Aurubis stock gains as Salzgitter cites stronger holding contribution

Aurubis stock gets a fresh earnings read-through after Salzgitter reported a much stronger contribution from its Aurubis holding for the first nine months of 2026. In a EQS News release published on Thursday, Salzgitter said the equity-accounted participation contributed 252.0 million euros to earnings before valuation effects, up from 83.5 million euros in the same period of 2025.

Salzgitter results improve sharply

Salzgitter's adjusted EBITDA before valuation effects from its exchangeable bond rose to 659.1 million euros from 224.0 million euros a year earlier. Adjusted earnings before taxes increased to 353.5 million euros from a loss of 72.7 million euros.

The reported figures also included a negative 124.2 million euro valuation effect linked to the bond exchangeable into Aurubis shares. After that effect, EBITDA stood at 534.9 million euros and earnings before taxes at 229.3 million euros. The distinction matters because Salzgitter's 2026 outlook is based on adjusted performance indicators that exclude the valuation effect.

Read-through for Aurubis investors

The announcement is a read-through rather than an Aurubis earnings release or a new Aurubis forecast. It indicates that the copper producer is making a meaningful contribution to the results of a major industrial shareholder, while Salzgitter's overall improvement also reflects the first-time full consolidation of Hüttenwerke Krupp Mannesmann and higher selling prices.

Aurubis stock traded at 139.70 euros on Lang & Schwarz at 17:06 CET on Thursday, November 12, 1.41 percent below the Xetra close of Wednesday, November 11. Salzgitter's 2026 outlook calls for sales of about 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. The company said forecasting reliability remains limited because of geopolitical uncertainty, economic conditions and listed-asset valuations.

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Further developments around copper markets, recycling conditions and company fundamentals remain relevant for More news and analyses on Aurubis stock.