Slide 1: Interim Report First 6 Months 2025/26
Interim Report First 6 Months 2025/26 Conference Call on May 11, 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: Aurubis achieves H1 2025/26 results in line with market expectations
Aurubis achieves H1 2025/26 results in line with market expectations In Q2 2025/26, Aurubis achieved a significant increase in earnings. Operating EBT came in at €121 million, 15 % up vs. Q1 Operating EBT Operating ROCE In the first half-year 2025/26, the Group generated sound results €226 million 8
Slide 4: Sulfuric acid prices with continued momentum due to Middle East supply disruptions
Sulfuric acid prices with continued momentum due to Middle East supply disruptions 100 % = Sept. 2023 350% 300% 250% Middle East shipping restrictions led to global tightness, further elevating 200% sulfuric acid spot prices 150% European spot copper premiums 100% showed some volatility at a high 50
Slide 5: Precious metal prices still outperforming copper, US$/€ exchange rate broadly stable
Precious metal prices still outperforming copper, US$/€ exchange rate broadly stable 100 % = Sept. 2023 400% 350% 300% In fiscal year Q2, gold and silver again reached new all-time highs 250% before retreating amid Middle East 200% uncertainties 150% Copper price stable at historically high levels 1
Slide 6: Aurubis not directly affected by Strait of Hormuz closure in the short term
Aurubis not directly affected by Strait of Hormuz closure in the short term — medium-term opportunities may emerge Expected and potential effects of the Middle East (ME) crisis on Aurubis Sourcing/inputs Sales/outputs + No exposure to raw material − + No major exposure to ME as a − supply from ME sa
Slide 7: Sulfuric acid market growing steadily — Aurubis serves all major market segments
Sulfuric acid market growing steadily — Aurubis serves all major market segments Global sulfuric acid demand forecast Aurubis sales mix in million tons Fertilizer Metals Chemicals Sulfuric acid is a by-product of primary smelting Diversified customer portfolio, +3% p.a. primarily in Europe, Turkey a
Slide 8: US copper tariffs: Tariff update remains supportive of domestic recycling economics
US copper tariffs: Tariff update remains supportive of domestic recycling economics Key changes vs. 2025 Impact on Aurubis Tariff base broadened: Duties on copper products in Tariffs remain supportive for Aurubis scope now apply to full customs value, not just copper-content value Full-value tariff
Slide 9: Quarter-to-quarter profitability significantly improved
Quarter-to-quarter profitability significantly improved Q2 Q1 Change vs. (operating results) 2025/26 2025/26 prior quarter Revenues €m Operating EBT positively impacted 6,036 5,284 14 % mainly by higher earnings from Gross profit €m 446 426 5% processing of recycling materials EBITDA €m 187 164 14 %
Slide 10: Operating EBT stable at prior-year level, mainly driven by higher metal prices and lower TC/RCs
Operating EBT stable at prior-year level, mainly driven by higher metal prices and lower TC/RCs 6M 6M Change vs. (operating results) 2025/26 2024/25 prior year Revenues €m 11,320 9,184 23 % Gross profit €m 872 850 3% EBITDA €m 351 341 3% EBIT €m 218 231 -6 % EBT €m 226 229 -2 % Consolidated net inco
Slide 11: Effective multimetal strategy — higher metal result and products & premiums at stable high level
Effective multimetal strategy ― higher metal result and products & premiums at stable high level offset lower TC/RCs Breakdown of the Aurubis Group’s gross margin Metal result 6 months 2025/26 YTD (prior-year figures) − Continued strong metals demand and high prices support higher metal result level
Slide 12: Higher metal prices enhance Multimetal Recycling segment top and bottom lines
Higher metal prices enhance Multimetal Recycling segment top and bottom lines MMR segment Breakdown of income components in MMR segment 6M 6M 6 months 2025/26 YTD (prior-year figures) Operating results 2025/26 2024/25 EBITDA €m 103 84 38 % (42 %) EBIT €m 59 53 Refining charges 53 % (48 %) EBT €m 56
Slide 13: Custom Smelting & Products segment impacted by lower TC/RCs, offset by higher metal result
As anticipated, Custom Smelting & Products segment impacted by lower TC/RCs, offset by higher metal result and good product business CSP segment Breakdown of income components in CSP segment 6M 6M 6 months 2025/26 YTD (prior-year figures) Operating results 2025/26 2024/25 13 % (23 %) EBITDA €m 279 3
Slide 14: Group costs increase due to higher depreciation
Group costs increase due to higher depreciation Overview of cost/expense positions − Total costs increased by €30 million (+3 %) due to 6 months 2025/26 YTD (prior-year figures) anticipated higher scheduled depreciation (+€23 million) for the strategic projects in implementation and 14 % (12 %) to o
Slide 15: Cash generation is set to accelerate as strategic CapEx program phases out
Cash generation is set to accelerate as strategic CapEx program phases out, temporarily dampened by working capital increase in € million as at 3/31/2026 (prior-year figures) − Operating EBITDA of €351 million represents YoY improvement − Increased net working capital of -152 €152 million linked wit
Slide 16: Aurubis balance sheet remains very healthy
Aurubis balance sheet remains very healthy 6M 6M KPIs (operating) 2025/26 2024/25 Target Equity ratio % 48.6 55.6 > 40.0 (equity/total assets) Debt coverage1 0.6 0.3 < 3.0 Additional KPIs Capital expenditure €m 232 340 Capital employed €m 4,348 4,074 (balance sheet date) Net cash flow €m 161 190 1 N
Slide 17: Outlook on our macro drivers for 2025/26 improved vs. February '25
Outlook on our macro drivers for 2025/26 improved vs. February ‘25 Raw material supply Concentrate TC/RCs Recycling RCs EUR/USD exchange rate Sulfuric acid Metal prices Products Aurubis Analyst Conference Call on May 11, 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 € 700–800 million EBITDA Operating ROCE Operating EBT now between 10–12 % ROCE EBT now between €425–525 million (CSP: 15–17 %; MMR: 8–10 %) (CSP: €370–430 million; MMR: €115–175 million) FY 20
Slide 19: Successful commissioning of Complex Recycling Hamburg (CRH)
Successful commissioning of Complex Recycling Hamburg (CRH) Enhancing our unique smelter network CRH successfully hot commissioned, roughly 3 years after project start First melt achieved on March 23, 2026 Gradual ramp-up: Plant steadily increasing production, first blister copper supplied to Hambur
Slide 20: Aurubis Richmond and Pirdop Tankhouse Expansion with progress on commissioning and construction
Aurubis Richmond and Pirdop Tankhouse Expansion with progress on commissioning and construction, respectively Aurubis Richmond Pirdop Tankhouse Expansion Phase 1: Central equipment commissioned and ramping up, Technical installations and construction measures finalized incl. increase of complex feed
Slide 21: Aurubis on track after first 6 months 2025/26
Aurubis on track after first 6 months 2025/26 EBITDA of €351 million exceeded the prior-year level, while EBT of €226 million was in line with the prior year and market expectations Main drivers were a higher metal result as well as slightly improved earnings from recycling raw material processing a
Slide 22: Interim Report First 6 Months 2025/26
Interim Report First 6 Months 2025/26 Conference Call on May 11, 2026
Slide 23: Your IR contacts
Your IR contacts Ken Nagayama Financial calendar VP Q3 2025/26 August 6, 2026 Investor Relations +49 40 7883-3178 Annual Report 2025/26 December 2, 2026 k.nagayama@aurubis.com Elke Brinkmann Head of Investor Relations Homepage +49 40 7883-2379 www.aurubis.com Our newsroom e.brinkmann@aurubis.com Tor
Slide 24: 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: May 2026 FY 2025/26 FY 2026/27 FY 2027/28 Smelter maintenance Hamburg May/June 2027 ~38 Anode furnace Hamburg Nov 2025 ~6 Smelter maintenance Pirdop Oct/Nov 2026 ~4 May/
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