Aurubis (NDA) Q2 2026 earnings summary

Executive summary

• Operating EBT for H1 was €226 million, nearly flat year-over-year, with Q2 EBT up 15% sequentially, driven by higher metal prices, improved recycling, and sulfuric acid revenues.

• Operating EBITDA for H1 rose 3% year-over-year to €351 million; group revenues increased 23% to €11,320 million, mainly due to higher metal prices.

• Free cash flow before dividend improved to €-63 million, mainly due to lower CapEx and higher inventories linked to elevated metal prices.

• Strategic projects (CRH, Richmond, Pirdop) advanced, with commissioning and ramp-up underway, supporting future growth.

• Nearly 90% of the €1.7 billion strategic investment program has been executed, with €1.5 billion deployed.

Financial highlights

• Net cash flow for H1 was €161 million, down from last year due to higher working capital and inventories.

• Operating ROCE declined to 8.1% from 10.2% year-over-year, reflecting higher capital employed and ongoing growth projects.

• Gross margin for H1 was about €1.1 billion, up from €1.08 billion last year, with increased contribution from metal results.

• Capital expenditure for H1 was €232 million, down from €340 million, reflecting progress in strategic projects.

• IFRS net income for H1 was €801 million, up 91% year-over-year, with EPS at €18.34.

Outlook and guidance

• Full-year operating EBT guidance raised to €425–525 million (previously €375–475 million); operating EBITDA expected at €700–800 million.

• Segment EBT guidance: CSP €370–430 million, MMR €115–175 million; Richmond expected below EBITDA break-even for the year.

• Operating ROCE targeted at 10–12% group level; CSP 15–17%, MMR 8–10%.

• Free cash flow before dividend expected at least break-even; net cash flow projected above prior-year level.

• Positive market drivers include high metal prices, strong demand for copper products, robust sulfuric acid sales, and strategic project progress.