Salzgitter (AO) | Buy | Pre-released Q1 2026 confirms slight improvement in steel (first take)

Research evidence excerpt

Salzgitter (AO) | Buy | Pre-released Q1 2026 confirms slight improvement in steel (first take)

ing of 21 April 2026, Q2 2026 results were already known at group level, with sales of EUREUR9.3bn,

EBITDA VX (before exchangeable bond valuation impact) of EUR280m and EBT VX of EUR179m. Consensus had been expecting an

EBT VX of EUR48m before that early release.

The detailed results confirm a strong contribution of the non-core assets, with Aurubis contributing EUR147m from Aurubis, and

the Technology division adding EUR39m.

The steel core divisions globally performed better than we had expected (no consensus available by division), with both Steel

Production and Trading coming in EUR10m above our estimates. This more than offset the continued weakness in the Steel

Processing segment.

Overall, results benefited from a EUR43m contribution from the P28 profit improvement program, helping to offset unfavourable

economic and geopolitical conditions.

Including the EUR84m negative valuation effect related to the exchangeable bond, reported EBT came in at EUR95m.

Outlook

The group confirmed the FY 2026 guidance upgraded on 21 April 2026: EBT VX of is expected in a range of EUR200-300m, based on

sales of EUR9.5bn and EBITDA VX of EUR625-725m.

By division, the Trading's EBT is now expected to be "stable" vs "clearly lower" previously.

While the impact of the German infrastructure stimulus remains uncertain at this stage, management nevertheless anticipates a

positive impact from the EU's trade defence measures over the course of the year and expects a moderate improvement in the

economic environment.

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