Aurubis (NDA) CMD 2025 summary

Strategic priorities and market positioning

• Focused on health and safety, plant security, stakeholder trust, CapEx returns, and evolving company culture, with significant progress in all areas over the past year.

• Prioritizes multimetal leadership, exiting non-core initiatives, and strict capital allocation with CapEx discipline.

• Emphasizes operational excellence, innovation, and efficiency to maximize multimetal yields and deepen market access.

• Commitment to sustainability leadership, with below-industry-average carbon footprints and transparent, certified supply chains.

• Resilient business model with diversified earnings streams and strong supply chain integration.

Growth initiatives and US expansion

• Launch of the first US greenfield smelter in over a century, with €740 million investment and expected €170 million EBITDA by FY 2027/28.

• Richmond facility is operational, providing a first-mover advantage in US multi-metal recycling, with ramp-up on schedule and commercial contracts signed.

• US market entry leverages favorable policy environment, domestic supply gap, and strong funding support for critical metals.

• Strategic vectors for further US expansion include horizontal and vertical growth and partnerships.

• No further investment in battery recycling; focus remains on asset-light, risk-minimized approach.

Market outlook and competitive positioning

• Demand for copper and other metals is expected to grow strongly, driven by electrification, AI, infrastructure, and energy transition megatrends.

• Well-positioned with a diversified multi-metal portfolio, serving multiple sectors and benefiting from structural long-term growth.

• Faces headwinds from tight concentrate markets, global competition, and supply chain disruptions, but maintains resilience through diversification and long-term contracts.

• Sustainability leadership and circular solutions are key differentiators, with products having significantly lower carbon footprints than industry averages.

• Enhanced commercial service and global footprint to secure stable, diversified supply streams.