Aurubis (NDA) Q2 2025 earnings summary

Executive summary

• Operating EBT for the first six months was €229 million, down from €243 million year-over-year, reflecting resilience amid challenging conditions and higher project costs.

• EBITDA reached €341 million, up 1% year-over-year, with a return on capital employed (ROCE) slightly up to 10.2%.

• Net cash flow improved significantly to €190 million from €5 million year-over-year, driven by robust earnings and lower inventories.

• Higher metal prices, strong sulfuric acid earnings, and solid copper product performance offset lower concentrate throughput and higher ramp-up costs.

• Strategic projects are progressing, with several commissioned and ramping up, and CapEx remains high as planned.

Financial highlights

• Revenues rose 11% year-over-year to €9,184 million, mainly due to higher copper and precious metal prices.

• Gross profit was €850 million, slightly below the previous year.

• Free cash flow improved to minus €151 million, better than the prior year.

• Capital expenditure reached €340 million in the first half, with €1.1 billion of the €1.7 billion CapEx program already realized.

• Equity ratio stood at 55.6%, and debt coverage increased to 0.3 after new bank loans.

Outlook and guidance

• Full-year operating EBT guidance confirmed at €300–400 million, with expectations around the midpoint.

• Operating ROCE for the group expected between 7–11% for FY 2024/25.

• Custom Smelting & Products segment EBT expected at €310–370 million, ROCE 14–18%; Multimetal Recycling EBT €50–110 million, ROCE 4–8%.

• Maintenance shutdowns in Lünen and Pirdop factored into guidance with negative EBT effects.

• Stable concentrate and recycling material supply anticipated; strong sulfuric acid revenues expected to continue.