Steel Production, Trading and Technology business units all deliver strong Performance Result decisively impacted by the high contribution from the participation in Aurubis P28 profit improvement program contributes € 97 million in additional earnings effects The Salzgitter Group delivered an encouraging performance in the first half of 2026. The main drivers included an exceptionally high earnings contribution from the participating interest in Aurubis and significantly improved results from our Steel Production, Trading and Technology business units when compared with the year-earlier period. Geopolitical uncertainties, especially as a consequence of the war in the Middle East, burdened the steel-related activities. The P28 profit improvement program also made a significant contribution to earnings, having generated an additional € 97 million in savings. The group’s net financial position stood at € –792 million at the end of June. That was stable when compared to the same point in 2025, despite the high level of ongoing investments, particularly those associated with the first stage of our SALCOS® decarbonization program. The Salzgitter Group’s external sales stood at € 4.6 billion in the first six months of 2026 (H1 2025: € 4.7 billion), thereby dropping marginally below the previous year’s level. At € 459.0 million (H1 2025: € 116.8 million), EBITDA VX significantly outperformed in a year-on-year comparison, as did EBT VX (€ 257.6 million; H1 2025: € –83.8 million). This result includes a contribution of € 193.0 million (H1 2025: € 71.5 million) from the participating investment in Aurubis AG included at equity (IFRS accounting). Including the valuation effects amounting to € –181.3 million from the bond exchangeable into the shares of Aurubis AG, the Salzgitter Group delivered EBITDA of € 277.7 million (H1 2025: € 116.8 million) and a pre-tax profit of € 76.3 million (H1 2025: € –83.8 million). The after-tax result stood at € 43.5 million (H1 2025: € –88.9 million), which brings basic earnings per share to € 0.74 (H1 2025: € –1.68). The return on capital employed net of earnings effects in connection with the valuation of the exchangeable bond (ROCE VX) rose significantly to 8.6 %
(H1 2025: –1.6 %). External sales by business unit (EUR million):
| | H1 2026 | H1 2025 |
| Steel Production | 1,739.6 | 1,704.7 |
| Steel Processing | 606.1 | 597.6 |
| Trading | 1,266.1 | 1,430.1 |
| Technology | 876.0 | 844.8 |
| Industrial Participations / Consolidation | 100.1 | 87.4 |
| Group | 4,588.0 | 4,664.7 |
EBITDA by business unit (EUR million):
| | H1 2026 | H1 2025 |
| Steel Production | 159.0 | 65.6 |
| Steel Processing | -12.5 | -39.8 |
| Trading | 50.6 | 25.2 |
| Technology | 81.1 | 69.5 |
| Industrial Participations / Consolidation | -0.6 | -3.7 |
| Group | 277.7 | 116.8 |
Earnings before taxes (EBT) by business unit (EUR million):
| | H1 2026 | H1 2025 |
| Steel Production | 50.4 | -55.6 |
| Steel Processing | -39.9 | -63.4 |
| Trading | 37.6 | 10.9 |
| Technology | 69.1 | 54.7 |
| Industrial Participations / Consolidation | -40.8 | -30.3 |
| Group | 76.3 | -83.8 |
Outlook In view of the manifold geopolitical uncertainties, forecasting reliability, along with the economic development going forward and the valuation of listed assets, is limited in the second half of the year. All in all, we continue to anticipate an only moderate improvement in general business conditions. We nevertheless anticipate positive stimulus from the EU’s trade defense measures over the course of the year. Based on the development of business in the first half of 2026, and factoring in effects from changes in the group of consolidated companies following the completion of acquiring Hüttenwerke Krupp Mannesmann GmbH (HKM), we now anticipate the following for the Salzgitter Group in the financial year 2026: sales in the region of € 10.0 billion, EBITDA VX of between € 725 million and € 825 million, EBT VX of between € 325 million and € 425 million, as well a return on capital employed VX (ROCE VX) marginally above the previous year's figure. Conditional upon non-recurrent earnings effects from the purchase price allocation, HKM’s full consolidation should result in an additional earnings share in the dimensions of a mid-double-digit million euro amount in respect of EBITDA VX and EBT VX in 2026. External sales are likely to increase by a mid-triple-digit million euro amount. These assumptions have been taken into account in the guidance above. As the valuation of the exchangeable bond placed in October 2025 may result in non-operational and on occasion significant fluctuations in earnings, guidance for the Group as from the financial year 2026 will be based on adjusted key performance indicators. In calculating EBT VX (Earnings before Taxes and Valuation Exchangeable) and EBITDA VX (Earnings before Interest, Taxes, Depreciation, Amortization and Valuation Exchangeable), as well as ROCE VX (Return on Capital Employed), the earnings effects in connection with the valuation of the exchangeable bond will be eliminated. Chief Executive Officer Gunnar Groebler comments as follows: “The first six months of the financial year 2026 were significant for the Salzgitter Group and an indication of the way forward. Despite persistently challenging general business conditions and geopolitical uncertainties, we succeeded in delivering an encouraging result. What is more, we carefully prepared the ground for the full takeover of Hüttenwerke Krupp Mannesmann GmbH in the first half of the year and successfully concluded the transaction shortly after the end of the second quarter. In taking this step, we have reinforced our position in the steel business. At the same time, completing the sale of Klöckner DESMA Elastomertechnik marked another step in our active portfolio management.” As Chief Financial Officer Birgit Potrafki elaborates further: “The results for the first six months were excellent given the challenging geopolitical and economic conditions. Our Aurubis stake made another strong earnings contribution and good progress with our performance and restructuring programs also lifted our performance. By the end of June, our P28 profit improvement program had made a sustainable contribution of € 97 million. We had therefore achieved most of our 2026 target of € 122 million by mid-year, which serves to highlight the outstanding effectiveness of our measures. The cumulative effects since the program was launched now amount to just nearly € 350 million of the total long-term target of € 575 million. The strong development of business in the first half of the year, and the effects from the full inclusion of HKM, prompted us in mid-July to revise our guidance for the financial year 2026 upward again. Prospects for our financial position are similarly pleasing: despite the full takeover of HKM, we confirm our expectation for net financial debt slightly above € 1 billion by the end of 2026.” As in recent years, please note that opportunities and risks from currently unforeseeable trends in selling prices, input material prices and capacity level developments, as well as exchange rate fluctuations, may considerably affect business performance in the course of the 2026 financial year. The complete report released on the results of the first half of 2026 can be viewed at:
https://www.salzgitter-ag.com/en/investor-relations/news-and-publications/reports.html.
Contact:
Markus Heidler
Head of Investor Relations
Salzgitter AG
Eisenhüttenstraße 99
38239 Salzgitter
Phone +49 5341 21-6105
Fax +49 5341 21-2570
E-Mail ir@salzgitter-ag.de
