Aurubis Ag · XETR:NDA
Aurubis — Non-Deal Roadshow (December 2025)
59 slides from Aurubis's roadshow presentation, Dec 9, 2025
Slide 1: Aurubis AG Metals for Progress – London Roadshow
Aurubis AG Metals for Progress London Roadshow 9 December 2025
Slide 2: Agenda
Agenda 1 Markets & Strategy 2 Mid-term Guidance 3 Fiscal Year 2024/25 & Outlook 2025/26 4 Reasons to Invest Aurubis London Roadshow, 9 December 2025
Slide 3: Metals are becoming the new oil
Metals are becoming the new oil essential to technology, defense, and the green transition Bloomberg Our reliance on metals has exploded: this is not just the Iron Age, but also the age of copper, nickel and lithium Material World Metals and minerals are not just commodities; they are the hidden fou
Slide 4: Our metals stand at the epicenter of a rapidly changing world
Our metals stand at the epicenter of a rapidly changing world... Aurubis London Roadshow, 9 December 2025 4
Slide 5: 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 6: 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 7: 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 8: 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 9: 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 London Roadshow, 9 December 2025 9
Slide 10: 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 11: Integrated copper production enables supply security
Integrated copper production enables supply security Smelting Sustainable sourcing and refining Variety of products with 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, Nickel
Slide 12: 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 1000+ financial situati
Slide 13: 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 14: Circular solutions strengthen supply chains
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 15: Commitment to 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: Delivering on growth strategy; projects 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: 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 a
Slide 19: 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 20: Recycling is critical to address 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 copp
Slide 21: 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 >240 new jobs for the region ~€170 million EBITDA p.a.1 ~180,000 mt input material ~70,000 mt blister copper output 1 (by FY 2027/28) Aurubis London Ro
Slide 22: First Melt of Phase 1 celebrated 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 Aurubi
Slide 23: Aurubis Richmond is a profitable, long-term investment
Aurubis Richmond is a profitable, long-term investment Schematic Aurubis Richmond EBITDA evolution Favorable market development: Growth of recycling (€m) market and demand for critical metals First mover advantage: Timely US market entry creates potential to seize commercial opportunities Barriers t
Slide 24: Agenda
Agenda 1 Markets & Strategy 2 Mid-term Guidance 3 Fiscal Year 2024/25 & Outlook 2025/26 4 Reasons to Invest Aurubis London Roadshow, 9 December 2025
Slide 25: Cautious optimism for mid-term macro outlook
Cautious optimism for mid-term macro outlook Raw material supply TC/RCs concentrate RCs recycling EUR/USD exchange rate Sulfuric acid Metal prices Products Aurubis London Roadshow, 9 December 2025 25
Slide 26: 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 Produc
Slide 27: Increased capex for US expansion phasing out
Increased capex for US expansion phasing out Capital expenditures for approved projects (in € million) €300-400m annual baseline Total Capex Strategic capex* Baseline capex capex resulting from capex discipline and shift of major primary shutdown regime Existing strategic capex program phasing out a
Slide 28: We return to healthy free cashflow generation
We return to healthy free cashflow generation Schematic development of free cashflow before dividends1 After period of high capex, free cashflow before dividend breakeven targeted in FY 25/26 Once strategic capex program is completed, we anticipate healthy free cashflow generation 24/25 25/26e 26/27
Slide 29: 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 over-compensate for lower earnings from TC/RCs over time Multimetal Recycling se
Slide 30: Clear commitment to strong balance sheet; dividend payout ratio
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 31: 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 32: Agenda
Agenda 1 Markets & Strategy 2 Mid-term Guidance 3 Fiscal Year 2024/25 & Outlook 2025/26 4 Reasons to Invest Aurubis London Roadshow, 9 December 2025
Slide 33: 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 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: 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 36: 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 37: Gold and silver prices increased significantly in Q4
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 38: 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 39: 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 40: Multimetal strategy ensures 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 41: 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 42: 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 43: CSP segment at prior-year level despite Pirdop shutdown
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 44: 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 45: Group costs slightly below prior year
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 46: Net cash flow driven by profitability and 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 47: Financial leverage remains low despite high investment
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 48: Dividend proposal of €1.60
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 49: Mixed outlook on 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 London Roadshow, 9 December 2025 49
Slide 50: Guidance for FY 2025/26
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 ROCE EBT €300–400 million between 7–9 % (CSP: 11-13%; MMR: 6-8%;) (~ at 2024/25 level) (CSP: €280-340 million; MMR: €80-140 mill
Slide 51: 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 − More than 75 % of existing €1.7 bn strategic CapEx program spent, C
Slide 52: Delivering on 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 53: 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 54: Agenda
Agenda 1 Markets & Strategy 2 Mid-term Guidance 3 Fiscal Year 2024/25 & Outlook 2025/26 4 Reasons to Invest Aurubis London Roadshow, 9 December 2025
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 London Roadshow 9 December 2025
Slide 57: 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/
Slide 58: 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 London Roadshow, 9 December 2025
Slide 59: 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 London Roadshow, 9 Decemb