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, despite major maintenance shutdowns and challenging market conditions.

• Net cash flow surged to €357 million from €52 million, driven by strong earnings and lower inventories.

• Strategic investments and project ramp-ups, especially in the US (Richmond), remain on track, with over 70% of €1.7 billion in approved projects deployed.

• The largest maintenance shutdown at the Bulgaria site was completed on time and within budget, securing long-term operational performance.

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

Financial highlights

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

• Gross profit was €1.2 billion, slightly below prior year, while gross margin exceeded €1.5 billion, reflecting balanced income streams.

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

• Free cash flow improved versus prior year; equity ratio rose to 56%, and debt coverage remains low at 0.6%.

• Capital expenditure reached €565 million, mainly for strategic and baseline investments.

Outlook and guidance

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

• Net cash flow guidance confirmed at €500–600 million for the fiscal year.

• Multimetal Recycling segment EBT expected at €50–70 million; Custom Smelting & Products segment EBT at €340–370 million.

• Operating ROCE for the group projected at 8–10%, with segment ROCEs reflecting ongoing investments.

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