Aurubis stock draws focus as Salzgitter reports stronger holding contribution

Salzgitter's nine-month results gave Aurubis investors a fresh earnings read-through on Thursday, November 12, 2026. In an EQS release carried by finanzen.net, the steelmaker said its equity-accounted Aurubis participation contributed 252.0 million euros to earnings in the first nine months of 2026, compared with 83.5 million euros in the same period of 2025.

The disclosure is relevant for Aurubis shareholders because it provides an external view of the copper producer's earnings contribution to a major industrial investor. It is not an Aurubis earnings release and does not represent new company guidance. Salzgitter's figures also reflect the first-time full consolidation of Hüttenwerke Krupp Mannesmann in the third quarter and higher selling prices.

Holding contribution drives Salzgitter improvement

Salzgitter reported external sales of 7.3 billion euros for the first nine months, up from 6.9 billion euros a year earlier. Adjusted EBITDA before valuation effects linked to the exchangeable bond on Aurubis shares rose to 659.1 million euros from 224.0 million euros, while adjusted earnings before taxes advanced to 353.5 million euros from a loss of 72.7 million euros.

The Aurubis contribution was part of that improvement, but it was not the only factor. Salzgitter said all business units improved, while the full consolidation of HKM lifted sales and added to the group's operating base. After a negative 124.2 million euro valuation effect from the exchangeable bond, reported EBITDA stood at 534.9 million euros and earnings before taxes at 229.3 million euros.

The group also said its P28 profit improvement program had generated sustainable effects of 146 million euros by the end of September, exceeding its full-year target of 122 million euros. Salzgitter's 2026 outlook calls for sales of around 10.0 billion euros, adjusted EBITDA of 800 million to 875 million euros and adjusted earnings before taxes of 400 million to 475 million euros. Those figures exclude valuation effects from the bond exchangeable into Aurubis shares.

Share price remains below latest close

Aurubis stock traded at 137.40 euros on Lang & Schwarz at 10:00 CET on Friday, November 13, 1.79 percent below the Xetra close of Thursday, November 12, at 139.90 euros. The comparison uses the previous Xetra session because the current Berlin time was before the end of the November 13 session.

The market signal therefore remains separate from the Salzgitter disclosure. Investors will continue to focus on Aurubis's own operating performance, including copper treatment and refining conditions, metal prices and the company's next reported results.

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