Afarak Group SE, dual-listed on Nasdaq Helsinki and the London Stock Exchange, reported H1 2026 revenue of €57.1 million, down 25.9% year-on-year from €77.1 million, as weaker European demand for low-carbon ferrochrome weighed on group results. EBITDA fell 77% YoY to €1.6 million, with margin contracting to 2.8% from 9.0%, while the group swung to a net loss of €0.7 million from a €2.4 million profit in H1 2025.
Management attributed the downturn primarily to its European specialty alloys business, where consumption from the automotive and oil-and-gas sectors softened and disruptions linked to the conflicts in Iran and Ukraine affected its customer base. Processed material sold fell to 11,372 mt from 15,354 mt a year earlier, prompting the group to trim low-carbon ferrochrome output to better match weaker demand. Cash flow from operations nonetheless improved to €1.5 million from €0.1 million, and headcount held broadly steady at 625 versus 613 a year earlier.
Afarak's South African chrome ore operations proved comparatively resilient, with the group describing the segment as expected to remain stable and reporting smooth concentrate output at its new Vlaakport mine wash plant. Mined tonnage still declined 12.8% YoY to 130,256 mt from 149,410 mt, showing that even the steadier side of the business was not fully insulated from the broader downturn, though it held up markedly better than Afarak's European alloys operations.
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