Aurubis Ag · XETR:NDA
Aurubis — Investor Day (2025)
77 slides from Aurubis's investor day presentation, Oct 8, 2025
Slide 1: Capital Market Day 2025
Capital Market Day 2025 AAurubis
Slide 2: Agenda
Agenda 1 Management Intro & Board Priorities 6 Deep Dive | US Growth Story 2 7 Market Update & Competitive Position Client panel on the role of Aurubis 3 Deep Dive | Strategy 8 Financial Update 4 Q&A Session 9 Q&A Session 5 Coffee Break 10 Closing Remarks Aurubis CMD 2025 2
Slide 3: Management Intro & Board Priorities
1 Management Intro & Board Priorities Panel Discussion with Aurubis’ Executive Board, moderated by Ken Nagayama, VP Investor Relations
Slide 4: Market Update & Competitive Positioning
2 Market Update & Competitive Positioning Toralf Haag, Chief Executive Officer Seonag Doherty, VP Corporate Development
Slide 5: Metals are becoming the new oil essential to technology, defense, and the green transition
Metals are becoming the new oil essential to technology, defense, and the green transition Bloomberg Our reliance on metals has exploded: this is not just the Iron Age, but also the age of copper, nickel and lithium Material World Metals and minerals are not just commodities; they are the hidden fou
Slide 6: Our metals stand at the epicenter of a rapidly changing world
Our metals stand at the epicenter of a rapidly changing world... Aurubis CMD 2025 6
Slide 7: Megatrends driving long-term demand for our metals
...with megatrends driving long- term demand Electrification AI & Advanced Technology for our Ag, Au, Bi, Cu, Ir, Pd, Pt, Re, Ru, Ag, Cu, Ni, Pb, Sn S, Sb, Se, Si, Sn, Te metals... Defense & Security Renewable Energy Ag, Au, Cu, Ir, Ni, Pb, Pd Pt, Re, Rh, Ag, Au Bi, Cu, H, Ir, Ni, Pd, Pt, Ru, Sb, Se
Slide 8: Technological advancements and macro developments driving demand
...driven by specific technological advancements and macro developments... 200,000+ 1,000+ 50 million+ $600Bn+ new wind turbines new hyper data centers new electric vehicles increase in EU infra- by 2035 by 2035 by 2035 structure and defense 100 % increase from 2024 5-fold increase from 2024 250 % i
Slide 9: Significant market growth across our multimetal portfolio
...resulting in significant market growth across our multimetal portfolio Global demand forecast for selected metals (2025-2035) in 1,000 t Copper (in million t) Gold Silver Tellurium Tin +22 % +26 % +10 % +82 % +40 % 1.2 590 33 2.9 38 0.7 27 2.3 35 420 2025 2035 2025 2035 2025 2035 2025 2035 2025 2
Slide 10: Significantly changed short-term market dynamics
Significantly changed short-term market dynamics Concentrate market Recycling markets Battery metals Supply chain disruptions Global competition Constrained Tight availability of Slowdown of EV Increasingly fragile global China competition and market balance secondary Cu material sales in Europe sup
Slide 11: Winning from a position of strength
Winning from a position of strength Robust & resilient business model Multimetal Authentic sustain- excellence ability leadership Aurubis competitive advantages Fully integrated Circular solutions with Cu producer business partners Aurubis CMD 2025 11
Slide 12: Unique smelter network
Unique smelter network Aurubis' unique enables Hamburg Hamburg Pirdop metallurgical network multimetal Primary Precious Metals Refinery Primary Broad range of raw excellence materials Benchmark metal recovery Enhanced sampling and Multimetal assaying automation excellence Lünen Richmond Secondary Se
Slide 13: Integrated copper production enables supply security
Integrated copper production enables supply security Smelting Sustainable sourcing and refining Variety of products with powerful duo of 20 different elements recovered by Aurubis enables us to deliver solutions for primary and secondary materials a wide range of applications Copper cathodes, Nickel
Slide 14: Resilient business model with diversified earnings streams
Resilient business model with diversified earnings streams Serving a broad range of Diversified supplier base of Strategic investments in industries with a diversified mostly long-lasting Solid balance sheet and multimetal span broad range product portfolio relationships with 1000+ financial situati
Slide 15: We turn sustainability leadership into impact
We turn sustainability leadership into impact Competitive advantage Stronger relationships Verified sustainability Building trust by connecting partners across the value chain Future-ready performance Transparent supply chains Shared standards Responsibility Setting global standards with transparent
Slide 16: Circular solutions strengthen supply chains and secure critical metals
Circular solutions strengthen supply chains and secure critical metals Tailor-made solutions for customer scrap Mixed recycling material acceptance Complex refinery scrap More than 150 acceptance Small scrap closing-the-loop quantities acceptance collaborations Customized logistics solutions Bespoke
Slide 17: Winning from a position of strength
Winning from a position of strength Robust & resilient business model Multimetal Authentic sustain- excellence ability leadership Aurubis competitive advantages Fully integrated Circular solutions with Cu producer business partners Aurubis CMD 2025 17
Slide 18: Committed to strengthening our position as a leading copper and multimetal producer
„ We are committed to strengthening our position as a leading copper and multimetal producer, setting industry standards in sustainable and efficient production
Slide 19: Strategy Deep Dive
3 Strategy Deep Dive Toralf Haag, Chief Executive Officer Inge Hofkens, Chief Operating Officer Multimetal Recycling Tim Kurth, Chief Operating Officer Custom Smelting & Products Seonag Doherty, VP Corporate Development
Slide 20: Recap video on strategic projects
Recap video on strategic projects Aurubis CMD 2025 20
Slide 21: We continue to deliver on our growth strategy
We continue to deliver on our growth strategy Timeline of when strategic projects start operations FY 2023/24 FY 2024/25 FY 2025/26 FY 2026/27 Industrial Heat II Bleed Treatment Complex Recycling Optimization of (DE Hamburg) Olen Beerse (BOB) Hamburg (CRH) Slag Processing (BE Olen) (DE Hamburg) (BG
Slide 22: First US greenfield smelter in over a century
First US greenfield smelter in over a century First-of-its-kind secondary smelter for complex recycling materials in the US ~€740 million Investment >240 new jobs for the region ~€170 million EBITDA p.a.1 ~180,000 mt input material ~70,000 mt blister copper output 1 (by FY 2027/28) Aurubis CMD 2025
Slide 23: Focused smelter network additions boost output and profitability
Focused smelter network additions boost output and profitability Advanced Sludge Pro- Bleed Treatment Olen Complex Recycling Tankhouse Expansion cessing by Aurubis (ASPA) Beerse (BOB) Hamburg (CRH) Pirdop Newly developed hydro- Innovative and energy-efficient Further optimization of the Processing a
Slide 24: Asset-light model to meet muted demand in battery recycling
Asset-light model to meet muted demand in battery recycling Battery recycling Way forward No further investment in battery recycling Engaging actively with partners to contribute assets and know-how Minimizing commercial risks and exposure via asset-light approach Optimizing return for investments m
Slide 25: Strategy video
Strategy video Aurubis CMD 2025 25
Slide 26: Aurubis Performance 2030
Aurubis Performance 2030 Forging resilience. Leading in multimetal. IMPACT COMMERCIAL EFFICIENCY INNOVATION FOCUSED EXCELLENCE GROWTH Deliver performance and Deepen market access Optimize operations Maximize multimetal Value-creating growth synergies from investments and competitiveness for peak eff
Slide 27: Aurubis Performance 2030
Aurubis Performance 2030 Forging resilience. Leading in multimetal. COMMERCIAL EFFICIENCY INNOVATION FOCUSED EXCELLENCE GROWTH IMPACT Deepen market access Optimize operations Maximize multimetal Value creating growth and competitiveness for peak efficiency yields with innovation where we lead Delive
Slide 28: Strategy execution philosophy reinforces impact
Strategy execution philosophy reinforces impact Aurubis CMD 2025 28
Slide 29: Strong emphasis to deliver value from investments
Strong emphasis to deliver value from investments 1 Projects in an early stage 2 Projects in an advanced stage 3 Committed to deliver on our investments! Research & Concept Feasibility Basic engineering Implemented/In implementation ideation development Idea Idea Concept Project Project Richmond CRH
Slide 30: Aurubis Performance 2030
Aurubis Performance 2030 Forging resilience. Leading in multimetal. IMPACT EFFICIENCY INNOVATION FOCUSED GROWTH COMMERCIAL EXCELLENCE Deliver performance and Optimize operations Maximize multimetal Value creating growth synergies from investments for peak efficiency yields with innovation where we l
Slide 31: Boosting resilience with better service, broader reach, and high-tech
Boosting resilience with better service, broader reach, and high-tech Improve commercial service levels to meet evolving supplier expectations and strengthen partnerships Broaden the global commercial footprint to secure more stable and diversified supply streams Increase resilience by developing ne
Slide 32: Improving commercial access through sourcing and services
Improving commercial access through sourcing and services Expand geographic Develop solutions Faster sampling & Tap into new Enhanced business sourcing footprint closely with customers assaying material sources partner service Increase commercial Broaden closing-the- Implementation of fast Processin
Slide 33: Aurubis Performance 2030
Aurubis Performance 2030 Forging resilience. Leading in multimetal. IMPACT COMMERCIAL INNOVATION FOCUSED EXCELLENCE GROWTH EFFICIENCY Deliver performance and Deepen market access Maximize multimetal Value creating growth synergies from investments and competitiveness yields with innovation where we
Slide 34: Unlocking next-level operational excellence
Example illustration of one type of operational excellence activity Before Cycle time Unlocking next- level operational excellence Converter Anodes After Lower cycle time Focus mainly on debottlenecking More efficient through process optimization converting process and digitization, leading to Resul
Slide 35: Material flow optimization for efficient processing
Before Precious metal-bearing intermediates Hamburg Material flow Accelerated treatment route with bottlenecks in different areas optimization for efficient Precious metal-bearing intermediates (other sites) processing Longer treatment route (high cost) After Debottlenecking of accelerated treatment
Slide 36: Aurubis Performance 2030
Aurubis Performance 2030 Forging resilience. Leading in multimetal. IMPACT COMMERCIAL EFFICIENCY FOCUSED EXCELLENCE GROWTH INNOVATION Deliver performance and Deepen market access Optimize operations Value creating growth synergies from investments and competitiveness for peak efficiency where we lea
Slide 37: Innovating to treat complex, high-margin materials
Before Innovating to treat complex, high-margin materials Primary and secondary impurity- Impurity capacity Impurity-containing containing raw materials within anode intermediates After Unlocking technical capacity to treat higher-margin impurity-containing raw Result materials and creating further
Slide 38: Improved product quality through innovative process enhancement
Improved product Before quality through innovative Standard quality process Additional cleaning enhancement process Premium quality (lower impurity levels) After Further tap into higher-margin Result segments by increasing quality of standard products Increased production of premium quality (100 % o
Slide 39: Aurubis Performance 2030
Aurubis Performance 2030 Forging resilience. Leading in multimetal. IMPACT COMMERCIAL EFFICIENCY INNOVATION EXCELLENCE FOCUSED GROWTH Deliver performance and Deepen market access Optimize operations Maximize multimetal synergies from investments and competitiveness for peak efficiency yields with in
Slide 40: Targeted pipeline to deliver value from focused growth
Targeted pipeline to deliver value from focused growth Headquarters Primary Copper Recycling/Precious Metals Copper Products Research & Concept Basic Feasibility ideation development engineering Idea Idea Concept Project Project Idea Idea Concept Project Project Idea Idea Concept Project Project Ide
Slide 41: Strategic initiatives will further boost multimetal growth
Strategic initiatives will further boost multimetal growth Megatrends driven by our metals Elements in Aurubis portfolio with increased production resulting from Strategy Review Electrification (of everything) S1 Ag, Cu, Ni, Pb, Sn AI & Advanced Technology Si Ag, Au, Bi, Cu, Ir, Pd, Pt, Re, Ru, S, S
Slide 42: Aurubis Performance 2030
Aurubis Performance 2030 Forging resilience. Leading in multimetal. IMPACT COMMERCIAL EFFICIENCY INNOVATION FOCUSED EXCELLENCE GROWTH Deliver performance and Deepen market access Optimize operations Maximize multimetal Value-creating growth synergies from investments and competitiveness for peak eff
Slide 43: Q&A Part I
4 Q&A Part I Toralf Haag, Chief Executive Officer Steffen Hoffmann, Chief Finance Officer Inge Hofkens, Chief Operating Officer Multimetal Recycling Tim Kurth, Chief Operating Officer Custom Smelting & Products Seonag Doherty, VP Corporate Development
Slide 44: Coffee Break
Coffee Break a ry «@ ——— 7 ed — ray
Slide 45: Deep Dive | US Growth Story
5 Deep Dive | US Growth Story Toralf Haag, Chief Executive Officer David Schultheis, President Aurubis Richmond
Slide 46: US recycling market is large, attractive and growing
US recycling market is large, attractive and growing Addressable North American market size Growth drivers (kt p. a.) ~555 Collection/ processing rates +26 % Metal ~440 shredder Incremental growth Insulated AI & data centers copper wire Grid modernization Printed & EV charging rollout circuit boards
Slide 47: Recycling is critical to address the US refined copper supply gap
Recycling is critical to address the US refined copper supply gap US refined copper consumption (Mt p. a.) Domestic production Copper is considered a critical material Imports 2.3 US refined copper demand to increase at ~5 % 2.2 CAGR 2025–30, increasing reliance on imports 1.8 Resulting refined copp
Slide 48: US copper tariffs will foster domestic multimetal recycling
US copper tariffs will foster domestic multimetal recycling Clear push for more domestic metal recycling in the US — with Aurubis Richmond we demonstrate the potential Target to increase domestic production of refined metals creates favorable investment environment Raw Materials Blister Copper Cu Pr
Slide 49: First annual contracts signed and inventory building up
First annual contracts signed and inventory building up Arrivals and total inventory per month (mt) Forecast 10x Intensified inventory build-up from June 2025 onward First annual supply contracts signed — commercial terms confirm business case assumptions Aurubis leverages its long-term presence in
Slide 50: Aurubis & Partners celebrated First Melt of Phase 1 in September
Aurubis & Partners celebrated First Melt of Phase 1 in September Certificate of occupancy received Significant Excellent construction and safety record Aurubis celebrated First Melt with our partners and strong supporters commissioning work First Melt is the start of operations for Phase 1 of Aurubi
Slide 51: Richmond ramp-up is on schedule to deliver full impact by FY 2027/28
Richmond ramp-up is on schedule to deliver full impact by FY 2027/28 Schematic ramp-up of Aurubis Richmond (Phase 1 and 2) Average capacity (12-month trailing) Ramp-up 2025 2026 2027 100 % Phase 1 Phase 2 Start of ramp-up Start of ramp-up Aurubis CMD 2025 51
Slide 52: Richmond drone flight video
Richmond drone flight video Aurubis CMD 2025 52
Slide 53: Aurubis Richmond is a profitable, long-term investment
Aurubis Richmond is a profitable, long-term investment Schematic Aurubis Richmond EBITDA evolution Favorable market development: Growth of recycling (€m) market and demand for critical metals First mover advantage: Timely US market entry creates potential to seize commercial opportunities Barriers t
Slide 54: Favorable funding environment for strategically critical metals
Favorable funding environment reflects rising importance of strategically critical metals Funding landscape supporting further US investments OBBBA (total budget of $7bn) provides access to direct investments, loans, guarantees and direct stockpile acquisitions. Department of War administers the DPA
Slide 55: A strong foundation with further expansion potential
A strong foundation with further expansion potential Three strategic vectors in consideration 1. Horizontal Expansion 2. Vertical Expansion On-Site 3. Strategic Partnerships Potential expansion Primary sourcing area Extended sourcing area Aurubis CMD 2025 55
Slide 56: Creating Value in Business Partnerships
6 Creating Value in Business Partnerships Panel discussion with Laura Colli, Chief Procurement Officer, Prysmian Group Colin Hamilton, VP Market Research & Economic Analysis, Teck Resources Martin Sjöberg, SVP Commercial Moderated by Ken Nagayama, VP Investor Relations
Slide 57: Financial Update
7 Financial Update Steffen Hoffmann, Chief Financial Officer
Slide 58: Three insights into our business
I Three insights into our business
Slide 59: Leading multimetal position based on increasingly diversified earnings profile
Our leading position in multimetal is based on an increasingly diversified earnings profile Schematic breakdown of gross margin components of Aurubis Group 18% 16% 21% 26% 11% FY 2020/21 9M 2024/25 17% 13% 6% 10% 3% Diversified gross margin profile reflects Aurubis’ 27% 30% multimetal strategy No ea
Slide 60: Influence of individual value drivers
Schematic sensitivities of Aurubis’ key earnings drivers1 Influence of Change Impact on earnings individual value drivers Concentrate TC/RCs -10 % +10 manageable Recycling RCs -10 % +10 Variance in metal prices with mid to high EUR/USD -10 % +10 double digit million € impact Changes to other Metal r
Slide 61: Our TC/RC levels can be approximated
Our TC/RC levels can be approximated Schematic overview of Aurubis’ calculated TC/RCs vs. spot rates (in US$/t) Approximation of TC/RC levels possible with publicly available Aurubis TC/RCs CRU spot, mine/trader TC/RCs data Ability to treat more complex materials is reflected in the delta to spot ra
Slide 62: Our CapEx program will deliver strong returns
Our CapEx program will deliver strong returns Schematic EBITDA and strategic CapEx development (in €m)1 Peak CapEx spent surpassed in 2023/24 — gradual decrease in Strategic CapEx EBITDA contribution the following years 260 Inflection point on EBITDA generation in next fiscal year Strong increase in
Slide 63: Guidance 2025/26, mid-term outlook, and capital allocation
II Guidance 2025/26, mid-term outlook, and capital allocation
Slide 64: Mixed outlook for our macro drivers for 2025/26
Mixed outlook for our macro drivers for 2025/26 Raw material supply TC/RCs concentrate RCs recycling EUR/USD exchange rate Sulfuric acid Metal prices Products Aurubis CMD 2025 64
Slide 65: In a challenging market environment, we expect a solid FY 25/26
In a challenging market environment, we expect a solid FY 2025/26 Our guidance range Operating EBITDA between € 580–680 million EBITDA Operating ROCE Operating EBT between ROCE EBT €300–400 million between 7–9 % (~ at 2024/25 level) FY 2025/26 Free cash flow1 Free Net Net cash flow between break-eve
Slide 66: Efficiency measures to mitigate headwinds and strengthen cash flow profile
Efficiency measures to mitigate headwinds and strengthen cash flow profile Cost savings Working capital optimization Consultancy G&A Travel Cu intermediates Cu products Precious metals Reduction of Leaner corporate Focus on Prioritization of Additional sorting to Increase of delivery external suppor
Slide 67: Cautious optimism for mid-term macro outlook
Cautious optimism for mid-term macro outlook Raw material supply TC/RCs concentrate RCs recycling EUR/USD exchange rate Sulfuric acid Metal prices Products Aurubis CMD 2025 67
Slide 68: EBITDA uplift from volume and margin growth
EBITDA uplift from volume and margin growth Schematic EBITDA bridge 24/25 – 28/29 Strategic projects add €260m plus ramp-up cost reversal TC/RCs, products and metal result each to contribute positively Cost increase from footprint expansion, partially offset by self-help measures 24/25 TC/RCs Produc
Slide 69: Increased capex for US expansion phasing out
Increased capex for US expansion phasing out Capital expenditures for approved projects (in € million) €300-400m annual baseline Total Capex Strategic capex* Baseline capex capex resulting from capex discipline and shift of major primary shutdown regime Existing strategic capex program phasing out a
Slide 70: We return to healthy free cashflow generation
We return to healthy free cashflow generation Schematic development of free cashflow before dividends1 After period of high capex, free cashflow before dividend breakeven targeted in FY 25/26 Once strategic capex program is completed, we anticipate healthy free cashflow generation 24/25 25/26e 26/27
Slide 71: On track to achieve ROCE target
On track to achieve ROCE target 15 % With peak CapEx spend reached and inflection point on returns close ROCE in 2028/29 Group ROCE will gradually increase towards our 15 % target Custom Smelting & Products segment will over-compensate for lower earnings from TC/RCs over time Multimetal Recycling se
Slide 72: Structured approach for disciplined capital allocation
Structured approach for disciplined capital allocation 1 Maintenance CapEx Keep operations running efficiently and in compliance with high environmental standards 2 Balance sheet Strong balance sheet particularly important 3 Basic dividend Clear dividend policy to attract investors, signalling finan
Slide 73: Dividend payout ratio will rise to up to 30%
Clear commitment to maintain a strong balance sheet Dividend payout ratio 3.0x maximum target net leverage at FY end >40.0 % equity ratio will rise to up NON-DISCRETIONARY to 30 % ‘Strategic ’ CapEx ‘Baseline’ CapEx Dividend1 Communicated, substantial Keep operations Payout ratio2 of up to 30 % inve
Slide 74: Q&A Part II
8 Q&A Part II Toralf Haag, Chief Executive Officer Steffen Hoffmann, Chief Finance Officer Inge Hofkens, Chief Operating Officer Multimetal Recycling Tim Kurth, Chief Operating Officer Custom Smelting & Products
Slide 75: Closing Remarks
9 Closing Remarks Toralf Haag, Chief Executive Officer
Slide 76: Performance. Resilience. Multimetal — reasons to invest
Strong market Leading Performance. outlook position The electrification of everything, Aurubis is a leading copper and Resilience. renewable energies, AI and smart tech as multimetal producer with a unique Multimetal — well as infrastructure and security drive set of capabilities long-term demand re
Slide 77: Capital Market Day 2025
Capital Market Day 2025 AAurubis