AURUBIS (-) : F2Q26 post view - consensus already capturing the guidance upgrade

Research evidence excerpt

AURUBIS (-) : F2Q26 post view - consensus already capturing the guidance upgrade

EQUITIES

METALS & MINING

AURUBIS UNDERPERFORMPRICE* EUR195.9  TARGET PRICE EUR112 (DOWNSIDE 43%) TARGET 13%PRICE EPS 09/26e14% EPS09/27e9%

F2Q26 post view – consensus already capturing the guidance

upgrade

Improving outlook in metal results, recycling margin, and by-product revenue12 MAY 2026

Securities Research Report Aurubis upgraded its FY26 guidance outlook in FQ2, driven by persistently higher metal prices, better

Production time: 05:20* (London time) anticipated revenue from recycling material processing and sulfuric acid sales. The company is

Research Analysts & Publishing Entities benefiting from record-high precious metal prices and stable copper prices at high levels. However,

Alan Spence the effects of higher metals prices would be reflected with a time lag and capped by the hedging

BNP Paribas London Branch programme which was entered 9-12 months in advance and is managed quarterly. The recycling(+44) 203 430 8554

alan.spence@uk.bnpparibas.com margin is also improving on increased availability of scrap in Europe. Nevertheless, Asian recyclers

are also competing for raw materials amid higher metal prices in both Europe and the US. MiddleQiang Zeng

BNP Paribas London Branch East shipping restrictions and strong physical demand have led to global tightness in the sulphuric

(+44) 207 039 9441 acid market, further elevating spot prices. But the company is only c15% exposed to the spot market,

qiang.zeng@uk.bnpparibas.com with the remaining 85% sales on annual contracts with quarterly or semi-annual pricing adjustments.

For a more detailed view of the results, see our flash note here.

Richmond unlikely to break even this year due to ramp up delays