SGL Carbon raises 2026 EBITDA guidance on nuclear graphite and semiconductor demand, but process technology stays weak

SGL Carbon lifted its 2026 EBITDApre outlook to EUR 130-140 million from EUR 110-130 million after a strong third quarter. The company cited a ramp-up in nuclear graphite production for X-energy's small modular reactors and recovering semiconductor demand in China, especially for silicon carbide substrates. Graphite Solutions sales rose 10% to EUR 358.3 million, with EBITDApre up to EUR 72 million. SGL also secured a second $90 million order from X-energy, covering graphite for four reactors, to be delivered over three years. However, the Process Technology segment remains a drag, with sales down 27.7% to EUR 74 million and EBITDApre falling to EUR 11.2 million due to weak chemical industry demand and project delays. Management sees no meaningful recovery in 2027 based on the current order book. The company also sold its Moses Lake carbon fiber site for $70 million, helping cut net financial debt to EUR 78.5 million. Nine-month free cash flow rose to EUR 38 million, though that includes about EUR 30 million from terminating take-or-pay contracts with a silicon carbide customer.