Aurubis (NDA) Q3 2026 earnings summary

Executive summary

• Operating EBT for the first nine months rose 31% year-over-year to €374 million, with Q3 EBT at €149 million, driven by higher metal prices, recycling, sulfuric acid, and copper product sales.

• Group revenues increased 29% year-over-year to €17,769 million, reflecting higher metal prices and strong operational performance.

• Net cash flow was negative at €-28 million due to inventory build-up for strategic projects, expected to reverse by year-end.

• Strategic projects progressed: Complex Recycling Hamburg was commissioned and exceeded targets; Pirdop tankhouse expansion is near completion; Richmond ramp-up delayed, shifting EBITDA contribution out by one year.

• About 90% of the €1.7 billion strategic investment agenda has been realized, with major expansions in Hamburg, Bulgaria, and the US.

Financial highlights

• Operating EBITDA for the first nine months reached €570 million, up 23% year-over-year.

• Gross margin increased to €1.7 billion, up €140 million year-over-year, with metal results contributing 43% (up from 37%).

• Consolidated net income grew 34% to €289 million; EPS up 34% to €6.62.

• Free cash flow before dividend was negative, impacted by temporary inventory effects, but full-year guidance is for at least break-even.

• Net financial position deteriorated to €-686 million, with capital expenditure at €373 million for the period.

Outlook and guidance

• Full-year operating EBITDA guidance confirmed at €700–800 million; operating EBT expected at the upper end of €425–525 million.

• Operating ROCE guidance maintained at 10–12% for the group.

• Net cash flow for the full year expected to exceed last year as inventory levels normalize.

• Free cash flow before dividend expected to be at least break-even.