Press release — Aurubis delivers improved performance: Increased quarterly result and higher forecast
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Aurubis delivers improved performance: Increased quarterly result and higher forecast
- Second quarter: €121 million in operating EBT significantly surpasses previous quarter (Q1 2025/26: €105 million)
- CEO Dr. Toralf Haag: “Higher Q2 result: Aurubis delivers reliability, even with challenging market and geopolitical parameters”
- Just under 90 % of the total €1.7 billion investment volume has been leveraged in strategic projects
- Full-year forecast increased to €425–525 million based on improved market and earnings outlook
Hamburg, May 11, 2026 — Aurubis AG, a leading global provider of non-ferrous metals and one of the largest copper recyclers worldwide, closed out Q2 on March 31, 2026 with a higher result: 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 operating earnings before taxes (EBT) of €226 million put the multimetal supplier on par with the previous year (€229 million). In the first 6 months of the current fiscal year, operating EBITDA came in at €351 million, roughly 3 % higher than the prior-year figure (€341 million).
Net cash flow for the first 6 months of the current fiscal year amounted to €161 million, remaining below the prior-year level (€190 million) due to a rise in inventories with high metal prices.
On the March 31, 2026 reporting date, operating return on capital employed (ROCE) was 8.1 % (previous year: 10.2 %). The decrease in return over the course of the current fiscal year is attributable to growth projects that are still in the implementation phase.
A number of positive factors provided an uplift to the H1 2025/26 results, including a markedly higher year-over-year metal result due in part to increased metal prices, especially for precious metals, accompanied by 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.
With an operating equity ratio (the ratio of equity to total assets) of 48.6 % on the reporting date, Aurubis remains on very solid financial footing.
“The higher Q2 result shows: Aurubis delivers reliability, even with challenging market and geopolitical parameters. A considerably improved operating result and higher quarter-over-quarter EBITDA underscore our continued success,” Aurubis CEO Dr. Toralf Haag emphasized. “Our higher performance and partially improved market conditions led us to raise our full-year forecast.”
Improved market outlook: 2025/26 full-year forecast increased
As announced on May 8, 2026, Aurubis raised its full-year forecast for the current fiscal year. The multimetal company now anticipates an operating EBT of €425–525 million (previously €375–475 million) and an operating ROCE of 10–12 % (previously 9–11 %).
Strategic projects: Majority of investment executed
In 2021, Aurubis approved a total investment volume of around €1.7 billion for strategic projects. Roughly €1.5 billion, just under 90 %, had been invested by the end of Q2 2025/26. Starting in the 2028/29 fiscal year, Aurubis anticipates around €260 million in additional EBITDA contributions per year from these projects.
The Complex Recycling Hamburg (CRH) project is one key focus. The new plant is in the ramp-up phase following a successful first melt in March 2026. CRH will allow Aurubis to process roughly 30,000 t of additional recycling material and larger volumes of complex internal intermediates in the future, increasing value creation at the Hamburg site.
Aurubis Richmond, the first multimetal recycling plant in the United States, is also in ramp-up. The first phase of the greenfield project in North America is currently undergoing gradual commissioning. Once ramp-up of the second phase is complete, the site will process around 180,000 t of complex recycling material per year.
Aurubis is also expanding the copper tankhouse at its site in Bulgaria. An around 50 % capacity increase to 340,000 t of refined copper will enable the site to process all locally produced anodes on site in the future. Commissioning is scheduled for summer 2026.
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.
The Interim Report First 6 Months 2025/26 and additional informational materials is now available on our website at aurubis.com/investor-relations/publications/quarterly-reports.
Related images and video footage are also available in our virtual press kit at www.aurubis.com/en/media/press-kit.
Aurubis AG
Tore Prang Vice President Corporate Communications & External Affairs Mobile: +49 176 178 421 65
Christoph Tesch Head of Corporate Communication Phone:+49 40 7883 2178 Mobile: +49 172 438 238 8
Meino Hauschildt Senior Manager Corporate Communication Spokesperson Phone: +49 40 7883 3037 Mobile: +49 172 3290 621
