Salzgitter Group off to a very gratifying start to the financial year 2026

• Strong result reflects very high contribution from the stake held in Aurubis
• Significant improvement in the results of the Steel Production, Trading and Technology business units
• Steel-related activities still burdened by unfavorable economic conditions and geopolitical uncertainties
• P28 profit improvement program: measures implemented yield an additional € 43 million worth of cost savings

In delivering EBITDA VX of € 280 million and EBT VX of € 179 million, the Salzgitter Group recorded a very pleasing result in the first quarter of 2026 that was mainly underpinned by the exceptionally high contribution from the participating investment in Aurubis. Geopolitical uncertainties, especially in connection with the outbreak of war in the Middle East, burdened steel-related activities in particular. The Steel Production, Trading and Technology business units nevertheless delivered positive results. The P28 profit improvement program contributed to the result in the form of an additional € 43 million in cost savings. Against the backdrop of ongoing high levels of investments, first and foremost in connection with progress made in implementing the first stage of our SALCOS® decarbonization program, the net financial position as of March 31, 2026, improved to € – 679 million, due also to the receipt of public funding in an amount of € 253 million.

At € 2.3 billion, the Salzgitter Group’s external sales remained stable in the first quarter of 2026 (Q1 2025: € 2.3 billion). EBITDA VX advanced to € 279.7 million (Q1 2025: € 78.6 million) and significantly outperformed the year-earlier figure, as did EBT VX (€ 179.1 million; Q1 2025: € – 27.3 million). The strong result is essentially attributable to the contribution of € 147.0 million (Q1 2025: € 48.0 million) from the participating investment in Aurubis AG included at equity (IFRS accounting). Along with the expected share of operating profit, this contribution was positively impacted by the high valuation effects from metal prices in particular. Including valuation effects of € – 83.7 million from the bond exchangeable into the shares of Aurubis AG, the Salzgitter Group generated EBITDA of € 195.9 million (Q1 2025: € 78.6 million) and earnings before taxes of € 95.3 million (Q1 2025: € – 27.3 million). The after-tax result came in at € 81.9 million (Q1 2025: € –34.6 million), which brings earnings per share to € 1.49 (Q1 2025: € – 0.66). The return on capital employed net of earnings effects in connection with the valuation of the exchangeable bond (ROCE VX) stood at 11.6 % (Q1 2025: – 0.5 %).

External sales by business unit (EUR million):

EBITDA by business unit (EUR million):

Earnings before taxes (EBT) by business unit (EUR million):

Outlook

In view of the manifold geopolitical uncertainties, forecasting reliability, along with the economic development going forward and the valuation of listed assets, is limited. The government’s planned investment and infrastructure programs have not yet resulted in a marked economic recovery. We nevertheless anticipate positive stimulus from the EU’s trade defense measures over the course of the year. All in all, we continue to expect an only moderate improvement in the economic environment and anticipate the following for the Salzgitter Group in the financial year 2026:

• sales of around € 9.5 billion,
• EBITDA VX of between € 625 million and € 725 million,
• EBT VX of between € 200 million and € 300 million, as well as
• a return on capital employed (ROCE VX) marginally above the previous year's figure.

This guidance has not factored in the effects of the possible implementation concerning the key components published on February 6, 2026, on the continuation of Hüttenwerke Krupp Mannesmann GmbH under the sole responsibility of Salzgitter AG.

As the valuation of the exchangeable bond placed in October 2025 may result in non-operational and on occasion significant fluctuations in earnings, guidance for the Group as from the financial year 2026 will be based on adjusted key performance indicators. In calculating EBT VX (Earnings before Taxes and Valuation Exchangeable) and EBITDA VX (Earnings before Interest, Taxes, Depreciation, Amortization and Valuation Exchangeable), as well as ROCE VX (Return on Capital Employed), the earnings effects in connection with the valuation of the exchangeable bond will be eliminated.

Birgit Potrafki, Salzgitter AG’s Chief Financial Officer:

“The start to the financial year 2026 was encouraging despite the immense geopolitical challenges. It is particularly pleasing to see all our business units contributing to the earnings improvement. A key pillar in this context was our P28 performance program that delivered an additional € 43 million in cost cutting effects. Our participating interest in Aurubis AG whose result was exceptionally high due to the high prices commanded for precious metals made the largest contribution to improving earnings. Our net financial position has also improved considerably since the beginning of the year. This strong start to the year 2026 gives us confidence for the rest of the year and has prompted us to revise our profit guidance upward.”

As in recent years, please note that opportunities and risks from currently unforeseeable trends in selling prices, input material prices and capacity level developments, as well as exchange rate fluctuations, may considerably affect business performance in the course of the 2026 financial year.

The complete report released on the results of the first quarter of 2026 can be viewed at: https://www.salzgitter-ag.com/de/investor-relations/news-publikationen.html.