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Salzgitter (SZG) investor relations material
Salzgitter Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Sales for the first nine months of 2025 declined year-over-year due to divestments, lower prices, and reduced volumes, but a slightly positive pre-tax result was achieved in Q3 2025, the first since Q1 2024, supported by improvement programs and contributions from Aurubis and KHS Group.
The net financial position improved by EUR 78 million year-over-year, mainly due to working capital release and investment restraint.
Persistently weak economic and market conditions continue to pressure margins, though some moderate price recovery is emerging.
The company remains focused on transformation to green steel, with SALCOS phase II postponed by three years and investment decisions for further stages deferred to 2028/29.
Financial highlights
9M 2025 external sales were €6.87 billion, down €862 million year-over-year, with EBITDA at €224 million, a decrease of €97 million year-over-year.
Earnings before tax improved to -€72.7 million from -€141.2 million year-over-year, and earnings after tax at -€46.5 million, up from -€197.7 million.
Net financial position improved to €-810.9 million from €-889.4 million year-over-year.
Cash flow from operating activities was €314.6 million, a turnaround from negative in the previous year.
Net financial debt is expected to be slightly above EUR 1 billion at year-end, better than initial estimates.
Outlook and guidance
Sales guidance for 2025 is slightly above €9 billion, with EBITDA between €300–350 million and pre-tax result expected between -€100 million and -€50 million.
Net financial position for next year projected between -€1.5 billion and -€2 billion, depending on the impact of the Steel Action Plan.
Cautious optimism for 2026, supported by internal performance programs and potential EU trade measures.
ROCE anticipated to be slightly above the previous year.
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