Salzgitter (SZG) Q1 2026 earnings summary

Executive summary

• Achieved a strong start to 2026 with significant improvements in profitability and earnings across all business units, notably from the Aurubis investment and cost savings initiatives.

• Adjusted EBITDA reached €279.7 million in Q1 2026, with all core business units showing year-over-year improvement.

• Net earnings and earnings per share turned positive compared to losses in Q1 2025, with EPS at €1.49.

• The P28 Performance Program delivered €43 million in efficiency gains in Q1, supporting the turnaround.

• Steel-related activities remain challenged by unfavorable economic and geopolitical conditions.

Financial highlights

• External sales were stable at €2.3 billion in Q1 2026, with adjusted EBITDA (VX) at €279.7 million and net income at €81.9 million.

• Net financial position improved to €-679 million, aided by €253 million in public funding.

• Earnings before tax (EBT VX) reached €179.1 million, up from €-27.3 million in Q1 2025.

• Cash and cash equivalents increased to €1,396 million at period end.

• One-off positive effect of €11 million in the trade segment from reduced restructuring costs.

Outlook and guidance

• Revenue guidance for 2026 remains at around €9.5 billion; EBITDA VX guidance raised to €625–725 million; EBT VX forecasted between €200–300 million.

• ROCE VX anticipated marginally above previous year.

• Technology segment expected to deliver record sales and profit for the year, with all quarters stronger than last year.

• Guidance excludes potential effects from changes at Hüttenwerke Krupp Mannesmann GmbH.

• No major threats to guidance identified, but outlook remains cautious due to economic and geopolitical uncertainties.