CELSA Group caps 28-month turnaround with return to profit in Q1 2026
- The company concludes the transformation process launched in September 2023 with the full refinancing of its debt in December 2025, and swings to profit in Q1 2026.
- EBITDA grew steadily to reach €396 million in 2025 (+44% vs. 2024), with a margin on sales that rose from 12% for the full year to 16% in the first quarter of 2026.
- Following the December refinancing, net debt fell 70% versus pre-restructuring levels, bringing leverage to 2.4x and reducing annual financing costs by approximately €80 million.
- CELSA Group invested €183 million in 2025, up 60% year-on-year, fully funded through equity.
Barcelona, 30 April 2026.- CELSA Group, a leading producer of low-emission circular steel, presented today its results for the 2025 financial year and the first quarter of 2026, marking the completion of the operational and financial transformation process initiated in September 2023. Rafael Villaseca, Chairman of CELSA Group, and Jordi Cazorla, CEO of CELSA Group, have today announced the company’s very positive performance in the first quarter of 2026.
In 28 months, the company moved from a situation of profound restructuring to presenting a solid, sustainable and profitable industrial model, with a positive net result of €18 million in the first quarter of 2026 and a trajectory of steady EBITDA growth. The results reflect the successful execution of the Group’s four strategic priorities: improving operating performance; reducing debt and its cost; strengthening commitment to sustainability and circularity; and implementing best-in-class corporate governance.
Debt refinancing marks the end of the transformation process
The transformation process launched in September 2023, after the sanction ruling of the Restructuring Plan, has been successfully completed. In December 2025, Celsa completed the comprehensive refinancing of its debt, which includes the issuance of €1.2 billion in green bonds in two tranches, a new €200 million credit facility, and an €800 million contribution from shareholders (€200 million in capital increase and €600 million in subordinated loans). Goldman Sachs, Barclays and J.P. Morgan acted as global coordinators for the bond issuance transaction, alongside several other financial institutions, and Houlihan Lokey served as the Group’s financial advisor in the refinancing process.
The Celsa Group’s net debt has been reduced by €2.544 billion, 70% below the pre-restructuring level, moving from €3.689 billion in November 2023 (8.4x) to €1.145 billion in December 2025 after
senior refinancing (2.4x). In addition, the annual financial cost is cut by approximately €80 million. Furthermore, the Group’s net debt has halved compared with the same period the previous year, moving from €2.243 billion in the first quarter of 2025 to €1.173 billion in the first quarter of 2026, a 48% decline.
Solid growth in 2025 despite a challenging market
In 2025, steel demand in the European Union showed the first signs of stabilisation after three consecutive years of decline, rebounding by 2.4%. However, European steel production fell to a historic low of 125.8 million tonnes, compared with 130 million in 2024.
In this challenging environment, Celsa increased its sales volume by 3.2% in 2025, rising from 4.211 to 4.346 million tonnes, consolidating growth above the overall market following a 0.6% increase in 2024.
The audited consolidated annual accounts of Celsa Steel, S.A. reflect the clear performance improvement: revenue of €3.347 billion, EBITDA of €396 million (44% higher than in 2024, representing a 12% margin on sales, which rises to 16% in the first quarter of 2026), a positive operating result of €156 million (142% higher), a 49% improvement in the consolidated net result, and net equity reaching €322 million (83% higher than in 2024).
The Value Creation Plan is running 44% ahead of schedule
The Value Creation Plan, launched in June 2024, is progressing at a pace clearly above the initial forecast. As of December 2025, Celsa had captured €115 million of EBITDA, 44% above the €80 million initially projected for that date, representing 79% of the plan’s total target achieved by December 2025.
The target has been raised to €174 million of additional annual EBITDA, exceeding the initial target by €28 million. The plan currently comprises 263 initiatives, involves 110 people across the organisation, and represents an investment of €109 million fully funded by the current shareholders, demonstrating their commitment to the Company’s future.
Record €183 million investment in 2025 with no new debt
CELSA Group invested €183 million in 2025, up 60% year-on-year, marking the highest level of capital deployment in the company’s recent history. All investments were fully equity-funded, supported in part by €109 million in capital increases from shareholders.
The investment has been deployed across all the Group’s plants, strengthening its industrial footprint in Spain. Part of this investment has reinforced the Group’s vertical integration, and will be complemented by the commissioning of a new rebar production centre in Miranda de Ebro in September 2026, with an initial processing capacity of 8,000 tonnes per year.
Over the last two years, Celsa has also allocated more than €35 million to safety initiatives at its production centres and €32 million to R&D.
Celsa consolidates its leadership in sustainability and circularity
CELSA Group significantly strengthened its sustainability commitment in 2025. In December, the company approved its new 2030 Sustainability Roadmap, structured around four pillars: environment, circularity, people and governance. The plan includes new 2030 targets for climate change, circularity, safety and governance.
The Science Based Targets initiative (SBTi) has validated that Celsa’s new 2030 decarbonisation targets are aligned with scientific recommendations and with the Paris Agreement. The Carbon Disclosure Project (CDP) has rated the Group’s climate change management with an A– score, corresponding to a global leadership level.
ABOUT CELSA GROUP
Celsa is the leading European producer of low-emission circular steel, with the largest circular supply chain in Europe. It recycles ferrous scrap to produce steel in electric arc furnaces, using the most sustainable and energy-efficient technology available.
The company is composed of several business groups and operates a range of sites, including steel mills, rolling mills and recycling plants (circular hubs), together with processing and distribution companies, generating direct and indirect employment for more than 5,000 professionals across Europe.
celsagroup.com
For further information:
Nuria Jiménez, njimenez@kreab.com; 693 33 80 47
