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Dec 31, 2025
Metallus Q4 2025 Earnings Report
Metallus reported a decrease in net sales and a net loss for the fourth quarter of 2025, with adjusted EBITDA also declining.
Key Takeaways
Metallus reported fourth-quarter 2025 net sales of $267.3 million, a decrease from $305.9 million in the sequential third quarter and an increase from $240.5 million in the prior-year fourth quarter. The company recorded a net loss of $14.3 million, or $0.34 per diluted share, and an adjusted net loss of $7.7 million, or $0.18 per diluted share. Adjusted EBITDA for the quarter was $2.4 million, significantly lower than the $29.0 million in the third quarter of 2025 and $8.3 million in the fourth quarter of 2024.
Net sales for Q4 2025 were $267.3 million, a 13% sequential decrease but an 11% increase compared to Q4 2024.
The company reported a net loss of $14.3 million and an adjusted net loss of $7.7 million for Q4 2025.
Adjusted EBITDA for Q4 2025 was $2.4 million, a significant decline from $29.0 million in Q3 2025 and $8.3 million in Q4 2024.
Ship tons decreased by 9% sequentially to 148,000 tons, but increased by 14% compared to the prior-year fourth quarter.
Revenue by Segment
Forward Guidance
Metallus anticipates a stronger start to 2026, with first-quarter adjusted EBITDA expected to increase sequentially and stronger performance in each quarter of 2026 compared to 2025, driven by increased shipments, stable pricing, and operational improvements.
Positive Outlook
- First-quarter adjusted EBITDA is expected to increase sequentially compared with the fourth quarter.
- First-quarter shipments are expected to increase approximately 10% compared with the fourth quarter, supported by continued strength in the order book.
- Annual price agreement negotiations covering approximately 70% of the order book are substantially complete, with average base price per ton expected to increase slightly throughout 2026.
- Manufacturing costs are expected to sequentially improve by approximately $10 million in the first quarter due to completed annual shutdown maintenance and higher first-quarter melt utilization.
- Planned capital expenditures for 2026 are approximately $70 million, with additional payments of $17 million expected from government funding in the first half of 2026.
Challenges Ahead
- Lead times for bar products currently extend to mid-second quarter, and tube product lead times extend to mid-third quarter, indicating potential delays for new orders.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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