Befesa stock earns a BB+ upgrade as EBITDA outlook holds

Published on 10/03/2026 at 23:36 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Befesa stock was trading at EUR 34.05 on Xetra on October 2, 2026, after S&P raised its rating to BB+. Q2 adjusted EBITDA rose 17 percent to EUR 66 million.

Overhead-Flatlay von Aktienzertifikat, ISIN-Karte LU1704650164, Zinkmetall und Industrieutensilien — Befesa S.A. zeigt im Flatlay Zinkgranulat, Schlackeproben und ein Aktienzertifikat zur ISIN LU1704650164, Illustration mit AI erstellt.

Befesa S.A. (ISIN LU1704650164) was trading at EUR 34.05 on Xetra on October 2, 2026, with a daily gain of 0.29 percent. The central company catalyst was a credit-rating upgrade announced on September 29, 2026, as EQS News reported that S&P Global Ratings lifted Befesa from BB to BB+ with a stable outlook.

Rating upgrade supports deleveraging

The upgrade also covered Befesa's EUR 650 million term loan B and EUR 100 million revolving credit facility. The company linked the decision to operating performance, zinc-market conditions and the contribution from completed growth projects, while its zinc hedging program now extends through Q3 2029, according to EQS News.

S&P Global Ratings projected adjusted EBITDA of EUR 265 million in 2026 and 2027, compared with EUR 237 million in 2025. The agency also estimated free operating cash flow at EUR 97 million in 2026 and above EUR 100 million from 2027 onward, giving investors a concrete measure of the expected deleveraging capacity.

Q2 growth keeps guidance intact

Befesa's Q2 2026 adjusted EBITDA increased 17 percent year over year to EUR 66 million, and the company reaffirmed its full-year adjusted EBITDA range of EUR 250 million to EUR 270 million, according to the company's announcement carried by EQS News. The comparison matters because the rating action rests on both balance-sheet progress and earnings growth rather than on zinc prices alone.

The main counter-factor is commodity and industrial-cycle sensitivity. S&P Global Ratings said a material decline in zinc prices or steel demand could pressure EBITDA, while the agency identified an EBITDA level of EUR 215 million or lower as a potential rating risk scenario.

Next report arrives October 29

Befesa's next scheduled event is its Q3 2026 statement and conference call on October 29, 2026, according to the investor-calendar information published by EQS News. Befesa stock was trading at EUR 34.05 on Xetra on October 2, 2026, with the 0.29 percent session gain leaving the market reaction modest relative to the credit improvement.