Aurubis also boosted net cash flow by nearly 30 % to €677 million (prior year: €537 million) as at 30.09.2025 — the highest level in three years. Significant investments in strategic growth projects impacted operating ROCE, which declined to 8.8 % (previous year: 11.5 %). IFRS consolidated earnings before taxes (EBT) amounted to €727 million, driven by higher metal prices and significantly exceeding the previous year (€523 million).
In the past 2024/25 fiscal year, Aurubis benefited from a year-over-year considerably higher metal result, a significant jump in revenues from sulfuric acid, and robust demand for copper products. These positive effects were partly offset by lower concentrate throughput at reduced treatment and refining charges, a slight decline in recycling revenues, and the anticipated higher ramp-up costs and depreciation from strategic projects.
“Our results show that even in economically turbulent times, we deliver stable performance, consistently execute our ambitious investment agenda, and offer higher dividends,” CEO Dr. Toralf Haag emphasized. “As the leading Western multimetal producer, we are capitalizing on robust demand for strategically critical industrial and precious metals. Our metals are essential enablers of major megatrends like electrification, artificial intelligence and data centers, as well as energy infrastructure and security.“
“Our results show that even in economically turbulent times, we deliver stable performance, consistently execute our ambitious investment agenda, and offer higher dividends”, says Dr. Toralf Haag, Chief Executive Officer
Based on the fiscal year 2024/25 results, Aurubis is raising the dividend: The Supervisory Board and Executive Board will propose a dividend of €1.60 per share (previous year: €1.50) at the Annual General Meeting on 12.02.2026. This would correspond to a payout ratio of around 27 % (previous year: 20 %) of operating consolidated net income.
Revised strategy: Powerfully positioned for targeted growth
Building on this sound fiscal year 2024/25 result, Aurubis continues to deliver on its clearly defined strategic course. With its revised strategy, ‘Aurubis Performance 2030 — Forging resilience. Leading in multimetal.’, the company aims to further enhance its position as a global multimetal leader. Aurubis is committed to setting benchmarks in sustainable business practices, operational efficiency, and continuous innovation — creating lasting value for all stakeholders. Aurubis’ guiding principle is to produce more metals more efficiently — underpinned by investments with a clear focus on the multimetal business.
By the end of September 2025, the company had already deployed over 75 % of the current €1.7 billion investment program for strategic projects. Going forward, the focus will increasingly shift to optimization, increasing throughput and maximizing quality and service levels to realize sustainable returns on these investments. The strategic projects are expected to contribute approximately €260 million to annual EBITDA starting in the 2028/29 fiscal year.
The start of production of phase one of the flagship Aurubis Richmond project in the US — the first secondary smelter for complex multimetal recycling material in North America — marked a key strategic milestone. Once phase two is completed, the plant will process around 180,000 t of complex recycling materials annually. In parallel, Aurubis is exploring targeted expansion options in the US, a market with enormous potential: It requires around 2 million t of copper a year, and currently relies on imports to cover roughly half that need.
Aurubis also continues to channel investment into Europe, with the majority of strategic investment, around €1 billion, allocated to this core market. Innovative recycling plants in Beerse and Olen, the planned complex recycling plant in Hamburg, and the expansion of the tankhouse in Bulgaria strengthen Aurubis’ unique smelter network and secure supply for European industry. “We’re setting clear priorities with our revised strategy. We’re investing in growth where we lead today— in enhancing the efficiency of our unique smelter network and expanding our industry leadership in sustainability. This lays the foundation for lasting success in markets with rising demand for strategic metals,” Aurubis CEO Dr. Toralf Haag emphasized.
Forecast: Another good result expected for fiscal year 2025/26
For the 2025/26 fiscal year, Aurubis expects the robust business model with its diversified earnings drivers to again prove resilient in a challenging market environment. The multimetal producer anticipates good operating EBT between €300 and 400 million and operating ROCE between 7 % and 9 %. In the current fiscal year, Aurubis is targeting balanced free cash flow before dividends.
