are deducted
from the asset\u2019s cost. Intangible assets and property, plant and equipment acquired in a
business combination are measured at fair value at the acquisition date.
Borrowing costs (mainly interest costs) directly attributable to the acquisition of an asset are
capitalized in the statement of financial position as part of the asset\u2019s carrying amount, when it
takes a substantial period of time to get the asset ready for its intended use.
After initial recognition, intangible assets and property, plant and equipment are measured
at cost less accumulated amortization, depreciation and impairment losses. Intangible assets
and property, plant and equipment, other than land and mine properties, are amortized or
depreciated on a straight-line basis over their expected useful lives. Assets tied to a certain
fixed period are amortized over the contract term.
Amortization of intangible assets is based on the following estimated useful lives:
Softwareup to 10 years
Capitalized development costs up to 10 years
Intangible rightsup to 20 years
Depreciation of property, plant and equipment items is based on the following estimated useful
lives:
Buildings25\u201340 years
Heavy machinery15\u201330 years
Light machinery and equipment\u00a0 3\u201315 years
Self-owned land is not depreciated, as the useful life of land is assumed to be indefinite.
Mine properties include preparatory work to utilize an ore body or a portion thereof, such as
shafts, ramps, ventilation and other infrastructure necessary for mining operations. Mine
properties are depreciated using the units-of-production method, which allocates the
depreciable amount based on the extraction of proven and probable ore reserves over their
estimated useful lives. Reserve estimates are reviewed annually, and depreciation rates are
adjusted prospectively to reflect changes in expected production or reserve quantities.
Other tangible assets include items such as land improvements, asset retirement obligations
related to landfill areas and infrastructure within the facilities, such as roads and railroads.
Recognition of amortization or depreciation on an asset is ceased when the item is classified
as held for sale.
If indication regarding an impairment of an asset is identified, the asset\u2019s recoverable
amount is estimated as the higher of the fair value less costs to sell or the value in use. If the
carrying amount of an asset exceeds its recoverable amount, an impairment loss is recognized.
A previously recognized impairment loss is reversed if there is a change in the recoverable
amount. However, the reversal must not result in a higher carrying amount than what it would
have been if no prior impairment loss had been recognized. Impairment losses are presented as
other operating expenses in the consolidated statement of income.
Gains or losses on disposals of property, plant and equipment or intangible assets are
determined as the difference between the net proceeds received and the carrying amount of
the asset. These gains or losses are presented in other operating income or expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-508": { "value": "
Accounting principles
\"image.png\"
Intangible assets other than goodwill include capitalized development costs, patents, licenses
and software. These assets comprise mainly acquired assets that typically have definite useful
lives. An intangible asset is recognized if it is probable that the asset will generate future
economic benefits to the Group and the cost of the asset can be measured reliably.
Property, plant and equipment consist mainly of facilities, machinery and equipment used in
stainless steel and ferrochrome production.
Intangible assets and property, plant and equipment are recognized initially at cost. Cost
comprises of the asset\u2019s purchase price and all costs directly attributable to bringing the asset
ready for its intended use. Government grants received for investment purposes are deducted
from the asset\u2019s cost. Intangible assets and property, plant and equipment acquired in a
business combination are measured at fair value at the acquisition date.
Borrowing costs (mainly interest costs) directly attributable to the acquisition of an asset are
capitalized in the statement of financial position as part of the asset\u2019s carrying amount, when it
takes a substantial period of time to get the asset ready for its intended use.
After initial recognition, intangible assets and property, plant and equipment are measured
at cost less accumulated amortization, depreciation and impairment losses. Intangible assets
and property, plant and equipment, other than land and mine properties, are amortized or
depreciated on a straight-line basis over their expected useful lives. Assets tied to a certain
fixed period are amortized over the contract term.
Amortization of intangible assets is based on the following estimated useful lives:
Softwareup to 10 years
Capitalized development costs up to 10 years
Intangible rightsup to 20 years
Depreciation of property, plant and equipment items is based on the following estimated useful
lives:
Buildings25\u201340 years
Heavy machinery15\u201330 years
Light machinery and equipment\u00a0 3\u201315 years
Self-owned land is not depreciated, as the useful life of land is assumed to be indefinite.
Mine properties include preparatory work to utilize an ore body or a portion thereof, such as
shafts, ramps, ventilation and other infrastructure necessary for mining operations. Mine
properties are depreciated using the units-of-production method, which allocates the
depreciable amount based on the extraction of proven and probable ore reserves over their
estimated useful lives. Reserve estimates are reviewed annually, and depreciation rates are
adjusted prospectively to reflect changes in expected production or reserve quantities.
Other tangible assets include items such as land improvements, asset retirement obligations
related to landfill areas and infrastructure within the facilities, such as roads and railroads.
Recognition of amortization or depreciation on an asset is ceased when the item is classified
as held for sale.
If indication regarding an impairment of an asset is identified, the asset\u2019s recoverable
amount is estimated as the higher of the fair value less costs to sell or the value in use. If the
carrying amount of an asset exceeds its recoverable amount, an impairment loss is recognized.
A previously recognized impairment loss is reversed if there is a change in the recoverable
amount. However, the reversal must not result in a higher carrying amount than what it would
have been if no prior impairment loss had been recognized. Impairment losses are presented as
other operating expenses in the consolidated statement of income.
Gains or losses on disposals of property, plant and equipment or intangible assets are
determined as the difference between the net proceeds received and the carrying amount of
the asset. These gains or losses are presented in other operating income or expenses.
Goodwill
Goodwill arises from business combinations and is recognized at the acquisition date
at the amount excess of the consideration transferred over the fair value of the identifiable
assets acquired, liabilities assumed and any non-controlling interest and any previously held
equity interests in the acquiree. Goodwill is not amortized but tested for impairment. Goodwill is
measured at cost less accumulated impairment losses. Impairment losses on goodwill cannot
be subsequently reversed.
See note 4.3 for goodwill impairment testing.
Accounting principles
\"image.png\"
Goodwill is allocated to and tested for impairment on operating segment level, which
corresponds to the Group\u2019s cash-generating units (CGUs), and the lowest level goodwill is
monitored. Impairment test is carried out on an annual basis, or more frequently if indication of
goodwill impairment exists.
In goodwill impairment testing, the recoverable amounts are based on value in use
determined by discounted future net cash flows expected to be generated by the cash-
generating unit. The discount rate used is a pre-tax rate that reflects the current market view on
the time value of money and the CGU-specific risks.
An impairment loss is the amount by which the carrying amount of the segment\u2019s assets
exceeds its recoverable amount. Impairment losses are recognized first on goodwill and after
that on other intangible and tangible assets on a pro-rata basis. In the consolidated statement
of income impairments are presented in other operating expenses. Impairment losses related to
goodwill cannot be subsequently reversed.
Accounting principles
\"image.png\"
Trade and other receivables and payables include financial assets or liabilities measured at
amortized cost. After initial recognition, they are measured at amortized cost by using the
effective interest rate method. Trade and other receivables are valued net of accumulated
impairments.
Factored trade receivables
Factored trade receivables have been derecognized from the statement of financial position
when the related risks and rewards of ownership have materially been transferred to the
counterparty of the factoring transaction.
Expected credit losses
Outokumpu applies a simplified model in assessing and recognizing loss allowance for expected
credit losses on trade receivables. The calculation model is based on overdue statistics and
counterparty-specific credit ratings linked with loss probabilities for each rating. Loss
allowances are recognized in selling and marketing expenses in the consolidated statement of
income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-507": { "value": "
Accounting principles
\"image.png\"
Intangible assets other than goodwill include capitalized development costs, patents, licenses
and software. These assets comprise mainly acquired assets that typically have definite useful
lives. An intangible asset is recognized if it is probable that the asset will generate future
economic benefits to the Group and the cost of the asset can be measured reliably.
Property, plant and equipment consist mainly of facilities, machinery and equipment used in
stainless steel and ferrochrome production.
Intangible assets and property, plant and equipment are recognized initially at cost. Cost
comprises of the asset\u2019s purchase price and all costs directly attributable to bringing the asset
ready for its intended use. Government grants received for investment purposes are deducted
from the asset\u2019s cost. Intangible assets and property, plant and equipment acquired in a
business combination are measured at fair value at the acquisition date.
Borrowing costs (mainly interest costs) directly attributable to the acquisition of an asset are
capitalized in the statement of financial position as part of the asset\u2019s carrying amount, when it
takes a substantial period of time to get the asset ready for its intended use.
After initial recognition, intangible assets and property, plant and equipment are measured
at cost less accumulated amortization, depreciation and impairment losses. Intangible assets
and property, plant and equipment, other than land and mine properties, are amortized or
depreciated on a straight-line basis over their expected useful lives. Assets tied to a certain
fixed period are amortized over the contract term.
Amortization of intangible assets is based on the following estimated useful lives:
Softwareup to 10 years
Capitalized development costs up to 10 years
Intangible rightsup to 20 years
Depreciation of property, plant and equipment items is based on the following estimated useful
lives:
Buildings25\u201340 years
Heavy machinery15\u201330 years
Light machinery and equipment\u00a0 3\u201315 years
Self-owned land is not depreciated, as the useful life of land is assumed to be indefinite.
Mine properties include preparatory work to utilize an ore body or a portion thereof, such as
shafts, ramps, ventilation and other infrastructure necessary for mining operations. Mine
properties are depreciated using the units-of-production method, which allocates the
depreciable amount based on the extraction of proven and probable ore reserves over their
estimated useful lives. Reserve estimates are reviewed annually, and depreciation rates are
adjusted prospectively to reflect changes in expected production or reserve quantities.
Other tangible assets include items such as land improvements, asset retirement obligations
related to landfill areas and infrastructure within the facilities, such as roads and railroads.
Recognition of amortization or depreciation on an asset is ceased when the item is classified
as held for sale.
If indication regarding an impairment of an asset is identified, the asset\u2019s recoverable
amount is estimated as the higher of the fair value less costs to sell or the value in use. If the
carrying amount of an asset exceeds its recoverable amount, an impairment loss is recognized.
A previously recognized impairment loss is reversed if there is a change in the recoverable
amount. However, the reversal must not result in a higher carrying amount than what it would
have been if no prior impairment loss had been recognized. Impairment losses are presented as
other operating expenses in the consolidated statement of income.
Gains or losses on disposals of property, plant and equipment or intangible assets are
determined as the difference between the net proceeds received and the carrying amount of
the asset. These gains or losses are presented in other operating income or expenses.
Goodwill
Goodwill arises from business combinations and is recognized at the acquisition date
at the amount excess of the consideration transferred over the fair value of the identifiable
assets acquired, liabilities assumed and any non-controlling interest and any previously held
equity interests in the acquiree. Goodwill is not amortized but tested for impairment. Goodwill is
measured at cost less accumulated impairment losses. Impairment losses on goodwill cannot
be subsequently reversed.
See note 4.3 for goodwill impairment testing.
Accounting principles
\"image.png\"
Goodwill is allocated to and tested for impairment on operating segment level, which
corresponds to the Group\u2019s cash-generating units (CGUs), and the lowest level goodwill is
monitored. Impairment test is carried out on an annual basis, or more frequently if indication of
goodwill impairment exists.
In goodwill impairment testing, the recoverable amounts are based on value in use
determined by discounted future net cash flows expected to be generated by the cash-
generating unit. The discount rate used is a pre-tax rate that reflects the current market view on
the time value of money and the CGU-specific risks.
An impairment loss is the amount by which the carrying amount of the segment\u2019s assets
exceeds its recoverable amount. Impairment losses are recognized first on goodwill and after
that on other intangible and tangible assets on a pro-rata basis. In the consolidated statement
of income impairments are presented in other operating expenses. Impairment losses related to
goodwill cannot be subsequently reversed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-510": { "value": "
Borrowing costs (mainly interest costs) directly attributable to the acquisition of an asset are
capitalized in the statement of financial position as part of the asset\u2019s carrying amount, when it
takes a substantial period of time to get the asset ready for its intended use.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-512": { "value": "
Goodwill
Goodwill arises from business combinations and is recognized at the acquisition date
at the amount excess of the consideration transferred over the fair value of the identifiable
assets acquired, liabilities assumed and any non-controlling interest and any previously held
equity interests in the acquiree. Goodwill is not amortized but tested for impairment. Goodwill is
measured at cost less accumulated impairment losses. Impairment losses on goodwill cannot
be subsequently reversed.
See note 4.3 for goodwill impairment testing.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-511": { "value": "
Goodwill
Goodwill arises from business combinations and is recognized at the acquisition date
at the amount excess of the consideration transferred over the fair value of the identifiable
assets acquired, liabilities assumed and any non-controlling interest and any previously held
equity interests in the acquiree. Goodwill is not amortized but tested for impairment. Goodwill is
measured at cost less accumulated impairment losses. Impairment losses on goodwill cannot
be subsequently reversed.
See note 4.3 for goodwill impairment testing.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-513": { "value": "
Emission allowances
Emission allowances are reported as other intangible assets. They are measured at cost and
initially recognized when control is obtained. Allowances received free of charge are recognized
at nominal value, i.e. at zero carrying amount. Emission allowances are derecognized against
the actual emissions, or when the emission allowances are sold.
Emission allowance expense is recognized when emission allowances received free of charge
do not cover the annual emissions for the difference based on the cost of the purchased
allowances. In case the Group does not hold sufficient allowances to cover the actual
emissions, a provision regarding the obligation to return the emission allowances is recognized
at fair value at the end of the reporting period. The expenses are presented as other operating
expenses. Gains from the sale of emission allowances are recognized as other operating
income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmissionRightsExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-514": { "value": "
4.2 Leases
Outokumpu leases land, buildings, and machinery and equipment used in the Group\u2019s
operations. Outokumpu has also entered into service and supply contracts that contain lease
elements. Approximately 70 percent of the Group\u2019s right-of-use assets are linked to an index or
a rate, making the related lease payments variable. The terms of new vehicle leases are
typically 3 to 5 years, and lease terms for other machinery and equipment range up to 15
years. Lease terms for land and buildings can be significantly longer with the remaining terms
for individual contracts on land of approximately 40\u201390 years. Leases for machinery and
equipment include also contracts with variable lease payments based on usage of the
equipment. Machinery and equipment are also hired with daily rates for temporary use, in which
case they are reported as short-term leases. Most of the right-of-use assets are in Finland,
totaling EUR 118 million.
Right-of-use assets
2025
\u20ac million
Land
Buildings
Machinery and
equipment
Advances paid and
other tangible assets
Total
Historical cost on Jan 1, 2025
36
39
223
1
299
Additions
\u2014
9
17
0
26
Reclassifications
\u2014
0
0
\u2014
1
Other changes
0
0
3
0
3
Historical cost on Dec 31, 2025
36
49
243
1
329
Accumulated depreciation and impairment on Jan 1,2025
-6
-24
-89
0
-119
Depreciation and impairments
-1
-4
-36
0
-41
Reclassifications
\u2014
0
0
\u2014
-1
Other changes
0
0
5
0
5
Accumulated depreciation and impairment on Dec 31, 2025
-7
-28
-120
-1
-156
Carrying value on Dec 31, 2025
29
20
123
1
173
Carrying value on Jan 1, 2025
30
15
134
1
179
2024
\u20ac million
Land
Buildings
Machinery and
equipment
Advances paid and
other tangible assets
Total
Historical cost on Jan 1, 2024
36
41
179
1
257
Additions
\u2014
5
51
0
56
Reclassifications
1
1
0
0
1
Other changes
0
-9
-7
-1
-16
Historical cost on Dec 31, 2024
36
39
223
1
299
Accumulated depreciation and impairment on Jan 1, 2024
-5
-30
-75
-1
-110
Depreciation and impairments
-1
3
-33
0
-31
Reclassifications
-1
-1
0
0
-1
Other changes
\u2014
4
19
1
23
Accumulated depreciation and impairment on Dec 31, 2024
-6
-24
-89
0
-119
Carrying value on Dec 31, 2024
30
15
134
1
179
Carrying value on Jan 1, 2024
30
11
104
1
147
In 2024, Outokumpu took into use three cargo vessels leased from Langh Ship. Additions include EUR 39 million related to these contracts.
Lease receivables
\u20ac million
2025
2024
Non-current
5
6
Current
1
1
Total
6
7
Lease liabilities
\u20ac million
2025
2024
Non-current
156
167
Current
43
38
Total
199
206
Maturity analysis of lease liabilities is presented in note 5.1.
Lease expenses
\u20ac million
2025
2024
Depreciation
-41
-38
Impairments and impairment reversals
0
7
Interest expenses
-12
-13
Expenses on short-term and low-value leases
-23
-25
Total
-76
-68
In 2024, the impairment reversal of EUR 7 million is related to a lease contract in Germany.
Lease cash flows
\u20ac million
2025
2024
Repayments
-42
-38
Interest paid
-12
-13
Total
-54
-50
Management judgments
\"image.png\"
Management judgment and estimates relate mainly to incremental borrowing rates of the Group
companies, the probabilities of utilizing extension options in lease contracts and lease terms
applied for contracts that are valid until further notice, which impact the reported amounts of
lease liabilities and right-of-use assets.
The incremental borrowing rates are defined as part of the process to determine interest
rates for intra-group lending, in which Outokumpu defines synthetic ratings for the subsidiaries.
The incremental borrowing rate takes into account the currency, the maturity of the lease
liability, the credit risk of the lessee based on the synthetic rating, and country risk.
The contracts with extension options are reviewed regularly to evaluate the probability of
utilization based on information available.
Contracts that are valid until further notice represent only a small amount of Group\u2019s lease
contracts, as most contracts have a fixed term. The lease terms for the contracts that are valid
until further notice are either defined based on the Group\u2019s mid-term planning cycle of 3 years
or treated as short-term depending of the type of the asset.
The Group applies materiality in defining low-value items for lease accounting purposes.
Accounting principles
\"image.png\"
Group as a lessee
Lease liabilities measured at the present value of future lease payments are recognized to the
statement of financial position. In determining the present value of the lease liabilities, the
fixed and index/rate-based lease payments are discounted with the interest rate implicit to the
lease when available, or with the incremental borrowing rate of the company.\u00a0
Lease payments are divided into interest expense and repayment of the lease liability. Lease
contracts may include options to extend the contract term or purchase the leased asset at the
end of the lease term. Lease term is determined as the non-cancellable period of the lease
taking into consideration the options to extend and terminate if it is reasonably certain that the
Group will exercise the extension option or will not exercise the termination option.
Leased assets are presented in the balance sheet as a separate line item. Right-of-use
assets recognized to the statement of financial position are measured at the amount of lease
liability and lease payments made in advance, less accumulated depreciation and impairments.
Right-of-use assets are depreciated on a straight-line basis over the lease term, or over the
expected useful life of the asset in case the asset will transfer to Outokumpu at the end of the
lease term or it is highly probable that a purchase option will be used.
Lease liabilities are presented as part of non-current and current debt in the consolidated
statement of financial position. Lease liabilities are part of the net debt calculation.
Lease liabilities or right-of-use assets relating to short-term leases, leases of low value items,
or intangible assets are not recognized to the statement of financial position. Instead, related
payments are recognized as expense to the profit or loss.
Sale and lease-back
So-called sale and lease-back transactions by the Group in 2019 or later (i.e. in accordance
with IFRS 16) do not typically meet the IFRS 15 criteria of a sale, as Outokumpu typically
retains the control of the asset. Consequently, they do not meet the criteria of sale and lease-
back, either. The asset remains in Outokumpu\u2019s property, plant and equipment at cost less
accumulated depreciation and impairments. The proceeds of the transaction are recognized as
other loans under non-current or current debt.
Sale and lease-back transactions carried out prior to 2019 have been treated according to
the accounting principles prevailing at the time.
Group as a lessor
At inception of a lease contract, an assessment is made whether the lease is a finance lease or
an operating lease. If the lease transfers substantially all of the risks and rewards incidental to
ownership of the asset, it is considered to be a finance lease, otherwise the lease is considered
to be an operating lease. The Group has no material finance lease contracts.\u00a0 \u00a0
\u00a0 Rental income received from property, plant and equipment leased out by the Group under
operating leases is recognized on a straight-line basis over the lease term. Rental income is
presented as other operating income. The Group has no material income from operating lease
contracts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-515": { "value": "
Accounting principles
\"image.png\"
Group as a lessee
Lease liabilities measured at the present value of future lease payments are recognized to the
statement of financial position. In determining the present value of the lease liabilities, the
fixed and index/rate-based lease payments are discounted with the interest rate implicit to the
lease when available, or with the incremental borrowing rate of the company.\u00a0
Lease payments are divided into interest expense and repayment of the lease liability. Lease
contracts may include options to extend the contract term or purchase the leased asset at the
end of the lease term. Lease term is determined as the non-cancellable period of the lease
taking into consideration the options to extend and terminate if it is reasonably certain that the
Group will exercise the extension option or will not exercise the termination option.
Leased assets are presented in the balance sheet as a separate line item. Right-of-use
assets recognized to the statement of financial position are measured at the amount of lease
liability and lease payments made in advance, less accumulated depreciation and impairments.
Right-of-use assets are depreciated on a straight-line basis over the lease term, or over the
expected useful life of the asset in case the asset will transfer to Outokumpu at the end of the
lease term or it is highly probable that a purchase option will be used.
Lease liabilities are presented as part of non-current and current debt in the consolidated
statement of financial position. Lease liabilities are part of the net debt calculation.
Lease liabilities or right-of-use assets relating to short-term leases, leases of low value items,
or intangible assets are not recognized to the statement of financial position. Instead, related
payments are recognized as expense to the profit or loss.
Sale and lease-back
So-called sale and lease-back transactions by the Group in 2019 or later (i.e. in accordance
with IFRS 16) do not typically meet the IFRS 15 criteria of a sale, as Outokumpu typically
retains the control of the asset. Consequently, they do not meet the criteria of sale and lease-
back, either. The asset remains in Outokumpu\u2019s property, plant and equipment at cost less
accumulated depreciation and impairments. The proceeds of the transaction are recognized as
other loans under non-current or current debt.
Sale and lease-back transactions carried out prior to 2019 have been treated according to
the accounting principles prevailing at the time.
Group as a lessor
At inception of a lease contract, an assessment is made whether the lease is a finance lease or
an operating lease. If the lease transfers substantially all of the risks and rewards incidental to
ownership of the asset, it is considered to be a finance lease, otherwise the lease is considered
to be an operating lease. The Group has no material finance lease contracts.\u00a0 \u00a0
\u00a0 Rental income received from property, plant and equipment leased out by the Group under
operating leases is recognized on a straight-line basis over the lease term. Rental income is
presented as other operating income. The Group has no material income from operating lease
contracts.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-516": { "value": "
4.4 Inventories
\u20ac million
2025
2024
Raw materials and consumables
613
684
Work in progress
612
723
Finished goods and merchandise
367
333
Advanced payments
16
25
Total
1,608
1,764
Reversal of write-downs related to net realizable value of EUR 3 million were recognized in the
profit or loss during 2025 (2024: reversal of write-downs of EUR 11 million).
In 2025, Outokumpu applies cash flow hedge accounting for three selected nickel hedging
programs out of which one impacts also inventory values. More details on commodity price risk
and hedge accounting are presented in notes 5.3 and 5.4.
Management judgments
\"image.png\"
Management judgment and estimates are applied in net realizable value (NRV) and inventory
obsolescence analysis.
NRV calculation requires estimates on sales prices for products to be sold in the future to
the extent the prices are not known, which can be a significant part of the future prices. Due to
fluctuations in nickel and other alloy prices, which are the most important commodity price
risks for Outokumpu, the realized prices can deviate significantly from the estimates used in
NRV calculations.
The alloy surcharge clause as well as daily fixed pricing of stainless steel reduce the risk
arising from the time difference between raw material purchase and product delivery. However,
the risk is still significant because the delivery cycle in production is longer than the alloy
surcharge mechanism expects and the daily fixed pricing can also deviate from this cycle
depending on the timing of the delivery.
Inventory obsolescence for stainless steel products is estimated based on internal guidelines
on slow-moving inventory.
Accounting principles
\"image.png\"
Inventories are stated at the lower of cost and net realizable value. These are defined with
different methodologies depending on the type of inventory.
The cost of raw materials is determined as the monthly weighted average of the actual raw
material cost. The cost of self-produced finished goods and work in progress comprises of raw
materials, direct labor, other direct costs and related production and procurement overheads.
Cost of purchased products includes all purchasing costs including direct transportation,
handling and other costs.
NRV is calculated as the estimated selling price in the ordinary course of business, less the
estimated costs of completion and the estimated costs attributable to the sale.
Obsolete stainless steel products are valued at scrap value. Spare parts are carried as
inventory and their cost is recognized in profit or loss as consumed.
Major spare parts are recognized in property, plant and equipment when they are expected
to be used over more than one year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-517": { "value": "
Accounting principles
\"image.png\"
Inventories are stated at the lower of cost and net realizable value. These are defined with
different methodologies depending on the type of inventory.
The cost of raw materials is determined as the monthly weighted average of the actual raw
material cost. The cost of self-produced finished goods and work in progress comprises of raw
materials, direct labor, other direct costs and related production and procurement overheads.
Cost of purchased products includes all purchasing costs including direct transportation,
handling and other costs.
NRV is calculated as the estimated selling price in the ordinary course of business, less the
estimated costs of completion and the estimated costs attributable to the sale.
Obsolete stainless steel products are valued at scrap value. Spare parts are carried as
inventory and their cost is recognized in profit or loss as consumed.
Major spare parts are recognized in property, plant and equipment when they are expected
to be used over more than one year.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-520": { "value": "
4.5 Trade and other receivables and payables
Trade and other receivables
\u20ac million
2025
2024
Non-current
Non-current receivables and accruals
9
10
Current
Trade receivables
329
389
VAT receivables
75
53
Escrow deposits
13
14
Prepaid insurance expenses
5
3
Other accruals
21
21
Other receivables
14
12
Total
457
492
Loss allowance on trade receivables
On Jan 1
6
5
Additions in loss allowance
4
2
Reclassifications
0
\u2014
Reduction in loss allowance
0
0
On Dec 31
10
6
Age analysis of trade receivables
Not overdue
301
349
Past due 1\u201330 days
20
25
Past due 31\u201360 days
7
6
More than 60 days
0
9
Total
329
389
Factored trade receivables
Outokumpu uses factoring to finance its working capital. Under these arrangements,
Outokumpu has on December 31, 2025 derecognized trade receivables totaling EUR 357
million (Dec 31, 2024: EUR 426 million), which represents the fair value of the assets. Net
proceeds received amounted to EUR 357 million (2024: EUR 426 million). The underlying
assets have a maturity of less than one year.
The maximum amount of loss related to derecognized assets is estimated to be EUR 15 million
(2024: EUR 17 million). This estimate is based on insurance policies and contractual
arrangements between factoring companies and Outokumpu. The analysis does not include the
impact of any operational risk related to Outokumpu\u2019s contractual responsibilities.
Accounting principles
\"image.png\"
Trade and other receivables and payables include financial assets or liabilities measured at
amortized cost. After initial recognition, they are measured at amortized cost by using the
effective interest rate method. Trade and other receivables are valued net of accumulated
impairments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-519": { "value": "
4.5 Trade and other receivables and payables
Trade and other receivables
\u20ac million
2025
2024
Non-current
Non-current receivables and accruals
9
10
Current
Trade receivables
329
389
VAT receivables
75
53
Escrow deposits
13
14
Prepaid insurance expenses
5
3
Other accruals
21
21
Other receivables
14
12
Total
457
492
Loss allowance on trade receivables
On Jan 1
6
5
Additions in loss allowance
4
2
Reclassifications
0
\u2014
Reduction in loss allowance
0
0
On Dec 31
10
6
Age analysis of trade receivables
Not overdue
301
349
Past due 1\u201330 days
20
25
Past due 31\u201360 days
7
6
More than 60 days
0
9
Total
329
389
Factored trade receivables
Outokumpu uses factoring to finance its working capital. Under these arrangements,
Outokumpu has on December 31, 2025 derecognized trade receivables totaling EUR 357
million (Dec 31, 2024: EUR 426 million), which represents the fair value of the assets. Net
proceeds received amounted to EUR 357 million (2024: EUR 426 million). The underlying
assets have a maturity of less than one year.
The maximum amount of loss related to derecognized assets is estimated to be EUR 15 million
(2024: EUR 17 million). This estimate is based on insurance policies and contractual
arrangements between factoring companies and Outokumpu. The analysis does not include the
impact of any operational risk related to Outokumpu\u2019s contractual responsibilities.
Accounting principles
\"image.png\"
Trade and other receivables and payables include financial assets or liabilities measured at
amortized cost. After initial recognition, they are measured at amortized cost by using the
effective interest rate method. Trade and other receivables are valued net of accumulated
impairments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-518": { "value": "
4.5 Trade and other receivables and payables
Trade and other receivables
\u20ac million
2025
2024
Non-current
Non-current receivables and accruals
9
10
Current
Trade receivables
329
389
VAT receivables
75
53
Escrow deposits
13
14
Prepaid insurance expenses
5
3
Other accruals
21
21
Other receivables
14
12
Total
457
492
Loss allowance on trade receivables
On Jan 1
6
5
Additions in loss allowance
4
2
Reclassifications
0
\u2014
Reduction in loss allowance
0
0
On Dec 31
10
6
Age analysis of trade receivables
Not overdue
301
349
Past due 1\u201330 days
20
25
Past due 31\u201360 days
7
6
More than 60 days
0
9
Total
329
389
Factored trade receivables
Outokumpu uses factoring to finance its working capital. Under these arrangements,
Outokumpu has on December 31, 2025 derecognized trade receivables totaling EUR 357
million (Dec 31, 2024: EUR 426 million), which represents the fair value of the assets. Net
proceeds received amounted to EUR 357 million (2024: EUR 426 million). The underlying
assets have a maturity of less than one year.
The maximum amount of loss related to derecognized assets is estimated to be EUR 15 million
(2024: EUR 17 million). This estimate is based on insurance policies and contractual
arrangements between factoring companies and Outokumpu. The analysis does not include the
impact of any operational risk related to Outokumpu\u2019s contractual responsibilities.
Credit risk
Outokumpu\u2019s sales are covered by approved credit limits or secured payment terms. Most of
the outstanding trade receivables have been secured by trade credit insurances, which typically
cover some 95% of the insured amount. Part of the credit risk related to trade receivables is
managed with letters of credit, advance payments and guarantees.
On December 31, 2025, the maximum exposure to credit risk of trade receivables was EUR
329 million (2024: EUR 389 million). The portion of unsecured receivables during 2025 has
been approximately 5\u201311% of all trade receivables. During 2025, credit limits have remained
available from the insurer and there is no significant change in the insurance cover. Outokumpu
has frequently monitored customer credit risk and the overdue situation and continued its close
co-operation with the insurers.
Outokumpu uses factoring, which transfers most risks and rewards to the buyer of the
receivables. At the end of the year 2025, most of the receivables were generated by a large
number of customers and there were only few risk concentrations.
Country risk
Exposure to country risk is monitored and mitigated by having a credit insurance that provides
cover against political risks on external account receivables. However, there is some exposure
on certain countries where insurance was unavailable.
Accounting principles
\"image.png\"
Trade and other receivables and payables include financial assets or liabilities measured at
amortized cost. After initial recognition, they are measured at amortized cost by using the
effective interest rate method. Trade and other receivables are valued net of accumulated
impairments.
Factored trade receivables
Factored trade receivables have been derecognized from the statement of financial position
when the related risks and rewards of ownership have materially been transferred to the
counterparty of the factoring transaction.
Expected credit losses
Outokumpu applies a simplified model in assessing and recognizing loss allowance for expected
credit losses on trade receivables. The calculation model is based on overdue statistics and
counterparty-specific credit ratings linked with loss probabilities for each rating. Loss
allowances are recognized in selling and marketing expenses in the consolidated statement of
income.
Liabilities related to customer contracts
Liabilities related to customer contracts include accrued volume rebates, advance payments
received and liabilities related to transportation service not yet performed. Accrued volume
discounts have been recognized as reductions in revenue during the financial year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-522": { "value": "
4.5 Trade and other receivables and payables
Trade and other receivables
\u20ac million
2025
2024
Non-current
Non-current receivables and accruals
9
10
Current
Trade receivables
329
389
VAT receivables
75
53
Escrow deposits
13
14
Prepaid insurance expenses
5
3
Other accruals
21
21
Other receivables
14
12
Total
457
492
Loss allowance on trade receivables
On Jan 1
6
5
Additions in loss allowance
4
2
Reclassifications
0
\u2014
Reduction in loss allowance
0
0
On Dec 31
10
6
Age analysis of trade receivables
Not overdue
301
349
Past due 1\u201330 days
20
25
Past due 31\u201360 days
7
6
More than 60 days
0
9
Total
329
389
Accounting principles
\"image.png\"
Trade and other receivables and payables include financial assets or liabilities measured at
amortized cost. After initial recognition, they are measured at amortized cost by using the
effective interest rate method. Trade and other receivables are valued net of accumulated
impairments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-521": { "value": "
4.5 Trade and other receivables and payables
Trade and other receivables
\u20ac million
2025
2024
Non-current
Non-current receivables and accruals
9
10
Current
Trade receivables
329
389
VAT receivables
75
53
Escrow deposits
13
14
Prepaid insurance expenses
5
3
Other accruals
21
21
Other receivables
14
12
Total
457
492
Loss allowance on trade receivables
On Jan 1
6
5
Additions in loss allowance
4
2
Reclassifications
0
\u2014
Reduction in loss allowance
0
0
On Dec 31
10
6
Age analysis of trade receivables
Not overdue
301
349
Past due 1\u201330 days
20
25
Past due 31\u201360 days
7
6
More than 60 days
0
9
Total
329
389
Accounting principles
\"image.png\"
Trade and other receivables and payables include financial assets or liabilities measured at
amortized cost. After initial recognition, they are measured at amortized cost by using the
effective interest rate method. Trade and other receivables are valued net of accumulated
impairments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-527": { "value": "
Trade and other payables
\u20ac million
2025
2024
Non-current
Accruals
10
13
Current
Trade payables
1,006
1,129
Accrued employee-related expenses
81
74
Accrued interest expenses
3
7
VAT payable
42
50
Withholding tax and social security liabilities
19
20
Advance payments received
10
32
Accruals relating to customer rebates
42
32
Factoring arrangements related payables
39
4
Tax on mined minerals
8
7
Other accruals
45
31
Other payables
25
4
Total
1,320
1,390
Other payables include subsidies received.
Liabilities related to customer contracts and advance payments received
On December 31, 2025, accrued volume discounts related to customer contracts amounted to
EUR 42 million (Dec 31, 2024: EUR 32 million).
The liabilities related to unperformed transportation services were not material on December
31, 2025, and these liabilities are expected to be recognized as revenue over the following
three months.
Advance payments received are related to customer contracts which are expected to be
recognized as revenue over the following three months.
Risk information
\"image.png\"
Credit risk
Outokumpu\u2019s sales are covered by approved credit limits or secured payment terms. Most of
the outstanding trade receivables have been secured by trade credit insurances, which typically
cover some 95% of the insured amount. Part of the credit risk related to trade receivables is
managed with letters of credit, advance payments and guarantees.
On December 31, 2025, the maximum exposure to credit risk of trade receivables was EUR
329 million (2024: EUR 389 million). The portion of unsecured receivables during 2025 has
been approximately 5\u201311% of all trade receivables. During 2025, credit limits have remained
available from the insurer and there is no significant change in the insurance cover. Outokumpu
has frequently monitored customer credit risk and the overdue situation and continued its close
co-operation with the insurers.
Outokumpu uses factoring, which transfers most risks and rewards to the buyer of the
receivables. At the end of the year 2025, most of the receivables were generated by a large
number of customers and there were only few risk concentrations.
Country risk
Exposure to country risk is monitored and mitigated by having a credit insurance that provides
cover against political risks on external account receivables. However, there is some exposure
on certain countries where insurance was unavailable.
Accounting principles
\"image.png\"
Trade and other receivables and payables include financial assets or liabilities measured at
amortized cost. After initial recognition, they are measured at amortized cost by using the
effective interest rate method. Trade and other receivables are valued net of accumulated
impairments.
Factored trade receivables
Factored trade receivables have been derecognized from the statement of financial position
when the related risks and rewards of ownership have materially been transferred to the
counterparty of the factoring transaction.
Expected credit losses
Outokumpu applies a simplified model in assessing and recognizing loss allowance for expected
credit losses on trade receivables. The calculation model is based on overdue statistics and
counterparty-specific credit ratings linked with loss probabilities for each rating. Loss
allowances are recognized in selling and marketing expenses in the consolidated statement of
income.
Liabilities related to customer contracts
Liabilities related to customer contracts include accrued volume rebates, advance payments
received and liabilities related to transportation service not yet performed. Accrued volume
discounts have been recognized as reductions in revenue during the financial year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-526": { "value": "
Trade and other payables
\u20ac million
2025
2024
Non-current
Accruals
10
13
Current
Trade payables
1,006
1,129
Accrued employee-related expenses
81
74
Accrued interest expenses
3
7
VAT payable
42
50
Withholding tax and social security liabilities
19
20
Advance payments received
10
32
Accruals relating to customer rebates
42
32
Factoring arrangements related payables
39
4
Tax on mined minerals
8
7
Other accruals
45
31
Other payables
25
4
Total
1,320
1,390
Other payables include subsidies received.
Liabilities related to customer contracts and advance payments received
On December 31, 2025, accrued volume discounts related to customer contracts amounted to
EUR 42 million (Dec 31, 2024: EUR 32 million).
The liabilities related to unperformed transportation services were not material on December
31, 2025, and these liabilities are expected to be recognized as revenue over the following
three months.
Advance payments received are related to customer contracts which are expected to be
recognized as revenue over the following three months.
Risk information
\"image.png\"
Credit risk
Outokumpu\u2019s sales are covered by approved credit limits or secured payment terms. Most of
the outstanding trade receivables have been secured by trade credit insurances, which typically
cover some 95% of the insured amount. Part of the credit risk related to trade receivables is
managed with letters of credit, advance payments and guarantees.
On December 31, 2025, the maximum exposure to credit risk of trade receivables was EUR
329 million (2024: EUR 389 million). The portion of unsecured receivables during 2025 has
been approximately 5\u201311% of all trade receivables. During 2025, credit limits have remained
available from the insurer and there is no significant change in the insurance cover. Outokumpu
has frequently monitored customer credit risk and the overdue situation and continued its close
co-operation with the insurers.
Outokumpu uses factoring, which transfers most risks and rewards to the buyer of the
receivables. At the end of the year 2025, most of the receivables were generated by a large
number of customers and there were only few risk concentrations.
Country risk
Exposure to country risk is monitored and mitigated by having a credit insurance that provides
cover against political risks on external account receivables. However, there is some exposure
on certain countries where insurance was unavailable.
Accounting principles
\"image.png\"
Trade and other receivables and payables include financial assets or liabilities measured at
amortized cost. After initial recognition, they are measured at amortized cost by using the
effective interest rate method. Trade and other receivables are valued net of accumulated
impairments.
Factored trade receivables
Factored trade receivables have been derecognized from the statement of financial position
when the related risks and rewards of ownership have materially been transferred to the
counterparty of the factoring transaction.
Expected credit losses
Outokumpu applies a simplified model in assessing and recognizing loss allowance for expected
credit losses on trade receivables. The calculation model is based on overdue statistics and
counterparty-specific credit ratings linked with loss probabilities for each rating. Loss
allowances are recognized in selling and marketing expenses in the consolidated statement of
income.
Liabilities related to customer contracts
Liabilities related to customer contracts include accrued volume rebates, advance payments
received and liabilities related to transportation service not yet performed. Accrued volume
discounts have been recognized as reductions in revenue during the financial year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-525": { "value": "
Trade and other payables
\u20ac million
2025
2024
Non-current
Accruals
10
13
Current
Trade payables
1,006
1,129
Accrued employee-related expenses
81
74
Accrued interest expenses
3
7
VAT payable
42
50
Withholding tax and social security liabilities
19
20
Advance payments received
10
32
Accruals relating to customer rebates
42
32
Factoring arrangements related payables
39
4
Tax on mined minerals
8
7
Other accruals
45
31
Other payables
25
4
Total
1,320
1,390
Other payables include subsidies received.
Liabilities related to customer contracts and advance payments received
On December 31, 2025, accrued volume discounts related to customer contracts amounted to
EUR 42 million (Dec 31, 2024: EUR 32 million).
The liabilities related to unperformed transportation services were not material on December
31, 2025, and these liabilities are expected to be recognized as revenue over the following
three months.
Advance payments received are related to customer contracts which are expected to be
recognized as revenue over the following three months.
Accounting principles
\"image.png\"
Trade and other receivables and payables include financial assets or liabilities measured at
amortized cost. After initial recognition, they are measured at amortized cost by using the
effective interest rate method. Trade and other receivables are valued net of accumulated
impairments.
Liabilities related to customer contracts
Liabilities related to customer contracts include accrued volume rebates, advance payments
received and liabilities related to transportation service not yet performed. Accrued volume
discounts have been recognized as reductions in revenue during the financial year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-524": { "value": "
Trade and other payables
\u20ac million
2025
2024
Non-current
Accruals
10
13
Current
Trade payables
1,006
1,129
Accrued employee-related expenses
81
74
Accrued interest expenses
3
7
VAT payable
42
50
Withholding tax and social security liabilities
19
20
Advance payments received
10
32
Accruals relating to customer rebates
42
32
Factoring arrangements related payables
39
4
Tax on mined minerals
8
7
Other accruals
45
31
Other payables
25
4
Total
1,320
1,390
Other payables include subsidies received.
Liabilities related to customer contracts and advance payments received
On December 31, 2025, accrued volume discounts related to customer contracts amounted to
EUR 42 million (Dec 31, 2024: EUR 32 million).
The liabilities related to unperformed transportation services were not material on December
31, 2025, and these liabilities are expected to be recognized as revenue over the following
three months.
Advance payments received are related to customer contracts which are expected to be
recognized as revenue over the following three months.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-523": { "value": "
Trade and other payables
\u20ac million
2025
2024
Non-current
Accruals
10
13
Current
Trade payables
1,006
1,129
Accrued employee-related expenses
81
74
Accrued interest expenses
3
7
VAT payable
42
50
Withholding tax and social security liabilities
19
20
Advance payments received
10
32
Accruals relating to customer rebates
42
32
Factoring arrangements related payables
39
4
Tax on mined minerals
8
7
Other accruals
45
31
Other payables
25
4
Total
1,320
1,390
Other payables include subsidies received.
Liabilities related to customer contracts and advance payments received
On December 31, 2025, accrued volume discounts related to customer contracts amounted to
EUR 42 million (Dec 31, 2024: EUR 32 million).
The liabilities related to unperformed transportation services were not material on December
31, 2025, and these liabilities are expected to be recognized as revenue over the following
three months.
Advance payments received are related to customer contracts which are expected to be
recognized as revenue over the following three months.
Accounting principles
\"image.png\"
Trade and other receivables and payables include financial assets or liabilities measured at
amortized cost. After initial recognition, they are measured at amortized cost by using the
effective interest rate method. Trade and other receivables are valued net of accumulated
impairments.
Liabilities related to customer contracts
Liabilities related to customer contracts include accrued volume rebates, advance payments
received and liabilities related to transportation service not yet performed. Accrued volume
discounts have been recognized as reductions in revenue during the financial year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-528": { "value": "
Trade and other payables
\u20ac million
2025
2024
Non-current
Accruals
10
13
Current
Trade payables
1,006
1,129
Accrued employee-related expenses
81
74
Accrued interest expenses
3
7
VAT payable
42
50
Withholding tax and social security liabilities
19
20
Advance payments received
10
32
Accruals relating to customer rebates
42
32
Factoring arrangements related payables
39
4
Tax on mined minerals
8
7
Other accruals
45
31
Other payables
25
4
Total
1,320
1,390
Accounting principles
\"image.png\"
Trade and other receivables and payables include financial assets or liabilities measured at
amortized cost. After initial recognition, they are measured at amortized cost by using the
effective interest rate method. Trade and other receivables are valued net of accumulated
impairments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-530": { "value": "
Credit risk
Outokumpu\u2019s sales are covered by approved credit limits or secured payment terms. Most of
the outstanding trade receivables have been secured by trade credit insurances, which typically
cover some 95% of the insured amount. Part of the credit risk related to trade receivables is
managed with letters of credit, advance payments and guarantees.
On December 31, 2025, the maximum exposure to credit risk of trade receivables was EUR
329 million (2024: EUR 389 million). The portion of unsecured receivables during 2025 has
been approximately 5\u201311% of all trade receivables. During 2025, credit limits have remained
available from the insurer and there is no significant change in the insurance cover. Outokumpu
has frequently monitored customer credit risk and the overdue situation and continued its close
co-operation with the insurers.
Outokumpu uses factoring, which transfers most risks and rewards to the buyer of the
receivables. At the end of the year 2025, most of the receivables were generated by a large
number of customers and there were only few risk concentrations.
Country risk
Exposure to country risk is monitored and mitigated by having a credit insurance that provides
cover against political risks on external account receivables. However, there is some exposure
on certain countries where insurance was unavailable.
Expected credit losses
Outokumpu applies a simplified model in assessing and recognizing loss allowance for expected
credit losses on trade receivables. The calculation model is based on overdue statistics and
counterparty-specific credit ratings linked with loss probabilities for each rating. Loss
allowances are recognized in selling and marketing expenses in the consolidated statement of
income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-529": { "value": "
Credit risk
Outokumpu\u2019s sales are covered by approved credit limits or secured payment terms. Most of
the outstanding trade receivables have been secured by trade credit insurances, which typically
cover some 95% of the insured amount. Part of the credit risk related to trade receivables is
managed with letters of credit, advance payments and guarantees.
On December 31, 2025, the maximum exposure to credit risk of trade receivables was EUR
329 million (2024: EUR 389 million). The portion of unsecured receivables during 2025 has
been approximately 5\u201311% of all trade receivables. During 2025, credit limits have remained
available from the insurer and there is no significant change in the insurance cover. Outokumpu
has frequently monitored customer credit risk and the overdue situation and continued its close
co-operation with the insurers.
Outokumpu uses factoring, which transfers most risks and rewards to the buyer of the
receivables. At the end of the year 2025, most of the receivables were generated by a large
number of customers and there were only few risk concentrations.
Country risk
Exposure to country risk is monitored and mitigated by having a credit insurance that provides
cover against political risks on external account receivables. However, there is some exposure
on certain countries where insurance was unavailable.
Security price risk
Outokumpu has equity investments and fixed income securities. On December 31, 2025, the
main investments were in OSTP Holding Oy (investment in associated company of EUR 33
million) and Voimaosakeyhti\u00f6 SF (investment in associated company of EUR 0 million). For more
information on the investments presented in notes 5.6 and 6.6.
The captive insurance company Visenta F\u00f6rs\u00e4kringsaktiebolag has investments totaling EUR
27 million in fixed income and equity funds in order to optimize return for assets and to
manage the risk prudently.
Country and counterparty credit risk
Treasury monitors credit risk related to financial institutions. Outokumpu seeks to reduce these
risks by limiting the counterparties to banks and other financial institutions with good credit
standing. For derivative transactions, Outokumpu prefers to have the ISDA framework
agreements in place.
Exposure to country risk is monitored and mitigated by having a credit insurance that
provides cover against political risks on external account receivables. However, there is some
exposure on certain countries where insurance was unavailable.
Insurances
As part of risk mitigation activities, Outokumpu aims to secure its assets and business
continuity by arranging insurances against financial losses arisen from unexpected risk events.
Risks related to property, business interruption, liabilities and credit risk are covered by
insurances as per policy terms and conditions. Outokumpu continued its systematic property
and marine cargo loss prevention programs, focusing on execution of the mitigating and
preventive actions.
Outokumpu has a captive insurance company, Visenta F\u00f6rs\u00e4kringsaktiebolag (Visenta), for
optimizing insurance arrangements as part of the Group\u2019s risk management. The captive
insurance company is registered in Sweden and can operate as a direct insurer and reinsurer
for covering risk of Outokumpu Group entities only. Visenta has to comply with capital adequacy
requirements set by the financial supervisory authority in Sweden and European Insurance and
Occupational Pensions Authority (EIOPA). During the reporting period Visenta was well
capitalized to meet other externally imposed requirements, which are based on, e.g., the
Solvency II framework. There were no significant changes in Visenta\u2019s assets during the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-533": { "value": "
Accounting principles
\"image.png\"
Trade and other receivables and payables include financial assets or liabilities measured at
amortized cost. After initial recognition, they are measured at amortized cost by using the
effective interest rate method. Trade and other receivables are valued net of accumulated
impairments.
Factored trade receivables
Factored trade receivables have been derecognized from the statement of financial position
when the related risks and rewards of ownership have materially been transferred to the
counterparty of the factoring transaction.
Expected credit losses
Outokumpu applies a simplified model in assessing and recognizing loss allowance for expected
credit losses on trade receivables. The calculation model is based on overdue statistics and
counterparty-specific credit ratings linked with loss probabilities for each rating. Loss
allowances are recognized in selling and marketing expenses in the consolidated statement of
income.
Liabilities related to customer contracts
Liabilities related to customer contracts include accrued volume rebates, advance payments
received and liabilities related to transportation service not yet performed. Accrued volume
discounts have been recognized as reductions in revenue during the financial year.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-532": { "value": "
Accounting principles
\"image.png\"
Trade and other receivables and payables include financial assets or liabilities measured at
amortized cost. After initial recognition, they are measured at amortized cost by using the
effective interest rate method. Trade and other receivables are valued net of accumulated
impairments.
Factored trade receivables
Factored trade receivables have been derecognized from the statement of financial position
when the related risks and rewards of ownership have materially been transferred to the
counterparty of the factoring transaction.
Expected credit losses
Outokumpu applies a simplified model in assessing and recognizing loss allowance for expected
credit losses on trade receivables. The calculation model is based on overdue statistics and
counterparty-specific credit ratings linked with loss probabilities for each rating. Loss
allowances are recognized in selling and marketing expenses in the consolidated statement of
income.
Liabilities related to customer contracts
Liabilities related to customer contracts include accrued volume rebates, advance payments
received and liabilities related to transportation service not yet performed. Accrued volume
discounts have been recognized as reductions in revenue during the financial year.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-531": { "value": "
Accounting principles
\"image.png\"
Trade and other receivables and payables include financial assets or liabilities measured at
amortized cost. After initial recognition, they are measured at amortized cost by using the
effective interest rate method. Trade and other receivables are valued net of accumulated
impairments.
Factored trade receivables
Factored trade receivables have been derecognized from the statement of financial position
when the related risks and rewards of ownership have materially been transferred to the
counterparty of the factoring transaction.
Expected credit losses
Outokumpu applies a simplified model in assessing and recognizing loss allowance for expected
credit losses on trade receivables. The calculation model is based on overdue statistics and
counterparty-specific credit ratings linked with loss probabilities for each rating. Loss
allowances are recognized in selling and marketing expenses in the consolidated statement of
income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-535": { "value": "
4.6 Provisions
2025
\u20ac million
Environmental
provisions
Restructuring
provisions
Other
provisions
Total
Provisions on Jan 1, 2025
48
1
35
84
Translation differences
0
0
-2
-2
Increase in provisions
9
65
7
81
Utilized during the financial year
-2
-2
-17
-21
Unused amounts reversed
-1
-5
-1
-7
Reclassifications
\u2014
-3
\u2014
-3
Other changes
0
1
\u2014
1
Provisions on Dec 31, 2025
54
56
23
134
2024
\u20ac million
Environmental
provisions
Restructuring
provisions
Other
provisions
Total
Provisions on Jan 1, 2024
48
24
38
110
Translation differences
0
0
1
1
Increase in provisions
2
8
3
13
Utilized during the financial year
0
-27
-1
-28
Unused amounts reserved
-2
-6
-6
-14
Reclassifications
\u2014
2
0
2
Provisions on Dec 31, 2024
48
1
35
84
\u20ac million
2025
2024
Non-current provisions
76
52
Current provisions
57
33
Total
134
84
Environmental provisions
The majority of the environmental provisions are for closing costs of production facilities and
landfill areas, removal of problem waste and landscaping in facilities in Finland and Germany,
and aftercare of closed mines in Finland. The outflow of economic benefits related to
environmental provisions is expected to take place mainly over a period of more than 10 years.
Due to the nature of these provisions, there are uncertainties regarding both the amount and
the timing of the outflow of economic benefits.
Restructuring provisions
As part of the restructuring program announced in October 1, 2025, Outokumpu recorded a
restructuring provision of EUR 34 million mainly focusing on business area Europe and global
group functions. The majority of the EUR 34 million cash flow impact is anticipated in 2026.
The planned measures are expected to affect approximately 650 Outokumpu full-time positions
by the end of 2027. In relation to the new EVOLVE strategy, announced on June 10, 2025 and
due to the various cost efficiency improvement initiatives in business area Europe, Outokumpu
recorded a restructuring provision of EUR 29 million. The cash flow impact from this provision is
anticipated to take place during the years 2025-2028.
In 2024, the utilization mainly relates to the restructuring measures in Germany that were
planned at the end of 2023. Outokumpu has transferred it\u2019s precision strip operations from
Dahlerbr\u00fcck to Dillenburg and closed its coil service center in Hockenheim. These restructuring
measures impacted close to 200 people in Germany.
Other provisions
Other provisions comprise for example provisions for litigations, product and other claims and
are mainly current in nature. More information on disputes and litigations in note 6.3.
Management judgments
\"image.png\"
Provisions are based on management\u2019s best estimates at the end of the reporting period.
Regarding environmental provisions, the management judgments and estimates relate
mainly to the timing and the scope of the activities to be carried out as well as the costs of
such activities in the future. Environmental expenditure related to dismantling an entire
production facility and restoring the area are generally estimated when decision on a site
closure is made.
As actual outflows can differ from estimates due to changes in law, regulations, public
expectations, technology, prices and conditions, and can take place in many years in the future,
the provisions are regularly reviewed to take such changes into account.
Regarding restructuring provisions, the judgments and estimates mainly relate to the
amounts of termination benefits to employees.
Accounting principles
\"image.png\"
A provision is recognized when Outokumpu has a present legal or constructive obligation as a
result of a past event, and it is probable that an outflow of economic benefits will be required to
settle the obligation and the amount can be reliably estimated. Provisions relate mainly to
environmental liabilities, restructuring plans, onerous contracts and litigations. Non-current
provisions are discounted to present value at the end of the reporting period using risk-free
discount rates.
Outokumpu aims at minimizing negative impacts of its present and discontinued operations
on the environment, and aims to remediate any material negative impacts that have occurred
where viable. Environmental expenditure arising from restoring the conditions caused by past
operations are recognized as expenses when they are incurred. Environmental provision is
recognized when the Group has a legal or constructive obligation to decommission or remove a
facility or equipment, rehabilitate environmental damage, or landscape and restore an area. The
recognition of environmental provisions is based on current interpretation of the effective
environmental laws and regulations together with Outokumpu\u2019s Code of Conduct.
When environmental expenditure will arise from future asset retirement obligations, an item
of property, plant and equipment corresponding to the amount of the provision is recognized,
and it will be depreciated over the asset\u2019s useful life. Subsequent adjustments to the provision
are deducted from or added to the cost of the corresponding asset in a symmetrical manner.
A restructuring provision is recognized when a detailed restructuring plan has been prepared
and its implementation has been started or the main parts of the plan have been
communicated to those, who are impacted by the plan. Restructuring provision mainly comprise
of employee termination benefits.
Any potential compensation from a third party is not included in the amount of the provision
but recognized as a separate asset when it is virtually certain that the compensation will be
received.
6.3 Disputes and litigations
Fennovoima project
In May 2025, Outokumpu commented on unconfirmed news about a possible legal process
initiated in Moscow by Rosatom against Outokumpu, among other parties. By the end of the
reporting period, Outokumpu has not received any official notification regarding the reported
claim or the process. From the beginning, Outokumpu has denied and continues to deny all
grounds for liability related to the terminated Fennovoima nuclear power plant project, including
the existence of any contractual relationship or obligation between Outokumpu and any
Rosatom company. Rosatom has already previously and groundlessly attempted to involve
Outokumpu in the arbitration proceedings concerning the termination of the Engineering,
Procurement and Construction (EPC) contract regarding the Fennovoima nuclear power plant
project. As we communicated on February 14, 2025, the arbitral tribunal confirmed that it does
not have jurisdiction to adjudicate claims brought by RAOS Project Oy and JSC Rosatom Energy
International (JSC REIN) against Outokumpu. This decision terminated the arbitral proceedings
with respect to Outokumpu. There may be attempts in the future to join Outokumpu in legal
disputes arising out of the terminated project.
Dispute over payment of wages in the US
On July 16, 2018, a class of plaintiffs, consisting of former and current Outokumpu Calvert mill
employees, brought a suit against Outokumpu Stainless USA, LLC in the U.S. federal district
court, alleging that the company failed to pay full wages for regular work and overtime work they
performed. The district court entered a default judgment against Outokumpu in 2021 with
respect to liability without Outokumpu having the opportunity to argue the merits of the
allegations and subsequently found Outokumpu liable to the plaintiffs for approximately USD 13
million in the aggregate, plus attorney\u2019s fees. Outokumpu unsuccessfully appealed the district
court\u2019s decision and the matter was remanded to the district court for a final judgment. On July
2, 2025, the district court issued a partial judgment requiring Outokumpu to pay the plaintiffs
approximately USD 13 million plus post-judgment interest and notify certain individuals, who
were not previously notified at the initial stages of the case, that they have a right to opt-in to
the class and receive damages payments for the relevant period. Outokumpu is now awaiting
the district court\u2019s further ruling on the damages for these additional opt-in plaintiffs,
Outokumpu\u2019s previously argued defenses, and the amount Outokumpu must pay the plaintiffs\u2019
attorneys for their fees. Outokumpu now has an approximately USD 11 million provision in
respect of this matter as approximately half of the provision was settled in July 2025.
Claim in Germany related to expired lease agreement
On January 19, 2018, Outokumpu Nirosta GmbH was served with a claim in the district court of
Krefeld for a declaratory judgment by the owner of a warehouse in Krefeld that\u00a0 Outokumpu had
leased until the end of 2016. The claim related to the responsibility for maintenance and repair
of the warehouse and amounted to EUR 19 million. The parties reached a settlement which the
court confirmed on June 4, 2025, and according to which Outokumpu has agreed to pay the
claimant in total approximately EUR 6 million in three equal installments in 2025, 2026 and
2027. The first installment was paid in June 2025. Outokumpu has an appropriate provision in
place for the remainder.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-534": { "value": "
4.6 Provisions
2025
\u20ac million
Environmental
provisions
Restructuring
provisions
Other
provisions
Total
Provisions on Jan 1, 2025
48
1
35
84
Translation differences
0
0
-2
-2
Increase in provisions
9
65
7
81
Utilized during the financial year
-2
-2
-17
-21
Unused amounts reversed
-1
-5
-1
-7
Reclassifications
\u2014
-3
\u2014
-3
Other changes
0
1
\u2014
1
Provisions on Dec 31, 2025
54
56
23
134
2024
\u20ac million
Environmental
provisions
Restructuring
provisions
Other
provisions
Total
Provisions on Jan 1, 2024
48
24
38
110
Translation differences
0
0
1
1
Increase in provisions
2
8
3
13
Utilized during the financial year
0
-27
-1
-28
Unused amounts reserved
-2
-6
-6
-14
Reclassifications
\u2014
2
0
2
Provisions on Dec 31, 2024
48
1
35
84
\u20ac million
2025
2024
Non-current provisions
76
52
Current provisions
57
33
Total
134
84
Environmental provisions
The majority of the environmental provisions are for closing costs of production facilities and
landfill areas, removal of problem waste and landscaping in facilities in Finland and Germany,
and aftercare of closed mines in Finland. The outflow of economic benefits related to
environmental provisions is expected to take place mainly over a period of more than 10 years.
Due to the nature of these provisions, there are uncertainties regarding both the amount and
the timing of the outflow of economic benefits.
Restructuring provisions
As part of the restructuring program announced in October 1, 2025, Outokumpu recorded a
restructuring provision of EUR 34 million mainly focusing on business area Europe and global
group functions. The majority of the EUR 34 million cash flow impact is anticipated in 2026.
The planned measures are expected to affect approximately 650 Outokumpu full-time positions
by the end of 2027. In relation to the new EVOLVE strategy, announced on June 10, 2025 and
due to the various cost efficiency improvement initiatives in business area Europe, Outokumpu
recorded a restructuring provision of EUR 29 million. The cash flow impact from this provision is
anticipated to take place during the years 2025-2028.
In 2024, the utilization mainly relates to the restructuring measures in Germany that were
planned at the end of 2023. Outokumpu has transferred it\u2019s precision strip operations from
Dahlerbr\u00fcck to Dillenburg and closed its coil service center in Hockenheim. These restructuring
measures impacted close to 200 people in Germany.
Other provisions
Other provisions comprise for example provisions for litigations, product and other claims and
are mainly current in nature. More information on disputes and litigations in note 6.3.
Management judgments
\"image.png\"
Provisions are based on management\u2019s best estimates at the end of the reporting period.
Regarding environmental provisions, the management judgments and estimates relate
mainly to the timing and the scope of the activities to be carried out as well as the costs of
such activities in the future. Environmental expenditure related to dismantling an entire
production facility and restoring the area are generally estimated when decision on a site
closure is made.
As actual outflows can differ from estimates due to changes in law, regulations, public
expectations, technology, prices and conditions, and can take place in many years in the future,
the provisions are regularly reviewed to take such changes into account.
Regarding restructuring provisions, the judgments and estimates mainly relate to the
amounts of termination benefits to employees.
Accounting principles
\"image.png\"
A provision is recognized when Outokumpu has a present legal or constructive obligation as a
result of a past event, and it is probable that an outflow of economic benefits will be required to
settle the obligation and the amount can be reliably estimated. Provisions relate mainly to
environmental liabilities, restructuring plans, onerous contracts and litigations. Non-current
provisions are discounted to present value at the end of the reporting period using risk-free
discount rates.
Outokumpu aims at minimizing negative impacts of its present and discontinued operations
on the environment, and aims to remediate any material negative impacts that have occurred
where viable. Environmental expenditure arising from restoring the conditions caused by past
operations are recognized as expenses when they are incurred. Environmental provision is
recognized when the Group has a legal or constructive obligation to decommission or remove a
facility or equipment, rehabilitate environmental damage, or landscape and restore an area. The
recognition of environmental provisions is based on current interpretation of the effective
environmental laws and regulations together with Outokumpu\u2019s Code of Conduct.
When environmental expenditure will arise from future asset retirement obligations, an item
of property, plant and equipment corresponding to the amount of the provision is recognized,
and it will be depreciated over the asset\u2019s useful life. Subsequent adjustments to the provision
are deducted from or added to the cost of the corresponding asset in a symmetrical manner.
A restructuring provision is recognized when a detailed restructuring plan has been prepared
and its implementation has been started or the main parts of the plan have been
communicated to those, who are impacted by the plan. Restructuring provision mainly comprise
of employee termination benefits.
Any potential compensation from a third party is not included in the amount of the provision
but recognized as a separate asset when it is virtually certain that the compensation will be
received.
5.7 Commitments and contingent liabilities
\u20ac million
2025
2024
Mortgages and pledges on Dec 31
Mortgages
156
156
Other pledges
13
13
Guarantees on Dec 31
On behalf of subsidiaries for commercial and other
commitments
31
34
Other commitments for financing on Dec 31
8
4
Outokumpu has issued business mortgages over movable assets in Kemi to secure an
outstanding project loan maturing in September 2030.
Other pledges, EUR 13 million, relate to Outokumpu's responsibility for certain debts of the
associated company Manga LNG Oy, the amount of which was EUR 7 million at the end of the
reporting period (December 31, 2024: EUR 9 million).Outokumpu Corporation is, in relation to
its shareholding in EPV Energia Oy, liable for the costs, commitments and liabilities relating to
electricity provided by Tornion Voima Oy. These commitments are reported under other
commitments for financing.
The Group's other off-balance sheet investment commitments totaled EUR 76 million on
December\u00a031, 2025 (December\u00a031, 2024: EUR 42 million).
Contingent liabilities
Outokumpu is a minority shareholder in its associated company Voimaosakeyhti\u00f6 SF, which is
the majority shareholder of Fennovoima Oy. In February 2025 the Arbitral Tribunal confirmed
that it does not have jurisdiction to adjudicate claims brought by RAOS Project Oy and JSC
Rosatom Energy International (JSC REIN) against Outokumpu in arbitration proceedings over a
dispute between Fennovoima Oy and Rosatom entities related to the termination of the
Engineering, Procurement and Construction (EPC) contract in May 2022, into which Outokumpu
Corporation was joined in 2023. Therefore, the arbitration proceedings with respect to
Outokumpu have ended and there are no contingent liabilities at the end of the reporting
period.
Accounting principles
\"image.png\"
Unrecognized commitments are disclosed when the Group has an obligation or a pledge to
assume a financial liability at a future date.
A contingent liability is a possible obligation that arises from past events and the existence
of which will be confirmed by uncertain future events that are not wholly within the control of
the entity. Obligations that are not considered probable or where the amounts cannot be
reliably measured are also considered as contingent liabilities. Contingent liabilities are not
recognized in the statement of financial position but disclosed as off-balance sheet
commitments.
6.3 Disputes and litigations
Fennovoima project
In May 2025, Outokumpu commented on unconfirmed news about a possible legal process
initiated in Moscow by Rosatom against Outokumpu, among other parties. By the end of the
reporting period, Outokumpu has not received any official notification regarding the reported
claim or the process. From the beginning, Outokumpu has denied and continues to deny all
grounds for liability related to the terminated Fennovoima nuclear power plant project, including
the existence of any contractual relationship or obligation between Outokumpu and any
Rosatom company. Rosatom has already previously and groundlessly attempted to involve
Outokumpu in the arbitration proceedings concerning the termination of the Engineering,
Procurement and Construction (EPC) contract regarding the Fennovoima nuclear power plant
project. As we communicated on February 14, 2025, the arbitral tribunal confirmed that it does
not have jurisdiction to adjudicate claims brought by RAOS Project Oy and JSC Rosatom Energy
International (JSC REIN) against Outokumpu. This decision terminated the arbitral proceedings
with respect to Outokumpu. There may be attempts in the future to join Outokumpu in legal
disputes arising out of the terminated project.
Dispute over payment of wages in the US
On July 16, 2018, a class of plaintiffs, consisting of former and current Outokumpu Calvert mill
employees, brought a suit against Outokumpu Stainless USA, LLC in the U.S. federal district
court, alleging that the company failed to pay full wages for regular work and overtime work they
performed. The district court entered a default judgment against Outokumpu in 2021 with
respect to liability without Outokumpu having the opportunity to argue the merits of the
allegations and subsequently found Outokumpu liable to the plaintiffs for approximately USD 13
million in the aggregate, plus attorney\u2019s fees. Outokumpu unsuccessfully appealed the district
court\u2019s decision and the matter was remanded to the district court for a final judgment. On July
2, 2025, the district court issued a partial judgment requiring Outokumpu to pay the plaintiffs
approximately USD 13 million plus post-judgment interest and notify certain individuals, who
were not previously notified at the initial stages of the case, that they have a right to opt-in to
the class and receive damages payments for the relevant period. Outokumpu is now awaiting
the district court\u2019s further ruling on the damages for these additional opt-in plaintiffs,
Outokumpu\u2019s previously argued defenses, and the amount Outokumpu must pay the plaintiffs\u2019
attorneys for their fees. Outokumpu now has an approximately USD 11 million provision in
respect of this matter as approximately half of the provision was settled in July 2025.
Claim in Germany related to expired lease agreement
On January 19, 2018, Outokumpu Nirosta GmbH was served with a claim in the district court of
Krefeld for a declaratory judgment by the owner of a warehouse in Krefeld that\u00a0 Outokumpu had
leased until the end of 2016. The claim related to the responsibility for maintenance and repair
of the warehouse and amounted to EUR 19 million. The parties reached a settlement which the
court confirmed on June 4, 2025, and according to which Outokumpu has agreed to pay the
claimant in total approximately EUR 6 million in three equal installments in 2025, 2026 and
2027. The first installment was paid in June 2025. Outokumpu has an appropriate provision in
place for the remainder.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-536": { "value": "
Accounting principles
\"image.png\"
A provision is recognized when Outokumpu has a present legal or constructive obligation as a
result of a past event, and it is probable that an outflow of economic benefits will be required to
settle the obligation and the amount can be reliably estimated. Provisions relate mainly to
environmental liabilities, restructuring plans, onerous contracts and litigations. Non-current
provisions are discounted to present value at the end of the reporting period using risk-free
discount rates.
Outokumpu aims at minimizing negative impacts of its present and discontinued operations
on the environment, and aims to remediate any material negative impacts that have occurred
where viable. Environmental expenditure arising from restoring the conditions caused by past
operations are recognized as expenses when they are incurred. Environmental provision is
recognized when the Group has a legal or constructive obligation to decommission or remove a
facility or equipment, rehabilitate environmental damage, or landscape and restore an area. The
recognition of environmental provisions is based on current interpretation of the effective
environmental laws and regulations together with Outokumpu\u2019s Code of Conduct.
When environmental expenditure will arise from future asset retirement obligations, an item
of property, plant and equipment corresponding to the amount of the provision is recognized,
and it will be depreciated over the asset\u2019s useful life. Subsequent adjustments to the provision
are deducted from or added to the cost of the corresponding asset in a symmetrical manner.
A restructuring provision is recognized when a detailed restructuring plan has been prepared
and its implementation has been started or the main parts of the plan have been
communicated to those, who are impacted by the plan. Restructuring provision mainly comprise
of employee termination benefits.
Any potential compensation from a third party is not included in the amount of the provision
but recognized as a separate asset when it is virtually certain that the compensation will be
received.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-537": { "value": "
Accounting principles
\"image.png\"
A provision is recognized when Outokumpu has a present legal or constructive obligation as a
result of a past event, and it is probable that an outflow of economic benefits will be required to
settle the obligation and the amount can be reliably estimated. Provisions relate mainly to
environmental liabilities, restructuring plans, onerous contracts and litigations. Non-current
provisions are discounted to present value at the end of the reporting period using risk-free
discount rates.
A restructuring provision is recognized when a detailed restructuring plan has been prepared
and its implementation has been started or the main parts of the plan have been
communicated to those, who are impacted by the plan. Restructuring provision mainly comprise
of employee termination benefits.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-539": { "value": "
A provision is recognized when Outokumpu has a present legal or constructive obligation as a
result of a past event, and it is probable that an outflow of economic benefits will be required to
settle the obligation and the amount can be reliably estimated. Provisions relate mainly to
environmental liabilities, restructuring plans, onerous contracts and litigations. Non-current
provisions are discounted to present value at the end of the reporting period using risk-free
discount rates.
Outokumpu aims at minimizing negative impacts of its present and discontinued operations
on the environment, and aims to remediate any material negative impacts that have occurred
where viable. Environmental expenditure arising from restoring the conditions caused by past
operations are recognized as expenses when they are incurred. Environmental provision is
recognized when the Group has a legal or constructive obligation to decommission or remove a
facility or equipment, rehabilitate environmental damage, or landscape and restore an area. The
recognition of environmental provisions is based on current interpretation of the effective
environmental laws and regulations together with Outokumpu\u2019s Code of Conduct.
When environmental expenditure will arise from future asset retirement obligations, an item
of property, plant and equipment corresponding to the amount of the provision is recognized,
and it will be depreciated over the asset\u2019s useful life. Subsequent adjustments to the provision
are deducted from or added to the cost of the corresponding asset in a symmetrical manner.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-538": { "value": "
A provision is recognized when Outokumpu has a present legal or constructive obligation as a
result of a past event, and it is probable that an outflow of economic benefits will be required to
settle the obligation and the amount can be reliably estimated. Provisions relate mainly to
environmental liabilities, restructuring plans, onerous contracts and litigations. Non-current
provisions are discounted to present value at the end of the reporting period using risk-free
discount rates.
Outokumpu aims at minimizing negative impacts of its present and discontinued operations
on the environment, and aims to remediate any material negative impacts that have occurred
where viable. Environmental expenditure arising from restoring the conditions caused by past
operations are recognized as expenses when they are incurred. Environmental provision is
recognized when the Group has a legal or constructive obligation to decommission or remove a
facility or equipment, rehabilitate environmental damage, or landscape and restore an area. The
recognition of environmental provisions is based on current interpretation of the effective
environmental laws and regulations together with Outokumpu\u2019s Code of Conduct.
When environmental expenditure will arise from future asset retirement obligations, an item
of property, plant and equipment corresponding to the amount of the provision is recognized,
and it will be depreciated over the asset\u2019s useful life. Subsequent adjustments to the provision
are deducted from or added to the cost of the corresponding asset in a symmetrical manner.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-540": { "value": "
5. Capital structure and financial risk management
Outokumpu maintained a strong financial position in 2025. Despite weaker profitability and
cashflow, net debt increased only moderately and liquidity remained strong. In November 2025,
credit rating agency Moody\u2019s affirmed Outokumpu\u2019s corporate family rating at Ba2 and changed
the outlook from stable to negative.
The capital structure is regularly monitored by management with focus on the company\u2019s
leverage ratio (net debt to adjusted EBITDA) and liquidity. The target is to have Net debt to
EBITDA ratio of 1.0x with disciplined financial flexibility to support strategic investments and
manage cyclical market conditions, allowing it only temporarily to exceed 2.0x.
The main objective of capital management is to secure the ability to operate on a going concern
basis to enhance value to shareholders and to optimize the cost of capital. Outokumpu seeks
to maintain access to loan and capital markets at all times and to preserve sufficient liquidity.
The Board of Directors reviews the Group\u2019s capital structure on a regular basis. Capital
structure and debt capacity are taken into account e.g. in investment, dividend and debt
decisions.
Equity is managed through the dividend policy, share buybacks and issuances of equity or
equity-linked securities.
Tools to manage debt in order to optimize the maturity structure of the debt portfolio and to
minimize finance costs include raising new debt in various forms, establishing financing
facilities, prepaying and cancelling loans, notes and other financing facilities.
Capital structure
\u20ac million
2025
2024
Total equity
3,405
3,748
Gross debt
627
502
Total capitalization
4,032
4,250
Net debt
265
189
Net debt, \u20ac million*
\"1548\"
Net debt to adjusted EBITDA*
\"1581\"
Debt-to-equity, %*
\"1601\"
*Including discontinued operations until 2022.
5.1 Net debt and capital management
Debt management in 2025 continued to focused on ensuring sufficient liquidity, keeping net
debt level within the set target, and at the same time monitor financing costs. Net debt
increased to EUR 265 million at the year-end of 2025 driven by negative free cash flow and the
dividend payout. During 2025, Outokumpu completed two bank financings in the form of an
EUR 200 million club loan and an EUR 100 million bilateral loan. In November, Outokumpu
refinanced its main liquidity facility by entering into a new EUR 800 million committed
unsecured revolving credit facility, replacing its previous committed liquidity facilities of similar
size. The new facility, maturing in February 2030, includes two 12-month extension options,
which can be exercised in 2027 and 2028 respectively, potentially extending maturity to 2032.
The margin of the new facility is linked to emission reductions in line with the approved
emission reduction target by the Science Based Targets initiative for 2030.
The EUR 125 million convertible bond transaction was repaid in full in July 2025. Almost all
bonds were converted into shares prior to the final maturity date. See more information on the
conversion of the convertible bonds in note 5.2.
Net debt
\u20ac million
2025
2024
Non-current
Loans from financial institutions
356
71
Lease liabilities
156
167
Other loans
7
8
519
246
Current
Convertible bonds
\u2014
123
Loans from financial institutions
14
14
Lease liabilities
43
38
Commercial papers
50
79
Other loans
1
1
108
256
Cash and cash equivalents
Cash at bank and in hand
357
308
Short-term bank deposits and cash equivalents
5
5
362
313
Net debt
265
189
Net debt development
\u20ac million
2025
2024
Net cash flow from operating activities
79
147
Net cash flow from investing activities
-125
-218
Cash flow before financing activities
-46
-71
Dividends paid
-116
-110
Treasury share purchase
\u2014
-34
Cash flow impact on net debt
-163
-216
Net debt on Jan 1
189
-60
Cash flow impact on net debt
163
216
Share buyback financial liability
\u2014
-38
Convertible bond conversion to shares, non-cash
-124
\u2014
Reclassification to operating activities
-1
\u2014
Change in net debt, non-cash
39
72
Net debt on Dec 31
265
189
Average effective interest rate of cash and cash equivalents at the end of 2025 was 2.0% (Dec 31, 2024:
3.0%).
Changes in non-current and current debt
2025
\u20ac million
Non-current debt
Current portion of non-
current debt
Non-current lease
liabilities
Current portion of
lease liabilities
Current debt
Total
On Jan 1
79
138
167
38
79
502
Financing cash flows
300
-15
0
-42
-30
213
Transfer to current debt
-16
16
-38
38
\u2014
\u2014
Other non-cash movements
0
2
27
\u2014
\u2014
29
Convertible bond conversion to shares, non-cash
\u2014
-124
\u2014
\u2014
\u2014
-124
Other
\u2014
-1
\u2014
8
\u2014
7
On Dec 31
363
15
156
43
50
627
2024
\u20ac million
Non-current debt
Current portion of non-
current debt
Non-current lease
liabilities
Current portion of
lease liabilities
Current debt
Total
On Jan 1
213
15
146
29
38
441
Financing cash flows
\u2014
-15
\u2014
-38
45
-8
Transfer to current debt
-136
136
-47
47
\u2014
\u2014
Other non-cash movements 1)
2
2
68
\u2014
-4
68
On Dec 31
79
138
167
38
79
502
1) Other non-cash movements in debt consist mainly of the share buyback program related impact in equity as the original commitment was higher than the realized one and effective interest including accrued arrangement
fees. Other non-cash movements in lease liabilities consist of new lease agreements and changes in terms of existing agreements.
Convertible bonds
Outstanding amount
\u20ac million
Interest rate, %
2025
2024
2020 fixed rate bonds maturing on July 9,
2025
5.0
\u2014
125
The EUR 125 million convertible bonds matured on July 9, 2025. During the conversion period,
which commenced on August 19, 2020, and ended on June 25, 2025 convertible bonds were
converted in a total of 47,046,505 Outokumpu shares. The final conversion price was set at
EUR 2.6544 per ordinary share. The remaining part of the convertible bonds totaling EUR 0
million, that was not converted into Outokumpu shares, was paid on the final maturity date July
9, 2025. See more information on the the convertible bonds in note 5.2.
Contractual cash flows
2025
2024
\u20ac million
2026
2027
2028
2029
2030
2031
\u2014
2025
2026
2027
2028
2029
2030
\u2014
Convertible bonds
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
125
\u2014
\u2014
\u2014
\u2014
\u2014
Loans from financial institutions
14
14
114
214
14
\u2014
14
14
14
14
14
14
Other loans
1
1
0
0
0
4
1
1
1
0
0
5
Commercial papers
50
\u2014
\u2014
\u2014
\u2014
\u2014
79
\u2014
\u2014
\u2014
\u2014
\u2014
Interest payments on debt and facility charges
19
18
17
7
2
1
17
9
4
2
1
2
Lease liabilities 1)
43
34
33
25
9
54
38
31
30
29
22
56
Interest payments on lease liabilities 1)
11
8
6
4
3
119
12
10
8
6
4
124
Trade and other payables
1,052
\u2014
\u2014
\u2014
\u2014
\u2014
1,144
\u2014
\u2014
\u2014
\u2014
\u2014
1,190
76
171
252
29
178
1,430
64
57
51
42
200
Contractual cash flows related to derivative instruments are presented in note 5.4.
1)\u00a0 Contractual cash flows are impacted by the index or rate changes related to lease contracts.
Credit facilities
2025
2024
\u20ac million
Maturity
Total
Utilized
Available
Total
Utilized
Available
Committed revolving credit facility
Feb 2030
800
\u2014
800
\u2014
\u2014
\u2014
Committed revolving credit facility
Nov 2025
\u2014
\u2014
\u2014
700
\u2014
700
Committed Finnvera facility
Nov 2025
\u2014
\u2014
\u2014
100
\u2014
100
Committed facilities total
800
\u2014
800
800
\u2014
800
Uncommitted Finnish Commercial paper program
N/A
800
50
750
800
79
721
Overall liquidity reserves at Dec 31, 2025 were EUR 1.2 billion (Dec 31, 2024: EUR 1.1 billion). The liquidity reserves include cash and cash equivalents and EUR 800 million of outstanding
committed credit facility, which was fully unutilized.
Risk information
\"image.png\"
Liquidity and refinancing risk
Outokumpu raises most of its funding centrally and in co-ordination by the Treasury function
(\u201cTreasury\u201d). The Group seeks to reduce its liquidity and refinancing risk by having sufficient
amount of cash and committed long-term credit lines available and by maintaining a balanced
debt maturity profile with diversified sources of funding. Efficient daily cash and liquidity
management and the use of instruments such as commercial papers and currency swaps, also
reduce the liquidity risk. To finance its working capital, the Group is also selectively selling its
trade receivables on a continuous basis.
Finance and liquidity plans are prepared and reviewed regularly with a focus on forecasted
cash flows, projected funding requirements, planned funding transactions and financial
covenant headroom. The adequacy of liquidity reserves, the amounts of scheduled annual
repayments of non-current debt compared to EBITDA as well as forecasted gearing and leverage
ratios are key measures being considered.
Outokumpu is exposed to changes in credit margins as the development of the leverage ratio
has an impact on the interest rate margin definition in some of the Group\u2019s loan agreements
and as such on its interest and other financial expenses. In addition, some of the Group\u00b4s loan
agreements include a financial covenant, but a breach is unlikely as there is ample headroom
in the financial covenant.
Accounting principles
\"image.png\"
Bonds, loans from financial institutions, pension and other loans are recognized at the
settlement date and measured initially at fair value net of direct transaction costs.
Subsequently they are carried at amortized cost using the effective interest rate method.
Transaction costs are amortized over the maturity of the borrowing using the effective
interest rate method. A financial liability (or part of the liability) is derecognized when the
liability ceases to exist, that is, when the obligation identified in a contract has been fulfilled or
cancelled or is no longer effective.
The fair value of non-current and current debt is determined based on quoted prices for
listed instruments. For loans the fair value is determined using the discounted cash flow
method based on yields at the reporting date. The fair values of non-current and current debt
are presented in note 5.5.
Fees related to revolving credit facilities are amortized over the expected facility term.
Convertible bonds
Convertible bonds are compound instruments with components of the bonds classified
separately as financial liabilities and equity in accordance with the substance of the
arrangement.
The liability component is recognized initially at fair value of a similar liability. The equity
component is recognized initially at the difference between the fair values of the full bond and
the liability component. Transaction costs are allocated to the components in proportion to
their initial carrying amounts. The fair value includes the value of conversion rights.
Subsequently the liability component is measured at amortized cost with the effective
interest method. At conversion or on expiry the equity component is reclassified within equity.
Lease liabilities
Accounting principles related to lease liabilities are presented in note 4.2.
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand, deposits held at call with banks and other
highly liquid investments with original maturities of three months or less. These are readily
convertible to a known amount of cash with a low risk of any changes in the value.
Bank overdrafts are reported as current debt.
5.3 Financial risk management and insurances
The main objectives of financial risk management are to reduce the volatility of the net result
and to secure sufficient liquidity to avoid financial distress. Other objectives include the
reduction of cash flow volatility and the maintenance of the debt-to-equity and leverage ratios
within set targets. The main objectives of insurance management are to provide mitigation
against catastrophe risks and to reduce variation of the net result.
The Board of Directors has approved the risk management policy, which defines responsibilities,
the process and other main principles of risk management. The Board of Directors oversees risk
management on a regular basis and the Chief Financial Officer (CFO) is responsible for the
implementation and development of financial risk management. The CFO leads relevant
steering groups, such as the Risk Management Steering Group for enterprise risk management
and the Financial Risk Steering Group for financial risk management. The Energy Steering Group
for energy risk management is led by Senior Vice President (SVP) General Procurement,\u00a0
reporting to the CFO.
Financial risks consist of market, country, credit, liquidity and refinancing risks. Outokumpu
subsidiaries hedge their currency and commodity price risk with the parent company
Outokumpu Corporation, which does most of the Group\u2019s foreign exchange and commodity
derivative contracts with banks and other financial institutions. The Treasury function
(\u201cTreasury\u201d) is responsible for managing foreign exchange, metal, interest rate, liquidity and
refinancing as well as emission allowance price risk. Credit controlling has been mainly
centralized to Finance Services, and Treasury oversees credit risk management globally.
Customer credit risk is presented in note 4.5. The procurement function is responsible for
managing the electricity and fuel price risks.
Treasury sources all global insurances. The main insurance lines are related to property,\u00a0
business interruption, liabilities and credit risk. The captive insurance company Visenta
F\u00f6rs\u00e4kringsaktiebolag contributes to the Outokumpu\u2019s global insurance program.
Exposure to financial risks is identified in connection with the Group\u2019s risk management
process. This approach aims to ensure that any emerging risks are identified early and that
significant risks are described, quantified, managed and communicated appropriately.
Sensitivity of financial instruments to market risk
Dec 31, 2025
Dec 31, 2024
\u20ac million
In profit or loss
In other comprehensive income
In profit or loss
In other comprehensive income
+/-10% change in EUR/USD exchange rate
-4/+5
\u2014
+7/-9
\u2014
+/-10% change in EUR/SEK exchange rate
-4/+5
\u2014
-3/+4
\u2014
+/-10% change in nickel price in USD
-1/+1
-5/+5
-1/+1
-4/+4
+/-1% parallel shift in interest rates
-0/+0
\u2014
-1/+1
\u2014
The sensitivity analyses apply to financial assets and liabilities only. Other assets and liabilities, including defined benefit pension plan assets and liabilities, as well as off balance sheet items such as sales and purchase
orders, are not in the scope of these analyses. The calculations are net of tax. During the year the volatility for nickel price has been in the range of 11-23%. With +/\u201330% change in dollar denominated price, the effect in
profit or loss is about EUR -2/+2 million and in other comprehensive income EUR -14/+14 million for nickel derivatives.
Risk information
\"image.png\"
Market risk
Outokumpu\u2019s main market risks are foreign exchange risk, interest rate risk, security price risk
as well as commodity price risk, namely in metals, fuels, energy and emission allowances. The
price changes in the before mentioned risks may have a significant impact on the Group\u2019s net
result, cash flow and capital structure. Due to the cyclicality of the stainless steel business,
Outokumpu\u2019s exposure to market risks may change significantly from one period to another.
Consequently, derivative positions to mitigate market risks change due to the cyclical business
environment.
Note 5.4 details the fair values and nominal amounts of derivative instruments while the
sensitivity of financial instruments to market risks is described in the table of the previous
page.
The strategy for market risk management is based on identifying, evaluating and mitigating
relevant risks in committed business transactions, balance sheet items and selected forecasted
items for each of the market risk categories. The use of derivatives to mitigate market risks
may cause timing differences between derivative gains or losses and the impact of the
underlying exposure on the net result. In order to reduce such timing differences in net result,
hedge accounting can be applied selectively as part of the commodity and foreign exchange
hedging activities. Most of the derivatives are short-term, however, interest rate hedges typically
have a maturity in excess of one year.
Foreign exchange rate risk
Outokumpu is exposed to foreign exchange rate risk as its business and operations are global.
The risk arises from changes in exchange rates and may have effects on net result, cash flow
and balance sheet. The foreign exchange exposure consists of risks associated with foreign
currency cash flows (transaction risk), translation risk and economic risk, such as the change in
competitiveness resulting from changes in foreign exchange rates.
The transaction risk arises from committed and forecasted transactions and payments in
currencies other than the functional currency of the entity and from changes in fair value of
foreign currency denominated items recognized on the balance sheet.
The fair value risk consists of foreign currency denominated accounts receivables, accounts
payables, debt, cash, loan receivables and the currency position from commodity derivatives.
The transaction and fair value risks are, with a few exceptions, hedged in full in major
currencies. Forecasted and probable cash flows are not typically hedged, but can be hedged
selectively. The Group\u2019s fair value foreign exchange position in currencies and in major EUR and
SEK based Outokumpu companies is presented in more detail in the following table. The
committed and forecasted transactions are excluded from the table.
In 2025, there was no hedge accounting applied in foreign exchange hedging activities.
Foreign exchange positions of EUR based companies
Dec 31, 2025
Dec 31, 2024
\u20ac million
SEK
USD
GBP
Other
SEK
USD
GBP
Other
Trade receivables and payables
-45
-85
5
3
-8
-257
9
11
Loans and bank accounts 1)
114
-765
-36
0
156
-829
-59
7
Derivatives
-48
913
20
-11
-145
996
38
-30
Net position
20
64
-11
-9
3
-90
-13
-12
Foreign exchange positions of SEK based companies
Dec 31, 2025
Dec 31, 2024
\u20ac million
EUR
USD
GBP
Other
EUR
USD
GBP
Other
Trade receivables and payables
-7
7
1
0
11
15
5
2
Loans and bank accounts 1)
4
1
1
2
10
2
1
1
Derivatives
-31
-18
-21
-6
-58
-25
-19
-7
Net position
-34
-10
-19
-5
-36
-8
-13
-4
1) Includes cash and cash equivalents, loan receivables and debt.
Currency distribution and re-pricing of outstanding net debt
\u20ac million
Dec 31, 2025
Currency
Net debt1)
Derivatives2)
Rate sensitivity3)
Gross debt
Average rate, %4)
Duration, year5)
EUR
523
721
10.8
-627
4.5
1.5
SEK
-32
114
0.8
\u2014
\u2014
\u2014
USD
-186
-792
-9.8
\u2014
\u2014
\u2014
Others
-39
-39
-0.8
\u2014
\u2014
\u2014
265
4
1.1
\u20ac million
Dec 31, 2024
Currency
Net debt1)
Derivatives2)
Rate sensitivity3)
Gross debt
Average rate, %4)
Duration, year5)
EUR
399
760
9.8
-502
6.2
2.0
SEK
-32
151
1.2
\u2014
\u2014
\u2014
USD
-115
-865
-9.8
\u2014
\u2014
\u2014
Others
-63
-58
-1.2
\u2014
\u2014
\u2014
189
-12
0.0
1) Includes cash and cash equivalents and debt.
2) Net derivative liabilities include nominal value of currency forwards earmarked to debt and interest rate
derivatives at Dec 31,2024. There were no interest rate derivatives at Dec 31,2025.
3) The effect of one percentage point increase in interest rates to financial expenses over the following year
from net debt and derivatives.
4) Includes gross debt. Currency forwards are not included in average rate calculation.
5) Duration calculation includes both debt and interest rate derivatives. There were no interest rate
derivatives at Dec 31,2025.
Outokumpu\u2019s largest foreign exchange transaction risk exposures are in US dollars and
Swedish krona. A major part of the Group\u2019s sales is in Euros and US dollars and thus the local
currency denominated production costs in Sweden cause foreign exchange risk. The main US
dollar cash flow risks origin from sales in the ferrochrome operations as chromium is priced in
US dollars and US dollar priced raw material purchases in the European stainless steel
business. Internal financing denominated in Swedish krona and US dollar cause significant fair
value foreign exchange rate risk, which is hedged with forward contracts and, if possible, with
matching of external debt or investment.
Translation risk consists of current net investment in foreign entities and future foreign
currency denominated profits and losses, which eventually will have an impact on Group\u2019s net
result and balance sheet through consolidation. Outokumpu\u2019s net result and net investment
translation risk is mainly in US dollars and Swedish krona. The equity translation risk is not
typically hedged, although, according to the Treasury policy, this risk can be hedged selectively.
In 2025, there were no hedges of net result or net investment exposures. However, the
effective portion of gains (EUR 17 million, net of tax) on earlier financial years\u2019 net investment
hedges is recognized in equity.
Economic risk relates to foreign exchange rates, commodity and energy prices, or any other
market price risks, which impact the long-term competitive position. Hedging of economic risk in
the Group is seen as a strategic decision approved by the CFO. In 2025, there were no hedges
related to economic risks.
Interest rate risk
Changes in interest rates expose Outokumpu to interest rate risk with effects on Group\u2019s net
interest expense (i.e. cash flow risk) and value of assets and liabilities (i.e. fair value risk). The
objective of the Group\u2019s interest rate risk management is to have a significant share of net debt
effectively with a short-term interest rate as a reference rate. This approach may help to reduce
the average interest rate of debt. Approximately 98% (2024: 65%) of the Group\u2019s debt has an
interest period of less than one year and the average interest rate of non-current debt on
December 31, 2025 was 4.6% (Dec 31, 2024: 5.8%).
The interest rate risk exposure is composed of the Group\u2019s net debt including all interest-
bearing assets and liabilities as well as derivatives that hedge these items. Interest rate
derivatives, such as interest rate swaps, are used to adjust the share of net debt effectively
repricing in different maturities according to limits defined in the Treasury policy. At the end of
2025 there were no open hedges related to interest rate.
Euro, Swedish krona and US dollar have a substantial contribution to the Group\u2019s interest
rate risk exposure. The interest rate risk exposure in Swedish krona and US dollar primarily
originates from cash balances and foreign exchange derivatives. The interest rate position for
the Group is presented in more detail in the table on the previous page.
Metal price risk
The Metal price risk arises from changes in metal market prices and may have effects on net
result, cash flow and balance sheet.
The Group\u2019s most significant exposures in metals price risk arise from chromium and nickel,
while other alloy metals with metal price risk include for example iron and molybdenum.
Outokumpu is exposed to metal price risk for example through the purchase of raw materials as
well as sale of stainless steel products where the price of alloy metals is based on market
prices. The timing difference in such commercial purchases and sale transactions as well as its
inventory position expose the Group to metal price risk alongside the Group\u2019s capability to pass
on price changes in raw materials to end-product prices.
Outokumpu\u2019s underlying metal net position (in the following alloy metals: nickel, iron and
molybdenum) consists of fixed price purchase orders, inventories of alloy metal containing
materials and fixed price sales orders. The metal net positions (in tons of metal) are
continuously calculated in order to manage the underlying positions.
Metal market prices are based on prices determined in regulated markets, such as the
London Metal Exchange (LME). Also, derivatives contracts to mitigate metal price risk are based
on, for example, LME prices. Chromium does not have an established financial derivatives
market and, consequently, is not included in the scope of the Treasury policy. Financial
derivatives mainly in nickel are used to manage the impacts of metal price changes on the
Group\u2019s net result, whereas efficient working capital management helps to reduce cash flow
variations caused by metal prices. Outokumpu has continued to apply cash flow hedge
accounting programs on nickel hedging in order to reduce the timing differences between
derivative gains or losses and the net result impact of the underlying exposure. The hedge
accounting covers a material part of the Group\u2019s nickel derivatives hedges. The Group\u2019s
financial derivatives fair values and nominal amounts are presented in more detail in the table
5.4 Derivative instruments.
In addition to hedging with financial derivatives, the metal price risk is also mitigated
through other measures such as pricing decisions. A part of the Group\u2019s stainless steel sales
contracts include an alloy surcharge clause, with the aim of reducing the risk arising from the
timing difference between alloy metal purchase and stainless steel pricing and delivery.
Energy and emission allowance price risk
Outokumpu manages energy price risk centrally and mitigates the risks by guidance from the
Energy Procurement policy. Energy price risk is hedged with long-term agreements, fixed price
supply contracts, partial ownerships in power utilities and derivatives. See more information in
note 5.4. Market developments and the company\u2019s overall energy risk positions are actively
monitored in review meetings by the Outokumpu Energy Steering Group, ensuring timely and
informed decisions that support stable and responsible business performance.
Overall, Outokumpu\u2019s energy spend decreased around 5%\u201310% compared to last year. For
2026, Outokumpu\u2019s energy portfolio has been hedged with roughly 65%\u201375% of the estimated
consumption.
Outokumpu has initiated and carried out multiple actions to prevent risk from materializing.
As the volatility in the market persists, Outokumpu has continued its focus on daily optimization
to reduce overall energy costs. Outokumpu has also started several initiatives to accelerate the
improvement in energy efficiency. See more information on energy in the Climate change
chapter in the Sustainability Statement (part of Review of Board of Directors), especially under
\u201cEnergy consumption and mix\u201d.
Outokumpu is exposed to changes in emission allowance prices as the Group\u2019s main
production sites are located in Europe and thus participating in the EU Emissions Trading
Scheme (EU ETS). All Outokumpu sites met the compliance requirements regarding returning of
emissions to local authorities on time in 2025. The Group\u2019s emission allowances positions are
composed of realized and forecasted emissions netted against confirmed and forecasted
emission allowances granted by the authorities. The general economic outlook, the prices of
fuels and power as well as decisions on the EU ETS have a significant impact on the price of
emission allowances. The current trading phase of the EU ETS refers to the period 2021\u20132030.
Outokumpu forecasts to have adequate amount of EU emission allowances until the end of this
decade. However, the future decisions on EU ETS may have a significant impact on this
forecast.
Security price risk
Outokumpu has equity investments and fixed income securities. On December 31, 2025, the
main investments were in OSTP Holding Oy (investment in associated company of EUR 33
million) and Voimaosakeyhti\u00f6 SF (investment in associated company of EUR 0 million). For more
information on the investments presented in notes 5.6 and 6.6.
The captive insurance company Visenta F\u00f6rs\u00e4kringsaktiebolag has investments totaling EUR
27 million in fixed income and equity funds in order to optimize return for assets and to
manage the risk prudently.
Country and counterparty credit risk
Treasury monitors credit risk related to financial institutions. Outokumpu seeks to reduce these
risks by limiting the counterparties to banks and other financial institutions with good credit
standing. For derivative transactions, Outokumpu prefers to have the ISDA framework
agreements in place.
Exposure to country risk is monitored and mitigated by having a credit insurance that
provides cover against political risks on external account receivables. However, there is some
exposure on certain countries where insurance was unavailable.
Insurances
As part of risk mitigation activities, Outokumpu aims to secure its assets and business
continuity by arranging insurances against financial losses arisen from unexpected risk events.
Risks related to property, business interruption, liabilities and credit risk are covered by
insurances as per policy terms and conditions. Outokumpu continued its systematic property
and marine cargo loss prevention programs, focusing on execution of the mitigating and
preventive actions.
Outokumpu has a captive insurance company, Visenta F\u00f6rs\u00e4kringsaktiebolag (Visenta), for
optimizing insurance arrangements as part of the Group\u2019s risk management. The captive
insurance company is registered in Sweden and can operate as a direct insurer and reinsurer
for covering risk of Outokumpu Group entities only. Visenta has to comply with capital adequacy
requirements set by the financial supervisory authority in Sweden and European Insurance and
Occupational Pensions Authority (EIOPA). During the reporting period Visenta was well
capitalized to meet other externally imposed requirements, which are based on, e.g., the
Solvency II framework. There were no significant changes in Visenta\u2019s assets during the year.
5.4 Derivative instruments
2025
2024
2025
2024
\u20ac million
Positive
fair value
Negative
fair value
Net fair
value
Net fair
value
Nominal
amounts
Nominal
amounts
Currency and interest rate
derivatives
Currency forwards
4
-11
-7
14
1,735
2,013
Interest rate swaps
\u2014
\u2014
\u2014
-2
\u2014
125
Tonnes
Tonnes
Metal derivatives
Forward nickel contracts,
hedge accounted
10
-14
-4
5
18,152
16,984
Forward nickel contracts
4
-4
0
1
5,502
8,592
MWh
MWh
Gas derivatives
Forward gas contracts, hedge
accounted
0
-5
-5
4
973,118
917,408
Total derivatives
17
-34
-17
22
Less long-term derivatives
Forward nickel contracts,
hedge accounted
0
\u2014
0
0
Forward gas contracts, hedge
accounted
0
-2
-2
1
Short-term derivatives
17
-33
-16
22
Contractual cash flows
2025
\u20ac million
2026
2027
Currency derivatives
Outflows
1,733
\u2014
Inflows
-1,737
\u2014
-4
\u2014
2024
\u20ac million
2025
2026
Currency derivatives
Outflows
2,021
\u2014
Inflows
-2,006
\u2014
Interest derivatives
-5
\u2014
10
\u2014
Hedge accounted cash flow hedges (commodity derivatives)
2025
2024
Fair value of nickel derivatives, \u20ac million
-4
5
Nominal amount of nickel derivatives, tonnes
18,152
16,984
Fair value of gas derivatives, \u20ac million
-5
4
Nominal amount of gas derivatives, MWh
973,118
917,408
Hedge ratio
1:1
1:1
Fair value reserve in other comprehensive income, \u20ac million
-9
10
Reclassified to sales in profit or loss, \u20ac million
9
13
Reclassified to cost of sales in profit or loss, \u20ac million
-5
-6
Recognized in inventory, \u20ac million
1
2
The nickel hedge accounting programs implemented for business area Americas and business
area Europe cover a material part of the Group\u2019s sales and purchase contracts. Forwards, which
correspond to the pricing model of the underlying items, are used as derivative instruments.
Only the spot component of nickel derivatives is under hedge accounting, the forward element
is recognized in profit or loss. The effectiveness is tested regularly. Management estimates that
the possible ineffectiveness that could arise relates to credit risk or timing of transactions, but
these are estimated to be immaterial.
The LNG gas hedge accounting program implemented for Outokumpu Stainless Oy covers a
substantial part of the purchases of LNG gas contracts. The derivative instrument used in
hedging is a forward which pricing corresponds to the pricing of the underlying item. The
effectiveness is tested regularly. Management estimates that the possible ineffectiveness that
could arise relates to credit risk or timing of transactions, but these are estimated to be
immaterial.
Master netting agreements and similar arrangements
\u20ac million
2025
2024
Derivative assets
Gross amounts of recognized financial assets in the
statement of financial position
17
39
Related financial instruments that are not offset
17
16
0
23
Derivative liabilities
Gross amounts of recognized financial liabilities in the
statement of financial position
34
17
Related financial instruments that are not offset
17
16
17
1
Outokumpu enters into derivative transactions with most counterparties under ISDA
agreements. In general, the amounts owed by each counterparty on a single day in respect of
all transactions outstanding in the same currency are aggregated into a single net amount that
is payable by one party to the other. In certain circumstances, e.g. when a credit event such as
a default occurs, all outstanding transactions under the agreement are terminated. The
termination value is assessed and only a single amount is payable in settlement of all
transactions. ISDA agreements do not meet the criteria for offsetting the balances in the
statement of financial position, but the right to offset is enforceable only on the occurrence of
future credit events. The table above sets out the carrying amounts of recognized financial
instruments that are subject to the agreements described above.
Accounting principles
\"image.png\"
Derivatives are initially recognized at fair value on the trade date, when the Group enters into a
derivative contract, and are subsequently measured at fair value.
The presentation of the gains or losses arising from the fair value measurement depends on
the purpose of the derivative. The gains or losses arising from fair value changes of effective
hedge-accounted derivative contracts are presented in profit or loss congruent with the hedged
item. Changes in fair value of derivative contracts, where hedge accounting is not applied, are
recognized in EBIT in other operating income and expenses. Changes in fair value of derivatives
designated for financing activities are presented within financial income and expenses.
The fair value measurement is based on quoted market prices and rates as well as on
discounted cash flows at the end of the reporting period. Fair values of derivatives can in
certain cases be based on valuations of external counterparties.
Hedge accounting
Outokumpu applies cash flow hedge accounting on certain commodity derivatives. For each
hedging arrangement the relationship between the hedging instrument and the hedged item,
the objectives of risk management and the strategy of the hedging arrangement are
documented.
The effectiveness of the hedge relationship is documented and assessed when hedging is
started and at least in the end of each reporting period. Hedge effectiveness is calculated and
assessed between the changes in the fair value or cash flows of the hedged item attributable to
the hedged risk and the changes in the fair value or cash flows of the hedging instrument to
ensure that these impacts offset one another. Hedge accounting is discontinued if the
requirements of hedge accounting are no longer met.
Fair value changes of derivatives designated to hedge forecasted cash flows are recognized
in other comprehensive income and presented within the fair value reserve in equity to the
extent that the hedge is effective. Such fair value changes accumulated in equity are
reclassified in profit or loss, and presented in sales or cost of sales in the period when the
hedge accounted cash flows affect the profit or loss. In the certain hedge accounted
transaction, the realized gains or losses of the nickel derivatives are first reclassified from fair
value reserves in equity to the inventory for a certain period and finally recognized in profit or
loss. The fair value changes related to the ineffective portion of the hedging instrument are
recognized immediately in profit or loss.
5.5 Financial assets and liabilities
Carrying values and fair values of financial assets and liabilities by measurement category
Measured at
2025
\u20ac million
Amortized cost
Fair value through other
comprehensive income
Fair value through profit
or loss
Carrying amount
Fair value
Fair value hierarchy level
Non-current financial assets
Equity investments
\u2014
24
\u2014
24
24
1,3
Trade and other receivables
9
\u2014
0
9
0
3
Hedge accounted derivatives
\u2014
\u2014
0
0
0
2
Current financial assets
Other investments
\u2014
\u2014
27
27
27
1
Trade and other receivables
330
\u2014
\u2014
330
Hedge accounted derivatives
\u2014
\u2014
10
10
10
2
Derivatives held for trading
\u2014
\u2014
7
7
7
2
Cash and cash equivalents
362
\u2014
\u2014
362
701
24
45
769
Non-current financial liabilities
Non-current debt
519
\u2014
\u2014
519
519
2
Hedge accounted derivatives
\u2014
\u2014
2
2
2
2
Current financial liabilities
Current debt
108
\u2014
\u2014
108
108
2
Trade and other payables
1,052
\u2014
\u2014
1,052
Hedge accounted derivatives
\u2014
\u2014
18
18
18
2
Derivatives held for trading
\u2014
\u2014
15
15
15
2
1,679
\u2014
34
1,713
There were no transfers between levels 1, 2 and 3 during the years. A major part of equity investments at fair value through other comprehensive income at hierarchy level 3 relates to investments in unlisted energy
producing companies.
Measured at
2024
\u20ac million
Amortized cost
Fair value through other
comprehensive income
Fair value through profit
or loss
Carrying amount
Fair value
Fair value hierarchy level
Non-current financial assets
Equity investments
\u2014
28
\u2014
28
28
1,3
Trade and other receivables
10
\u2014
0
10
0
3
Hedge accounted derivatives
\u2014
\u2014
1
1
1
2
Current financial assets
Other investments
\u2014
\u2014
28
28
28
1
Trade and other receivables
390
\u2014
\u2014
390
Hedge accounted derivatives
\u2014
\u2014
15
15
15
2
Derivatives held for trading
\u2014
\u2014
23
23
23
2
Cash and cash equivalents
313
\u2014
\u2014
313
714
28
67
809
Non-current financial liabilities
Non-current debt
246
\u2014
\u2014
246
247
2
Hedge accounted derivatives
\u2014
\u2014
0
0
0
2
Current financial liabilities
Current debt
256
\u2014
\u2014
256
273
2
Trade and other payables
1,144
\u2014
\u2014
1,144
Hedge accounted derivatives
\u2014
\u2014
7
7
7
2
Derivatives held for trading
\u2014
\u2014
10
10
10
2
1,646
\u2014
17
1,663
Reconciliation of changes on level 3
\u20ac million
Investments at fair value
through profit or loss
Equity investments at
fair value through other
comprehensive income
Carrying value on Jan 1, 2025
0
23
Additions
3
2
Fair value changes
-3
-10
Carrying value at the end of the period
0
14
\u20ac million
Investments at fair value
through profit or loss
Equity investments at fair
value through other
comprehensive income
Carrying value on Jan 1, 2024
0
7
Additions
3
1
Fair value changes
-3
15
Carrying value at the end of the period
0
23
In 2023, Outokumpu Corporation agreed to participate in a convertible loan offered by
associated company Voimaosakeyhti\u00f6 SF to its shareholders. Outokumpu\u2019s share of the
convertible loan is EUR 14 million. The first call of the loan was in August 2023 amounting to
EUR 5 million, the second one in October 2024 totaling to EUR 3 million and the third one in
August 2025 totaling to EUR 3 million. At the end of December 2025, the loan is valued at EUR
0 million. The change in value is presented in the other market price gains and losses in the
consolidated statement of income, for more information see note 2.5. For more information on
Voimaosakeyhti\u00f6 SF, see note 5.7 and 6.6.
Accounting principles
\"image.png\"
The Group\u2019s financial assets and liabilities are classified as items at fair value through profit or
loss, items at fair value through other comprehensive income and items at amortized cost.
The classification is based on Group\u2019s business model for financial assets and liabilities, and
their contractual cash flow characteristics.
If a financial asset is not measured at fair value through profit or loss, significant transaction
costs are included in the initial carrying amount of the asset. Financial assets are derecognized
when the Group loses the rights to receive the contractual cash flows on the financial asset or it
transfers substantially all the risks and rewards of ownership outside the Group. Accounting
principles related to transaction costs and derecognition of borrowings are presented in note
5.1.
Financial assets and liabilities measured at amortized cost
Financial assets measured at amortized cost include trade and other receivables and
cash and cash equivalents. These assets are measured initially at fair value. After initial
recognition, they are measured at amortized cost by using the effective interest rate method
less accumulated impairments. The accounting principles related to factored receivables and
expected credit losses are presented in note 4.5.
Financial liabilities measured at amortized cost include the borrowing and trade and other
payables. See note 5.1 for further accounting and fair valuation principles for borrowings and
note 4.5 for accounting principles for trade and other payables.
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income include equity investments
in listed and unlisted companies. Accounting principles are presented in note 5.6.
Financial assets and liabilities at fair value through profit or loss
Financial assets and liabilities at fair value through profit or loss include derivative instruments.
Financial assets at fair value through profit or loss include also investments in debt instrument
or money market funds held for trading purposes and intended to be sold within a short period
of time. In some cases, also equity investments can be classified in this category.
These financial assets and liabilities are recognized at the trade date at fair value and
subsequently remeasured at fair value at the end of each reporting period. The fair value
measurement is based on quoted rates and market prices as well as on appropriate valuation
methodologies and models.
Realized and unrealized gains and losses arising from changes in fair values of non-
derivative financial assets are recognized in market price gains and losses under financial
income and expenses in the reporting period in which they are incurred. Accounting principles
related to derivatives are described in more detail in note 5.4.
Measurement of fair values
Several accounting policies and disclosures require the measurement of fair values.
Financial assets and liabilities measured at fair value are classified to fair value hierarchy levels
based on the source information and inputs used in the fair valuation. In level one, fair values
are based on public quotations for identical instruments. In level two, fair values are based on
market rates and prices and discounted future cash flows. For assets and liabilities in level
three, there is no reliable market source available and thus the fair value measurement is not
based on observable market data. Therefore, the measurement methods are chosen taking into
account the information available for the measurement and the characteristics of the measured
item.
5.6 Equity investments at fair value through other comprehensive income
\u20ac million
2025
2024
Carrying value on Jan 1
28
12
Additions
2
2
Fair value changes
-5
13
Carrying value on Dec 31
24
28
Fair value reserve in equity
\u20ac million
2025
2024
Fair value on Dec 31
24
28
Fair value at acquisition
15
14
Fair value reserve from equity investments
9
14
Equity investments at fair value through other comprehensive income include unlisted and
listed strategic holdings mainly in energy companies in which Outokumpu does not have control,
joint control or significant influence.
These energy companies produce energy to their shareholders on a cost-price basis (Mankala
principle) which is a widely used business model among Finnish energy companies. Under the
Mankala principle, shareholders are entitled to receive energy in proportion to the ownership,
and each shareholder is severally responsible for its respective share of the costs of the energy
company as set out in the articles of association.
The additions of EUR 2 million in 2025 are mainly related to the increase in investments in EPV
Energia Oy.
Outokumpu is an owner in nuclear utility by provider Pohjolan Voima Oy (PVO), with an
ownership share of 0.1%. PVO is a shareholder in Teollisuuden Voima Oy (TVO). TVO, where
Outokumpu does not have a direct ownership, operates Olkiluoto 3 (OL3) a nuclear power plant
in Eurajoki, Finland. Outokumpu has indirect ownership in Tornion Voima Oy, a combined heat
and power plant in Tornio, Northern Finland. This indirect ownership is through EPV Energia Oy,
with an ownership share of 0.5%. In addition, Outokumpu has a direct ownership in Rajakiiri Oy
with a share of 19.9%. Rajakiiri Oy is a wind power company in Tornio. The total estimated fair
value of the aforementioned three utility assets was EUR 13 million at the year end (Dec 31,
2024: EUR 22 million). The remaining EUR 11 million (Dec 31, 2024: EUR 6 million) are other
share holdings.
Management judgments
\"image.png\"
Unlisted strategic energy companies
The valuation model of the other unlisted strategic energy companies include among others
discount rate derived from risk free rate (Germany 10 year bond yield), growth factor depending
the nature of the power plant or wearing out of the mill and contractual factors which may have
an impact on the valuation. Discounted cash flow models include also adjustments based on
the latest information regarding the power plants and potential energy production.
Accounting principles
\"image.png\"
Equity investments at fair value through other comprehensive income consists of investments
which are not held for trading, and which the Group has irrevocably elected at initial recognition
to recognize in this category. These are mainly strategic investments, so this classification is
considered relevant.
The investments and divestments are recognized at the trade date. They are included in non-
current assets unless there is an intention to dispose of the investment within 12 months from
the reporting date.
The investments are measured at fair value, and fair value changes are recognized through
other comprehensive income and presented net of tax in fair value reserve in equity. The
valuation is based on quoted rates and market prices at the end of the reporting period, as well
as on appropriate valuation techniques, such as cash flow discounting. Observable market data
is used in the valuation when available but also entity-specific management estimates are
applied.
Dividends are recognized in profit or loss. When equity investment is disposed, the
accumulated fair value changes are reclassified from fair value reserve to retained earnings.
The premium paid over the FPX Nickel Corp. share's market price at the acquisition date has
been treated as part of the inventory and will be released at the time of the nickel purchase.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-544": { "value": "
5.1 Net debt and capital management
Debt management in 2025 continued to focused on ensuring sufficient liquidity, keeping net
debt level within the set target, and at the same time monitor financing costs. Net debt
increased to EUR 265 million at the year-end of 2025 driven by negative free cash flow and the
dividend payout. During 2025, Outokumpu completed two bank financings in the form of an
EUR 200 million club loan and an EUR 100 million bilateral loan. In November, Outokumpu
refinanced its main liquidity facility by entering into a new EUR 800 million committed
unsecured revolving credit facility, replacing its previous committed liquidity facilities of similar
size. The new facility, maturing in February 2030, includes two 12-month extension options,
which can be exercised in 2027 and 2028 respectively, potentially extending maturity to 2032.
The margin of the new facility is linked to emission reductions in line with the approved
emission reduction target by the Science Based Targets initiative for 2030.
The EUR 125 million convertible bond transaction was repaid in full in July 2025. Almost all
bonds were converted into shares prior to the final maturity date. See more information on the
conversion of the convertible bonds in note 5.2.
Net debt
\u20ac million
2025
2024
Non-current
Loans from financial institutions
356
71
Lease liabilities
156
167
Other loans
7
8
519
246
Current
Convertible bonds
\u2014
123
Loans from financial institutions
14
14
Lease liabilities
43
38
Commercial papers
50
79
Other loans
1
1
108
256
Cash and cash equivalents
Cash at bank and in hand
357
308
Short-term bank deposits and cash equivalents
5
5
362
313
Net debt
265
189
Net debt development
\u20ac million
2025
2024
Net cash flow from operating activities
79
147
Net cash flow from investing activities
-125
-218
Cash flow before financing activities
-46
-71
Dividends paid
-116
-110
Treasury share purchase
\u2014
-34
Cash flow impact on net debt
-163
-216
Net debt on Jan 1
189
-60
Cash flow impact on net debt
163
216
Share buyback financial liability
\u2014
-38
Convertible bond conversion to shares, non-cash
-124
\u2014
Reclassification to operating activities
-1
\u2014
Change in net debt, non-cash
39
72
Net debt on Dec 31
265
189
Average effective interest rate of cash and cash equivalents at the end of 2025 was 2.0% (Dec 31, 2024:
3.0%).
Changes in non-current and current debt
2025
\u20ac million
Non-current debt
Current portion of non-
current debt
Non-current lease
liabilities
Current portion of
lease liabilities
Current debt
Total
On Jan 1
79
138
167
38
79
502
Financing cash flows
300
-15
0
-42
-30
213
Transfer to current debt
-16
16
-38
38
\u2014
\u2014
Other non-cash movements
0
2
27
\u2014
\u2014
29
Convertible bond conversion to shares, non-cash
\u2014
-124
\u2014
\u2014
\u2014
-124
Other
\u2014
-1
\u2014
8
\u2014
7
On Dec 31
363
15
156
43
50
627
2024
\u20ac million
Non-current debt
Current portion of non-
current debt
Non-current lease
liabilities
Current portion of
lease liabilities
Current debt
Total
On Jan 1
213
15
146
29
38
441
Financing cash flows
\u2014
-15
\u2014
-38
45
-8
Transfer to current debt
-136
136
-47
47
\u2014
\u2014
Other non-cash movements 1)
2
2
68
\u2014
-4
68
On Dec 31
79
138
167
38
79
502
1) Other non-cash movements in debt consist mainly of the share buyback program related impact in equity as the original commitment was higher than the realized one and effective interest including accrued arrangement
fees. Other non-cash movements in lease liabilities consist of new lease agreements and changes in terms of existing agreements.
Convertible bonds
Outstanding amount
\u20ac million
Interest rate, %
2025
2024
2020 fixed rate bonds maturing on July 9,
2025
5.0
\u2014
125
The EUR 125 million convertible bonds matured on July 9, 2025. During the conversion period,
which commenced on August 19, 2020, and ended on June 25, 2025 convertible bonds were
converted in a total of 47,046,505 Outokumpu shares. The final conversion price was set at
EUR 2.6544 per ordinary share. The remaining part of the convertible bonds totaling EUR 0
million, that was not converted into Outokumpu shares, was paid on the final maturity date July
9, 2025. See more information on the the convertible bonds in note 5.2.
Contractual cash flows
2025
2024
\u20ac million
2026
2027
2028
2029
2030
2031
\u2014
2025
2026
2027
2028
2029
2030
\u2014
Convertible bonds
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
125
\u2014
\u2014
\u2014
\u2014
\u2014
Loans from financial institutions
14
14
114
214
14
\u2014
14
14
14
14
14
14
Other loans
1
1
0
0
0
4
1
1
1
0
0
5
Commercial papers
50
\u2014
\u2014
\u2014
\u2014
\u2014
79
\u2014
\u2014
\u2014
\u2014
\u2014
Interest payments on debt and facility charges
19
18
17
7
2
1
17
9
4
2
1
2
Lease liabilities 1)
43
34
33
25
9
54
38
31
30
29
22
56
Interest payments on lease liabilities 1)
11
8
6
4
3
119
12
10
8
6
4
124
Trade and other payables
1,052
\u2014
\u2014
\u2014
\u2014
\u2014
1,144
\u2014
\u2014
\u2014
\u2014
\u2014
1,190
76
171
252
29
178
1,430
64
57
51
42
200
Contractual cash flows related to derivative instruments are presented in note 5.4.
1)\u00a0 Contractual cash flows are impacted by the index or rate changes related to lease contracts.
Credit facilities
2025
2024
\u20ac million
Maturity
Total
Utilized
Available
Total
Utilized
Available
Committed revolving credit facility
Feb 2030
800
\u2014
800
\u2014
\u2014
\u2014
Committed revolving credit facility
Nov 2025
\u2014
\u2014
\u2014
700
\u2014
700
Committed Finnvera facility
Nov 2025
\u2014
\u2014
\u2014
100
\u2014
100
Committed facilities total
800
\u2014
800
800
\u2014
800
Uncommitted Finnish Commercial paper program
N/A
800
50
750
800
79
721
Overall liquidity reserves at Dec 31, 2025 were EUR 1.2 billion (Dec 31, 2024: EUR 1.1 billion). The liquidity reserves include cash and cash equivalents and EUR 800 million of outstanding
committed credit facility, which was fully unutilized.
Risk information
\"image.png\"
Liquidity and refinancing risk
Outokumpu raises most of its funding centrally and in co-ordination by the Treasury function
(\u201cTreasury\u201d). The Group seeks to reduce its liquidity and refinancing risk by having sufficient
amount of cash and committed long-term credit lines available and by maintaining a balanced
debt maturity profile with diversified sources of funding. Efficient daily cash and liquidity
management and the use of instruments such as commercial papers and currency swaps, also
reduce the liquidity risk. To finance its working capital, the Group is also selectively selling its
trade receivables on a continuous basis.
Finance and liquidity plans are prepared and reviewed regularly with a focus on forecasted
cash flows, projected funding requirements, planned funding transactions and financial
covenant headroom. The adequacy of liquidity reserves, the amounts of scheduled annual
repayments of non-current debt compared to EBITDA as well as forecasted gearing and leverage
ratios are key measures being considered.
Outokumpu is exposed to changes in credit margins as the development of the leverage ratio
has an impact on the interest rate margin definition in some of the Group\u2019s loan agreements
and as such on its interest and other financial expenses. In addition, some of the Group\u00b4s loan
agreements include a financial covenant, but a breach is unlikely as there is ample headroom
in the financial covenant.
Accounting principles
\"image.png\"
Bonds, loans from financial institutions, pension and other loans are recognized at the
settlement date and measured initially at fair value net of direct transaction costs.
Subsequently they are carried at amortized cost using the effective interest rate method.
Transaction costs are amortized over the maturity of the borrowing using the effective
interest rate method. A financial liability (or part of the liability) is derecognized when the
liability ceases to exist, that is, when the obligation identified in a contract has been fulfilled or
cancelled or is no longer effective.
The fair value of non-current and current debt is determined based on quoted prices for
listed instruments. For loans the fair value is determined using the discounted cash flow
method based on yields at the reporting date. The fair values of non-current and current debt
are presented in note 5.5.
Fees related to revolving credit facilities are amortized over the expected facility term.
Convertible bonds
Convertible bonds are compound instruments with components of the bonds classified
separately as financial liabilities and equity in accordance with the substance of the
arrangement.
The liability component is recognized initially at fair value of a similar liability. The equity
component is recognized initially at the difference between the fair values of the full bond and
the liability component. Transaction costs are allocated to the components in proportion to
their initial carrying amounts. The fair value includes the value of conversion rights.
Subsequently the liability component is measured at amortized cost with the effective
interest method. At conversion or on expiry the equity component is reclassified within equity.
Lease liabilities
Accounting principles related to lease liabilities are presented in note 4.2.
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand, deposits held at call with banks and other
highly liquid investments with original maturities of three months or less. These are readily
convertible to a known amount of cash with a low risk of any changes in the value.
Bank overdrafts are reported as current debt.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-543": { "value": "
5.1 Net debt and capital management
Debt management in 2025 continued to focused on ensuring sufficient liquidity, keeping net
debt level within the set target, and at the same time monitor financing costs. Net debt
increased to EUR 265 million at the year-end of 2025 driven by negative free cash flow and the
dividend payout. During 2025, Outokumpu completed two bank financings in the form of an
EUR 200 million club loan and an EUR 100 million bilateral loan. In November, Outokumpu
refinanced its main liquidity facility by entering into a new EUR 800 million committed
unsecured revolving credit facility, replacing its previous committed liquidity facilities of similar
size. The new facility, maturing in February 2030, includes two 12-month extension options,
which can be exercised in 2027 and 2028 respectively, potentially extending maturity to 2032.
The margin of the new facility is linked to emission reductions in line with the approved
emission reduction target by the Science Based Targets initiative for 2030.
The EUR 125 million convertible bond transaction was repaid in full in July 2025. Almost all
bonds were converted into shares prior to the final maturity date. See more information on the
conversion of the convertible bonds in note 5.2.
Net debt
\u20ac million
2025
2024
Non-current
Loans from financial institutions
356
71
Lease liabilities
156
167
Other loans
7
8
519
246
Current
Convertible bonds
\u2014
123
Loans from financial institutions
14
14
Lease liabilities
43
38
Commercial papers
50
79
Other loans
1
1
108
256
Cash and cash equivalents
Cash at bank and in hand
357
308
Short-term bank deposits and cash equivalents
5
5
362
313
Net debt
265
189
Net debt development
\u20ac million
2025
2024
Net cash flow from operating activities
79
147
Net cash flow from investing activities
-125
-218
Cash flow before financing activities
-46
-71
Dividends paid
-116
-110
Treasury share purchase
\u2014
-34
Cash flow impact on net debt
-163
-216
Net debt on Jan 1
189
-60
Cash flow impact on net debt
163
216
Share buyback financial liability
\u2014
-38
Convertible bond conversion to shares, non-cash
-124
\u2014
Reclassification to operating activities
-1
\u2014
Change in net debt, non-cash
39
72
Net debt on Dec 31
265
189
Average effective interest rate of cash and cash equivalents at the end of 2025 was 2.0% (Dec 31, 2024:
3.0%).
Changes in non-current and current debt
2025
\u20ac million
Non-current debt
Current portion of non-
current debt
Non-current lease
liabilities
Current portion of
lease liabilities
Current debt
Total
On Jan 1
79
138
167
38
79
502
Financing cash flows
300
-15
0
-42
-30
213
Transfer to current debt
-16
16
-38
38
\u2014
\u2014
Other non-cash movements
0
2
27
\u2014
\u2014
29
Convertible bond conversion to shares, non-cash
\u2014
-124
\u2014
\u2014
\u2014
-124
Other
\u2014
-1
\u2014
8
\u2014
7
On Dec 31
363
15
156
43
50
627
2024
\u20ac million
Non-current debt
Current portion of non-
current debt
Non-current lease
liabilities
Current portion of
lease liabilities
Current debt
Total
On Jan 1
213
15
146
29
38
441
Financing cash flows
\u2014
-15
\u2014
-38
45
-8
Transfer to current debt
-136
136
-47
47
\u2014
\u2014
Other non-cash movements 1)
2
2
68
\u2014
-4
68
On Dec 31
79
138
167
38
79
502
1) Other non-cash movements in debt consist mainly of the share buyback program related impact in equity as the original commitment was higher than the realized one and effective interest including accrued arrangement
fees. Other non-cash movements in lease liabilities consist of new lease agreements and changes in terms of existing agreements.
Convertible bonds
Outstanding amount
\u20ac million
Interest rate, %
2025
2024
2020 fixed rate bonds maturing on July 9,
2025
5.0
\u2014
125
The EUR 125 million convertible bonds matured on July 9, 2025. During the conversion period,
which commenced on August 19, 2020, and ended on June 25, 2025 convertible bonds were
converted in a total of 47,046,505 Outokumpu shares. The final conversion price was set at
EUR 2.6544 per ordinary share. The remaining part of the convertible bonds totaling EUR 0
million, that was not converted into Outokumpu shares, was paid on the final maturity date July
9, 2025. See more information on the the convertible bonds in note 5.2.
Contractual cash flows
2025
2024
\u20ac million
2026
2027
2028
2029
2030
2031
\u2014
2025
2026
2027
2028
2029
2030
\u2014
Convertible bonds
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
125
\u2014
\u2014
\u2014
\u2014
\u2014
Loans from financial institutions
14
14
114
214
14
\u2014
14
14
14
14
14
14
Other loans
1
1
0
0
0
4
1
1
1
0
0
5
Commercial papers
50
\u2014
\u2014
\u2014
\u2014
\u2014
79
\u2014
\u2014
\u2014
\u2014
\u2014
Interest payments on debt and facility charges
19
18
17
7
2
1
17
9
4
2
1
2
Lease liabilities 1)
43
34
33
25
9
54
38
31
30
29
22
56
Interest payments on lease liabilities 1)
11
8
6
4
3
119
12
10
8
6
4
124
Trade and other payables
1,052
\u2014
\u2014
\u2014
\u2014
\u2014
1,144
\u2014
\u2014
\u2014
\u2014
\u2014
1,190
76
171
252
29
178
1,430
64
57
51
42
200
Contractual cash flows related to derivative instruments are presented in note 5.4.
1)\u00a0 Contractual cash flows are impacted by the index or rate changes related to lease contracts.
Credit facilities
2025
2024
\u20ac million
Maturity
Total
Utilized
Available
Total
Utilized
Available
Committed revolving credit facility
Feb 2030
800
\u2014
800
\u2014
\u2014
\u2014
Committed revolving credit facility
Nov 2025
\u2014
\u2014
\u2014
700
\u2014
700
Committed Finnvera facility
Nov 2025
\u2014
\u2014
\u2014
100
\u2014
100
Committed facilities total
800
\u2014
800
800
\u2014
800
Uncommitted Finnish Commercial paper program
N/A
800
50
750
800
79
721
Overall liquidity reserves at Dec 31, 2025 were EUR 1.2 billion (Dec 31, 2024: EUR 1.1 billion). The liquidity reserves include cash and cash equivalents and EUR 800 million of outstanding
committed credit facility, which was fully unutilized.
Risk information
\"image.png\"
Liquidity and refinancing risk
Outokumpu raises most of its funding centrally and in co-ordination by the Treasury function
(\u201cTreasury\u201d). The Group seeks to reduce its liquidity and refinancing risk by having sufficient
amount of cash and committed long-term credit lines available and by maintaining a balanced
debt maturity profile with diversified sources of funding. Efficient daily cash and liquidity
management and the use of instruments such as commercial papers and currency swaps, also
reduce the liquidity risk. To finance its working capital, the Group is also selectively selling its
trade receivables on a continuous basis.
Finance and liquidity plans are prepared and reviewed regularly with a focus on forecasted
cash flows, projected funding requirements, planned funding transactions and financial
covenant headroom. The adequacy of liquidity reserves, the amounts of scheduled annual
repayments of non-current debt compared to EBITDA as well as forecasted gearing and leverage
ratios are key measures being considered.
Outokumpu is exposed to changes in credit margins as the development of the leverage ratio
has an impact on the interest rate margin definition in some of the Group\u2019s loan agreements
and as such on its interest and other financial expenses. In addition, some of the Group\u00b4s loan
agreements include a financial covenant, but a breach is unlikely as there is ample headroom
in the financial covenant.
Accounting principles
\"image.png\"
Bonds, loans from financial institutions, pension and other loans are recognized at the
settlement date and measured initially at fair value net of direct transaction costs.
Subsequently they are carried at amortized cost using the effective interest rate method.
Transaction costs are amortized over the maturity of the borrowing using the effective
interest rate method. A financial liability (or part of the liability) is derecognized when the
liability ceases to exist, that is, when the obligation identified in a contract has been fulfilled or
cancelled or is no longer effective.
The fair value of non-current and current debt is determined based on quoted prices for
listed instruments. For loans the fair value is determined using the discounted cash flow
method based on yields at the reporting date. The fair values of non-current and current debt
are presented in note 5.5.
Fees related to revolving credit facilities are amortized over the expected facility term.
Convertible bonds
Convertible bonds are compound instruments with components of the bonds classified
separately as financial liabilities and equity in accordance with the substance of the
arrangement.
The liability component is recognized initially at fair value of a similar liability. The equity
component is recognized initially at the difference between the fair values of the full bond and
the liability component. Transaction costs are allocated to the components in proportion to
their initial carrying amounts. The fair value includes the value of conversion rights.
Subsequently the liability component is measured at amortized cost with the effective
interest method. At conversion or on expiry the equity component is reclassified within equity.
Lease liabilities
Accounting principles related to lease liabilities are presented in note 4.2.
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand, deposits held at call with banks and other
highly liquid investments with original maturities of three months or less. These are readily
convertible to a known amount of cash with a low risk of any changes in the value.
Bank overdrafts are reported as current debt.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-542": { "value": "
5.1 Net debt and capital management
Debt management in 2025 continued to focused on ensuring sufficient liquidity, keeping net
debt level within the set target, and at the same time monitor financing costs. Net debt
increased to EUR 265 million at the year-end of 2025 driven by negative free cash flow and the
dividend payout. During 2025, Outokumpu completed two bank financings in the form of an
EUR 200 million club loan and an EUR 100 million bilateral loan. In November, Outokumpu
refinanced its main liquidity facility by entering into a new EUR 800 million committed
unsecured revolving credit facility, replacing its previous committed liquidity facilities of similar
size. The new facility, maturing in February 2030, includes two 12-month extension options,
which can be exercised in 2027 and 2028 respectively, potentially extending maturity to 2032.
The margin of the new facility is linked to emission reductions in line with the approved
emission reduction target by the Science Based Targets initiative for 2030.
The EUR 125 million convertible bond transaction was repaid in full in July 2025. Almost all
bonds were converted into shares prior to the final maturity date. See more information on the
conversion of the convertible bonds in note 5.2.
Net debt
\u20ac million
2025
2024
Non-current
Loans from financial institutions
356
71
Lease liabilities
156
167
Other loans
7
8
519
246
Current
Convertible bonds
\u2014
123
Loans from financial institutions
14
14
Lease liabilities
43
38
Commercial papers
50
79
Other loans
1
1
108
256
Cash and cash equivalents
Cash at bank and in hand
357
308
Short-term bank deposits and cash equivalents
5
5
362
313
Net debt
265
189
Net debt development
\u20ac million
2025
2024
Net cash flow from operating activities
79
147
Net cash flow from investing activities
-125
-218
Cash flow before financing activities
-46
-71
Dividends paid
-116
-110
Treasury share purchase
\u2014
-34
Cash flow impact on net debt
-163
-216
Net debt on Jan 1
189
-60
Cash flow impact on net debt
163
216
Share buyback financial liability
\u2014
-38
Convertible bond conversion to shares, non-cash
-124
\u2014
Reclassification to operating activities
-1
\u2014
Change in net debt, non-cash
39
72
Net debt on Dec 31
265
189
Average effective interest rate of cash and cash equivalents at the end of 2025 was 2.0% (Dec 31, 2024:
3.0%).
Changes in non-current and current debt
2025
\u20ac million
Non-current debt
Current portion of non-
current debt
Non-current lease
liabilities
Current portion of
lease liabilities
Current debt
Total
On Jan 1
79
138
167
38
79
502
Financing cash flows
300
-15
0
-42
-30
213
Transfer to current debt
-16
16
-38
38
\u2014
\u2014
Other non-cash movements
0
2
27
\u2014
\u2014
29
Convertible bond conversion to shares, non-cash
\u2014
-124
\u2014
\u2014
\u2014
-124
Other
\u2014
-1
\u2014
8
\u2014
7
On Dec 31
363
15
156
43
50
627
2024
\u20ac million
Non-current debt
Current portion of non-
current debt
Non-current lease
liabilities
Current portion of
lease liabilities
Current debt
Total
On Jan 1
213
15
146
29
38
441
Financing cash flows
\u2014
-15
\u2014
-38
45
-8
Transfer to current debt
-136
136
-47
47
\u2014
\u2014
Other non-cash movements 1)
2
2
68
\u2014
-4
68
On Dec 31
79
138
167
38
79
502
1) Other non-cash movements in debt consist mainly of the share buyback program related impact in equity as the original commitment was higher than the realized one and effective interest including accrued arrangement
fees. Other non-cash movements in lease liabilities consist of new lease agreements and changes in terms of existing agreements.
Convertible bonds
Outstanding amount
\u20ac million
Interest rate, %
2025
2024
2020 fixed rate bonds maturing on July 9,
2025
5.0
\u2014
125
The EUR 125 million convertible bonds matured on July 9, 2025. During the conversion period,
which commenced on August 19, 2020, and ended on June 25, 2025 convertible bonds were
converted in a total of 47,046,505 Outokumpu shares. The final conversion price was set at
EUR 2.6544 per ordinary share. The remaining part of the convertible bonds totaling EUR 0
million, that was not converted into Outokumpu shares, was paid on the final maturity date July
9, 2025. See more information on the the convertible bonds in note 5.2.
Contractual cash flows
2025
2024
\u20ac million
2026
2027
2028
2029
2030
2031
\u2014
2025
2026
2027
2028
2029
2030
\u2014
Convertible bonds
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
125
\u2014
\u2014
\u2014
\u2014
\u2014
Loans from financial institutions
14
14
114
214
14
\u2014
14
14
14
14
14
14
Other loans
1
1
0
0
0
4
1
1
1
0
0
5
Commercial papers
50
\u2014
\u2014
\u2014
\u2014
\u2014
79
\u2014
\u2014
\u2014
\u2014
\u2014
Interest payments on debt and facility charges
19
18
17
7
2
1
17
9
4
2
1
2
Lease liabilities 1)
43
34
33
25
9
54
38
31
30
29
22
56
Interest payments on lease liabilities 1)
11
8
6
4
3
119
12
10
8
6
4
124
Trade and other payables
1,052
\u2014
\u2014
\u2014
\u2014
\u2014
1,144
\u2014
\u2014
\u2014
\u2014
\u2014
1,190
76
171
252
29
178
1,430
64
57
51
42
200
Contractual cash flows related to derivative instruments are presented in note 5.4.
1)\u00a0 Contractual cash flows are impacted by the index or rate changes related to lease contracts.
Credit facilities
2025
2024
\u20ac million
Maturity
Total
Utilized
Available
Total
Utilized
Available
Committed revolving credit facility
Feb 2030
800
\u2014
800
\u2014
\u2014
\u2014
Committed revolving credit facility
Nov 2025
\u2014
\u2014
\u2014
700
\u2014
700
Committed Finnvera facility
Nov 2025
\u2014
\u2014
\u2014
100
\u2014
100
Committed facilities total
800
\u2014
800
800
\u2014
800
Uncommitted Finnish Commercial paper program
N/A
800
50
750
800
79
721
Overall liquidity reserves at Dec 31, 2025 were EUR 1.2 billion (Dec 31, 2024: EUR 1.1 billion). The liquidity reserves include cash and cash equivalents and EUR 800 million of outstanding
committed credit facility, which was fully unutilized.
Risk information
\"image.png\"
Liquidity and refinancing risk
Outokumpu raises most of its funding centrally and in co-ordination by the Treasury function
(\u201cTreasury\u201d). The Group seeks to reduce its liquidity and refinancing risk by having sufficient
amount of cash and committed long-term credit lines available and by maintaining a balanced
debt maturity profile with diversified sources of funding. Efficient daily cash and liquidity
management and the use of instruments such as commercial papers and currency swaps, also
reduce the liquidity risk. To finance its working capital, the Group is also selectively selling its
trade receivables on a continuous basis.
Finance and liquidity plans are prepared and reviewed regularly with a focus on forecasted
cash flows, projected funding requirements, planned funding transactions and financial
covenant headroom. The adequacy of liquidity reserves, the amounts of scheduled annual
repayments of non-current debt compared to EBITDA as well as forecasted gearing and leverage
ratios are key measures being considered.
Outokumpu is exposed to changes in credit margins as the development of the leverage ratio
has an impact on the interest rate margin definition in some of the Group\u2019s loan agreements
and as such on its interest and other financial expenses. In addition, some of the Group\u00b4s loan
agreements include a financial covenant, but a breach is unlikely as there is ample headroom
in the financial covenant.
Accounting principles
\"image.png\"
Bonds, loans from financial institutions, pension and other loans are recognized at the
settlement date and measured initially at fair value net of direct transaction costs.
Subsequently they are carried at amortized cost using the effective interest rate method.
Transaction costs are amortized over the maturity of the borrowing using the effective
interest rate method. A financial liability (or part of the liability) is derecognized when the
liability ceases to exist, that is, when the obligation identified in a contract has been fulfilled or
cancelled or is no longer effective.
The fair value of non-current and current debt is determined based on quoted prices for
listed instruments. For loans the fair value is determined using the discounted cash flow
method based on yields at the reporting date. The fair values of non-current and current debt
are presented in note 5.5.
Fees related to revolving credit facilities are amortized over the expected facility term.
Convertible bonds
Convertible bonds are compound instruments with components of the bonds classified
separately as financial liabilities and equity in accordance with the substance of the
arrangement.
The liability component is recognized initially at fair value of a similar liability. The equity
component is recognized initially at the difference between the fair values of the full bond and
the liability component. Transaction costs are allocated to the components in proportion to
their initial carrying amounts. The fair value includes the value of conversion rights.
Subsequently the liability component is measured at amortized cost with the effective
interest method. At conversion or on expiry the equity component is reclassified within equity.
Lease liabilities
Accounting principles related to lease liabilities are presented in note 4.2.
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand, deposits held at call with banks and other
highly liquid investments with original maturities of three months or less. These are readily
convertible to a known amount of cash with a low risk of any changes in the value.
Bank overdrafts are reported as current debt.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-541": { "value": "
5.1 Net debt and capital management
Debt management in 2025 continued to focused on ensuring sufficient liquidity, keeping net
debt level within the set target, and at the same time monitor financing costs. Net debt
increased to EUR 265 million at the year-end of 2025 driven by negative free cash flow and the
dividend payout. During 2025, Outokumpu completed two bank financings in the form of an
EUR 200 million club loan and an EUR 100 million bilateral loan. In November, Outokumpu
refinanced its main liquidity facility by entering into a new EUR 800 million committed
unsecured revolving credit facility, replacing its previous committed liquidity facilities of similar
size. The new facility, maturing in February 2030, includes two 12-month extension options,
which can be exercised in 2027 and 2028 respectively, potentially extending maturity to 2032.
The margin of the new facility is linked to emission reductions in line with the approved
emission reduction target by the Science Based Targets initiative for 2030.
The EUR 125 million convertible bond transaction was repaid in full in July 2025. Almost all
bonds were converted into shares prior to the final maturity date. See more information on the
conversion of the convertible bonds in note 5.2.
Net debt
\u20ac million
2025
2024
Non-current
Loans from financial institutions
356
71
Lease liabilities
156
167
Other loans
7
8
519
246
Current
Convertible bonds
\u2014
123
Loans from financial institutions
14
14
Lease liabilities
43
38
Commercial papers
50
79
Other loans
1
1
108
256
Cash and cash equivalents
Cash at bank and in hand
357
308
Short-term bank deposits and cash equivalents
5
5
362
313
Net debt
265
189
Net debt development
\u20ac million
2025
2024
Net cash flow from operating activities
79
147
Net cash flow from investing activities
-125
-218
Cash flow before financing activities
-46
-71
Dividends paid
-116
-110
Treasury share purchase
\u2014
-34
Cash flow impact on net debt
-163
-216
Net debt on Jan 1
189
-60
Cash flow impact on net debt
163
216
Share buyback financial liability
\u2014
-38
Convertible bond conversion to shares, non-cash
-124
\u2014
Reclassification to operating activities
-1
\u2014
Change in net debt, non-cash
39
72
Net debt on Dec 31
265
189
Average effective interest rate of cash and cash equivalents at the end of 2025 was 2.0% (Dec 31, 2024:
3.0%).
Changes in non-current and current debt
2025
\u20ac million
Non-current debt
Current portion of non-
current debt
Non-current lease
liabilities
Current portion of
lease liabilities
Current debt
Total
On Jan 1
79
138
167
38
79
502
Financing cash flows
300
-15
0
-42
-30
213
Transfer to current debt
-16
16
-38
38
\u2014
\u2014
Other non-cash movements
0
2
27
\u2014
\u2014
29
Convertible bond conversion to shares, non-cash
\u2014
-124
\u2014
\u2014
\u2014
-124
Other
\u2014
-1
\u2014
8
\u2014
7
On Dec 31
363
15
156
43
50
627
2024
\u20ac million
Non-current debt
Current portion of non-
current debt
Non-current lease
liabilities
Current portion of
lease liabilities
Current debt
Total
On Jan 1
213
15
146
29
38
441
Financing cash flows
\u2014
-15
\u2014
-38
45
-8
Transfer to current debt
-136
136
-47
47
\u2014
\u2014
Other non-cash movements 1)
2
2
68
\u2014
-4
68
On Dec 31
79
138
167
38
79
502
1) Other non-cash movements in debt consist mainly of the share buyback program related impact in equity as the original commitment was higher than the realized one and effective interest including accrued arrangement
fees. Other non-cash movements in lease liabilities consist of new lease agreements and changes in terms of existing agreements.
Convertible bonds
Outstanding amount
\u20ac million
Interest rate, %
2025
2024
2020 fixed rate bonds maturing on July 9,
2025
5.0
\u2014
125
The EUR 125 million convertible bonds matured on July 9, 2025. During the conversion period,
which commenced on August 19, 2020, and ended on June 25, 2025 convertible bonds were
converted in a total of 47,046,505 Outokumpu shares. The final conversion price was set at
EUR 2.6544 per ordinary share. The remaining part of the convertible bonds totaling EUR 0
million, that was not converted into Outokumpu shares, was paid on the final maturity date July
9, 2025. See more information on the the convertible bonds in note 5.2.
Contractual cash flows
2025
2024
\u20ac million
2026
2027
2028
2029
2030
2031
\u2014
2025
2026
2027
2028
2029
2030
\u2014
Convertible bonds
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
125
\u2014
\u2014
\u2014
\u2014
\u2014
Loans from financial institutions
14
14
114
214
14
\u2014
14
14
14
14
14
14
Other loans
1
1
0
0
0
4
1
1
1
0
0
5
Commercial papers
50
\u2014
\u2014
\u2014
\u2014
\u2014
79
\u2014
\u2014
\u2014
\u2014
\u2014
Interest payments on debt and facility charges
19
18
17
7
2
1
17
9
4
2
1
2
Lease liabilities 1)
43
34
33
25
9
54
38
31
30
29
22
56
Interest payments on lease liabilities 1)
11
8
6
4
3
119
12
10
8
6
4
124
Trade and other payables
1,052
\u2014
\u2014
\u2014
\u2014
\u2014
1,144
\u2014
\u2014
\u2014
\u2014
\u2014
1,190
76
171
252
29
178
1,430
64
57
51
42
200
Contractual cash flows related to derivative instruments are presented in note 5.4.
1)\u00a0 Contractual cash flows are impacted by the index or rate changes related to lease contracts.
Credit facilities
2025
2024
\u20ac million
Maturity
Total
Utilized
Available
Total
Utilized
Available
Committed revolving credit facility
Feb 2030
800
\u2014
800
\u2014
\u2014
\u2014
Committed revolving credit facility
Nov 2025
\u2014
\u2014
\u2014
700
\u2014
700
Committed Finnvera facility
Nov 2025
\u2014
\u2014
\u2014
100
\u2014
100
Committed facilities total
800
\u2014
800
800
\u2014
800
Uncommitted Finnish Commercial paper program
N/A
800
50
750
800
79
721
Overall liquidity reserves at Dec 31, 2025 were EUR 1.2 billion (Dec 31, 2024: EUR 1.1 billion). The liquidity reserves include cash and cash equivalents and EUR 800 million of outstanding
committed credit facility, which was fully unutilized.
Risk information
\"image.png\"
Liquidity and refinancing risk
Outokumpu raises most of its funding centrally and in co-ordination by the Treasury function
(\u201cTreasury\u201d). The Group seeks to reduce its liquidity and refinancing risk by having sufficient
amount of cash and committed long-term credit lines available and by maintaining a balanced
debt maturity profile with diversified sources of funding. Efficient daily cash and liquidity
management and the use of instruments such as commercial papers and currency swaps, also
reduce the liquidity risk. To finance its working capital, the Group is also selectively selling its
trade receivables on a continuous basis.
Finance and liquidity plans are prepared and reviewed regularly with a focus on forecasted
cash flows, projected funding requirements, planned funding transactions and financial
covenant headroom. The adequacy of liquidity reserves, the amounts of scheduled annual
repayments of non-current debt compared to EBITDA as well as forecasted gearing and leverage
ratios are key measures being considered.
Outokumpu is exposed to changes in credit margins as the development of the leverage ratio
has an impact on the interest rate margin definition in some of the Group\u2019s loan agreements
and as such on its interest and other financial expenses. In addition, some of the Group\u00b4s loan
agreements include a financial covenant, but a breach is unlikely as there is ample headroom
in the financial covenant.
Accounting principles
\"image.png\"
Bonds, loans from financial institutions, pension and other loans are recognized at the
settlement date and measured initially at fair value net of direct transaction costs.
Subsequently they are carried at amortized cost using the effective interest rate method.
Transaction costs are amortized over the maturity of the borrowing using the effective
interest rate method. A financial liability (or part of the liability) is derecognized when the
liability ceases to exist, that is, when the obligation identified in a contract has been fulfilled or
cancelled or is no longer effective.
The fair value of non-current and current debt is determined based on quoted prices for
listed instruments. For loans the fair value is determined using the discounted cash flow
method based on yields at the reporting date. The fair values of non-current and current debt
are presented in note 5.5.
Fees related to revolving credit facilities are amortized over the expected facility term.
Convertible bonds
Convertible bonds are compound instruments with components of the bonds classified
separately as financial liabilities and equity in accordance with the substance of the
arrangement.
The liability component is recognized initially at fair value of a similar liability. The equity
component is recognized initially at the difference between the fair values of the full bond and
the liability component. Transaction costs are allocated to the components in proportion to
their initial carrying amounts. The fair value includes the value of conversion rights.
Subsequently the liability component is measured at amortized cost with the effective
interest method. At conversion or on expiry the equity component is reclassified within equity.
Lease liabilities
Accounting principles related to lease liabilities are presented in note 4.2.
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand, deposits held at call with banks and other
highly liquid investments with original maturities of three months or less. These are readily
convertible to a known amount of cash with a low risk of any changes in the value.
Bank overdrafts are reported as current debt.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-545": { "value": "
Liquidity and refinancing risk
Outokumpu raises most of its funding centrally and in co-ordination by the Treasury function
(\u201cTreasury\u201d). The Group seeks to reduce its liquidity and refinancing risk by having sufficient
amount of cash and committed long-term credit lines available and by maintaining a balanced
debt maturity profile with diversified sources of funding. Efficient daily cash and liquidity
management and the use of instruments such as commercial papers and currency swaps, also
reduce the liquidity risk. To finance its working capital, the Group is also selectively selling its
trade receivables on a continuous basis.
Finance and liquidity plans are prepared and reviewed regularly with a focus on forecasted
cash flows, projected funding requirements, planned funding transactions and financial
covenant headroom. The adequacy of liquidity reserves, the amounts of scheduled annual
repayments of non-current debt compared to EBITDA as well as forecasted gearing and leverage
ratios are key measures being considered.
Outokumpu is exposed to changes in credit margins as the development of the leverage ratio
has an impact on the interest rate margin definition in some of the Group\u2019s loan agreements
and as such on its interest and other financial expenses. In addition, some of the Group\u00b4s loan
agreements include a financial covenant, but a breach is unlikely as there is ample headroom
in the financial covenant.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-546": { "value": "
Accounting principles
\"image.png\"
Bonds, loans from financial institutions, pension and other loans are recognized at the
settlement date and measured initially at fair value net of direct transaction costs.
Subsequently they are carried at amortized cost using the effective interest rate method.
Transaction costs are amortized over the maturity of the borrowing using the effective
interest rate method. A financial liability (or part of the liability) is derecognized when the
liability ceases to exist, that is, when the obligation identified in a contract has been fulfilled or
cancelled or is no longer effective.
The fair value of non-current and current debt is determined based on quoted prices for
listed instruments. For loans the fair value is determined using the discounted cash flow
method based on yields at the reporting date. The fair values of non-current and current debt
are presented in note 5.5.
Fees related to revolving credit facilities are amortized over the expected facility term.
Convertible bonds
Convertible bonds are compound instruments with components of the bonds classified
separately as financial liabilities and equity in accordance with the substance of the
arrangement.
The liability component is recognized initially at fair value of a similar liability. The equity
component is recognized initially at the difference between the fair values of the full bond and
the liability component. Transaction costs are allocated to the components in proportion to
their initial carrying amounts. The fair value includes the value of conversion rights.
Subsequently the liability component is measured at amortized cost with the effective
interest method. At conversion or on expiry the equity component is reclassified within equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-547": { "value": "A financial liability (or part of the liability) is derecognized when the
liability ceases to exist, that is, when the obligation identified in a contract has been fulfilled or
cancelled or is no longer effective.
Financial assets are derecognized
when the Group loses the rights to receive the contractual cash flows on the financial asset or it
transfers substantially all the risks and rewards of ownership outside the Group.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-548": { "value": "
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand, deposits held at call with banks and other
highly liquid investments with original maturities of three months or less. These are readily
convertible to a known amount of cash with a low risk of any changes in the value.
Bank overdrafts are reported as current debt.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-552": { "value": "
5.2 Equity
Shares and related movements in equity
\u20ac million
Number of shares, 1,000
Share capital
Premium fund
Invested unrestricted
equity reserve
Treasury shares
Total
On Jan 1, 2024
431,191
311
714
2,307
-169
3,163
Shares delivered from the share-based payment programs
852
\u2014
\u2014
\u2014
6
6
Repurchase of treasury shares
-8,358
\u2014
\u2014
\u2014
4
4
Shares outstanding on Dec 31, 2024
423,686
311
714
2,307
-159
3,173
Shares delivered from the share-based payment programs
544
\u2014
\u2014
\u2014
3
3
Cancellation of treasury shares 1)
\u2014
\u2014
\u2014
-138
149
10
Conversion of convertible bond
46,979
\u2014
\u2014
125
\u2014
125
Shares outstanding on Dec 31, 2025
471,208
311
714
2,294
-7
3,311
Treasury shares
1,808
Total number of shares on Dec 31, 2025
473,017
1) Cancellation of 30,836,205 treasury shares did not affect the number of shares outstanding.
2025
In 2020, Outokumpu issued senior unsecured convertible bonds of EUR 125 million maturing
on July 9, 2025. The bonds were convertible into new and/or existing ordinary shares in
Outokumpu at a set conversion price. In total, Outokumpu converted the convertible bond into
47,046,505 shares, of which 46,978,589 shares amounting to EUR 125 million were converted
during the year 2025. 67,916 shares amounting to EUR 0 million were converted already in
year 2023. EUR 0 million was not converted into Outokumpu shares and was paid in cash on
the final maturity date July 9, 2025.
Outokumpu cancelled the total of 30,836,205 own shares for the value of EUR 149 million in
connection with the conversions. The cancelled number of shares was equalling to number of
repurchased shares during the Outokumpu\u2019s share buyback programs during the periods 2022\u2013
2023 and 2023\u20132024. Cancellation of shares impacted invested unrestricted equity, treasury
shares and retained earnings but had no impact to total equity.
After the delivery of new shares and cancellation of own shares, the total number of shares
increased by 16,142,384. As a result of the conversions the number of shares outstanding
increased and impacted the dividend distribution by EUR 6 million.
On December 31, 2025, Outokumpu held 1,808,411 treasury shares, which represented 0.4%
of the company\u2019s total number of shares.
2024
Through share buyback programs, Outokumpu was seeking to mitigate and manage the possible
dilutive impact of the company\u2019s convertible bonds issued in 2020. Outokumpu purchased a
total of 30,836,205 shares during share buyback programs in 2022\u20132023 and 2023\u20132024.
On February 29, 2024, Outokumpu completed its up to EUR 50 million share buyback program
which was announced on November 29, 2023 and commenced on December 1, 2023. During
this program, Outokumpu repurchased a total of 11,000,000 of its own shares and used a total
of EUR 46 million for the share repurchases. The average price per share was approximately
EUR 4.15.
During the year 2024, Outokumpu purchased a total of 8,357,545 of its own shares. As the
original commitment recognized in year 2023 was higher, a EUR 4 million impact was
recognized in equity during the year 2024 in relation to this program. After the completion of
the share buyback program and on December 31, 2024, Outokumpu held a total of
33,188,820 treasury shares, representing 7.3 % of the company\u2019s total number of shares.
Dividend policy and distributable funds
According to its dividend policy, Outokumpu aims to distribute a stable and growing dividend
over time, while maintaining the flexibility to invest in transformative initiatives that yield a
minimum internal rate of return (IRR) of 20% and accounting for market cyclicality. On
December 31, 2025, the distributable funds of the parent company totaled EUR 2,652 million
of which retained earnings including the net result of the year were EUR 341 million.
The Board of Directors proposes to the Annual General Meeting to be held on March 26, 2026,
that a dividend of EUR 0.13 per share will be paid for the year 2025, corresponding to EUR 61
million based on the number of shares outstanding on December 31, 2025. The dividend will
be paid in two installments.
In 2025, Outokumpu paid for the financial year 2024 a dividend of EUR\u00a0 0.26 per share, a total
of EUR 116 million.
Accounting principles
\"image.png\"
Shares and share capital
According to the Articles of Association, Outokumpu has one single class of shares and all
shares have equal voting rights at General meetings. The shares do not have a nominal value.
Premium fund
Premium fund includes proceeds from share subscriptions and other contributions based on the
old Finnish Limited Liability Companies Act for the part the contributions exceeded the account
equivalent value allocated to share capital.
Other restricted reserves
Other restricted reserves include amounts transferred from the distributable equity under the
Articles of Association or by a decision of the General Meeting of Shareholders, and other items
based on the local regulations of the Group companies.
Invested unrestricted equity reserve
The reserve for invested unrestricted equity comprises the portion of the subscription price for
issued shares that, in accordance with the share issue decision, is not recorded as share
capital. It also includes other equity contributions that are not recorded to some other reserve.
In Outokumpu, invested unrestricted equity reserve includes the net proceeds from the rights
issues in 2012 and 2014, the directed share issue in 2021 as well as conversion of convertible
bond in 2025.
Fair value reserves
Fair value reserves include movements in the fair values of equity securities and hedge
accounted derivative instruments.
Retained earnings
Retained earnings include remeasurements of defined benefit plans, cumulative translation
differences and other retained earnings and losses.
Treasury shares
When the parent company or its subsidiaries purchase the parent company\u2019s own shares, the
consideration paid, including any attributable transaction costs, net of taxes, is deducted from
the parent company\u2019s equity as treasury shares until the shares are cancelled. When such
shares are subsequently sold or reissued, any consideration received is recognized directly in
equity.
Dividends
The dividend proposed by the Board of Directors is not deducted from distributable equity until
approved by the Annual General Meeting of Shareholders. For the time period between the
approval and the payment, the dividend to be paid is presented in current trade and other
payables.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-551": { "value": "
5.2 Equity
Shares and related movements in equity
\u20ac million
Number of shares, 1,000
Share capital
Premium fund
Invested unrestricted
equity reserve
Treasury shares
Total
On Jan 1, 2024
431,191
311
714
2,307
-169
3,163
Shares delivered from the share-based payment programs
852
\u2014
\u2014
\u2014
6
6
Repurchase of treasury shares
-8,358
\u2014
\u2014
\u2014
4
4
Shares outstanding on Dec 31, 2024
423,686
311
714
2,307
-159
3,173
Shares delivered from the share-based payment programs
544
\u2014
\u2014
\u2014
3
3
Cancellation of treasury shares 1)
\u2014
\u2014
\u2014
-138
149
10
Conversion of convertible bond
46,979
\u2014
\u2014
125
\u2014
125
Shares outstanding on Dec 31, 2025
471,208
311
714
2,294
-7
3,311
Treasury shares
1,808
Total number of shares on Dec 31, 2025
473,017
1) Cancellation of 30,836,205 treasury shares did not affect the number of shares outstanding.
2025
In 2020, Outokumpu issued senior unsecured convertible bonds of EUR 125 million maturing
on July 9, 2025. The bonds were convertible into new and/or existing ordinary shares in
Outokumpu at a set conversion price. In total, Outokumpu converted the convertible bond into
47,046,505 shares, of which 46,978,589 shares amounting to EUR 125 million were converted
during the year 2025. 67,916 shares amounting to EUR 0 million were converted already in
year 2023. EUR 0 million was not converted into Outokumpu shares and was paid in cash on
the final maturity date July 9, 2025.
Outokumpu cancelled the total of 30,836,205 own shares for the value of EUR 149 million in
connection with the conversions. The cancelled number of shares was equalling to number of
repurchased shares during the Outokumpu\u2019s share buyback programs during the periods 2022\u2013
2023 and 2023\u20132024. Cancellation of shares impacted invested unrestricted equity, treasury
shares and retained earnings but had no impact to total equity.
After the delivery of new shares and cancellation of own shares, the total number of shares
increased by 16,142,384. As a result of the conversions the number of shares outstanding
increased and impacted the dividend distribution by EUR 6 million.
On December 31, 2025, Outokumpu held 1,808,411 treasury shares, which represented 0.4%
of the company\u2019s total number of shares.
2024
Through share buyback programs, Outokumpu was seeking to mitigate and manage the possible
dilutive impact of the company\u2019s convertible bonds issued in 2020. Outokumpu purchased a
total of 30,836,205 shares during share buyback programs in 2022\u20132023 and 2023\u20132024.
On February 29, 2024, Outokumpu completed its up to EUR 50 million share buyback program
which was announced on November 29, 2023 and commenced on December 1, 2023. During
this program, Outokumpu repurchased a total of 11,000,000 of its own shares and used a total
of EUR 46 million for the share repurchases. The average price per share was approximately
EUR 4.15.
During the year 2024, Outokumpu purchased a total of 8,357,545 of its own shares. As the
original commitment recognized in year 2023 was higher, a EUR 4 million impact was
recognized in equity during the year 2024 in relation to this program. After the completion of
the share buyback program and on December 31, 2024, Outokumpu held a total of
33,188,820 treasury shares, representing 7.3 % of the company\u2019s total number of shares.
Dividend policy and distributable funds
According to its dividend policy, Outokumpu aims to distribute a stable and growing dividend
over time, while maintaining the flexibility to invest in transformative initiatives that yield a
minimum internal rate of return (IRR) of 20% and accounting for market cyclicality. On
December 31, 2025, the distributable funds of the parent company totaled EUR 2,652 million
of which retained earnings including the net result of the year were EUR 341 million.
The Board of Directors proposes to the Annual General Meeting to be held on March 26, 2026,
that a dividend of EUR 0.13 per share will be paid for the year 2025, corresponding to EUR 61
million based on the number of shares outstanding on December 31, 2025. The dividend will
be paid in two installments.
In 2025, Outokumpu paid for the financial year 2024 a dividend of EUR\u00a0 0.26 per share, a total
of EUR 116 million.
Accounting principles
\"image.png\"
Shares and share capital
According to the Articles of Association, Outokumpu has one single class of shares and all
shares have equal voting rights at General meetings. The shares do not have a nominal value.
Premium fund
Premium fund includes proceeds from share subscriptions and other contributions based on the
old Finnish Limited Liability Companies Act for the part the contributions exceeded the account
equivalent value allocated to share capital.
Other restricted reserves
Other restricted reserves include amounts transferred from the distributable equity under the
Articles of Association or by a decision of the General Meeting of Shareholders, and other items
based on the local regulations of the Group companies.
Invested unrestricted equity reserve
The reserve for invested unrestricted equity comprises the portion of the subscription price for
issued shares that, in accordance with the share issue decision, is not recorded as share
capital. It also includes other equity contributions that are not recorded to some other reserve.
In Outokumpu, invested unrestricted equity reserve includes the net proceeds from the rights
issues in 2012 and 2014, the directed share issue in 2021 as well as conversion of convertible
bond in 2025.
Fair value reserves
Fair value reserves include movements in the fair values of equity securities and hedge
accounted derivative instruments.
Retained earnings
Retained earnings include remeasurements of defined benefit plans, cumulative translation
differences and other retained earnings and losses.
Treasury shares
When the parent company or its subsidiaries purchase the parent company\u2019s own shares, the
consideration paid, including any attributable transaction costs, net of taxes, is deducted from
the parent company\u2019s equity as treasury shares until the shares are cancelled. When such
shares are subsequently sold or reissued, any consideration received is recognized directly in
equity.
Dividends
The dividend proposed by the Board of Directors is not deducted from distributable equity until
approved by the Annual General Meeting of Shareholders. For the time period between the
approval and the payment, the dividend to be paid is presented in current trade and other
payables.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-550": { "value": "
5.2 Equity
Shares and related movements in equity
\u20ac million
Number of shares, 1,000
Share capital
Premium fund
Invested unrestricted
equity reserve
Treasury shares
Total
On Jan 1, 2024
431,191
311
714
2,307
-169
3,163
Shares delivered from the share-based payment programs
852
\u2014
\u2014
\u2014
6
6
Repurchase of treasury shares
-8,358
\u2014
\u2014
\u2014
4
4
Shares outstanding on Dec 31, 2024
423,686
311
714
2,307
-159
3,173
Shares delivered from the share-based payment programs
544
\u2014
\u2014
\u2014
3
3
Cancellation of treasury shares 1)
\u2014
\u2014
\u2014
-138
149
10
Conversion of convertible bond
46,979
\u2014
\u2014
125
\u2014
125
Shares outstanding on Dec 31, 2025
471,208
311
714
2,294
-7
3,311
Treasury shares
1,808
Total number of shares on Dec 31, 2025
473,017
1) Cancellation of 30,836,205 treasury shares did not affect the number of shares outstanding.
2025
In 2020, Outokumpu issued senior unsecured convertible bonds of EUR 125 million maturing
on July 9, 2025. The bonds were convertible into new and/or existing ordinary shares in
Outokumpu at a set conversion price. In total, Outokumpu converted the convertible bond into
47,046,505 shares, of which 46,978,589 shares amounting to EUR 125 million were converted
during the year 2025. 67,916 shares amounting to EUR 0 million were converted already in
year 2023. EUR 0 million was not converted into Outokumpu shares and was paid in cash on
the final maturity date July 9, 2025.
Outokumpu cancelled the total of 30,836,205 own shares for the value of EUR 149 million in
connection with the conversions. The cancelled number of shares was equalling to number of
repurchased shares during the Outokumpu\u2019s share buyback programs during the periods 2022\u2013
2023 and 2023\u20132024. Cancellation of shares impacted invested unrestricted equity, treasury
shares and retained earnings but had no impact to total equity.
After the delivery of new shares and cancellation of own shares, the total number of shares
increased by 16,142,384. As a result of the conversions the number of shares outstanding
increased and impacted the dividend distribution by EUR 6 million.
On December 31, 2025, Outokumpu held 1,808,411 treasury shares, which represented 0.4%
of the company\u2019s total number of shares.
2024
Through share buyback programs, Outokumpu was seeking to mitigate and manage the possible
dilutive impact of the company\u2019s convertible bonds issued in 2020. Outokumpu purchased a
total of 30,836,205 shares during share buyback programs in 2022\u20132023 and 2023\u20132024.
On February 29, 2024, Outokumpu completed its up to EUR 50 million share buyback program
which was announced on November 29, 2023 and commenced on December 1, 2023. During
this program, Outokumpu repurchased a total of 11,000,000 of its own shares and used a total
of EUR 46 million for the share repurchases. The average price per share was approximately
EUR 4.15.
During the year 2024, Outokumpu purchased a total of 8,357,545 of its own shares. As the
original commitment recognized in year 2023 was higher, a EUR 4 million impact was
recognized in equity during the year 2024 in relation to this program. After the completion of
the share buyback program and on December 31, 2024, Outokumpu held a total of
33,188,820 treasury shares, representing 7.3 % of the company\u2019s total number of shares.
Dividend policy and distributable funds
According to its dividend policy, Outokumpu aims to distribute a stable and growing dividend
over time, while maintaining the flexibility to invest in transformative initiatives that yield a
minimum internal rate of return (IRR) of 20% and accounting for market cyclicality. On
December 31, 2025, the distributable funds of the parent company totaled EUR 2,652 million
of which retained earnings including the net result of the year were EUR 341 million.
The Board of Directors proposes to the Annual General Meeting to be held on March 26, 2026,
that a dividend of EUR 0.13 per share will be paid for the year 2025, corresponding to EUR 61
million based on the number of shares outstanding on December 31, 2025. The dividend will
be paid in two installments.
In 2025, Outokumpu paid for the financial year 2024 a dividend of EUR\u00a0 0.26 per share, a total
of EUR 116 million.
Accounting principles
\"image.png\"
Shares and share capital
According to the Articles of Association, Outokumpu has one single class of shares and all
shares have equal voting rights at General meetings. The shares do not have a nominal value.
Premium fund
Premium fund includes proceeds from share subscriptions and other contributions based on the
old Finnish Limited Liability Companies Act for the part the contributions exceeded the account
equivalent value allocated to share capital.
Other restricted reserves
Other restricted reserves include amounts transferred from the distributable equity under the
Articles of Association or by a decision of the General Meeting of Shareholders, and other items
based on the local regulations of the Group companies.
Invested unrestricted equity reserve
The reserve for invested unrestricted equity comprises the portion of the subscription price for
issued shares that, in accordance with the share issue decision, is not recorded as share
capital. It also includes other equity contributions that are not recorded to some other reserve.
In Outokumpu, invested unrestricted equity reserve includes the net proceeds from the rights
issues in 2012 and 2014, the directed share issue in 2021 as well as conversion of convertible
bond in 2025.
Fair value reserves
Fair value reserves include movements in the fair values of equity securities and hedge
accounted derivative instruments.
Retained earnings
Retained earnings include remeasurements of defined benefit plans, cumulative translation
differences and other retained earnings and losses.
Treasury shares
When the parent company or its subsidiaries purchase the parent company\u2019s own shares, the
consideration paid, including any attributable transaction costs, net of taxes, is deducted from
the parent company\u2019s equity as treasury shares until the shares are cancelled. When such
shares are subsequently sold or reissued, any consideration received is recognized directly in
equity.
Dividends
The dividend proposed by the Board of Directors is not deducted from distributable equity until
approved by the Annual General Meeting of Shareholders. For the time period between the
approval and the payment, the dividend to be paid is presented in current trade and other
payables.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-549": { "value": "
5.2 Equity
Shares and related movements in equity
\u20ac million
Number of shares, 1,000
Share capital
Premium fund
Invested unrestricted
equity reserve
Treasury shares
Total
On Jan 1, 2024
431,191
311
714
2,307
-169
3,163
Shares delivered from the share-based payment programs
852
\u2014
\u2014
\u2014
6
6
Repurchase of treasury shares
-8,358
\u2014
\u2014
\u2014
4
4
Shares outstanding on Dec 31, 2024
423,686
311
714
2,307
-159
3,173
Shares delivered from the share-based payment programs
544
\u2014
\u2014
\u2014
3
3
Cancellation of treasury shares 1)
\u2014
\u2014
\u2014
-138
149
10
Conversion of convertible bond
46,979
\u2014
\u2014
125
\u2014
125
Shares outstanding on Dec 31, 2025
471,208
311
714
2,294
-7
3,311
Treasury shares
1,808
Total number of shares on Dec 31, 2025
473,017
1) Cancellation of 30,836,205 treasury shares did not affect the number of shares outstanding.
2025
In 2020, Outokumpu issued senior unsecured convertible bonds of EUR 125 million maturing
on July 9, 2025. The bonds were convertible into new and/or existing ordinary shares in
Outokumpu at a set conversion price. In total, Outokumpu converted the convertible bond into
47,046,505 shares, of which 46,978,589 shares amounting to EUR 125 million were converted
during the year 2025. 67,916 shares amounting to EUR 0 million were converted already in
year 2023. EUR 0 million was not converted into Outokumpu shares and was paid in cash on
the final maturity date July 9, 2025.
Outokumpu cancelled the total of 30,836,205 own shares for the value of EUR 149 million in
connection with the conversions. The cancelled number of shares was equalling to number of
repurchased shares during the Outokumpu\u2019s share buyback programs during the periods 2022\u2013
2023 and 2023\u20132024. Cancellation of shares impacted invested unrestricted equity, treasury
shares and retained earnings but had no impact to total equity.
After the delivery of new shares and cancellation of own shares, the total number of shares
increased by 16,142,384. As a result of the conversions the number of shares outstanding
increased and impacted the dividend distribution by EUR 6 million.
On December 31, 2025, Outokumpu held 1,808,411 treasury shares, which represented 0.4%
of the company\u2019s total number of shares.
2024
Through share buyback programs, Outokumpu was seeking to mitigate and manage the possible
dilutive impact of the company\u2019s convertible bonds issued in 2020. Outokumpu purchased a
total of 30,836,205 shares during share buyback programs in 2022\u20132023 and 2023\u20132024.
On February 29, 2024, Outokumpu completed its up to EUR 50 million share buyback program
which was announced on November 29, 2023 and commenced on December 1, 2023. During
this program, Outokumpu repurchased a total of 11,000,000 of its own shares and used a total
of EUR 46 million for the share repurchases. The average price per share was approximately
EUR 4.15.
During the year 2024, Outokumpu purchased a total of 8,357,545 of its own shares. As the
original commitment recognized in year 2023 was higher, a EUR 4 million impact was
recognized in equity during the year 2024 in relation to this program. After the completion of
the share buyback program and on December 31, 2024, Outokumpu held a total of
33,188,820 treasury shares, representing 7.3 % of the company\u2019s total number of shares.
Dividend policy and distributable funds
According to its dividend policy, Outokumpu aims to distribute a stable and growing dividend
over time, while maintaining the flexibility to invest in transformative initiatives that yield a
minimum internal rate of return (IRR) of 20% and accounting for market cyclicality. On
December 31, 2025, the distributable funds of the parent company totaled EUR 2,652 million
of which retained earnings including the net result of the year were EUR 341 million.
The Board of Directors proposes to the Annual General Meeting to be held on March 26, 2026,
that a dividend of EUR 0.13 per share will be paid for the year 2025, corresponding to EUR 61
million based on the number of shares outstanding on December 31, 2025. The dividend will
be paid in two installments.
In 2025, Outokumpu paid for the financial year 2024 a dividend of EUR\u00a0 0.26 per share, a total
of EUR 116 million.
Accounting principles
\"image.png\"
Shares and share capital
According to the Articles of Association, Outokumpu has one single class of shares and all
shares have equal voting rights at General meetings. The shares do not have a nominal value.
Premium fund
Premium fund includes proceeds from share subscriptions and other contributions based on the
old Finnish Limited Liability Companies Act for the part the contributions exceeded the account
equivalent value allocated to share capital.
Other restricted reserves
Other restricted reserves include amounts transferred from the distributable equity under the
Articles of Association or by a decision of the General Meeting of Shareholders, and other items
based on the local regulations of the Group companies.
Invested unrestricted equity reserve
The reserve for invested unrestricted equity comprises the portion of the subscription price for
issued shares that, in accordance with the share issue decision, is not recorded as share
capital. It also includes other equity contributions that are not recorded to some other reserve.
In Outokumpu, invested unrestricted equity reserve includes the net proceeds from the rights
issues in 2012 and 2014, the directed share issue in 2021 as well as conversion of convertible
bond in 2025.
Fair value reserves
Fair value reserves include movements in the fair values of equity securities and hedge
accounted derivative instruments.
Retained earnings
Retained earnings include remeasurements of defined benefit plans, cumulative translation
differences and other retained earnings and losses.
Treasury shares
When the parent company or its subsidiaries purchase the parent company\u2019s own shares, the
consideration paid, including any attributable transaction costs, net of taxes, is deducted from
the parent company\u2019s equity as treasury shares until the shares are cancelled. When such
shares are subsequently sold or reissued, any consideration received is recognized directly in
equity.
Dividends
The dividend proposed by the Board of Directors is not deducted from distributable equity until
approved by the Annual General Meeting of Shareholders. For the time period between the
approval and the payment, the dividend to be paid is presented in current trade and other
payables.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-553": { "value": "0.13", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-554": { "value": "61000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-555": { "value": "0.26", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-556": { "value": "
Accounting principles
\"image.png\"
Shares and share capital
According to the Articles of Association, Outokumpu has one single class of shares and all
shares have equal voting rights at General meetings. The shares do not have a nominal value.
Premium fund
Premium fund includes proceeds from share subscriptions and other contributions based on the
old Finnish Limited Liability Companies Act for the part the contributions exceeded the account
equivalent value allocated to share capital.
Other restricted reserves
Other restricted reserves include amounts transferred from the distributable equity under the
Articles of Association or by a decision of the General Meeting of Shareholders, and other items
based on the local regulations of the Group companies.
Invested unrestricted equity reserve
The reserve for invested unrestricted equity comprises the portion of the subscription price for
issued shares that, in accordance with the share issue decision, is not recorded as share
capital. It also includes other equity contributions that are not recorded to some other reserve.
In Outokumpu, invested unrestricted equity reserve includes the net proceeds from the rights
issues in 2012 and 2014, the directed share issue in 2021 as well as conversion of convertible
bond in 2025.
Fair value reserves
Fair value reserves include movements in the fair values of equity securities and hedge
accounted derivative instruments.
Retained earnings
Retained earnings include remeasurements of defined benefit plans, cumulative translation
differences and other retained earnings and losses.
Treasury shares
When the parent company or its subsidiaries purchase the parent company\u2019s own shares, the
consideration paid, including any attributable transaction costs, net of taxes, is deducted from
the parent company\u2019s equity as treasury shares until the shares are cancelled. When such
shares are subsequently sold or reissued, any consideration received is recognized directly in
equity.
Dividends
The dividend proposed by the Board of Directors is not deducted from distributable equity until
approved by the Annual General Meeting of Shareholders. For the time period between the
approval and the payment, the dividend to be paid is presented in current trade and other
payables.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-557": { "value": "
Premium fund
Premium fund includes proceeds from share subscriptions and other contributions based on the
old Finnish Limited Liability Companies Act for the part the contributions exceeded the account
equivalent value allocated to share capital.
Other restricted reserves
Other restricted reserves include amounts transferred from the distributable equity under the
Articles of Association or by a decision of the General Meeting of Shareholders, and other items
based on the local regulations of the Group companies.
Invested unrestricted equity reserve
The reserve for invested unrestricted equity comprises the portion of the subscription price for
issued shares that, in accordance with the share issue decision, is not recorded as share
capital. It also includes other equity contributions that are not recorded to some other reserve.
In Outokumpu, invested unrestricted equity reserve includes the net proceeds from the rights
issues in 2012 and 2014, the directed share issue in 2021 as well as conversion of convertible
bond in 2025.
Fair value reserves
Fair value reserves include movements in the fair values of equity securities and hedge
accounted derivative instruments.
Retained earnings
Retained earnings include remeasurements of defined benefit plans, cumulative translation
differences and other retained earnings and losses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-558": { "value": "
Treasury shares
When the parent company or its subsidiaries purchase the parent company\u2019s own shares, the
consideration paid, including any attributable transaction costs, net of taxes, is deducted from
the parent company\u2019s equity as treasury shares until the shares are cancelled. When such
shares are subsequently sold or reissued, any consideration received is recognized directly in
equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-559": { "value": "
Dividends
The dividend proposed by the Board of Directors is not deducted from distributable equity until
approved by the Annual General Meeting of Shareholders. For the time period between the
approval and the payment, the dividend to be paid is presented in current trade and other
payables.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-562": { "value": "
5.3 Financial risk management and insurances
The main objectives of financial risk management are to reduce the volatility of the net result
and to secure sufficient liquidity to avoid financial distress. Other objectives include the
reduction of cash flow volatility and the maintenance of the debt-to-equity and leverage ratios
within set targets. The main objectives of insurance management are to provide mitigation
against catastrophe risks and to reduce variation of the net result.
The Board of Directors has approved the risk management policy, which defines responsibilities,
the process and other main principles of risk management. The Board of Directors oversees risk
management on a regular basis and the Chief Financial Officer (CFO) is responsible for the
implementation and development of financial risk management. The CFO leads relevant
steering groups, such as the Risk Management Steering Group for enterprise risk management
and the Financial Risk Steering Group for financial risk management. The Energy Steering Group
for energy risk management is led by Senior Vice President (SVP) General Procurement,\u00a0
reporting to the CFO.
Financial risks consist of market, country, credit, liquidity and refinancing risks. Outokumpu
subsidiaries hedge their currency and commodity price risk with the parent company
Outokumpu Corporation, which does most of the Group\u2019s foreign exchange and commodity
derivative contracts with banks and other financial institutions. The Treasury function
(\u201cTreasury\u201d) is responsible for managing foreign exchange, metal, interest rate, liquidity and
refinancing as well as emission allowance price risk. Credit controlling has been mainly
centralized to Finance Services, and Treasury oversees credit risk management globally.
Customer credit risk is presented in note 4.5. The procurement function is responsible for
managing the electricity and fuel price risks.
Treasury sources all global insurances. The main insurance lines are related to property,\u00a0
business interruption, liabilities and credit risk. The captive insurance company Visenta
F\u00f6rs\u00e4kringsaktiebolag contributes to the Outokumpu\u2019s global insurance program.
Exposure to financial risks is identified in connection with the Group\u2019s risk management
process. This approach aims to ensure that any emerging risks are identified early and that
significant risks are described, quantified, managed and communicated appropriately.
Sensitivity of financial instruments to market risk
Dec 31, 2025
Dec 31, 2024
\u20ac million
In profit or loss
In other comprehensive income
In profit or loss
In other comprehensive income
+/-10% change in EUR/USD exchange rate
-4/+5
\u2014
+7/-9
\u2014
+/-10% change in EUR/SEK exchange rate
-4/+5
\u2014
-3/+4
\u2014
+/-10% change in nickel price in USD
-1/+1
-5/+5
-1/+1
-4/+4
+/-1% parallel shift in interest rates
-0/+0
\u2014
-1/+1
\u2014
The sensitivity analyses apply to financial assets and liabilities only. Other assets and liabilities, including defined benefit pension plan assets and liabilities, as well as off balance sheet items such as sales and purchase
orders, are not in the scope of these analyses. The calculations are net of tax. During the year the volatility for nickel price has been in the range of 11-23%. With +/\u201330% change in dollar denominated price, the effect in
profit or loss is about EUR -2/+2 million and in other comprehensive income EUR -14/+14 million for nickel derivatives.
Risk information
\"image.png\"
Market risk
Outokumpu\u2019s main market risks are foreign exchange risk, interest rate risk, security price risk
as well as commodity price risk, namely in metals, fuels, energy and emission allowances. The
price changes in the before mentioned risks may have a significant impact on the Group\u2019s net
result, cash flow and capital structure. Due to the cyclicality of the stainless steel business,
Outokumpu\u2019s exposure to market risks may change significantly from one period to another.
Consequently, derivative positions to mitigate market risks change due to the cyclical business
environment.
Note 5.4 details the fair values and nominal amounts of derivative instruments while the
sensitivity of financial instruments to market risks is described in the table of the previous
page.
The strategy for market risk management is based on identifying, evaluating and mitigating
relevant risks in committed business transactions, balance sheet items and selected forecasted
items for each of the market risk categories. The use of derivatives to mitigate market risks
may cause timing differences between derivative gains or losses and the impact of the
underlying exposure on the net result. In order to reduce such timing differences in net result,
hedge accounting can be applied selectively as part of the commodity and foreign exchange
hedging activities. Most of the derivatives are short-term, however, interest rate hedges typically
have a maturity in excess of one year.
Foreign exchange rate risk
Outokumpu is exposed to foreign exchange rate risk as its business and operations are global.
The risk arises from changes in exchange rates and may have effects on net result, cash flow
and balance sheet. The foreign exchange exposure consists of risks associated with foreign
currency cash flows (transaction risk), translation risk and economic risk, such as the change in
competitiveness resulting from changes in foreign exchange rates.
The transaction risk arises from committed and forecasted transactions and payments in
currencies other than the functional currency of the entity and from changes in fair value of
foreign currency denominated items recognized on the balance sheet.
The fair value risk consists of foreign currency denominated accounts receivables, accounts
payables, debt, cash, loan receivables and the currency position from commodity derivatives.
The transaction and fair value risks are, with a few exceptions, hedged in full in major
currencies. Forecasted and probable cash flows are not typically hedged, but can be hedged
selectively. The Group\u2019s fair value foreign exchange position in currencies and in major EUR and
SEK based Outokumpu companies is presented in more detail in the following table. The
committed and forecasted transactions are excluded from the table.
In 2025, there was no hedge accounting applied in foreign exchange hedging activities.
Foreign exchange positions of EUR based companies
Dec 31, 2025
Dec 31, 2024
\u20ac million
SEK
USD
GBP
Other
SEK
USD
GBP
Other
Trade receivables and payables
-45
-85
5
3
-8
-257
9
11
Loans and bank accounts 1)
114
-765
-36
0
156
-829
-59
7
Derivatives
-48
913
20
-11
-145
996
38
-30
Net position
20
64
-11
-9
3
-90
-13
-12
Foreign exchange positions of SEK based companies
Dec 31, 2025
Dec 31, 2024
\u20ac million
EUR
USD
GBP
Other
EUR
USD
GBP
Other
Trade receivables and payables
-7
7
1
0
11
15
5
2
Loans and bank accounts 1)
4
1
1
2
10
2
1
1
Derivatives
-31
-18
-21
-6
-58
-25
-19
-7
Net position
-34
-10
-19
-5
-36
-8
-13
-4
1) Includes cash and cash equivalents, loan receivables and debt.
Currency distribution and re-pricing of outstanding net debt
\u20ac million
Dec 31, 2025
Currency
Net debt1)
Derivatives2)
Rate sensitivity3)
Gross debt
Average rate, %4)
Duration, year5)
EUR
523
721
10.8
-627
4.5
1.5
SEK
-32
114
0.8
\u2014
\u2014
\u2014
USD
-186
-792
-9.8
\u2014
\u2014
\u2014
Others
-39
-39
-0.8
\u2014
\u2014
\u2014
265
4
1.1
\u20ac million
Dec 31, 2024
Currency
Net debt1)
Derivatives2)
Rate sensitivity3)
Gross debt
Average rate, %4)
Duration, year5)
EUR
399
760
9.8
-502
6.2
2.0
SEK
-32
151
1.2
\u2014
\u2014
\u2014
USD
-115
-865
-9.8
\u2014
\u2014
\u2014
Others
-63
-58
-1.2
\u2014
\u2014
\u2014
189
-12
0.0
1) Includes cash and cash equivalents and debt.
2) Net derivative liabilities include nominal value of currency forwards earmarked to debt and interest rate
derivatives at Dec 31,2024. There were no interest rate derivatives at Dec 31,2025.
3) The effect of one percentage point increase in interest rates to financial expenses over the following year
from net debt and derivatives.
4) Includes gross debt. Currency forwards are not included in average rate calculation.
5) Duration calculation includes both debt and interest rate derivatives. There were no interest rate
derivatives at Dec 31,2025.
Outokumpu\u2019s largest foreign exchange transaction risk exposures are in US dollars and
Swedish krona. A major part of the Group\u2019s sales is in Euros and US dollars and thus the local
currency denominated production costs in Sweden cause foreign exchange risk. The main US
dollar cash flow risks origin from sales in the ferrochrome operations as chromium is priced in
US dollars and US dollar priced raw material purchases in the European stainless steel
business. Internal financing denominated in Swedish krona and US dollar cause significant fair
value foreign exchange rate risk, which is hedged with forward contracts and, if possible, with
matching of external debt or investment.
Translation risk consists of current net investment in foreign entities and future foreign
currency denominated profits and losses, which eventually will have an impact on Group\u2019s net
result and balance sheet through consolidation. Outokumpu\u2019s net result and net investment
translation risk is mainly in US dollars and Swedish krona. The equity translation risk is not
typically hedged, although, according to the Treasury policy, this risk can be hedged selectively.
In 2025, there were no hedges of net result or net investment exposures. However, the
effective portion of gains (EUR 17 million, net of tax) on earlier financial years\u2019 net investment
hedges is recognized in equity.
Economic risk relates to foreign exchange rates, commodity and energy prices, or any other
market price risks, which impact the long-term competitive position. Hedging of economic risk in
the Group is seen as a strategic decision approved by the CFO. In 2025, there were no hedges
related to economic risks.
Interest rate risk
Changes in interest rates expose Outokumpu to interest rate risk with effects on Group\u2019s net
interest expense (i.e. cash flow risk) and value of assets and liabilities (i.e. fair value risk). The
objective of the Group\u2019s interest rate risk management is to have a significant share of net debt
effectively with a short-term interest rate as a reference rate. This approach may help to reduce
the average interest rate of debt. Approximately 98% (2024: 65%) of the Group\u2019s debt has an
interest period of less than one year and the average interest rate of non-current debt on
December 31, 2025 was 4.6% (Dec 31, 2024: 5.8%).
The interest rate risk exposure is composed of the Group\u2019s net debt including all interest-
bearing assets and liabilities as well as derivatives that hedge these items. Interest rate
derivatives, such as interest rate swaps, are used to adjust the share of net debt effectively
repricing in different maturities according to limits defined in the Treasury policy. At the end of
2025 there were no open hedges related to interest rate.
Euro, Swedish krona and US dollar have a substantial contribution to the Group\u2019s interest
rate risk exposure. The interest rate risk exposure in Swedish krona and US dollar primarily
originates from cash balances and foreign exchange derivatives. The interest rate position for
the Group is presented in more detail in the table on the previous page.
Metal price risk
The Metal price risk arises from changes in metal market prices and may have effects on net
result, cash flow and balance sheet.
The Group\u2019s most significant exposures in metals price risk arise from chromium and nickel,
while other alloy metals with metal price risk include for example iron and molybdenum.
Outokumpu is exposed to metal price risk for example through the purchase of raw materials as
well as sale of stainless steel products where the price of alloy metals is based on market
prices. The timing difference in such commercial purchases and sale transactions as well as its
inventory position expose the Group to metal price risk alongside the Group\u2019s capability to pass
on price changes in raw materials to end-product prices.
Outokumpu\u2019s underlying metal net position (in the following alloy metals: nickel, iron and
molybdenum) consists of fixed price purchase orders, inventories of alloy metal containing
materials and fixed price sales orders. The metal net positions (in tons of metal) are
continuously calculated in order to manage the underlying positions.
Metal market prices are based on prices determined in regulated markets, such as the
London Metal Exchange (LME). Also, derivatives contracts to mitigate metal price risk are based
on, for example, LME prices. Chromium does not have an established financial derivatives
market and, consequently, is not included in the scope of the Treasury policy. Financial
derivatives mainly in nickel are used to manage the impacts of metal price changes on the
Group\u2019s net result, whereas efficient working capital management helps to reduce cash flow
variations caused by metal prices. Outokumpu has continued to apply cash flow hedge
accounting programs on nickel hedging in order to reduce the timing differences between
derivative gains or losses and the net result impact of the underlying exposure. The hedge
accounting covers a material part of the Group\u2019s nickel derivatives hedges. The Group\u2019s
financial derivatives fair values and nominal amounts are presented in more detail in the table
5.4 Derivative instruments.
In addition to hedging with financial derivatives, the metal price risk is also mitigated
through other measures such as pricing decisions. A part of the Group\u2019s stainless steel sales
contracts include an alloy surcharge clause, with the aim of reducing the risk arising from the
timing difference between alloy metal purchase and stainless steel pricing and delivery.
Energy and emission allowance price risk
Outokumpu manages energy price risk centrally and mitigates the risks by guidance from the
Energy Procurement policy. Energy price risk is hedged with long-term agreements, fixed price
supply contracts, partial ownerships in power utilities and derivatives. See more information in
note 5.4. Market developments and the company\u2019s overall energy risk positions are actively
monitored in review meetings by the Outokumpu Energy Steering Group, ensuring timely and
informed decisions that support stable and responsible business performance.
Overall, Outokumpu\u2019s energy spend decreased around 5%\u201310% compared to last year. For
2026, Outokumpu\u2019s energy portfolio has been hedged with roughly 65%\u201375% of the estimated
consumption.
Outokumpu has initiated and carried out multiple actions to prevent risk from materializing.
As the volatility in the market persists, Outokumpu has continued its focus on daily optimization
to reduce overall energy costs. Outokumpu has also started several initiatives to accelerate the
improvement in energy efficiency. See more information on energy in the Climate change
chapter in the Sustainability Statement (part of Review of Board of Directors), especially under
\u201cEnergy consumption and mix\u201d.
Outokumpu is exposed to changes in emission allowance prices as the Group\u2019s main
production sites are located in Europe and thus participating in the EU Emissions Trading
Scheme (EU ETS). All Outokumpu sites met the compliance requirements regarding returning of
emissions to local authorities on time in 2025. The Group\u2019s emission allowances positions are
composed of realized and forecasted emissions netted against confirmed and forecasted
emission allowances granted by the authorities. The general economic outlook, the prices of
fuels and power as well as decisions on the EU ETS have a significant impact on the price of
emission allowances. The current trading phase of the EU ETS refers to the period 2021\u20132030.
Outokumpu forecasts to have adequate amount of EU emission allowances until the end of this
decade. However, the future decisions on EU ETS may have a significant impact on this
forecast.
5.4 Derivative instruments
2025
2024
2025
2024
\u20ac million
Positive
fair value
Negative
fair value
Net fair
value
Net fair
value
Nominal
amounts
Nominal
amounts
Currency and interest rate
derivatives
Currency forwards
4
-11
-7
14
1,735
2,013
Interest rate swaps
\u2014
\u2014
\u2014
-2
\u2014
125
Tonnes
Tonnes
Metal derivatives
Forward nickel contracts,
hedge accounted
10
-14
-4
5
18,152
16,984
Forward nickel contracts
4
-4
0
1
5,502
8,592
MWh
MWh
Gas derivatives
Forward gas contracts, hedge
accounted
0
-5
-5
4
973,118
917,408
Total derivatives
17
-34
-17
22
Less long-term derivatives
Forward nickel contracts,
hedge accounted
0
\u2014
0
0
Forward gas contracts, hedge
accounted
0
-2
-2
1
Short-term derivatives
17
-33
-16
22
Contractual cash flows
2025
\u20ac million
2026
2027
Currency derivatives
Outflows
1,733
\u2014
Inflows
-1,737
\u2014
-4
\u2014
2024
\u20ac million
2025
2026
Currency derivatives
Outflows
2,021
\u2014
Inflows
-2,006
\u2014
Interest derivatives
-5
\u2014
10
\u2014
Hedge accounted cash flow hedges (commodity derivatives)
2025
2024
Fair value of nickel derivatives, \u20ac million
-4
5
Nominal amount of nickel derivatives, tonnes
18,152
16,984
Fair value of gas derivatives, \u20ac million
-5
4
Nominal amount of gas derivatives, MWh
973,118
917,408
Hedge ratio
1:1
1:1
Fair value reserve in other comprehensive income, \u20ac million
-9
10
Reclassified to sales in profit or loss, \u20ac million
9
13
Reclassified to cost of sales in profit or loss, \u20ac million
-5
-6
Recognized in inventory, \u20ac million
1
2
The nickel hedge accounting programs implemented for business area Americas and business
area Europe cover a material part of the Group\u2019s sales and purchase contracts. Forwards, which
correspond to the pricing model of the underlying items, are used as derivative instruments.
Only the spot component of nickel derivatives is under hedge accounting, the forward element
is recognized in profit or loss. The effectiveness is tested regularly. Management estimates that
the possible ineffectiveness that could arise relates to credit risk or timing of transactions, but
these are estimated to be immaterial.
The LNG gas hedge accounting program implemented for Outokumpu Stainless Oy covers a
substantial part of the purchases of LNG gas contracts. The derivative instrument used in
hedging is a forward which pricing corresponds to the pricing of the underlying item. The
effectiveness is tested regularly. Management estimates that the possible ineffectiveness that
could arise relates to credit risk or timing of transactions, but these are estimated to be
immaterial.
Master netting agreements and similar arrangements
\u20ac million
2025
2024
Derivative assets
Gross amounts of recognized financial assets in the
statement of financial position
17
39
Related financial instruments that are not offset
17
16
0
23
Derivative liabilities
Gross amounts of recognized financial liabilities in the
statement of financial position
34
17
Related financial instruments that are not offset
17
16
17
1
Outokumpu enters into derivative transactions with most counterparties under ISDA
agreements. In general, the amounts owed by each counterparty on a single day in respect of
all transactions outstanding in the same currency are aggregated into a single net amount that
is payable by one party to the other. In certain circumstances, e.g. when a credit event such as
a default occurs, all outstanding transactions under the agreement are terminated. The
termination value is assessed and only a single amount is payable in settlement of all
transactions. ISDA agreements do not meet the criteria for offsetting the balances in the
statement of financial position, but the right to offset is enforceable only on the occurrence of
future credit events. The table above sets out the carrying amounts of recognized financial
instruments that are subject to the agreements described above.
Accounting principles
\"image.png\"
Derivatives are initially recognized at fair value on the trade date, when the Group enters into a
derivative contract, and are subsequently measured at fair value.
The presentation of the gains or losses arising from the fair value measurement depends on
the purpose of the derivative. The gains or losses arising from fair value changes of effective
hedge-accounted derivative contracts are presented in profit or loss congruent with the hedged
item. Changes in fair value of derivative contracts, where hedge accounting is not applied, are
recognized in EBIT in other operating income and expenses. Changes in fair value of derivatives
designated for financing activities are presented within financial income and expenses.
The fair value measurement is based on quoted market prices and rates as well as on
discounted cash flows at the end of the reporting period. Fair values of derivatives can in
certain cases be based on valuations of external counterparties.
Hedge accounting
Outokumpu applies cash flow hedge accounting on certain commodity derivatives. For each
hedging arrangement the relationship between the hedging instrument and the hedged item,
the objectives of risk management and the strategy of the hedging arrangement are
documented.
The effectiveness of the hedge relationship is documented and assessed when hedging is
started and at least in the end of each reporting period. Hedge effectiveness is calculated and
assessed between the changes in the fair value or cash flows of the hedged item attributable to
the hedged risk and the changes in the fair value or cash flows of the hedging instrument to
ensure that these impacts offset one another. Hedge accounting is discontinued if the
requirements of hedge accounting are no longer met.
Fair value changes of derivatives designated to hedge forecasted cash flows are recognized
in other comprehensive income and presented within the fair value reserve in equity to the
extent that the hedge is effective. Such fair value changes accumulated in equity are
reclassified in profit or loss, and presented in sales or cost of sales in the period when the
hedge accounted cash flows affect the profit or loss. In the certain hedge accounted
transaction, the realized gains or losses of the nickel derivatives are first reclassified from fair
value reserves in equity to the inventory for a certain period and finally recognized in profit or
loss. The fair value changes related to the ineffective portion of the hedging instrument are
recognized immediately in profit or loss.
5.5 Financial assets and liabilities
Carrying values and fair values of financial assets and liabilities by measurement category
Measured at
2025
\u20ac million
Amortized cost
Fair value through other
comprehensive income
Fair value through profit
or loss
Carrying amount
Fair value
Fair value hierarchy level
Non-current financial assets
Equity investments
\u2014
24
\u2014
24
24
1,3
Trade and other receivables
9
\u2014
0
9
0
3
Hedge accounted derivatives
\u2014
\u2014
0
0
0
2
Current financial assets
Other investments
\u2014
\u2014
27
27
27
1
Trade and other receivables
330
\u2014
\u2014
330
Hedge accounted derivatives
\u2014
\u2014
10
10
10
2
Derivatives held for trading
\u2014
\u2014
7
7
7
2
Cash and cash equivalents
362
\u2014
\u2014
362
701
24
45
769
Non-current financial liabilities
Non-current debt
519
\u2014
\u2014
519
519
2
Hedge accounted derivatives
\u2014
\u2014
2
2
2
2
Current financial liabilities
Current debt
108
\u2014
\u2014
108
108
2
Trade and other payables
1,052
\u2014
\u2014
1,052
Hedge accounted derivatives
\u2014
\u2014
18
18
18
2
Derivatives held for trading
\u2014
\u2014
15
15
15
2
1,679
\u2014
34
1,713
There were no transfers between levels 1, 2 and 3 during the years. A major part of equity investments at fair value through other comprehensive income at hierarchy level 3 relates to investments in unlisted energy
producing companies.
Measured at
2024
\u20ac million
Amortized cost
Fair value through other
comprehensive income
Fair value through profit
or loss
Carrying amount
Fair value
Fair value hierarchy level
Non-current financial assets
Equity investments
\u2014
28
\u2014
28
28
1,3
Trade and other receivables
10
\u2014
0
10
0
3
Hedge accounted derivatives
\u2014
\u2014
1
1
1
2
Current financial assets
Other investments
\u2014
\u2014
28
28
28
1
Trade and other receivables
390
\u2014
\u2014
390
Hedge accounted derivatives
\u2014
\u2014
15
15
15
2
Derivatives held for trading
\u2014
\u2014
23
23
23
2
Cash and cash equivalents
313
\u2014
\u2014
313
714
28
67
809
Non-current financial liabilities
Non-current debt
246
\u2014
\u2014
246
247
2
Hedge accounted derivatives
\u2014
\u2014
0
0
0
2
Current financial liabilities
Current debt
256
\u2014
\u2014
256
273
2
Trade and other payables
1,144
\u2014
\u2014
1,144
Hedge accounted derivatives
\u2014
\u2014
7
7
7
2
Derivatives held for trading
\u2014
\u2014
10
10
10
2
1,646
\u2014
17
1,663
Reconciliation of changes on level 3
\u20ac million
Investments at fair value
through profit or loss
Equity investments at
fair value through other
comprehensive income
Carrying value on Jan 1, 2025
0
23
Additions
3
2
Fair value changes
-3
-10
Carrying value at the end of the period
0
14
\u20ac million
Investments at fair value
through profit or loss
Equity investments at fair
value through other
comprehensive income
Carrying value on Jan 1, 2024
0
7
Additions
3
1
Fair value changes
-3
15
Carrying value at the end of the period
0
23
In 2023, Outokumpu Corporation agreed to participate in a convertible loan offered by
associated company Voimaosakeyhti\u00f6 SF to its shareholders. Outokumpu\u2019s share of the
convertible loan is EUR 14 million. The first call of the loan was in August 2023 amounting to
EUR 5 million, the second one in October 2024 totaling to EUR 3 million and the third one in
August 2025 totaling to EUR 3 million. At the end of December 2025, the loan is valued at EUR
0 million. The change in value is presented in the other market price gains and losses in the
consolidated statement of income, for more information see note 2.5. For more information on
Voimaosakeyhti\u00f6 SF, see note 5.7 and 6.6.
Accounting principles
\"image.png\"
The Group\u2019s financial assets and liabilities are classified as items at fair value through profit or
loss, items at fair value through other comprehensive income and items at amortized cost.
The classification is based on Group\u2019s business model for financial assets and liabilities, and
their contractual cash flow characteristics.
If a financial asset is not measured at fair value through profit or loss, significant transaction
costs are included in the initial carrying amount of the asset. Financial assets are derecognized
when the Group loses the rights to receive the contractual cash flows on the financial asset or it
transfers substantially all the risks and rewards of ownership outside the Group. Accounting
principles related to transaction costs and derecognition of borrowings are presented in note
5.1.
Financial assets and liabilities measured at amortized cost
Financial assets measured at amortized cost include trade and other receivables and
cash and cash equivalents. These assets are measured initially at fair value. After initial
recognition, they are measured at amortized cost by using the effective interest rate method
less accumulated impairments. The accounting principles related to factored receivables and
expected credit losses are presented in note 4.5.
Financial liabilities measured at amortized cost include the borrowing and trade and other
payables. See note 5.1 for further accounting and fair valuation principles for borrowings and
note 4.5 for accounting principles for trade and other payables.
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income include equity investments
in listed and unlisted companies. Accounting principles are presented in note 5.6.
Financial assets and liabilities at fair value through profit or loss
Financial assets and liabilities at fair value through profit or loss include derivative instruments.
Financial assets at fair value through profit or loss include also investments in debt instrument
or money market funds held for trading purposes and intended to be sold within a short period
of time. In some cases, also equity investments can be classified in this category.
These financial assets and liabilities are recognized at the trade date at fair value and
subsequently remeasured at fair value at the end of each reporting period. The fair value
measurement is based on quoted rates and market prices as well as on appropriate valuation
methodologies and models.
Realized and unrealized gains and losses arising from changes in fair values of non-
derivative financial assets are recognized in market price gains and losses under financial
income and expenses in the reporting period in which they are incurred. Accounting principles
related to derivatives are described in more detail in note 5.4.
Measurement of fair values
Several accounting policies and disclosures require the measurement of fair values.
Financial assets and liabilities measured at fair value are classified to fair value hierarchy levels
based on the source information and inputs used in the fair valuation. In level one, fair values
are based on public quotations for identical instruments. In level two, fair values are based on
market rates and prices and discounted future cash flows. For assets and liabilities in level
three, there is no reliable market source available and thus the fair value measurement is not
based on observable market data. Therefore, the measurement methods are chosen taking into
account the information available for the measurement and the characteristics of the measured
item.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-561": { "value": "
5.3 Financial risk management and insurances
The main objectives of financial risk management are to reduce the volatility of the net result
and to secure sufficient liquidity to avoid financial distress. Other objectives include the
reduction of cash flow volatility and the maintenance of the debt-to-equity and leverage ratios
within set targets. The main objectives of insurance management are to provide mitigation
against catastrophe risks and to reduce variation of the net result.
The Board of Directors has approved the risk management policy, which defines responsibilities,
the process and other main principles of risk management. The Board of Directors oversees risk
management on a regular basis and the Chief Financial Officer (CFO) is responsible for the
implementation and development of financial risk management. The CFO leads relevant
steering groups, such as the Risk Management Steering Group for enterprise risk management
and the Financial Risk Steering Group for financial risk management. The Energy Steering Group
for energy risk management is led by Senior Vice President (SVP) General Procurement,\u00a0
reporting to the CFO.
Financial risks consist of market, country, credit, liquidity and refinancing risks. Outokumpu
subsidiaries hedge their currency and commodity price risk with the parent company
Outokumpu Corporation, which does most of the Group\u2019s foreign exchange and commodity
derivative contracts with banks and other financial institutions. The Treasury function
(\u201cTreasury\u201d) is responsible for managing foreign exchange, metal, interest rate, liquidity and
refinancing as well as emission allowance price risk. Credit controlling has been mainly
centralized to Finance Services, and Treasury oversees credit risk management globally.
Customer credit risk is presented in note 4.5. The procurement function is responsible for
managing the electricity and fuel price risks.
Treasury sources all global insurances. The main insurance lines are related to property,\u00a0
business interruption, liabilities and credit risk. The captive insurance company Visenta
F\u00f6rs\u00e4kringsaktiebolag contributes to the Outokumpu\u2019s global insurance program.
Exposure to financial risks is identified in connection with the Group\u2019s risk management
process. This approach aims to ensure that any emerging risks are identified early and that
significant risks are described, quantified, managed and communicated appropriately.
Sensitivity of financial instruments to market risk
Dec 31, 2025
Dec 31, 2024
\u20ac million
In profit or loss
In other comprehensive income
In profit or loss
In other comprehensive income
+/-10% change in EUR/USD exchange rate
-4/+5
\u2014
+7/-9
\u2014
+/-10% change in EUR/SEK exchange rate
-4/+5
\u2014
-3/+4
\u2014
+/-10% change in nickel price in USD
-1/+1
-5/+5
-1/+1
-4/+4
+/-1% parallel shift in interest rates
-0/+0
\u2014
-1/+1
\u2014
The sensitivity analyses apply to financial assets and liabilities only. Other assets and liabilities, including defined benefit pension plan assets and liabilities, as well as off balance sheet items such as sales and purchase
orders, are not in the scope of these analyses. The calculations are net of tax. During the year the volatility for nickel price has been in the range of 11-23%. With +/\u201330% change in dollar denominated price, the effect in
profit or loss is about EUR -2/+2 million and in other comprehensive income EUR -14/+14 million for nickel derivatives.
Risk information
\"image.png\"
Market risk
Outokumpu\u2019s main market risks are foreign exchange risk, interest rate risk, security price risk
as well as commodity price risk, namely in metals, fuels, energy and emission allowances. The
price changes in the before mentioned risks may have a significant impact on the Group\u2019s net
result, cash flow and capital structure. Due to the cyclicality of the stainless steel business,
Outokumpu\u2019s exposure to market risks may change significantly from one period to another.
Consequently, derivative positions to mitigate market risks change due to the cyclical business
environment.
Note 5.4 details the fair values and nominal amounts of derivative instruments while the
sensitivity of financial instruments to market risks is described in the table of the previous
page.
The strategy for market risk management is based on identifying, evaluating and mitigating
relevant risks in committed business transactions, balance sheet items and selected forecasted
items for each of the market risk categories. The use of derivatives to mitigate market risks
may cause timing differences between derivative gains or losses and the impact of the
underlying exposure on the net result. In order to reduce such timing differences in net result,
hedge accounting can be applied selectively as part of the commodity and foreign exchange
hedging activities. Most of the derivatives are short-term, however, interest rate hedges typically
have a maturity in excess of one year.
Foreign exchange rate risk
Outokumpu is exposed to foreign exchange rate risk as its business and operations are global.
The risk arises from changes in exchange rates and may have effects on net result, cash flow
and balance sheet. The foreign exchange exposure consists of risks associated with foreign
currency cash flows (transaction risk), translation risk and economic risk, such as the change in
competitiveness resulting from changes in foreign exchange rates.
The transaction risk arises from committed and forecasted transactions and payments in
currencies other than the functional currency of the entity and from changes in fair value of
foreign currency denominated items recognized on the balance sheet.
The fair value risk consists of foreign currency denominated accounts receivables, accounts
payables, debt, cash, loan receivables and the currency position from commodity derivatives.
The transaction and fair value risks are, with a few exceptions, hedged in full in major
currencies. Forecasted and probable cash flows are not typically hedged, but can be hedged
selectively. The Group\u2019s fair value foreign exchange position in currencies and in major EUR and
SEK based Outokumpu companies is presented in more detail in the following table. The
committed and forecasted transactions are excluded from the table.
In 2025, there was no hedge accounting applied in foreign exchange hedging activities.
Foreign exchange positions of EUR based companies
Dec 31, 2025
Dec 31, 2024
\u20ac million
SEK
USD
GBP
Other
SEK
USD
GBP
Other
Trade receivables and payables
-45
-85
5
3
-8
-257
9
11
Loans and bank accounts 1)
114
-765
-36
0
156
-829
-59
7
Derivatives
-48
913
20
-11
-145
996
38
-30
Net position
20
64
-11
-9
3
-90
-13
-12
Foreign exchange positions of SEK based companies
Dec 31, 2025
Dec 31, 2024
\u20ac million
EUR
USD
GBP
Other
EUR
USD
GBP
Other
Trade receivables and payables
-7
7
1
0
11
15
5
2
Loans and bank accounts 1)
4
1
1
2
10
2
1
1
Derivatives
-31
-18
-21
-6
-58
-25
-19
-7
Net position
-34
-10
-19
-5
-36
-8
-13
-4
1) Includes cash and cash equivalents, loan receivables and debt.
Currency distribution and re-pricing of outstanding net debt
\u20ac million
Dec 31, 2025
Currency
Net debt1)
Derivatives2)
Rate sensitivity3)
Gross debt
Average rate, %4)
Duration, year5)
EUR
523
721
10.8
-627
4.5
1.5
SEK
-32
114
0.8
\u2014
\u2014
\u2014
USD
-186
-792
-9.8
\u2014
\u2014
\u2014
Others
-39
-39
-0.8
\u2014
\u2014
\u2014
265
4
1.1
\u20ac million
Dec 31, 2024
Currency
Net debt1)
Derivatives2)
Rate sensitivity3)
Gross debt
Average rate, %4)
Duration, year5)
EUR
399
760
9.8
-502
6.2
2.0
SEK
-32
151
1.2
\u2014
\u2014
\u2014
USD
-115
-865
-9.8
\u2014
\u2014
\u2014
Others
-63
-58
-1.2
\u2014
\u2014
\u2014
189
-12
0.0
1) Includes cash and cash equivalents and debt.
2) Net derivative liabilities include nominal value of currency forwards earmarked to debt and interest rate
derivatives at Dec 31,2024. There were no interest rate derivatives at Dec 31,2025.
3) The effect of one percentage point increase in interest rates to financial expenses over the following year
from net debt and derivatives.
4) Includes gross debt. Currency forwards are not included in average rate calculation.
5) Duration calculation includes both debt and interest rate derivatives. There were no interest rate
derivatives at Dec 31,2025.
Outokumpu\u2019s largest foreign exchange transaction risk exposures are in US dollars and
Swedish krona. A major part of the Group\u2019s sales is in Euros and US dollars and thus the local
currency denominated production costs in Sweden cause foreign exchange risk. The main US
dollar cash flow risks origin from sales in the ferrochrome operations as chromium is priced in
US dollars and US dollar priced raw material purchases in the European stainless steel
business. Internal financing denominated in Swedish krona and US dollar cause significant fair
value foreign exchange rate risk, which is hedged with forward contracts and, if possible, with
matching of external debt or investment.
Translation risk consists of current net investment in foreign entities and future foreign
currency denominated profits and losses, which eventually will have an impact on Group\u2019s net
result and balance sheet through consolidation. Outokumpu\u2019s net result and net investment
translation risk is mainly in US dollars and Swedish krona. The equity translation risk is not
typically hedged, although, according to the Treasury policy, this risk can be hedged selectively.
In 2025, there were no hedges of net result or net investment exposures. However, the
effective portion of gains (EUR 17 million, net of tax) on earlier financial years\u2019 net investment
hedges is recognized in equity.
Economic risk relates to foreign exchange rates, commodity and energy prices, or any other
market price risks, which impact the long-term competitive position. Hedging of economic risk in
the Group is seen as a strategic decision approved by the CFO. In 2025, there were no hedges
related to economic risks.
Interest rate risk
Changes in interest rates expose Outokumpu to interest rate risk with effects on Group\u2019s net
interest expense (i.e. cash flow risk) and value of assets and liabilities (i.e. fair value risk). The
objective of the Group\u2019s interest rate risk management is to have a significant share of net debt
effectively with a short-term interest rate as a reference rate. This approach may help to reduce
the average interest rate of debt. Approximately 98% (2024: 65%) of the Group\u2019s debt has an
interest period of less than one year and the average interest rate of non-current debt on
December 31, 2025 was 4.6% (Dec 31, 2024: 5.8%).
The interest rate risk exposure is composed of the Group\u2019s net debt including all interest-
bearing assets and liabilities as well as derivatives that hedge these items. Interest rate
derivatives, such as interest rate swaps, are used to adjust the share of net debt effectively
repricing in different maturities according to limits defined in the Treasury policy. At the end of
2025 there were no open hedges related to interest rate.
Euro, Swedish krona and US dollar have a substantial contribution to the Group\u2019s interest
rate risk exposure. The interest rate risk exposure in Swedish krona and US dollar primarily
originates from cash balances and foreign exchange derivatives. The interest rate position for
the Group is presented in more detail in the table on the previous page.
Metal price risk
The Metal price risk arises from changes in metal market prices and may have effects on net
result, cash flow and balance sheet.
The Group\u2019s most significant exposures in metals price risk arise from chromium and nickel,
while other alloy metals with metal price risk include for example iron and molybdenum.
Outokumpu is exposed to metal price risk for example through the purchase of raw materials as
well as sale of stainless steel products where the price of alloy metals is based on market
prices. The timing difference in such commercial purchases and sale transactions as well as its
inventory position expose the Group to metal price risk alongside the Group\u2019s capability to pass
on price changes in raw materials to end-product prices.
Outokumpu\u2019s underlying metal net position (in the following alloy metals: nickel, iron and
molybdenum) consists of fixed price purchase orders, inventories of alloy metal containing
materials and fixed price sales orders. The metal net positions (in tons of metal) are
continuously calculated in order to manage the underlying positions.
Metal market prices are based on prices determined in regulated markets, such as the
London Metal Exchange (LME). Also, derivatives contracts to mitigate metal price risk are based
on, for example, LME prices. Chromium does not have an established financial derivatives
market and, consequently, is not included in the scope of the Treasury policy. Financial
derivatives mainly in nickel are used to manage the impacts of metal price changes on the
Group\u2019s net result, whereas efficient working capital management helps to reduce cash flow
variations caused by metal prices. Outokumpu has continued to apply cash flow hedge
accounting programs on nickel hedging in order to reduce the timing differences between
derivative gains or losses and the net result impact of the underlying exposure. The hedge
accounting covers a material part of the Group\u2019s nickel derivatives hedges. The Group\u2019s
financial derivatives fair values and nominal amounts are presented in more detail in the table
5.4 Derivative instruments.
In addition to hedging with financial derivatives, the metal price risk is also mitigated
through other measures such as pricing decisions. A part of the Group\u2019s stainless steel sales
contracts include an alloy surcharge clause, with the aim of reducing the risk arising from the
timing difference between alloy metal purchase and stainless steel pricing and delivery.
Energy and emission allowance price risk
Outokumpu manages energy price risk centrally and mitigates the risks by guidance from the
Energy Procurement policy. Energy price risk is hedged with long-term agreements, fixed price
supply contracts, partial ownerships in power utilities and derivatives. See more information in
note 5.4. Market developments and the company\u2019s overall energy risk positions are actively
monitored in review meetings by the Outokumpu Energy Steering Group, ensuring timely and
informed decisions that support stable and responsible business performance.
Overall, Outokumpu\u2019s energy spend decreased around 5%\u201310% compared to last year. For
2026, Outokumpu\u2019s energy portfolio has been hedged with roughly 65%\u201375% of the estimated
consumption.
Outokumpu has initiated and carried out multiple actions to prevent risk from materializing.
As the volatility in the market persists, Outokumpu has continued its focus on daily optimization
to reduce overall energy costs. Outokumpu has also started several initiatives to accelerate the
improvement in energy efficiency. See more information on energy in the Climate change
chapter in the Sustainability Statement (part of Review of Board of Directors), especially under
\u201cEnergy consumption and mix\u201d.
Outokumpu is exposed to changes in emission allowance prices as the Group\u2019s main
production sites are located in Europe and thus participating in the EU Emissions Trading
Scheme (EU ETS). All Outokumpu sites met the compliance requirements regarding returning of
emissions to local authorities on time in 2025. The Group\u2019s emission allowances positions are
composed of realized and forecasted emissions netted against confirmed and forecasted
emission allowances granted by the authorities. The general economic outlook, the prices of
fuels and power as well as decisions on the EU ETS have a significant impact on the price of
emission allowances. The current trading phase of the EU ETS refers to the period 2021\u20132030.
Outokumpu forecasts to have adequate amount of EU emission allowances until the end of this
decade. However, the future decisions on EU ETS may have a significant impact on this
forecast.
5.4 Derivative instruments
2025
2024
2025
2024
\u20ac million
Positive
fair value
Negative
fair value
Net fair
value
Net fair
value
Nominal
amounts
Nominal
amounts
Currency and interest rate
derivatives
Currency forwards
4
-11
-7
14
1,735
2,013
Interest rate swaps
\u2014
\u2014
\u2014
-2
\u2014
125
Tonnes
Tonnes
Metal derivatives
Forward nickel contracts,
hedge accounted
10
-14
-4
5
18,152
16,984
Forward nickel contracts
4
-4
0
1
5,502
8,592
MWh
MWh
Gas derivatives
Forward gas contracts, hedge
accounted
0
-5
-5
4
973,118
917,408
Total derivatives
17
-34
-17
22
Less long-term derivatives
Forward nickel contracts,
hedge accounted
0
\u2014
0
0
Forward gas contracts, hedge
accounted
0
-2
-2
1
Short-term derivatives
17
-33
-16
22
Contractual cash flows
2025
\u20ac million
2026
2027
Currency derivatives
Outflows
1,733
\u2014
Inflows
-1,737
\u2014
-4
\u2014
2024
\u20ac million
2025
2026
Currency derivatives
Outflows
2,021
\u2014
Inflows
-2,006
\u2014
Interest derivatives
-5
\u2014
10
\u2014
Hedge accounted cash flow hedges (commodity derivatives)
2025
2024
Fair value of nickel derivatives, \u20ac million
-4
5
Nominal amount of nickel derivatives, tonnes
18,152
16,984
Fair value of gas derivatives, \u20ac million
-5
4
Nominal amount of gas derivatives, MWh
973,118
917,408
Hedge ratio
1:1
1:1
Fair value reserve in other comprehensive income, \u20ac million
-9
10
Reclassified to sales in profit or loss, \u20ac million
9
13
Reclassified to cost of sales in profit or loss, \u20ac million
-5
-6
Recognized in inventory, \u20ac million
1
2
The nickel hedge accounting programs implemented for business area Americas and business
area Europe cover a material part of the Group\u2019s sales and purchase contracts. Forwards, which
correspond to the pricing model of the underlying items, are used as derivative instruments.
Only the spot component of nickel derivatives is under hedge accounting, the forward element
is recognized in profit or loss. The effectiveness is tested regularly. Management estimates that
the possible ineffectiveness that could arise relates to credit risk or timing of transactions, but
these are estimated to be immaterial.
The LNG gas hedge accounting program implemented for Outokumpu Stainless Oy covers a
substantial part of the purchases of LNG gas contracts. The derivative instrument used in
hedging is a forward which pricing corresponds to the pricing of the underlying item. The
effectiveness is tested regularly. Management estimates that the possible ineffectiveness that
could arise relates to credit risk or timing of transactions, but these are estimated to be
immaterial.
Master netting agreements and similar arrangements
\u20ac million
2025
2024
Derivative assets
Gross amounts of recognized financial assets in the
statement of financial position
17
39
Related financial instruments that are not offset
17
16
0
23
Derivative liabilities
Gross amounts of recognized financial liabilities in the
statement of financial position
34
17
Related financial instruments that are not offset
17
16
17
1
Outokumpu enters into derivative transactions with most counterparties under ISDA
agreements. In general, the amounts owed by each counterparty on a single day in respect of
all transactions outstanding in the same currency are aggregated into a single net amount that
is payable by one party to the other. In certain circumstances, e.g. when a credit event such as
a default occurs, all outstanding transactions under the agreement are terminated. The
termination value is assessed and only a single amount is payable in settlement of all
transactions. ISDA agreements do not meet the criteria for offsetting the balances in the
statement of financial position, but the right to offset is enforceable only on the occurrence of
future credit events. The table above sets out the carrying amounts of recognized financial
instruments that are subject to the agreements described above.
Accounting principles
\"image.png\"
Derivatives are initially recognized at fair value on the trade date, when the Group enters into a
derivative contract, and are subsequently measured at fair value.
The presentation of the gains or losses arising from the fair value measurement depends on
the purpose of the derivative. The gains or losses arising from fair value changes of effective
hedge-accounted derivative contracts are presented in profit or loss congruent with the hedged
item. Changes in fair value of derivative contracts, where hedge accounting is not applied, are
recognized in EBIT in other operating income and expenses. Changes in fair value of derivatives
designated for financing activities are presented within financial income and expenses.
The fair value measurement is based on quoted market prices and rates as well as on
discounted cash flows at the end of the reporting period. Fair values of derivatives can in
certain cases be based on valuations of external counterparties.
Hedge accounting
Outokumpu applies cash flow hedge accounting on certain commodity derivatives. For each
hedging arrangement the relationship between the hedging instrument and the hedged item,
the objectives of risk management and the strategy of the hedging arrangement are
documented.
The effectiveness of the hedge relationship is documented and assessed when hedging is
started and at least in the end of each reporting period. Hedge effectiveness is calculated and
assessed between the changes in the fair value or cash flows of the hedged item attributable to
the hedged risk and the changes in the fair value or cash flows of the hedging instrument to
ensure that these impacts offset one another. Hedge accounting is discontinued if the
requirements of hedge accounting are no longer met.
Fair value changes of derivatives designated to hedge forecasted cash flows are recognized
in other comprehensive income and presented within the fair value reserve in equity to the
extent that the hedge is effective. Such fair value changes accumulated in equity are
reclassified in profit or loss, and presented in sales or cost of sales in the period when the
hedge accounted cash flows affect the profit or loss. In the certain hedge accounted
transaction, the realized gains or losses of the nickel derivatives are first reclassified from fair
value reserves in equity to the inventory for a certain period and finally recognized in profit or
loss. The fair value changes related to the ineffective portion of the hedging instrument are
recognized immediately in profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-560": { "value": "
5.3 Financial risk management and insurances
The main objectives of financial risk management are to reduce the volatility of the net result
and to secure sufficient liquidity to avoid financial distress. Other objectives include the
reduction of cash flow volatility and the maintenance of the debt-to-equity and leverage ratios
within set targets. The main objectives of insurance management are to provide mitigation
against catastrophe risks and to reduce variation of the net result.
The Board of Directors has approved the risk management policy, which defines responsibilities,
the process and other main principles of risk management. The Board of Directors oversees risk
management on a regular basis and the Chief Financial Officer (CFO) is responsible for the
implementation and development of financial risk management. The CFO leads relevant
steering groups, such as the Risk Management Steering Group for enterprise risk management
and the Financial Risk Steering Group for financial risk management. The Energy Steering Group
for energy risk management is led by Senior Vice President (SVP) General Procurement,\u00a0
reporting to the CFO.
Financial risks consist of market, country, credit, liquidity and refinancing risks. Outokumpu
subsidiaries hedge their currency and commodity price risk with the parent company
Outokumpu Corporation, which does most of the Group\u2019s foreign exchange and commodity
derivative contracts with banks and other financial institutions. The Treasury function
(\u201cTreasury\u201d) is responsible for managing foreign exchange, metal, interest rate, liquidity and
refinancing as well as emission allowance price risk. Credit controlling has been mainly
centralized to Finance Services, and Treasury oversees credit risk management globally.
Customer credit risk is presented in note 4.5. The procurement function is responsible for
managing the electricity and fuel price risks.
Treasury sources all global insurances. The main insurance lines are related to property,\u00a0
business interruption, liabilities and credit risk. The captive insurance company Visenta
F\u00f6rs\u00e4kringsaktiebolag contributes to the Outokumpu\u2019s global insurance program.
Exposure to financial risks is identified in connection with the Group\u2019s risk management
process. This approach aims to ensure that any emerging risks are identified early and that
significant risks are described, quantified, managed and communicated appropriately.
Sensitivity of financial instruments to market risk
Dec 31, 2025
Dec 31, 2024
\u20ac million
In profit or loss
In other comprehensive income
In profit or loss
In other comprehensive income
+/-10% change in EUR/USD exchange rate
-4/+5
\u2014
+7/-9
\u2014
+/-10% change in EUR/SEK exchange rate
-4/+5
\u2014
-3/+4
\u2014
+/-10% change in nickel price in USD
-1/+1
-5/+5
-1/+1
-4/+4
+/-1% parallel shift in interest rates
-0/+0
\u2014
-1/+1
\u2014
The sensitivity analyses apply to financial assets and liabilities only. Other assets and liabilities, including defined benefit pension plan assets and liabilities, as well as off balance sheet items such as sales and purchase
orders, are not in the scope of these analyses. The calculations are net of tax. During the year the volatility for nickel price has been in the range of 11-23%. With +/\u201330% change in dollar denominated price, the effect in
profit or loss is about EUR -2/+2 million and in other comprehensive income EUR -14/+14 million for nickel derivatives.
Risk information
\"image.png\"
Market risk
Outokumpu\u2019s main market risks are foreign exchange risk, interest rate risk, security price risk
as well as commodity price risk, namely in metals, fuels, energy and emission allowances. The
price changes in the before mentioned risks may have a significant impact on the Group\u2019s net
result, cash flow and capital structure. Due to the cyclicality of the stainless steel business,
Outokumpu\u2019s exposure to market risks may change significantly from one period to another.
Consequently, derivative positions to mitigate market risks change due to the cyclical business
environment.
Note 5.4 details the fair values and nominal amounts of derivative instruments while the
sensitivity of financial instruments to market risks is described in the table of the previous
page.
The strategy for market risk management is based on identifying, evaluating and mitigating
relevant risks in committed business transactions, balance sheet items and selected forecasted
items for each of the market risk categories. The use of derivatives to mitigate market risks
may cause timing differences between derivative gains or losses and the impact of the
underlying exposure on the net result. In order to reduce such timing differences in net result,
hedge accounting can be applied selectively as part of the commodity and foreign exchange
hedging activities. Most of the derivatives are short-term, however, interest rate hedges typically
have a maturity in excess of one year.
Foreign exchange rate risk
Outokumpu is exposed to foreign exchange rate risk as its business and operations are global.
The risk arises from changes in exchange rates and may have effects on net result, cash flow
and balance sheet. The foreign exchange exposure consists of risks associated with foreign
currency cash flows (transaction risk), translation risk and economic risk, such as the change in
competitiveness resulting from changes in foreign exchange rates.
The transaction risk arises from committed and forecasted transactions and payments in
currencies other than the functional currency of the entity and from changes in fair value of
foreign currency denominated items recognized on the balance sheet.
The fair value risk consists of foreign currency denominated accounts receivables, accounts
payables, debt, cash, loan receivables and the currency position from commodity derivatives.
The transaction and fair value risks are, with a few exceptions, hedged in full in major
currencies. Forecasted and probable cash flows are not typically hedged, but can be hedged
selectively. The Group\u2019s fair value foreign exchange position in currencies and in major EUR and
SEK based Outokumpu companies is presented in more detail in the following table. The
committed and forecasted transactions are excluded from the table.
In 2025, there was no hedge accounting applied in foreign exchange hedging activities.
Foreign exchange positions of EUR based companies
Dec 31, 2025
Dec 31, 2024
\u20ac million
SEK
USD
GBP
Other
SEK
USD
GBP
Other
Trade receivables and payables
-45
-85
5
3
-8
-257
9
11
Loans and bank accounts 1)
114
-765
-36
0
156
-829
-59
7
Derivatives
-48
913
20
-11
-145
996
38
-30
Net position
20
64
-11
-9
3
-90
-13
-12
Foreign exchange positions of SEK based companies
Dec 31, 2025
Dec 31, 2024
\u20ac million
EUR
USD
GBP
Other
EUR
USD
GBP
Other
Trade receivables and payables
-7
7
1
0
11
15
5
2
Loans and bank accounts 1)
4
1
1
2
10
2
1
1
Derivatives
-31
-18
-21
-6
-58
-25
-19
-7
Net position
-34
-10
-19
-5
-36
-8
-13
-4
1) Includes cash and cash equivalents, loan receivables and debt.
Currency distribution and re-pricing of outstanding net debt
\u20ac million
Dec 31, 2025
Currency
Net debt1)
Derivatives2)
Rate sensitivity3)
Gross debt
Average rate, %4)
Duration, year5)
EUR
523
721
10.8
-627
4.5
1.5
SEK
-32
114
0.8
\u2014
\u2014
\u2014
USD
-186
-792
-9.8
\u2014
\u2014
\u2014
Others
-39
-39
-0.8
\u2014
\u2014
\u2014
265
4
1.1
\u20ac million
Dec 31, 2024
Currency
Net debt1)
Derivatives2)
Rate sensitivity3)
Gross debt
Average rate, %4)
Duration, year5)
EUR
399
760
9.8
-502
6.2
2.0
SEK
-32
151
1.2
\u2014
\u2014
\u2014
USD
-115
-865
-9.8
\u2014
\u2014
\u2014
Others
-63
-58
-1.2
\u2014
\u2014
\u2014
189
-12
0.0
1) Includes cash and cash equivalents and debt.
2) Net derivative liabilities include nominal value of currency forwards earmarked to debt and interest rate
derivatives at Dec 31,2024. There were no interest rate derivatives at Dec 31,2025.
3) The effect of one percentage point increase in interest rates to financial expenses over the following year
from net debt and derivatives.
4) Includes gross debt. Currency forwards are not included in average rate calculation.
5) Duration calculation includes both debt and interest rate derivatives. There were no interest rate
derivatives at Dec 31,2025.
Outokumpu\u2019s largest foreign exchange transaction risk exposures are in US dollars and
Swedish krona. A major part of the Group\u2019s sales is in Euros and US dollars and thus the local
currency denominated production costs in Sweden cause foreign exchange risk. The main US
dollar cash flow risks origin from sales in the ferrochrome operations as chromium is priced in
US dollars and US dollar priced raw material purchases in the European stainless steel
business. Internal financing denominated in Swedish krona and US dollar cause significant fair
value foreign exchange rate risk, which is hedged with forward contracts and, if possible, with
matching of external debt or investment.
Translation risk consists of current net investment in foreign entities and future foreign
currency denominated profits and losses, which eventually will have an impact on Group\u2019s net
result and balance sheet through consolidation. Outokumpu\u2019s net result and net investment
translation risk is mainly in US dollars and Swedish krona. The equity translation risk is not
typically hedged, although, according to the Treasury policy, this risk can be hedged selectively.
In 2025, there were no hedges of net result or net investment exposures. However, the
effective portion of gains (EUR 17 million, net of tax) on earlier financial years\u2019 net investment
hedges is recognized in equity.
Economic risk relates to foreign exchange rates, commodity and energy prices, or any other
market price risks, which impact the long-term competitive position. Hedging of economic risk in
the Group is seen as a strategic decision approved by the CFO. In 2025, there were no hedges
related to economic risks.
Interest rate risk
Changes in interest rates expose Outokumpu to interest rate risk with effects on Group\u2019s net
interest expense (i.e. cash flow risk) and value of assets and liabilities (i.e. fair value risk). The
objective of the Group\u2019s interest rate risk management is to have a significant share of net debt
effectively with a short-term interest rate as a reference rate. This approach may help to reduce
the average interest rate of debt. Approximately 98% (2024: 65%) of the Group\u2019s debt has an
interest period of less than one year and the average interest rate of non-current debt on
December 31, 2025 was 4.6% (Dec 31, 2024: 5.8%).
The interest rate risk exposure is composed of the Group\u2019s net debt including all interest-
bearing assets and liabilities as well as derivatives that hedge these items. Interest rate
derivatives, such as interest rate swaps, are used to adjust the share of net debt effectively
repricing in different maturities according to limits defined in the Treasury policy. At the end of
2025 there were no open hedges related to interest rate.
Euro, Swedish krona and US dollar have a substantial contribution to the Group\u2019s interest
rate risk exposure. The interest rate risk exposure in Swedish krona and US dollar primarily
originates from cash balances and foreign exchange derivatives. The interest rate position for
the Group is presented in more detail in the table on the previous page.
Metal price risk
The Metal price risk arises from changes in metal market prices and may have effects on net
result, cash flow and balance sheet.
The Group\u2019s most significant exposures in metals price risk arise from chromium and nickel,
while other alloy metals with metal price risk include for example iron and molybdenum.
Outokumpu is exposed to metal price risk for example through the purchase of raw materials as
well as sale of stainless steel products where the price of alloy metals is based on market
prices. The timing difference in such commercial purchases and sale transactions as well as its
inventory position expose the Group to metal price risk alongside the Group\u2019s capability to pass
on price changes in raw materials to end-product prices.
Outokumpu\u2019s underlying metal net position (in the following alloy metals: nickel, iron and
molybdenum) consists of fixed price purchase orders, inventories of alloy metal containing
materials and fixed price sales orders. The metal net positions (in tons of metal) are
continuously calculated in order to manage the underlying positions.
Metal market prices are based on prices determined in regulated markets, such as the
London Metal Exchange (LME). Also, derivatives contracts to mitigate metal price risk are based
on, for example, LME prices. Chromium does not have an established financial derivatives
market and, consequently, is not included in the scope of the Treasury policy. Financial
derivatives mainly in nickel are used to manage the impacts of metal price changes on the
Group\u2019s net result, whereas efficient working capital management helps to reduce cash flow
variations caused by metal prices. Outokumpu has continued to apply cash flow hedge
accounting programs on nickel hedging in order to reduce the timing differences between
derivative gains or losses and the net result impact of the underlying exposure. The hedge
accounting covers a material part of the Group\u2019s nickel derivatives hedges. The Group\u2019s
financial derivatives fair values and nominal amounts are presented in more detail in the table
5.4 Derivative instruments.
In addition to hedging with financial derivatives, the metal price risk is also mitigated
through other measures such as pricing decisions. A part of the Group\u2019s stainless steel sales
contracts include an alloy surcharge clause, with the aim of reducing the risk arising from the
timing difference between alloy metal purchase and stainless steel pricing and delivery.
Energy and emission allowance price risk
Outokumpu manages energy price risk centrally and mitigates the risks by guidance from the
Energy Procurement policy. Energy price risk is hedged with long-term agreements, fixed price
supply contracts, partial ownerships in power utilities and derivatives. See more information in
note 5.4. Market developments and the company\u2019s overall energy risk positions are actively
monitored in review meetings by the Outokumpu Energy Steering Group, ensuring timely and
informed decisions that support stable and responsible business performance.
Overall, Outokumpu\u2019s energy spend decreased around 5%\u201310% compared to last year. For
2026, Outokumpu\u2019s energy portfolio has been hedged with roughly 65%\u201375% of the estimated
consumption.
Outokumpu has initiated and carried out multiple actions to prevent risk from materializing.
As the volatility in the market persists, Outokumpu has continued its focus on daily optimization
to reduce overall energy costs. Outokumpu has also started several initiatives to accelerate the
improvement in energy efficiency. See more information on energy in the Climate change
chapter in the Sustainability Statement (part of Review of Board of Directors), especially under
\u201cEnergy consumption and mix\u201d.
Outokumpu is exposed to changes in emission allowance prices as the Group\u2019s main
production sites are located in Europe and thus participating in the EU Emissions Trading
Scheme (EU ETS). All Outokumpu sites met the compliance requirements regarding returning of
emissions to local authorities on time in 2025. The Group\u2019s emission allowances positions are
composed of realized and forecasted emissions netted against confirmed and forecasted
emission allowances granted by the authorities. The general economic outlook, the prices of
fuels and power as well as decisions on the EU ETS have a significant impact on the price of
emission allowances. The current trading phase of the EU ETS refers to the period 2021\u20132030.
Outokumpu forecasts to have adequate amount of EU emission allowances until the end of this
decade. However, the future decisions on EU ETS may have a significant impact on this
forecast.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-563": { "value": "
Foreign exchange rate risk
Outokumpu is exposed to foreign exchange rate risk as its business and operations are global.
The risk arises from changes in exchange rates and may have effects on net result, cash flow
and balance sheet. The foreign exchange exposure consists of risks associated with foreign
currency cash flows (transaction risk), translation risk and economic risk, such as the change in
competitiveness resulting from changes in foreign exchange rates.
The transaction risk arises from committed and forecasted transactions and payments in
currencies other than the functional currency of the entity and from changes in fair value of
foreign currency denominated items recognized on the balance sheet.
The fair value risk consists of foreign currency denominated accounts receivables, accounts
payables, debt, cash, loan receivables and the currency position from commodity derivatives.
The transaction and fair value risks are, with a few exceptions, hedged in full in major
currencies. Forecasted and probable cash flows are not typically hedged, but can be hedged
selectively. The Group\u2019s fair value foreign exchange position in currencies and in major EUR and
SEK based Outokumpu companies is presented in more detail in the following table. The
committed and forecasted transactions are excluded from the table.
In 2025, there was no hedge accounting applied in foreign exchange hedging activities.
Foreign exchange positions of EUR based companies
Dec 31, 2025
Dec 31, 2024
\u20ac million
SEK
USD
GBP
Other
SEK
USD
GBP
Other
Trade receivables and payables
-45
-85
5
3
-8
-257
9
11
Loans and bank accounts 1)
114
-765
-36
0
156
-829
-59
7
Derivatives
-48
913
20
-11
-145
996
38
-30
Net position
20
64
-11
-9
3
-90
-13
-12
Foreign exchange positions of SEK based companies
Dec 31, 2025
Dec 31, 2024
\u20ac million
EUR
USD
GBP
Other
EUR
USD
GBP
Other
Trade receivables and payables
-7
7
1
0
11
15
5
2
Loans and bank accounts 1)
4
1
1
2
10
2
1
1
Derivatives
-31
-18
-21
-6
-58
-25
-19
-7
Net position
-34
-10
-19
-5
-36
-8
-13
-4
1) Includes cash and cash equivalents, loan receivables and debt.
Currency distribution and re-pricing of outstanding net debt
\u20ac million
Dec 31, 2025
Currency
Net debt1)
Derivatives2)
Rate sensitivity3)
Gross debt
Average rate, %4)
Duration, year5)
EUR
523
721
10.8
-627
4.5
1.5
SEK
-32
114
0.8
\u2014
\u2014
\u2014
USD
-186
-792
-9.8
\u2014
\u2014
\u2014
Others
-39
-39
-0.8
\u2014
\u2014
\u2014
265
4
1.1
\u20ac million
Dec 31, 2024
Currency
Net debt1)
Derivatives2)
Rate sensitivity3)
Gross debt
Average rate, %4)
Duration, year5)
EUR
399
760
9.8
-502
6.2
2.0
SEK
-32
151
1.2
\u2014
\u2014
\u2014
USD
-115
-865
-9.8
\u2014
\u2014
\u2014
Others
-63
-58
-1.2
\u2014
\u2014
\u2014
189
-12
0.0
1) Includes cash and cash equivalents and debt.
2) Net derivative liabilities include nominal value of currency forwards earmarked to debt and interest rate
derivatives at Dec 31,2024. There were no interest rate derivatives at Dec 31,2025.
3) The effect of one percentage point increase in interest rates to financial expenses over the following year
from net debt and derivatives.
4) Includes gross debt. Currency forwards are not included in average rate calculation.
5) Duration calculation includes both debt and interest rate derivatives. There were no interest rate
derivatives at Dec 31,2025.
Outokumpu\u2019s largest foreign exchange transaction risk exposures are in US dollars and
Swedish krona. A major part of the Group\u2019s sales is in Euros and US dollars and thus the local
currency denominated production costs in Sweden cause foreign exchange risk. The main US
dollar cash flow risks origin from sales in the ferrochrome operations as chromium is priced in
US dollars and US dollar priced raw material purchases in the European stainless steel
business. Internal financing denominated in Swedish krona and US dollar cause significant fair
value foreign exchange rate risk, which is hedged with forward contracts and, if possible, with
matching of external debt or investment.
Translation risk consists of current net investment in foreign entities and future foreign
currency denominated profits and losses, which eventually will have an impact on Group\u2019s net
result and balance sheet through consolidation. Outokumpu\u2019s net result and net investment
translation risk is mainly in US dollars and Swedish krona. The equity translation risk is not
typically hedged, although, according to the Treasury policy, this risk can be hedged selectively.
In 2025, there were no hedges of net result or net investment exposures. However, the
effective portion of gains (EUR 17 million, net of tax) on earlier financial years\u2019 net investment
hedges is recognized in equity.
Economic risk relates to foreign exchange rates, commodity and energy prices, or any other
market price risks, which impact the long-term competitive position. Hedging of economic risk in
the Group is seen as a strategic decision approved by the CFO. In 2025, there were no hedges
related to economic risks.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-564": { "value": "
Interest rate risk
Changes in interest rates expose Outokumpu to interest rate risk with effects on Group\u2019s net
interest expense (i.e. cash flow risk) and value of assets and liabilities (i.e. fair value risk). The
objective of the Group\u2019s interest rate risk management is to have a significant share of net debt
effectively with a short-term interest rate as a reference rate. This approach may help to reduce
the average interest rate of debt. Approximately 98% (2024: 65%) of the Group\u2019s debt has an
interest period of less than one year and the average interest rate of non-current debt on
December 31, 2025 was 4.6% (Dec 31, 2024: 5.8%).
The interest rate risk exposure is composed of the Group\u2019s net debt including all interest-
bearing assets and liabilities as well as derivatives that hedge these items. Interest rate
derivatives, such as interest rate swaps, are used to adjust the share of net debt effectively
repricing in different maturities according to limits defined in the Treasury policy. At the end of
2025 there were no open hedges related to interest rate.
Euro, Swedish krona and US dollar have a substantial contribution to the Group\u2019s interest
rate risk exposure. The interest rate risk exposure in Swedish krona and US dollar primarily
originates from cash balances and foreign exchange derivatives. The interest rate position for
the Group is presented in more detail in the table on the previous page.
", "dimensions": { "concept": "outokumpu:DisclosureOfInterestRateRisk", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-565": { "value": "
Metal price risk
The Metal price risk arises from changes in metal market prices and may have effects on net
result, cash flow and balance sheet.
The Group\u2019s most significant exposures in metals price risk arise from chromium and nickel,
while other alloy metals with metal price risk include for example iron and molybdenum.
Outokumpu is exposed to metal price risk for example through the purchase of raw materials as
well as sale of stainless steel products where the price of alloy metals is based on market
prices. The timing difference in such commercial purchases and sale transactions as well as its
inventory position expose the Group to metal price risk alongside the Group\u2019s capability to pass
on price changes in raw materials to end-product prices.
Outokumpu\u2019s underlying metal net position (in the following alloy metals: nickel, iron and
molybdenum) consists of fixed price purchase orders, inventories of alloy metal containing
materials and fixed price sales orders. The metal net positions (in tons of metal) are
continuously calculated in order to manage the underlying positions.
Metal market prices are based on prices determined in regulated markets, such as the
London Metal Exchange (LME). Also, derivatives contracts to mitigate metal price risk are based
on, for example, LME prices. Chromium does not have an established financial derivatives
market and, consequently, is not included in the scope of the Treasury policy. Financial
derivatives mainly in nickel are used to manage the impacts of metal price changes on the
Group\u2019s net result, whereas efficient working capital management helps to reduce cash flow
variations caused by metal prices. Outokumpu has continued to apply cash flow hedge
accounting programs on nickel hedging in order to reduce the timing differences between
derivative gains or losses and the net result impact of the underlying exposure. The hedge
accounting covers a material part of the Group\u2019s nickel derivatives hedges. The Group\u2019s
financial derivatives fair values and nominal amounts are presented in more detail in the table
5.4 Derivative instruments.
In addition to hedging with financial derivatives, the metal price risk is also mitigated
through other measures such as pricing decisions. A part of the Group\u2019s stainless steel sales
contracts include an alloy surcharge clause, with the aim of reducing the risk arising from the
timing difference between alloy metal purchase and stainless steel pricing and delivery.
", "dimensions": { "concept": "outokumpu:DisclosureOfMetalPriceRisk", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-566": { "value": "
Energy and emission allowance price risk
Outokumpu manages energy price risk centrally and mitigates the risks by guidance from the
Energy Procurement policy. Energy price risk is hedged with long-term agreements, fixed price
supply contracts, partial ownerships in power utilities and derivatives. See more information in
note 5.4. Market developments and the company\u2019s overall energy risk positions are actively
monitored in review meetings by the Outokumpu Energy Steering Group, ensuring timely and
informed decisions that support stable and responsible business performance.
Overall, Outokumpu\u2019s energy spend decreased around 5%\u201310% compared to last year. For
2026, Outokumpu\u2019s energy portfolio has been hedged with roughly 65%\u201375% of the estimated
consumption.
Outokumpu has initiated and carried out multiple actions to prevent risk from materializing.
As the volatility in the market persists, Outokumpu has continued its focus on daily optimization
to reduce overall energy costs. Outokumpu has also started several initiatives to accelerate the
improvement in energy efficiency. See more information on energy in the Climate change
chapter in the Sustainability Statement (part of Review of Board of Directors), especially under
\u201cEnergy consumption and mix\u201d.
Outokumpu is exposed to changes in emission allowance prices as the Group\u2019s main
production sites are located in Europe and thus participating in the EU Emissions Trading
Scheme (EU ETS). All Outokumpu sites met the compliance requirements regarding returning of
emissions to local authorities on time in 2025. The Group\u2019s emission allowances positions are
composed of realized and forecasted emissions netted against confirmed and forecasted
emission allowances granted by the authorities. The general economic outlook, the prices of
fuels and power as well as decisions on the EU ETS have a significant impact on the price of
emission allowances. The current trading phase of the EU ETS refers to the period 2021\u20132030.
Outokumpu forecasts to have adequate amount of EU emission allowances until the end of this
decade. However, the future decisions on EU ETS may have a significant impact on this
forecast.
", "dimensions": { "concept": "outokumpu:DisclosureOfEnergyAndEmissionAllowancePriceRisk", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-567": { "value": "
Security price risk
Outokumpu has equity investments and fixed income securities. On December 31, 2025, the
main investments were in OSTP Holding Oy (investment in associated company of EUR 33
million) and Voimaosakeyhti\u00f6 SF (investment in associated company of EUR 0 million). For more
information on the investments presented in notes 5.6 and 6.6.
The captive insurance company Visenta F\u00f6rs\u00e4kringsaktiebolag has investments totaling EUR
27 million in fixed income and equity funds in order to optimize return for assets and to
manage the risk prudently.
Country and counterparty credit risk
Treasury monitors credit risk related to financial institutions. Outokumpu seeks to reduce these
risks by limiting the counterparties to banks and other financial institutions with good credit
standing. For derivative transactions, Outokumpu prefers to have the ISDA framework
agreements in place.
Exposure to country risk is monitored and mitigated by having a credit insurance that
provides cover against political risks on external account receivables. However, there is some
exposure on certain countries where insurance was unavailable.
", "dimensions": { "concept": "outokumpu:DisclosureOfSecurityPriceRisk", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-570": { "value": "
5.4 Derivative instruments
2025
2024
2025
2024
\u20ac million
Positive
fair value
Negative
fair value
Net fair
value
Net fair
value
Nominal
amounts
Nominal
amounts
Currency and interest rate
derivatives
Currency forwards
4
-11
-7
14
1,735
2,013
Interest rate swaps
\u2014
\u2014
\u2014
-2
\u2014
125
Tonnes
Tonnes
Metal derivatives
Forward nickel contracts,
hedge accounted
10
-14
-4
5
18,152
16,984
Forward nickel contracts
4
-4
0
1
5,502
8,592
MWh
MWh
Gas derivatives
Forward gas contracts, hedge
accounted
0
-5
-5
4
973,118
917,408
Total derivatives
17
-34
-17
22
Less long-term derivatives
Forward nickel contracts,
hedge accounted
0
\u2014
0
0
Forward gas contracts, hedge
accounted
0
-2
-2
1
Short-term derivatives
17
-33
-16
22
Contractual cash flows
2025
\u20ac million
2026
2027
Currency derivatives
Outflows
1,733
\u2014
Inflows
-1,737
\u2014
-4
\u2014
2024
\u20ac million
2025
2026
Currency derivatives
Outflows
2,021
\u2014
Inflows
-2,006
\u2014
Interest derivatives
-5
\u2014
10
\u2014
Hedge accounted cash flow hedges (commodity derivatives)
2025
2024
Fair value of nickel derivatives, \u20ac million
-4
5
Nominal amount of nickel derivatives, tonnes
18,152
16,984
Fair value of gas derivatives, \u20ac million
-5
4
Nominal amount of gas derivatives, MWh
973,118
917,408
Hedge ratio
1:1
1:1
Fair value reserve in other comprehensive income, \u20ac million
-9
10
Reclassified to sales in profit or loss, \u20ac million
9
13
Reclassified to cost of sales in profit or loss, \u20ac million
-5
-6
Recognized in inventory, \u20ac million
1
2
The nickel hedge accounting programs implemented for business area Americas and business
area Europe cover a material part of the Group\u2019s sales and purchase contracts. Forwards, which
correspond to the pricing model of the underlying items, are used as derivative instruments.
Only the spot component of nickel derivatives is under hedge accounting, the forward element
is recognized in profit or loss. The effectiveness is tested regularly. Management estimates that
the possible ineffectiveness that could arise relates to credit risk or timing of transactions, but
these are estimated to be immaterial.
The LNG gas hedge accounting program implemented for Outokumpu Stainless Oy covers a
substantial part of the purchases of LNG gas contracts. The derivative instrument used in
hedging is a forward which pricing corresponds to the pricing of the underlying item. The
effectiveness is tested regularly. Management estimates that the possible ineffectiveness that
could arise relates to credit risk or timing of transactions, but these are estimated to be
immaterial.
Master netting agreements and similar arrangements
\u20ac million
2025
2024
Derivative assets
Gross amounts of recognized financial assets in the
statement of financial position
17
39
Related financial instruments that are not offset
17
16
0
23
Derivative liabilities
Gross amounts of recognized financial liabilities in the
statement of financial position
34
17
Related financial instruments that are not offset
17
16
17
1
Outokumpu enters into derivative transactions with most counterparties under ISDA
agreements. In general, the amounts owed by each counterparty on a single day in respect of
all transactions outstanding in the same currency are aggregated into a single net amount that
is payable by one party to the other. In certain circumstances, e.g. when a credit event such as
a default occurs, all outstanding transactions under the agreement are terminated. The
termination value is assessed and only a single amount is payable in settlement of all
transactions. ISDA agreements do not meet the criteria for offsetting the balances in the
statement of financial position, but the right to offset is enforceable only on the occurrence of
future credit events. The table above sets out the carrying amounts of recognized financial
instruments that are subject to the agreements described above.
Accounting principles
\"image.png\"
Derivatives are initially recognized at fair value on the trade date, when the Group enters into a
derivative contract, and are subsequently measured at fair value.
The presentation of the gains or losses arising from the fair value measurement depends on
the purpose of the derivative. The gains or losses arising from fair value changes of effective
hedge-accounted derivative contracts are presented in profit or loss congruent with the hedged
item. Changes in fair value of derivative contracts, where hedge accounting is not applied, are
recognized in EBIT in other operating income and expenses. Changes in fair value of derivatives
designated for financing activities are presented within financial income and expenses.
The fair value measurement is based on quoted market prices and rates as well as on
discounted cash flows at the end of the reporting period. Fair values of derivatives can in
certain cases be based on valuations of external counterparties.
Hedge accounting
Outokumpu applies cash flow hedge accounting on certain commodity derivatives. For each
hedging arrangement the relationship between the hedging instrument and the hedged item,
the objectives of risk management and the strategy of the hedging arrangement are
documented.
The effectiveness of the hedge relationship is documented and assessed when hedging is
started and at least in the end of each reporting period. Hedge effectiveness is calculated and
assessed between the changes in the fair value or cash flows of the hedged item attributable to
the hedged risk and the changes in the fair value or cash flows of the hedging instrument to
ensure that these impacts offset one another. Hedge accounting is discontinued if the
requirements of hedge accounting are no longer met.
Fair value changes of derivatives designated to hedge forecasted cash flows are recognized
in other comprehensive income and presented within the fair value reserve in equity to the
extent that the hedge is effective. Such fair value changes accumulated in equity are
reclassified in profit or loss, and presented in sales or cost of sales in the period when the
hedge accounted cash flows affect the profit or loss. In the certain hedge accounted
transaction, the realized gains or losses of the nickel derivatives are first reclassified from fair
value reserves in equity to the inventory for a certain period and finally recognized in profit or
loss. The fair value changes related to the ineffective portion of the hedging instrument are
recognized immediately in profit or loss.
5.5 Financial assets and liabilities
Carrying values and fair values of financial assets and liabilities by measurement category
Measured at
2025
\u20ac million
Amortized cost
Fair value through other
comprehensive income
Fair value through profit
or loss
Carrying amount
Fair value
Fair value hierarchy level
Non-current financial assets
Equity investments
\u2014
24
\u2014
24
24
1,3
Trade and other receivables
9
\u2014
0
9
0
3
Hedge accounted derivatives
\u2014
\u2014
0
0
0
2
Current financial assets
Other investments
\u2014
\u2014
27
27
27
1
Trade and other receivables
330
\u2014
\u2014
330
Hedge accounted derivatives
\u2014
\u2014
10
10
10
2
Derivatives held for trading
\u2014
\u2014
7
7
7
2
Cash and cash equivalents
362
\u2014
\u2014
362
701
24
45
769
Non-current financial liabilities
Non-current debt
519
\u2014
\u2014
519
519
2
Hedge accounted derivatives
\u2014
\u2014
2
2
2
2
Current financial liabilities
Current debt
108
\u2014
\u2014
108
108
2
Trade and other payables
1,052
\u2014
\u2014
1,052
Hedge accounted derivatives
\u2014
\u2014
18
18
18
2
Derivatives held for trading
\u2014
\u2014
15
15
15
2
1,679
\u2014
34
1,713
There were no transfers between levels 1, 2 and 3 during the years. A major part of equity investments at fair value through other comprehensive income at hierarchy level 3 relates to investments in unlisted energy
producing companies.
Measured at
2024
\u20ac million
Amortized cost
Fair value through other
comprehensive income
Fair value through profit
or loss
Carrying amount
Fair value
Fair value hierarchy level
Non-current financial assets
Equity investments
\u2014
28
\u2014
28
28
1,3
Trade and other receivables
10
\u2014
0
10
0
3
Hedge accounted derivatives
\u2014
\u2014
1
1
1
2
Current financial assets
Other investments
\u2014
\u2014
28
28
28
1
Trade and other receivables
390
\u2014
\u2014
390
Hedge accounted derivatives
\u2014
\u2014
15
15
15
2
Derivatives held for trading
\u2014
\u2014
23
23
23
2
Cash and cash equivalents
313
\u2014
\u2014
313
714
28
67
809
Non-current financial liabilities
Non-current debt
246
\u2014
\u2014
246
247
2
Hedge accounted derivatives
\u2014
\u2014
0
0
0
2
Current financial liabilities
Current debt
256
\u2014
\u2014
256
273
2
Trade and other payables
1,144
\u2014
\u2014
1,144
Hedge accounted derivatives
\u2014
\u2014
7
7
7
2
Derivatives held for trading
\u2014
\u2014
10
10
10
2
1,646
\u2014
17
1,663
Reconciliation of changes on level 3
\u20ac million
Investments at fair value
through profit or loss
Equity investments at
fair value through other
comprehensive income
Carrying value on Jan 1, 2025
0
23
Additions
3
2
Fair value changes
-3
-10
Carrying value at the end of the period
0
14
\u20ac million
Investments at fair value
through profit or loss
Equity investments at fair
value through other
comprehensive income
Carrying value on Jan 1, 2024
0
7
Additions
3
1
Fair value changes
-3
15
Carrying value at the end of the period
0
23
In 2023, Outokumpu Corporation agreed to participate in a convertible loan offered by
associated company Voimaosakeyhti\u00f6 SF to its shareholders. Outokumpu\u2019s share of the
convertible loan is EUR 14 million. The first call of the loan was in August 2023 amounting to
EUR 5 million, the second one in October 2024 totaling to EUR 3 million and the third one in
August 2025 totaling to EUR 3 million. At the end of December 2025, the loan is valued at EUR
0 million. The change in value is presented in the other market price gains and losses in the
consolidated statement of income, for more information see note 2.5. For more information on
Voimaosakeyhti\u00f6 SF, see note 5.7 and 6.6.
Accounting principles
\"image.png\"
The Group\u2019s financial assets and liabilities are classified as items at fair value through profit or
loss, items at fair value through other comprehensive income and items at amortized cost.
The classification is based on Group\u2019s business model for financial assets and liabilities, and
their contractual cash flow characteristics.
If a financial asset is not measured at fair value through profit or loss, significant transaction
costs are included in the initial carrying amount of the asset. Financial assets are derecognized
when the Group loses the rights to receive the contractual cash flows on the financial asset or it
transfers substantially all the risks and rewards of ownership outside the Group. Accounting
principles related to transaction costs and derecognition of borrowings are presented in note
5.1.
Financial assets and liabilities measured at amortized cost
Financial assets measured at amortized cost include trade and other receivables and
cash and cash equivalents. These assets are measured initially at fair value. After initial
recognition, they are measured at amortized cost by using the effective interest rate method
less accumulated impairments. The accounting principles related to factored receivables and
expected credit losses are presented in note 4.5.
Financial liabilities measured at amortized cost include the borrowing and trade and other
payables. See note 5.1 for further accounting and fair valuation principles for borrowings and
note 4.5 for accounting principles for trade and other payables.
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income include equity investments
in listed and unlisted companies. Accounting principles are presented in note 5.6.
Financial assets and liabilities at fair value through profit or loss
Financial assets and liabilities at fair value through profit or loss include derivative instruments.
Financial assets at fair value through profit or loss include also investments in debt instrument
or money market funds held for trading purposes and intended to be sold within a short period
of time. In some cases, also equity investments can be classified in this category.
These financial assets and liabilities are recognized at the trade date at fair value and
subsequently remeasured at fair value at the end of each reporting period. The fair value
measurement is based on quoted rates and market prices as well as on appropriate valuation
methodologies and models.
Realized and unrealized gains and losses arising from changes in fair values of non-
derivative financial assets are recognized in market price gains and losses under financial
income and expenses in the reporting period in which they are incurred. Accounting principles
related to derivatives are described in more detail in note 5.4.
Measurement of fair values
Several accounting policies and disclosures require the measurement of fair values.
Financial assets and liabilities measured at fair value are classified to fair value hierarchy levels
based on the source information and inputs used in the fair valuation. In level one, fair values
are based on public quotations for identical instruments. In level two, fair values are based on
market rates and prices and discounted future cash flows. For assets and liabilities in level
three, there is no reliable market source available and thus the fair value measurement is not
based on observable market data. Therefore, the measurement methods are chosen taking into
account the information available for the measurement and the characteristics of the measured
item.
5.6 Equity investments at fair value through other comprehensive income
\u20ac million
2025
2024
Carrying value on Jan 1
28
12
Additions
2
2
Fair value changes
-5
13
Carrying value on Dec 31
24
28
Fair value reserve in equity
\u20ac million
2025
2024
Fair value on Dec 31
24
28
Fair value at acquisition
15
14
Fair value reserve from equity investments
9
14
Equity investments at fair value through other comprehensive income include unlisted and
listed strategic holdings mainly in energy companies in which Outokumpu does not have control,
joint control or significant influence.
These energy companies produce energy to their shareholders on a cost-price basis (Mankala
principle) which is a widely used business model among Finnish energy companies. Under the
Mankala principle, shareholders are entitled to receive energy in proportion to the ownership,
and each shareholder is severally responsible for its respective share of the costs of the energy
company as set out in the articles of association.
The additions of EUR 2 million in 2025 are mainly related to the increase in investments in EPV
Energia Oy.
Outokumpu is an owner in nuclear utility by provider Pohjolan Voima Oy (PVO), with an
ownership share of 0.1%. PVO is a shareholder in Teollisuuden Voima Oy (TVO). TVO, where
Outokumpu does not have a direct ownership, operates Olkiluoto 3 (OL3) a nuclear power plant
in Eurajoki, Finland. Outokumpu has indirect ownership in Tornion Voima Oy, a combined heat
and power plant in Tornio, Northern Finland. This indirect ownership is through EPV Energia Oy,
with an ownership share of 0.5%. In addition, Outokumpu has a direct ownership in Rajakiiri Oy
with a share of 19.9%. Rajakiiri Oy is a wind power company in Tornio. The total estimated fair
value of the aforementioned three utility assets was EUR 13 million at the year end (Dec 31,
2024: EUR 22 million). The remaining EUR 11 million (Dec 31, 2024: EUR 6 million) are other
share holdings.
Management judgments
\"image.png\"
Unlisted strategic energy companies
The valuation model of the other unlisted strategic energy companies include among others
discount rate derived from risk free rate (Germany 10 year bond yield), growth factor depending
the nature of the power plant or wearing out of the mill and contractual factors which may have
an impact on the valuation. Discounted cash flow models include also adjustments based on
the latest information regarding the power plants and potential energy production.
Accounting principles
\"image.png\"
Equity investments at fair value through other comprehensive income consists of investments
which are not held for trading, and which the Group has irrevocably elected at initial recognition
to recognize in this category. These are mainly strategic investments, so this classification is
considered relevant.
The investments and divestments are recognized at the trade date. They are included in non-
current assets unless there is an intention to dispose of the investment within 12 months from
the reporting date.
The investments are measured at fair value, and fair value changes are recognized through
other comprehensive income and presented net of tax in fair value reserve in equity. The
valuation is based on quoted rates and market prices at the end of the reporting period, as well
as on appropriate valuation techniques, such as cash flow discounting. Observable market data
is used in the valuation when available but also entity-specific management estimates are
applied.
Dividends are recognized in profit or loss. When equity investment is disposed, the
accumulated fair value changes are reclassified from fair value reserve to retained earnings.
The premium paid over the FPX Nickel Corp. share's market price at the acquisition date has
been treated as part of the inventory and will be released at the time of the nickel purchase.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-569": { "value": "
5.4 Derivative instruments
2025
2024
2025
2024
\u20ac million
Positive
fair value
Negative
fair value
Net fair
value
Net fair
value
Nominal
amounts
Nominal
amounts
Currency and interest rate
derivatives
Currency forwards
4
-11
-7
14
1,735
2,013
Interest rate swaps
\u2014
\u2014
\u2014
-2
\u2014
125
Tonnes
Tonnes
Metal derivatives
Forward nickel contracts,
hedge accounted
10
-14
-4
5
18,152
16,984
Forward nickel contracts
4
-4
0
1
5,502
8,592
MWh
MWh
Gas derivatives
Forward gas contracts, hedge
accounted
0
-5
-5
4
973,118
917,408
Total derivatives
17
-34
-17
22
Less long-term derivatives
Forward nickel contracts,
hedge accounted
0
\u2014
0
0
Forward gas contracts, hedge
accounted
0
-2
-2
1
Short-term derivatives
17
-33
-16
22
Contractual cash flows
2025
\u20ac million
2026
2027
Currency derivatives
Outflows
1,733
\u2014
Inflows
-1,737
\u2014
-4
\u2014
2024
\u20ac million
2025
2026
Currency derivatives
Outflows
2,021
\u2014
Inflows
-2,006
\u2014
Interest derivatives
-5
\u2014
10
\u2014
Hedge accounted cash flow hedges (commodity derivatives)
2025
2024
Fair value of nickel derivatives, \u20ac million
-4
5
Nominal amount of nickel derivatives, tonnes
18,152
16,984
Fair value of gas derivatives, \u20ac million
-5
4
Nominal amount of gas derivatives, MWh
973,118
917,408
Hedge ratio
1:1
1:1
Fair value reserve in other comprehensive income, \u20ac million
-9
10
Reclassified to sales in profit or loss, \u20ac million
9
13
Reclassified to cost of sales in profit or loss, \u20ac million
-5
-6
Recognized in inventory, \u20ac million
1
2
The nickel hedge accounting programs implemented for business area Americas and business
area Europe cover a material part of the Group\u2019s sales and purchase contracts. Forwards, which
correspond to the pricing model of the underlying items, are used as derivative instruments.
Only the spot component of nickel derivatives is under hedge accounting, the forward element
is recognized in profit or loss. The effectiveness is tested regularly. Management estimates that
the possible ineffectiveness that could arise relates to credit risk or timing of transactions, but
these are estimated to be immaterial.
The LNG gas hedge accounting program implemented for Outokumpu Stainless Oy covers a
substantial part of the purchases of LNG gas contracts. The derivative instrument used in
hedging is a forward which pricing corresponds to the pricing of the underlying item. The
effectiveness is tested regularly. Management estimates that the possible ineffectiveness that
could arise relates to credit risk or timing of transactions, but these are estimated to be
immaterial.
Master netting agreements and similar arrangements
\u20ac million
2025
2024
Derivative assets
Gross amounts of recognized financial assets in the
statement of financial position
17
39
Related financial instruments that are not offset
17
16
0
23
Derivative liabilities
Gross amounts of recognized financial liabilities in the
statement of financial position
34
17
Related financial instruments that are not offset
17
16
17
1
Outokumpu enters into derivative transactions with most counterparties under ISDA
agreements. In general, the amounts owed by each counterparty on a single day in respect of
all transactions outstanding in the same currency are aggregated into a single net amount that
is payable by one party to the other. In certain circumstances, e.g. when a credit event such as
a default occurs, all outstanding transactions under the agreement are terminated. The
termination value is assessed and only a single amount is payable in settlement of all
transactions. ISDA agreements do not meet the criteria for offsetting the balances in the
statement of financial position, but the right to offset is enforceable only on the occurrence of
future credit events. The table above sets out the carrying amounts of recognized financial
instruments that are subject to the agreements described above.
Accounting principles
\"image.png\"
Derivatives are initially recognized at fair value on the trade date, when the Group enters into a
derivative contract, and are subsequently measured at fair value.
The presentation of the gains or losses arising from the fair value measurement depends on
the purpose of the derivative. The gains or losses arising from fair value changes of effective
hedge-accounted derivative contracts are presented in profit or loss congruent with the hedged
item. Changes in fair value of derivative contracts, where hedge accounting is not applied, are
recognized in EBIT in other operating income and expenses. Changes in fair value of derivatives
designated for financing activities are presented within financial income and expenses.
The fair value measurement is based on quoted market prices and rates as well as on
discounted cash flows at the end of the reporting period. Fair values of derivatives can in
certain cases be based on valuations of external counterparties.
Hedge accounting
Outokumpu applies cash flow hedge accounting on certain commodity derivatives. For each
hedging arrangement the relationship between the hedging instrument and the hedged item,
the objectives of risk management and the strategy of the hedging arrangement are
documented.
The effectiveness of the hedge relationship is documented and assessed when hedging is
started and at least in the end of each reporting period. Hedge effectiveness is calculated and
assessed between the changes in the fair value or cash flows of the hedged item attributable to
the hedged risk and the changes in the fair value or cash flows of the hedging instrument to
ensure that these impacts offset one another. Hedge accounting is discontinued if the
requirements of hedge accounting are no longer met.
Fair value changes of derivatives designated to hedge forecasted cash flows are recognized
in other comprehensive income and presented within the fair value reserve in equity to the
extent that the hedge is effective. Such fair value changes accumulated in equity are
reclassified in profit or loss, and presented in sales or cost of sales in the period when the
hedge accounted cash flows affect the profit or loss. In the certain hedge accounted
transaction, the realized gains or losses of the nickel derivatives are first reclassified from fair
value reserves in equity to the inventory for a certain period and finally recognized in profit or
loss. The fair value changes related to the ineffective portion of the hedging instrument are
recognized immediately in profit or loss.
5.5 Financial assets and liabilities
Carrying values and fair values of financial assets and liabilities by measurement category
Measured at
2025
\u20ac million
Amortized cost
Fair value through other
comprehensive income
Fair value through profit
or loss
Carrying amount
Fair value
Fair value hierarchy level
Non-current financial assets
Equity investments
\u2014
24
\u2014
24
24
1,3
Trade and other receivables
9
\u2014
0
9
0
3
Hedge accounted derivatives
\u2014
\u2014
0
0
0
2
Current financial assets
Other investments
\u2014
\u2014
27
27
27
1
Trade and other receivables
330
\u2014
\u2014
330
Hedge accounted derivatives
\u2014
\u2014
10
10
10
2
Derivatives held for trading
\u2014
\u2014
7
7
7
2
Cash and cash equivalents
362
\u2014
\u2014
362
701
24
45
769
Non-current financial liabilities
Non-current debt
519
\u2014
\u2014
519
519
2
Hedge accounted derivatives
\u2014
\u2014
2
2
2
2
Current financial liabilities
Current debt
108
\u2014
\u2014
108
108
2
Trade and other payables
1,052
\u2014
\u2014
1,052
Hedge accounted derivatives
\u2014
\u2014
18
18
18
2
Derivatives held for trading
\u2014
\u2014
15
15
15
2
1,679
\u2014
34
1,713
There were no transfers between levels 1, 2 and 3 during the years. A major part of equity investments at fair value through other comprehensive income at hierarchy level 3 relates to investments in unlisted energy
producing companies.
Measured at
2024
\u20ac million
Amortized cost
Fair value through other
comprehensive income
Fair value through profit
or loss
Carrying amount
Fair value
Fair value hierarchy level
Non-current financial assets
Equity investments
\u2014
28
\u2014
28
28
1,3
Trade and other receivables
10
\u2014
0
10
0
3
Hedge accounted derivatives
\u2014
\u2014
1
1
1
2
Current financial assets
Other investments
\u2014
\u2014
28
28
28
1
Trade and other receivables
390
\u2014
\u2014
390
Hedge accounted derivatives
\u2014
\u2014
15
15
15
2
Derivatives held for trading
\u2014
\u2014
23
23
23
2
Cash and cash equivalents
313
\u2014
\u2014
313
714
28
67
809
Non-current financial liabilities
Non-current debt
246
\u2014
\u2014
246
247
2
Hedge accounted derivatives
\u2014
\u2014
0
0
0
2
Current financial liabilities
Current debt
256
\u2014
\u2014
256
273
2
Trade and other payables
1,144
\u2014
\u2014
1,144
Hedge accounted derivatives
\u2014
\u2014
7
7
7
2
Derivatives held for trading
\u2014
\u2014
10
10
10
2
1,646
\u2014
17
1,663
Reconciliation of changes on level 3
\u20ac million
Investments at fair value
through profit or loss
Equity investments at
fair value through other
comprehensive income
Carrying value on Jan 1, 2025
0
23
Additions
3
2
Fair value changes
-3
-10
Carrying value at the end of the period
0
14
\u20ac million
Investments at fair value
through profit or loss
Equity investments at fair
value through other
comprehensive income
Carrying value on Jan 1, 2024
0
7
Additions
3
1
Fair value changes
-3
15
Carrying value at the end of the period
0
23
In 2023, Outokumpu Corporation agreed to participate in a convertible loan offered by
associated company Voimaosakeyhti\u00f6 SF to its shareholders. Outokumpu\u2019s share of the
convertible loan is EUR 14 million. The first call of the loan was in August 2023 amounting to
EUR 5 million, the second one in October 2024 totaling to EUR 3 million and the third one in
August 2025 totaling to EUR 3 million. At the end of December 2025, the loan is valued at EUR
0 million. The change in value is presented in the other market price gains and losses in the
consolidated statement of income, for more information see note 2.5. For more information on
Voimaosakeyhti\u00f6 SF, see note 5.7 and 6.6.
Accounting principles
\"image.png\"
The Group\u2019s financial assets and liabilities are classified as items at fair value through profit or
loss, items at fair value through other comprehensive income and items at amortized cost.
The classification is based on Group\u2019s business model for financial assets and liabilities, and
their contractual cash flow characteristics.
If a financial asset is not measured at fair value through profit or loss, significant transaction
costs are included in the initial carrying amount of the asset. Financial assets are derecognized
when the Group loses the rights to receive the contractual cash flows on the financial asset or it
transfers substantially all the risks and rewards of ownership outside the Group. Accounting
principles related to transaction costs and derecognition of borrowings are presented in note
5.1.
Financial assets and liabilities measured at amortized cost
Financial assets measured at amortized cost include trade and other receivables and
cash and cash equivalents. These assets are measured initially at fair value. After initial
recognition, they are measured at amortized cost by using the effective interest rate method
less accumulated impairments. The accounting principles related to factored receivables and
expected credit losses are presented in note 4.5.
Financial liabilities measured at amortized cost include the borrowing and trade and other
payables. See note 5.1 for further accounting and fair valuation principles for borrowings and
note 4.5 for accounting principles for trade and other payables.
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income include equity investments
in listed and unlisted companies. Accounting principles are presented in note 5.6.
Financial assets and liabilities at fair value through profit or loss
Financial assets and liabilities at fair value through profit or loss include derivative instruments.
Financial assets at fair value through profit or loss include also investments in debt instrument
or money market funds held for trading purposes and intended to be sold within a short period
of time. In some cases, also equity investments can be classified in this category.
These financial assets and liabilities are recognized at the trade date at fair value and
subsequently remeasured at fair value at the end of each reporting period. The fair value
measurement is based on quoted rates and market prices as well as on appropriate valuation
methodologies and models.
Realized and unrealized gains and losses arising from changes in fair values of non-
derivative financial assets are recognized in market price gains and losses under financial
income and expenses in the reporting period in which they are incurred. Accounting principles
related to derivatives are described in more detail in note 5.4.
Measurement of fair values
Several accounting policies and disclosures require the measurement of fair values.
Financial assets and liabilities measured at fair value are classified to fair value hierarchy levels
based on the source information and inputs used in the fair valuation. In level one, fair values
are based on public quotations for identical instruments. In level two, fair values are based on
market rates and prices and discounted future cash flows. For assets and liabilities in level
three, there is no reliable market source available and thus the fair value measurement is not
based on observable market data. Therefore, the measurement methods are chosen taking into
account the information available for the measurement and the characteristics of the measured
item.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-568": { "value": "
5.4 Derivative instruments
2025
2024
2025
2024
\u20ac million
Positive
fair value
Negative
fair value
Net fair
value
Net fair
value
Nominal
amounts
Nominal
amounts
Currency and interest rate
derivatives
Currency forwards
4
-11
-7
14
1,735
2,013
Interest rate swaps
\u2014
\u2014
\u2014
-2
\u2014
125
Tonnes
Tonnes
Metal derivatives
Forward nickel contracts,
hedge accounted
10
-14
-4
5
18,152
16,984
Forward nickel contracts
4
-4
0
1
5,502
8,592
MWh
MWh
Gas derivatives
Forward gas contracts, hedge
accounted
0
-5
-5
4
973,118
917,408
Total derivatives
17
-34
-17
22
Less long-term derivatives
Forward nickel contracts,
hedge accounted
0
\u2014
0
0
Forward gas contracts, hedge
accounted
0
-2
-2
1
Short-term derivatives
17
-33
-16
22
Contractual cash flows
2025
\u20ac million
2026
2027
Currency derivatives
Outflows
1,733
\u2014
Inflows
-1,737
\u2014
-4
\u2014
2024
\u20ac million
2025
2026
Currency derivatives
Outflows
2,021
\u2014
Inflows
-2,006
\u2014
Interest derivatives
-5
\u2014
10
\u2014
Hedge accounted cash flow hedges (commodity derivatives)
2025
2024
Fair value of nickel derivatives, \u20ac million
-4
5
Nominal amount of nickel derivatives, tonnes
18,152
16,984
Fair value of gas derivatives, \u20ac million
-5
4
Nominal amount of gas derivatives, MWh
973,118
917,408
Hedge ratio
1:1
1:1
Fair value reserve in other comprehensive income, \u20ac million
-9
10
Reclassified to sales in profit or loss, \u20ac million
9
13
Reclassified to cost of sales in profit or loss, \u20ac million
-5
-6
Recognized in inventory, \u20ac million
1
2
The nickel hedge accounting programs implemented for business area Americas and business
area Europe cover a material part of the Group\u2019s sales and purchase contracts. Forwards, which
correspond to the pricing model of the underlying items, are used as derivative instruments.
Only the spot component of nickel derivatives is under hedge accounting, the forward element
is recognized in profit or loss. The effectiveness is tested regularly. Management estimates that
the possible ineffectiveness that could arise relates to credit risk or timing of transactions, but
these are estimated to be immaterial.
The LNG gas hedge accounting program implemented for Outokumpu Stainless Oy covers a
substantial part of the purchases of LNG gas contracts. The derivative instrument used in
hedging is a forward which pricing corresponds to the pricing of the underlying item. The
effectiveness is tested regularly. Management estimates that the possible ineffectiveness that
could arise relates to credit risk or timing of transactions, but these are estimated to be
immaterial.
Master netting agreements and similar arrangements
\u20ac million
2025
2024
Derivative assets
Gross amounts of recognized financial assets in the
statement of financial position
17
39
Related financial instruments that are not offset
17
16
0
23
Derivative liabilities
Gross amounts of recognized financial liabilities in the
statement of financial position
34
17
Related financial instruments that are not offset
17
16
17
1
Outokumpu enters into derivative transactions with most counterparties under ISDA
agreements. In general, the amounts owed by each counterparty on a single day in respect of
all transactions outstanding in the same currency are aggregated into a single net amount that
is payable by one party to the other. In certain circumstances, e.g. when a credit event such as
a default occurs, all outstanding transactions under the agreement are terminated. The
termination value is assessed and only a single amount is payable in settlement of all
transactions. ISDA agreements do not meet the criteria for offsetting the balances in the
statement of financial position, but the right to offset is enforceable only on the occurrence of
future credit events. The table above sets out the carrying amounts of recognized financial
instruments that are subject to the agreements described above.
Accounting principles
\"image.png\"
Derivatives are initially recognized at fair value on the trade date, when the Group enters into a
derivative contract, and are subsequently measured at fair value.
The presentation of the gains or losses arising from the fair value measurement depends on
the purpose of the derivative. The gains or losses arising from fair value changes of effective
hedge-accounted derivative contracts are presented in profit or loss congruent with the hedged
item. Changes in fair value of derivative contracts, where hedge accounting is not applied, are
recognized in EBIT in other operating income and expenses. Changes in fair value of derivatives
designated for financing activities are presented within financial income and expenses.
The fair value measurement is based on quoted market prices and rates as well as on
discounted cash flows at the end of the reporting period. Fair values of derivatives can in
certain cases be based on valuations of external counterparties.
Hedge accounting
Outokumpu applies cash flow hedge accounting on certain commodity derivatives. For each
hedging arrangement the relationship between the hedging instrument and the hedged item,
the objectives of risk management and the strategy of the hedging arrangement are
documented.
The effectiveness of the hedge relationship is documented and assessed when hedging is
started and at least in the end of each reporting period. Hedge effectiveness is calculated and
assessed between the changes in the fair value or cash flows of the hedged item attributable to
the hedged risk and the changes in the fair value or cash flows of the hedging instrument to
ensure that these impacts offset one another. Hedge accounting is discontinued if the
requirements of hedge accounting are no longer met.
Fair value changes of derivatives designated to hedge forecasted cash flows are recognized
in other comprehensive income and presented within the fair value reserve in equity to the
extent that the hedge is effective. Such fair value changes accumulated in equity are
reclassified in profit or loss, and presented in sales or cost of sales in the period when the
hedge accounted cash flows affect the profit or loss. In the certain hedge accounted
transaction, the realized gains or losses of the nickel derivatives are first reclassified from fair
value reserves in equity to the inventory for a certain period and finally recognized in profit or
loss. The fair value changes related to the ineffective portion of the hedging instrument are
recognized immediately in profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-573": { "value": "
Accounting principles
\"image.png\"
Derivatives are initially recognized at fair value on the trade date, when the Group enters into a
derivative contract, and are subsequently measured at fair value.
The presentation of the gains or losses arising from the fair value measurement depends on
the purpose of the derivative. The gains or losses arising from fair value changes of effective
hedge-accounted derivative contracts are presented in profit or loss congruent with the hedged
item. Changes in fair value of derivative contracts, where hedge accounting is not applied, are
recognized in EBIT in other operating income and expenses. Changes in fair value of derivatives
designated for financing activities are presented within financial income and expenses.
The fair value measurement is based on quoted market prices and rates as well as on
discounted cash flows at the end of the reporting period. Fair values of derivatives can in
certain cases be based on valuations of external counterparties.
Hedge accounting
Outokumpu applies cash flow hedge accounting on certain commodity derivatives. For each
hedging arrangement the relationship between the hedging instrument and the hedged item,
the objectives of risk management and the strategy of the hedging arrangement are
documented.
The effectiveness of the hedge relationship is documented and assessed when hedging is
started and at least in the end of each reporting period. Hedge effectiveness is calculated and
assessed between the changes in the fair value or cash flows of the hedged item attributable to
the hedged risk and the changes in the fair value or cash flows of the hedging instrument to
ensure that these impacts offset one another. Hedge accounting is discontinued if the
requirements of hedge accounting are no longer met.
Fair value changes of derivatives designated to hedge forecasted cash flows are recognized
in other comprehensive income and presented within the fair value reserve in equity to the
extent that the hedge is effective. Such fair value changes accumulated in equity are
reclassified in profit or loss, and presented in sales or cost of sales in the period when the
hedge accounted cash flows affect the profit or loss. In the certain hedge accounted
transaction, the realized gains or losses of the nickel derivatives are first reclassified from fair
value reserves in equity to the inventory for a certain period and finally recognized in profit or
loss. The fair value changes related to the ineffective portion of the hedging instrument are
recognized immediately in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-572": { "value": "
Accounting principles
\"image.png\"
Derivatives are initially recognized at fair value on the trade date, when the Group enters into a
derivative contract, and are subsequently measured at fair value.
The presentation of the gains or losses arising from the fair value measurement depends on
the purpose of the derivative. The gains or losses arising from fair value changes of effective
hedge-accounted derivative contracts are presented in profit or loss congruent with the hedged
item. Changes in fair value of derivative contracts, where hedge accounting is not applied, are
recognized in EBIT in other operating income and expenses. Changes in fair value of derivatives
designated for financing activities are presented within financial income and expenses.
The fair value measurement is based on quoted market prices and rates as well as on
discounted cash flows at the end of the reporting period. Fair values of derivatives can in
certain cases be based on valuations of external counterparties.
Hedge accounting
Outokumpu applies cash flow hedge accounting on certain commodity derivatives. For each
hedging arrangement the relationship between the hedging instrument and the hedged item,
the objectives of risk management and the strategy of the hedging arrangement are
documented.
The effectiveness of the hedge relationship is documented and assessed when hedging is
started and at least in the end of each reporting period. Hedge effectiveness is calculated and
assessed between the changes in the fair value or cash flows of the hedged item attributable to
the hedged risk and the changes in the fair value or cash flows of the hedging instrument to
ensure that these impacts offset one another. Hedge accounting is discontinued if the
requirements of hedge accounting are no longer met.
Fair value changes of derivatives designated to hedge forecasted cash flows are recognized
in other comprehensive income and presented within the fair value reserve in equity to the
extent that the hedge is effective. Such fair value changes accumulated in equity are
reclassified in profit or loss, and presented in sales or cost of sales in the period when the
hedge accounted cash flows affect the profit or loss. In the certain hedge accounted
transaction, the realized gains or losses of the nickel derivatives are first reclassified from fair
value reserves in equity to the inventory for a certain period and finally recognized in profit or
loss. The fair value changes related to the ineffective portion of the hedging instrument are
recognized immediately in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-571": { "value": "
Accounting principles
\"image.png\"
Derivatives are initially recognized at fair value on the trade date, when the Group enters into a
derivative contract, and are subsequently measured at fair value.
The presentation of the gains or losses arising from the fair value measurement depends on
the purpose of the derivative. The gains or losses arising from fair value changes of effective
hedge-accounted derivative contracts are presented in profit or loss congruent with the hedged
item. Changes in fair value of derivative contracts, where hedge accounting is not applied, are
recognized in EBIT in other operating income and expenses. Changes in fair value of derivatives
designated for financing activities are presented within financial income and expenses.
The fair value measurement is based on quoted market prices and rates as well as on
discounted cash flows at the end of the reporting period. Fair values of derivatives can in
certain cases be based on valuations of external counterparties.
Hedge accounting
Outokumpu applies cash flow hedge accounting on certain commodity derivatives. For each
hedging arrangement the relationship between the hedging instrument and the hedged item,
the objectives of risk management and the strategy of the hedging arrangement are
documented.
The effectiveness of the hedge relationship is documented and assessed when hedging is
started and at least in the end of each reporting period. Hedge effectiveness is calculated and
assessed between the changes in the fair value or cash flows of the hedged item attributable to
the hedged risk and the changes in the fair value or cash flows of the hedging instrument to
ensure that these impacts offset one another. Hedge accounting is discontinued if the
requirements of hedge accounting are no longer met.
Fair value changes of derivatives designated to hedge forecasted cash flows are recognized
in other comprehensive income and presented within the fair value reserve in equity to the
extent that the hedge is effective. Such fair value changes accumulated in equity are
reclassified in profit or loss, and presented in sales or cost of sales in the period when the
hedge accounted cash flows affect the profit or loss. In the certain hedge accounted
transaction, the realized gains or losses of the nickel derivatives are first reclassified from fair
value reserves in equity to the inventory for a certain period and finally recognized in profit or
loss. The fair value changes related to the ineffective portion of the hedging instrument are
recognized immediately in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-574": { "value": "
5.5 Financial assets and liabilities
Carrying values and fair values of financial assets and liabilities by measurement category
Measured at
2025
\u20ac million
Amortized cost
Fair value through other
comprehensive income
Fair value through profit
or loss
Carrying amount
Fair value
Fair value hierarchy level
Non-current financial assets
Equity investments
\u2014
24
\u2014
24
24
1,3
Trade and other receivables
9
\u2014
0
9
0
3
Hedge accounted derivatives
\u2014
\u2014
0
0
0
2
Current financial assets
Other investments
\u2014
\u2014
27
27
27
1
Trade and other receivables
330
\u2014
\u2014
330
Hedge accounted derivatives
\u2014
\u2014
10
10
10
2
Derivatives held for trading
\u2014
\u2014
7
7
7
2
Cash and cash equivalents
362
\u2014
\u2014
362
701
24
45
769
Non-current financial liabilities
Non-current debt
519
\u2014
\u2014
519
519
2
Hedge accounted derivatives
\u2014
\u2014
2
2
2
2
Current financial liabilities
Current debt
108
\u2014
\u2014
108
108
2
Trade and other payables
1,052
\u2014
\u2014
1,052
Hedge accounted derivatives
\u2014
\u2014
18
18
18
2
Derivatives held for trading
\u2014
\u2014
15
15
15
2
1,679
\u2014
34
1,713
There were no transfers between levels 1, 2 and 3 during the years. A major part of equity investments at fair value through other comprehensive income at hierarchy level 3 relates to investments in unlisted energy
producing companies.
Measured at
2024
\u20ac million
Amortized cost
Fair value through other
comprehensive income
Fair value through profit
or loss
Carrying amount
Fair value
Fair value hierarchy level
Non-current financial assets
Equity investments
\u2014
28
\u2014
28
28
1,3
Trade and other receivables
10
\u2014
0
10
0
3
Hedge accounted derivatives
\u2014
\u2014
1
1
1
2
Current financial assets
Other investments
\u2014
\u2014
28
28
28
1
Trade and other receivables
390
\u2014
\u2014
390
Hedge accounted derivatives
\u2014
\u2014
15
15
15
2
Derivatives held for trading
\u2014
\u2014
23
23
23
2
Cash and cash equivalents
313
\u2014
\u2014
313
714
28
67
809
Non-current financial liabilities
Non-current debt
246
\u2014
\u2014
246
247
2
Hedge accounted derivatives
\u2014
\u2014
0
0
0
2
Current financial liabilities
Current debt
256
\u2014
\u2014
256
273
2
Trade and other payables
1,144
\u2014
\u2014
1,144
Hedge accounted derivatives
\u2014
\u2014
7
7
7
2
Derivatives held for trading
\u2014
\u2014
10
10
10
2
1,646
\u2014
17
1,663
Reconciliation of changes on level 3
\u20ac million
Investments at fair value
through profit or loss
Equity investments at
fair value through other
comprehensive income
Carrying value on Jan 1, 2025
0
23
Additions
3
2
Fair value changes
-3
-10
Carrying value at the end of the period
0
14
\u20ac million
Investments at fair value
through profit or loss
Equity investments at fair
value through other
comprehensive income
Carrying value on Jan 1, 2024
0
7
Additions
3
1
Fair value changes
-3
15
Carrying value at the end of the period
0
23
In 2023, Outokumpu Corporation agreed to participate in a convertible loan offered by
associated company Voimaosakeyhti\u00f6 SF to its shareholders. Outokumpu\u2019s share of the
convertible loan is EUR 14 million. The first call of the loan was in August 2023 amounting to
EUR 5 million, the second one in October 2024 totaling to EUR 3 million and the third one in
August 2025 totaling to EUR 3 million. At the end of December 2025, the loan is valued at EUR
0 million. The change in value is presented in the other market price gains and losses in the
consolidated statement of income, for more information see note 2.5. For more information on
Voimaosakeyhti\u00f6 SF, see note 5.7 and 6.6.
Accounting principles
\"image.png\"
The Group\u2019s financial assets and liabilities are classified as items at fair value through profit or
loss, items at fair value through other comprehensive income and items at amortized cost.
The classification is based on Group\u2019s business model for financial assets and liabilities, and
their contractual cash flow characteristics.
If a financial asset is not measured at fair value through profit or loss, significant transaction
costs are included in the initial carrying amount of the asset. Financial assets are derecognized
when the Group loses the rights to receive the contractual cash flows on the financial asset or it
transfers substantially all the risks and rewards of ownership outside the Group. Accounting
principles related to transaction costs and derecognition of borrowings are presented in note
5.1.
Financial assets and liabilities measured at amortized cost
Financial assets measured at amortized cost include trade and other receivables and
cash and cash equivalents. These assets are measured initially at fair value. After initial
recognition, they are measured at amortized cost by using the effective interest rate method
less accumulated impairments. The accounting principles related to factored receivables and
expected credit losses are presented in note 4.5.
Financial liabilities measured at amortized cost include the borrowing and trade and other
payables. See note 5.1 for further accounting and fair valuation principles for borrowings and
note 4.5 for accounting principles for trade and other payables.
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income include equity investments
in listed and unlisted companies. Accounting principles are presented in note 5.6.
Financial assets and liabilities at fair value through profit or loss
Financial assets and liabilities at fair value through profit or loss include derivative instruments.
Financial assets at fair value through profit or loss include also investments in debt instrument
or money market funds held for trading purposes and intended to be sold within a short period
of time. In some cases, also equity investments can be classified in this category.
These financial assets and liabilities are recognized at the trade date at fair value and
subsequently remeasured at fair value at the end of each reporting period. The fair value
measurement is based on quoted rates and market prices as well as on appropriate valuation
methodologies and models.
Realized and unrealized gains and losses arising from changes in fair values of non-
derivative financial assets are recognized in market price gains and losses under financial
income and expenses in the reporting period in which they are incurred. Accounting principles
related to derivatives are described in more detail in note 5.4.
Measurement of fair values
Several accounting policies and disclosures require the measurement of fair values.
Financial assets and liabilities measured at fair value are classified to fair value hierarchy levels
based on the source information and inputs used in the fair valuation. In level one, fair values
are based on public quotations for identical instruments. In level two, fair values are based on
market rates and prices and discounted future cash flows. For assets and liabilities in level
three, there is no reliable market source available and thus the fair value measurement is not
based on observable market data. Therefore, the measurement methods are chosen taking into
account the information available for the measurement and the characteristics of the measured
item.
5.6 Equity investments at fair value through other comprehensive income
\u20ac million
2025
2024
Carrying value on Jan 1
28
12
Additions
2
2
Fair value changes
-5
13
Carrying value on Dec 31
24
28
Fair value reserve in equity
\u20ac million
2025
2024
Fair value on Dec 31
24
28
Fair value at acquisition
15
14
Fair value reserve from equity investments
9
14
Equity investments at fair value through other comprehensive income include unlisted and
listed strategic holdings mainly in energy companies in which Outokumpu does not have control,
joint control or significant influence.
These energy companies produce energy to their shareholders on a cost-price basis (Mankala
principle) which is a widely used business model among Finnish energy companies. Under the
Mankala principle, shareholders are entitled to receive energy in proportion to the ownership,
and each shareholder is severally responsible for its respective share of the costs of the energy
company as set out in the articles of association.
The additions of EUR 2 million in 2025 are mainly related to the increase in investments in EPV
Energia Oy.
Outokumpu is an owner in nuclear utility by provider Pohjolan Voima Oy (PVO), with an
ownership share of 0.1%. PVO is a shareholder in Teollisuuden Voima Oy (TVO). TVO, where
Outokumpu does not have a direct ownership, operates Olkiluoto 3 (OL3) a nuclear power plant
in Eurajoki, Finland. Outokumpu has indirect ownership in Tornion Voima Oy, a combined heat
and power plant in Tornio, Northern Finland. This indirect ownership is through EPV Energia Oy,
with an ownership share of 0.5%. In addition, Outokumpu has a direct ownership in Rajakiiri Oy
with a share of 19.9%. Rajakiiri Oy is a wind power company in Tornio. The total estimated fair
value of the aforementioned three utility assets was EUR 13 million at the year end (Dec 31,
2024: EUR 22 million). The remaining EUR 11 million (Dec 31, 2024: EUR 6 million) are other
share holdings.
Management judgments
\"image.png\"
Unlisted strategic energy companies
The valuation model of the other unlisted strategic energy companies include among others
discount rate derived from risk free rate (Germany 10 year bond yield), growth factor depending
the nature of the power plant or wearing out of the mill and contractual factors which may have
an impact on the valuation. Discounted cash flow models include also adjustments based on
the latest information regarding the power plants and potential energy production.
Accounting principles
\"image.png\"
Equity investments at fair value through other comprehensive income consists of investments
which are not held for trading, and which the Group has irrevocably elected at initial recognition
to recognize in this category. These are mainly strategic investments, so this classification is
considered relevant.
The investments and divestments are recognized at the trade date. They are included in non-
current assets unless there is an intention to dispose of the investment within 12 months from
the reporting date.
The investments are measured at fair value, and fair value changes are recognized through
other comprehensive income and presented net of tax in fair value reserve in equity. The
valuation is based on quoted rates and market prices at the end of the reporting period, as well
as on appropriate valuation techniques, such as cash flow discounting. Observable market data
is used in the valuation when available but also entity-specific management estimates are
applied.
Dividends are recognized in profit or loss. When equity investment is disposed, the
accumulated fair value changes are reclassified from fair value reserve to retained earnings.
The premium paid over the FPX Nickel Corp. share's market price at the acquisition date has
been treated as part of the inventory and will be released at the time of the nickel purchase.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-577": { "value": "
Carrying values and fair values of financial assets and liabilities by measurement category
Measured at
2025
\u20ac million
Amortized cost
Fair value through other
comprehensive income
Fair value through profit
or loss
Carrying amount
Fair value
Fair value hierarchy level
Non-current financial assets
Equity investments
\u2014
24
\u2014
24
24
1,3
Trade and other receivables
9
\u2014
0
9
0
3
Hedge accounted derivatives
\u2014
\u2014
0
0
0
2
Current financial assets
Other investments
\u2014
\u2014
27
27
27
1
Trade and other receivables
330
\u2014
\u2014
330
Hedge accounted derivatives
\u2014
\u2014
10
10
10
2
Derivatives held for trading
\u2014
\u2014
7
7
7
2
Cash and cash equivalents
362
\u2014
\u2014
362
701
24
45
769
Non-current financial liabilities
Non-current debt
519
\u2014
\u2014
519
519
2
Hedge accounted derivatives
\u2014
\u2014
2
2
2
2
Current financial liabilities
Current debt
108
\u2014
\u2014
108
108
2
Trade and other payables
1,052
\u2014
\u2014
1,052
Hedge accounted derivatives
\u2014
\u2014
18
18
18
2
Derivatives held for trading
\u2014
\u2014
15
15
15
2
1,679
\u2014
34
1,713
There were no transfers between levels 1, 2 and 3 during the years. A major part of equity investments at fair value through other comprehensive income at hierarchy level 3 relates to investments in unlisted energy
producing companies.
Measured at
2024
\u20ac million
Amortized cost
Fair value through other
comprehensive income
Fair value through profit
or loss
Carrying amount
Fair value
Fair value hierarchy level
Non-current financial assets
Equity investments
\u2014
28
\u2014
28
28
1,3
Trade and other receivables
10
\u2014
0
10
0
3
Hedge accounted derivatives
\u2014
\u2014
1
1
1
2
Current financial assets
Other investments
\u2014
\u2014
28
28
28
1
Trade and other receivables
390
\u2014
\u2014
390
Hedge accounted derivatives
\u2014
\u2014
15
15
15
2
Derivatives held for trading
\u2014
\u2014
23
23
23
2
Cash and cash equivalents
313
\u2014
\u2014
313
714
28
67
809
Non-current financial liabilities
Non-current debt
246
\u2014
\u2014
246
247
2
Hedge accounted derivatives
\u2014
\u2014
0
0
0
2
Current financial liabilities
Current debt
256
\u2014
\u2014
256
273
2
Trade and other payables
1,144
\u2014
\u2014
1,144
Hedge accounted derivatives
\u2014
\u2014
7
7
7
2
Derivatives held for trading
\u2014
\u2014
10
10
10
2
1,646
\u2014
17
1,663
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-576": { "value": "
Carrying values and fair values of financial assets and liabilities by measurement category
Measured at
2025
\u20ac million
Amortized cost
Fair value through other
comprehensive income
Fair value through profit
or loss
Carrying amount
Fair value
Fair value hierarchy level
Non-current financial assets
Equity investments
\u2014
24
\u2014
24
24
1,3
Trade and other receivables
9
\u2014
0
9
0
3
Hedge accounted derivatives
\u2014
\u2014
0
0
0
2
Current financial assets
Other investments
\u2014
\u2014
27
27
27
1
Trade and other receivables
330
\u2014
\u2014
330
Hedge accounted derivatives
\u2014
\u2014
10
10
10
2
Derivatives held for trading
\u2014
\u2014
7
7
7
2
Cash and cash equivalents
362
\u2014
\u2014
362
701
24
45
769
Non-current financial liabilities
Non-current debt
519
\u2014
\u2014
519
519
2
Hedge accounted derivatives
\u2014
\u2014
2
2
2
2
Current financial liabilities
Current debt
108
\u2014
\u2014
108
108
2
Trade and other payables
1,052
\u2014
\u2014
1,052
Hedge accounted derivatives
\u2014
\u2014
18
18
18
2
Derivatives held for trading
\u2014
\u2014
15
15
15
2
1,679
\u2014
34
1,713
There were no transfers between levels 1, 2 and 3 during the years. A major part of equity investments at fair value through other comprehensive income at hierarchy level 3 relates to investments in unlisted energy
producing companies.
Measured at
2024
\u20ac million
Amortized cost
Fair value through other
comprehensive income
Fair value through profit
or loss
Carrying amount
Fair value
Fair value hierarchy level
Non-current financial assets
Equity investments
\u2014
28
\u2014
28
28
1,3
Trade and other receivables
10
\u2014
0
10
0
3
Hedge accounted derivatives
\u2014
\u2014
1
1
1
2
Current financial assets
Other investments
\u2014
\u2014
28
28
28
1
Trade and other receivables
390
\u2014
\u2014
390
Hedge accounted derivatives
\u2014
\u2014
15
15
15
2
Derivatives held for trading
\u2014
\u2014
23
23
23
2
Cash and cash equivalents
313
\u2014
\u2014
313
714
28
67
809
Non-current financial liabilities
Non-current debt
246
\u2014
\u2014
246
247
2
Hedge accounted derivatives
\u2014
\u2014
0
0
0
2
Current financial liabilities
Current debt
256
\u2014
\u2014
256
273
2
Trade and other payables
1,144
\u2014
\u2014
1,144
Hedge accounted derivatives
\u2014
\u2014
7
7
7
2
Derivatives held for trading
\u2014
\u2014
10
10
10
2
1,646
\u2014
17
1,663
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesHeldForTradingExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-575": { "value": "
Carrying values and fair values of financial assets and liabilities by measurement category
Measured at
2025
\u20ac million
Amortized cost
Fair value through other
comprehensive income
Fair value through profit
or loss
Carrying amount
Fair value
Fair value hierarchy level
Non-current financial assets
Equity investments
\u2014
24
\u2014
24
24
1,3
Trade and other receivables
9
\u2014
0
9
0
3
Hedge accounted derivatives
\u2014
\u2014
0
0
0
2
Current financial assets
Other investments
\u2014
\u2014
27
27
27
1
Trade and other receivables
330
\u2014
\u2014
330
Hedge accounted derivatives
\u2014
\u2014
10
10
10
2
Derivatives held for trading
\u2014
\u2014
7
7
7
2
Cash and cash equivalents
362
\u2014
\u2014
362
701
24
45
769
Non-current financial liabilities
Non-current debt
519
\u2014
\u2014
519
519
2
Hedge accounted derivatives
\u2014
\u2014
2
2
2
2
Current financial liabilities
Current debt
108
\u2014
\u2014
108
108
2
Trade and other payables
1,052
\u2014
\u2014
1,052
Hedge accounted derivatives
\u2014
\u2014
18
18
18
2
Derivatives held for trading
\u2014
\u2014
15
15
15
2
1,679
\u2014
34
1,713
There were no transfers between levels 1, 2 and 3 during the years. A major part of equity investments at fair value through other comprehensive income at hierarchy level 3 relates to investments in unlisted energy
producing companies.
Measured at
2024
\u20ac million
Amortized cost
Fair value through other
comprehensive income
Fair value through profit
or loss
Carrying amount
Fair value
Fair value hierarchy level
Non-current financial assets
Equity investments
\u2014
28
\u2014
28
28
1,3
Trade and other receivables
10
\u2014
0
10
0
3
Hedge accounted derivatives
\u2014
\u2014
1
1
1
2
Current financial assets
Other investments
\u2014
\u2014
28
28
28
1
Trade and other receivables
390
\u2014
\u2014
390
Hedge accounted derivatives
\u2014
\u2014
15
15
15
2
Derivatives held for trading
\u2014
\u2014
23
23
23
2
Cash and cash equivalents
313
\u2014
\u2014
313
714
28
67
809
Non-current financial liabilities
Non-current debt
246
\u2014
\u2014
246
247
2
Hedge accounted derivatives
\u2014
\u2014
0
0
0
2
Current financial liabilities
Current debt
256
\u2014
\u2014
256
273
2
Trade and other payables
1,144
\u2014
\u2014
1,144
Hedge accounted derivatives
\u2014
\u2014
7
7
7
2
Derivatives held for trading
\u2014
\u2014
10
10
10
2
1,646
\u2014
17
1,663
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-582": { "value": "
Accounting principles
\"image.png\"
The Group\u2019s financial assets and liabilities are classified as items at fair value through profit or
loss, items at fair value through other comprehensive income and items at amortized cost.
The classification is based on Group\u2019s business model for financial assets and liabilities, and
their contractual cash flow characteristics.
If a financial asset is not measured at fair value through profit or loss, significant transaction
costs are included in the initial carrying amount of the asset. Financial assets are derecognized
when the Group loses the rights to receive the contractual cash flows on the financial asset or it
transfers substantially all the risks and rewards of ownership outside the Group. Accounting
principles related to transaction costs and derecognition of borrowings are presented in note
5.1.
Financial assets and liabilities measured at amortized cost
Financial assets measured at amortized cost include trade and other receivables and
cash and cash equivalents. These assets are measured initially at fair value. After initial
recognition, they are measured at amortized cost by using the effective interest rate method
less accumulated impairments. The accounting principles related to factored receivables and
expected credit losses are presented in note 4.5.
Financial liabilities measured at amortized cost include the borrowing and trade and other
payables. See note 5.1 for further accounting and fair valuation principles for borrowings and
note 4.5 for accounting principles for trade and other payables.
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income include equity investments
in listed and unlisted companies. Accounting principles are presented in note 5.6.
Financial assets and liabilities at fair value through profit or loss
Financial assets and liabilities at fair value through profit or loss include derivative instruments.
Financial assets at fair value through profit or loss include also investments in debt instrument
or money market funds held for trading purposes and intended to be sold within a short period
of time. In some cases, also equity investments can be classified in this category.
These financial assets and liabilities are recognized at the trade date at fair value and
subsequently remeasured at fair value at the end of each reporting period. The fair value
measurement is based on quoted rates and market prices as well as on appropriate valuation
methodologies and models.
Realized and unrealized gains and losses arising from changes in fair values of non-
derivative financial assets are recognized in market price gains and losses under financial
income and expenses in the reporting period in which they are incurred. Accounting principles
related to derivatives are described in more detail in note 5.4.
Measurement of fair values
Several accounting policies and disclosures require the measurement of fair values.
Financial assets and liabilities measured at fair value are classified to fair value hierarchy levels
based on the source information and inputs used in the fair valuation. In level one, fair values
are based on public quotations for identical instruments. In level two, fair values are based on
market rates and prices and discounted future cash flows. For assets and liabilities in level
three, there is no reliable market source available and thus the fair value measurement is not
based on observable market data. Therefore, the measurement methods are chosen taking into
account the information available for the measurement and the characteristics of the measured
item.
Accounting principles
\"image.png\"
Equity investments at fair value through other comprehensive income consists of investments
which are not held for trading, and which the Group has irrevocably elected at initial recognition
to recognize in this category. These are mainly strategic investments, so this classification is
considered relevant.
The investments and divestments are recognized at the trade date. They are included in non-
current assets unless there is an intention to dispose of the investment within 12 months from
the reporting date.
The investments are measured at fair value, and fair value changes are recognized through
other comprehensive income and presented net of tax in fair value reserve in equity. The
valuation is based on quoted rates and market prices at the end of the reporting period, as well
as on appropriate valuation techniques, such as cash flow discounting. Observable market data
is used in the valuation when available but also entity-specific management estimates are
applied.
Dividends are recognized in profit or loss. When equity investment is disposed, the
accumulated fair value changes are reclassified from fair value reserve to retained earnings.
The premium paid over the FPX Nickel Corp. share's market price at the acquisition date has
been treated as part of the inventory and will be released at the time of the nickel purchase.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-581": { "value": "
Accounting principles
\"image.png\"
The Group\u2019s financial assets and liabilities are classified as items at fair value through profit or
loss, items at fair value through other comprehensive income and items at amortized cost.
The classification is based on Group\u2019s business model for financial assets and liabilities, and
their contractual cash flow characteristics.
If a financial asset is not measured at fair value through profit or loss, significant transaction
costs are included in the initial carrying amount of the asset. Financial assets are derecognized
when the Group loses the rights to receive the contractual cash flows on the financial asset or it
transfers substantially all the risks and rewards of ownership outside the Group. Accounting
principles related to transaction costs and derecognition of borrowings are presented in note
5.1.
Financial assets and liabilities measured at amortized cost
Financial assets measured at amortized cost include trade and other receivables and
cash and cash equivalents. These assets are measured initially at fair value. After initial
recognition, they are measured at amortized cost by using the effective interest rate method
less accumulated impairments. The accounting principles related to factored receivables and
expected credit losses are presented in note 4.5.
Financial liabilities measured at amortized cost include the borrowing and trade and other
payables. See note 5.1 for further accounting and fair valuation principles for borrowings and
note 4.5 for accounting principles for trade and other payables.
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income include equity investments
in listed and unlisted companies. Accounting principles are presented in note 5.6.
Financial assets and liabilities at fair value through profit or loss
Financial assets and liabilities at fair value through profit or loss include derivative instruments.
Financial assets at fair value through profit or loss include also investments in debt instrument
or money market funds held for trading purposes and intended to be sold within a short period
of time. In some cases, also equity investments can be classified in this category.
These financial assets and liabilities are recognized at the trade date at fair value and
subsequently remeasured at fair value at the end of each reporting period. The fair value
measurement is based on quoted rates and market prices as well as on appropriate valuation
methodologies and models.
Realized and unrealized gains and losses arising from changes in fair values of non-
derivative financial assets are recognized in market price gains and losses under financial
income and expenses in the reporting period in which they are incurred. Accounting principles
related to derivatives are described in more detail in note 5.4.
Measurement of fair values
Several accounting policies and disclosures require the measurement of fair values.
Financial assets and liabilities measured at fair value are classified to fair value hierarchy levels
based on the source information and inputs used in the fair valuation. In level one, fair values
are based on public quotations for identical instruments. In level two, fair values are based on
market rates and prices and discounted future cash flows. For assets and liabilities in level
three, there is no reliable market source available and thus the fair value measurement is not
based on observable market data. Therefore, the measurement methods are chosen taking into
account the information available for the measurement and the characteristics of the measured
item.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-580": { "value": "
Accounting principles
\"image.png\"
The Group\u2019s financial assets and liabilities are classified as items at fair value through profit or
loss, items at fair value through other comprehensive income and items at amortized cost.
The classification is based on Group\u2019s business model for financial assets and liabilities, and
their contractual cash flow characteristics.
If a financial asset is not measured at fair value through profit or loss, significant transaction
costs are included in the initial carrying amount of the asset. Financial assets are derecognized
when the Group loses the rights to receive the contractual cash flows on the financial asset or it
transfers substantially all the risks and rewards of ownership outside the Group. Accounting
principles related to transaction costs and derecognition of borrowings are presented in note
5.1.
Financial assets and liabilities measured at amortized cost
Financial assets measured at amortized cost include trade and other receivables and
cash and cash equivalents. These assets are measured initially at fair value. After initial
recognition, they are measured at amortized cost by using the effective interest rate method
less accumulated impairments. The accounting principles related to factored receivables and
expected credit losses are presented in note 4.5.
Financial liabilities measured at amortized cost include the borrowing and trade and other
payables. See note 5.1 for further accounting and fair valuation principles for borrowings and
note 4.5 for accounting principles for trade and other payables.
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income include equity investments
in listed and unlisted companies. Accounting principles are presented in note 5.6.
Financial assets and liabilities at fair value through profit or loss
Financial assets and liabilities at fair value through profit or loss include derivative instruments.
Financial assets at fair value through profit or loss include also investments in debt instrument
or money market funds held for trading purposes and intended to be sold within a short period
of time. In some cases, also equity investments can be classified in this category.
These financial assets and liabilities are recognized at the trade date at fair value and
subsequently remeasured at fair value at the end of each reporting period. The fair value
measurement is based on quoted rates and market prices as well as on appropriate valuation
methodologies and models.
Realized and unrealized gains and losses arising from changes in fair values of non-
derivative financial assets are recognized in market price gains and losses under financial
income and expenses in the reporting period in which they are incurred. Accounting principles
related to derivatives are described in more detail in note 5.4.
Measurement of fair values
Several accounting policies and disclosures require the measurement of fair values.
Financial assets and liabilities measured at fair value are classified to fair value hierarchy levels
based on the source information and inputs used in the fair valuation. In level one, fair values
are based on public quotations for identical instruments. In level two, fair values are based on
market rates and prices and discounted future cash flows. For assets and liabilities in level
three, there is no reliable market source available and thus the fair value measurement is not
based on observable market data. Therefore, the measurement methods are chosen taking into
account the information available for the measurement and the characteristics of the measured
item.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-579": { "value": "
Accounting principles
\"image.png\"
The Group\u2019s financial assets and liabilities are classified as items at fair value through profit or
loss, items at fair value through other comprehensive income and items at amortized cost.
The classification is based on Group\u2019s business model for financial assets and liabilities, and
their contractual cash flow characteristics.
If a financial asset is not measured at fair value through profit or loss, significant transaction
costs are included in the initial carrying amount of the asset. Financial assets are derecognized
when the Group loses the rights to receive the contractual cash flows on the financial asset or it
transfers substantially all the risks and rewards of ownership outside the Group. Accounting
principles related to transaction costs and derecognition of borrowings are presented in note
5.1.
Financial assets and liabilities measured at amortized cost
Financial assets measured at amortized cost include trade and other receivables and
cash and cash equivalents. These assets are measured initially at fair value. After initial
recognition, they are measured at amortized cost by using the effective interest rate method
less accumulated impairments. The accounting principles related to factored receivables and
expected credit losses are presented in note 4.5.
Financial liabilities measured at amortized cost include the borrowing and trade and other
payables. See note 5.1 for further accounting and fair valuation principles for borrowings and
note 4.5 for accounting principles for trade and other payables.
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income include equity investments
in listed and unlisted companies. Accounting principles are presented in note 5.6.
Financial assets and liabilities at fair value through profit or loss
Financial assets and liabilities at fair value through profit or loss include derivative instruments.
Financial assets at fair value through profit or loss include also investments in debt instrument
or money market funds held for trading purposes and intended to be sold within a short period
of time. In some cases, also equity investments can be classified in this category.
These financial assets and liabilities are recognized at the trade date at fair value and
subsequently remeasured at fair value at the end of each reporting period. The fair value
measurement is based on quoted rates and market prices as well as on appropriate valuation
methodologies and models.
Realized and unrealized gains and losses arising from changes in fair values of non-
derivative financial assets are recognized in market price gains and losses under financial
income and expenses in the reporting period in which they are incurred. Accounting principles
related to derivatives are described in more detail in note 5.4.
Measurement of fair values
Several accounting policies and disclosures require the measurement of fair values.
Financial assets and liabilities measured at fair value are classified to fair value hierarchy levels
based on the source information and inputs used in the fair valuation. In level one, fair values
are based on public quotations for identical instruments. In level two, fair values are based on
market rates and prices and discounted future cash flows. For assets and liabilities in level
three, there is no reliable market source available and thus the fair value measurement is not
based on observable market data. Therefore, the measurement methods are chosen taking into
account the information available for the measurement and the characteristics of the measured
item.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-578": { "value": "
Accounting principles
\"image.png\"
The Group\u2019s financial assets and liabilities are classified as items at fair value through profit or
loss, items at fair value through other comprehensive income and items at amortized cost.
The classification is based on Group\u2019s business model for financial assets and liabilities, and
their contractual cash flow characteristics.
If a financial asset is not measured at fair value through profit or loss, significant transaction
costs are included in the initial carrying amount of the asset. Financial assets are derecognized
when the Group loses the rights to receive the contractual cash flows on the financial asset or it
transfers substantially all the risks and rewards of ownership outside the Group. Accounting
principles related to transaction costs and derecognition of borrowings are presented in note
5.1.
Financial assets and liabilities measured at amortized cost
Financial assets measured at amortized cost include trade and other receivables and
cash and cash equivalents. These assets are measured initially at fair value. After initial
recognition, they are measured at amortized cost by using the effective interest rate method
less accumulated impairments. The accounting principles related to factored receivables and
expected credit losses are presented in note 4.5.
Financial liabilities measured at amortized cost include the borrowing and trade and other
payables. See note 5.1 for further accounting and fair valuation principles for borrowings and
note 4.5 for accounting principles for trade and other payables.
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income include equity investments
in listed and unlisted companies. Accounting principles are presented in note 5.6.
Financial assets and liabilities at fair value through profit or loss
Financial assets and liabilities at fair value through profit or loss include derivative instruments.
Financial assets at fair value through profit or loss include also investments in debt instrument
or money market funds held for trading purposes and intended to be sold within a short period
of time. In some cases, also equity investments can be classified in this category.
These financial assets and liabilities are recognized at the trade date at fair value and
subsequently remeasured at fair value at the end of each reporting period. The fair value
measurement is based on quoted rates and market prices as well as on appropriate valuation
methodologies and models.
Realized and unrealized gains and losses arising from changes in fair values of non-
derivative financial assets are recognized in market price gains and losses under financial
income and expenses in the reporting period in which they are incurred. Accounting principles
related to derivatives are described in more detail in note 5.4.
Measurement of fair values
Several accounting policies and disclosures require the measurement of fair values.
Financial assets and liabilities measured at fair value are classified to fair value hierarchy levels
based on the source information and inputs used in the fair valuation. In level one, fair values
are based on public quotations for identical instruments. In level two, fair values are based on
market rates and prices and discounted future cash flows. For assets and liabilities in level
three, there is no reliable market source available and thus the fair value measurement is not
based on observable market data. Therefore, the measurement methods are chosen taking into
account the information available for the measurement and the characteristics of the measured
item.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-583": { "value": "
5.6 Equity investments at fair value through other comprehensive income
\u20ac million
2025
2024
Carrying value on Jan 1
28
12
Additions
2
2
Fair value changes
-5
13
Carrying value on Dec 31
24
28
Fair value reserve in equity
\u20ac million
2025
2024
Fair value on Dec 31
24
28
Fair value at acquisition
15
14
Fair value reserve from equity investments
9
14
Equity investments at fair value through other comprehensive income include unlisted and
listed strategic holdings mainly in energy companies in which Outokumpu does not have control,
joint control or significant influence.
These energy companies produce energy to their shareholders on a cost-price basis (Mankala
principle) which is a widely used business model among Finnish energy companies. Under the
Mankala principle, shareholders are entitled to receive energy in proportion to the ownership,
and each shareholder is severally responsible for its respective share of the costs of the energy
company as set out in the articles of association.
The additions of EUR 2 million in 2025 are mainly related to the increase in investments in EPV
Energia Oy.
Outokumpu is an owner in nuclear utility by provider Pohjolan Voima Oy (PVO), with an
ownership share of 0.1%. PVO is a shareholder in Teollisuuden Voima Oy (TVO). TVO, where
Outokumpu does not have a direct ownership, operates Olkiluoto 3 (OL3) a nuclear power plant
in Eurajoki, Finland. Outokumpu has indirect ownership in Tornion Voima Oy, a combined heat
and power plant in Tornio, Northern Finland. This indirect ownership is through EPV Energia Oy,
with an ownership share of 0.5%. In addition, Outokumpu has a direct ownership in Rajakiiri Oy
with a share of 19.9%. Rajakiiri Oy is a wind power company in Tornio. The total estimated fair
value of the aforementioned three utility assets was EUR 13 million at the year end (Dec 31,
2024: EUR 22 million). The remaining EUR 11 million (Dec 31, 2024: EUR 6 million) are other
share holdings.
Management judgments
\"image.png\"
Unlisted strategic energy companies
The valuation model of the other unlisted strategic energy companies include among others
discount rate derived from risk free rate (Germany 10 year bond yield), growth factor depending
the nature of the power plant or wearing out of the mill and contractual factors which may have
an impact on the valuation. Discounted cash flow models include also adjustments based on
the latest information regarding the power plants and potential energy production.
Accounting principles
\"image.png\"
Equity investments at fair value through other comprehensive income consists of investments
which are not held for trading, and which the Group has irrevocably elected at initial recognition
to recognize in this category. These are mainly strategic investments, so this classification is
considered relevant.
The investments and divestments are recognized at the trade date. They are included in non-
current assets unless there is an intention to dispose of the investment within 12 months from
the reporting date.
The investments are measured at fair value, and fair value changes are recognized through
other comprehensive income and presented net of tax in fair value reserve in equity. The
valuation is based on quoted rates and market prices at the end of the reporting period, as well
as on appropriate valuation techniques, such as cash flow discounting. Observable market data
is used in the valuation when available but also entity-specific management estimates are
applied.
Dividends are recognized in profit or loss. When equity investment is disposed, the
accumulated fair value changes are reclassified from fair value reserve to retained earnings.
The premium paid over the FPX Nickel Corp. share's market price at the acquisition date has
been treated as part of the inventory and will be released at the time of the nickel purchase.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-584": { "value": "
Accounting principles
\"image.png\"
Equity investments at fair value through other comprehensive income consists of investments
which are not held for trading, and which the Group has irrevocably elected at initial recognition
to recognize in this category. These are mainly strategic investments, so this classification is
considered relevant.
The investments and divestments are recognized at the trade date. They are included in non-
current assets unless there is an intention to dispose of the investment within 12 months from
the reporting date.
The investments are measured at fair value, and fair value changes are recognized through
other comprehensive income and presented net of tax in fair value reserve in equity. The
valuation is based on quoted rates and market prices at the end of the reporting period, as well
as on appropriate valuation techniques, such as cash flow discounting. Observable market data
is used in the valuation when available but also entity-specific management estimates are
applied.
Dividends are recognized in profit or loss. When equity investment is disposed, the
accumulated fair value changes are reclassified from fair value reserve to retained earnings.
The premium paid over the FPX Nickel Corp. share's market price at the acquisition date has
been treated as part of the inventory and will be released at the time of the nickel purchase.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-587": { "value": "
5.7 Commitments and contingent liabilities
\u20ac million
2025
2024
Mortgages and pledges on Dec 31
Mortgages
156
156
Other pledges
13
13
Guarantees on Dec 31
On behalf of subsidiaries for commercial and other
commitments
31
34
Other commitments for financing on Dec 31
8
4
Outokumpu has issued business mortgages over movable assets in Kemi to secure an
outstanding project loan maturing in September 2030.
Other pledges, EUR 13 million, relate to Outokumpu's responsibility for certain debts of the
associated company Manga LNG Oy, the amount of which was EUR 7 million at the end of the
reporting period (December 31, 2024: EUR 9 million).Outokumpu Corporation is, in relation to
its shareholding in EPV Energia Oy, liable for the costs, commitments and liabilities relating to
electricity provided by Tornion Voima Oy. These commitments are reported under other
commitments for financing.
The Group's other off-balance sheet investment commitments totaled EUR 76 million on
December\u00a031, 2025 (December\u00a031, 2024: EUR 42 million).
Contingent liabilities
Outokumpu is a minority shareholder in its associated company Voimaosakeyhti\u00f6 SF, which is
the majority shareholder of Fennovoima Oy. In February 2025 the Arbitral Tribunal confirmed
that it does not have jurisdiction to adjudicate claims brought by RAOS Project Oy and JSC
Rosatom Energy International (JSC REIN) against Outokumpu in arbitration proceedings over a
dispute between Fennovoima Oy and Rosatom entities related to the termination of the
Engineering, Procurement and Construction (EPC) contract in May 2022, into which Outokumpu
Corporation was joined in 2023. Therefore, the arbitration proceedings with respect to
Outokumpu have ended and there are no contingent liabilities at the end of the reporting
period.
Accounting principles
\"image.png\"
Unrecognized commitments are disclosed when the Group has an obligation or a pledge to
assume a financial liability at a future date.
A contingent liability is a possible obligation that arises from past events and the existence
of which will be confirmed by uncertain future events that are not wholly within the control of
the entity. Obligations that are not considered probable or where the amounts cannot be
reliably measured are also considered as contingent liabilities. Contingent liabilities are not
recognized in the statement of financial position but disclosed as off-balance sheet
commitments.
6.3 Disputes and litigations
Fennovoima project
In May 2025, Outokumpu commented on unconfirmed news about a possible legal process
initiated in Moscow by Rosatom against Outokumpu, among other parties. By the end of the
reporting period, Outokumpu has not received any official notification regarding the reported
claim or the process. From the beginning, Outokumpu has denied and continues to deny all
grounds for liability related to the terminated Fennovoima nuclear power plant project, including
the existence of any contractual relationship or obligation between Outokumpu and any
Rosatom company. Rosatom has already previously and groundlessly attempted to involve
Outokumpu in the arbitration proceedings concerning the termination of the Engineering,
Procurement and Construction (EPC) contract regarding the Fennovoima nuclear power plant
project. As we communicated on February 14, 2025, the arbitral tribunal confirmed that it does
not have jurisdiction to adjudicate claims brought by RAOS Project Oy and JSC Rosatom Energy
International (JSC REIN) against Outokumpu. This decision terminated the arbitral proceedings
with respect to Outokumpu. There may be attempts in the future to join Outokumpu in legal
disputes arising out of the terminated project.
Dispute over payment of wages in the US
On July 16, 2018, a class of plaintiffs, consisting of former and current Outokumpu Calvert mill
employees, brought a suit against Outokumpu Stainless USA, LLC in the U.S. federal district
court, alleging that the company failed to pay full wages for regular work and overtime work they
performed. The district court entered a default judgment against Outokumpu in 2021 with
respect to liability without Outokumpu having the opportunity to argue the merits of the
allegations and subsequently found Outokumpu liable to the plaintiffs for approximately USD 13
million in the aggregate, plus attorney\u2019s fees. Outokumpu unsuccessfully appealed the district
court\u2019s decision and the matter was remanded to the district court for a final judgment. On July
2, 2025, the district court issued a partial judgment requiring Outokumpu to pay the plaintiffs
approximately USD 13 million plus post-judgment interest and notify certain individuals, who
were not previously notified at the initial stages of the case, that they have a right to opt-in to
the class and receive damages payments for the relevant period. Outokumpu is now awaiting
the district court\u2019s further ruling on the damages for these additional opt-in plaintiffs,
Outokumpu\u2019s previously argued defenses, and the amount Outokumpu must pay the plaintiffs\u2019
attorneys for their fees. Outokumpu now has an approximately USD 11 million provision in
respect of this matter as approximately half of the provision was settled in July 2025.
Claim in Germany related to expired lease agreement
On January 19, 2018, Outokumpu Nirosta GmbH was served with a claim in the district court of
Krefeld for a declaratory judgment by the owner of a warehouse in Krefeld that\u00a0 Outokumpu had
leased until the end of 2016. The claim related to the responsibility for maintenance and repair
of the warehouse and amounted to EUR 19 million. The parties reached a settlement which the
court confirmed on June 4, 2025, and according to which Outokumpu has agreed to pay the
claimant in total approximately EUR 6 million in three equal installments in 2025, 2026 and
2027. The first installment was paid in June 2025. Outokumpu has an appropriate provision in
place for the remainder.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-586": { "value": "
5.7 Commitments and contingent liabilities
\u20ac million
2025
2024
Mortgages and pledges on Dec 31
Mortgages
156
156
Other pledges
13
13
Guarantees on Dec 31
On behalf of subsidiaries for commercial and other
commitments
31
34
Other commitments for financing on Dec 31
8
4
Outokumpu has issued business mortgages over movable assets in Kemi to secure an
outstanding project loan maturing in September 2030.
Other pledges, EUR 13 million, relate to Outokumpu's responsibility for certain debts of the
associated company Manga LNG Oy, the amount of which was EUR 7 million at the end of the
reporting period (December 31, 2024: EUR 9 million).Outokumpu Corporation is, in relation to
its shareholding in EPV Energia Oy, liable for the costs, commitments and liabilities relating to
electricity provided by Tornion Voima Oy. These commitments are reported under other
commitments for financing.
The Group's other off-balance sheet investment commitments totaled EUR 76 million on
December\u00a031, 2025 (December\u00a031, 2024: EUR 42 million).
Contingent liabilities
Outokumpu is a minority shareholder in its associated company Voimaosakeyhti\u00f6 SF, which is
the majority shareholder of Fennovoima Oy. In February 2025 the Arbitral Tribunal confirmed
that it does not have jurisdiction to adjudicate claims brought by RAOS Project Oy and JSC
Rosatom Energy International (JSC REIN) against Outokumpu in arbitration proceedings over a
dispute between Fennovoima Oy and Rosatom entities related to the termination of the
Engineering, Procurement and Construction (EPC) contract in May 2022, into which Outokumpu
Corporation was joined in 2023. Therefore, the arbitration proceedings with respect to
Outokumpu have ended and there are no contingent liabilities at the end of the reporting
period.
Accounting principles
\"image.png\"
Unrecognized commitments are disclosed when the Group has an obligation or a pledge to
assume a financial liability at a future date.
A contingent liability is a possible obligation that arises from past events and the existence
of which will be confirmed by uncertain future events that are not wholly within the control of
the entity. Obligations that are not considered probable or where the amounts cannot be
reliably measured are also considered as contingent liabilities. Contingent liabilities are not
recognized in the statement of financial position but disclosed as off-balance sheet
commitments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-585": { "value": "
5.7 Commitments and contingent liabilities
\u20ac million
2025
2024
Mortgages and pledges on Dec 31
Mortgages
156
156
Other pledges
13
13
Guarantees on Dec 31
On behalf of subsidiaries for commercial and other
commitments
31
34
Other commitments for financing on Dec 31
8
4
Outokumpu has issued business mortgages over movable assets in Kemi to secure an
outstanding project loan maturing in September 2030.
Other pledges, EUR 13 million, relate to Outokumpu's responsibility for certain debts of the
associated company Manga LNG Oy, the amount of which was EUR 7 million at the end of the
reporting period (December 31, 2024: EUR 9 million).Outokumpu Corporation is, in relation to
its shareholding in EPV Energia Oy, liable for the costs, commitments and liabilities relating to
electricity provided by Tornion Voima Oy. These commitments are reported under other
commitments for financing.
The Group's other off-balance sheet investment commitments totaled EUR 76 million on
December\u00a031, 2025 (December\u00a031, 2024: EUR 42 million).
Contingent liabilities
Outokumpu is a minority shareholder in its associated company Voimaosakeyhti\u00f6 SF, which is
the majority shareholder of Fennovoima Oy. In February 2025 the Arbitral Tribunal confirmed
that it does not have jurisdiction to adjudicate claims brought by RAOS Project Oy and JSC
Rosatom Energy International (JSC REIN) against Outokumpu in arbitration proceedings over a
dispute between Fennovoima Oy and Rosatom entities related to the termination of the
Engineering, Procurement and Construction (EPC) contract in May 2022, into which Outokumpu
Corporation was joined in 2023. Therefore, the arbitration proceedings with respect to
Outokumpu have ended and there are no contingent liabilities at the end of the reporting
period.
Accounting principles
\"image.png\"
Unrecognized commitments are disclosed when the Group has an obligation or a pledge to
assume a financial liability at a future date.
A contingent liability is a possible obligation that arises from past events and the existence
of which will be confirmed by uncertain future events that are not wholly within the control of
the entity. Obligations that are not considered probable or where the amounts cannot be
reliably measured are also considered as contingent liabilities. Contingent liabilities are not
recognized in the statement of financial position but disclosed as off-balance sheet
commitments.
6.3 Disputes and litigations
Fennovoima project
In May 2025, Outokumpu commented on unconfirmed news about a possible legal process
initiated in Moscow by Rosatom against Outokumpu, among other parties. By the end of the
reporting period, Outokumpu has not received any official notification regarding the reported
claim or the process. From the beginning, Outokumpu has denied and continues to deny all
grounds for liability related to the terminated Fennovoima nuclear power plant project, including
the existence of any contractual relationship or obligation between Outokumpu and any
Rosatom company. Rosatom has already previously and groundlessly attempted to involve
Outokumpu in the arbitration proceedings concerning the termination of the Engineering,
Procurement and Construction (EPC) contract regarding the Fennovoima nuclear power plant
project. As we communicated on February 14, 2025, the arbitral tribunal confirmed that it does
not have jurisdiction to adjudicate claims brought by RAOS Project Oy and JSC Rosatom Energy
International (JSC REIN) against Outokumpu. This decision terminated the arbitral proceedings
with respect to Outokumpu. There may be attempts in the future to join Outokumpu in legal
disputes arising out of the terminated project.
Dispute over payment of wages in the US
On July 16, 2018, a class of plaintiffs, consisting of former and current Outokumpu Calvert mill
employees, brought a suit against Outokumpu Stainless USA, LLC in the U.S. federal district
court, alleging that the company failed to pay full wages for regular work and overtime work they
performed. The district court entered a default judgment against Outokumpu in 2021 with
respect to liability without Outokumpu having the opportunity to argue the merits of the
allegations and subsequently found Outokumpu liable to the plaintiffs for approximately USD 13
million in the aggregate, plus attorney\u2019s fees. Outokumpu unsuccessfully appealed the district
court\u2019s decision and the matter was remanded to the district court for a final judgment. On July
2, 2025, the district court issued a partial judgment requiring Outokumpu to pay the plaintiffs
approximately USD 13 million plus post-judgment interest and notify certain individuals, who
were not previously notified at the initial stages of the case, that they have a right to opt-in to
the class and receive damages payments for the relevant period. Outokumpu is now awaiting
the district court\u2019s further ruling on the damages for these additional opt-in plaintiffs,
Outokumpu\u2019s previously argued defenses, and the amount Outokumpu must pay the plaintiffs\u2019
attorneys for their fees. Outokumpu now has an approximately USD 11 million provision in
respect of this matter as approximately half of the provision was settled in July 2025.
Claim in Germany related to expired lease agreement
On January 19, 2018, Outokumpu Nirosta GmbH was served with a claim in the district court of
Krefeld for a declaratory judgment by the owner of a warehouse in Krefeld that\u00a0 Outokumpu had
leased until the end of 2016. The claim related to the responsibility for maintenance and repair
of the warehouse and amounted to EUR 19 million. The parties reached a settlement which the
court confirmed on June 4, 2025, and according to which Outokumpu has agreed to pay the
claimant in total approximately EUR 6 million in three equal installments in 2025, 2026 and
2027. The first installment was paid in June 2025. Outokumpu has an appropriate provision in
place for the remainder.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-588": { "value": "
Accounting principles
\"image.png\"
Unrecognized commitments are disclosed when the Group has an obligation or a pledge to
assume a financial liability at a future date.
A contingent liability is a possible obligation that arises from past events and the existence
of which will be confirmed by uncertain future events that are not wholly within the control of
the entity. Obligations that are not considered probable or where the amounts cannot be
reliably measured are also considered as contingent liabilities. Contingent liabilities are not
recognized in the statement of financial position but disclosed as off-balance sheet
commitments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-590": { "value": "
6.1 Discontinued operations
Long Products as discontinued operations in 2022
During the year 2022, Outokumpu signed an agreement to divest the majority of the Long
Products business operations to Marcegaglia Steel Group and reported it as assets held for sale
and discontinued operations. The divestment was completed on January 3, 2023. The final
escrow account settlement related to this transaction remained for the year 2024 and was
settled with a minor impact on the financial statements. The impact from the release of the
escrow account was booked to the net result in continuing operations in 2024. In 2025,
Outokumpu did not have any impacts from discontinued operations.
Accounting principles
\"image.png\"
Non-current assets or a disposal group are classified as held for sale if their carrying amount
will be recovered principally through the disposal of the assets and the sale is highly probable.
If their carrying amount will be recovered principally through their disposal rather than through
their continuing use, they are measured at the lower of carrying amount and fair value less cost
to sell. Property, plant and equipment and intangible assets are not depreciated or amortized
once classified as held for sale.
Result from the discontinued operations is reported separately from income and expenses
from continuing operations in the consolidated statement of income and prior periods are
restated accordingly. Assets and liabilities related to the discontinued operations are presented
as separate line items in the statement of the financial position and the comparative period is
not restated. The statement of cash flows consists of total group figures including the dis-
continued operations.
Intra-group revenues and expenses between continuing and discontinued operations are
eliminated in continuing operations only when the revenues and expenses are not considered to
continue after the disposal of the discontinued operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-589": { "value": "
6.1 Discontinued operations
Long Products as discontinued operations in 2022
During the year 2022, Outokumpu signed an agreement to divest the majority of the Long
Products business operations to Marcegaglia Steel Group and reported it as assets held for sale
and discontinued operations. The divestment was completed on January 3, 2023. The final
escrow account settlement related to this transaction remained for the year 2024 and was
settled with a minor impact on the financial statements. The impact from the release of the
escrow account was booked to the net result in continuing operations in 2024. In 2025,
Outokumpu did not have any impacts from discontinued operations.
Accounting principles
\"image.png\"
Non-current assets or a disposal group are classified as held for sale if their carrying amount
will be recovered principally through the disposal of the assets and the sale is highly probable.
If their carrying amount will be recovered principally through their disposal rather than through
their continuing use, they are measured at the lower of carrying amount and fair value less cost
to sell. Property, plant and equipment and intangible assets are not depreciated or amortized
once classified as held for sale.
Result from the discontinued operations is reported separately from income and expenses
from continuing operations in the consolidated statement of income and prior periods are
restated accordingly. Assets and liabilities related to the discontinued operations are presented
as separate line items in the statement of the financial position and the comparative period is
not restated. The statement of cash flows consists of total group figures including the dis-
continued operations.
Intra-group revenues and expenses between continuing and discontinued operations are
eliminated in continuing operations only when the revenues and expenses are not considered to
continue after the disposal of the discontinued operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-592": { "value": "
Accounting principles
\"image.png\"
Non-current assets or a disposal group are classified as held for sale if their carrying amount
will be recovered principally through the disposal of the assets and the sale is highly probable.
If their carrying amount will be recovered principally through their disposal rather than through
their continuing use, they are measured at the lower of carrying amount and fair value less cost
to sell. Property, plant and equipment and intangible assets are not depreciated or amortized
once classified as held for sale.
Result from the discontinued operations is reported separately from income and expenses
from continuing operations in the consolidated statement of income and prior periods are
restated accordingly. Assets and liabilities related to the discontinued operations are presented
as separate line items in the statement of the financial position and the comparative period is
not restated. The statement of cash flows consists of total group figures including the dis-
continued operations.
Intra-group revenues and expenses between continuing and discontinued operations are
eliminated in continuing operations only when the revenues and expenses are not considered to
continue after the disposal of the discontinued operations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-591": { "value": "
Accounting principles
\"image.png\"
Non-current assets or a disposal group are classified as held for sale if their carrying amount
will be recovered principally through the disposal of the assets and the sale is highly probable.
If their carrying amount will be recovered principally through their disposal rather than through
their continuing use, they are measured at the lower of carrying amount and fair value less cost
to sell. Property, plant and equipment and intangible assets are not depreciated or amortized
once classified as held for sale.
Result from the discontinued operations is reported separately from income and expenses
from continuing operations in the consolidated statement of income and prior periods are
restated accordingly. Assets and liabilities related to the discontinued operations are presented
as separate line items in the statement of the financial position and the comparative period is
not restated. The statement of cash flows consists of total group figures including the dis-
continued operations.
Intra-group revenues and expenses between continuing and discontinued operations are
eliminated in continuing operations only when the revenues and expenses are not considered to
continue after the disposal of the discontinued operations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-593": { "value": "
6.2 Business acquisitions and disposals
2025
In 2025, Outokumpu did not have any business acquisitions or disposals.
2024
Disposals
In 2024, Outokumpu divested its Mexico branch distribution\u202fbusiness\u202fin Mexico
City,\u202fGuadalajara and Monterrey \u2013 formerly known as Outokumpu\u202fMexinox\u202fDistribution. Prominox,
the\u202flargest\u202fstainless steel\u202fdistributor in Mexico, acquired the ongoing business operations
and\u202fcustomer base from\u202fOutokumpu. They were\u202freported under the operation of Outokumpu's
business area Americas.\u202fThe net asset value was EUR 1 million and the gain on sale was EUR 3
million. The transaction had a positive cash impact for Outokumpu amounting to EUR 4 million.
Accounting principles
\"image.png\"
The disposed companies are included in the consolidated Financial Statements up to
the date when the control is lost. The gain or loss on disposal together with cumulative
translation adjustments related to disposed companies are recognized in the consolidated
statement of income at the date control is lost.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-594": { "value": "
Accounting principles
\"image.png\"
The disposed companies are included in the consolidated Financial Statements up to
the date when the control is lost. The gain or loss on disposal together with cumulative
translation adjustments related to disposed companies are recognized in the consolidated
statement of income at the date control is lost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-595": { "value": "
6.3 Disputes and litigations
Fennovoima project
In May 2025, Outokumpu commented on unconfirmed news about a possible legal process
initiated in Moscow by Rosatom against Outokumpu, among other parties. By the end of the
reporting period, Outokumpu has not received any official notification regarding the reported
claim or the process. From the beginning, Outokumpu has denied and continues to deny all
grounds for liability related to the terminated Fennovoima nuclear power plant project, including
the existence of any contractual relationship or obligation between Outokumpu and any
Rosatom company. Rosatom has already previously and groundlessly attempted to involve
Outokumpu in the arbitration proceedings concerning the termination of the Engineering,
Procurement and Construction (EPC) contract regarding the Fennovoima nuclear power plant
project. As we communicated on February 14, 2025, the arbitral tribunal confirmed that it does
not have jurisdiction to adjudicate claims brought by RAOS Project Oy and JSC Rosatom Energy
International (JSC REIN) against Outokumpu. This decision terminated the arbitral proceedings
with respect to Outokumpu. There may be attempts in the future to join Outokumpu in legal
disputes arising out of the terminated project.
Dispute over payment of wages in the US
On July 16, 2018, a class of plaintiffs, consisting of former and current Outokumpu Calvert mill
employees, brought a suit against Outokumpu Stainless USA, LLC in the U.S. federal district
court, alleging that the company failed to pay full wages for regular work and overtime work they
performed. The district court entered a default judgment against Outokumpu in 2021 with
respect to liability without Outokumpu having the opportunity to argue the merits of the
allegations and subsequently found Outokumpu liable to the plaintiffs for approximately USD 13
million in the aggregate, plus attorney\u2019s fees. Outokumpu unsuccessfully appealed the district
court\u2019s decision and the matter was remanded to the district court for a final judgment. On July
2, 2025, the district court issued a partial judgment requiring Outokumpu to pay the plaintiffs
approximately USD 13 million plus post-judgment interest and notify certain individuals, who
were not previously notified at the initial stages of the case, that they have a right to opt-in to
the class and receive damages payments for the relevant period. Outokumpu is now awaiting
the district court\u2019s further ruling on the damages for these additional opt-in plaintiffs,
Outokumpu\u2019s previously argued defenses, and the amount Outokumpu must pay the plaintiffs\u2019
attorneys for their fees. Outokumpu now has an approximately USD 11 million provision in
respect of this matter as approximately half of the provision was settled in July 2025.
Claim in Germany related to expired lease agreement
On January 19, 2018, Outokumpu Nirosta GmbH was served with a claim in the district court of
Krefeld for a declaratory judgment by the owner of a warehouse in Krefeld that\u00a0 Outokumpu had
leased until the end of 2016. The claim related to the responsibility for maintenance and repair
of the warehouse and amounted to EUR 19 million. The parties reached a settlement which the
court confirmed on June 4, 2025, and according to which Outokumpu has agreed to pay the
claimant in total approximately EUR 6 million in three equal installments in 2025, 2026 and
2027. The first installment was paid in June 2025. Outokumpu has an appropriate provision in
place for the remainder.
", "dimensions": { "concept": "outokumpu:DisclosureOfDisputesAndLitigations", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-596": { "value": "
6.4 Related parties
Balances and transactions within Group including parent company and its subsidiaries have
been eliminated on consolidation and are not disclosed in this note. Related party transactions
disclosed in this note include transactions with associated companies, Solidium Oy and the key
management of the company as well as their related persons and companies in which they
have control or joint control. Key management includes Leadership Team members and
members of the parent company\u2019s Board of Directors, and their remuneration is presented in
note 3.2. Commitments related to associated companies are presented in note 5.7. Principal
subsidiaries and associated companies are listed in notes 6.5 and 6.6.
Solidium Oy, a limited company fully owned by the State of Finland, owned 15.0% of Outokumpu
on December 31, 2025. Solidium\u2019s mission is to strengthen and stabilize Finnish ownership in
nationally important companies and increase the value of its holdings in the long run.
Transactions with related parties are carried out at arms-length principles.
Transactions and balances with related companies
\u20ac million
2025
2024
Sales and other operating income
97
87
Purchases
-117
-93
Dividend income
1
1
Trade and other receivables
27
25
Trade and other payables
10
11
All the transactions and balances with related companies are related to associated companies.
In 2023, Outokumpu Corporation agreed to participate in a convertible loan offered by
associated company Voimaosakeyhti\u00f6 SF to its shareholders. Outokumpu\u2019s share of the
convertible loan is EUR 14 million. The first call of the loan was in August 2023 amounting to
EUR 5 million, the second one in October 2024 totaling to EUR 3 million and the third one in
August 2025 totaling to EUR 3 million. At the end of December 2025, the loan is valued at EUR
0 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-598": { "value": "
6.5 Subsidiaries
December 31, 2025
Country
Group
holding, %
Europe
Outokumpu AS
Norway
100
Outokumpu Distribution France S.A.S.
France
100
Outokumpu Distribution Hungary Kft.
Hungary
100
Outokumpu Distribution Polska Sp. z o.o.
Poland
100
Outokumpu Europe Oy 1)
Finland
100
Outokumpu India Private Limited
India
100
Outokumpu Management (Shanghai) Co., Ltd 1)
China
100
Outokumpu Middle East FZCO
United Arab Emirates
100
Outokumpu Nirosta GmbH
Germany
100
Outokumpu N.V.
Belgium
100
Outokumpu Prefab AB
Sweden
100
Outokumpu Press Plate AB
Sweden
100
Outokumpu PSC Finland Oy
Finland
100
Outokumpu (Pty) Ltd
South Africa
100
Outokumpu S.A.
Spain
100
Outokumpu (S.E.A.) Pte. Ltd
Singapore
100
Outokumpu Shipping Oy
Finland
100
Outokumpu S.r.l.
Italy
100
Outokumpu Stainless AB
Sweden
100
Outokumpu Stainless B.V.
The Netherlands
100
Outokumpu Stainless Ltd
The United Kingdom
100
Outokumpu Stainless Oy
Finland
100
Outokumpu Stainless Pty Ltd
Australia
100
Outokumpu Stainless Steel (China) Co., Ltd
China
100
Outokumpu Tornio Infrastructure Oy
Finland
100
December 31, 2025
Country
Group
holding, %
Americas
Outokumpu Brasil Com\u00e9rcio de Metais Ltda
Brazil
100
Outokumpu Mexinox S.A. de C.V.
Mexico
100
Outokumpu Stainless USA, LLC
The United States
100
ThyssenKrupp Mexinox CreateIT, S.A. de C.V.
Mexico
100
Ferrochrome
Outokumpu Chrome Oy 1)
Finland
100
Other operations
Outokumpu Americas, Inc.
The United States
100
Outokumpu Distribution Benelux B.V.
The Netherlands
100
Outokumpu EvoCarbon GmbH
Germany
100
Outokumpu Holding Germany GmbH 1)
Germany
100
Outokumpu Holding Nederland B.V. 1)
The Netherlands
100
Outokumpu Mining Oy
Finland
100
Outokumpu Stainless Holding GmbH
Germany
100
Outokumpu Stainless UAB
Lithuania
100
Viscaria AB 1)
Sweden
100
Visenta F\u00f6rs\u00e4krings AB
Sweden
100
This list does not include all dormant companies. In addition, Outokumpu has branch offices in Portugal,
South Korea, Taiwan, Thailand, the United Kingdom, Turkey and Vietnam.
1) Shares and stock fully held by the parent company
6.6 Associated companies
Industry
Domicile
Ownership, %
CRONIMET North-East GmbH
Scrap metal trading
Germany
10
Envigas AB
Energy
Sweden
21
Manga LNG Oy
Energy
Finland
45
OSTP Holding Oy
Metals processing
Finland
49
Voimaosakeyhti\u00f6 SF
Energy
Finland
23
Investments in associates
\u20ac million
2025
2024
Investments in associated companies on Jan 1
77
62
Additions
\u2014
13
Dividends
-1
-1
Share of the profit (+) /loss (-) for the period
4
3
Other comprehensive income
0
0
Translation differences
0
0
Investments in associated companies on Dec 31
79
77
See the commitments related to the associated companies in note 5.7.
The carrying amounts of individual associated companies are immaterial in the Group's
consolidated Financial Statements.
Outokumpu is a minority shareholder in its associated company Voimaosakeyhti\u00f6 SF, which is
the majority shareholder of Fennovoima Oy. The value of the investment in Voimaosakeyhti\u00f6 SF
is EUR 0 million at the end of December 2025 (Dec 31, 2024: EUR 0 million).
In January 2024, Outokumpu acquired a 10% shareholding in the German company CRONIMET
North-East GmbH. CRONIMET is reported as an associated company using the equity
accounting method.
Management judgments
\"image.png\"
Significant influence
Management judgment is applied when assessing whether Outokumpu has significant influence
over another company. Consideration is given to whether Outokumpu has the ability to
participate in significant financial and operating policy decisions through contractual
arrangements or agreements, and whether such arrangements confer significant influence.
Accounting principles
\"image.png\"
Companies where Outokumpu generally holds voting rights of 20\u201350% or in which Outokumpu
otherwise has significant influence, but not control, are included in the consolidated Financial
Statements as associated companies, and they are accounted for using the equity method from
the date significant influence was obtained until it ceases.
The Group\u2019s share of the associated company\u2019s net result for the period is separately
disclosed below Operating profit (EBIT) in the consolidated statement of income. Outokumpu\u2019s
share of changes recognized in the associated company\u2019s other comprehensive income is
recognized in the Group\u2019s other comprehensive income.
If Outokumpu\u2019s share of the associated company\u2019s losses exceeds the carrying amount of
the investment, the investment is recognized at zero value in the statement of financial position
and recognition of further losses is discontinued, except to the extent that the Group has
incurred obligations in respect of the associated company. The interest in an associated
company comprises the carrying amount of the investment under the equity method together
with any long-term interest that, in substance, forms a part of the net investment in the
associated company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-597": { "value": "
6.5 Subsidiaries
December 31, 2025
Country
Group
holding, %
Europe
Outokumpu AS
Norway
100
Outokumpu Distribution France S.A.S.
France
100
Outokumpu Distribution Hungary Kft.
Hungary
100
Outokumpu Distribution Polska Sp. z o.o.
Poland
100
Outokumpu Europe Oy 1)
Finland
100
Outokumpu India Private Limited
India
100
Outokumpu Management (Shanghai) Co., Ltd 1)
China
100
Outokumpu Middle East FZCO
United Arab Emirates
100
Outokumpu Nirosta GmbH
Germany
100
Outokumpu N.V.
Belgium
100
Outokumpu Prefab AB
Sweden
100
Outokumpu Press Plate AB
Sweden
100
Outokumpu PSC Finland Oy
Finland
100
Outokumpu (Pty) Ltd
South Africa
100
Outokumpu S.A.
Spain
100
Outokumpu (S.E.A.) Pte. Ltd
Singapore
100
Outokumpu Shipping Oy
Finland
100
Outokumpu S.r.l.
Italy
100
Outokumpu Stainless AB
Sweden
100
Outokumpu Stainless B.V.
The Netherlands
100
Outokumpu Stainless Ltd
The United Kingdom
100
Outokumpu Stainless Oy
Finland
100
Outokumpu Stainless Pty Ltd
Australia
100
Outokumpu Stainless Steel (China) Co., Ltd
China
100
Outokumpu Tornio Infrastructure Oy
Finland
100
December 31, 2025
Country
Group
holding, %
Americas
Outokumpu Brasil Com\u00e9rcio de Metais Ltda
Brazil
100
Outokumpu Mexinox S.A. de C.V.
Mexico
100
Outokumpu Stainless USA, LLC
The United States
100
ThyssenKrupp Mexinox CreateIT, S.A. de C.V.
Mexico
100
Ferrochrome
Outokumpu Chrome Oy 1)
Finland
100
Other operations
Outokumpu Americas, Inc.
The United States
100
Outokumpu Distribution Benelux B.V.
The Netherlands
100
Outokumpu EvoCarbon GmbH
Germany
100
Outokumpu Holding Germany GmbH 1)
Germany
100
Outokumpu Holding Nederland B.V. 1)
The Netherlands
100
Outokumpu Mining Oy
Finland
100
Outokumpu Stainless Holding GmbH
Germany
100
Outokumpu Stainless UAB
Lithuania
100
Viscaria AB 1)
Sweden
100
Visenta F\u00f6rs\u00e4krings AB
Sweden
100
This list does not include all dormant companies. In addition, Outokumpu has branch offices in Portugal,
South Korea, Taiwan, Thailand, the United Kingdom, Turkey and Vietnam.
1) Shares and stock fully held by the parent company
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-600": { "value": "
6.6 Associated companies
Industry
Domicile
Ownership, %
CRONIMET North-East GmbH
Scrap metal trading
Germany
10
Envigas AB
Energy
Sweden
21
Manga LNG Oy
Energy
Finland
45
OSTP Holding Oy
Metals processing
Finland
49
Voimaosakeyhti\u00f6 SF
Energy
Finland
23
Investments in associates
\u20ac million
2025
2024
Investments in associated companies on Jan 1
77
62
Additions
\u2014
13
Dividends
-1
-1
Share of the profit (+) /loss (-) for the period
4
3
Other comprehensive income
0
0
Translation differences
0
0
Investments in associated companies on Dec 31
79
77
See the commitments related to the associated companies in note 5.7.
The carrying amounts of individual associated companies are immaterial in the Group's
consolidated Financial Statements.
Outokumpu is a minority shareholder in its associated company Voimaosakeyhti\u00f6 SF, which is
the majority shareholder of Fennovoima Oy. The value of the investment in Voimaosakeyhti\u00f6 SF
is EUR 0 million at the end of December 2025 (Dec 31, 2024: EUR 0 million).
In January 2024, Outokumpu acquired a 10% shareholding in the German company CRONIMET
North-East GmbH. CRONIMET is reported as an associated company using the equity
accounting method.
Management judgments
\"image.png\"
Significant influence
Management judgment is applied when assessing whether Outokumpu has significant influence
over another company. Consideration is given to whether Outokumpu has the ability to
participate in significant financial and operating policy decisions through contractual
arrangements or agreements, and whether such arrangements confer significant influence.
Accounting principles
\"image.png\"
Companies where Outokumpu generally holds voting rights of 20\u201350% or in which Outokumpu
otherwise has significant influence, but not control, are included in the consolidated Financial
Statements as associated companies, and they are accounted for using the equity method from
the date significant influence was obtained until it ceases.
The Group\u2019s share of the associated company\u2019s net result for the period is separately
disclosed below Operating profit (EBIT) in the consolidated statement of income. Outokumpu\u2019s
share of changes recognized in the associated company\u2019s other comprehensive income is
recognized in the Group\u2019s other comprehensive income.
If Outokumpu\u2019s share of the associated company\u2019s losses exceeds the carrying amount of
the investment, the investment is recognized at zero value in the statement of financial position
and recognition of further losses is discontinued, except to the extent that the Group has
incurred obligations in respect of the associated company. The interest in an associated
company comprises the carrying amount of the investment under the equity method together
with any long-term interest that, in substance, forms a part of the net investment in the
associated company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-599": { "value": "
6.6 Associated companies
Industry
Domicile
Ownership, %
CRONIMET North-East GmbH
Scrap metal trading
Germany
10
Envigas AB
Energy
Sweden
21
Manga LNG Oy
Energy
Finland
45
OSTP Holding Oy
Metals processing
Finland
49
Voimaosakeyhti\u00f6 SF
Energy
Finland
23
Investments in associates
\u20ac million
2025
2024
Investments in associated companies on Jan 1
77
62
Additions
\u2014
13
Dividends
-1
-1
Share of the profit (+) /loss (-) for the period
4
3
Other comprehensive income
0
0
Translation differences
0
0
Investments in associated companies on Dec 31
79
77
See the commitments related to the associated companies in note 5.7.
The carrying amounts of individual associated companies are immaterial in the Group's
consolidated Financial Statements.
Outokumpu is a minority shareholder in its associated company Voimaosakeyhti\u00f6 SF, which is
the majority shareholder of Fennovoima Oy. The value of the investment in Voimaosakeyhti\u00f6 SF
is EUR 0 million at the end of December 2025 (Dec 31, 2024: EUR 0 million).
In January 2024, Outokumpu acquired a 10% shareholding in the German company CRONIMET
North-East GmbH. CRONIMET is reported as an associated company using the equity
accounting method.
Management judgments
\"image.png\"
Significant influence
Management judgment is applied when assessing whether Outokumpu has significant influence
over another company. Consideration is given to whether Outokumpu has the ability to
participate in significant financial and operating policy decisions through contractual
arrangements or agreements, and whether such arrangements confer significant influence.
Accounting principles
\"image.png\"
Companies where Outokumpu generally holds voting rights of 20\u201350% or in which Outokumpu
otherwise has significant influence, but not control, are included in the consolidated Financial
Statements as associated companies, and they are accounted for using the equity method from
the date significant influence was obtained until it ceases.
The Group\u2019s share of the associated company\u2019s net result for the period is separately
disclosed below Operating profit (EBIT) in the consolidated statement of income. Outokumpu\u2019s
share of changes recognized in the associated company\u2019s other comprehensive income is
recognized in the Group\u2019s other comprehensive income.
If Outokumpu\u2019s share of the associated company\u2019s losses exceeds the carrying amount of
the investment, the investment is recognized at zero value in the statement of financial position
and recognition of further losses is discontinued, except to the extent that the Group has
incurred obligations in respect of the associated company. The interest in an associated
company comprises the carrying amount of the investment under the equity method together
with any long-term interest that, in substance, forms a part of the net investment in the
associated company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-601": { "value": "
Accounting principles
\"image.png\"
Companies where Outokumpu generally holds voting rights of 20\u201350% or in which Outokumpu
otherwise has significant influence, but not control, are included in the consolidated Financial
Statements as associated companies, and they are accounted for using the equity method from
the date significant influence was obtained until it ceases.
The Group\u2019s share of the associated company\u2019s net result for the period is separately
disclosed below Operating profit (EBIT) in the consolidated statement of income. Outokumpu\u2019s
share of changes recognized in the associated company\u2019s other comprehensive income is
recognized in the Group\u2019s other comprehensive income.
If Outokumpu\u2019s share of the associated company\u2019s losses exceeds the carrying amount of
the investment, the investment is recognized at zero value in the statement of financial position
and recognition of further losses is discontinued, except to the extent that the Group has
incurred obligations in respect of the associated company. The interest in an associated
company comprises the carrying amount of the investment under the equity method together
with any long-term interest that, in substance, forms a part of the net investment in the
associated company.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-602": { "value": "
6.8 Events after the balance sheet date
On January 19, 2026, Outokumpu announced the proposals of the Shareholders' Nomination
Board to the Annual General Meeting 2026. The Shareholders\u2019 Nomination Board proposes that
the Board of Directors would consist of 10 members or, if one or more of the candidates
proposed are unavailable, a correspondingly smaller number. The Nomination Board proposes
that the current members of the Board of Directors Hilde Merete Aasheim, Heinz J\u00f6rg
Fuhrmann, Olavi Huhtala, Kari Jordan, P\u00e4ivi Luostarinen, Jyrki M\u00e4ki-Kala, Petter S\u00f6derstr\u00f6m and
Julia Woodhouse would be re-elected, and that Timo Ritakallio and Jenni Lukander would be
elected as new members, all for the term of office ending at the end of the next Annual General
Meeting. The Nomination Board also proposes that Kari Jordan would be re-elected as the
Chairman and Timo Ritakallio elected as the Vice Chairman of the Board of Directors.
On January 8, 2026, Outokumpu announced it has signed a Memorandum of Understanding
with Norsk e-Fuel, a Nordic pioneer in Power-to-Liquid project development, to work together
towards realizing a CO-to-SAF (Sustainable Aviation Fuel) production plant. Norsk e-Fuel starts a
feasibility study in 2026 and anticipates taking an investment decision around 2028, with
production start planned for 2032. Outokumpu would provide carbon monoxide (CO) side
streams from its ferrochrome production as a feedstock for the production of 80,000-100,000
tons of eSAF annually. The plant would be located next to Outokumpu\u2019s stainless steel mill in
Koivuluoto, Tornio, Finland and once operational, it would create financial value for Outokumpu
through increased side stream utilization. The project will support Outokumpu\u2019s decarbonization
journey by allowing the company to reduce direct CO\u2082 emissions by 200,000 tons annually,
representing 20% of Outokumpu's global direct emissions.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5493009YRUJJDCFF0R80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }