Aurubis reports stronger Q2 and raises full-year forecast
- €1.7 billion strategic investment program with ~€1.5 billion (~90%) invested; projects expected to add ~€260 million EBITDA p.a. from 2028/29.
- Complex Recycling Hamburg (CRH) entered ramp-up after first melt in March 2026 and will handle roughly 30,000 t additional recycling material.
- Aurubis Richmond greenfield plant in the US is ramping up and will process about 180,000 t of complex recycling material per year once phase 2 is complete.
- Bulgaria tankhouse expansion will raise refined copper capacity by ~50% to 340,000 t, with commissioning scheduled for summer 2026.
H1 financials
Q2 operating EBT €121m (+15% q/q); H1 operating EBT €226m (prior year €229m) and operating EBITDA €351m (+3% y/y). Net cash flow H1 €161m (prior year €190m), reduced by higher inventories amid elevated metal prices. Operating ROCE 8.1% (prior year 10.2%), decline linked to investments still in ramp-up.
Outlook
On May 8, 2026 Aurubis raised its full-year guidance to operating EBT €425–525m and operating ROCE 10–12% (previously €375–475m and 9–11%).
Strategic projects and capacity
Since 2021 Aurubis approved ~€1.7bn for strategic projects, with ~€1.5bn (~90%) invested by end of Q2 2025/26; projects are expected to contribute ~€260m EBITDA p.a. from fiscal 2028/29. Complex Recycling Hamburg reached first melt in March 2026 and is in ramp-up to process about 30,000 t additional recycling material. Aurubis Richmond in the US is in phased ramp-up and will process ~180,000 t/year of complex recycling material once phase 2 is complete. A Bulgarian tankhouse expansion will raise refined copper capacity by ~50% to 340,000 t, with commissioning scheduled for summer 2026.
Source: Aurubis