Aurubis AG Overview
Aurubis is Europe's largest copper producer and describes itself as one of the world's largest copper recyclers. It produces more than 1 million tonnes of copper cathodes a year from concentrates, scrap and complex recycling materials. It also recovers gold, silver, platinum group metals, nickel, tin, lead, zinc, tellurium and selenium. The business earns treatment and refining charges, metal gains, and premiums and product surcharges rather than a simple spread on the copper price. That mix makes it a custom smelter with a downstream arm. Its advantage is an interconnected smelter network that treats complex feeds few rivals can process. A EUR 1.7 billion investment programme, including the first US multimetal secondary smelter, is about 90 % complete. The investment case now depends on turning that capital into returns while managing thin concentrate terms, Richmond's slower ramp-up and an unsettled shareholder base.
The company's own description
The Annual Report 2024/25 presents Aurubis as a world leader in copper recycling and a supplier of non-ferrous metals. It processes complex metal concentrates, scrap metals, metal-bearing recycling raw materials and industrial residues into metals of the highest purity. The stated maxim is to transform raw materials responsibly into metals for an innovative and sustainable world. The company says it recycles a wide range of raw materials into 20 critical metals and elements used in digitalisation, artificial intelligence, the energy and mobility transitions, and civil and security infrastructure.
Independent characterisation
Aurubis is best understood as a metallurgical toll processor with a fabrication business attached. It owns no significant mines. It buys metal-bearing inputs at prices set by exchange quotations less charges, then sells refined metal and products at exchange prices plus premiums. Revenue of EUR 18.2 billion in FY2025 therefore overstates the economic scale of the business. The more useful top line is the company's "gross margin" of EUR 2.08 billion. This is the sum of metal result, treatment and refining charges, and premiums and products. Operating EBITDA of EUR 589 million was 28 % of that figure but only 3.2 % of revenue.
Revenue and earnings model
| Share of Group gross margin (%) | FY2022 | FY2023 | FY2024 | FY2025 | 9M FY2026 |
|---|---|---|---|---|---|
| Metal result | 38 | 27 | 32 | 37 | 43 |
| Premiums and products | 34 | 39 | 37 | 36 | 36 |
| Treatment and refining charges | 28 | 34 | 31 | 26 | 21 |
The business has no subscription or licensing income of note. Earnings come from three streams, plus sulfuric acid sales inside products.
Metal result: FY2022: 38; FY2023: 27; FY2024: 32; FY2025: 37; 9M FY2026: 43
Premiums and products: FY2022: 34; FY2023: 39; FY2024: 37; FY2025: 36; 9M FY2026: 36
Treatment and refining charges: FY2022: 28; FY2023: 34; FY2024: 31; FY2025: 26; 9M FY2026: 21
The FY2025 split is calculated from the published segment shares. The trend is clear: tight concentrate markets have shrunk the charges stream, while high metal prices and product premiums have filled the gap. This shows the resilience of the model but also leaves earnings more dependent on metal prices. Aurubis hedges part of the expected metal gain. Management said in February 2026 that about 60 % of copper and about 70 % of the main precious metals were hedged for the fiscal year.
Value chain position and customers
Aurubis sits between mines and scrap collectors on one side and cable, wire, semi-finished product, chemical and fertiliser companies on the other.
Suppliers: mining companies and traders for concentrates, plus scrap dealers, recyclers and industrial companies for secondary feed.
Product customers: cable and wire makers such as Prysmian, copper semi-finishers, and connector, electrical and construction suppliers.
Co-product customers: the chemical and fertiliser industries in Europe, North America and Turkey for sulfuric acid; road and hydraulic engineering for iron silicate.
Metal buyers: industrial and financial purchasers of gold, silver, platinum group metals and minor metals.
End-markets and semiconductor relevance
The company cites six demand megatrends: electrification, artificial intelligence and advanced technologies, defence and security, renewable energy, mobility and transport, and urbanisation and infrastructure. Data centres are named as a source of wire rod demand.
Aurubis does not report semiconductors as an end-market. Its semiconductor relevance comes through three routes:
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Recovery of metals from printed circuit boards and electronic scrap.
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Tin, which the Annual Report 2024/25 links to semiconductors and advanced electronics.
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Copper strip, foil and specialty products used in electrical and electronic components.
The Business Research Company estimated that Aurubis held 1.93 % of the fragmented global semiconductor recycling and sustainability market in 2024. That placed it second behind Veolia at 4.22 %, on that publisher's broad market definition.
Strategy
Stated strategy
| Pillar | Stated focus |
|---|---|
| Impact | Deliver performance and synergies from investments already made |
| Commercial Excellence | Deepen market access, supply streams, service and automated sampling |
| Efficiency | Optimise operations, remove bottlenecks, shorten material routes |
| Innovation | Maximise multimetal yields and process more complex materials |
| Focused Growth | Grow where Aurubis leads, particularly North America |
"Aurubis Performance 2030: Forging resilience. Leading in multimetal." was presented on 8 October 2025. It marks a shift from starting large investments to harvesting returns from them. The strategy names five competitive advantages: multimetal excellence, integrated copper production, a robust and resilient business model, sustainability leadership, and circular solutions with partners.
Impact: Stated focus: Deliver performance and synergies from investments already made
Commercial Excellence: Stated focus: Deepen market access, supply streams, service and automated sampling
Efficiency: Stated focus: Optimise operations, remove bottlenecks, shorten material routes
Innovation: Stated focus: Maximise multimetal yields and process more complex materials
Focused Growth: Stated focus: Grow where Aurubis leads, particularly North America
Strategic investment programme
| Project | Location | Investment | Status |
|---|---|---|---|
| Aurubis Richmond | Augusta, US | About EUR 740 million, about EUR 840 million including leases | Phase 1 ramp-up completes in FY2027, phase 2 in FY2028 |
| Precious Metals Refinery | Hamburg | About EUR 300 million | Commissioning planned FY2027 |
| Complex Recycling Hamburg | Hamburg | EUR 190 million | Commissioned July 2026 |
| Tankhouse expansion | Pirdop | About EUR 120 million | Phased commissioning from summer 2026 |
| Industrial Heat expansion | Hamburg | About EUR 100 million | In operation since the 2024/25 heating season |
| BOB bleed treatment | Olen | About EUR 85 million | Commissioned December 2024 |
| Slag processing | Pirdop | About EUR 46 million | Full commissioning FY2027 |
| Hydrogen-ready anode furnaces | Hamburg | About EUR 40 million | Installed 2024 |
| ASPA anode sludge | Beerse | About EUR 33 million | Commissioned September 2024 |
| Reducing Diffuse Emissions | Hamburg | About EUR 115 million in total | Expansion inaugurated June 2026 |
| Automated pre-processing facility | Hamburg | — | Approved October 2026; commissioning end 2028 |
Aurubis Richmond: Location: Augusta, US; Investment: About EUR 740 million, about EUR 840 million including leases; Status: Phase 1 ramp-up completes in FY2027, phase 2 in FY2028
Precious Metals Refinery: Location: Hamburg; Investment: About EUR 300 million; Status: Commissioning planned FY2027
Complex Recycling Hamburg: Location: Hamburg; Investment: EUR 190 million; Status: Commissioned July 2026
Tankhouse expansion: Location: Pirdop; Investment: About EUR 120 million; Status: Phased commissioning from summer 2026
Industrial Heat expansion: Location: Hamburg; Investment: About EUR 100 million; Status: In operation since the 2024/25 heating season
BOB bleed treatment: Location: Olen; Investment: About EUR 85 million; Status: Commissioned December 2024
Slag processing: Location: Pirdop; Investment: About EUR 46 million; Status: Full commissioning FY2027
Hydrogen-ready anode furnaces: Location: Hamburg; Investment: About EUR 40 million; Status: Installed 2024
ASPA anode sludge: Location: Beerse; Investment: About EUR 33 million; Status: Commissioned September 2024
Reducing Diffuse Emissions: Location: Hamburg; Investment: About EUR 115 million in total; Status: Expansion inaugurated June 2026
Automated pre-processing facility: Location: Hamburg; Investment: Not publicly disclosed; Status: Approved October 2026; commissioning end 2028
About 87 % of the EUR 1.7 billion had been invested by the end of Q3 FY2026, and the company's press release rounds this to about 90 %. The programme was expected to add about EUR 260 million of EBITDA from FY2029. Aurubis now says "in the medium term". Richmond's ramp-up is about six months longer per phase, which moves its earnings profile out by a year. Richmond's annual EBITDA is still expected in the triple-digit-million range, but below the original target.
Other initiatives
Battery recycling: no further own investment. Aurubis will pursue an asset-light partnership model because the European black mass market is growing more slowly than expected.
Richmond output: all blister copper will be processed in the European network to capture value at high metal prices. Earlier plans also envisaged direct US sales.
Sustainability: first ESRS-based sustainability statement and Climate Transition Plan, and an ESG Factbook in March 2026.
Security: seven security clusters and the SAFE programme for plant and process protection.
Digitalisation: automated sampling, LiDAR stockpile measurement, logistics optimisation in Hamburg and predictive maintenance in Olen.
Financial targets
| Target | Level |
|---|---|
| Long-term operating ROCE | 15 % |
| Maximum net leverage | 3.0x |
| Equity ratio | Above 40 % |
| Dividend payout | Up to 30 % of operating net income, from FY2026 |
| Capital increase | None needed for the current programme in the foreseeable future |
Long-term operating ROCE: Level: 15 %
Maximum net leverage: Level: 3.0x
Equity ratio: Level: Above 40 %
Dividend payout: Level: Up to 30 % of operating net income, from FY2026
Capital increase: Level: None needed for the current programme in the foreseeable future
Products & Services
Aurubis publishes capabilities and volumes but does not publish a price list. Commodity products are priced off LME or COMEX quotations plus premiums and surcharges. Launch years are generally not applicable for these long-established products.
Custom Smelting & Products
| Product line | Description and capability | Target customers | Volume or pricing data |
|---|---|---|---|
| Copper cathodes | Grade A, 99.99 % copper; first marketable product of the tankhouse; four brands registered on COMEX | Rod and shapes plants, semi-finishers, traders | Group output 1,096,000 t in FY2025 |
| Continuous cast wire rod | Semi-finished product for copper wire; made at four plants, all with Copper Mark assurance | Cable and wire industry | 869,000 t in FY2025; revenue EUR 6,284 million |
| Continuous cast shapes | Cakes and billets for rolling and extrusion into sheet, foil, profiles and tubes | Semi-finished product makers, automotive and construction chains | 175,000 t in FY2025; revenue EUR 1,042 million |
| Bars and profiles | Copper and alloy bars and profiles | Electrical engineering | Reported within strip, bars and profiles |
| Industrial rolled products | Strip and foil in copper and copper alloys from Stolberg and Pori | Electrical, electronic and industrial users | 90,000 t with specialty wire in FY2025 |
| Architectural rolled products (NordicCopper) | Copper products for facades and roofs, sold under the NordicCopper range | Architects and building contractors | Pori site |
| Specialty wire | Shaped and specialty wire from Stolberg | Electrical and technical applications | Reported with flat rolled products |
| Gold | Refined gold from anode slimes | Industrial and financial buyers | 40 t sold in FY2025 |
| Silver | Refined silver from the Hamburg precious metal chain | Industrial and financial buyers | 930 t sold in FY2025 |
| Platinum group metals | Platinum, palladium and related metals in intermediates | Catalyst, hydrogen and industrial chains | 7,125 kg sold in FY2025 |
| Selenium | Selenium products through RETORTE in Röthenbach | Glass and animal feed industries | Included in minor metals |
| Tellurium metal and dioxide | Minor metals recovered in the smelter network | Technology and specialty users | Included in minor metals |
| Sulfuric acid | By-product of concentrate smelting | Chemical and fertiliser industries | 2,024,000 t in FY2025; revenue EUR 161 million |
| Iron silicate | Stone and sand by-product, sold through Peute Baustoff for building materials | Road and hydraulic engineering | Hamburg, Pirdop and Lünen |
| Smelter intermediates | Metal-bearing by-products sold or routed through the network | Metallurgical processors | Within other revenue |
Multimetal Recycling
| Product or service | Description and capability | Target customers | Volume or pricing data |
|---|---|---|---|
| Copper and alloy scrap processing | Feed for secondary smelters and tankhouses | Scrap dealers | Group input 510,000 t of scrap and blister in FY2025 |
| Printed circuit boards and e-scrap | Recovery of copper, tin, nickel and precious metals | Recyclers and electronics waste processors | Within 510,000 t of other recycling materials in FY2025 |
| Precious metal recycling | Catalysts, sweeps, ashes, slags, sludges, dore | Industrial generators, jewellery and catalyst chains | Settled on assays |
| Residues, slimes and sludges | Treatment of industrial by-products | Metallurgical and chemical industry | Refining charges |
| Tin scrap and residues | Beerse is described as the world's largest tin recycler | Solder and tin-using industries | 7,467 t of tin sold in FY2025 |
| Tin ingots, lead, lead-bismuth alloy, lead-antimony litharge | Metals and alloys from Beerse and Lünen | Solder, battery, specialty alloy users | 42,031 t of lead sold in FY2025 |
| Nickel and zinc products | Recovered through the network, including the BOB plant | Alloy and chemical users | 3,502 t nickel and 10,219 t zinc sold in FY2025 |
| Synthetic minerals | Mineral products from Beerse | Construction and related uses | Beerse site |
| Black copper, solder, Elmix | Outputs from low-value materials at Berango | Network and external buyers | Berango site |
| Blister copper from Aurubis Richmond | Processes complex US recycling materials | European smelter network | All blister now routed to Europe; capacity about 70,000 t from about 180,000 t of input |
| Battery black mass technology | Patented process with recovery rates of up to 95 % | Partners under an asset-light approach | No further own investment |
Services and brands
| Aurubis copper premium, USD per tonne | 2021 | 2022 | 2023 | 2024 | 2026 | 2027 |
|---|---|---|---|---|---|---|
| Premium | 96 | 123 | 228 | 228 | 315 | 347 |
Tomorrow Metals: the company's sustainability promise, backed by product life cycle assessments.
myAurubis: a digital customer platform.
Copper on Account: a metal account service for product customers.
Closing-the-loop models: return of metal-bearing production waste from customers into the smelter network.
Aurubis copper premium: an annual surcharge for European customers on high-quality cathodes used for rod and shapes.
The 2027 figure is an offer reported by Fastmarkets and Reuters in October 2026. Aurubis has not confirmed it as an agreed customer outcome.
Financial Narrative
Income statement
Source: Annual Report 2024/25, five-year overview. Aurubis reports a single EPS figure. FY2021 operating figures are on the adjusted basis used in later reports. The result first published for that year was operating EBT of EUR 353 million.
Revenue grew at a compound annual rate of 2.8 % from FY2021 to FY2025, while operating EBT fell at about 1.7 % a year. Revenue mainly follows metal prices, so it says little about performance.
The real story has four phases:
FY2021–FY2022: record results on strong charges, premiums and energy-crisis pricing power.
FY2023: a sharp fall. The metal shortfall reduced inventories by EUR 169 million, offset by a EUR 30 million insurance receivable, for a net hit of EUR 139 million.
FY2024: a recovery helped by the metal result and by income from the Buffalo sale.
FY2025: a decline as concentrate charges fell and depreciation and ramp-up costs rose.
The gap between IFRS and operating earnings is unusually wide. IFRS uses the average cost method for inventories, so rising metal prices pass directly into profit. In FY2025 inventory measurement added EUR 410 million to IFRS gross profit. That gain has no cash effect, and investors generally anchor on operating figures.
Balance sheet
The FY2021 net position includes EUR 23 million of cash in a disposal group held for sale. FY2022 borrowings are calculated from cash and the reported net financial position. Intangible assets, including goodwill, were EUR 159 million at September 2021 and EUR 143 million at September 2022, which is small against the balance sheet.
The balance sheet has moved from a strong net cash position to modest net debt as the investment programme peaked. It remains conservative at the end of FY2025. Metal in inventory is also carried under IFRS well above the operating value. The difference was EUR 1,832 million at September 2025 and EUR 2,723 million at June 2026, a gap that reflects valuation differences and not realised cash.
Cash flow
FY2024 investing cash flow includes EUR 97 million from the Buffalo sale. Free cash flow has been negative for three years by design, as the company funded its programme from operating cash, cash reserves and borrowing. Factoring also supports working capital, and its volume rose in FY2025. Net cash flow swings widely, because it depends on inventory timing and metal prices.
Ratios
Operating ROCE is Aurubis's preferred return metric, and it serves here in place of ROIC. It fell below the 15 % long-term target as capital employed rose from EUR 3.2 billion to EUR 4.1 billion before the new assets produced earnings. The company's ROCE calculation adds the operating result from equity-accounted investments to EBIT. The calculated ratios above use year-end balances, and receivable days reflect sales after factoring.
Nine months of FY2026
Source: Quarterly Report First 9 Months 2025/26. Q3 operating EBT was EUR 149 million, against EUR 57 million a year earlier when Pirdop was shut down. The quarter gained from copper prices, sulfuric acid and recycling revenues, though concentrate charges fell further.
Cash is the weak point. Operating inventories rose from EUR 2,180 million to EUR 3,094 million, partly because intermediates were stored for the Pirdop tankhouse. Cash fell to EUR 53 million, and borrowings rose to EUR 738 million, of which EUR 269 million is current. The operating equity ratio fell to 48.8 %. Management's full-year aim of net cash flow above EUR 677 million implies a Q4 inflow of more than EUR 700 million, so the year-end figure is an important test.
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Segment Margins & Growth (%) and Revenue by Segment (%)
| MMR, EUR Mn, operating | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Segment revenue | 5,435 | 5,834 | 6,196 |
Revenue with third parties | 469 | 477 | 449 |
Gross margin | 658 | 623 | 640 |
EBIT | 177 | 81 | 27 |
EBT | 174 | 79 | 13 |
EBT margin on segment revenue (%) | 3.2 | 1.4 | 0.2 |
ROCE (%) | 15.4 | 5.6 | 0.9 |
Capital employed | 1,120 | 1,419 | 1,628 |
Capital expenditure | 333 | 388 | 339 |
Segment Margins & Growth (%) and Revenue by Segment (%) by CSP, EUR Mn, Operating
| CSP, EUR Mn, operating | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Segment revenue | 17,320 | 17,278 | 17,958 |
Revenue with third parties | 16,595 | 16,661 | 17,722 |
Gross margin | 1,329 | 1,513 | 1,437 |
EBIT | 241 | 443 | 415 |
EBT | 253 | 458 | 446 |
EBT margin on segment revenue (%) | 1.5 | 2.7 | 2.5 |
ROCE (%) | 13.0 | 19.6 | 18.2 |
Capital employed | 2,038 | 2,358 | 2,355 |
Capital expenditure | 291 | 467 | 431 |
Segment Revenue
| Group reconciliation, operating EBT, EUR Mn | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Multimetal Recycling | 174 | 79 | 13 |
Custom Smelting & Products | 253 | 458 | 446 |
Other | -78 | -124 | -104 |
Group | 349 | 413 | 355 |
Segment growth and revenue mix (%)
| Segment growth and revenue mix (%) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
MMR segment revenue growth | -8.8 | 7.3 | 6.2 |
CSP segment revenue growth | -6.7 | -0.2 | 3.9 |
MMR share of third-party revenue | 2.7 | 2.8 | 2.5 |
CSP share of third-party revenue | 97.3 | 97.2 | 97.5 |
Segment Margins & Growth (%) and Revenue by Segment (%) (CSP 9M FY2025–MMR 9M FY2026)
| 9M, EUR Mn, operating | MMR 9M FY2025 | MMR 9M FY2026 | CSP 9M FY2025 | CSP 9M FY2026 |
|---|---|---|---|---|
Segment revenue | 4,694 | 4,095 | 13,541 | 17,612 |
Gross margin | 502 | 589 | 1,074 | 1,124 |
EBITDA | 97 | 162 | 436 | 461 |
EBT | 36 | 87 | 342 | 355 |
ROCE (%) | 0.6 | 3.8 | 17.6 | 15.5 |
Capital employed | 1,550 | 1,971 | 2,625 | 2,833 |
Margin Analysis (%) and Per-Share Data
| EUR Mn unless stated | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue | 16,300 | 18,521 | 17,064 | 17,138 | 18,171 |
Revenue growth (%) | 31.2 | 13.6 | -7.9 | 0.4 | 6.0 |
Gross profit IFRS | 1,914 | 2,041 | 1,292 | 1,795 | 1,997 |
EBITDA IFRS | 1,049 | 1,148 | 379 | 731 | 965 |
EBITDA operating | 593 | 753 | 557 | 622 | 589 |
EBIT IFRS | 830 | 928 | 160 | 519 | 731 |
EBIT operating | 394 | 533 | 342 | 411 | 358 |
EBT IFRS | 825 | 935 | 165 | 523 | 727 |
EBT operating | 381 | 532 | 349 | 413 | 355 |
Net income IFRS | 613 | 715 | 141 | 416 | 539 |
Net income operating | 284 | 433 | 268 | 335 | 261 |
EPS IFRS (EUR) | 14.03 | 16.37 | 3.23 | 9.53 | 12.34 |
EPS operating (EUR) | 6.51 | 9.91 | 6.13 | 7.66 | 5.97 |
Dividend per share (EUR) | 1.60 | 1.80 | 1.40 | 1.50 | 1.60 |
Margins on revenue (%)
| Margins on revenue (%) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross margin IFRS | 11.74 | 11.02 | 7.57 | 10.47 | 10.99 |
EBITDA margin IFRS | 6.44 | 6.20 | 2.22 | 4.27 | 5.31 |
EBITDA margin operating | 3.64 | 4.07 | 3.26 | 3.63 | 3.24 |
EBIT margin operating | 2.42 | 2.88 | 2.00 | 2.40 | 1.97 |
Net margin IFRS | 3.76 | 3.86 | 0.83 | 2.43 | 2.97 |
Net margin operating | 1.74 | 2.34 | 1.57 | 1.95 | 1.44 |
Margin Analysis (%)
| EUR Mn, 30 September | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets IFRS | 6,613 | 7,447 | 7,260 | 7,845 | 8,838 |
Fixed assets IFRS | 1,958 | 2,069 | 2,470 | 3,051 | 3,527 |
Cash and cash equivalents | 942 | 706 | 494 | 322 | 319 |
Total borrowings | 582 | 327 | 262 | 383 | 542 |
Net debt (negative = net cash) | -383 | -379 | -232 | 61 | 222 |
Equity IFRS | 3,443 | 4,258 | 4,245 | 4,556 | 5,015 |
Equity ratio IFRS (%) | 52.1 | 57.2 | 58.5 | 58.1 | 56.7 |
Debt and working capital, EUR Mn
| Debt and working capital, EUR Mn | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Current borrowings | 58 | 148 | 58 |
Non-current borrowings | 204 | 235 | 483 |
Inventories, operating | 2,061 | 2,087 | 2,180 |
Inventories, IFRS | 3,399 | 3,546 | 4,012 |
Trade receivables, operating | 563 | 628 | 618 |
Trade payables, operating | 1,566 | 1,584 | 1,790 |
Trade working capital, operating | 1,058 | 1,131 | 1,008 |
Capital employed, operating | 3,182 | 3,741 | 4,090 |
Equity, operating | 3,319 | 3,552 | 3,732 |
Total assets, operating | 5,859 | 6,349 | 6,980 |
Equity ratio, operating (%) | 56.6 | 55.9 | 53.5 |
Financial Analysis
| EUR Mn | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Net cash flow (operating cash flow) | 812 | 295 | 573 | 537 | 677 |
Capital expenditure | 256 | 362 | 633 | 859 | 771 |
Financial Analysis (FY2023–FY2025)
| EUR Mn | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Cash flow from investing activities | -610 | -726 | -754 |
Interest paid | -22 | -30 | -17 |
Dividends paid | -79 | -61 | -66 |
Free cash flow after dividends | -138 | -280 | -160 |
Free cash flow before dividends | -59 | -219 | -95 |
Share buybacks | 0 | 0 | 0 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
ROE on IFRS year-end equity (%) | 17.8 | 16.8 | 3.3 | 9.1 | 10.7 |
ROA on IFRS year-end assets (%) | 9.3 | 9.6 | 1.9 | 5.3 | 6.1 |
Operating ROCE, company definition (%) | 16.6 | 19.0 | 11.3 | 11.5 | 8.8 |
Current ratio (x) | 2.38 | 2.35 | 2.38 | 2.15 | 2.21 |
Debt to equity IFRS (x) | 0.17 | 0.08 | 0.06 | 0.08 | 0.11 |
Net debt to operating EBITDA (x) | -0.65 | -0.50 | -0.42 | 0.10 | 0.38 |
Asset turnover (x) | 2.46 | 2.49 | 2.35 | 2.18 | 2.06 |
Ratio, operating basis
| Ratio, operating basis | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
ROE on operating equity (%) | 8.1 | 9.4 | 7.0 |
Operating EBIT interest cover (x) | 14.3 | 11.4 | 15.6 |
Days inventory | 47.4 | 48.7 | 47.4 |
Days receivable | 12.0 | 13.4 | 12.4 |
Days payable | 36.0 | 37.0 | 38.9 |
Cash conversion cycle (days) | 23.4 | 25.1 | 20.9 |
Margin Analysis (%) and Per-Share Data (9M FY2025–9M FY2026)
| EUR Mn unless stated | 9M FY2025 | 9M FY2026 | Change (%) |
|---|---|---|---|
Revenue | 13,781 | 17,769 | 29 |
Gross margin | 1,576 | 1,713 | 9 |
EBITDA operating | 462 | 570 | 23 |
EBIT operating | 293 | 364 | 24 |
EBT operating | 286 | 374 | 31 |
Net income operating | 215 | 289 | 34 |
EPS operating (EUR) | 4.93 | 6.62 | 34 |
EBT IFRS | 659 | 1,272 | 93 |
Net income IFRS | 497 | 954 | 92 |
Net cash flow | 357 | -28 | — |
Capital expenditure | 565 | 373 | -34 |
Free cash flow after dividends | -276 | -435 | -58 |
Net debt, reporting date | 337 | 686 | 104 |
Operating ROCE (%) | 9.1 | 9.4 | — |
Geographic Revenue
| EUR Mn | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Wire rod | 5,691 | 6,102 | 6,284 |
Copper cathodes | 4,204 | 4,035 | 4,143 |
Precious metals | 3,590 | 3,674 | 4,362 |
Strip, bars and profiles | 1,318 | 1,299 | 1,002 |
Shapes | 1,194 | 969 | 1,042 |
Sulfuric acid and other | 1,066 | 1,059 | 1,339 |
Total | 17,064 | 17,138 | 18,171 |
Geographic Revenue (FY2021–FY2025)
| EUR Mn | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Germany | 5,720 | 6,520 | 5,810 | 4,610 | 4,940 |
Other EU countries | 5,620 | 6,690 | 6,270 | 5,790 | 6,730 |
Rest of Europe | 1,350 | 1,570 | 1,450 | 2,970 | 2,110 |
Asia | 2,000 | 1,870 | 1,800 | 1,720 | 1,900 |
Americas | 728 | 816 | 612 | 879 | 1,250 |
Other countries | 882 | 1,050 | 1,110 | 1,160 | 1,250 |
Regional growth (%)
| Regional growth (%) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Germany | -10.9 | -20.7 | 7.1 |
Other EU countries | -6.3 | -7.6 | 16.2 |
Rest of Europe | -7.5 | 104.4 | -28.9 |
Asia | -3.7 | -4.4 | 9.9 |
Americas | -25.0 | 43.6 | 42.2 |
Other countries | 5.7 | 4.5 | 7.8 |
Capital Markets Data (EUR) and Capital Markets Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Year-end close (EUR) | 65.38 | 53.98 | 70.14 | 65.85 | 106.20 |
Year high (EUR) | 87.30 | 116.30 | 101.40 | 82.50 | 106.60 |
Year low (EUR) | 54.94 | 53.00 | 53.50 | 57.36 | 62.85 |
Market cap at year-end (EUR Mn) | 2,939 | 2,427 | 3,153 | 2,960 | 4,774 |
Operating P/E at year-end (x) | 10.04 | 5.45 | 11.44 | 8.59 | 17.79 |
Price performance to EUR 143.35 on 20 Oct 2026 | Base price (EUR) | Change (%) | — | — | — |
Since 30 Sep 2025, about 1 year | 106.20 | 35 | — | — | — |
Since 30 Sep 2023, about 3 years | 70.14 | 104 | — | — | — |
Since 30 Sep 2021, about 5 years | 65.38 | 119 | — | — | — |
Valuation Multiples (x)
| Multiple at EUR 143.35 | FY2026e | FY2027e |
|---|---|---|
P/E on operating consensus (x) | 15.8 | 14.6 |
EV/EBITDA operating (x) | 8.7 | 8.0 |
EV/Sales (x) | 0.28 | 0.26 |
Income Statement and Per-Share Data
| Aurubis-compiled consensus, 20 Oct 2026 | FY2026e | FY2027e | FY2028e |
|---|---|---|---|
Revenue (EUR Mn) | 24,700 | 26,736 | 26,960 |
Operating EBITDA (EUR Mn) | 800 | 873 | 964 |
Operating EBIT (EUR Mn) | 519 | 562 | 631 |
Operating EBT (EUR Mn) | 525 | 564 | 636 |
Operating net income (EUR Mn) | 397 | 428 | 485 |
Dividend per share (EUR) | 2.34 | 2.62 | 2.85 |
Dividend
| Dividend | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Dividend per share (EUR) | 1.60 | 1.80 | 1.40 | 1.50 | 1.60 |
Payout on operating net income (%) | 26 | 18 | 23 | 20 | 27 |
Yield at year-end (%) | 2.4 | 3.3 | 2.0 | 2.3 | 1.5 |
Capital Markets
| Borrowings, EUR Mn | 30 Sep 2024 | 30 Sep 2025 | 30 Jun 2026 |
|---|---|---|---|
Non-current bank borrowings | 199 | 452 | 418 |
Non-current leases | 36 | 31 | 52 |
Current bank borrowings | 135 | 44 | 256 |
Current leases | 12 | 14 | 13 |
Total borrowings | 383 | 542 | 738 |
Analyst Conclusions
Management guidance for FY2026
| Metric | Guidance |
|---|---|
| Group operating EBT | EUR 425–525 million, upper end expected |
| Group operating ROCE | 10–12 % |
| Operating EBITDA | EUR 700–800 million |
| MMR operating EBT | EUR 115–175 million |
| MMR operating ROCE | 8–10 % |
| CSP operating EBT | EUR 370–430 million |
| CSP operating ROCE | 15–17 % |
| Net cash flow | Above the prior-year EUR 677 million |
| Free cash flow before dividends | Break-even at a minimum |
Group operating EBT: Guidance: EUR 425–525 million, upper end expected
Group operating ROCE: Guidance: 10–12 %
Operating EBITDA: Guidance: EUR 700–800 million
MMR operating EBT: Guidance: EUR 115–175 million
MMR operating ROCE: Guidance: 8–10 %
CSP operating EBT: Guidance: EUR 370–430 million
CSP operating ROCE: Guidance: 15–17 %
Net cash flow: Guidance: Above the prior-year EUR 677 million
Free cash flow before dividends: Guidance: Break-even at a minimum
Consensus operating EBT for FY2026 sits at EUR 525 million, the top of the range. It grows to EUR 564 million in FY2027 and EUR 636 million in FY2028. That implies 7 % and 13 % annual growth after a large step up in FY2026. Reaching the guidance needs a fourth quarter of about EUR 150 million.
Bull case
-
Harvest phase: with about 90 % of the EUR 1.7 billion invested, capex fell 34 % in 9M FY2026, and new assets should lift cash generation.
-
Multimetal scarcity: high metal prices, sulfuric acid and premiums have offset falling charges, lifting 9M operating EBT by 31 %.
-
Strategic value: critical-metal status, a unique network and interest from two large shareholders support a scarcity premium.
Bear case
-
Earnings quality: the metal result was 43 % of 9M gross margin and could reverse if metal prices fall, while concentrate charges stay negative on the spot market.
-
Richmond: delays and a dampened EBITDA target leave EUR 1.97 billion of MMR capital employed earning 3.8 % ROCE.
-
Cash: net cash flow of EUR -28 million after nine months and net debt of EUR 686 million must reverse quickly to meet the year-end target.
Key catalysts and monitorables, next 12 months
| Date | Catalyst | What to watch |
|---|---|---|
| 2 Dec 2026 | FY2026 Annual Report | Operating EBT against EUR 525 million, net cash flow, dividend, FY2027 guidance |
| Late 2026 | Chinese sulfuric acid export ban ends | Effect on acid earnings |
| Early 2027 | Annual concentrate contract terms | Charges embedded in 2027 |
| 4 Feb 2027 | Q1 FY2027 report | Working capital unwinding, Pirdop ramp-up |
| 11 Feb 2027 | AGM | Supervisory Board election, Kramer as chair, Rossmann's stance |
| 5 May 2027 | H1 FY2027 report | Richmond phase 1 progress |
| 4 Aug 2027 | 9M FY2027 report | Precious Metals Refinery progress |
| Ongoing | US tariff policy and COMEX–LME spread | Cathode flows and premiums |
| Ongoing | Shareholder notifications | Salzgitter, Rossmann, derivatives holders |
2 Dec 2026: Catalyst: FY2026 Annual Report; What to watch: Operating EBT against EUR 525 million, net cash flow, dividend, FY2027 guidance
Late 2026: Catalyst: Chinese sulfuric acid export ban ends; What to watch: Effect on acid earnings
Early 2027: Catalyst: Annual concentrate contract terms; What to watch: Charges embedded in 2027
4 Feb 2027: Catalyst: Q1 FY2027 report; What to watch: Working capital unwinding, Pirdop ramp-up
11 Feb 2027: Catalyst: AGM; What to watch: Supervisory Board election, Kramer as chair, Rossmann's stance
5 May 2027: Catalyst: H1 FY2027 report; What to watch: Richmond phase 1 progress
4 Aug 2027: Catalyst: 9M FY2027 report; What to watch: Precious Metals Refinery progress
Ongoing: Catalyst: US tariff policy and COMEX–LME spread; What to watch: Cathode flows and premiums
Ongoing: Catalyst: Shareholder notifications; What to watch: Salzgitter, Rossmann, derivatives holders
Analyst verdict
Aurubis has come a long way in two years. The company that lost EUR 185 million of precious metal and three of its four executives in 2023–2024 now has stable leadership, long contracts for its CEO and COO, and an investment programme that is nearly complete. FY2026 is shaping up as a strong year, with operating EBT likely near EUR 525 million against EUR 355 million a year earlier.
Yet the quality of that improvement needs scrutiny. Metal prices, sulfuric acid and premiums are doing the work, while the structural stream of concentrate charges continues to shrink. These are real earnings, but they are more cyclical than the "resilient" label implies. The true test of Performance 2030 is whether new assets can raise returns in a normal metal market. ROCE of 9.4 % is still well short of the 15 % long-term target.
Three issues will shape the next year. First, cash: a large working capital release must arrive by year-end for management's net cash flow goal to hold. Second, Richmond: it is the largest single project, it is late, and its earnings target has been lowered. Third, governance: with Salzgitter and Rossmann holding a combined position above 40 % of the shares and the Supervisory Board chair changing in February 2027, the balance of influence is in play. The loss of the board-level recycling role just as MMR needs to prove itself adds to this question.
At about 16 times FY2026 estimated earnings and 8.7 times EBITDA, the shares no longer price in the depressed multiples of past years, though they are far below their 2026 high. The balance sheet can absorb the current strain. Aurubis looks like a sound, strategically important business with an unfinished proof of returns. The December results and FY2027 guidance will show how much of the recent strength is durable.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Role | Tenure and contract | Age | Background |
|---|---|---|---|---|
Dr. Toralf Haag | CEO | Since 1 Sep 2024; appointed to 28 Feb 2031 | 60 | Business degree, Augsburg; doctorate, Kiel. Thyssen Handelsunion from 1994; CFO of Norddeutsche Affinerie; CFO of Lonza 2005–2016; CFO then CEO of Voith. Board member at QIAGEN and Bekaert |
Steffen Alexander Hoffmann | CFO | Since 1 Oct 2024; contract to 30 Sep 2027, extension to 30 Sep 2032 intended | 56 | Former Mercedes-Benz manager |
Tim Kurth | COO Custom Smelting & Products | Since 1 Sep 2024; appointed to 30 Jun 2032 | 59 | Studied at Friedberg University of Applied Sciences; former Managing Director of Aurubis Bulgaria; elected to the International Wrought Copper Council board in October 2026 |
Directors' Remuneration
| EUR, FY2025, granted and owed | Basic pay | Fringe benefits | Pension contribution | One-time payment | Annual bonus | Total |
|---|---|---|---|---|---|---|
Toralf Haag | 650,000 | 23,513 | 260,000 | 0 | 363,090 | 1,296,603 |
Steffen Hoffmann | 525,000 | 23,162 | 180,000 | 150,000 | 288,822 | 1,166,984 |
Inge Hofkens | 525,000 | 15,573 | 180,000 | 0 | 288,822 | 1,009,395 |
Tim Kurth | 460,000 | 384 | 180,000 | 0 | 244,261 | 884,645 |
Directors' Remuneration — Toralf Haag
| EUR, FY2025 target | Performance share plan target | Target total compensation |
|---|---|---|
Toralf Haag | 660,000 | 2,033,513 |
Steffen Hoffmann | 525,000 | 1,603,162 |
Inge Hofkens | 525,000 | 1,595,573 |
Tim Kurth | 444,000 | 1,380,384 |
Board of Directors
| Member | Side | Role | On board since | FY2025 pay (EUR) |
|---|---|---|---|---|
Prof. Dr. Fritz Vahrenholt | Shareholders | Chairman | 1999 | 283,000 |
Jan Koltze | Employees | Deputy Chairman | 2011 | 185,000 |
Dr. Stephan Krümmer | Shareholders | Audit Committee chair | 2018 | 135,000 |
Prof. Dr. Markus Kramer | Shareholders | Personnel Committee chair | 2023 | 121,500 |
Kathrin Dahnke | Shareholders | Nomination Committee chair | 2023 | 116,000 |
Dr. Sandra Reich | Shareholders | Member | 2013 | 114,000 |
Deniz Filiz Acar | Employees | Member | 2019 | 114,000 |
Gunnar Groebler | Shareholders | Member | 2021 | 111,000 |
Christian Ehrentraut | Employees | Member | 2019 | 110,500 |
Stefan Schmidt | Employees | Member | 2018 | 110,500 |
Dr. Elke Lossin | Employees | Member | 2018 | 108,500 |
Daniel Mrosek | Employees | Member | 2023 | 92,500 |
Major Shareholders
| Holder | Shares (%) | Instruments (%) | Total (%) | Date of notification threshold |
|---|---|---|---|---|
Salzgitter AG (via Salzgitter Mannesmann) | 25.00 | 0.00 | 25.00 | 12 Dec 2018 |
Rossmann Beteiligungs GmbH | 14.97 | 6.14 | 21.11 | 20 May 2026 |
GP Günter Papenburg AG | 3.07 | 0.00 | 3.07 | 10 Feb 2026 |
BNP Paribas SA | 3.06 | 2.23 | 5.29 | 28 Jan 2026 |
BlackRock, Inc. | 2.84 | 0.72 | 3.56 | 27 Feb 2026 |
Bank of America Corporation | 2.38 | 1.54 | 3.92 | 18 Feb 2026 |
SIH Partners, LLLP | 0.10 | 11.02 | 11.12 | 23 Jul 2026 |
The Goldman Sachs Group, Inc. | 0.03 | 11.86 | 11.88 | 28 Jul 2026 |
Optiver Holding B.V. | 0.00 | 10.64 | 10.64 | 27 Jul 2026 |
Aurubis AG (treasury shares) | 2.89 | 0.00 | 2.89 | 31 Mar 2026 |
Competitive Landscape
Key Competitors
| Competitor | Area of overlap | Relative position |
|---|---|---|
Boliden | European smelting, copper and zinc, precious metals | Integrated with mines, so benefits more directly from metal prices |
KGHM | European copper production | Integrated Polish miner and smelter |
Glencore | Custom smelting, recycling, concentrate trading | Global scale, plus mining and marketing |
Umicore | Precious metals and complex recycling | Closest technical peer in high-value recycling |
Heraeus | Precious metal recycling | Private, strong in high-purity precious metals |
Dowa | Electronic scrap and semiconductor-related recycling | Strong in Japanese recycling |
JX Advanced Metals | Copper and electronic materials | Closer to semiconductor materials than Aurubis |
Mitsubishi Materials | Copper smelting and e-scrap processing | Major e-scrap competitor |
Jiangxi Copper and Chinese smelters | Global concentrate and scrap demand | Added capacity pressures charges and buys European scrap |
Wieland | Rolled products and recycling | Bought Buffalo; also a partner in Schwermetall |
KME | Flat rolled products | Bought Zutphen |
Veolia | Semiconductor-related recycling and waste services | Ranked first by The Business Research Company |
Sims | Electronics and metal recycling | Scrap sourcing competitor |
Competitor Detail
| Latest full year | Aurubis FY2025 | Boliden 2025 | Umicore 2025 |
|---|---|---|---|
Reporting currency | EUR | SEK | EUR |
Revenue (million) | 18,171 | 93,509 | 3,600 |
Revenue growth (%) | 6.0 | 4.8 | 3.0 |
EBITDA (million) | 589 | 21,968 | 847 |
EBITDA margin on revenue (%) | 3.2 | 23.5 | 24.0 |
EBIT (million) | 358 | 13,188 | 579 |
EBIT margin on revenue (%) | 2.0 | 14.1 | 16.5 |
Recent Developments
Headcount rose 3 % in 9M FY2026.
