Aurubis moves full-year guidance to upper end of forecast range after notably improved Q3 

Aurubis AG increased operating earnings before taxes (EBT) by 31 % to €374 million in the first nine months of fiscal year 2025/26 (previous year: €286 million). Operating EBITDA rose to €570 million in the same period (previous year: €462 million).  

Central positive factors impacting the first nine months included high capacity utilization in production with an improved metal result due to higher metal prices, especially for precious metals, higher revenues from sulfuric acid sales, and a slight increase in earnings from the processing of recycling material. Higher revenues from copper product sales positively influenced the result as well. In contrast, the prior-year period was affected by the extensive scheduled maintenance shutdown at the Bulgarian site.

Just in Q3 2025/26, the multimetal provider generated operating EBT of €149 million (previous year: €57 million), considerably higher than the Q2 result of €121 million. Quarter over quarter, the operating result for the months of April to June 2026 were shaped by a stronger metal result due to higher copper prices, significantly higher sulfuric acid revenues, and increased revenues from the recycling business.  

“Our focus on the multimetal business is paying off. We are delivering reliability, even in a highly demanding market environment. This is reflected in our smelters’ heightened operating performance. We are also seeing more and more of our strategic projects ramp up,” Aurubis AG CEO Dr. Toralf Haag said. 

Operating return on capital employed (ROCE) was 9.4 % as at June 30, 2026, above the prior-year level of 9.1 % and significantly exceeding the previous quarter at 8.1 %. The rise can mainly be attributed to the higher earnings trend in the first nine months.  

In the course of the phased commissioning of the expanded copper tankhouse in Bulgaria, Aurubis temporarily stored more intermediate products. This temporary effect impacted net cash flow, which amounted to €-28 million after nine months (previous year: €357 million). Net cash flow is also subject to fluctuations over the course of the fiscal year, which balance out again as the year goes on. 

Business in the two segments reflected different developments: In the Multimetal Recycling segment, Aurubis achieved operating EBT of €87 million after nine months (previous year: €36 million). Operating EBT in the Custom Smelting & Products segment increased to €355 million (previous year: €342 million). Both segments thus contributed to the improvement in Group earnings, with the Multimetal Recycling segment notably stronger than in previous quarters again.  

About 90 % of strategic investment agenda realized 

Aurubis has achieved additional crucial milestones in implementing its “Aurubis Performance 2030 — Forging resilience. Leading in multimetal.” strategy during the  past several months. About 90 % of the approximately €1.7 billion strategic investment program had been realized by the end of June 2026.  

The company successfully commissioned one of the most significant projects in July, the €190 million investment Complex Recycling Hamburg. The new recycling plant will considerably optimize material flows in the Hamburg plant and deliver a substantial positive financial contribution once fully ramped up. 

The gradual ramp-up of Aurubis Richmond, the first secondary smelter for multimetal recycling in the United States, continues to move forward with focus. Phase 1 is continuing its extended ramp-up phase in parallel with the start of phase 2 commissioning. In the course of the two phases’ commissioning overlap, the ramp-up will be prolonged for key systems. From today’s perspective, ramp-up for phase 1 will be completed in fiscal year 2026/27 and for phase 2 in fiscal year 2027/28, respectively. The advanced technology and processing capabilities of its recycling system make Aurubis a pioneer in sustainable multimetal recycling in the US. The new site also opens up prospects for additional profitable growth along the metallurgical value chain in the US.  

The expansion of the copper tankhouse in Bulgaria is nearing completion. The preparatory measures for phased commissioning are progressing as planned. Aurubis is boosting its local copper tankhouse capacity by 50 % to 340,000 tons of refined copper with the expansion. 

Outlook: Aurubis anticipates result at upper end of forecast range 

Aurubis confirms its forecast for fiscal year 2025/26 and anticipates operating EBT between €425 and 525 million and operating ROCE between 10 and 12 %. From today’s perspective, the company also expects to generate operating EBT at the upper end of the forecast range in the 2025/26 fiscal year.