Slide 1: Fiscal Year 2024/25 Conference Call
Fiscal Year 2024/25 Conference Call on December 4, 2025
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: Competitive strengths and resilience after a successful year
Driven by our competitive strengths, we look back on a successful year and have proven our resilience Robust & resilient business model Multimetal Authentic sustainability excellence leadership Aurubis competitive advantages Fully integrated Circular solutions with Cu producer business partners Auru
Slide 4: High cash flow enables dividend increase
High cash flow enables dividend increase Aurubis achieved a sound operating result in line with sharpened range Operating EBT of Operating ROCE €355 million 8.8 % As anticipated, operating EBT lower compared to the (PY: €413 million) (PY: 11.5 %) previous year. CSP segment back on track following pl
Slide 5: 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 6: 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
Slide 7: Product markets developed favorably while raw material markets posed challenges
Product markets developed favorably while raw material markets posed challenges 100 % = Sept. 2022 250% − After the US tariff decision in FY 200% Q4, European copper premiums came down from the elevated 150% level 100% − Sulfuric acid prices declined from previous highs but remained 50% stable at a
Slide 8: Gold and silver prices increased significantly in Q4 2024/25
In Q4 2024/25 gold and silver prices increased significantly, copper and EUR/USD mostly flat 100 % = Sept. 2022 250% − In Q4, gold and silver continued its price hike, increasing by 44 % 200% year-on-year to new all-time highs − Copper remained relatively 150% stable, increasing moderately towards t
Slide 9: Robust results after 12 months of FY 2024/25
Aurubis achieved robust results after 12 months of FY 2024/25 12M 12M Change vs. (operating results) 2024/25 2023/24 prior year Revenues €m 18,171 17,138 6% Gross profit €m 1,621 1,686 -4 % EBITDA €m 589 622 -5 % EBIT €m 358 411 -13 % EBT €m 355 413 -14 % Consolidated net income €m 261 335 -22 % EPS
Slide 10: Improved earnings level in Q4 vs. prior quarter
Improved earnings level in Q4 vs. prior quarter ― significantly higher cash generation Q4 Q3 Change vs. (operating results) 2024/25 2024/25 prior quarter − Increased gross profit despite Revenues €m 4,390 4,597 -4 % lower TC/RCs thanks to higher throughput volumes after Gross profit €m 389 382 2 % s
Slide 11: Our multimetal strategy ensures a diversified earnings profile
Our multimetal strategy ensures a diversified earnings profile Schematic breakdown of the Aurubis Group’s gross TC/RCs and RCs margin components − We are building on long-term partnerships while FY 2024/25 FY 2023/24* simultaneously developing new market opportunities − We clearly focus on complex m
Slide 12: Segment MMR challenged by ramp-up cost and one-offs
Segment MMR challenged by to ramp-up cost and one-offs Breakdown of income components in MMR segment − Throughput of recycling materials 12M 12M in MMR above prior-year level Operating results 2024/25 2023/24 despite tightening scrap markets in Q4 EBITDA €m 92 146 EBT €m 13 79 − One-off items as wel
Slide 13: Gross margin slightly increased in Multimetal Recycling segment
Gross margin slightly increased in Multimetal Recycling segment Breakdown of income components in MMR segment FY 2024/25 (prior-year figures) − Total segment gross margin slightly above prior-year level 45 % (46 %) − Stable contribution from refining Refining charges 45 % (44 %) charges despite tigh
Slide 14: CSP segment at prior-year level despite major shutdown in Pirdop
CSP segment at prior-year level despite major shutdown in Pirdop Breakdown of income components in CSP segment − CSP segment showed stable 12M 12M operational performance overall, Operating results 2024/25 2023/24 despite major shutdown in Pirdop EBITDA €m 573 584 − In a challenging market EBT1 €m 4
Slide 15: Custom Smelting & Products segment with higher metal result
Custom Smelting & Products segment with higher metal result Breakdown of income components in CSP segment FY 2024/25 (prior-year figures) − Global decline in treatment and refining charges weighed on 18 % (24 %) gross margin of CSP segment Treatment charges 34 % (27 %) − Metal result improved on the
Slide 16: Group costs slightly below prior year with stable distribution
Group costs slightly below prior year with stable distribution Overview of cost/expense positions FY 2024/25 (prior-year figures) − Total costs decreased due to the sale of the Buffalo 12% (11%) Depreciation plant (11 months included in FY 2023/24) and amortization 33% (32%) − Other operating expens
Slide 17: Net cash flow driven by sound profitability and improved working capital
Net cash flow driven by sound profitability and improved working capital in € million as at 9/30/2025 − Operating EBITDA of €589 million reflects sound financial 29 -91 150 performance − Improved net working capital 677 due to 589 -754 − €17 million higher receivables − €260 million increased -95 li
Slide 18: Financial leverage remains low despite high investment activity
Aurubis’ financial leverage remains low despite high investment activity 12M 12M KPIs (operating) 2024/25 2023/24 Target Equity ratio % 53.5 55.9 > 40.0 (equity/total assets) Debt coverage1 0.4 0.1 < 3.0 12M 12M Additional KPIs 2024/25 2023/24 Capital expenditure €m 771 859 Capital employed €m 4,090
Slide 19: Clear commitment to maintaining a strong balance sheet
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 % inve
Slide 20: Dividend proposal of €1.60 reflects confidence in cash generation
Dividend proposal of €1.60 reflects high confidence in the business’ cash generation Aurubis operating EPS Dividend (in €) (in € per share) 25 18 23 20 27 2.5 3.3 2.0 2.3 1.5 − Increased dividend proposal 9.91 reflects confidence in the 1.80 business and its outlook 1.60 1.60 7.66 1.50 − 27 % payout
Slide 21: Mixed outlook on our macro drivers for 2025/26
Mixed outlook on our macro drivers for 2025/26 Raw material supply Concentrate TC/RCs Recycling RCs EUR/USD exchange rate Sulfuric acid Metal prices Products Aurubis Analyst Conference Call on December 4, 2025 21
Slide 22: We expect a sound FY 25/26
In a challenging market environment, we expect a sound FY 2025/26 Our guidance range Operating EBITDA between € 580–680 million EBITDA Operating ROCE Operating EBT between €300–400 million between 7–9 % ROCE EBT (CSP: 11-13%; MMR: 6-8%;) (~ at 2024/25 level) (CSP: €280-340 million; MMR: €80-140 mill
Slide 23: 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
Slide 24: Annual CapEx is 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 − More than 75 % of existing €1.7 bn strategic CapEx program spent, C
Slide 25: 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 26: Further strategic projects go 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 27: Aurubis will continue to deliver on its multimetal strategy in FY 2025/26
Aurubis will continue to deliver on its multimetal strategy in FY 2025/26 Complex Recycling Hamburg Richmond Phase 2 Pirdop Tankhouse Expansion (CRH) Further optimization of the smelting Phase 2 of Aurubis Richmond will double Enables processing of Pirdop’s entire process in Hamburg capacity to 180,
Slide 28: Critical raw materials agreements enhance supply portfolio
Multiple critical raw materials agreements contribute to further enhancing our resilience and competitiveness of Aurubis’ supply portfolio Troilus Gold, Canada Viscaria, Sweden Teck Resources 75,000 metric t of copper-gold 25,000 metric t of low-carbon copper MoU signed for collaboration on concentr
Slide 29: 2024/25 represented a successful fiscal year
2024/25 represented a successful fiscal year − Solid EBITDA of €589 million in a challenging market environment − EBT at €355 million despite planned maintenance shutdown and one-off items − Significantly improved cash generation with further improvement targeted − Key project milestones reached, e.
Slide 30: 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 driving set of capabilities long-term demand
Slide 31: Fiscal Year 2024/25 Conference Call
Fiscal Year 2024/25 Conference Call on December 4, 2025 31
Slide 32: Financial calendar
Torben Financial calendar − Q1 2025/26 February 5, 2026 − Annual General Meeting February 12, 2026 − Q2 2025/26 May 11, 2026 − Q3 2025/26 August 6, 2026 − Annual Report 2025/26 December 2, 2026 Aurubis Analyst Conference Call on December 4, 2025 32
Slide 33: Your IR contacts
Your IR contacts Ken Nagayama Elke Brinkmann Torben Rennemeier VP Head of Specialist Investor Relations Investor Relations Investor Relations +49 40 7883-3178 +49 40 7883-2379 + 49 152 2366 0716 k.nagayama@aurubis.com e.brinkmann@aurubis.com t.rennemeier@aurubis.com Aurubis Analyst Conference Call o
Slide 34: 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
Slide 35: Scheduled shutdowns in the next 3 years
Scheduled shutdowns in the next 3 years EBT effect from scheduled shutdowns (in € million) Status: December 2025 FY 2025/26 FY 2026/27 FY 2027/28 Smelter May/June maintenance ~38 2027 Hamburg Anode furnace Nov ~6 Hamburg 2025 Smelter Oct/Nov May/June maintenance ~4 ~26 2026 2028 Pirdop May/June May/