Aurubis AG: Taking a Closer Look

Research evidence excerpt

Aurubis AG: Taking a Closer Look

Idea

May 27, 2026 04:00 PM GMT

Morgan Stanley & Co. International plc+MAurubis AG | Europe Adahna Ekoku

Equity Analyst

Taking a Closer Look Adahna.Ekoku@morganstanley.comAlain Gabriel, CFA +44 20 7425-0578

What’s Changed Alain.Gabriel@MorganStanley.com +44 20 7425-8959

Ioannis Masvoulas, CFA

Aurubis AG (NAFG.DE) From To Equity Analyst

Price Target €151.00 €181.00 Ioannis.Masvoulas@morganstanley.com +44 20 7425-0427

Ferdinand Huber

We shed light on two of Aurubis’ more opaque earnings drivers: ResearchFerdinand.Huber@morganstanley.comAssociate +44 20 7677-2702

European scrap refining charges and sulphuric acid. Scrap RCs

Aurubis AG (NAFG.DE, NDA GY)

remain cyclical, albeit with structural drivers emerging, whereas

Metals & Mining | Germany

sulphuric acid tightness looks set to persist for over a year. Stock Rating Equal-weight

While spot strength shouldn't be overlooked, the shares already Industry View In-Line

Price target €181.00

discount much of the stronger-for-longer backdrop, in our view. Shr price, close (May 26, 2026) €205.80

52-Week Range €212.60-76.80

Mkt cap, curr (mn) €8,985

European scrap RCs: a cyclical recovery with a potentially higher floor. European Net debt (09/26e) (mn)* €218

scrap refining charges (RCs) have recovered sharply from the 3Q25 trough, helped EV, curr (mn)* €10,225

by higher copper prices and improved scrap availability. This matters for Aurubis as * = GAAP or approximated based on GAAP

recycling margins are a key driver of MMR earnings (~45% of gross margin). We Fiscal Year Ending 09/25 09/26e 09/27e 09/28e

remain cautious on extrapolating current spot strength, as the market is short-term Sales / Revenue 18,171 23,419 25,382 23,102

(€mn)**

and cyclical.