Aurubis (NDA) Q1 2026 earnings summary

Executive summary

• Operating EBT for Q1 2025/26 was €105 million, down from €130 million year-over-year but supported by higher metal prices and strong demand for copper products, partly offset by lower treatment and refining charges and higher costs.

• Revenues rose 25% year-over-year to €5,284 million, mainly due to higher precious metal prices and robust copper product demand.

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

• Strategic projects, including Complex Recycling Hamburg, Pirdop Tankhouse Expansion, and Richmond, are progressing on schedule with €1.4 billion invested to date.

• Full-year operating EBT guidance was raised to €375–475 million, reflecting improved market and earnings outlook.

Financial highlights

• EBITDA for Q1 was €164 million, down 11% year-over-year, reflecting higher group costs.

• Gross profit slightly decreased to €426 million from €433 million, as higher material costs offset margin gains.

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

• Equity ratio remained strong at 49.9%, above the 40% target.

• Capital expenditure was €108 million, down from €141 million in the prior year quarter.

Outlook and guidance

• Full-year operating EBT guidance raised to €375–475 million; operating EBITDA expected between €655–755 million.

• Segment EBT guidance: CSP €320–380 million, MMR €115–175 million; group operating ROCE forecast upgraded to 9–11%.

• Free cash flow before dividend expected to be at least break-even; net cash flow to exceed prior year.

• Demand for wire rod and copper products expected to remain strong; sulfuric acid earnings contribution to rise.

• Improved outlook based on higher metal prices, strong product demand, and stable sulfuric acid markets.