Aurubis sees earnings at top of range, disappointing hopes for hike (updated)

Salzgitter AG

06/08/2026 07:06

Updates with share move and analyst comments in paragraph 1 and bullet points 1-3, cash flow details in bullet point 4.
Aug 6 (Reuters) - Europe's largest copper producer Aurubis NAFG.DE said on Thursday its full-year earnings would reach the upper end of its previously guided range, but its shares fell nearly 4% as some investors had hoped for a hike amid rising metal prices.
The German company's metals are widely used across evolving industries from renewable energy and defence to AI and cars. Data centres and electrification require copper, which has caused a surge in demand for the metal.
"Some investors would have perhaps thought they might raise guidance," Oddo BHF analyst Maxime Kogge said.
Weak cash generation could also contribute to the dip in the shares, Kogge added.
The shares have roughly doubled in value over the past 12 months.
Aurubis posted a net cash outflow of €28 million ($32 million) for the nine months through June, versus an inflow of €357 million last year.
Operating pre-tax earnings rose by roughly a third to €374 million, driven by higher copper prices and a significant rise in sulfuric acid revenue.
It now sees full-year operating pre-tax earnings in the upper end of the earlier €425-525 million range.
($1 = 0.8663 euros)

(Reporting by Danny Callaghan, editing by Milla Nissi-Prussak)
((Email: danny.callaghan@thomsonreuters.com))