Salzgitter AG reported first-quarter 2026 results on April 21 that surpassed market expectations, with consolidated EBITDA of €280 million versus a consensus estimate of €147 million. Earnings before tax for the quarter came in at €179 million, compared with a consensus figure of €48 million.
The company attributed a significant portion of the quarterly outperformance to a higher contribution from Aurubis, which supplied €147 million in the quarter, up from €48 million in the first quarter of 2025. In addition to the Aurubis contribution, the steel production arm generated €89 million, with further contributions coming from the group's trading and technology divisions.
Following the stronger start to the year, Salzgitter maintained the higher full-year targets it announced previously. The 2026 EBITDA guidance remains at €625 million to €725 million, a range that was upgraded from an earlier €500 million to €600 million projection. Management also kept its earnings before tax guidance at €200 million to €300 million, revised upward from a prior range of €75 million to €175 million.
Company executives made clear that the guidance excludes potential effects from the HKM acquisition as well as valuation movements in convertible bonds. Those items are therefore outside the current published outlook.
On a divisional basis, Salzgitter expects the steel production division to post a higher earnings before tax result than in 2025. Management cited improved margins supported by EU safeguard measures as a factor in this outlook, while also noting that recovery in overall EU and German steel demand has been weaker than might be hoped. Despite that softer demand backdrop, the company anticipates moderate improvement in steel sections.
For the steel processing division, Salzgitter is projecting higher earnings before tax and said it expects satisfactory capacity utilization in heavy plate during the first half of 2026. Overall, the group sees higher sales volumes and greater capacity utilization across its operations compared with the prior period.
These results and guidance reiteration underline the company's expectation of improved profitability in 2026, while explicitly isolating certain transactions and valuation effects from the stated targets.