Salzgitter Aktiengesellschaft (0G77), the German steel and technology group listed on the MDAX, has reported a sharp turnaround in earnings for the first nine months of 2026, with group external sales rising to €7.3 billion and earnings before taxes swinging from a loss of €72.7 million to a profit of €229.3 million year-on-year. The improvement was driven by all business units, a significantly higher contribution from the group's participating interest in copper producer Aurubis AG, and the first-time full consolidation of Hüttenwerke Krupp Mannesmann GmbH (HKM) in the third quarter. The P28 profit improvement programme has already delivered €146 million in sustainable effects, surpassing its full-year 2026 target of €122 million with one quarter still to run.

Key Points

  • Salzgitter Aktiengesellschaft (0G77), MDAX-listed German steel and technology group
  • Nine-month 2026 external sales reached €7.3bn, up from €6.9bn in the same period of 2025
  • EBITDA rose to €534.9m (9M 2025: €224.0m); EPS recovered to €3.09 (9M 2025: €-0.93)
  • Investors will be watching full-year 2026 guidance of EBITDA VX between €800m and €875m and successful HKM integration progress

Salzgitter's Nine-Month 2026 Earnings Turnaround Driven by Aurubis Contribution and HKM Consolidation

Salzgitter's EBITDA VX climbed to €659.1 million for the first nine months of 2026, compared with €224.0 million in the equivalent prior-year period. The Aurubis AG participating interest, accounted for at equity, contributed €252.0 million to earnings, against €83.5 million a year earlier. After accounting for valuation effects of €-124.2 million relating to a bond exchangeable into Aurubis shares, reported EBITDA stood at €534.9 million. After-tax profit reached €177.2 million, reversing a loss of €46.5 million in 9M 2025, while earnings per share improved to €3.09 from €-0.93. The net financial position improved to €-708.8 million from €-810.9 million a year earlier.

All Five Salzgitter Business Units Improve, with Steel Production EBITDA More Than Doubling

The Steel Production unit posted EBITDA of €271.2 million, more than doubling from €121.3 million in 9M 2025, and swung to a pre-tax profit of €93.9 million from a loss of €61.2 million. Steel Processing remained loss-making at the EBITDA level but narrowed its deficit to €-33.8 million from €-53.1 million. The Trading division grew EBITDA to €72.7 million from €40.8 million, while Technology delivered €116.7 million, up from €96.6 million. The Industrial Participations and Consolidation segment, which captures the Aurubis equity income, contributed EBITDA of €108.2 million, sharply ahead of €18.3 million a year earlier.

P28 Programme Exceeds Full-Year Target and HKM Integration Begins Across Salzgitter Group

The P28 profit improvement programme had generated cumulative sustainable effects of €146 million by the end of September 2026, exceeding the full-year 2026 target of €122 million. Separately, Salzgitter completed the full acquisition of HKM during the third quarter, a move the company describes as strategically important for securing long-term steel production capacity and advancing plans for CO₂-reduced production. Integration of HKM into the Salzgitter Group is now under way. Chief Executive Gunnar Groebler stated that the group expects to start financial year 2027 from a strengthened position, though energy costs and weak European growth momentum remain significant challenges.

Salzgitter Raises Full-Year 2026 Guidance to €10bn Sales and Up to €875m EBITDA VX

For the full financial year 2026, Salzgitter now expects group sales of approximately €10.0 billion, EBITDA VX of between €800 million and €875 million, and EBT VX of between €400 million and €475 million. ROCE VX is anticipated to marginally exceed the prior year's figure. HKM's full consolidation is expected to contribute an additional mid-double-digit million-euro amount to both EBITDA VX and EBT VX, with these effects incorporated into the guidance. The company cautioned that geopolitical uncertainties, raw material costs, precious metal prices, and exchange rate movements could still materially affect final 2026 results.