Aurubis raises full‑year outlook after stronger Q3 and major project progress
- Operating EBT rose 31% to €374m after nine months; operating EBITDA reached €570m.
- Q3 operating EBT €149m (Q2 €121m; prior‑year Q3 €57m), driven by higher metal prices, sulfuric acid sales and recycling revenues.
- About 90% of the ~€1.7bn strategic investment programme complete; €190m Complex Recycling Hamburg commissioned in July; Richmond and Bulgaria tankhouse ramp‑ups ongoing.
- Aurubis confirms FY25/26 guidance of operating EBT €425–525m and now expects to finish at the upper end; operating ROCE guidance 10–12%.
Financial performance
Aurubis increased operating EBT by 31% to €374 million after the first nine months of fiscal year 2025/26 (previous year: €286 million). Operating EBITDA rose to €570 million (previous year: €462 million). Operating ROCE was 9.4% as at 30 June 2026, up from 9.1% a year earlier and above the prior quarter's 8.1%.
Drivers of Q3 improvement
In Q3 (April–June 2026) operating EBT was €149 million, substantially above the prior‑year quarter (€57 million) and above Q2 (€121 million). The quarter benefitted from a stronger metal result due to higher copper and precious metal prices, significantly higher sulfuric acid revenues, increased copper product sales and improved earnings from recycling. Net cash flow after nine months was impacted by temporary storage of intermediate products for phased commissioning of the Bulgarian tankhouse and amounted to €-28 million (previous year: €357 million).
Investments and project status
About 90% of the roughly €1.7 billion strategic investment programme was realized by the end of June 2026. The €190 million Complex Recycling Hamburg was commissioned in July. Aurubis Richmond is in an extended ramp‑up with phase 1 completion expected in fiscal year 2026/27 and phase 2 in fiscal year 2027/28. The copper tankhouse expansion in Bulgaria is nearing completion and will increase local tankhouse capacity by 50% to 340,000 tonnes of refined copper.
Outlook
Aurubis confirms its FY2025/26 forecast of operating EBT between €425 and €525 million and operating ROCE of 10–12%, and from today’s perspective expects to generate operating EBT at the upper end of the range.
Source: Aurubis
