Aurubis achieves improved quarterly result and increases 2025/26 forecast

Aurubis AG, a leading global provider of non-ferrous metals and one of the largest copper recyclers worldwide, is raising its forecast for the current 2025/26 fiscal year.

The multimetal supplier now anticipates an operating EBT of between €425 million and €525 million (previously: €375–475 million) and an operating ROCE of between 10 and 12 % (previously 9–11 %). This increase is based on an improved market outlook and the accompanying higher anticipated result. Key drivers of the increase include sustained high metal prices, improved revenue expectations from recycling material processing, and anticipated higher revenues from sulfuric acid sales in the second half of the fiscal year.

Given the usual fluctuations in working capital with high metal prices, Aurubis also continues to expect net cash flow to be above the prior-year level and free cash flow break-even (before dividend) at a minimum.

The multimetal company closed out Q2 on March 31, 2026 with a higher result: Preliminary operating earnings before taxes amounted to €121 million, a 15 % increase over the prior quarter (Q1 2025/26: €105 million), while operating EBITDA rose to €187 million (previous quarter: €164 million).

These stable mid-year results for the current fiscal year clearly highlight Aurubis’ ongoing success. The preliminary operating earnings before taxes (EBT) of €226 million after the first 6 months put the multimetal supplier on par with the previous year (€229 million). Accordingly, operating EBITDA came in at €351 million, roughly 3 % higher than the prior-year figure (€341 million).

A number of positive factors provided an uplift to the preliminary H1 2025/26 results, including a markedly higher year-over-year metal result due in part to increased metal prices, especially for precious metals, coupled with slightly higher earnings from the processing of recycling material. Aurubis also profited from sulfuric acid revenues that exceeded the high prior-year level driven by higher sales volumes, and a slight rise in revenues from copper product sales.

These tailwinds more than compensated for result-dampening factors, such as considerably lower treatment and refining charges with higher year-over-year concentrate throughput and increased scheduled depreciation for strategic projects. Overall, the financial performance reflects the ongoing investment and ramp-up phases of key forward-looking projects.

“The second quarter of 2025/26 underscored the resilience of our business model yet again. Our multimetal expertise combined with multiple stable earnings drivers delivers reliability: a strong metal result, robust product markets, and growing demand for sulfuric acid. This was the impetus for increasing our full-year forecast. We continue pursuing our successful course, even in a geopolitically challenging climate,” Aurubis CEO Dr. Toralf Haag emphasized.

The Interim Report First 6 Months 2025/26 and additional informational materials will be available on our website on May 11, 2026 starting at 7 a.m. at aurubis.com/investor-relations/publications/quarterly-reports.

On May 11, 2026 from 2 p.m. (CET), the company will offer analysts, investors and journalists the opportunity to participate in a webcast in English. The access link for listen-only mode (prior registration required) is available in the Investor Relations section of the Aurubis website.

Related images and video footage are also available in our virtual press kit at www.aurubis.com/en/media/press-kit.