Aurubis: Q2 review solid FCF - full strength yet to unfold

Research evidence excerpt

Aurubis: Q2 review solid FCF - full strength yet to unfold

Deutsche Bank

Research

Rating Company Date

Hold Aurubis 12 May 2026

Forecast Change

Europe

Germany

Reuters Bloomberg Exchange Ticker Price at 11 May 2026 (EUR) 195.90

NAFG.DE NDA GR GER NAFG

Price Target (EUR) 178.00

Metals & Mining

ADR ISIN 52-week range (EUR) 195.90 - 77.30

AIAGY US05207U1034

Q2 review solid FCF - full strength yet to

Valuation & Risks unfold

Bastian Synagowitz

Tailwinds from sulfuric acid and metals prices continue Research Analyst

Aurubis reported a full set of Q2 numbers after pre-releasing key KPIs, and +41-44-227-3377

operating EBT of E121m (pre-released) was broadly in line with expectations (DBe

Liam Fitzpatrick

E127m and cons. E123m). However, IFRS EBT was exceptionally strong (E639m) Research Analyst

and FCF suggested very strong WC management despite the inflation in metal +44-20-754-13233

prices. While the refining business remains under pressure due to low TC/RCs,

Aurubis benefits from very strong tailwinds in metal prices and sulfuric acid and Key changes

hence, management had already raised guidance with the pre-release (now 168.00 to

TP ↑ 6.0%

expecting FY25/26 operating EBT of E425-525m vs. E375-475m previously). We 178.00

made small changes to our numbers and whilst remaining c.10% above the Street Source: Deutsche Bank

for 2026E, we lift 2027-28EE by 3-6% which takes our PT to E178 (from E168). We

believe management is tackling the key areas (FCF, project execution) and although

Aurubis faced another incident (accident in March), we believe management also

made good progress on rebuilding trust with financial market stakeholders after

setbacks in recent years (legal issues, fatalities, and capex escalation). Together