Aurubis (NDA) Q2 2026 earnings summary

Executive summary

• Operating EBT for H1 was €226 million, nearly flat year-over-year and in line with expectations, with Q2 EBT up 15% sequentially, driven by higher metal prices, improved recycling, and strong sulfuric acid revenues.

• Operating EBITDA for H1 rose 3% year-over-year to €351 million, with group revenues up 23% to €11,320 million, supported by higher precious metal prices.

• Free cash flow before dividend improved to €-63 million, mainly due to lower CapEx and higher inventories linked to elevated metal prices.

• Strategic projects advanced, including commissioning and ramp-up at Complex Recycling Hamburg, Richmond, and Pirdop, supporting future growth and margin resilience.

• Nearly 90% of the €1.7 billion strategic investment program has been executed, with €1.5 billion deployed and significant future capacity increases expected.

Financial highlights

• Net cash flow for H1 was €161 million, down from €190 million last year due to higher working capital and inventories from increased metal prices.

• Operating ROCE declined to 8.1% from 10.2% year-over-year, reflecting higher capital employed and ongoing growth project investments.

• Total gross margin for H1 was about €1.1 billion, up from €1.08 billion year-over-year.

• Capital expenditure for H1 was €232 million, down from €340 million, reflecting progress in strategic projects.

• IFRS net income for H1 was €801 million, up 91% year-over-year, with EPS at €18.34.

Outlook and guidance

• Full-year operating EBT guidance raised to €425–525 million (previously €375–475 million) and operating EBITDA to €700–800 million, reflecting improved market and earnings outlook.

• Operating ROCE expected at 10–12% group level; CSP 15–17%, MMR 8–10%.

• Free cash flow before dividend expected at least break-even for the full year; net cash flow projected above prior-year level.

• Segment EBT guidance: CSP €370–430 million, MMR €115–175 million; MMR EBITDA break-even remains a stretch for this year.

• Positive drivers include persistently high metal prices, strong recycling revenues, and robust sulfuric acid sales.