Aurubis (NDA) Q1 2025 earnings summary

Executive summary

• Operating EBT for Q1 reached €130 million, up 17.5% year-over-year, driven by higher metal prices, strong sulfuric acid earnings, and lower group costs.

• Net cash flow improved to €178 million from a negative €202 million in the prior year, reflecting better working capital management and lower cash outflows.

• Operating ROCE increased to 11.7% from 9.7% year-over-year, with improved earnings offsetting higher capital employed for growth projects.

• Strategic investments and plant security enhancements remain top priorities, with substantial progress on project execution.

• Free cash flow was positive, and the company maintains guidance for operating EBT of €300–400 million for the fiscal year.

Financial highlights

• Revenues rose 8% year-over-year to €4,215 million, mainly due to higher metal prices.

• Gross profit increased 7% to €433 million; gross margin exceeded €500 million, well balanced across income streams.

• EBITDA grew 15% to €184 million; EBIT and EBT both up 17% to €131 million and €130 million, respectively.

• Consolidated net income climbed 10% to €99 million; EPS up 10% to €2.26.

• Free cash flow was €38 million, with cash and equivalents at €451 million at quarter-end.

Outlook and guidance

• Operating EBT guidance for the fiscal year remains €300–400 million, with operating ROCE expected between 7% and 11%.

• Multi-Metal Recycling segment EBT expected at €50–110 million, ROCE 4–8%.

• Custom Smelting and Products segment EBT forecasted at €310–370 million, ROCE 14–18%, including a €34 million negative EBT effect from a planned maintenance shutdown.

• Sulfuric acid sales expected to remain a strong earnings driver; copper product demand robust for wire rod, but shapes and flat rolled products expected below prior year.

• Recycling earnings anticipated to be slightly lower for the remainder of the year due to market pressures.