Aurubis (NDA) Q4 2025 earnings summary

Executive summary

• Achieved robust results in a volatile market, with €18,171 million revenue and strong cash generation, despite lower EBT and market headwinds.

• Advanced key strategic projects, including commissioning at Aurubis Richmond and Olen, and progress on Complex Recycling Hamburg and Pirdop expansions.

• Maintained a diversified multimetal portfolio, strong sustainability leadership, and high recycled content across products.

• Increased dividend to €1.60 per share, reflecting confidence in business outlook and cash flow.

• Strategic focus shifted to maximizing returns from recent investments, with major projects in recycling and sustainability advancing.

Financial highlights

• Revenue rose 6% to €18,171 million, mainly due to higher metal prices.

• Operating EBT was €355 million, down 14% year-over-year; net income fell 22% to €261 million.

• EBITDA reached €589 million, a 5% decrease from the prior year.

• Net cash flow improved to €677 million from €537 million, driven by working capital improvements.

• Free cash flow before dividend improved to €-95 million from €-219 million.

Outlook and guidance

• FY 2025/26 guidance: operating EBT €300–400 million, EBITDA €580–680 million, ROCE 7–9%, net cash flow €640–740 million, and free cash flow break-even (pre-dividend).

• Segment EBT guidance: CSP €280–340 million, MMR €80–140 million.

• Expects increased metal result and higher product business contribution to offset raw material market challenges.

• Annual CapEx to decline as strategic projects complete; focus on net working capital to fuel free cash flow.

• Operating ROCE expected at 7–9%.