Aurubis AG

NDA

Equity

ISIN DE0006766504 / Valor 917955

Xetra (2026-06-04)

EUR 218.20+0.37%

Aurubis AG
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About company

Aurubis AG is a prominent global supplier of non-ferrous metals, with a primary focus on copper production and recycling. Based in Germany, the company manages the entire value chain from the extraction and processing of raw materials to the manufacturing of high-quality copper products such as cathodes, rods, and wires. Aurubis serves a wide array of industries, including electrical engineering, automotive, and renewable energy, by providing essential copper components and materials. Additionally, the company is one of the largest copper recyclers in the world, leveraging its advanced technologies to efficiently recycle copper and support sustainable resource management. With operations spanning multiple regions, Aurubis AG plays a key role in the global metals market through its comprehensive expertise and extensive manufacturing capabilities.

Summarized from source with an LLMView SourceSector: Non-Energy Materials

Top-line and operating earnings

6M revenues €11,320m (+23% vs prior year); Q2 revenues €6,036m (+21%). Operating EBITDA 6M €351m (+3%); Q2 €187m (+19%). Operating EBT 6M €226m (vs €229m prior year); Q2 €121m (+22% y/y, +15% vs Q1).

IFRS vs operating reconciliation

IFRS profit is substantially higher due to metal-price related valuation effects under IAS 2: 6M IFRS EBT €1,068m and consolidated net income €801m (IFRS EPS 6M €18.34). Aurubis adjusts for inventory revaluations and unrealized derivative valuations to present the operating result used for management reporting (operating EBT €226m for 6M).

Cash flow, balance sheet and returns

Cash and cash equivalents €167m at Mar 31, 2026; net financial position €-356m. Net cash flow 6M €161m (down vs prior year), free cash flow 6M €-133m. Capital employed €4,348m (+7% y/y) and operating ROCE 8.1% (down from 10.2% prior year) reflecting ongoing project capitalisation.

Segments — Multimetal Recycling (MMR) and Custom Smelting & Products (CSP)

MMR: 6M operating EBT €56m (+11% y/y), gross margin €387m (+11%). Q2 operating EBT €38m. CSP: 6M operating EBT €211m (-13% y/y), gross margin €710m (-3%); Q2 operating EBT €99m. Trends: stronger metal results (precious metals) and sulfuric acid sales helped results; lower concentrate TC/RCs weighed on CSP.

Investments and project status

Capex 6M €232m (down 32% y/y) with ~€57m invested in Aurubis Richmond phase 1/2 in H1. Aurubis Richmond ramp-up ongoing; Complex Recycling Hamburg (CRH) had first melt and phased commissioning planned. Tankhouse expansion in Bulgaria progressing (commissioning scheduled summer 2026).

Guidance and outlook

Management raised the FY 2025/26 operating EBT outlook to €425–525m (previously €375–475m), citing improved market conditions and the stronger Q2 result. Key risks remain metal concentrate TC/RC pressure, energy and geopolitical uncertainty; opportunities from strategic projects and recycling growth persist.

Summarized from source with an LLMView Source

Key figures

174%1Y

183%3Y

179%5Y

Performance

33.3%1Y

35.5%3Y

37.2%5Y

Volatility