Aurubis Ag · XETR:NDA
Aurubis — Q1 2025/26 Earnings Presentation
25 slides from Aurubis's earnings presentation, Feb 5, 2026
Slide 1: Quarterly Report First 3 Months 2025/26
Quarterly Report First 3 Months 2025/26 Conference Call on February 5, 2026
Slide 2: Disclaimer
Disclaimer Forward-looking statements Today’s capital market presentation contains forward-looking statements that involve risks and uncertainties, including statements about Aurubis’ plans, objectives, expectations and intentions. Readers are cautioned that forward-looking statements include known
Slide 3: First 3 months 2025/26 in line with expectations
First 3 months 2025/26 in line with expectations Aurubis started FY 2025/26 with sound results in line with market expectations Operating EBT of Operating ROCE €105 million 7.8 % Operating EBT was driven, in particular, by a strong metal (PY: €130 million) (PY: 11.7 %) result in consequence of hikin
Slide 4: Robust operational performance, backbone of our multimetal portfolio
Robust operational performance, backbone of our multimetal portfolio Continuous cast Output 201,000 t 0% wire rod output Cathode 285,000 t +1% Copper shapes output 34,000 t -15 % output Change vs. Sulfuric acid Input Q1 2025/26 prior year 583,000 t +5 % Flat rolled products + output 22,000 t +5% Con
Slide 5: Recent developments for refining charges and sulfuric acid prices indicate a positive trend
Recent developments for refining charges and sulfuric acid prices indicate a positive trend 100 % = Sept. 2023 300% 250% European spot copper premiums 200% widely stable at a high level 150% Increased demand driving sulfuric acid spot prices up again 100% Spot RCs for recycling materials 50% improve
Slide 6: Gold and silver prices rose again significantly, with copper also recording higher levels
Gold and silver prices rose again significantly, with copper also recording higher levels 100 % = Sept. 2023 300% 250% In fiscal year Q1, gold and silver 200% continued their price hikes and reached new all-time highs 150% Positive performance of the copper price mainly driven by an almost 100% $1,0
Slide 7: Aurubis manages challenges of dynamic raw materials markets well
Aurubis manages challenges of dynamic raw materials markets well, mitigating potential supply risks Concentrate market Recycling materials A very high share of the concentrate supply for CY 2026 has Short term market, though with improved material availability been secured trend since summer due to
Slide 8: Demand for Aurubis' copper products remains high, sulfuric acid markets stable
Demand for Aurubis’ copper products remains high, while sulfuric acid markets are expected to remain stable at a high level Copper products Sulfuric acid Overall demand for copper products remains high Stable demand from European chemical and fertilizer industries meeting high overseas demand Wire r
Slide 9: First quarter of FY 2025/26 characterized by higher metal prices and lower TC/RCs
First quarter of FY 2025/26 characterized by higher metal prices and lower TC/RCs 3M 3M Change vs. (operating results) 2025/26 2024/25 prior year Revenues €m 5,284 4,215 25 % Gross profit €m 426 433 -2 % EBITDA €m 164 184 -11 % EBIT €m 101 131 -23 % EBT €m 105 130 -19 % Consolidated net income €m 81
Slide 10: Quarter-to-quarter profitability significantly improved
Quarter-to-quarter profitability significantly improved Q1 Q4 Change vs. (operating results) 2025/26 2024/25 prior quarter Revenues €m Increased gross profit despite 5,284 4,390 20 % lower TC/RCs driven by significantly Gross profit €m 426 389 10 % higher metal result EBITDA €m 164 127 29 % Good sme
Slide 11: Spiking metal prices drive metal result and gross margin expansion
Spiking metal prices drive metal result and gross margin expansion — declining concentrate TC/RCs limit uplift Schematic breakdown of the Aurubis Group’s gross TC/RCs and RCs margin components − TC/RCs markedly lower reflecting tight markets and contract roll-over. However, increased concentrate thr
Slide 12: Multimetal Recycling segment benefits from higher metal prices
Multimetal Recycling segment benefits from higher metal prices, continues to be impacted by ramp-up of strategic projects 3M 3M Breakdown of income components in MMR segment 3 months 2025/26 YTD (YTD prior-year figures) Operating results 2025/26 2024/252 EBIT €m 20 28 EBT €m 18 28 39 % (44 %) ROCE1
Slide 13: Higher metal prices drive earnings improvement in Custom Smelting & Products segment
Higher metal prices drive earnings improvement in Custom Smelting & Products segment, yet weakened by decline of TC/RCs 3M 3M Breakdown of income components in CSP segment 3 months 2025/26 YTD (YTD prior-year figures) Operating results 2025/26 2024/25 EBIT €m 102 125 14 % (25 %) EBT €m 113 131 Treat
Slide 14: Group costs reflect impact of strategic projects
Group costs reflect impact of strategic projects Overview of cost/expense positions − Total costs increased by 23 million (+5 %) due to 3 months 2025/26 YTD (YTD prior-year figures) anticipated higher scheduled depreciation (+10 million) for the strategic projects in implementation and to 14 % (12 %
Slide 15: Net cash flow impacted by temporary working capital build-up
Net cash flow impacted by temporary working capital build-up in € million as at 12/31/2025 − Operating EBITDA of €164 million in line with operational performance 164 110 − Higher net working capital -15 -8 -91 reflects elevated price levels -103 €495 million higher inventory -267 -4 €176 million hi
Slide 16: Aurubis maintains robust balance sheet
Aurubis maintains robust balance sheet 3M 3M KPIs (operating) 2025/26 2024/25 Target Equity ratio % 49.9 53.5 > 40.0 (equity/total assets) Debt coverage1 0.6 0.0 < 3.0 Additional KPIs Capital expenditure €m 108 141 Capital employed €m 4,280 3,830 (balance sheet date) Net cash flow €m -8 178 1 Net fi
Slide 17: Outlook on our macro drivers for 2025/26 improved vs. Dec 2025
Outlook on our macro drivers for 2025/26 improved vs. Dec 2025 Raw material supply Concentrate TC/RCs Recycling RCs EUR/USD exchange rate Sulfuric acid Metal prices Products Aurubis Analyst Conference Call on February 5, 2026 17
Slide 18: FY guidance ranges raised based on improved market outlook
FY guidance ranges raised based on improved market outlook Our guidance ranges Operating EBITDA now between € 655–755 million EBITDA Operating ROCE Operating EBT now between 9–11 % ROCE EBT now between €375–475 million (CSP: 13–15 %; MMR: 8–10 %;) (CSP: €320–380 million; MMR: €115–175 million) FY 20
Slide 19: Execution of strategic projects is progressing
Execution of strategic projects is progressing Complex Recycling Hamburg Richmond Pirdop Tankhouse Expansion (CRH) Successful installation of main First blister shipped to Europe and Key equipment installed converter hence first revenues generated (electrolysis cells, rectifier) Availability of inpu
Slide 20: Aurubis with sound start in FY 2025/26
Aurubis with sound start in FY 2025/26 Gross margin in Q1 2025/26 improved, with higher metal result more than compensating for lower TC/RCs EBITDA at €164 million and EBT at €105 million, as a result of solid operational performance and in line with market expectations Net cash flow and free cash f
Slide 21: Q1 2025/26 Conference Call on February 5, 2026
Q1 2025/26 Conference Call on February 5, 2026
Slide 22: Financial calendar
Torben Financial calendar Annual General Meeting February 12, 2026 Q2 2025/26 May 11, 2026 Q3 2025/26 August 6, 2026 Annual Report 2025/26 December 2, 2026 Aurubis Analyst Conference Call on February 5, 2026 22
Slide 23: Scheduled comprehensive maintenance in the next 3 years
Scheduled comprehensive maintenance in the next 3 years EBT effect from scheduled comprehensive maintenance (in € million) Status: December 2025 FY 2025/26 FY 2026/27 FY 2027/28 Smelter May/June maintenance ~38 2027 Hamburg Anode furnace Nov ~6 Hamburg 2025 Smelter Oct/Nov May/June maintenance ~4 ~2
Slide 24: Your IR contacts
Your IR contacts Ken Nagayama Elke Brinkmann Torben Rennemeier VP Head of Specialist Investor Relations Investor Relations Investor Relations +49 40 7883-3178 +49 40 7883-2379 + 49 152 2366 0716 k.nagayama@aurubis.com e.brinkmann@aurubis.com t.rennemeier@aurubis.com Aurubis Analyst Conference Call o
Slide 25: Aurubis at a glance
Based in Hamburg, Aurubis AG The company’s main expertise Aurubis develops its leading market is in optimally processing at a glance position with a responsible approach to the environment, concentrates and recycling raw materials with people and resources complex qualities The company, which was fo