Aurubis: Guiding up (again). Higher metal prices = improved outlook.

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Aurubis: Guiding up (again). Higher metal prices = improved outlook.

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Aurubis

Guiding up (again). Higher metal prices =

improved outlook.

Reiterate Rating: UNDERPERFORM | PO: 112.00 EUR | Price: 205.60 EUR

Higher metal prices + sulfuric acid outweigh low TCRCs 28 May 2026

Aurubis reported Q2 results. Q2 Operating EBT was EUR121m, +22% YoY, -5% vs Equity

Visible Alpha consensus. Operating EBITDA was EUR187m, +19% YoY, -6% vs

consensus. Key driver: higher metal result, increased revenues from processing of

Key Changesrecycling materials and sulfuric acid. As previously announced, FY EBT guidance has been

raised to EUR425-525m, reflecting an improved market outlook. We update our model (EUR) Previous Current

for the raised EBT guide. We reiterate our Underperform rating and our PO of EUR112, 2026E EPS 7.40 8.02

based on 7x target EV/EBITDA. Through cycle average 6x EV/EBITDA. Shares trade on c. 2027E EPS 7.22 7.52

13x 2027E EBITDA. We are cautious on exposure to smelting & refining = “capital” 2028E EPS 7.39 7.67

rather than “resource” business. 2026E DPS 2.22 2.41

Raised FY26 EBT guide to EUR425-525 mn Equity Research

Jason Fairclough >>

Aurubis has raised its full-year FY26 EBT guide again this year on an improved market Research Analyst

outlook. EBT guide previously was EUR 375-475m and now has move to EUR 425-525m. MLI (UK)

+44 20 7995 0225

According to the company, “the central factors that prompted the forecast increase jason.fairclough@bofa.com

were persistently high metal prices, better anticipated revenues from recycling material Reinhardt van der Walt >>

processing, and higher expected revenues from sulfuric acid sales in the second half of Research Analyst MLI (UK)

the fiscal year”. reinhardt.vanderwalt@bofa.com

Paul Kirjanovs >>