Salzgitter AG's Profit Surges on Aurubis, HKM Integration

Salzgitter AG delivered a substantial year-over-year increase in earnings for the first nine months of 2026, driven by strong performance from its stake in Aurubis and the successful integration of Hüttenwerke Krupp Mannesmann (HKM), signaling a positive trajectory despite a subdued economic environment.

The company’s external sales rose to €7.3 billion, up from €6.9 billion in the same period last year, largely attributable to the full consolidation of HKM. More significantly, EBITDA VX surged to €659.1 million, a dramatic increase from €224.0 million in the first nine months of 2025. This leap in EBITDA translated to earnings before taxes (EBT VX) of €353.5 million, reversing a €72.7 million loss from the previous year. Aurubis contributed €252.0 million to these earnings, a substantial increase from €83.5 million year-over-year. Earnings per share came in at €3.09, a stark contrast to the €-0.93 reported in the prior period.

The positive momentum is further underscored by the P28 profit improvement program, which has already exceeded its full-year 2026 target, generating sustainable effects of €146 million after only nine months. This program's success demonstrates the company’s effective cost management and operational efficiency initiatives. The net financial position improved to €-708.8 million, compared to €-810.9 million in the same period last year. Return on capital employed (ROCE VX) also turned positive, reaching 7.1%, a significant improvement from -0.4% in 2025.

Based on these results, Salzgitter AG has raised its full-year EBITDA VX guidance to between €800 million and €875 million and anticipates EBT VX between €400 million and €475 million. While acknowledging ongoing geopolitical uncertainties and economic headwinds, the company expressed cautious optimism for 2027, contingent on the successful integration of HKM, which is expected to add a mid-double-digit million-euro amount to EBITDA and EBT in 2026.