First nine months of 2026
12.11.2026 | Salzgitter AG
The Salzgitter Group lifts its earnings performance significantly in the first nine months of 2026
- All business units report improved earnings, with a major contribution from the Aurubis participation
- Integration of Hüttenwerke Krupp Mannesmann into the Salzgitter Group under way
- After only nine months, the P28 profit improvement program already outperforming the 2026 full-year target with sustainable effects of € 146 million
The economic environment remained subdued. A generally lackluster economic trend was compounded by a lack of growth stimuli in Germany and Europe. At the same time, the revised European trade defense measures and the introduction of CBAM improved the framework conditions for Europe’s steel industry. Against this backdrop, the Salzgitter Group recorded significantly better earnings in the first nine months of 2026. Flanked by a strong contribution from the participating interest in Aurubis, all business units contributed to this performance. The full takeover of Hüttenwerke Krupp Mannesmann GmbH (HKM) in the third quarter marked the completion of a strategically important step for our steel activities, with the integration of the company into the Salzgitter Group now under way. By the end of September, our P28 profit improvement program had already generated sustainable effects of € 146 million, thereby significantly exceeding the 2026 fullyear target of € 122 million.
In the first nine months of 2026, the Salzgitter Group lifted its external sales to € 7.3 billion (9M 2025: € 6.9 billion). This was primarily attributable to HKM, which was fully consolidated into Salzgitter AG’s consolidated financial statements for the first time in the third quarter of 2026. In addition, sales increased due to higher selling prices. EBITDA VX rose to € 659.1 million (9M 2025: € 224.0 million), and EBT VX advanced to € 353.5 million (9M 2025: € – 72.7 million). These figures include an earnings contribution of € 252.0 million (9M 2025: € 83.5 million) from Aurubis AG, a participating interest included at equity. Factoring in the valuation effects amounting to € – 124.2 million from the bond exchangeable into the shares of Aurubis AG, EBITDA stood at € 534.9 million (9M 2025: € 224.0 million), and earnings before taxes at € 229.3 million (9M 2025: € – 72.7 million). Based on an after-tax profit of € 177.2 million (9M 2025: € – 46.5 million), earnings per share came in at € 3.09 (9M 2025: € – 0.93). As of September 30, 2026, the net financial position amounted to € – 708.8 million (9M 2025: € – 810.9 million). The return on capital employed net of earnings effects in connection with the valuation of the exchangeable bond (ROCE VX) stood at 7.1 % (9M 2025: – 0.4 %).
In view of the manifold geopolitical uncertainties, forecasting reliability, along with the economic developments going forward and the valuation of listed assets, is limited in the final quarter. Based on the development of business, including the third quarter of 2026, and taking account of effects from changes in the group of consolidated companies following the completion of acquiring 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 € 800 million and € 875 million,
- EBT VX of between € 400 million and € 475 million, as well as
- ROCE VX that marginally exceeds 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. Guidance for the Group is based on adjusted performance indicators (VX) in which the earnings effects from the valuation of the bond exchangeable into the shares of Aurubis AG are eliminated.
As Gunnar Groebler, Chief Executive Officer of Salzgitter AG, stated: “The development in the first nine months shows that we are on the right track. The results have improved across all our business units. Our P28 profit improvement program that had already exceeded its target for the whole year after only nine months also contributed to this performance. In completing the full acquisition of HKM, we have taken a strategically important step for our steel activities. This measure has enabled us to secure a significant steel production capacity for the long term and to take the lead in shaping the site’s transformation toward CO2-reduced production. What counts is implementing the integration successfully and leveraging the associated potential. What really matters is that we start the financial year 2027 from a strengthened position. Our operational development is going in the right direction and, with CBAM and the new trade defense instrument, the framework conditions so important for Europe’s steel industry have improved. The lack of growth momentum and energy prices that are not competitive in an international comparison nevertheless remain a huge challenge. Despite these burdens, and from today’s standpoint, we are looking ahead to 2027 with cautious optimism.”
We make reference to the fact that criteria of the annual financial statements and opportunities and risks, including changes in the cost of raw materials, precious metal prices and exchange rates, may still have a considerable impact on the end of the financial year 2026.
The complete report released on the results of the first nine months of 2026 can be viewed at:
https://www.salzgitter-ag.com/en/investor-relations/news-and-publications.html
Contact for our shareholders / capital market:
Markus Heidler
Head of Investor Relations
Phone: +49 (0) 5341 21-1852
heidler.m@salzgitter-ag.de
Contact for journalists / the press:
Thorsten Moellmann
Head of Group Communication & Brand
Phone: +49 (0) 5341 21-2300
moellmann.t@salzgitter-ag.de
Disclaimer: Some of the statements made in this report possess the character of forecasts or may be interpreted as such. These are made to the best of the Company’s knowledge and judgment, and by their nature are subject to the proviso that no unforeseeable deterioration occurs in the economy or in the specific market situation pertaining to the business units’ companies, but rather that the underlying bases of plans and outlooks prove to be accurate as expected with regards to their scope and timing. Notwithstanding prevailing statutory provisions and capital market law in particular, the Company accepts no obligation to continuously update any forward-looking statements that are made solely in connection with circumstances prevailing on the day of their publication.