Salzgitter posted a marginally positive pre-tax result in the third quarter of 2025
Salzgitter achieved a marginally positive pre-tax result in the third quarter of 2025 due to its P28 efficiency improvement program, stable KHS Group results and earnings from its participation in Aurubis AG.
In the first nine months of 2025, the Group's revenue amounted to 6.9 billion euros (9 months of 2024: 7.7 billion euros), EBITDA - 224 million euros (9 months of 2024: 320.6 million euros), and loss before tax - 72.7 million euros (9 months of 2024: -141.2 million euros million). The result includes 83.5 million euros of investments in Aurubis AG, accounted for using the equity method, and 68.2 million euros of losses from the revaluation of derivative financial instruments. Net profit after taxes was -46.5 million euros (for 9 months of 2024: -197.7 million euros), which corresponds to a profit of -0.93 euros per share, while the return on invested capital (ROCE) was -0.4%. The equity ratio remained stable at 41.8%.
According to Birgit Potrafki, Chief Financial Officer, the P28 efficiency improvement program generated an additional 89 million euros in profit for the Group in the first nine months, which is almost the same as the annual figure of 97 million euros. "Market conditions have not improved significantly since the beginning of the year. Thanks to our own measures, we have largely overcome these difficulties. The positive quarterly result confirms this progress," Potrafki said. She added that the 500 million euro convertible bonds issued in October 2025 strengthened the company's financing structure and reflected investor confidence.
Looking ahead, Potrafki noted that the recently proposed EU trade policy instruments could boost the competitiveness of the European steel industry, while the expected economic recovery in 2026 could further improve results.
Despite the recent moderate price recovery, margins are expected to remain under pressure throughout 2025, and the positive impact of price increases is likely to show up only next year. In this regard, the Group adjusted its annual forecast as follows:
Revenue slightly exceeded 9.0 billion euros (previously: 9.0–9.5 billion euros)
EBITDA ranged from 300 to 350 million euros (previously: 300-400 million euros)
Profit before tax ranged from -100 million euros to -50 million euros (previously: from 100 to 0 million euros)
The return on invested capital is slightly higher than the level of the previous year
Salzgitter stressed that fluctuations in the cost of raw materials, prices for precious metals, exchange rates and valuations of convertible bonds issued in October 2025 could significantly affect the final