Q1 2026 Aurubis AG Earnings Call Transcript
Key Points
- Aurubis AG (AIAGF) started the fiscal year with a sound result, in line with market expectations.
- The company raised its full-year guidance for operating EBT to between EUR375 million and EUR475 million, up from the previous range of EUR300 million to EUR400 million.
- Higher metal prices and strong demand for copper products are expected to positively impact earnings.
- Aurubis AG (AIAGF) has secured a high share of its supply for calendar year 2026 through long-term contracts, ensuring reliable supply to its primary smelters.
- The company is expanding its sourcing presence beyond Europe to broaden its supplier base.
- Operating ROCE decreased to 7.8%, down from 11.7% the previous year, reflecting lower earnings in prior quarters and higher capital employed from growth investments.
- Net cash flow was slightly negative at minus EUR8 million, significantly below the prior year level of plus EUR178 million.
- Free cash flow before dividend was minus EUR103 million compared to EUR39 million the year before, mainly due to higher working capital at higher metal prices.
- Operating EBT was 19% below the prior year level, impacted by higher costs and lower treatment and refining charges.
- The company faces challenges in the concentrate market, with tight concentrate markets and lower TC/RCs affecting the gross margin.
Good afternoon, ladies and gentlemen, and a warm welcome to the analyst call. (Operator Instructions) Let me now turn the floor over to your host, Elke Brinkmann, Investor Relations.
Good afternoon, and welcome to our call on the results of the first three months of fiscal year 2025-'26. We are here with our CEO, Toralf Haag; and our CFO, Steffen Hoffmann, who will walk you through the figures for the first three months of 2025 and '26 and current developments at Aurubis. We will first take you through the presentation and then open the line for your questions. (Operator Instructions)
But before we dive, a short reminder of our disclaimer on forward-looking statements. Today's capital markets presentation contains forward-looking statements about Aurubis' plans and expectations. These statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated.
Let me now turn the floor over to Toralf Haag.
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