Supplier of stainless steel & aluminum products.
Scope grew strongly in 2025, but the real test has shifted to cash quality: without better conversion of profit into cash and a clean integration of NAM, sales growth alone will not be enough.
Scope's 2025 profitability was compressed mainly by timing gaps between LME-linked metal costs and customer repricing, with the dollar acting as an amplifier of volatility rather than as the sole explanation.
NAM is not Scope's entry into the US. It is a focused bet on upgrading the American mix toward oil and gas, at a price of $30 million in cash plus up to $6 million tied to EBITDA.
Scope is not in a liquidity crisis, but 2025 showed that growth, dividends, and investment leaned more on the balance sheet and on external funding than on cash generated by the business itself.
