Aurubis (NDA) Q3 2025 earnings summary

Executive summary

• Operating EBT for the first nine months was €286 million, down from €333 million year-over-year, while operating EBITDA remained nearly flat at €462 million versus €475 million, supported by higher metal prices and strong copper product revenues despite major maintenance shutdowns.

• Net cash flow improved sharply to €357 million from €52 million last year, driven by robust earnings, lower inventories, and higher receivables.

• Largest scheduled maintenance shutdown at the Bulgarian site was completed on time and within budget, supporting operational stability and efficiency.

• Strategic investments and project ramp-ups, especially in the U.S. (Richmond), progressed with over 70% of €1.7 billion CapEx already spent, targeting €260 million in future annual EBITDA.

• ROCE declined to 9.1% from 11.1% due to higher capital employed for growth projects not yet contributing to earnings.

Financial highlights

• Revenues rose 7% year-over-year to €13,781 million, driven by higher copper and precious metal prices.

• Gross profit was €1,232 million, down 4% year-over-year; gross margin exceeded €1.5 billion.

• Operating EBITDA for the first nine months was €462 million, nearly flat year-over-year; EBIT dropped 11% to €293 million.

• Free cash flow improved versus prior year, though Q3 free cash flow was -€276 million due to high CapEx and dividend payout.

• Equity ratio at 56.1%, debt coverage at 0.6, both well within target ranges.

Outlook and guidance

• Full-year operating EBT guidance narrowed to €330–370 million, with expectations to land near the midpoint.

• Net cash flow forecast for the year is €500–600 million.

• Operating ROCE expected between 8% and 10% for the group, with segment-specific guidance: Multimetal Recycling EBT €50–70 million (ROCE 4–6%), Custom Smelting & Products EBT €340–370 million (ROCE 16–18%).

• Stable demand anticipated for copper cathodes and wire rod; high sulfuric acid revenues expected.

• No major plant standstills expected next year, supporting improved throughput.