Aurubis achieves strong quarterly result above market expectations and raises full-year forecast
Hamburg | Friday, April 21, 2023
Aurubis AG is continuing on its growth course: According to preliminary figures, the multimetal company generated operating earnings before taxes (EBT) of € 166 million in Q2 of fiscal year 2022/23 (previous year adjusted: € 168 million). This corresponds to the high level of the previous year. With these results, Aurubis has considerably exceeded market expectations for Q2 of fiscal year 2022/23, which ended on March 31, 2023. Aurubis achieved an operating EBT for the first half of fiscal year 2022/23 of € 291 million (previous year adjusted: € 331 million).
The main reasons for the very strong quarterly result were considerably increased treatment and refining charges for concentrates, a significantly higher Aurubis copper premium and very high demand for wire rod at higher prices. These positive effects more than offset a drop in sulfuric acid revenues.
Based on the findings from the first half year, Aurubis is increasing its forecast for fiscal year 2022/23 and currently anticipates an operating EBT between € 450 and 550 million. The forecast range for operating EBT was previously between € 400 and 500 million.
Roland Harings, Aurubis CEO:
We are seeing constant demand for our metal products. Now more than ever, Aurubis metals are needed for the transformation to realizing a climate-neutral society. Given the continuing geopolitical tensions and recessive tendencies in Europe, such as strong half-year result was not expected when we generated our forecast. We also successfully managed and offset our energy costs in the first half of fiscal year 2022/23.
The following factors are expected to have a particularly positive impact on the full-year result in the second half of fiscal year 2022/23: higher treatment and refining charges and an increased Aurubis copper premium compared to the previous year along with continued high demand for copper wire rod.
Aurubis will release the final results for the first half of fiscal year 2022/23 on May 11, 2023.
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