Goldman's Aurubis Stake Tops 10% as Salzgitter Triples Its Equity Contribution
Published on 10/30/2026 at 04:30 | Editorial boerse-global.de
Goldman Sachs has lifted its aggregate position in Aurubis from 9.10% to 10.28%, according to a voting-rights notification published by the Hamburg-based copper producer yesterday. The disclosure arrived after the US investment bank had already crossed the threshold, with the notification recording the level reached on 22 October.
Crucially, the figure is not a pure equity stake. Shares accounted for just 0.58% of the reported position, while instruments made up the bulk at 9.69% — a distinction that separates the aggregate holding from a straightforward share-based investment.
Aurubis shares finished the session in which the notification was released at €138.20, up 1.6% on the day. The stock has since added a further 1.2%, though no direct link between that move and any single announcement has been established.
A Threefold Jump in the Salzgitter Contribution
The more consequential flow of news came from Salzgitter, which reported preliminary nine-month figures for 2026 and raised its full-year guidance. Within those numbers, the at-equity contribution from its Aurubis holding came in at €252 million — roughly three times the €83.5 million recorded in the equivalent 2025 period.
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Salzgitter also lifted its EBITDA-VX forecast for 2026 to a range of €800–875 million, up from the previous €725–825 million. That upgrade followed the release of the preliminary nine-month data. The Aurubis contribution forms one component of those nine-month figures rather than any standalone earnings forecast from Aurubis itself.
For a sense of scale, JPMorgan has put the Aurubis earnings contribution at €59 million, according to dpa-AFX — an analyst estimate rather than a company-reported business figure.
Mixed Signals From the Analyst Community
Brokerage opinion has been pulling in different directions. AlphaValue/Baader Europe upgraded Aurubis to "Buy" on 23 October, shifting its recommendation to a purchase rating. In the opposite camp, Deutsche Bank Research trimmed its price target to €169 from €177 around a week ago, keeping its "Hold" rating, as dpa-AFX reported. That move came ahead of the quarterly numbers.
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On the corporate side, Aurubis said COO Tim Kurth was elected to the board of the International Wrought Copper Council, the body known by the abbreviation IWCC, roughly a week ago.
Aurubis also published a company piece yesterday marking the 30th anniversary of its FSD division at the Olen site, pointing to the renovated FOG-FSD-BOB workshop there, which was commissioned in 2024.
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