Germany-based steel and metals distributor Klöckner & Co reported EBITDA before special items of EUR 63 million for the second quarter of 2026. The company's operating profitability improved significantly from EUR 46 million recorded in the first quarter of 2026, while remaining slightly below the EUR 65 million reported in the second quarter of 2025.
For the first six months of the year, EBITDA before special items totaled EUR 109 million, compared to EUR 107 million in the same period last year.
Special items weighed on profitability
Klöckner & Co said its first-half financial results were negatively impacted by a EUR 151 million impairment related to Becker Group and EUR 17 million in transaction costs associated with the planned business combination with Worthington Steel.
Including these effects, the company's first-half EBITDA amounted to negative EUR 67 million.
The company reported a net loss of EUR 268 million in the second quarter, compared to a net profit of EUR 2 million in the same period of 2025. Earnings per share stood at negative EUR 2.70, versus EUR 0.02 a year earlier.
Sales reached EUR 1.7 billion
Second-quarter sales revenue totaled EUR 1.7 billion, up from EUR 1.6 billion in the corresponding quarter of last year.
Klöckner & Co stated that, excluding the impact of the sale of eight distribution centers in the US at the end of 2025, second-quarter sales increased by 12.1% year on year.
Shipments affected by asset sale
Total shipments reached 1.12 million metric tons in the second quarter, down from 1.16 million mt in the same period of 2025.
The company said the decline was mainly attributable to the divestment of its eight US distribution centers. Excluding this effect, group shipments increased by 3.2% year on year.
Cash flow remained positive
Cash flow from operating activities totaled EUR 10 million in the second quarter, compared to EUR 75 million in the same period last year.
Following net cash outflows of EUR 3 million for investments, free cash flow amounted to EUR 7 million. In the second quarter of 2025, free cash flow stood at EUR 44 million.
Key date for Worthington Steel combination: August 12
Klöckner & Co stated that the planned business combination with Worthington Steel is progressing according to schedule.
The ongoing delisting offer is expected to expire at 24:00 Frankfurt time on August 12, 2026, with the delisting planned to take effect immediately after completion of the acceptance process.
Becker Group sale progressing as planned
The company also said the sale process for Becker Group is progressing as planned, adding that the transaction is an important part of its long-term strategy to focus on higher value-added products and services.
Klöckner & Co reaffirmed its full-year 2026 EBITDA before special items guidance in the range of EUR 170-250 million.
Commenting on the results, Klöckner & Co CEO Guido Kerkhoff said:
"We significantly improved our operating profit before special effects compared to the previous quarter. This result demonstrates the resilience of our business model despite challenging market conditions. With the planned business combination with Worthington Steel, we are opening a new chapter in our company's history and laying the foundation for profitable growth in North America and Europe."
Comments
No comment yet.