Core Viewpoint - Afarak Group SE has issued a profit warning, indicating a significant decrease in EBITDA for the full year 2025 despite an increase in revenue [1] Group 1: Financial Performance - The company reported revenue of 141.3 million Euro for 2025, but EBITDA is expected to be approximately 0.7 million Euro, a decline from 2.6 million Euro in 2024 [1] - The expected recovery in the stainless steel market did not occur in the second half of 2025, leading to continued pricing pressure and negatively impacting margins in the low carbon ferrochrome business [4] Group 2: Market Outlook - The market for standard grade low carbon ferro-chrome is anticipated to remain stable with modest upward potential, although a weak US dollar and cheap imports from Kazakhstan, Turkey, and India/China may hinder price increases [2] - Demand and prices in the specialty segment may see more substantial improvements [2] Group 3: Chrome Ore Business - The chrome ore business is expected to yield better margins, with plans to increase output of chrome ore concentrates in South Africa [3] - A new wash plant and solar energy plant are set to be commissioned by the end of September 2026, which will enhance production capabilities [3] - Delays in the commissioning of the Vlaakport wash plant and solar plant have been noted, with full capacity utilization expected within Q1 2026 [5]