Salzgitter Ag · XETR:SZG
Salzgitter — H1 2026 Earnings Presentation
23 slides from Salzgitter's earnings presentation, Aug 11, 2026
Slide 1: Analyst Conference H1 2026
SALZGITTER AG ANALYST CONFERENCE H1 2026
Slide 2: Workplace Safety as a Management Responsibility
WORKPLACE SAFETY AS A MANAGEMENT RESPONSIBILITY HEALTH & SAFETY STRATEGY CONTINUOUS FOCUS ON THE STAKEHOLDER GOAL: LTIF OCCUPATIONAL SAFETY VISION 2026 Target: 6.57 / Increased ambition to reduce accident rates through risk-based cluster targets / Group-wide training on fundamental principles for em
Slide 3: Salzgitter Defies Challenging Market Conditions with Encouraging First Half of 2026
SALZGITTER DEFIES CHALLENGING MARKET CONDITIONS WITH ENCOURAGING FIRST HALF OF 2026 Geopolitical market environment remains tense and highly volatile ETS reform: A balancing act between CO₂ prices and investment certainty Salzgitter AG acquires 100% of HKM shares Salzgitter Group with encouraging fi
Slide 4: A World in Disorder
A WORLD IN DISORDER GEOPOLITICAL TENSIONS TARIFF POLICY CREATES UNCERTAINTY EUROPEAN GDP REMAINS WEAK EUROPEAN STEEL DEMAND MARKET REMAINS WEAK, BUT REGULATORY TAILWINDS / © 2026 Salzgitter AG / 4
Slide 5: EU Trade Policy
EU TRADE POLICY New steel safeguard measure takes effect / Import quotas halved, with 50% tariff applied to imports exceeding quota / Melt & Pour starting in Q4, expansion to include steel derivatives next year / Significant reduction in imports – impact on prices (+€ 30/t S&P HRC ex works Italy) si
Slide 6: ETS Review
ETS REVIEW Regulatory framework remains robust / Results not expected until the first half of 2027 at the earliest / The EU ETS remains essentially unchanged Protecting pioneers / Current draft puts pioneering companies at a disadvantage compared to the status quo / Compensatory mechanisms are neces
Slide 7: Raw Material and Energy Prices
RAW MATERIAL AND ENERGY PRICES RAW MATERIAL PRICES (US$/t) ENERGY PRICES (US$/t) IRON ORE COKING COAL ELECTRICITY NATURAL GAS (62% Fe CFR C h i n a , U S $ / d m t ) (FOB Australia, U S $ / t ) (Futures market front year EEX, €/MWh) ( Fu t u r es mar k et f r o n t yea r E E X, €/MWh) 150 400 150 15
Slide 8: Steel Prices
STEEL PRICES SPOT PRICES NORTHERN EUROPE (€/t) INTERNATIONAL HOT-ROLLED COIL PRICES (€/t) 1,300 1,300 1,129 1,100 1,100 900 900 825 755 710 700 710 700 500 500 430 300 300 Jan' 24 Jul' 24 Jan' 25 Jul' 25 Jan' 26 Jul' 26 Jan' 24 Jul' 24 Jan' 25 Jul' 25 Jan' 26 Jul' 26 HRC EXW Ruhr Plate EXW Ruhr Medi
Slide 9: Key Figures for the First Half of 2026
KEY FIGURES FOR THE FIRST HALF OF 2026 Salzgitter Group Sales: € 4.6 billion (H1 2025: € 4,7 billion) / EBITDA: € 278 million (H1 2025: € 117 million) / EBT: € 67.3 million (H1 2025: € -83,8 million) Steel Production Steel Processing Trading Technology H1 2026 H1 2025 Δ H1 2026 H1 2025 Δ H1 2026 H1
Slide 10: SALCOS Phase 1: #ThisIsHappeningHere
SALCOS ® PHASE 1: #THISISHAPPINGHERE PREPARATIONS FOR COMMISSIONING PROCEEDING AS PLANNED / Commissioning planned for 2027 / Steel structure of the 120-meter-tall HyTemp tower fully assembled / Numerous large components are now installed in their final positions / Work on utility and power supply sy
Slide 11: Salzgitter Acquires 100% of HKM
SALZGITTER ACQUIRES 100% OF HKM WE TAKE RESPONSIBILITY / Salzgitter AG acquires 100% of the HKM shares from thyssenkrupp Steel and Vallourec / Full strategic and operational control enables Salzgitter to independently realign the value chain. / Transition to low-carbon steel production The EAF was c
Slide 12: Outlook for 2026
OUTLOOK FOR 2026 IMPETUS COMES FROM REGULATORY MEASURES AND GOVERNMENT DEMAND / Positive effects of CBAM (start in Q1) and the new safeguard (start in Q3) on prices and volumes for European producers / Special funds and higher defense spending will support German GDP growth by approximately 0.5 perc
Slide 13: Encouraging Performance in the First Half of 2026
ENCOURAGING PERFORMANCE IN THE FIRST HALF OF 2026 Strong increase in EBT VX P28 contributes € 97 million in additional earnings effects almost reaches full year target HKM with positive sales and earnings impact; no significant net cash outflows Net financial position steady compared to first half o
Slide 14: Overview
OVERVIEW Operating Sales EBITDA VX EBITDA Cash Flow [€ million] [€ million] [€ million] [€ million] 4,588 459 278 59 H1 2025: 4,665 H1 2025: 117 ´H1 2025: 117 H1 2025: 81 EBT Net Financial EBT VX Position Working Capital [€ million] [€ million] [€ million] [€ million] 258 76 -792 2,642 H1 2025: -84
Slide 15: Income Statement
INCOME STATEMENT INCOME STATEMENT (€ million) VALUATION EFFECT EB [€ million] -181 EBT VX 258 -77 122 -89 122 -14 7 -17 113 -8 341 / 160 -28 132 Change H1 2025 vs. H1 2026 (€ million) Positive impact 1 Including results from impairment and reversal of impairment of financial assets, as well as € -18
Slide 16: Balance Sheet
BALANCE SHEET (€ million) Assets Equity & liabilities / Change in non-current assets due to increase 10,465 10,481 10,465 10,481 of investments accounted for using the 4,992 5,170 4,449 4,433 equity method thanks to Aurubis’ positive results, offset by decrease in property, plant, and equipment as a
Slide 17: Cash Flow Statement
CASH FLOW STATEMENT OPERATING CASH FLOW (€ million) CASH FLOW STATEMENT 12/31/2025 VS. 06/30/2026 (€ million) FY 2025 FY 2026 505 190 234 NOTES 59 126 81 77 / Proceeds of € 50.0 million from the sale of treasury stock -45 -18 / Positive investing cash flow due to the receipt of public funding / Chan
Slide 18: Investments and Depreciation
INVESTMENTS AND DEPRECIATION (€ million) 899 401 ~650 Public funding 528 2 received 295 € 290 million3 229 88 ~100 2 498 202 329 299 316 176 152 2024 2025 H1 2026 2026e Scheduled Unscheduled Investments 1 SALCOS® (including grants) HKM additional Depreciation Depreciation 1 Property, plant, and equi
Slide 19: Profit Improvement Program P28
PROFIT IMPROVEMENT PROGRAM P28 EFFECTS OF P28 FOR FY 2026 (€ million) 140 129 120 19 100 80% 2 18 80 3 18 122 60 110 97 40 65 56 20 0 Total effect Total effect Steel Production Steel Processing Trade Technology Industrial Total effect (actual) Target effect 2024 2025 Participation 2026 2026 Sustaina
Slide 20: HKM – Financial Impact
HKM – FINANCIAL IMPACT Results Positive contribution in H2 2026 due to consolidation Effects from PPA still under to evaluation, to be completed by the end of 2026 Balance Sheet Effects within the Group Extension of the balance sheet without fundamental changes to the structure Positive implication
Slide 21: Management Guidance
MANAGEMENT GUIDANCE Based on the business developments in the first half of 2026, and factoring in effects from changes in the group of consolidated companies following the completion of acquiring Hüttenwerke Krupp Mannesmann GmbH, we now anticipate the following for the Salzgitter Group in the fina
Slide 22: Disclaimer
DISCLAIMER LEGAL NOTICE INTELLECTUAL PROPERTY RIGHTS To the extent that our website contains forward-looking or future-oriented This file and the data contained on these pages (including, but not limited to, text, statements, these statements are based on our current knowledge and the images, and gr
Slide 23: Salzgitter AG
- SALZGITTERAG People, Steel and Technolo