Salzgitter’s external sales revenue amounted to EUR 4.6 billion in the first half of the year, slightly below EUR 4.7 billion recorded in the same period last year. Meanwhile, adjusted EBITDA rose significantly to EUR 459 million from EUR 116.8 million.
The company’s adjusted earnings before tax (EBT) reached EUR 257.6 million, compared with a pre-tax loss of EUR 83.8 million in the same period last year.
A key factor behind the results was the EUR 193 million contribution from Salzgitter’s stake in Aurubis AG, up from EUR 71.5 million a year earlier.
Including the EUR 181.3 million negative valuation effect from the convertible bond linked to Aurubis shares, Salzgitter’s EBITDA stood at EUR 277.7 million, while pre-tax profit amounted to EUR 76.3 million. The company posted a net profit of EUR 43.5 million, with earnings per share at EUR 0.74. Adjusted return on capital employed (ROCE) improved from -1.6% to 8.6%.
EUR 97 million contribution from P28 programme
Salzgitter’s P28 programme, aimed at improving costs and operational performance, generated additional savings of EUR 97 million in the first six months. This means the company achieved most of its EUR 122 million full-year target during the first half of 2026.
Since the launch of the programme, permanent improvements have reached approximately EUR 350 million, while the long-term target stands at EUR 575 million.
At the end of June, the group’s net financial position stood at negative EUR 792 million. Despite high investments in the first phase of the SALCOS® decarbonisation programme, the financial position remained close to last year’s level.
HKM acquisition to contribute to 2026 results
Salzgitter completed preparations for the acquisition of the entire share capital of Hüttenwerke Krupp Mannesmann GmbH (HKM) during the first half of the year, finalising the transaction after the second quarter. As part of its portfolio management, the company also divested Klöckner DESMA Elastomertechnik.
The full consolidation of HKM is expected to contribute an additional mid-double-digit million euros to Salzgitter’s 2026 EBITDA and EBT. The contribution to external sales revenue is expected to be in the mid-triple-digit million euro range.
Salzgitter expects EUR 10 billion in revenue in 2026
Taking into account its first-half performance and the consolidation of HKM, Salzgitter expects sales revenue of approximately EUR 10 billion in 2026.
The company also forecasts full-year EBITDA of EUR 725–825 million and EBT of EUR 325–425 million. ROCE is expected to be slightly above last year’s level.
Despite the full acquisition of HKM, Salzgitter maintains its forecast that net financial debt will remain slightly above EUR 1 billion at year-end.
The company expects a moderate improvement in economic conditions during the second half of the year and anticipates that EU trade protection measures will have a positive impact on its operations. Geopolitical developments, raw material and selling prices, capacity utilisation and exchange-rate movements remain among the key uncertainties for the 2026 outlook.
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