Aurubis (NDA) Q2 2025 earnings summary

Executive summary

• Operating EBT for the first six months of FY 2024/25 was €229 million, down from €243 million year-over-year, reflecting robust performance amid challenging conditions and nearly matching the prior year.

• Operating 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 major investments realized and several projects entering ramp-up phases.

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 last year, while gross margin exceeded €1 billion, well balanced across income streams.

• Operating EBIT for 6M 2024/25 was €231 million, down 4% year-over-year; operating EBITDA was €341 million, up 1%.

• Consolidated net income (operating) was €175 million, a 10% decrease year-over-year; EPS (operating) was €3.99, down from €4.46.

• Capital expenditure reached €340 million, up 7% year-over-year, reflecting ongoing strategic investments.

Outlook and guidance

• Full-year operating EBT expected around the midpoint of €300–400 million; ROCE forecasted between 7–11% for the group.

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

• Guidance includes ramp-up and maintenance shutdown costs, with shutdowns at Pirdop and Lünen expected to impact EBT by €34 million and €10 million, respectively.

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

• Guidance confirmed despite volatile market and raw material challenges.