Aurubis (NDA) CMD 2025 summary

Strategic priorities and recent progress

• Focused on harvesting returns from €1.7 billion CapEx investments, with 70% already spent and major projects like Richmond, ASPA, and BOB on time and within budget.

• Shifted to a phase of cash generation, efficiency, and performance culture, deprioritizing non-core activities and raising project selection thresholds.

• Emphasis on operational excellence, digitalization, and collaboration across sites to maximize asset utilization and debottleneck processes.

• Commitment to sustainability leadership, with products having 50-60% lower carbon footprint than global averages, and 95% of cathodes Copper Mark certified.

• Regional growth focused on Europe and North America, with Richmond as a platform for further U.S. expansion and potential downstream or West Coast projects.

Market outlook and competitive positioning

• Strong, long-term demand for copper and other metals driven by electrification, AI, energy transition, and infrastructure, with copper demand expected to grow over 20% by 2035.

• U.S. market offers significant growth due to supply gaps, new trade restrictions, and local demand for critical minerals, positioning Richmond as a first-mover.

• Multi-metal excellence, integrated value chain, and ability to process complex materials provide a unique competitive edge.

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

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

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 ramp-up on schedule, with first melt completed and commercial contracts signed for initial volumes.

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

• No further major investment in battery recycling due to market uncertainty; instead, exploring partnerships and joint ventures to leverage existing technology.

• Focused growth pipeline targets markets and products with highest value potential.