Aurubis Ag · XETR:NDA
Aurubis — Non-Deal Roadshow (February 2025)
43 slides from Aurubis's roadshow presentation, Feb 18, 2025
Slide 1: Aurubis AG Metals for Progress
Aurubis AG Metals for Progress Warburg Roadshow Warsaw February 18th, 2025
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 Warburg Roadshow Warsaw
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: More than just copper: Our extensive multimetal portfolio
More than just copper: Our extensive multimetal portfolio Continuous cast Output 880,000 t 0% wire rod output Cathode 1,092,000 t -2 % Copper shapes output 172,000 t -3 % output change vs. Sulfuric acid Input FY 2023/24 prior year 2,094,000 t -3 % Flat rolled output Concentrate products + 2,266,000
Slide 5: We combine 1st class products with high recycling content
We combine 1st class products with high recycling content In our smelter network, primary and secondary sources provide a solid basis for our high-quality products. Aurubis Copper Cathode 43 % Aurubis Silver 52 % recycled content recycled content Aurubis SHAPES 30 % Aurubis Gold 23 % recycled conten
Slide 6: Executive summary of first 3 months 2024/25
Executive summary of first 3 months 2024/25 Aurubis achieves ongoing robust operating result in first 3 months of FY 2024/25 Operating EBT 3 months 2024/25 Operating ROCE Operating EBT positively influenced by a significantly higher metal result due 11.7 % to increased metal prices, higher earnings
Slide 7: Gross margin at prior-year level
Gross margin at prior-year level Breakdown of income components in the Aurubis Group 3 months 2024/25 YTD (YTD prior-year figures) 31 % (36 %) Treatment charges for concentrates + 36 % (29 %) recycling input Metal result ~ €534 million* (~ €514 million*) 33 % (35 %) Premiums + products * Gross margi
Slide 8: Overview of Group costs — further decrease in energy costs
Overview of Group costs — further decrease in energy costs Overview of cost/expense positions 3 months 2024/25 YTD (YTD prior-year figures)1 12 % (11 %) Depreciation and amortization 34 % (33 %) Personnel costs 12 % (12 %) Consumables ~ €441 million* 12 % (13 %) (~ €458 million*) External services 2
Slide 9: The Aurubis segments
The Aurubis segments Aurubis' international, integrated smelter network Multimetal Recycling Custom Smelting & Products Input − Scrap/blister − E-scrap − Concentrates − E-scrap materials − Slags/residues − Other recycling materials − Scrap/blister − Other recycling materials Products − Cu cathodes −
Slide 10: Custom Smelting & Products segment
Custom Smelting & Products segment Breakdown of income components in CSP segment 3 months 2024/25 YTD (YTD prior-year figures) 3M 3M Operating results 2024/25 2023/24 25 % (30 %) EBIT €m 125 107 Treatment charges 31 % (24 %) EBT €m 125 107 for concentrates + Metal result recycling input ROCE1 % 19.4
Slide 11: Multimetal Recycling segment
Multimetal Recycling segment Breakdown of income components in MMR segment 3 months 2024/25 YTD (YTD prior-year figures) 3M 3M Operating results 2024/25 2023/24 45 % (48 %) EBIT €m 28 28 Refining charges 47 % (42 %) EBT €m 27 29 for recycling input Metal result ROCE1 % 5.5 13.5 Quantities ~ €171 mil
Slide 12: A cash-generating quarter despite high investment activities
A cash-generating quarter despite high investment activities 3M 3M 2024/25 2023/24 Net cash flow (cash inflow €m 178 -202 from operating activities) – Aurubis' net cash flow positive, Cash outflow for investment driven by good earnings and good €m -133 -132 activities working capital management Inte
Slide 13: Dividend proposal of € 1.50 reflects financial strength and investment roadmap
Dividend proposal of € 1.50 reflects financial strength and investment roadmap Aurubis operating EPS Dividend (in € per share) Dividend yield (in %) (in € per share) 9.91 3.3 1.80 1.60 7.66 1.50 1.40 2.5 6.51 1.30 2.3 6.13 2.2 2.0 3.73 19/20 20/21 21/22 22/23 23/24 19/20 20/21 21/22 22/23 23/24* 19/
Slide 14: Market outlook for 2024/25
Market outlook for 2024/25 The concentrate market is anticipated to be tighter with sufficient supply for Aurubis' primary Copper smelters from the mine side. Well diversified supplier base secures Aurubis’ concentrate supply. The concentrates smelter network is already supplied well into Q3 FY 2024
Slide 15: EBT between € 300 million and € 400 million
Confirmation of FY 2024/25 guidance Our forecast range Operating EBT Operating ROCE between € 300 million between 7 % and € 400 million and 11 % Operating EBT Operating ROCE in € million in % Group 300–400 7–11 Multimetal Recycling 50–110 4–8 Custom Smelting & Products 310–370 14–18 Aurubis Warburg
Slide 16: Expanding our flowsheet with additional smelting furnaces and processes
Expanding our flowsheet with additional smelting furnaces and processes to drive multimetal growth strategy Input materials Smelting Refining Multimetal Cu concentrates HH HH » Cu ̶ Cu processing ̶ Ol Cu/CuNi Pir ̶ HH » Ag Primary HH CuNi electrolyte ̶ PM/Ni ̶ tankhouse Lue Pir » Au sites Pir ̶ repr
Slide 17: 5 of 11 strategic projects executed
5 of 11 strategic projects executed Implemented In implementation ASPA Aurubis Richmond 1&2 Complex Recycling Hamburg (CRH) (Beerse) (Augusta, Georgia) (Hamburg) Anode Furnace 2.0 Slag Processing Solar Park 3&4 (Hamburg) (Pirdop) (Pirdop) Industrial Heat II Tankhouse Expansion Precious Metals Refine
Slide 18: Focus on execution of strategic projects
Focus on execution of strategic projects Timeline of when strategic projects start operations FY 2023/24 FY 2024/25 FY 2025/26 FY 2026/27 − Industrial Heat II − Bleed Treatment Olen − Complex Recycling − Slag Processing (DE Hamburg) Beerse (BOB) (BE Olen) Hamburg (CRH) (DE (BG Pirdop) Hamburg) − Ano
Slide 19: Capex spending close to €1 billion by Q1 2024/25
Capex spending close to €1 billion by Q1 2024/25 (in € million) Baseline capex Strategic capex* − We have planned to invest €~1.7 bn in strategic projects ̶ ~60 % of these investments are already behind us. − In total, strategic capex will create valuable synergies 525 430 with our existing processe
Slide 20: Our ambition is to significantly strengthen the free cash flow profile
Our ambition is to significantly strengthen the free cash flow profile in the mid-term Schematic development − EBITDA impact over next 3–4 years ramping up to ~€ 260 million p.a. EBITDA − Thereof ~€ 170 million p.a. from Aurubis Richmond Today Mid-term − Strong cash generation continues Free cash fl
Slide 21: Leading the way with life cycle assessments
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 Global industry average Aurubis 1,177 800 2018 2023 2030 Scope 3 CO2 emissions (in kt)1 6,502 4,630 4,942
Slide 22: Financial calendar
Financial calendar − AGM April 3, 2025 − Q2 2024/25 May 8, 2025 − Q3 2024/25 August 5, 2025 − Annual Report 2024/25 December 4, 2025 Aurubis Warburg Roadshow Warsaw 22
Slide 23: Your IR contacts
Your IR contacts Ken Nagayama Elke Brinkmann Ferdinand von Oertzen Torben Rennemeier VP Head of Senior Manager Specialist Investor Relations Investor Relations Investor Relations Investor Relations +49 40 7883-3178 +49 40 7883-2379 +49 40 7883-3179 + 49 152 2366 0716 k.nagayama@aurubis.com e.brinkma
Slide 24: Thank you for your participation.
Thank you for your participation. For further questions, contact: IR@aurubis.com
Slide 25: Scheduled shutdowns in the next 3 years
Scheduled shutdowns in the next 3 years EBT effect from scheduled shutdowns (in € million) Status: December 2024 FY 2024/25 FY 2025/26 FY 2026/27 Smelter May maintenance ~23 2027 Hamburg Anode furnace May/June ~8 Hamburg 2026 Smelter May/July Oct/ Nov maintenance ~34 ~5 2025 2026 Pirdop May May May
Slide 26: 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 27: 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 28: 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 29: Back up
Back up AAurubis
Slide 30: Pursue growth options: Aurubis Richmond makes further visible progress
Pursue growth options Aurubis Richmond makes further visible progress Aurubis Warburg Roadshow Warsaw
Slide 31: Aurubis Richmond — the leading processor of electronic recycling materials in the US
Aurubis Richmond — the leading processor of electric and electronic recycling materials in the US Pursue EBITDA p.a. Growth Options Investment ~ € 740 million ~ € 170 million Aurubis Richmond complements and expands our international integrated smelter (once fully ramped up) network with a highly at
Slide 32: Complex Recycling Hamburg (CRH) – further optimization of smelting process
Secure core business: Complex Recycling Hamburg (CRH) – further optimization of smelting process CRH Aurubis Warburg Roadshow Warsaw
Slide 33: 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 (once fully ramped up)
Slide 34: Expanding the tankhouse in Pirdop
Secure & strengthen core business Expanding the tankhouse in Pirdop Aurubis German Investment Seminar, New York
Slide 35: Expanding the tankhouse in Pirdop
Secure & strengthen core business Expanding the tankhouse in Pirdop Secure Strengthen Core Business Core Business Investment EBITDA p.a. ~ € 120 million ~ € 30 million Aurubis is strengthening its core business and investing € 120 million in expanding the (once fully ramped up)) tankhouse at its Bul
Slide 36: Bleed treatment Olen Beerse (BOB) — Increase of nickel capabilities
Secure & strengthen core business Bleed treatment Olen Beerse (BOB) — Increase of nickel capabilities BOB Aurubis Warburg Roadshow Warsaw
Slide 37: Bleed treatment Olen Beerse (BOB)
Secure & strengthen core business Bleed treatment Olen Beerse(BOB) Secure Strengthen EBITDA p.a. Core Business Core Business Investment ~ 15 million ~ € 85 million Aurubis is strengthening its core business and investing € 85 million in the Aurubis site in (once fully ramped up) Olen to increase rec
Slide 38: Advanced Sludge Processing by Aurubis (ASPA)
Secure & strengthen core business Advanced Sludge Processing by Aurubis (ASPA) ASPA Aurubis Warburg Roadshow Warsaw
Slide 39: Advanced Sludge Processing by Aurubis (ASPA)
Secure & strengthen core business Advanced Sludge Processing by Aurubis (ASPA) Secure Strengthen Core Business Core Business Investment EBITDA p.a. ~ € 33 million ~ € 7 million Aurubis is strengthening its core business and taking the next step towards becoming (once fully ramped up) the most effici
Slide 40: Pursue growth options: Pilot for battery recycling in Hamburg
Pursue growth options Pilot for battery recycling in Hamburg Aurubis
Slide 41: Lithium-ion batteries — exceptional value hidden in complex products
Lithium-ion batteries — exceptional value hidden in complex products, complex recycling material Batteries are complex scrap As the metal value in black mass is very high, with huge value capabilities to recover the value are essential Battery management system: Cu, Sn, Ag, Au, Pd Cables & connector
Slide 42: Our innovative process for black mass
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 43: Our sweet spot in the battery recycling value chain
Our sweet spot in the battery recycling value chain is based on Aurubis’ core expertise Electric vehicle End-of-life assembly lithium-ion batteries We are developing a fully-fledged battery recycling supply and value chain Cell & battery Collection & First steps taken with Librec, a specialist manuf