Salzgitter (SZG) Q3 2026 earnings summary

Executive summary

• 9M sales rose to €7,329.8m from €6,865.2m; all business units contributed to stronger earnings.

• EBITDA VX was €659.1m and EBT VX €353.5m; reported EBT was €229.3m, versus a loss in 9M 2025.

• Full HKM consolidation from July increased steel output, sales and workforce; integration and lower-carbon transformation are underway.

Financial highlights

• 9M external sales were €7,329.8m, versus €6,865.2m; crude steel production rose to 4,898.7kt from 4,403.2kt.

• EBITDA VX was €659.1m and reported EBITDA €534.9m; EBT VX was €353.5m and reported EBT €229.3m after exchangeable-bond valuation effects.

• Consolidated result was €177.2m versus a €46.5m loss; basic EPS was €3.09 versus -€0.93.

• Aurubis contributed €252.0m to earnings; the exchangeable-bond valuation effect was negative €124.2m.

Outlook and guidance

• FY 2026 guidance: sales ~€10.0bn, EBITDA VX €800m–€875m, EBT VX €400m–€475m, and ROCE VX marginally above the prior-year figure.

• Steel Production expects appreciable sales and EBITDA growth and positive pretax results; Steel Processing expects higher sales and EBITDA but a pretax loss.

• Trading expects slightly lower sales but significantly higher EBITDA and EBT; Technology expects moderate sales growth and notable EBITDA and EBT increases.

• SALCOS Stage 1 commissioning and first low-carbon steel production remain targeted for 2027; broader transformation completion is planned by the mid-2030s.

• HKM’s EAF is scheduled for completion in late 2029, targeting ~2mt annual steel production and potential CO₂ reductions of ~90% versus current methods.