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Aurubis (NDA) investor relations material
Aurubis Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Operating EBT for Q1 2025/26 was €105 million, down 19% year-over-year but in line with expectations, mainly driven by higher metal prices and strong metals result, despite lower TC/RCs and higher costs.
Revenues rose 25% year-over-year to €5,284 million, driven by higher precious metal prices and strong demand for copper products.
EBITDA reached €164 million, down 11% year-over-year, reflecting higher costs and investments.
Net cash flow was negative at €-8 million, and free cash flow before dividend was €-103 million, both impacted by higher working capital at elevated metal prices.
Strategic projects in Hamburg, Pirdop, and Richmond are progressing on schedule, with major investments on track for commissioning in 2025-2026.
Financial highlights
Gross profit was €426 million, slightly below the prior year due to higher material costs.
Operating EBIT was €101 million, down 23% year-over-year; consolidated net income dropped 18% to €81 million.
EPS decreased 18% to €1.86.
Operating ROCE dropped to 7.8% from 11.7% year-over-year, reflecting lower trailing earnings and higher capital employed.
Net cash flow was €-8 million, compared to €178 million in the prior year.
Outlook and guidance
Full-year operating EBT guidance raised to €375–475 million (previously €300–400 million).
Operating EBITDA guidance increased to €655–755 million.
Segment EBT guidance: CSP €320–380 million, MMR €115–175 million.
Group ROCE forecast upgraded to 9–11%; net cash flow expected to exceed prior year.
Free cash flow before dividend expected to be at least break even for the year.
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