Salzgitter (SZG) Q1 2026 TU earnings summary

Executive summary

• Preliminary Q1 2026 figures exceeded analyst expectations, with strong contributions from equity investment in Aurubis AG and improved results across Steel Production, Trading, and Technology units.

Financial highlights

• External sales for Q1 2026 were €2.3 billion, unchanged year-over-year.

• EBITDA VX reached €280 million, up from €79 million in Q1 2025.

• EBT VX was €179 million, compared to a loss of €27 million in Q1 2025.

• Aurubis AG equity investment contributed €147 million, up from €48 million, driven by metal price valuation effects.

Outlook and guidance

• Full-year 2026 sales expected at around €9.5 billion.

• EBITDA VX guidance raised to €625–725 million (previously €500–600 million).

• EBT VX guidance increased to €200–300 million (previously €75–175 million).

• ROCE VX anticipated to be slightly higher year-over-year.