Aurubis Ag · XETR:NDA
Aurubis — 9M 2025/26 Earnings Presentation
23 slides from Aurubis's earnings presentation, Aug 6, 2026
Slide 1: Interim Report First 9 Months 2025/26
Interim Report First 9 Months 2025/26 Conference Call on August 6, 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: Improved profitability — cash flow generation only temporarily impacted
Improved profitability — cash flow generation only temporarily impacted In the first 9 months of fiscal year 2025/26, the Group achieved a significant increase in earnings. Operating EBT came in at €374 million (+31 % YoY), in line Operating EBT Operating ROCE with expectations €374 million 9.4 % (P
Slide 4: Sulfuric acid momentum remains elevated while TC/RCs stay under pressure
Sulfuric acid momentum remains elevated while TC/RCs stay under pressure 100 % = Sept. 2023 850% 750% Sulfuric acid availability remains 650% tight, resulting in a rapid price 550% increase amid ongoing Middle East 450% shipping restrictions and the Chinese export ban 350% 250% European spot copper
Slide 5: Copper, gold and silver remain historically high, however with some pullback vs. Q2
Copper, gold and silver remain historically high, however with some pullback vs. Q2 100 % = Sept. 2023 400% 350% 300% In fiscal year Q3, gold and silver remained at high levels, however 250% with some pullback vs. Q2 200% Copper price increased on the back 150% of strong demand 100% In Q3 2025/26, t
Slide 6: Operating results continue positive trend in Q3
Operating results continue positive trend in Q3 Q3 Q2 Change vs. (operating results) 2025/26 2025/26 prior quarter Revenues €m 6,449 6,036 7% Operating EBT supported by better metal result, reflecting higher Gross profit €m 505 446 13 % copper prices EBITDA €m 219 187 17 % Opportunities of tight sul
Slide 7: Increased profitability lifts ROCE
Increased profitability lifts ROCE 9M 9M Change vs. (operating results) 2025/26 2024/25 prior year Revenues €m 17,769 13,781 29 % Gross profit €m 1,377 1,232 12 % EBITDA €m 570 462 23 % EBIT €m 364 293 24 % EBT €m 374 286 31 % Consolidated net income €m 289 215 34 % Earnings per share € 6.62 4.93 34
Slide 8: Gross margin considerably lifted by higher production volumes as well as rising metal prices
Gross margin considerably lifted by higher production volumes as well as rising metal prices Breakdown of the Aurubis Group’s gross margin Metal result 9 months 2025/26 YTD (prior-year figures) − Continued strong metals demand supports high price levels and thus metal result uplift − Strategic proje
Slide 9: Slight ROCE increase in Multimetal Recycling segment
Slight ROCE increase in Multimetal Recycling segment as higher metal price and recycling charges translate in strong earnings growth MMR segment Breakdown of income components in MMR segment 9M 9M 9 months 2025/26 YTD (prior-year figures) Operating results 2025/26 2024/25 EBITDA €m 162 97 EBIT €m 94
Slide 10: In Custom Smelting & Products segment, higher metal prices and surging sulfuric acid volumes
In Custom Smelting & Products segment, higher metal prices and surging sulfuric acid volumes drive earnings despite declining TC/RCs CSP segment 9M 9M Breakdown of income components in CSP segment 9 months 2025/26 YTD (prior-year figures) Operating results 2025/26 2024/25 12 % (19 %) EBITDA €m 461 4
Slide 11: Slight cost increase driven by footprint expansion
Slight cost increase driven by footprint expansion Overview of cost/expense positions − Total costs increased by €62 million (+4.4 %) with most 9 months 2025/26 YTD (prior-year figures) of the increase caused by €37 million anticipated higher scheduled depreciation for the strategic projects 14 % (1
Slide 12: Cash flow temporarily impacted by inventory build-up
Cash flow temporarily impacted by inventory build-up ― reversal expected in Q4 of FY 2025/26 in € million as at 6/30/2026, rounded (prior-year figures in parentheses) Operating EBITDA at €570 million up by €108 million vs. prior year Net working capital of €525 million temporarily impacted by ramp-u
Slide 13: Impact of higher working capital temporarily affects balance sheet KPIs
Impact of higher working capital temporarily affects balance sheet KPIs 9M 9M KPIs (operating) 2025/26 2024/25 Target Equity ratio % 48.8 56.1 > 40.0 (equity/total assets) Debt coverage1 1.0 0.6 < 3.0 Additional KPIs (operating, at balance sheet date) Equity €m 3,966 3,701 Net financial position €m
Slide 14: Overall outlook for remainder of FY 2025/26 remains supportive
Overall outlook for remainder of FY 2025/26 remains supportive Raw material supply Concentrate TC/RCs Recycling RCs EUR/USD exchange rate Sulfuric acid Metal prices Products Aurubis Analyst Conference Call on August 6, 2026 14
Slide 15: Guidance ranges for FY 2025/26 confirmed
Guidance ranges for FY 2025/26 confirmed, operating EBT expected to come in around the upper end of the guidance Our guidance ranges Operating EBITDA between € 700–800 million EBITDA Operating ROCE Operating EBT between 10–12 % ROCE EBT between €425–525 million (CSP: 15–17 %; MMR: 8–10 %) (CSP: €370
Slide 16: Ramp-up of Complex Recycling Hamburg marks a milestone
Ramp-up of Complex Recycling Hamburg marks a milestone in strengthening our unique smelter network Successful brownfield expansion Internalization of value: First process to treat intermediates bearing copper, lead and sulfur in one step at scale Ramp-up is progressing, with first volumes successful
Slide 17: Ramp-up of Aurubis Richmond progressing with an adjusted timeline
Ramp-up of Aurubis Richmond progressing with an adjusted timeline Aurubis Richmond, key strategic pillar of Aurubis’ growth strategy, advancing technically and commercially Commissioning overlap of phases leads to longer ramp-up of key equipment: As of today, ramp-up for phase 1 to be completed in F
Slide 18: Pirdop ready to increase cathode capacity by 120,000 t
Pirdop ready to increase cathode capacity by 120,000 t Brownfield project to resolve bottleneck in copper refining Building construction & civil infrastructure support has been completed and installation of the main equipment units successfully finalized Process of gradual commissioning is ongoing N
Slide 19: Aurubis raises its full-year expectation to the upper end of the forecast range
Aurubis raises its full-year expectation to the upper end of the forecast range EBT of €374 million was 31 % above the prior year and in line with market expectations In Q3, main drivers were an improved metal result, increased revenues from processing of recycling raw materials, sulfuric acid, and
Slide 20: Interim Report First 9 Months 2025/26
Interim Report First 9 Months 2025/26 Conference Call on August 6, 2026
Slide 21: Your IR contacts
Your IR contacts Ken Nagayama Financial calendar VP Annual Report 2025/26 December 2, 2026 Investor Relations +49 40 7883-3178 Q1 Report 2026/27 February 4, 2027 k.nagayama@aurubis.com Annual General Meeting February 11, 2027 H1 Interim Report 2026/27 May 5, 2027 Elke Brinkmann Q3 Report 2026/27 Aug
Slide 22: 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: August 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 M
Slide 23: 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