S&P upgraded Befesa to BB+ while Befesa stock traded at EUR 35.40

Published on 10/12/2026 at 09:58 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Adjusted EBITDA rose 11.00 percent to EUR 124.00 million in the first half of 2026. Befesa stock was EUR 35.40 on October 12, 2026 versus EUR 35.35.

Key points in brief

S&P upgraded Befesa's issuer rating from BB to BB+ on September 29, 2026.
Adjusted EBITDA rose 11.00 percent to EUR 124.00 million in the first half of 2026.
Befesa stock traded at EUR 35.40 at Lang & Schwarz on October 12, 2026, 0.14 percent above the Xetra close.
Befesa is scheduled to publish its third-quarter 2026 results on October 29, 2026.

Isometrisches 3D-Diagramm der Zinkrecycling-Prozesskette: Stahlstaub, Drehofen, Zinkbarren — Befesa S.A. illustriert den Weg von Stahlstaub über den Drehofen zu Zinkbarren, LU1704650164, Illustration mit AI erstellt.

S&P upgraded Befesa from BB to BB+ on September 29, 2026, while Befesa stock was trading at EUR 35.40 at Lang & Schwarz on October 12, 2026 at 9:50 a.m. CEST, 0.14 percent above the Xetra close of October 9, 2026 at EUR 35.35. The rating change places the recycler one step closer to investment-grade status.

Rating upgrade reflects lower leverage

According to FinanzNachrichten.de, S&P Global Ratings upgraded Befesa's long-term issuer rating from BB to BB+ with a stable outlook on September 29, 2026. The same upgrade applied to the EUR 650.00 million term loan and EUR 100.00 million revolving credit facility.

The balance-sheet trend provides the central operating context. An analysis published by aktiencheck.de on October 5, 2026, put net debt at 2.20 times EBITDA, down from 2.70 times one year earlier.

What does the upgrade change?

The rating action matters because Befesa is moving from a debt-reduction story toward greater financial flexibility. S&P said completed growth investments and lower capital expenditure should support further deleveraging, while zinc hedging extends through the third quarter of 2029.

Adjusted EBITDA reached EUR 124.00 million

Adjusted EBITDA rose 11.00 percent to EUR 124.00 million in the first half of 2026, even as revenue fell 2.00 percent, according to aktiencheck.de. Second-quarter adjusted EBITDA rose 17.00 percent to EUR 66.00 million, and the margin reached 21.70 percent.

The company is targeting full-year EBITDA of EUR 250.00 million to EUR 270.00 million and aims for the upper half of that range, the same analysis reported. Secondary aluminium remains a counter-factor, contributing EUR 2.30 million of EBITDA in the cited period.

Three dated Befesa milestones

On September 29, 2026, S&P raised the issuer rating from BB to BB+. On October 5, 2026, the published analysis cited first-half adjusted EBITDA of EUR 124.00 million and leverage of 2.20 times EBITDA. On October 9, 2026, the Xetra price closed at EUR 35.35.

Next reporting date is October 29

Befesa's next substantiated reporting date is October 29, 2026, when the company is scheduled to publish its third-quarter 2026 statement and hold its conference call, as reported by aktiencheck.de. The date gives investors the next formal checkpoint for EBITDA delivery and debt reduction.

Stock remains below the yearly high

Befesa's market capitalization was EUR 1.4 billion as of October 12, 2026, while its 52-week range stood at EUR 26.60 to EUR 38.10. At EUR 35.40, the stock was 7.09 percent below its 52-week high, keeping the rating upgrade and the October reporting date as the main reference points for the next valuation discussion. The further course of trading is shown by the continuously updated real-time quote of Befesa stock.