Aurubis stock gains focus as Salzgitter reports 252 million euros contribution

Aurubis stock traded at 140.55 euros on Lang & Schwarz at 10:33 CET on Thursday, November 12, 0.81 percent below the Xetra close of Wednesday, November 11. The move came as Salzgitter reported a substantially higher earnings contribution from its Aurubis holding for the first nine months of 2026.

In a release published through EQS News on Thursday, Salzgitter said the Aurubis participation contributed 252.0 million euros to earnings before valuation effects in the nine months through September. The contribution was 83.5 million euros in the same period of 2025, giving the holding a substantially larger role in Salzgitter's result.

Aurubis strengthens Salzgitter results

Salzgitter's adjusted EBITDA before the valuation effect of 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 figures include the Aurubis contribution, which is accounted for at equity rather than consolidated line by line.

After a negative 124.2 million euro valuation effect connected with the bond exchangeable into Aurubis shares, Salzgitter reported EBITDA of 534.9 million euros and earnings before taxes of 229.3 million euros. The distinction matters for investors: the reported group result reflects both operating performance and the valuation of the exchangeable instrument, while the adjusted figures isolate the performance measure used for guidance.

Salzgitter also said its external sales reached 7.3 billion euros in the first nine months, compared with 6.9 billion euros in the prior-year period. The company attributed the increase primarily to the first-time full consolidation of Hüttenwerke Krupp Mannesmann in the third quarter and higher selling prices. The Aurubis contribution therefore forms part of a broader improvement at Salzgitter rather than representing an Aurubis earnings release.

Outlook remains tied to risks

Salzgitter raised its 2026 outlook to 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 guidance excludes valuation effects from the Aurubis exchangeable bond. Salzgitter said forecasting reliability remains limited because of geopolitical uncertainty, economic conditions and the valuation of listed assets.

For Aurubis investors, the announcement is a read-through rather than new company guidance. It confirms that Aurubis is making a meaningful contribution to a major industrial shareholder's earnings, but it does not provide a new Aurubis forecast, dividend decision or operating update. The share-price response must therefore be assessed alongside copper prices, treatment and refining charges, recycling conditions and the company's own reporting timetable.

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Further developments around the holding structure, copper markets and company fundamentals remain relevant for more news and analyses on Aurubis stock.