Reported Earnings • Aug 09
Third quarter 2026 earnings released: EPS: €3.50 (vs €1.79 in 3Q 2025) Third quarter 2026 results: EPS: €3.50 (up from €1.79 in 3Q 2025). Revenue: €6.46b (up 40% from 3Q 2025). Net income: €153.0m (up 96% from 3Q 2025). Profit margin: 2.4% (up from 1.7% in 3Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. New Risk • Jul 19
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Austrian stocks, typically moving 6.3% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (6.3% average weekly change). Earnings are forecast to decline by an average of 30% per year for the foreseeable future. Buy Or Sell Opportunity • Jun 24
Now 23% undervalued Over the last 90 days, the stock has risen 26% to €187. The fair value is estimated to be €244, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.4% over the last 3 years. Earnings per share has grown by 50%. Revenue is forecast to grow by 24% in 2 years. Earnings are forecast to decline by 47% in the next 2 years. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €184, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 12x in the Metals and Mining industry in Europe. Total returns to shareholders of 130% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €284 per share. New Risk • May 19
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Austrian stocks, typically moving 6.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 30% per year for the foreseeable future. Minor Risk Share price has been volatile over the past 3 months (6.0% average weekly change). Reported Earnings • May 12
Second quarter 2026 earnings released: EPS: €18.34 (vs €3.73 in 2Q 2025) Second quarter 2026 results: EPS: €18.34 (up from €3.73 in 2Q 2025). Revenue: €6.05b (up 21% from 2Q 2025). Net income: €479.0m (up 194% from 2Q 2025). Profit margin: 7.9% (up from 3.3% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €176, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 10x in the Metals and Mining industry in Europe. Total returns to shareholders of 114% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €194 per share. New Risk • Apr 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Austrian stocks, typically moving 5.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 13% per year for the foreseeable future. Minor Risk Share price has been volatile over the past 3 months (5.8% average weekly change). Buy Or Sell Opportunity • Mar 03
Now 21% undervalued Over the last 90 days, the stock has risen 36% to €161. The fair value is estimated to be €205, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 35%. Revenue is forecast to grow by 21% in 2 years. Earnings are forecast to decline by 32% in the next 2 years. Buy Or Sell Opportunity • Feb 16
Now 20% undervalued Over the last 90 days, the stock has risen 58% to €168. The fair value is estimated to be €210, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 35%. Revenue is forecast to grow by 20% in 2 years. Earnings are forecast to decline by 36% in the next 2 years. Duyuru • Feb 08
Aurubis AG Revises Earnings Guidance for the Fiscal Year 2025-26 Aurubis AG revised earnings guidance for the fiscal year 2025-26. For the year, the company expects operating EBT to between EUR 375 million and EUR 475 million. The previous range was EUR 300 million to EUR 400. Reported Earnings • Feb 06
First quarter 2026 earnings released: EPS: €7.38 (vs €5.87 in 1Q 2025) First quarter 2026 results: EPS: €7.38 (up from €5.87 in 1Q 2025). Revenue: €5.35b (up 27% from 1Q 2025). Net income: €322.0m (up 26% from 1Q 2025). Profit margin: 6.0% (down from 6.1% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Duyuru • Dec 08
Aurubis AG, Annual General Meeting, Feb 12, 2026 Aurubis AG, Annual General Meeting, Feb 12, 2026. New Risk • Dec 08
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 15% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 15% per year for the foreseeable future. Minor Risk Share price has been volatile over the past 3 months (5.1% average weekly change). New Risk • Dec 06
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.4% Last year net profit margin: 2.4% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (5.1% average weekly change). Profit margins are more than 30% lower than last year (1.4% net profit margin). Reported Earnings • Dec 06
Full year 2025 earnings released: EPS: €5.97 (vs €9.53 in FY 2024) Full year 2025 results: EPS: €5.97 (down from €9.53 in FY 2024). Revenue: €18.2b (up 5.7% from FY 2024). Net income: €261.0m (down 37% from FY 2024). Profit margin: 1.4% (down from 2.4% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Oct 15
Now 22% undervalued Over the last 90 days, the stock has risen 19% to €109. The fair value is estimated to be €140, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 2.7%. Revenue is forecast to grow by 17% in 2 years. Earnings are forecast to decline by 48% in the next 2 years. Duyuru • Oct 10
Aurubis Ag Approves Modified Dividend Policy Aurubis AG approved a modified dividend policy October 7, 2025. The dividend policy stipulates a targeted payout ratio of up to 30 % of the Group’s operating consolidated net income after taxes, starting in the 2025/26 fiscal year. The payout ratio for fiscal year 2023/24 was 20 % of operating consolidated net income after taxes. For the past 2024/25 fiscal year, which management considers to have been marked by increased investment in strategic projects, a divergent payout ratio of 25 % of the Group’s operating consolidated net income after taxes is being targeted. The dividend policy reflects management’s current objectives. Subject to the company’s business development, market conditions, and potential growth investment opportunities, the Executive Board and Supervisory Board reserve the right to propose a dividend to shareholders at the Annual General Meeting that may deviate from the established policy. Any final dividend requires shareholder approval at the Annual General Meeting. New Risk • Oct 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Austrian stocks, typically moving 4.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 26% per year for the foreseeable future. Minor Risk Share price has been volatile over the past 3 months (4.6% average weekly change). Duyuru • Sep 26
Aurubis Ag Announces First U.S Multimetal Recycling Plant Starts Production of Strategic Metals Aurubis AG has achieved an important strategic milestone: With the ramp-up of its new U.S site Aurubis Richmond, the company will be producing key strategic metals such as copper, nickel, tin, and precious metals in the state of Georgia. These are crucial for the future of the American economy and are essential for expanding data centers and AI applications, and for energy infrastructure, high-tech products, and the defense industry. The demand for strategic metals such as copper is rising steadily worldwide: American industry alone currently needs about 1.8 million t of copper per year -- and experts estimate that demand will rise nearly 30 % in the next five years. As of now, the U.S imports about half of the copper it processes. Multimetal recycling can close this gap quickly: As the first and most technologically advanced secondary smelter, Aurubis Richmond reinforces the independence of American supply chains by processing complex recycling materials. Participants at today's "First Melt" celebration included Rick W. Allen, U.S Representative for Georgia's 12th District, Jens Hanefeld, German Ambassador to the United States, and a number of high-profile guests from politics and business. The plant will process up to 180,000 t of complex recycling material annually -- with the expansion stage starting in 2026 -- including printed circuit boards, copper cable, and other metal-bearing products. Aurubis Richmond recovers critical metals from these materials, closing the value chain on site. Because it will be supplied locally, the Aurubis plant will help keep valuable raw materials in the market. The new plant in Richmond is equipped with cutting-edge technology that fulfills the latest environmental standards enacted by the state of Georgia and federal authorities. This ensures that the plant is operated with the highest consideration for water, air and soil. Aurubis Richmond has also been designed as a flexible "one-stop shop" that will receive a broad range of metal-bearing recycling materials from U.S suppliers. Duyuru • Aug 09
Aurubis AG to Report Fiscal Year 2026 Results on Dec 02, 2026 Aurubis AG announced that they will report fiscal year 2026 results at 10:00 PM, Central European Standard Time on Dec 02, 2026 Reported Earnings • Aug 08
Third quarter 2025 earnings released: EPS: €1.79 (vs €3.58 in 3Q 2024) Third quarter 2025 results: EPS: €1.79 (down from €3.58 in 3Q 2024). Revenue: €4.62b (down 1.9% from 3Q 2024). Net income: €78.0m (down 50% from 3Q 2024). Profit margin: 1.7% (down from 3.3% in 3Q 2024). Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jun 25
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 29% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. New Risk • Jun 22
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 1.9% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 29% per year for the foreseeable future. Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • May 09
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: €4.96b (up 14% from 2Q 2024). Net loss: €81.0m (down 199% from profit in 2Q 2024). Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €73.50, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 9x in the Metals and Mining industry in Europe. Total loss to shareholders of 25% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €55.84 per share. Upcoming Dividend • Mar 28
Upcoming dividend of €1.50 per share Eligible shareholders must have bought the stock before 04 April 2025. Payment date: 08 April 2025. Payout ratio is a comfortable 11% and the cash payout ratio is 80%. Trailing yield: 1.7%. Lower than top quartile of Austrian dividend payers (5.6%). Lower than average of industry peers (3.9%). Duyuru • Feb 17
Aurubis AG, Annual General Meeting, Apr 03, 2025 Aurubis AG, Annual General Meeting, Apr 03, 2025. Reported Earnings • Feb 07
First quarter 2025 earnings released: EPS: €5.87 (vs €1.33 in 1Q 2024) First quarter 2025 results: EPS: €5.87 (up from €1.33 in 1Q 2024). Revenue: €4.22b (up 8.3% from 1Q 2024). Net income: €256.0m (up 341% from 1Q 2024). Profit margin: 6.1% (up from 1.5% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Reported Earnings • Dec 06
Full year 2024 earnings released: EPS: €9.53 (vs €3.23 in FY 2023) Full year 2024 results: EPS: €9.53 (up from €3.23 in FY 2023). Revenue: €17.3b (up 1.1% from FY 2023). Net income: €416.1m (up 195% from FY 2023). Profit margin: 2.4% (up from 0.8% in FY 2023). Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 1.8% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has remained flat, which means it is well ahead of earnings. New Risk • Sep 24
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 4.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 4.3% per year for the foreseeable future. Minor Risks Share price has been volatile over the past 3 months (5.2% average weekly change). Large one-off items impacting financial results. New Risk • Sep 23
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.9% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.9% per year for the foreseeable future. Minor Risks Share price has been volatile over the past 3 months (5.2% average weekly change). Large one-off items impacting financial results. Reported Earnings • Aug 06
Third quarter 2024 earnings released: EPS: €3.57 (vs €1.31 loss in 3Q 2023) Third quarter 2024 results: EPS: €3.57 (up from €1.31 loss in 3Q 2023). Revenue: €4.71b (up 13% from 3Q 2023). Net income: €156.9m (up €214.6m from 3Q 2023). Profit margin: 3.3% (up from net loss in 3Q 2023). Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €60.45, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Metals and Mining industry in Europe. Total loss to shareholders of 16% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €27.76 per share. Reported Earnings • May 08
Second quarter 2024 earnings released: EPS: €1.88 (vs €2.42 in 2Q 2023) Second quarter 2024 results: EPS: €1.88 (down from €2.42 in 2Q 2023). Revenue: €4.43b (down 5.6% from 2Q 2023). Net income: €82.1m (down 23% from 2Q 2023). Profit margin: 1.9% (down from 2.3% in 2Q 2023). Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Duyuru • May 08
Aurubis AG Announces CFO Changes Aurubis AG appointed, Steffen Alexander Hoffmann, as its chief financial officer with effect from October 1, for the customary initial three-year term. Most recently, Hoffmann was Vice President Treasury and Investor Relations at the Mercedes-Benz Group AG in Stuttgart. Hoffmann will succeed Rainer Verhoeven, who will be step down on June 30, as announced in January. Reported Earnings • Feb 09
First quarter 2024 earnings released: EPS: €1.33 (vs €1.31 in 1Q 2023) First quarter 2024 results: EPS: €1.33 (up from €1.31 in 1Q 2023). Revenue: €3.90b (down 4.9% from 1Q 2023). Net income: €58.0m (up 1.8% from 1Q 2023). Profit margin: 1.5% (up from 1.4% in 1Q 2023). Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Feb 09
Upcoming dividend of €1.40 per share at 2.2% yield Eligible shareholders must have bought the stock before 16 February 2024. Payment date: 20 February 2024. Payout ratio is a comfortable 43% but the company is not cash flow positive. Trailing yield: 2.2%. Lower than top quartile of Austrian dividend payers (5.3%). Lower than average of industry peers (6.1%). New Risk • Dec 23
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 132% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (4.0% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.8% net profit margin). Reported Earnings • Dec 21
Full year 2023 earnings released: EPS: €3.23 (vs €16.37 in FY 2022) Full year 2023 results: EPS: €3.23 (down from €16.37 in FY 2022). Revenue: €17.3b (down 6.6% from FY 2022). Net income: €140.9m (down 80% from FY 2022). Profit margin: 0.8% (down from 3.9% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Duyuru • Oct 26
Aurubis AG, Annual General Meeting, Feb 15, 2024 Aurubis AG, Annual General Meeting, Feb 15, 2024, at 14:30 Central European Standard Time. New Risk • Oct 09
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Austrian stocks, typically moving 4.8% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (4.8% average weekly change). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.7% net profit margin). Duyuru • Sep 20
Aurubis AG Revises Earnings Guidance for the Fiscal Year 2023 Aurubis AG revised earnings guidance for the fiscal year 2023. Based on these losses and the economic trend expected in fourth quarter of fiscal year 2023, Aurubis has adjusted its forecast. For the current 2023 fiscal year, the company anticipates an operating result between €310 million and €350 million. The company had already retracted the previous operating result forecast of €450 million to €550 million in the release dated August 31, 2023. New Risk • Aug 08
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 27% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (5.7% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.7% net profit margin). Reported Earnings • Aug 08
Third quarter 2023 earnings released: EPS: €0.091 (vs €1.80 in 3Q 2022) Third quarter 2023 results: EPS: €0.091 (down from €1.80 in 3Q 2022). Revenue: €4.19b (down 17% from 3Q 2022). Net income: €4.00m (down 95% from 3Q 2022). Profit margin: 0.1% (down from 1.6% in 3Q 2022). Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 8% per year. Reported Earnings • May 12
Second quarter 2023 earnings released: EPS: €2.42 (vs €4.79 in 2Q 2022) Second quarter 2023 results: EPS: €2.42 (down from €4.79 in 2Q 2022). Revenue: €4.81b (down 1.0% from 2Q 2022). Net income: €106.0m (down 49% from 2Q 2022). Profit margin: 2.2% (down from 4.3% in 2Q 2022). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 72% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Feb 10
Upcoming dividend of €1.80 per share at 1.8% yield Eligible shareholders must have bought the stock before 17 February 2023. Payment date: 21 February 2023. Payout ratio is a comfortable 17% but the company is not cash flow positive. Trailing yield: 1.8%. Lower than top quartile of Austrian dividend payers (4.9%). Lower than average of industry peers (8.2%). Reported Earnings • Feb 08
First quarter 2023 earnings released: EPS: €1.31 (vs €6.89 in 1Q 2022) First quarter 2023 results: EPS: €1.31 (down from €6.89 in 1Q 2022). Revenue: €4.10b (down 7.0% from 1Q 2022). Net income: €57.0m (down 81% from 1Q 2022). Profit margin: 1.4% (down from 6.8% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 2.1% decline forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Jan 20
Now 21% undervalued Over the last 90 days, the stock is up 52%. The fair value is estimated to be €117, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 50%. For the next 3 years, revenue is forecast to grow by 0.1% per annum. Earnings is forecast to decline by 28% per annum over the same time period. Reported Earnings • Dec 23
Full year 2022 earnings released: EPS: €16.37 (vs €14.03 in FY 2021) Full year 2022 results: EPS: €16.37 (up from €14.03 in FY 2021). Revenue: €18.5b (up 14% from FY 2021). Net income: €714.7m (up 17% from FY 2021). Profit margin: 3.9% (up from 3.8% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 2.9% decline forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment improved over the past week After last week's 17% share price gain to €77.70, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 6x in the Metals and Mining industry in Europe. Total returns to shareholders of 78% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €32.48 per share. Duyuru • Sep 15
Inge Hofkens Joins the Aurubis AG Executive Board At its meeting on September 13, 2022, Aurubis AG's Supervisory Board appointed an additional member to the multimetal provider's Executive Board: As Chief Operating Officer Multimetal Recycling, Inge Hofkens (51) will be responsible for the segment's production sites. These include the recycling sites in L-nen (Germany), Olen and Beerse (both in Belgium), Berango (Spain), and the new Aurubis Richmond site in Augusta, Georgia (USA). The Belgian-born Hofkens currently serves as the Managing Director of the Aurubis site in Olen. An economist by training, she began her career at Metallo-Chimique International in various purchasing and sales positions, before becoming Chief Sales Officer (CSO), and later a member of the management of the former Metallo Group. Discussions regarding a successor to Inge Hofkens' current position as Managing Director of the Aurubis site in Olen will be carried out soon in order to fill the position by the end of the year. Furthermore, the Supervisory Board extended the mandate of COO Dr. Heiko Arnold (56) by another five years. His contract now runs until August 15, 2028. Reported Earnings • Aug 05
Third quarter 2022 earnings released: EPS: €1.79 (vs €1.45 in 3Q 2021) Third quarter 2022 results: EPS: €1.79 (up from €1.45 in 3Q 2021). Revenue: €5.02b (up 7.6% from 3Q 2021). Net income: €79.0m (up 25% from 3Q 2021). Profit margin: 1.6% (up from 1.4% in 3Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is expected to shrink by 11% compared to a 25% growth forecast for the industry in Austria. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Duyuru • Jun 29
Aurubis AG Provides Earnings Guidance for the Year 2022 Aurubis AG provided earnings guidance for the year 2022. For the year, the company continues to expect an operating earnings before taxes to be between EUR 500 million to EUR 600 million. Reported Earnings • May 11
Second quarter 2022 earnings released: EPS: €4.79 (vs €3.34 in 2Q 2021) Second quarter 2022 results: EPS: €4.79 (up from €3.34 in 2Q 2021). Revenue: €4.86b (up 20% from 2Q 2021). Net income: €209.1m (up 43% from 2Q 2021). Profit margin: 4.3% (up from 3.6% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is expected to shrink by 5.6% compared to a 41% growth forecast for the industry in Austria. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Feb 11
Upcoming dividend of €1.60 per share Eligible shareholders must have bought the stock before 18 February 2022. Payment date: 22 February 2022. Payout ratio is a comfortable 9.4% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of Austrian dividend payers (3.5%). Lower than average of industry peers (7.1%). Reported Earnings • Feb 09
First quarter 2022 earnings: EPS in line with analyst expectations despite revenue beat First quarter 2022 results: EPS: €6.89 (up from €3.96 in 1Q 2021). Revenue: €4.41b (up 27% from 1Q 2021). Net income: €301.0m (up 74% from 1Q 2021). Profit margin: 6.8% (up from 5.0% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.0%. Over the next year, revenue is expected to shrink by 3.0% compared to a 15% growth forecast for the industry in Austria. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Reported Earnings • Dec 09
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: €14.03 (up from €5.95 in FY 2020). Revenue: €16.3b (up 31% from FY 2020). Net income: €612.8m (up 131% from FY 2020). Profit margin: 3.8% (up from 2.1% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.0%. Over the next year, revenue is forecast to grow 3.3%, compared to a 13% growth forecast for the mining industry in Austria. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 18
Third quarter 2021 earnings released: EPS €3.79 (vs €3.50 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: €4.66b (up 75% from 3Q 2020). Net income: €165.0m (up 6.5% from 3Q 2020). Profit margin: 3.5% (down from 5.8% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Duyuru • Aug 11
Intek Holdings Aa signed a term sheet to acquire FRP plant in Zutphen and slitting centers in Birmingham, Dolný Kubín and Mortara of Aurubis AG. Intek Holdings Aa signed a term sheet to acquire FRP plant in Zutphen and slitting centers in Birmingham, Dolný Kubín and Mortara of Aurubis AG on August 9, 2021. The sites will be transferred following the approval of the sale by the responsible competition authorities, by signing a corresponding term sheet that will serve as the basis for preparing a purchase agreement. The purchase agreement can be signed within the next two months. The FRP Plant in Zutphen and slitting centers in Birmingham, Dolný Kubín and Mortara has reported turnover of €280 million. A total of about 360 employees will be moved along with the plants. The Closing of the transaction will be subject to certain conditions precedent, including the approval by the competent merger control authorities. Duyuru • May 29
Aurubis Starts the Series of Tests for Hydrogen Aurubis started the series of tests for hydrogen use on an industrial scale in copper anode production at the Hamburg plant. The pilot project in which hydrogen and nitrogen were introduced in the production facility (anode furnace) instead of natural gas went according to plan. Initially, the current tests will gauge the reaction of the facility to the introduction of hydrogen and ensure that the individual production steps, which are highly sensitive in the energy-intensive metal production process, run smoothly. In the medium term, hydrogen could replace fossil fuels in the production process, making production more climate-friendly overall. Due to hydrogen's high reactivity, Aurubis expects enhanced efficiency in the production process as well. The hydrogen for the tests at Aurubis is supplied by Air Liquide, a long-term Aurubis partner that operates an oxygen unit on the Hamburg plant premises, among other things. With the first-time use of hydrogen on an industrial scale, Aurubis demonstrates another key step towards carbon-neutral multimetal production: while the conventional use of natural gas as a reducing agent forms carbon dioxide, the use of hydrogen only generates water vapor as a by-product. The extensive tests starting on May 27 will investigate hydrogen use in continuous operation until the late summer. The long-term goal is to determine the conditions under which hydrogen can be used for poling purposes in the anode furnace instead of natural gas. Furthermore, the technical insights that are gathered in this process are intended to establish the foundation for additional hydrogen activities in the Group. Is New 90 Day High Low • Feb 23
New 90-day high: €73.46 The company is up 14% from its price of €64.20 on 24 November 2020. The Austrian market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 28% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €92.56 per share. Reported Earnings • Feb 07
First quarter 2021 earnings released: EPS €3.96 (vs €1.55 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: €3.47b (up 40% from 1Q 2020). Net income: €173.0m (up 149% from 1Q 2020). Profit margin: 5.0% (up from 2.8% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 4% per year. Analyst Estimate Surprise Post Earnings • Feb 07
Revenue beats expectations Revenue exceeded analyst estimates by 3.1%. Over the next year, revenue is forecast to grow 2.7%, compared to a 15% growth forecast for the Metals and Mining industry in Austria. Duyuru • Feb 05
Aurubis AG Revises Earnings Guidance for the Fiscal Year 2021 Aurubis AG revised earnings guidance for the fiscal year 2021. The company increased the forecast for the current fiscal year in its entirety and now expects operating EBT between EUR 270 million and EUR 330 million. At the start of the fiscal year, the operating EBT estimate was between EUR 210 million and EUR 270 million. Is New 90 Day High Low • Jan 07
New 90-day high: €68.30 The company is up 13% from its price of €60.50 on 09 October 2020. The Austrian market is up 28% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 32% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €41.62 per share. Reported Earnings • Dec 11
Full year 2020 earnings released: EPS €5.95 The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: €12.5b (up 16% from FY 2019). Net income: €265.2m (up 39% from FY 2019). Profit margin: 2.1% (up from 1.8% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Dec 11
Revenue beats expectations Revenue exceeded analyst estimates by 6.2%. Over the next year, revenue is forecast to grow 5.7%, compared to a 9.7% growth forecast for the Metals and Mining industry in Austria. Is New 90 Day High Low • Nov 16
New 90-day high: €64.10 The company is up 7.0% from its price of €60.06 on 18 August 2020. The Austrian market is also up 7.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Metals and Mining industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €21.12 per share. Is New 90 Day High Low • Oct 31
New 90-day low: €55.52 The company is down 2.0% from its price of €56.48 on 31 July 2020. The Austrian market is down 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is down 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €21.09 per share. Duyuru • Jul 30
Aurubis AG (XTRA:NDA) completed the acquisition of Metallo Group Holding from Metallo Holdings 3 B.V. Aurubis AG (XTRA:NDA) entered into a share purchase agreement to acquire Metallo Group Holding from Metallo Holdings 3 B.V. for an enterprise value of €380 million on May 22, 2019. No new shares will be issued in relation to the financing of the transaction. Aurubis intends to finance the acquisition through an existing bridge financing of €380 million, which will be redeemed by a CSR-Linked Schuldschein Loan. Metallo Group generated revenues of approximately €985 million as of December 31, 2018. As part of the acquisition, 540 new colleagues will join the Aurubis family. The closing of the transaction is subject to approval by European Commission. The antitrust regulator has set October 4, 2019 as a provisional deadline for a ruling. As of October 15, 2019, Aurubis again filed for approval from European Commission. The European Commission has set the deadline of November 19, 2019 for approval. As of November 19, 2019, European Commission opened an in-depth investigation. The deadline for the European Commission decision is set as April 3, 2020. As of December 11, 2019, European Commission extended the deadline for approval till April 22, 2020. As of March 11, 2020, European Commission extended the deadline for approval till May 7, 2020. As of May 4, 2020, the EU Antitrust authorities unconditionally approved the transaction. The transaction is expected to take place by the end of year 2019. As of May 4, 2020, the transaction is expected to be completed on May 29, 2020. The acquisition is expected to be Earnings Per Share (EPS) and Return on Capital Employed (ROCE) accretive from year one.
Houlihan Lokey acted as financial advisor to Metallo Group Holding and TowerBrook Capital Partners L.P., parent of Metallo Holdings 3 B.V. BNP Paribas acted as financial advisor to Aurubis AG. Erik Dahl, Christian Iwasko, Patrick Harrison, Oliver Currall, Bryan Robson, Susan Fanning, Andrew Fox, William Long and Björn Holland of Sidley Austin LLP acted as legal advisors for TowerBrook Capital Partners L.P., parent of Metallo Holdings 3 B.V.
Aurubis AG (XTRA:NDA) completed the acquisition of Metallo Group Holding from Metallo Holdings 3 B.V. on May 29, 2020. Metallo will be fully consolidated into the Aurubis Group starting June 1, 2020. The name Metallo will be retained. Duyuru • Jul 18
Aurubis AG (XTRA:NDA) signed an agreement to acquire azeti GmbH. Aurubis AG (XTRA:NDA) signed an agreement to acquire azeti GmbH on July 15, 2020. As part of the transaction, team of azeti GmbH will join Aurubis AG.