Aurubis AG, a global provider of nonferrous metals and one of the largest copper recyclers worldwide, is raising its forecast for the current 2025/26 fiscal year.
The multimetal supplier now anticipates an operating EBT of between €425 million and €525 million (previously: €375–475 million) and an operating ROCE of between 10 and 12 percent (previously 9 to 11 percent). This increase is based on an improved market outlook and the accompanying higher anticipated result. Key drivers of the increase include sustained high metal prices, improved revenue expectations from recycling material processing, and anticipated higher revenues from sulfuric acid sales in the second half of the fiscal year.
Given the usual fluctuations in working capital with high metal prices, Aurubis also continues to expect net cash flow to be above the prior-year level and free cash flow break-even (before dividend) at a minimum.
The multimetal company closed out Q2 on March 31, 2026 with a higher result: Preliminary operating earnings before taxes amounted to €121 million, a 15 percent 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 preliminary operating earnings before taxes (EBT) of €226 million after the first 6 months put the multimetal supplier on par with the previous year (€229 million). Accordingly, operating EBITDA came in at €351 million, roughly 3 percent higher than the prior-year figure (€341 million).
A number of positive factors provided an uplift to the preliminary H1 2025/26 results, including a markedly higher year-over-year metal result due in part to increased metal prices, especially for precious metals, coupled with slightly 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.
Published July 2026
