Aurubis Ag · XETR:NDA
Aurubis — Non-Deal Roadshow (March 2026)
59 slides from Aurubis's roadshow presentation, Mar 10, 2026
Slide 1: Aurubis AG Metals for Progress
Aurubis AG Metals for Progress Kepler Cheuvreux Non-deal Roadshow Paris 10 March 2026
Slide 2: Agenda
Agenda 1 Markets & Strategy 2 Mid-term Guidance 3 First 3 Months 2025/26 & Outlook 2025/26 4 Reasons to Invest Aurubis Kepler Cheuvreux Non-deal Roadshow Paris, 10 March 2026
Slide 3: Metals are becoming the new oil essential to technology, defense, and the green transition
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 Kepler Cheuvreux Non-deal Roadshow Paris, 10 March 2026 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 Kepler Cheuvreux Non-deal Roadshow Paris, 10 March 2026 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 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 15: Products' carbon footprints well below the global average
Aurubis products’ carbon footprints are well below the global average Carbon footprints of Aurubis products in global comparison (EF 3.0) Copper cathodes Wire rod Tin Silver Gold in kg CO2 equivalents per t in kg CO2 equivalents per t in kg CO2 equivalents per t in kg CO2 equivalents per kg in kg CO
Slide 16: KPIs verify advances in sustainability performance
KPIs verify advances in sustainability performance CO2 emissions Scope 1+2 CO2 emissions Scope 3 Air emissions (dust) (in kt) 1 (in t CO2/t copper cathode)2 (in g/t multimetal copper equivalent)3 5.6 56.5 1,600 4.19 4.26 40.0 1 2 3 1,023 36.5 800 2018 2024 2030 2018 2023 2030 2018 2024 2030 LTIFR Su
Slide 17: Committed to strengthening our position as a 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 18: 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 19: Approx. 80% of €1.7 bn strategic CapEx program spent
Approx. 80 % of existing €1.7 bn strategic CapEx program spent — 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
Slide 20: 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 21: 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 22: 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 copp
Slide 23: 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 2028/29) Aurubis Kepler Ch
Slide 24: Aurubis & Partners celebrated First Melt of Phase 1
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 25: 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 26: Agenda
Agenda 1 Markets & Strategy 2 Mid-term Guidance 3 First 3 Months 2025/26 & Outlook 2025/26 4 Reasons to Invest Aurubis Kepler Cheuvreux Non-deal Roadshow Paris, 10 March 2026
Slide 27: 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 Kepler Cheuvreux Non-deal Roadshow Paris, 10 March 2026 27
Slide 28: 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 29: Increased capex for US expansion phasing out
Increased capex for US expansion phasing out Capital expenditures for approved projects (in € million) Around 80 % of existing Total Capex Strategic capex* Baseline capex €1.7 bn strategic CapEx program spent, CapEx phasing out as planned €300-400m annual baseline capex resulting from capex discipli
Slide 30: 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 31: 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 32: 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 % inves
Slide 33: 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 34: Agenda
Agenda 1 Markets & Strategy 2 Mid-term Guidance 3 First 3 Months 2025/26 & Outlook 2025/26 4 Reasons to Invest Aurubis Kepler Cheuvreux Non-deal Roadshow Paris, 10 March 2026
Slide 35: First 3 months 2025/26 in line with expectations
First 3 months 2025/26 in line with expectations Aurubis started FY 2025/26 with sound results in line with market expectations Operating EBT of Operating ROCE €105 million 7.8 % Operating EBT was driven, in particular, by a strong metal (PY: €130 million) (PY: 11.7 %) result in consequence of hikin
Slide 36: Robust operational performance, backbone of our multimetal portfolio
Robust operational performance, backbone of our multimetal portfolio Continuous cast Output 201,000 t 0% wire rod output Cathode 285,000 t +1% Copper shapes output 34,000 t -15 % output Change vs. Sulfuric acid Input Q1 2025/26 prior year 583,000 t +5 % Flat rolled products + output 22,000 t +5% Con
Slide 37: Refining charges and sulfuric acid prices indicate a positive trend
Recent developments for refining charges and sulfuric acid prices indicate a positive trend 100 % = Sept. 2023 300% 250% European spot copper premiums 200% widely stable at a high level 150% Increased demand driving sulfuric acid spot prices up again 100% Spot RCs for recycling materials 50% improve
Slide 38: Gold and silver prices rose again significantly
Gold and silver prices rose again significantly, with copper also recording higher levels 100 % = Sept. 2023 300% 250% In fiscal year Q1, gold and silver 200% continued their price hikes and reached new all-time highs 150% Positive performance of the copper price mainly driven by an almost 100% $1,0
Slide 39: Q1 FY 2025/26 higher metal prices and lower TC/RCs
First quarter of FY 2025/26 characterized by higher metal prices and lower TC/RCs 3M 3M Change vs. (operating results) 2025/26 2024/25 prior year Revenues €m 5,284 4,215 25 % Gross profit €m 426 433 -2 % EBITDA €m 164 184 -11 % EBIT €m 101 131 -23 % EBT €m 105 130 -19 % Consolidated net income €m 81
Slide 40: Quarter-to-quarter profitability significantly improved
Quarter-to-quarter profitability significantly improved Q1 Q4 Change vs. (operating results) 2025/26 2024/25 prior quarter Revenues €m Increased gross profit despite 5,284 4,390 20 % lower TC/RCs driven by significantly Gross profit €m 426 389 10 % higher metal result EBITDA €m 164 127 29 % Good sme
Slide 41: 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 42: Spiking metal prices drive metal result and gross margin expansion
Spiking metal prices drive metal result and gross margin expansion — declining concentrate TC/RCs limit uplift Schematic breakdown of the Aurubis Group’s gross TC/RCs and RCs margin components − TC/RCs markedly lower reflecting tight markets and 3 months 2025/26 YTD (prior-year figures) contract rol
Slide 43: Multimetal Recycling segment benefits from higher metal prices
Multimetal Recycling segment benefits from higher metal prices, continues to be impacted by ramp-up of strategic projects 3M 3M Breakdown of income components in MMR segment 3 months 2025/26 YTD (prior-year figures) Operating results 2025/26 2024/252 EBIT €m 20 28 EBT1 €m 18 28 39 % (44 %) ROCE2 % 0
Slide 44: Custom Smelting & Products segment earnings
Higher metal prices drive earnings improvement in Custom Smelting & Products segment, yet weakened by decline of TC/RCs 3M 3M Breakdown of income components in CSP segment 3 months 2025/26 YTD (prior-year figures) Operating results 2025/26 2024/25 EBIT €m 102 125 14 % (25 %) EBT1 €m 113 131 Treatmen
Slide 45: Group costs reflect impact of strategic projects
Group costs reflect impact of strategic projects Overview of cost/expense positions − Total costs increased by 23 million (+5 %) due to 3 months 2025/26 YTD (prior-year figures) anticipated higher scheduled depreciation (+10 million) for the strategic projects in implementation and to 14 % (12 %) ov
Slide 46: Net cash flow impacted by temporary working capital build-up
Net cash flow impacted by temporary working capital build-up in € million as at 12/31/2025 − Operating EBITDA of €164 million in line with operational performance 164 110 − Higher net working capital -15 -8 -91 reflects elevated price levels -103 €495 million higher inventory -267 -4 €176 million hi
Slide 47: Aurubis maintains robust balance sheet
Aurubis maintains robust balance sheet 3M 3M KPIs (operating) 2025/26 2024/25 Target Equity ratio % 49.9 53.5 > 40.0 (equity/total assets) Debt coverage1 0.6 0.0 < 3.0 Additional KPIs Capital expenditure €m 108 141 Capital employed €m 4,280 3,830 (balance sheet date) Net cash flow €m -8 178 1 Net fi
Slide 48: Dividend of €1.60 reflects high confidence in cash generation
Dividend 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 reflects 9.91 confidence in the business and 1.80 its outlook 1.60 1.60 7.66 1.50 − 27 % payout ratio, higher tha
Slide 49: Outlook on our macro drivers for 2025/26 improved
Outlook on our macro drivers for 2025/26 improved vs. Dec 2025 Raw material supply Concentrate TC/RCs Recycling RCs EUR/USD exchange rate Sulfuric acid Metal prices Products Aurubis Kepler Cheuvreux Non-deal Roadshow Paris, 10 March 2026 49
Slide 50: FY guidance ranges raised based on improved market outlook
FY guidance ranges raised based on improved market outlook Our guidance ranges Operating EBITDA now between € 655–755 million EBITDA Operating ROCE Operating EBT now between 9–11 % ROCE EBT now between €375–475 million (CSP: 13–15 %; MMR: 8–10 %;) (CSP: €320–380 million; MMR: €115–175 million) FY 20
Slide 51: Execution of strategic projects is progressing
Execution of strategic projects is progressing Complex Recycling Hamburg Richmond Pirdop Tankhouse Expansion (CRH) Successful installation of main First blister shipped to Europe and Key equipment installed converter hence first revenues generated (electrolysis cells, rectifier) Availability of inpu
Slide 52: Aurubis with sound start in FY 2025/26
Aurubis with sound start in FY 2025/26 Gross margin in Q1 2025/26 improved, with higher metal result more than compensating for lower TC/RCs EBITDA at €164 million and EBT at €105 million, as a result of solid operational performance and in line with market expectations Net cash flow and free cash f
Slide 53: Agenda
Agenda 1 Markets & Strategy 2 Mid-term Guidance 3 First 3 Months 2025/26 & Outlook 2025/26 4 Reasons to Invest Aurubis Kepler Cheuvreux Non-deal Roadshow Paris, 10 March 2026
Slide 54: 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 55: Aurubis AG Metals for Progress
Aurubis AG Metals for Progress Kepler Cheuvreux Non-deal Roadshow Paris 10 March 2026
Slide 56: 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 57: 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 Kepler Cheuvreux Non-deal Roadshow Paris, 10 March 2026 57
Slide 58: 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 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 [email protected] [email protected] [email protected] Aurubis Kepler Cheuvreux Non-deal