Aurubis Ag · XETR:NDA
Aurubis — Non-Deal Roadshow (August 2025)
46 slides from Aurubis's roadshow presentation, Aug 20, 2025
Slide 1: Aurubis AG Metals for Progress
Aurubis AG Metals for Progress Baader Roadshow Zurich August 20, 2025
Slide 2: Our metals for an innovative world
Our metals for an innovative world: Copper makes the circular economy possible Renewable energy E-mobility Digitalization Urbanization Aurubis Baader Roadshow Zurich August 2025 2
Slide 3: 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 Baader Roadshow Zurich August 2025 3
Slide 4: 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 5: 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 6: 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 7: Pricing along the value chain
Pricing along the value chain Earnings driver are independet of copper price developments − Treatment and refining charge are essentially discounts on the purchase price given for turning raw materials into copper cathodes (the commodity exchange product) . − They are negotiated with suppliers and d
Slide 8: Further decoupling of prices for input material and resulting output
Further decoupling of prices for input material and resulting output 100 % = Sept. 2022 250% − European copper premium with rapid increase 200% in Q3 due to strong copper cathode demand 150% − Sulfuric acid prices continue to accelerate given continued diminished supply and high 100% demand from fer
Slide 9: Metal prices remain favorable in Q3 2024/25
Metal prices remain favorable in Q3 2024/25 100 % = Sept. 2022 200% − Gold price up by 14.7 % in Q3 vs. Q2 with new all-time high 150% − Silver price up by 5.5 % in Q3 vs. Q2 − Copper price in Q3 stable at a high level due to strong copper cathode demand 100% − Euro exchange rate rose by 9.1 % vs. U
Slide 10: Executive summary of first 9 months 2024/25
Executive summary of first 9 months 2024/25 Aurubis achieved a robust operating result in a challenging environment. Operating EBT Operating EBITDA Operating EBT lower compared to the previous year, but operating EBITDA 9M 2024/25 of 9M 2024/25 of almost at the prior-year level. €286 million €462 mi
Slide 11: Gross margin slightly below prior-year level
Gross margin slightly below prior-year level — increased metal result compensates for lower TC/RCs Breakdown of income components in the Aurubis Group 9M 2024/25 YTD (YTD prior-year figures) 27 % (31 %) Treatment charges for concentrates + 37 % (33 %) recycling input Metal result ~ €1,576 million* (
Slide 12: Overview of Group costs
Overview of Group costs — stable cost situation despite higher depreciation and ramp-up costs Overview of cost/expense positions 9M 2024/25 YTD (YTD prior-year figures1) 12 % (10 %) Depreciation and amortization 33 % (33 %) Personnel costs 13 % (11 %) Consumables ~ €1,414 million* 11 % (12 %) (~ €1,
Slide 13: 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 14: Custom Smelting & Products segment with higher profits and ROCE
Custom Smelting & Products segment with higher profits and ROCE Breakdown of income components in CSP segment 9M 2024/25 YTD (YTD prior-year figures) 9M 9M Operating results 2024/25 2023/24 19 % (25 %) EBITDA €m 436 417 Treatment charges 32 % (26 %) EBT €m 342 317 for concentrates + Metal result rec
Slide 15: Multimetal Recycling segment with stable gross margin
Multimetal Recycling segment with stable gross margin and balanced earnings portfolio Breakdown of income components in MMR segment 9M 2024/25 YTD (YTD prior-year figures) 9M 9M Operating results 2024/25 2023/24 EBITDA €m 97 149 44 % (45 %) EBT €m 36 109 Refining charges 46 % (47 %) for recycling in
Slide 16: Enhanced net cash generation impacted by investment outflow
Enhanced net cash generation impacted by investment outflow related to execution of strategic projects as expected in € million (previous year) per 9M 2024/25 − Operating EBITDA of €462 million 462 50 reflects robust financial performance 357 (475) -82 -74 − Delta net working capital includes (52) €
Slide 17: Very solid balance sheet and cash generation
Aurubis with very solid balance sheet and cash generation in a period of high strategic capex 9M 9M 2024/25 2023/24 Target Equity ratio % 56.1 55.9 > 40.0 (equity/total assets) Debt coverage2 0.6 0.5 < 3.0 9M 9M Additional KPIs 2024/25 2023/24 Capital expenditure €m 565 556 Capital employed €m 4,152
Slide 18: Cash flow profile will be improved through working capital initiatives
Cash flow profile will be improved through working capital initiatives and cost improvement measures Overview of measures to strengthen the cash flow profile Reduction of consulting costs Net working capital Savings from optimization initiatives G&A expenses Decrease of travel expenses Mid-term targ
Slide 19: Dividend of €1.50 reflects financial strength and investment roadmap
Dividend 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 19/20 20/21 2
Slide 20: Overall positive sentiment for copper products
Overall positive sentiment for copper products; sulfuric acid market remains stable at a high level Despite the anticipated supply deficit on the concentrate market, Aurubis continues to expect a Copper stable concentrate supply situation in 2025. Due to its well-established market position and long
Slide 21: Guidance range of FY 2024/25 sharpened
Guidance range of FY 2024/25 sharpened Our guidance range » Operating EBT around midpoint of the €330 – 370 million range » Operating ROCE between 8 – 10 % Net cash flow between €500 – 600 million Operating EBT Previous range Operating ROCE Previous range in € million in € million in % in % Group 33
Slide 22: Expanding our flowsheet to drive multi-metal growth strategy
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 ̶ Ol Cu/CuNi Pir ̶ HH » Ag Primary HH CuNi electrolyte ̶ PM/Ni ̶ tankhouse Lue Pir » Au sites Pir ̶ rep
Slide 23: Execution of strategic projects on track
Execution of strategic projects on track 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 24: Approximately 70% of capex program implemented by Q3 2024/25
Approximately 70 % of capex program implemented by Q3 2024/25 (in € million) Baseline capex Strategic capex* − We have planned to invest €~1.7 bn in strategic projects ̶ €~1.2 bn of these investments are already behind us − Overall, strategic capex will create valuable synergies 525 430 with our exi
Slide 25: Ambition to strengthen the free cash flow profile mid-term
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 26: 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 27: US tariffs on copper imports
US tariffs on copper imports aim at strengthening domestic copper industry Recent developments − 50 % tariff on imports of semi-finished copper products and copper-intensive derivative items set to take effect on August 1, 2025 − Copper input materials (such as copper ores, concentrates, mattes, cat
Slide 28: Financial calendar
Torben Financial calendar − Capital Market Day October 8, 2025 − Annual Report 2024/25 December 4, 2025 − Q1 2025/26 February 5, 2026 − Annual General Meeting February 12, 2026 (prelim.) − Q2 2025/26 May 11, 2026 − Q3 2025/26 August 6, 2026 − Annual Report 2025/26 December 2, 2026 Aurubis Baader Roa
Slide 29: 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 Baader Roadshow Zurich Au
Slide 30: Thank you for your participation.
Thank you for your participation. For further questions, contact: IR@aurubis.com
Slide 31: Scheduled shutdowns in the next 3 years
Scheduled shutdowns in the next 3 years EBT effect from scheduled shutdowns (in € million) Status: August 2025 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 KRS
Slide 32: 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 33: 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 34: 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 35: Back up
Back up AAurubis
Slide 36: Pursue growth options: Aurubis Richmond
Pursue growth options Aurubis Richmond makes further visible progress Aurubis Baader Roadshow Zurich August 2025 36
Slide 37: Aurubis Richmond — leading US processor of electronic recycling materials
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 38: Complex Recycling Hamburg (CRH)
Secure core business: Complex Recycling Hamburg (CRH) – further optimization of smelting process CRH Aurubis Baader Roadshow Zurich August 2025 38
Slide 39: 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 40: Expanding the tankhouse in Pirdop
Secure & strengthen core business Expanding the tankhouse in Pirdop Aurubis Baader Roadshow Zurich August 2025 40
Slide 41: 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 Bulg
Slide 42: Bleed treatment Olen Beerse (BOB)
Secure & strengthen core business Bleed treatment Olen Beerse (BOB) — Increase of nickel capabilities BOB Aurubis Baader Roadshow Zurich August 2025 42
Slide 43: 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 44: Advanced Sludge Processing by Aurubis (ASPA)
Secure & strengthen core business Advanced Sludge Processing by Aurubis (ASPA) ASPA Aurubis Baader Roadshow Zurich August 2025 44
Slide 45: 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 46: Aurubis on the way to CO2 neutrality
Aurubis on the way to CO2 neutrality 2018 today 2030 2050 Aurubis Baader Roadshow Zurich August 2025 46