Salzgitter AG (SZG) FY25 results: rev €9b (€10b), EBITDA €376m (€445m). Tough year but FY26 guidance reaffirmed + €0.20 DPS declared. Energy is well-hedged (> 50% on gas and sufficiently hedged on electricity) w/ only €10-15m EBT hit expected if prices hold. The selloff seems recession/demand destruction related, but with a currently negative stub value and ~70% discount to SOTP, I remain long.