Salzgitter shares fell amid profit-taking after H1 results showed sales of €4.6bn, EBITDA VX of €459m and a guidance raise to €10bn sales / €325–425m EBT VX, driven largely by Aurubis. Investors eyed underlying steel softness.
Salzgitter AG shares came under pressure on August 11, 2026, after the German steel and technology group published its first-half interim report. The stock had closed flat at €52.50 on Xetra the previous session. Despite swinging to a clear profit and raising full-year guidance, investors focused on modestly lower sales, continued demand softness in core steel activities, and the heavy reliance on the Aurubis contribution, triggering profit-taking.
Salzgitter Raises 2026 Guidance as H1 Profitability and Steel Performance Surge
External sales fell slightly to €4.588 billion in H1 2026 from €4.665 billion a year earlier. Crude steel production rose to 3.034 million tonnes from 2.926 million tonnes.
EBITDA before valuation effects of the exchangeable bond (EBITDA VX) surged to €459.0 million from €116.8 million. Earnings before tax VX (EBT VX) improved to €257.6 million from a loss of €83.8 million. The Aurubis AG equity-accounted contribution jumped to €193.0 million from €71.5 million.
Including a €181.3 million negative valuation effect from the Aurubis exchangeable bond, reported EBITDA reached €277.7 million (versus €116.8 million) and EBT €76.3 million (versus a loss of €83.8 million). Net profit after tax was €43.5 million, or €0.74 per share, compared with a loss of €88.9 million (€–1.68 per share). ROCE VX rose to 8.6% from –1.6%.
Segment highlights included Steel Production external sales of €1,739.6 million (up from €1,704.7 million) with EBITDA of €159.0 million (from €65.6 million) and EBT of €50.4 million (from a loss of €55.6 million). Trading sales declined to €1,266.1 million from €1,430.1 million, though EBITDA improved to €50.6 million from €25.2 million. Technology sales rose to €876.0 million from €844.8 million. Steel Processing remained loss-making at the EBT level.
The P28 profit-improvement program delivered €97 million in additional savings by end-June, advancing most of the €122 million full-year target. Net financial position was essentially stable at €–792 million despite ongoing SALCOS® decarbonization investments. Cash flow from operating activities was €59 million.
Management raised 2026 guidance (factoring in full consolidation effects from the HKM acquisition) to external sales of around €10.0 billion (previously ~€9.5 billion), EBITDA VX of €725–825 million (previously €625–725 million), and EBT VX of €325–425 million (previously €200–300 million). Positive stimulus is expected from EU trade-defense measures.
Profit-Taking Hits Despite Rebound as Investors Eye Steel Softness
Despite the sharp earnings rebound and guidance upgrade, the reaction was negative. Investors focused on the gap between Aurubis-boosted headline figures and the underlying steel business, where sales contraction (especially in Trading) pointed to ongoing demand softness amid geopolitical uncertainty. Profit-taking followed a period of strong prior gains. Technical momentum had already weakened earlier in the week. Broader European and global equity markets offered little support, while industrial sentiment remained weighed down by unresolved geopolitical tensions, including those linked to the Strait of Hormuz. Analyst actions, including an AlphaValue price-target raise and Morgan Stanley’s maintained Overweight stance from recent weeks, were insufficient to offset selling pressure on results day.
MDAX Steel Group with Aurubis Stake Pushes Efficiency and Green Steel
Salzgitter (MDAX constituent, ISIN DE0006202005) is a major German steel producer with significant activities in steel production, processing, trading, and technology, plus a substantial stake in copper producer Aurubis. The group has been executing efficiency programs (P28) and advancing its SALCOS® green-steel transformation while navigating weak European steel demand, high energy costs in prior periods, and volatile metal prices that boost the Aurubis contribution.
Preliminary H1 figures and the guidance raise had already been disclosed in mid-July; the August 11 report provided full details. Analyst consensus price targets have recently clustered around €67, with a range of roughly €56–79 and a Buy/Overweight tilt from several houses including Morgan Stanley (which upgraded earlier in 2026 citing earnings inflection and policy support).
Focus Shifts to H2 Demand, EU Measures and SALCOS Progress
Investors will monitor second-half steel demand recovery, the pace of EU trade-defense measures, realization of remaining P28 savings, progress on SALCOS®, and the earnings contribution from full HKM consolidation. The next scheduled update is the Q3 2026 quarterly statement in November. Management continues to highlight positive stimulus from trade measures and internal efficiency gains as key supports for the raised full-year targets.
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