The strong H1 results and maintained FY 2026 projections support the business combination thesis. Watch for the filing of the F-4 registration statement and shareholder vote timeline for SZZL, as the de-SPAC closing is the next major catalyst.
Price Chart
Executive Summary
Trasteel Holding S.A. reported strong H1 2026 results ahead of its planned business combination with SPAC Sizzle Acquisition Corp. II (SZZL). Total revenue grew 40% YoY to $1,192.4 million, operating profit surged 153.8% to $37.0 million, and EBITDA rose 80.8% to $50.7 million. Management also provided FY 2026 projections of $2.1-$2.5 billion in revenue and $80-85 million in EBITDA, consistent with the business combination narrative.
Key Financial Metrics
Key Facts
- H1 2026 total revenue of $1,192.4 million, up 40.0% YoY
- H1 2026 gross profit of $105.9 million, up 36.9% YoY
- H1 2026 operating profit of $37.0 million, up 153.8% YoY
- H1 2026 EBITDA of $50.7 million, up 80.8% YoY
- FY 2026 projections: revenue $2.1-$2.5 billion, gross profit $200 million, EBITDA $80-85 million
- Trasteel took over La Magona plant in Piombino, Italy on Oct 1, 2026, targeting >500,000 tons production by end of 2027
- Completed acquisition of remaining 40% of BBC Alloys on Sep 30, 2026, bringing ownership to 100%
- Established QTrasteel JV with Al Qalaa International Group on May 15, 2026 for MENA expansion
- Business combination with Sizzle II expected to close by end of 2026, combined company to list on Nasdaq under ticker TSTL
Financial Impact
H1 2026 revenue $1,192.4M (+40% YoY), EBITDA $50.7M (+80.8% YoY); FY 2026 projected revenue $2.1-2.5B, EBITDA $80-85M
Risk Factors
- Results are unaudited management figures under IFRS, not reviewed under PCAOB standards
- FY 2026 projections are forward-looking and subject to steel price cyclicality, tariff policy, and integration risks
- Business combination is subject to Sizzle II shareholder approval and customary closing conditions
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3379624 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 13, 2026 13d ago | 425 | $10.51 $10.51 | · 0.00% | ▼ −0.45% | $10.51 (+0.00%) |
Oct 13, 2026 13d ago | 8-K | $10.51 $10.51 | · 0.00% | ▼ −0.45% | $10.51 (+0.00%) |
Oct 13, 2026 13d ago | 425 | $10.51 $10.51 | · 0.00% | ▲ +1.15% | $10.51 (+0.00%) |
Oct 13, 2026 13d ago | 8-K | $10.51 $10.51 | · 0.00% | ▲ +1.15% | $10.51 (+0.00%) |
Oct 13, 2026 13d ago | Press Release | $10.51 $10.51 | · 0.00% | ▲ +1.15% | $10.51 (+0.00%) |
Oct 7, 2026 19d ago | 425 | $10.50 $10.49 | ▼ −0.10% | ▲ +0.18% | $10.51 (+0.10%) |
Oct 5, 2026 21d ago | 425 | $10.49 $10.50 | ▲ +0.14% | ▼ −0.28% | $10.51 (+0.24%) |
Oct 1, 2026 25d ago | 425 | $10.48 $10.50 | ▲ +0.19% | ▼ −0.97% | $10.51 (+0.29%) |
Oct 1, 2026 25d ago | 8-K | $10.48 $10.50 | ▲ +0.19% | ▼ −0.97% | $10.51 (+0.29%) |
Oct 1, 2026 25d ago | Press Release | $10.48 $10.50 | ▲ +0.19% | ▼ −0.97% | $10.51 (+0.29%) |
US Market Status
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