Aurubis AG
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Aurubis AG
Aurubis AG is a metals company that turns copper-bearing raw materials into refined copper and other valuable metal products. It takes in material such as concentrates, scrap, and recycling feedstock, then processes it through smelting and refining facilities to produce copper cathodes, wire rod, and specialty products used by industrial customers. In simple terms, Aurubis sits in the middle of the copper supply chain: it takes complex input materials and turns them into usable metals. The company sells to manufacturers and industrial users that need copper for electricity grids, wiring, electronics, construction, transportation, and other manufacturing uses. It also recovers byproducts such as precious metals and sulfur-based products during processing, which adds to its revenue. Aurubis makes money mainly by charging for metal processing, selling refined copper and related products, and monetizing the metals it recovers from recycling and byproduct streams. What makes Aurubis different is its mix of primary smelting and metal recycling. That gives it exposure to both mined copper materials and the growing flow of scrap and complex waste streams. For investors, the business is easier to understand as a large industrial processor that earns from turning raw and recycled copper inputs into standardized metals that other companies need to make finished goods.
Aurubis AG is a metals company that turns copper-bearing raw materials into refined copper and other valuable metal products. It takes in material such as concentrates, scrap, and recycling feedstock, then processes it through smelting and refining facilities to produce copper cathodes, wire rod, and specialty products used by industrial customers. In simple terms, Aurubis sits in the middle of the copper supply chain: it takes complex input materials and turns them into usable metals.
The company sells to manufacturers and industrial users that need copper for electricity grids, wiring, electronics, construction, transportation, and other manufacturing uses. It also recovers byproducts such as precious metals and sulfur-based products during processing, which adds to its revenue. Aurubis makes money mainly by charging for metal processing, selling refined copper and related products, and monetizing the metals it recovers from recycling and byproduct streams.
What makes Aurubis different is its mix of primary smelting and metal recycling. That gives it exposure to both mined copper materials and the growing flow of scrap and complex waste streams. For investors, the business is easier to understand as a large industrial processor that earns from turning raw and recycled copper inputs into standardized metals that other companies need to make finished goods.
Results: Aurubis said first-half operating EBT was EUR 226 million, broadly in line with last year and market expectations, while Q2 operating EBT rose 15% quarter on quarter to EUR 121 million.
Guidance: Management raised full-year fiscal 2025/26 operating EBT guidance to EUR 425 million to EUR 525 million and operating EBITDA guidance to EUR 700 million to EUR 800 million.
Drivers: Higher metal prices, better recycling markets, strong copper product demand, and improved sulfuric acid pricing all helped earnings, while negative concentrate TC/RCs remained a drag.
Richmond: Aurubis said Richmond ramp-up faced technical challenges in Q2 that were now solved, and full-year EBITDA at the site is now expected to finish a bit below breakeven.
Cash flow: Net cash flow improved to EUR 161 million in the first half, but free cash flow before dividend was still minus EUR 63 million because of higher working capital and ongoing investment.
Strategy: The company highlighted progress at CRH, Richmond, and the Pirdop tank house, and said these projects support its midterm EUR 260 million strategic project contribution target by fiscal 2028/29.
