Salzgitter AG H1 2026 Financial Results
Shares of Salzgitter AG slipped 1.6% in early Tuesday trading after the company disclosed its first‑half 2026 results. External sales for the six‑month period amounted to €4.6 billion, down from €4.7 billion in the comparable quarter of 2025.
EBITDA excluding valuation effects (EBITDA VX) rose sharply to €459.0 million, a substantial increase from €116.8 million a year earlier. Earnings before tax excluding valuation effects (EBT VX) improved to €257.6 million, reversing a loss of €83.8 million recorded in the prior year. The improvement was driven largely by a €193.0 million contribution from Salzgitter’s at‑equity stake in Aurubis, up from €71.5 million in the previous period.
When valuation effects are included, the company recorded a negative €181.3 million impact linked to its bond that is exchangeable into Aurubis shares. Consequently, EBITDA (including valuation effects) stood at €277.7 million, still higher than the €116.8 million reported a year earlier. Pretax profit reached €76.3 million, turning around from an €83.8 million loss in 2025. After‑tax profit was €43.5 million, compared with a loss of €88.9 million in the prior year, lifting basic earnings per share to €0.74 from a loss of €1.68. Return on capital employed excluding valuation effects (ROCE VX) increased to 8.6%, up from a negative 1.6% in the same period last year.
Looking ahead, Salzgitter noted that ongoing geopolitical uncertainty limits the reliability of its second‑half forecasts, but it expects a moderate improvement in overall business conditions and anticipates some positive stimulus from the European Union’s trade‑defence measures. Incorporating the completed acquisition of Hüttenwerke Krupp Mannesmann, the company now projects full‑year 2026 sales of approximately €10.0 billion, EBITDA VX in the range of €725 million to €825 million, EBT VX between €325 million and €425 million, and ROCE VX marginally above the 8.6% recorded in the first half.