Salzgitter (SZG) Investor presentation summary

Group overview and structure

• Operates globally with a diversified structure across steel production, processing, trading, technology, and industrial participations.

• Total external sales reached €9.0 billion in 2025, with 22,014 employees and a near breakeven EBT of €-27.7 million.

• Major business units include Steel Production, Steel Processing, Trading, Technology, and Industrial Participations, each with distinct product and customer focuses.

• Broad product portfolio includes strip steel, tubes, plate, section steel, and filling/packaging lines.

• Sales are diversified by region (58% ex-Germany), industry (vehicle construction, food & beverage, construction), and customer type.

Financial performance and position

• 2025 saw a decline in crude steel production and external sales compared to 2024, but a significant improvement in earnings before tax (EBT: €-28 million vs. €-296 million prior year).

• EBITDA for 2025 was €376 million, with a slight positive ROCE of 0.7%.

• Balance sheet remains robust with total assets of €10.5 billion and equity of €4.4 billion at year-end.

• Operating cash flow was €408 million, with significant investments focused on the SALCOS® decarbonization project.

• Profit improvement program P28 exceeded its 2025 target by over 30%, raising the ambition level for future years.

Market situation and regulatory environment

• Steel prices in Europe trended upward in 2025, influenced by new trade policies and the introduction of CBAM.

• New EU trade policy instruments will reduce duty-free quotas and introduce stricter rules, impacting import dynamics from July 2026.

• Raw material and energy prices remained volatile, with coal and energy costs affected by global events.

• CO2 emission allowance prices are expected to rise gradually after a dip due to political uncertainty.