Aurubis (NDA) investor relations material

Executive summary

• Operating EBT for Q1 2025/26 was €105 million, down 19% year-over-year but in line with expectations, mainly driven by higher metal prices and strong metals result, despite lower TC/RCs and higher costs.

• Revenues rose 25% year-over-year to €5,284 million, driven by higher precious metal prices and strong demand for copper products.

• EBITDA reached €164 million, down 11% year-over-year, reflecting higher costs and investments.

• Net cash flow was negative at €-8 million, and free cash flow before dividend was €-103 million, both impacted by higher working capital at elevated metal prices.

• Strategic projects in Hamburg, Pirdop, and Richmond are progressing on schedule, with major investments on track for commissioning in 2025-2026.

Financial highlights

• Gross profit was €426 million, slightly below the prior year due to higher material costs.

• Operating EBIT was €101 million, down 23% year-over-year; consolidated net income dropped 18% to €81 million.

• EPS decreased 18% to €1.86.

• Operating ROCE dropped to 7.8% from 11.7% year-over-year, reflecting lower trailing earnings and higher capital employed.

• Net cash flow was €-8 million, compared to €178 million in the prior year.

Outlook and guidance

• Full-year operating EBT guidance raised to €375–475 million (previously €300–400 million).

• Operating EBITDA guidance increased to €655–755 million.

• Segment EBT guidance: CSP €320–380 million, MMR €115–175 million.

• Group ROCE forecast upgraded to 9–11%; net cash flow expected to exceed prior year.

• Free cash flow before dividend expected to be at least break even for the year.