Aurubis (NDA) Q4 2024 earnings summary

Executive summary

• Achieved robust FY 2023/24 results with operating EBT of €413 million, up 19% year-over-year, and net cash flow of €537 million, despite market volatility, major maintenance shutdowns, and strategic project ramp-ups.

• Five out of eleven strategic projects have moved into ramp-up or operations, with more than 50% of the €1.7 billion investment program completed.

• Significant improvements in plant security and occupational safety, with 400 security measures identified and a quarter already implemented; internal investigations into past criminal activities are complete and findings handed to authorities.

• Strategic focus on sustainable growth, digitalization, and industry leadership in environmental standards, with SBTi-validated targets and a 24% reduction in Scope 1 and 2 CO2 emissions since 2018.

• Dividend proposal of €1.50 per share, reflecting financial strength and a 25% increase in net income to €335 million.

Financial highlights

• Operating EBT reached €413 million, up 19% year-over-year; operating EBIT increased 20% to €411 million; consolidated net income rose 25% to €335 million.

• Net cash flow was €537 million, enabling substantial growth investments; free cash flow at minus €280 million after investments.

• Gross profit stood at €1.7 billion, up 15% year-over-year, driven by higher metal prices and absence of prior one-offs.

• Operating EBITDA at €622 million; CapEx peaked at €859 million, mainly for growth and sustainability projects.

• Equity ratio at 55.9%, well above target; dividend payout ratio at 20% of operating EPS, yield of 2.0–2.3%.

Outlook and guidance

• FY 2024/25 guidance: operating EBT between €300–400 million, ROCE between 7–11%.

• Multimetal Recycling segment: EBT €50–110 million, ROCE 4–8%; Custom Smelting & Products: EBT €310–370 million, ROCE 14–18%, including €51 million negative EBT from maintenance shutdowns.

• Ramp-up costs for strategic projects expected at €50 million, evenly distributed over the year; additional EBITDA contribution from projects expected to reach up to €260 million over the next 3–4 years.

• Stable concentrate and recycling material supply anticipated; strong copper demand and premium expected; energy costs projected slightly above 2023/24.

• Scheduled smelter shutdowns in the next three years expected to impact EBT.