Salzgitter (SZG) Corporate presentation summary

FY2025 profile and performance

• FY2025 external sales €9.0bn; EBT -€27.7m; workforce 22,014. Steel Production EBT -€65.6m, Steel Processing -€116.5m, Trading €31.0m and Technology €112.8m.

• FY2025 external sales €8.981bn vs €10.012bn in 2024; EBITDA €376m vs €445m; EBT -€28m vs -€296m; EPS -€1.40 vs -€6.50.

• FY2025 crude steel production 5,880 kt vs 6,391 kt; underlying EBITDA €406m and underlying EBT €2m, excluding exchangeable-bond valuation effects.

H1 2026 financials

• H1 sales €4.588bn vs €4.665bn YoY; underlying EBITDA €459m vs €117m; EBT €76m vs -€84m; EPS €0.70 vs -€1.70.

• H1 crude steel production 3,034 kt vs 2,926 kt; underlying ROCE 8.6% vs -1.6%; workforce 22,100 vs 22,376 at the reporting date.

• Cash and cash equivalents rose to €1,202.8m at June 30, 2026, from €1,060.5m at year-end 2025; SALCOS funding receipts supported investment cash flow.

Market and policy environment

• EU safeguard rules halve import quotas and apply a 50% tariff above quota; CBAM is raising import prices by €50–60/t, with further scope and anti-circumvention changes under negotiation.

• European steel prices recently moved higher, partly on CBAM and expectations for a successor safeguard measure; HRC ex-works Italy rose €30/t since late June.

• ETS review results are not expected before H1 2027; the presentation calls for compensatory mechanisms, competitive energy and hydrogen prices, and markets for EU-made low-CO₂ products.