Aurubis Ag · XETR:NDA
Aurubis — German Corporate Conference 2024
44 slides from Aurubis's conference presentation, Sep 25, 2024
Slide 1: Aurubis AG Metals for Progress
Aurubis AG Metals for Progress German Corporate Conference 2024 Aurubis AG September 25th, 2024 Munich
Slide 2: Aurubis production sites
Aurubis production sites Headquarters Primary Copper Recycling/Precious Metals Hamburg Pirdop Copper Products Lünen Olen Richmond Hamburg (DE) Beerse (BE) Olen (BE) Lünen (DE) Under construction Berango (ES) Beerse Berango Pirdop (BG) Aurubis Aurubis – German Corporate Conference in Munich, Septembe
Slide 3: Closing the loop is part of Aurubis' integrated business model
Closing the loop is part of Aurubis’ integrated business model 28 30 34 45 46 47 Ni Zn Se Rh Pd Ag Copper cathodes Concentrates Smelting and Nickel sulfate refining Selenium Sulfuric acid 50 82 79 78 75 52 Sn Pb Au Pt Re Te Further processing Scrap/ intermediates Metals for progress Continuous cast
Slide 4: Lower concentrate throughput due to shutdown with strong demand for wire rod
Lower concentrate throughput due to shutdown with strong demand for wire rod Change vs. Change vs. FY 2022/23 prior year FY 2022/23 prior year Concentrate processing1 2,319,000 t -5 % Gold 49 t +4 % Copper scrap/ 515,000 t -5 % Silver 921 t +1 % blister copper input2 Other recycling materials2 565,0
Slide 5: We combine 1st class products with high recycling content
We combine 1st class products with high recycling content By using our smelter network, primary and secondary sources are providing a solid basis for our high-quality products. Aurubis Copper Cathode 44 % Aurubis Silver 56 % recycled content recycled content Aurubis SHAPES 26 % Aurubis Gold 24 % rec
Slide 6: New Executive Board team completed
New Executive Board team completed Toralf Haag Inge Hofkens Roland Harings CEO COO Multimetal as of Sept. 1, 2024 Recycling CEO until Aug. 31, 2024 Markus Kramer Steffen Hoffmann Tim Kurth CTO CFO COO Custom until Sept. 30, 2024 as of Oct. 1, 2024 Smelting & Refining Resumes his as of Sept. 1, 2024
Slide 7: Executive summary of first 9 months 2023/24
Executive summary of first 9 months 2023/24 Aurubis achieves ongoing strong operating result in first 9 months of FY 2023/24 Operating EBT Operating EBT positively influenced by increased TC/RCs for concentrates, a 9M 2023/24 of Operating ROCE significantly higher metal result, higher earnings from
Slide 8: Aurubis' financial position enables our growth strategy
Aurubis’ financial position enables our growth strategy 9M 9M 2023/24 2022/23 Target ROCE1 % 11.1 11.23 15.0 Equity ratio % 54.4 56.6 > 40.0 (equity/total assets) Debt coverage2 0.5 0.0 < 3.0 9M 9M Additional KPIs 2023/24 2022/23 Capital expenditure €m 556 374 Capital employed €m 3,968 3,340 (balanc
Slide 9: Gross margin above prior-year level
Gross margin above prior-year level Breakdown of income components in the Aurubis Group 9M 2023/24 YTD (YTD prior-year figures1) 31 % (34 %) Treatment charges for concentrate + 33 % (26 %) recycling input Metal result ~ € 1,640 million* (~ € 1,478 million*) 37 % (40 %) Premiums + products 1 Prior-ye
Slide 10: Overview of Group costs — further decrease in energy costs
Overview of Group costs — further decrease in energy costs Overview of cost/expense positions 9M 2023/24 YTD (YTD prior-year figures1) 10 % (10 %) Depreciation and amortization 33 % (31 %) Personnel costs 11 % (14 %) Consumables ~ € 1,479 million* 12 % (13 %) (~ € 1,399 million*) External services 2
Slide 11: Multimetal Recycling segment
Multimetal Recycling segment Breakdown of income components in MMR segment 9M 2023/24 YTD (YTD prior-year figures2) 9M 9M Operating results 2023/24 2022/232 45 % (47 %) EBIT €m 108 141 Refining charges 47 % (45 %) EBT €m 109 143 for recycling input Metal result ROCE1 % 10.4 15.8 Quantities ~ € 493 m
Slide 12: Custom Smelting & Products segment
Custom Smelting & Products segment Breakdown of income components in CSP segment 9M 2023/24 YTD (YTD prior-year figures2) 9M 9M Operating results 2023/24 2022/232 25 % (27 %) EBIT €m 314 165 Treatment charges for concentrate + 26 % (17 %) EBT €m 317 173 Metal result recycling input ROCE1 % 16.1 12.2
Slide 13: Dividend for fiscal year 2022/23
Dividend for fiscal year 2022/23 Aurubis dividend (in € per share) Dividend yield (in %) 3.3 1.80 3.1 1.60 1.40 2.5 Aurubis' growth strategy requires high 1.30 2.2 investments in the coming years 1.25 2.0 Strategic projects ensure considerable increase in overall group profitability in the years to
Slide 14: Market outlook for 2023/24
Market outlook for 2023/24 We anticipate a reduced but sufficient concentrate supply for Aurubis from the mining side due to Copper our long-term sourcing strategy with the global mining industry. concentrates Our smelters are already supplied until the end of CY 2024. Aurubis expects a good supply
Slide 15: EBT between € 380 million and € 480 million
FY 2023/24 guidance Our forecast range Operating EBT Operating ROCE between € 380 million between 10 % and € 480 million and 14 % Operating EBT Operating ROCE in € million in % Group 380–480 10–14 Multimetal Recycling 60–120 5–9 Custom Smelting & Products 410–470 19–23 Aurubis Aurubis – German Corpo
Slide 16: Our strategy builds on Aurubis' sound mission and covers relevant aspects for driving sustainable growth
Our strategy builds on Aurubis’ sound mission and covers relevant aspects for driving sustainable growth Secure Strengthen Pursue Core Business Core Business Growth Options Industry Leadership in Sustainability Enablers − Digitalization, automation, and “Plant of the Future” − Strategic resource man
Slide 17: Strategic investments and EBITDA impact to increase substantially
Strategic investments and EBITDA impact to increase substantially Short term Medium term Long term Currently approved Medium-term planning Until 2030 Strategic capex ~€ 1.7 billion Additional strategic capex is included Ambition and scale of our long-term approved in the medium-term planning and gro
Slide 18: Strong pipeline features advanced projects included in medium-term planning
Strong pipeline features advanced projects included in medium-term planning, plus wealth of nascent concepts to drive sustainable growth Strategic projects from development to implementation Research & Concept Basic No status Feasibility In implementation ideation development engineering Industrial
Slide 19: Outflows from current project pipeline expected to peak in 2023/24
Outflows from current project pipeline expected to peak in 2023/24 Capex planning broken down into baseline and strategic Investment horizon of the Group (in € million) Baseline capex Strategic capex Depreciation − The planned maintenance schedule of the two primary smelters in Hamburg and Pirdop wi
Slide 20: Timeline of strategic projects in implementation
Timeline of strategic projects in implementation Timeline for the commissioning of our strategic projects 2024 2025 2026 − Bleed treatment Olen Beerse (BOB) − Solar Park 4 (BG Pirdop) − Tankhouse Expansion (BE Olen) (BG Pirdop) − CRH (DE Hamburg) − Industrial Heat II (DE Hamburg) − Precious Metals R
Slide 21: Pursue growth options: Aurubis Richmond makes further visible progress
Pursue growth options Aurubis Richmond makes further visible progress Aurubis Aurubis – German Corporate Conference in Munich, September 25th, 2024
Slide 22: Aurubis Richmond, USA Visible progress — first important milestones achieved
Aurubis Richmond, USA Visible progress — first important milestones achieved Aurubis Aurubis – German Corporate Conference in Munich, September 25th, 2024
Slide 23: Aurubis Richmond – the leading processor of electric and electronic recycling materials in the US
Aurubis Richmond – the leading processor of electric and electronic recycling materials in the US EBITDA p.a. Pursue Growth Options Investment ~ € 80 million (by 2025/26) ~ € 740 million Aurubis Richmond complements and expands our international integrated smelter ~ € 170 million network with a high
Slide 24: Secure and strengthen core business: Investments in the Hamburg site
Secure and strengthen core business: Investments in the Hamburg site Financial impacts − Timeframe: May–July 2024 − Capex: approx. € 235 million in FY 2023/24 ▪ Maintenance € 95 million ▪ H2-ready anode furnace around € 40 million ▪ Industrial heat system around € 100 million − EBT effect: approx. €
Slide 25: Aurubis expands Germany's largest industrial heat system and makes anode furnaces H2-ready
Aurubis expands Germany’s largest industrial heat system and makes anode furnaces H2-ready Aurubis Aurubis – German Corporate Conference in Munich, September 25th, 2024
Slide 26: New precious metal processing plant in Hamburg heightens security
New precious metal processing plant in Hamburg heightens security and enables additional strategic projects ~€ 300 million investment optimizes process chain and includes integrated security concept – multiple security levels for higher physical security Faster recovery of precious metals optimizes
Slide 27: Investments in the Pirdop site: Strategic investments and baseline investments
Investments in the Pirdop site: Strategic investments and baseline investments Financial impacts – Capex: approx. € 400 million in FY 2023/24 ▪ Tankhouse expansion € 120 million ▪ Groundbreaking for PV modules 2 & 3 + expansion announcement for PV module 4 ▪ Optimization of slag processing at Aurubi
Slide 28: Start of tankhouse and solar park expansion
Start of tankhouse and solar park expansion Aurubis Aurubis – German Corporate Conference in Munich, September 25th, 2024
Slide 29: Secure core business: Complex Recycling Hamburg (CRH)
Secure core business: Complex Recycling Hamburg (CRH) – further optimization of smelting process CRH Aurubis Aurubis – German Corporate Conference in Munich, September 25th, 2024
Slide 30: CRH: Further optimization of the smelting process in Hamburg
Secure & strengthen core business CRH: Further optimization of the smelting process in Hamburg Secure Strengthen Core Business Core Business Investment EBITDA p.a. ~ € 190 million ~ € 40 million Aurubis is strengthening its core business and investing € 190 million for further (at full production) o
Slide 31: Pursue growth options: Test pilot for battery recycling in Hamburg
Pursue growth options Test pilot for battery recycling in Hamburg Battery recycling Aurubis Aurubis – German Corporate Conference in Munich, September 25th, 2024
Slide 32: Lithium-ion batteries – exceptional value hidden in complex products
Lithium-ion batteries – exceptional value hidden in complex products, complex recycling material Batteries are complex scraps As the metal value in black mass is very high, that are of huge value capabilities to recover the value are essential Battery management system: Cu, Sn, Ag, Au, Pd Cables & c
Slide 33: Our innovative process for black mass leverages our integrated smelter network
Our innovative process for black mass leverages capabilities of our integrated smelter network Black mass Benefits of the unique Aurubis process Innovative process route for black mass that utilizes ozone Li recovery Lithium High lithium recovery through Graphite Graphite, lithium first extraction s
Slide 34: We continue to lead our industry in sustainability
We continue to lead our industry in sustainability – minimizing emissions and costs, maximizing opportunities in new business areas We continue to strengthen our position as the most efficient and sustainable multimetal producer worldwide 1 2 Sustainability is a We strive for balance fundamental par
Slide 35: The Copper Mark certification demonstrates our leadership in sustainable production
The Copper Mark certification demonstrates our leadership in sustainable production practices The Copper Mark launched Focus on steady improvement Aurubis Beerse and Solberg for copper producers in of the sector's production certification in 2023 March 2020 practices expected Basis: Joint Due Dilige
Slide 36: Leading the way with life cycle assessments and lower carbon footprints
Leading the way with life cycle assessments – and substantially lower carbon footprints than industry averages Copper cathodes (in kg CO2 eq./t Cu) Absolute Scope 1+2 CO2 emissions (in kt) 1,600 1,327 Global industry average Aurubis 800 2018 2022 2030 Scope 3 CO2 emissions (in kt)1 6,502 4,942 2022:
Slide 37: Aurubis AG Metals for Progress
Aurubis AG Metals for Progress
Slide 38: Financial calendar
Financial calendar − Annual Report 2023/24 December 5, 2024 − Q1 2024/25 February 5, 2025 − Annual General Meeting April 3, 2025 (preliminary) − Q2 2024/25 May 8, 2025 − Q3 2024/25 August 5, 2025 − Annual Report 2024/25 December 4, 2025 Aurubis Aurubis – German Corporate Conference in Munich, Septem
Slide 39: Your IR contacts
Your IR contacts Angela Seidler Elke Brinkmann Ferdinand von Oertzen VP Investor Relations, Head of Investor Relations Senior Manager Investor Relations Corporate Communications +49 40 7883-2379 +49 40 7883-3179 & Sustainability e.brinkmann@aurubis.com f.vonoertzen@aurubis.com +49 40 7883-3178 a.sei
Slide 40: Overview of restated operating EBT Q1–Q4 2022/23
Overview of restated operating EBT Q1–Q4 2022/23 relevant only at Group and CSP level – New findings have resulted from the investigation into 3M 6M 9M 12M and clarification of the criminal activities against 2022/23 2022/23 2022/23 2022/23 (operating in €m) Aurubis. Aurubis Group – We now assume th
Slide 41: Scheduled shutdowns in the next 3 years
Scheduled shutdowns in the next 3 years EBT effect from scheduled shutdowns (in € million) Status: December 2023 FY 2023/24 FY 2024/25 FY 2025/26 Smelter May/July maintenance ~44 2024 Hamburg Anode furnace May/June ~6 Hamburg 2026 Smelter Apr/June maintenance ~24 2025 Pirdop KRS Lünen May 2024 ~10 M
Slide 42: Aurubis at a glance
Based in Hamburg, Aurubis AG The company’s main expertise Aurubis develops its leading market is in optimally processing position with a responsible concentrates and recycling at a glance approach to the environment, raw materials with people and resources complex qualities The company, which was fo
Slide 43: Primary copper production process
Primary copper production process Sulfuric acid plant Off-gas cleaning Copper scrap Copper concentrates Copper matte Blister copper (64 % Cu) (98 % Cu) Flash smelter Converter Anode furnace Copper Nickel sulfate (99.5 % Cu) Anode Cathode Anode slime Anode casting wheel Tankhouse Precious metal refin
Slide 44: Disclaimer
Disclaimer Forward-looking statements This document 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 and unknown risks and