SALZGITTER AG (+) : Results Flash - FY26 EBITDA guidance reiterated

Research evidence excerpt

SALZGITTER AG (+) : Results Flash - FY26 EBITDA guidance reiterated

EQUITIES

METALS & MINING

SALZGITTER AG OUTPERFORMPRICE* EUR50.9  TARGET PRICE EUR62 (UPSIDE 22%)

FLASH NOTE

Results Flash – FY26 EBITDA guidance reiterated

12 MAY 2026 Securities Research Report Production time: 07:28* (London time)

Research Analyst & Publishing Entities

Tristan Gresser BNP Paribas SA +33 6 85 93 39 39 tristan.gresser@bnpparibas.com

What happened?

Salzgitter this morning reported full 1Q26 results in-line with the company’s April pre-release (which beat expectations

at the time notably thanks to Aurubis valuation effects). The FY26 EBITDA guidance was hiked at the time and was

reiterated in today’s release.

BNP Paribas View: With the guidance unchanged and Q1 operational results pre-released, the only new development

was the divisional breakdown and the FCF performance. We note that net debt beat significantly but largely due to the

early receipt of a large subsidy (total public funding expected is unchanged). Negatively, we note that steel underlying

performance came in below expectations. Yet, we remain well above FY26 consensus/guidance and expect further

positive updates in the coming months as higher steel prices flow through.

– P&L: SZG had already pre-released its 1Q26 EBITDA of EUR 280m (versus consensus of ~EUR 160m and

BNPPe of EUR 191m at the time). Q4 group EBT of EUR 179m also did beat consensus of EUR 52m. Strong

performance was attributable to Aurubis contribution (EBT) of EUR 147m, surpassing BNPPe of EUR 27m.

Higher valuation effects from fluctuations in metal prices boosted Aurubis performance. We note that positive

“restructuring-related non-recurrent effect” of EUR 11m also supported the Trading division.