Aurubis posted a 31% jump in operating EBT for the first nine months of fiscal 2026, driven by copper demand and recycling margins. CEO Haag expects the strong demand environment to persist through the year-end.
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Aurubis posted a 31% increase in operating EBT for the first nine months of fiscal 2026, the company said on a conference call with analysts. The result was driven by strong copper demand from the green energy sector and higher processing margins at its smelters, Chief Executive Toralf Haag said.
“Operating EBT increased significantly by 31%,” Haag told analysts on the August 6 call from Hamburg. The copper smelting and recycling operations both benefited from favourable market conditions, he added. The company’s ability to pass through higher treatment and refining charges helped lift margins, while volumes from its recycling plants remained steady.
Chief Financial Officer Steffen Hoffmann said the company’s balance sheet remained solid, with cash flow from operations supporting continued investment in capacity expansion. Aurubis is spending on debottlenecking its Hamburg smelter and expanding its recycling footprint in the US, Hoffmann said. The company’s recycling segment, which processes scrap copper and other metals, has become a larger share of the earnings mix as producers seek to secure secondary supply.
Analysts from Deutsche Bank, BofA Securities, Morgan Stanley, ODDO BHF, and Kepler Cheuvreux participated in the call. The discussion focused on the outlook for copper prices, the pace of global demand growth, and the timing of the new capacity. Haag said the company expects the strong demand environment to persist through the remainder of the fiscal year, supported by the green energy transition and infrastructure spending. He did not give a specific full-year guidance range on the call.
Aurubis, one of the world’s largest copper recyclers, operates smelters in Germany, Belgium, and the United States. The company’s fiscal year ends September 30. Full-year results are scheduled for release in November. The 31% EBT gain puts the company on track to exceed its original profit target, assuming the current environment holds, several analysts said on the call.
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