Aurubis Meets Expectations, Raises 2025/26 Forecast
- Q1 2025/26 operating EBT reached €105 million, down from €130 million last year.
- Net cash flow dropped to €-8 million due to higher inventories and metal prices.
- Operating ROCE was 7.8%, down from 11.7% last year, due to ongoing growth projects.
- Sulfuric acid and copper product revenues remained high, despite lower TC/RCs.
Quarterly Financial Performance
Aurubis AG reported operating earnings before taxes (EBT) of €105 million for the first quarter of the 2025/26 fiscal year, a decrease from the previous year's €130 million. This decline is attributed to lower treatment and refining charges for smelting copper concentrates, increased depreciation, and a maintenance shutdown at the Hamburg site.
Cash Flow and ROCE
Net cash flow for the first three months was €-8 million, significantly lower than the prior year's €178 million, due to higher inventories and metal prices. Operating return on capital employed (ROCE) was 7.8%, down from 11.7% last year, reflecting stable returns despite high capital spending on growth projects.
Revenue Drivers
Key revenue drivers included a higher year-over-year metal result, particularly from precious metals, and stable revenues from sulfuric acid and copper products. However, lower treatment and refining charges and increased costs due to inflation impacted the results.
Market Outlook
Aurubis raised its full-year forecast to €375 – 475 million, citing improved market and earnings outlook. The company highlighted its multimetal capabilities and diversified earnings drivers as factors supporting its resilience in a challenging geopolitical environment.
Source: Aurubis