Aurubis Ag · XETR:NDA
Aurubis — Non-Deal Roadshow (June 2026)
56 slides from Aurubis's roadshow presentation, Jun 4, 2026
Slide 1: Aurubis AG Metals for Progress
Aurubis AG Metals for Progress CEO Roadshow London 4 June, 2026
Slide 2: Agenda
Agenda 1 Markets & Strategy 2 Mid-term Guidance 3 Q2 2025/26 & Outlook 2025/26 4 Reasons to Invest Aurubis London Roadshow, June 2026
Slide 3: 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, June 2026 3
Slide 4: 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 5: 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 6: 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 7: 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 8: 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, June 2026 8
Slide 9: 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 10: Integrated copper production enables supply security
Integrated copper production enables supply security Smelting Sustainable sourcing and refining Variety of products with a 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, nick
Slide 11: 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 1,000+ financial situat
Slide 12: 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 13: 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 14: Sulfuric acid market growing steadily
Sulfuric acid market growing steadily — Aurubis serves all major market segments Global sulfuric acid demand forecast Aurubis sales mix in million tons Fertilizer Metals Chemicals Sulfuric acid is a by-product of primary smelting Diversified customer portfolio, +3% p.a. primarily in Europe, Turkey a
Slide 15: 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 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: Growth strategy: further projects going 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 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 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 coppe
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 (as of FY 2028/29) Aurubis London
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: Agenda
Agenda 1 Markets & Strategy 2 Mid-term Guidance 3 Q2 2025/26 & Outlook 2025/26 4 Reasons to Invest Aurubis London Roadshow, June 2026
Slide 24: Cautious optimism for mid-term macro outlook
Cautious optimism for mid-term macro outlook Raw material supply Concentrate TC/RCs Recycling RCs EUR/USD exchange rate Sulfuric acid Metal prices Products Aurubis London Roadshow, June 2026 24
Slide 25: 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 Products
Slide 26: Increased capex for US expansion phasing out
Increased capex for US expansion phasing out Capital expenditures for approved projects (in € million) Around 87 % 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 27: We return to healthy free cash flow generation
We return to healthy free cash flow generation Schematic development of free cash flow before dividends1 After period of high capex, free cash flow before dividend break- even targeted in FY 25/26 Once strategic CapEx program is completed, we anticipate healthy free cash flow generation 24/25 25/26e
Slide 28: 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 more than compensate for lower earnings from TC/RCs over time Multimetal Recycli
Slide 29: Dividend payout ratio will rise to up to 30%
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 30: 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 31: Agenda
Agenda 1 Markets & Strategy 2 Mid-term Guidance 3 Q 2025/26 & Outlook 2025/26 4 Reasons to Invest Aurubis London Roadshow, June 2026
Slide 32: 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 33: H1 2025/26 results in line with market expectations
Aurubis achieves H1 2025/26 results in line with market expectations In Q2 2025/26, Aurubis achieved a significant increase in earnings. Operating EBT came in at €121 million, 15 % up vs. Q1 Operating EBT Operating ROCE In the first half-year 2025/26, the Group generated sound results €226 million 8
Slide 34: Sulfuric acid prices with continued momentum
Sulfuric acid prices with continued momentum due to Middle East supply disruptions 100 % = Sept. 2023 350% 300% 250% Middle East shipping restrictions led to global tightness, further elevating 200% sulfuric acid spot prices 150% European spot copper premiums 100% showed some volatility at a high 50
Slide 35: Precious metal prices still outperforming copper
Precious metal prices still outperforming copper, US$/€ exchange rate broadly stable 100 % = Sept. 2023 400% 350% 300% In fiscal year Q2, gold and silver again reached new all-time highs 250% before retreating amid Middle East 200% uncertainties 150% Copper price stable at historically high levels 1
Slide 36: Not directly affected by Strait of Hormuz closure
Aurubis not directly affected by Strait of Hormuz closure in the short term — medium-term opportunities may emerge Expected and potential effects of the Middle East (ME) crisis on Aurubis Sourcing/inputs Sales/outputs − + No exposure to raw material − + No major exposure to ME as a supply from ME sa
Slide 37: US copper tariffs: supportive of domestic recycling economics
US copper tariffs: Tariff update remains supportive of domestic recycling economics Key changes vs. 2025 Impact on Aurubis Tariff base broadened: Duties on copper products in Tariffs remain supportive for Aurubis scope now apply to full customs value, not just copper-content value Full-value tariff
Slide 38: Quarter-to-quarter profitability significantly improved
Quarter-to-quarter profitability significantly improved Q2 Q1 Change vs. (operating results) 2025/26 2025/26 prior quarter Revenues €m Operating EBT positively impacted 6,036 5,284 14 % mainly by higher earnings from Gross profit €m 446 426 5% processing of recycling materials EBITDA €m 187 164 14 %
Slide 39: Operating EBT stable at prior-year level
Operating EBT stable at prior-year level, mainly driven by higher metal prices and lower TC/RCs 6M 6M Change vs. (operating results) 2025/26 2024/25 prior year Revenues €m 11,320 9,184 23 % Gross profit €m 872 850 3% EBITDA €m 351 341 3% EBIT €m 218 231 -6 % EBT €m 226 229 -2 % Consolidated net inco
Slide 40: Effective multimetal strategy offsets lower TC/RCs
Effective multimetal strategy ― higher metal result and products & premiums at stable high level offset lower TC/RCs Breakdown of the Aurubis Group’s gross margin Metal result 6 months 2025/26 YTD (prior-year figures) − Continued strong metals demand and high prices support higher metal result level
Slide 41: Higher metal prices enhance Multimetal Recycling segment
Higher metal prices enhance Multimetal Recycling segment top and bottom lines MMR segment Breakdown of income components in MMR segment 6M 6M 6 months 2025/26 YTD (prior-year figures) Operating results 2025/26 2024/25 EBITDA €m 103 84 38 % (42 %) EBIT €m 59 53 Refining charges 53 % (48 %) EBT €m 56
Slide 42: Custom Smelting & Products segment impacted by lower TC/RCs
As anticipated, Custom Smelting & Products segment impacted by lower TC/RCs, offset by higher metal result and good product business CSP segment Breakdown of income components in CSP segment 6M 6M 6 months 2025/26 YTD (prior-year figures) Operating results 2025/26 2024/25 13 % (23 %) EBITDA €m 279 3
Slide 43: Group costs increase due to higher depreciation
Group costs increase due to higher depreciation Overview of cost/expense positions − Total costs increased by €30 million (+3 %) due to 6 months 2025/26 YTD (prior-year figures) anticipated higher scheduled depreciation (+€23 million) for the strategic projects in implementation and 14 % (12 %) to o
Slide 44: Aurubis balance sheet remains very healthy
Aurubis balance sheet remains very healthy 6M 6M KPIs (operating) 2025/26 2024/25 Target Equity ratio % 48.6 55.6 > 40.0 (equity/total assets) Debt coverage1 0.6 0.3 < 3.0 Additional KPIs Capital expenditure €m 232 340 Capital employed €m 4,348 4,074 (balance sheet date) Net cash flow €m 161 190 1 N
Slide 45: Outlook on macro drivers for 2025/26 improved
Outlook on our macro drivers for 2025/26 improved vs. February ‘25 Raw material supply Concentrate TC/RCs Recycling RCs EUR/USD exchange rate Sulfuric acid Metal prices Products Aurubis London Roadshow, June 2026 45
Slide 46: FY guidance ranges raised
FY guidance ranges raised based on improved market outlook Our guidance ranges Operating EBITDA now between € 700–800 million EBITDA Operating ROCE Operating EBT now between 10–12 % ROCE EBT now between €425–525 million (CSP: 15–17 %; MMR: 8–10 %) (CSP: €370–430 million; MMR: €115–175 million) FY 20
Slide 47: 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 − Around 87 % of existing €1.7 bn strategic CapEx program spent, CapE
Slide 48: Successful commissioning of Complex Recycling Hamburg
Successful commissioning of Complex Recycling Hamburg (CRH) Enhancing our unique smelter network CRH successfully hot commissioned, roughly 3 years after project start First melt achieved on March 23, 2026 Gradual ramp-up: Plant steadily increasing production, first blister copper supplied to Hambur
Slide 49: Aurubis Richmond and Pirdop Tankhouse Expansion progress
Aurubis Richmond and Pirdop Tankhouse Expansion with progress on commissioning and construction, respectively Aurubis Richmond Pirdop Tankhouse Expansion Phase 1: Central equipment commissioned and ramping up, Technical installations and construction measures finalized incl. increase of complex feed
Slide 50: Aurubis on track after first 6 months 2025/26
Aurubis on track after first 6 months 2025/26 EBITDA of €351 million exceeded the prior-year level, while EBT of €226 million was in line with the prior year and market expectations Main drivers were a higher metal result as well as slightly improved earnings from recycling raw material processing a
Slide 51: Agenda
Agenda 1 Markets & Strategy 2 Mid-term Guidance 3 Q2 2025/26 & Outlook 2025/26 4 Reasons to Invest Aurubis London Roadshow, June 2026
Slide 52: 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 53: Aurubis AG Metals for Progress
Aurubis AG Metals for Progress June 2026
Slide 54: Scheduled comprehensive maintenance in the next 3 years
Scheduled comprehensive maintenance in the next 3 years EBT effect from scheduled comprehensive maintenance (in € million) Status: May 2026 FY 2025/26 FY 2026/27 FY 2027/28 Smelter maintenance Hamburg May/June 2027 ~38 Anode furnace Hamburg Nov 2025 ~6 Smelter maintenance Pirdop Oct/Nov 2026 ~4 May/
Slide 55: Your IR contacts
Your IR contacts Ken Nagayama Financial calendar VP Q3 2025/26 August 6, 2026 Investor Relations +49 40 7883-3178 Annual Report 2025/26 December 2, 2026 [email protected] Elke Brinkmann Head of Investor Relations Homepage +49 40 7883-2379 www.aurubis.com Our newsroom [email protected] Tor
Slide 56: 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