Adahna Ekoku's questions to Outokumpu Oyj (OUTKY) leadership • Q1 2025
Question
Adahna Ekoku from Morgan Stanley asked for clarification on the Q2 shipment outlook, specifically whether the expected increase would be similar across the U.S. and Europe. She also inquired about the performance of different end markets in those regions and the company's expectations for working capital in Q2 and for the remainder of the year.
Answer
CFO Marc-Simon Schaar confirmed the 0% to 10% Q2 delivery growth guidance applies to both Europe and the Americas, noting that underlying demand remains subdued in both regions. CEO Kati ter Horst added that while there is discussion of future infrastructure and defense investments in Europe, the timing is uncertain, and a significant market pickup has not yet materialized in the Americas. Regarding working capital, Schaar guided for a stable or somewhat reducing level in Q2 but declined to provide guidance for the rest of the year.