Salzgitter (SZG) Q4 2025 (Media) earnings summary

Executive summary

• Earnings stabilized in a challenging market, with EBT VX breakeven achieved and annual target for the P28 performance program exceeded by 33%.

• Pretax result for 2025 was close to breakeven, supported by record Technology Business Unit performance and strong earnings from the Aurubis investment.

• Restructuring advanced, liquidity diversified, and a cautiously optimistic outlook for 2026 with a stronger upward trend expected from 2027.

• Steel-related activities were negatively impacted by weak demand, high energy prices, and international competition.

• Strategy implementation and transformation initiatives, including SALCOS®, strengthen resilience and position for future growth.

Financial highlights

• Sales for FY 2025 were €8,981 million, down from €10,012 million in FY 2024; external sales declined to €9.0 billion due to lower steel prices and deconsolidation effects.

• EBITDA VX reached €406 million (FY 2024: €445 million); EBITDA fell to €376 million from €445 million in 2024.

• Earnings before taxes (EBT VX) at €2 million (FY 2024: -€296 million); EBT was €-28 million, improved from €-296 million in 2024.

• Earnings per share improved to -€1.4 from -€6.5 year-over-year.

• Operating cash flow increased to over €500 million in 2025.

• Dividend proposal of €0.20 per share for FY 2025.

Outlook and guidance

• Sales expected around €9.5 billion in 2026.

• EBITDA VX guidance between €500–600 million; pre-tax result VX between €75–175 million.

• ROCE VX anticipated marginally above previous year.

• Guidance excludes potential effects from the future of Hüttenwerke Krupp Mannesmann GmbH.

• Steel market and German economy forecast to recover slightly, with regulatory and government demand providing positive impulses.