Aurubis sets course for multimetal growth and stronger returns

Aurubis AG, a leading global provider of non-ferrous metals and one of the world’s largest copper recyclers, is hosting its Capital Market Day in London today. The management team around CEO Toralf Haag will outline the revised strategy, an outlook on the company’s financial performance, and an updated capital allocation policy.

The revised strategy — “Performance 2030: Forging resilience. Leading in multimetal” — will guide the company in the coming years and enable it to expand its leading market position.

Dr. Toralf Haag comments: “On the back of megatrends driving our business, we are ideally positioned to power the world with sustainable metals. With our revised strategy, we will strengthen our position as a leading copper and multimetal producer. We are focusing on expanding our strong market presence while continuing to set industry standards in processing complex raw materials, metal recovery, technological leadership, sustainability and operational excellence.”

Positioned for focused growth in the decade of metals

Aurubis stands at the epicenter of a structural surge in demand for copper and multimetal. The global appetite for metals is accelerating, driven by disruptive technological advancements through electrification, AI and advanced tech, and the modernization of energy infrastructure as well as geopolitical shifts including a changing security architecture. Aurubis’ smelter network, recycling expertise, and ability to process complex raw materials give it a unique role in meeting these structural needs.

Aurubis is one of the very few companies worldwide capable of recovering 20 different metals and elements from a wide range of primary and secondary raw materials. Its integrated smelter network across Europe and the US allows for scale, flexibility and operational resilience. With its revised strategy, Aurubis will further strengthen its position as a global leader in processing copper and other metals.

After a phase of strong investment-driven growth, Aurubis is shifting its focus to delivering impact from its investments and smart, targeted growth that creates value and aligns with its core strengths. The company has outlined a number of initiatives to further expand its commercial reach and service level to access new material streams and strengthen existing ones while doubling down on securing product competitiveness to maximize profitability.

Aurubis is also boosting its position as a leading global multimetal provider by maximizing its technical expertise and optimizing its smelter portfolio. A focus on operational excellence will allow Aurubis to create more efficient material flows, alleviate system bottlenecks, and draw on internal expertise in processing low-grade material to maximize its multimetal yields and process more complex intermediates in-house. With an emphasis on strengthening the Group’s resilience and profitability, Aurubis expects to consistently grow its earnings and cash flow generation.

Growth focus: North America

During the event, Aurubis will present an update on its US expansion, with the start of production at the new, first of-its-kind multimetal recycling facility in the state of Georgia marking a major milestone. At around €740 million, Aurubis Richmond is the company’s largest investment outside Europe, significantly increasing recycling capacity and securing Aurubis’ strong position in one of the most attractive global metals markets, complementing its strong global footprint.

Aurubis Richmond is designed to meet the surging demand for sustainable metal supply in North America, driven by infrastructure investment, supportive industrial policy, and the growing need for resource security. Together with future options under consideration, the site gives Aurubis a powerful platform for further growth in the region.

Aurubis CEO Dr. Toralf Haag says: “The commissioning of our facility in Richmond marks a milestone in Aurubis’ growth journey. We are first movers and have built the first greenfield smelter in the US in over a century. Our timely entry into the US market and our unique set of capabilities coupled with a supportive funding environment are a strong foundation for further growth in one of the most attractive metal markets in the world.”

Financial guidance and capital allocation policy

Aurubis will also present its guidance for fiscal year 2025/26 and outlook on the mid-term financial development of the business. Supported by megatrends, the company’s expertise in processing complex raw materials, ongoing multimetal portfolio expansion, and focus on operational excellence are set to drive sustained earnings growth, stronger cash flow, and attractive returns for shareholders.

Aurubis’ guidance for 2025/26 includes:

• Operating EBITDA between €580 – 680 million
• Operating EBT between €300 – 400 million
  (at 2024/25 level and in line with market expectations)
• Operating ROCE between 7 – 9 %
• Net cash flow between €640 – 740 million
• Free cash flow break-even (before dividend)

Aurubis’ updated mid-term financial outlook includes:

• Commitment to a maximum net leverage of 3.0 and an equity ratio above 40 %
• Long-term ROCE target of 15 %
• Dividend payout ratio of up to 30 % of operating consolidated net income (after taxes) in the medium term
• For fiscal year 2024/25 which is still impacted by investments, the company aims for a payout ratio of 25 % of operating consolidated net income (after taxes)

Steffen Hoffmann, Chief Financial Officer of Aurubis, comments: “Aurubis combines strong cash generation with a very solid balance sheet. Multiple earnings drivers underpin the strength and resilience of our business model. Our new financial targets and updated capital allocation policy are a testament to the positive outlook for our company. We are committed to delivering attractive cash flows and reliable returns for our shareholders while continuing to further invest in smart growth.”