Cinkarna Celje Outperforms Plan and Moves Forward with a Balanced Approach
11. 11. 2026
Cinkarna Celje Outperforms Plan and Moves Forward with a Balanced Approach
In accordance with the Rules of the Ljubljana Stock Exchange, d.d., Ljubljana, and the applicable legislation, CINKARNA Celje, d.d., Kidričeva ulica 26, 3000 Celje, hereby publishes its Unaudited Report on Cinkarna Celje Performance for January–September 2026.
In the first nine months of 2026, Cinkarna Celje exceeded its planned net profit despite challenging conditions in the international economic environment, while maintaining profitable operations and a sound financial position. The result confirms the Company’s resilience, as it continues to pursue carefully considered development and investment activities despite subdued demand in its key markets, pricing pressures, and high costs of both energy and key raw materials.
Sales revenue amounted to EUR 154.6 million, representing a decrease of 2% compared with the corresponding period of 2025. The decrease was primarily attributable to lower selling prices of titanium dioxide, while sales volumes of the Company’s core product were 2.7% higher than in the comparable period of the previous year.
EBITDA amounted to EUR 28 million, while the EBITDA margin stood at 18.1%. The Company generated net profit of EUR 13.8 million, representing a decrease of 16% compared with the first nine months of 2025, but exceeding the level planned for the reporting period. Net profit above the planned level, combined with the maintenance of a strong EBITDA margin, demonstrates the stability of the Company’s operations despite increased cost and pricing pressures.
Aleš Skok, President of the Management Board of Cinkarna Celje, commented: “In the first nine months, we exceeded the business plan despite challenging market conditions, while maintaining strong profitability and a robust financial position. This is a result of which we are justifiably proud. Our performance confirms that Cinkarna Celje remains resilient, prudent in its decision-making and focused on development, even during a less favourable phase of the market cycle. At the same time, we have retained the capacity to continue investing and implementing our planned development projects. Nevertheless, conditions remain uncertain. In addition to subdued demand and high energy prices, we are also facing high prices of certain strategic raw materials, particularly sulphur, which is an important input in our production process. Uncertainty is further heightened by geopolitical developments and extreme weather conditions, particularly drought. We therefore remain prudent in our future decisions.”
Market and cost pressures remain significant. The European titanium dioxide market continues to be characterised by subdued demand, cautious purchasing policies among customers and competitive pressures. Contract prices increased in the third quarter, but primarily in response to rising costs. The price increases achieved therefore did not fully offset higher procurement costs for energy, transportation and, in particular, sulphur and sulphuric acid. Conditions in the sulphur market remain a significant challenge for sulphate-process titanium dioxide producers. Cost and supply risks are being further heightened by geopolitical developments in the Middle East. A more sustained improvement in market conditions will depend primarily on a recovery in end-user demand.
The Company’s other sales programmes also recorded varying trends. Sales of coatings and masterbatches increased by 2% year on year, primarily due to higher masterbatch sales in international markets. Sales in the agro programme decreased by 20% due to lower sales volumes resulting from drought conditions. Polymer sales were also lower, although the comparison was significantly affected by the high base recorded in the previous year, which was associated with larger projects in the regional pharmaceutical industry.
In planning for the coming period, the Company is taking into account conditions in the industry, high prices of strategic raw materials and the planned major overhaul of its core production programme. The Company will continue to adapt its business and investment decisions to actual market developments.
Financial strength supports continued development. Cinkarna Celje maintains an exceptionally low level of financial indebtedness and a strong capital structure. At the end of September, equity amounted to EUR 216.5 million, representing 83% of total equity and liabilities, while the financial debt ratio stood at 0.4 per mille. The Company’s financial stability enables it to continue implementing strategic investments and development projects even during a less favourable phase of the industrial cycle. In the first nine months of 2026, the Company allocated EUR 9.1 million to investments in property, plant and equipment, and replacement equipment. Investments were primarily focused on production reliability, improved energy efficiency and resilience, product quality, environmental infrastructure, the modernisation of production processes and long-term competitiveness. Development activities focused on the more efficient use of energy and raw materials, improving production yields and developing new potential applications for by-products. Key projects continue to include integrated water management, waste acid processing, the valorisation of red gypsum and the cogeneration of electricity.
The Company also builds its long-term presence in the local environment through transparent and carefully considered support for high-quality projects that contribute to the development of the local community and a better quality of life.
Among the top 2% of companies assessed by EcoVadis. The quality of the Company’s sustainability management is further confirmed by this year’s result in the international EcoVadis assessment. Cinkarna Celje received an EcoVadis Gold Medal for the second consecutive year and, with its placement in the 98th percentile, ranked among the top 2% of companies assessed worldwide. The Company improved its performance across all four assessment areas: environment, labour and human rights, ethics, and sustainable procurement. Its highest score was achieved in the environmental category. The result represents important international recognition that Cinkarna Celje systematically integrates its sustainability commitments into its governance, processes and development decisions.
Planned Succession on the Management Board. At its meeting held on 10 November 2026, the Company’s Supervisory Board adopted a resolution appointing Boštjan Podkrajšek, Director of the Company’s Maintenance and Energy Business Unit, as Management Board Member – Technical Director following the expiry of the term of office of the current Management Board Member – Technical Director, Nikolaja Podgoršek-Selič, who meets the conditions for retirement and whose term of office expires on 31 March 2027. He will assume the position on 1 April 2027.
By appointing a successor in a timely manner, the Company reaffirms its commitment to responsible corporate governance, predictable leadership, and the long-term stability and continuity of its operations and development. This is a planned internal succession based on extensive experience, professional development and in-depth knowledge of the Company’s business, technological and development processes. The transition period will be dedicated to the systematic transfer of knowledge, experience and responsibilities, ensuring uninterrupted continuity in management and in the implementation of the Company’s development priorities. The current Management Board Member will continue to perform her duties in full until the expiry of her term of office. The appointment does not affect the implementation of the adopted strategy, the Company’s development priorities or its operations.
Further details on the operations of Cinkarna Celje, d. d., are provided in the Unaudited Report on the Company’s Performance for the Period from 1 January to 30 September 2026. The report was reviewed and approved by the Company’s Supervisory Board at its meeting held on 10 November 2026.
The report will be available on the Company's website as of 11 November 2026 and will remain available for a period of at least 5 years from the date of publication.
Management Board
Cinkarna Celje, d.d.