Aurubis Enters New Era as Major Capital Projects Near Completion

Europe's top copper producer boosts 2025/26 outlook, nears end of major capex cycle. New US recycling plant and capacity expansions drive shift to higher profitability.

The multi-billion euro growth strategy at Europe's leading copper producer is reaching its culmination, setting the stage for a significant shift from capital expenditure to enhanced profitability. Aurubis AG has provided a clear signal of this transition by raising its financial forecast for the 2025/26 fiscal year, citing stronger operational fundamentals.

Financial Outlook Strengthened

The company now anticipates its pre-tax operating profit for the current business year to land between €375 million and €475 million. This marks a substantial increase from its previous guidance, which projected earnings in the range of €300 million to €400 million. Management attributes the improved outlook to robust demand for copper products and favorable metal prices. In a related move, shareholders at the 2026 Annual General Meeting approved a dividend increase to €1.60 per share, representing a year-on-year rise of approximately seven percent.

On the equity market, Aurubis shares have delivered impressive performance, gaining more than 70% over the past twelve months. The current share price trades near seven percent below its 52-week high of €172.90.

Flagship Investments Approach Operational Phase

The upgraded forecast is underpinned by the near-completion of a €1.7 billion strategic investment program. Approximately 80% of these funds have already been deployed, with several key facilities now commencing operations.

• Aurubis Richmond, USA: This facility, representing an investment of roughly $800 million, is the company's first multi-metal recycling plant in the United States. Since January 2026, it has been processing complex recycled materials, including printed circuit boards and copper cable.
• Complex Recycling Hamburg: Scheduled for commissioning in the first half of 2026, this expansion will boost annual processing capacity for recycled materials by 30,000 tonnes.
• Bulgaria Expansion: A €120 million investment here is set to increase refined copper capacity to 340,000 tonnes—a surge of about 50% compared to previous levels.

Sustainability Reporting Gains Prominence

Concurrently, Aurubis has reinforced its commitment to transparency by publishing its inaugural ESG Factbook for the 2024/25 fiscal year. This consolidated dataset, aligned with both ESRS and GRI standards, aims to provide institutional investors with standardized metrics for comparison. The report details that €155.4 million was allocated to environmental protection measures during the last fiscal year.

The company has established clear medium-term targets: by 2030, it aims to halve its absolute Scope 1 and Scope 2 emissions compared to a 2018 baseline. Furthermore, Aurubis intends to increase the proportion of recycled copper in its cathodes to as much as 50%.

These efforts have been recognized externally; Aurubis holds a platinum medal from EcoVadis with a score of 85 out of 100, placing it within the top one percent of all companies assessed globally according to its own statements.

The financial markets are now focused on the pace at which these completed investments will translate into sustained earnings growth. With three major projects moving into operation and a raised profit forecast, Aurubis has clearly defined the benchmarks for its performance in the coming quarters.