SGL Carbon: Soft Near-Term Results vs. Improving Post-Restructuring Outlook Support Hold Rating

Henrik Paganetty, an analyst from Jefferies, maintained the Hold rating on SGL Carbon. The associated price target remains the same with €3.00.

Henrik Paganetty has given his Hold rating due to a combination of factors, balancing weaker near‑term performance with more promising medium‑term prospects. The company’s Q4 results were soft, with both revenue and adjusted EBITDA declining year over year and missing market expectations, largely because of the restructuring in Carbon Fibers and subdued demand in semiconductor and automotive markets.

At the same time, SGL Carbon’s 2026 EBITDA guidance sits slightly above consensus, and the completed exit from the loss‑making Carbon Fibers segment should support profitability from 2026 onward. Furthermore, the company’s 2030 targets imply meaningful growth in revenue and margins, including contributions from newly identified applications, but the gap between current trading conditions and long‑term ambitions justifies a neutral, wait‑and‑see stance rather than a more aggressive rating change.