Q2 2026 Aurubis AG Earnings Call Transcript
Key Points
- Aurubis AG (AIAGY) achieved a significant 15% increase in operating EBT in Q2 compared to Q1, reaching EUR121 million.
- The company raised its guidance for operating EBT for the fiscal year to EUR425 million to EUR525 million, reflecting confidence in future performance.
- Aurubis AG (AIAGY) reported a 23% increase in group revenues to approximately EUR11.3 billion, driven by higher metal prices, especially for precious metals.
- The company improved its free cash flow before dividend to minus EUR63 million, a significant improvement from minus EUR151 million last year.
- Aurubis AG (AIAGY) is making progress on strategic projects, including the Richmond plant and the Pirdop tank house expansion, which are expected to support future growth.
- Net cash flow decreased to EUR161 million from last year's EUR190 million, primarily due to higher inventories linked to increased metal prices.
- Operating return on capital employed (ROCE) fell to 8.1% from 10.2%, reflecting higher capital employed for strategic projects and lower earnings in previous quarters.
- The company anticipates a significantly negative free cash flow in Q3 due to normal seasonality, which could impact short-term financial performance.
- Aurubis AG (AIAGY) faces challenges in the concentrate market, with spot TC/RCs for copper concentrates remaining in negative territory.
- The Richmond plant is expected to end the fiscal year below EBITDA breakeven due to technical challenges and delays in ramp-up.
Good afternoon, ladies and gentlemen, and welcome to the analyst call. (Operator Instructions)
Let me now turn the floor over to Elke Brinkmann, Head of Investor Relations.
Good afternoon, and welcome to our Q2 2025-'26 conference call. We will walk you through the results for the six months of our fiscal year.
With me on the call are our CEO, Toralf Haag; and CFO, Steffen Hoffmann. After the presentation, we will be happy to take your questions. (Operator Instructions)
Before we start, let me draw your attention to our disclaimer. We will make forward-looking statements today. These are based on current plans and expectations and are subject to risks and uncertainties. Actual results may differ materially.
That being said, let me now turn the floor over to Toralf Haag.
Thank you, Elke, and good afternoon
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