Aurubis Ag · XETR:NDA
Aurubis — Investor Presentation (October 2026)
63 slides from Aurubis's investor presentation, October 2026
Slide 1: Aurubis Corporate Presentation October 2026
Aurubis AG Metals for Progress Aurubis Corporate Presentation October 2026
Slide 2: Agenda
Agenda 1 Markets & Strategy 2 Mid-term Guidance 3 Q3 2025/26 & Outlook 2025/26 4 Reasons to Invest Aurubis Aurubis Corporate Presentation, October 2026
Slide 3: Our metals stand at the epicenter of a rapidly changing world
Our metals stand at the epicenter of a rapidly changing world... Aurubis Aurubis Corporate Presentation, October 2026 3
Slide 4: Megatrends driving long-term demand for our metals
...with megatrends driving long- term demand Electrification AI & Advanced Technology Ag, Au, Bi, Cu, Ir, Pd, Pt, Re, Ru, for our 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 5: 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 6: 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 7: 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 8: Winning from a position of strength
Winning from a position of strength Robust & resilient business model Multimetal Authentic sustainability excellence leadership Aurubis competitive advantages Fully integrated Circular solutions with Cu producer business partners Aurubis Aurubis Corporate Presentation, October 2026 8
Slide 9: Unique smelter network
Unique smelter network Aurubis' unique metallurgical network enables Hamburg Hamburg Pirdop multimetal Primary Precious Metals Refinery Primary Broad range of raw materials excellence Benchmark metal recovery Enhanced sampling and Multimetal assaying automation excellence Lünen Richmond Secondary Se
Slide 10: Integrated copper production enables supply security
Integrated copper production enables supply security Smelting Sustainable sourcing and refining Variety of products with a 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, nick
Slide 11: 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 1,000+ financial situat
Slide 12: 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 13: 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 acceptance 150 Small scrap closing-the-loop quantities acceptance collaborations Customized logistics solutions Bespoke
Slide 14: Sulfuric acid market growing steadily
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 15: 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 16: 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 17: Growth strategy projects going into commissioning in FY 2025/26
We continue to deliver on our growth strategy — further projects will go into commissioning in FY 2025/26 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 (BO
Slide 18: Expanding our flowsheet to drive multimetal growth
Expanding our flowsheet with additional smelting furnaces and processes to drive multi-metal growth strategy Input materials Smelting Refining Multimetal Cu concentrates HH HH » Cu — Cu processing — Pir Ol Cu/CuNi — HH » Ag Primary HH CuNi electrolyte — PM/Ni — tankhouse Lue Pir » Au sites Pir — rep
Slide 19: 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 all
Slide 20: 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 21: 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 copper
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 Phase 1 commissioned in Sep 2025 with ramp-up completion in FY 26/27 Phase 2 scheduled for commissioning in FY 25/26 with ramp-up completion in FY 27/2
Slide 23: 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 Aurubis
Slide 24: 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 Aurubis Corporate Presentation, October 2026 24
Slide 25: Agenda
Agenda 1 Markets & Strategy 2 Mid-term Guidance 3 Q3 2025/26 & Outlook 2025/26 4 Reasons to Invest Aurubis Aurubis Corporate Presentation, October 2026
Slide 26: Cautious optimism for mid-term macro outlook
Cautious optimism for mid-term macro outlook Raw material supply Concentrate TC/RCs Recycling RCs EUR/USD exchange rate Sulfuric acid Metal prices Products Aurubis Aurubis Corporate Presentation, October 2026 26
Slide 27: 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 Products
Slide 28: Increased capex for US expansion phasing out
Increased capex for US expansion phasing out Capital expenditures for approved projects (in € million) Around 87 % of existing Total capex Strategic capex* Baseline capex €1.7 bn strategic CapEx program spent, CapEx phasing out as <600m€ planned FY 25/26e capex €300–400m annual baseline capex result
Slide 29: We return to healthy free cash flow generation
We return to healthy free cash flow generation Schematic development of free cash flow before dividends1 After period of high capex, free cash flow before dividend break- even targeted in FY 25/26 Once strategic CapEx program is completed, we anticipate healthy free cash flow generation 24/25 25/26e
Slide 30: 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 more than compensate for lower earnings from TC/RCs over time Multimetal Recycli
Slide 31: Dividend payout ratio will rise to up to 30%
Clear commitment to maintaining a strong balance sheet Dividend payout ratio 3x maximum target net leverage at FY end >40 % equity ratio will rise to up NON-DISCRETIONARY to 30 % ‘Strategic’ CapEx ‘Baseline’ CapEx Dividend1 Communicated, substantial Keeps operations Payout ratio2 of up to 30 % inves
Slide 32: 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 33: Agenda
Agenda 1 Markets & Strategy 2 Mid-term Guidance 3 Q3 2025/26 & Outlook 2025/26 4 Reasons to Invest Aurubis Aurubis Corporate Presentation, October 2026
Slide 34: More than just copper: our extensive multimetal portfolio
More than just copper: Our extensive multimetal portfolio Continuous cast Output 869,000 t -1 % wire rod output Cathode 1,096,000 t 0% Copper shapes output 175,000 t 2% output Change vs. Sulfuric acid Input FY 2024/25 prior year 2,024,000 t -3 % Flat rolled output Concentrate products + 2,180,000 t
Slide 35: 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 36: 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 37: Copper, gold and silver remain historically high
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 38: Aurubis not directly affected by Strait of Hormuz closure
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 39: US copper tariffs: tariff update supportive of domestic recycling
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 40: 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 41: 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 42: Gross margin considerably lifted by higher volumes and 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 projec
Slide 43: 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 44: Custom Smelting & Products segment results
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 45: 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 46: Impact of higher working capital on 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 47: 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 Aurubis Corporate Presentation, October 2026 47
Slide 48: 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 49: Annual CapEx starting to decline as planned
As additional strategic projects are completed, annual CapEx is starting to decline as planned Capital expenditure for approved projects (rounded in € million) Total CapEx Strategic CapEx Baseline CapEx Depreciation & amortization Around 87 % of existing €1.7 bn strategic CapEx program spent, CapE
Slide 50: Ramp-up of Complex Recycling Hamburg
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 51: Ramp-up of Aurubis Richmond 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 52: 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 53: Aurubis raises full-year expectation to upper end of 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 54: Agenda
Agenda 1 Markets & Strategy 2 Mid-term Guidance 3 Q3 2025/26 & Outlook 2025/26 4 Reasons to Invest Aurubis Aurubis Corporate Presentation, October 2026
Slide 55: 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 well as infrastructure and security drive set of capabilities Multimetal — long-term demand re
Slide 56: Aurubis AG Metals for Progress
Aurubis AG Metals for Progress September 2026
Slide 57: 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 58: 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 59: 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
Slide 60: Effective multimetal strategy offsets lower TC/RCs
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 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: 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 63: Our unique smelter network ensures supply security of high-quality products
Our unique smelter network ensures supply security of high-quality products from primary and secondary sources Aurubis Copper Aurubis SHAPES Aurubis ROD | Aurubis FOXROD Aurubis BARS + Cathode RheinROD PROFILES 45% 36% 38% 70% 70% recycled content recycled content recycled content recycled content r