Slides
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Interim Report First 9 Months 2025/26 Conference Call on August 6 , 2026 AAurubis 160- Years
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Aurubis Disclaimer Analyst Conference Call on August 6, 2026 2 Forward-looking statements Today’s capital market presentation 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 are subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of Aurubis. Should one or more of these risks, uncertainties or contingencies materialize, or should any underlying assumptions prove incorrect, actual results could vary materially from those anticipated, expected, estimated or projected. Rounding Please note that minor discrepancies may arise in this presentation due to rounding differences.
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Aurubis Improved profitability — cash flow generation only temporarily impacted Analyst Conference Call on August 6, 2026 3Aurubis We currently expect operating EBT to come in around the upper end of the forecast range for FY 2025/26 In the first 9 months of fiscal year 2025/26, the Group achieved a significant increase in earnings. Operating EBT came in at €374 million (+31 % YoY), in line with expectations Operating EBT was supported by a considerably higher metal result, slightly higher revenues from processing of recycling raw materials, as well as higher revenues from copper products and sulfuric acid, offsetting lower concentrate TC/RCs, higher scheduled depreciation, and increased costs in the Group Net cash flow was considerably below previous year due to temporarily higher inventory levels but is expected to be above prior-year level at FY end Free cash flow (pre-dividend) guidance for FY 2025/26 with break-even at a minimum confirmed ROCE (rolling EBIT last four quarters) increased vs. previous year due to the improved earnings performance during the first 9 months 2025/26, dampened by the temporary inventory build-up Operating EBT €374 million (PY: €286 million) Operating EBITDA €570 million (PY: €462 million) Free cash flow (pre-dividend) €-365 million (PY: -€211 million) Operating ROCE 9.4 % (PY: 9.1 %) Net cash flow €-28 million (PY: €357 million) Forecast range for FY 2025/26 €425 – 525 million operating EBT
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Aurubis -150% -50% 50% 150% 250% 350% 450% 550% 650% 750% 850% Sep 23 Dez 23 Mrz 24 Jun 24 Sep 24 Dez 24 Mrz 25 Jun 25 Sep 25 Dez 25 Mrz 26 Jun 26 European spot copper premium Sulfuric acid spot price (FOB NW Europe) European spot refining charges for copper scrap no. 2 TC/RCs for copper concentrates (spot market) Sulfuric acid momentum remains elevated while TC/RCs stay under pressure Analyst Conference Call on August 6, 2026 4 100 % = Sept. 2023 Source: CRU, July 2026 Sulfuric acid availability remains tight, resulting in a rapid price increase amid ongoing Middle East shipping restrictions and the Chinese export ban European spot copper premiums remain at a comparably high level Spot RCs for scrap no. 2 clearly above previous year’s level despite slight decrease in Q3 Spot TC/RCs for copper concentrates continued to move lower, caused by persistently tight supply and strong demand
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Aurubis 50% 100% 150% 200% 250% 300% 350% 400% Sep 23 Dez 23 Mrz 24 Jun 24 Sep 24 Dez 24 Mrz 25 Jun 25 Sep 25 Dez 25 Mrz 26 Jun 26 Gold (US$/oz) Silver (US$/oz) Exchange rate (€/US$) Copper price (settlement) Copper, gold and silver remain historically high, however with some pullback vs. Q2 Analyst Conference Call on August 6, 2026 5 In fiscal year Q3, gold and silver remained at high levels, however with some pullback vs. Q2 Copper price increased on the back of strong demand In Q3 2025/26, the €/US$ exchange rate fluctuated in a narrow range 100 % = Sept. 2023
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Aurubis Analyst Conference Call on August 6, 2026 6 Operating results continue positive trend in Q3 (operating results) Q3 2025/26 Q2 2025/26 Change vs. prior quarter Revenues €m 6,449 6,036 7 % Gross profit €m 505 446 13 % EBITDA €m 219 187 17 % EBIT €m 146 118 24 % EBT €m 149 121 23 % Consolidated net income €m 114 94 22 % Earnings per share € 2.61 2.15 22 % Net cash flow €m -189 169 >-100 % Operating EBT supported by better metal result, reflecting higher copper prices Opportunities of tight sulfuric acid market realized earlier than initially expected Improved recycling RCs amid steep drop of concentrate TC/RCs Negative net cash flow in Q3 reflects temporary inventory build-up to support phased ramp-up of the tankhouse expansion in Pirdop
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Aurubis (operating results) 9M 2025/26 9M 2024/25 Change vs. prior year Revenues €m 17,769 13,781 29 % Gross profit €m 1,377 1,232 12 % EBITDA €m 570 462 23 % EBIT €m 364 293 24 % EBT €m 374 286 31 % Consolidated net income €m 289 215 34 % Earnings per share € 6.62 4.93 34 % Net cash flow €m -28 357 >-100 % Operating ROCE (operating EBIT last 4 quarters) % 9.4 9.1 – Increased profitability lifts ROCE Analyst Conference Call on August 6, 2026 7
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Aurubis Gross margin considerably lifted by higher production volumes as well as rising metal prices Breakdown of the Aurubis Group’s gross margin 9 months 2025/26 YTD (prior-year figures) Analyst Conference Call on August 6, 2026 8 Metal result − Continued strong metals demand supports high price levels and thus metal result uplift − Strategic projects will structurally strengthen metal result generation TC/RCs and RCs − Amid headwinds on the concentrate market, TC/RCs were down vs. the prior year while recycling RCs increased vs. previous year’s levels − Long-term partnerships and a focus on complex materials enable us to secure raw materials at comparably better terms Products & premiums − Higher contribution due to strong demand for copper products and sustained high sulfuric acid offtake − Excellent quality and outstanding sustainability credentials, supported by initiatives to improve service levels and further expedite sampling and assaying, underpin our value proposition * Gross margin = Total of earnings components metal result, treatment charges for concentrate + recycling input, and premiums + products 36 % (36 %) Premiums + products 21 % (27 %) Treatment charges for concentrate + recycling input 43 % (37 %) Metal result ~€1,713 million* (~€1,576 million*)
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Aurubis Slight ROCE increase in Multimetal Recycling segment as higher metal price and recycling charges translate in strong earnings growth Analyst Conference Call on August 6, 2026 9 Operating results 9M 2025/26 9M 2024/25 EBITDA €m 162 97 EBIT €m 94 49 EBT €m 87 36 ROCE1 % 3.8 0.6 Quantities Copper scrap/blister copper kt 265 283 Other recycling materials2 kt 328 336 Cathodes kt 405 386 1 Rolling EBIT last 4 quarters. 2 Prior-year figures adjusted. Breakdown of income components in MMR segment 9 months 2025/26 YTD (prior-year figures) * Gross margin = Total of earnings components metal result, treatment charges for concentrate + recycling input, and products + premiums. 10 % (10 %) Products + premiums 51 % (46 %) Metal result 39 % (44 %) Refining charges for recycling input ~€589 million* (~€502 million*) MMR segment
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Aurubis In Custom Smelting & Products segment, higher metal prices and surging sulfuric acid volumes drive earnings despite declining TC/RCs Analyst Conference Call on August 6, 2026 10 Operating results 9M 2025/26 9M 2024/25 EBITDA €m 461 436 EBIT €m 329 320 EBT €m 355 342 ROCE1 % 15.5 17.6 Quantities Concentrates kt 1,906 1,589 Copper scrap/blister copper2 kt 107 88 Sulfuric acid kt 1,803 1,463 Cathodes kt 451 436 Rod kt 682 655 Shapes kt 126 136 FRP3 and specialty wire kt 69 66 1 Rolling EBIT last 4 quarters. 2 Prior-year figures adjusted. 3 Flat rolled products. * Gross margin = Total of earnings components metal result, treatment charges for concentrate + recycling input, and products + premiums. 50 % (49 %) Products + premiums 38 % (32 %) Metal result 12 % (19 %) Treatment charges for concentrate + recycling input ~€1,124 million* (~€1,074 million*) CSP segment Breakdown of income components in CSP segment 9 months 2025/26 YTD (prior-year figures)
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Aurubis Overview of cost/expense positions 9 months 2025/26 YTD (prior-year figures) * Figures adjusted by energy compensation and hedging transactions. Slight cost increase driven by footprint expansion Analyst Conference Call on August 6, 2026 11 − Total costs increased by €62 million (+4.4 %) with most of the increase caused by €37 million anticipated higher scheduled depreciation for the strategic projects in implementation − €25 million additional costs related to overall cost increases and footprint expansion − Other operating expenses were slightly below the previous year at 22 %, with logistics and administrative costs accounting for the largest share − Energy costs at prior-year level due to effective management − Excluding D&A, total operating expenses amounted to €1,270 million (PY €1,245 million) 11 % (13 %) Consumables 34 % (33 %) Personnel costs 14 % (12 %) Depreciation and amortization 20 % (22 %) Other operating expenses 9 % (10 %) Energy costs 12 % (11 %) External services ~€1,476 million* (~€1,414 million*)
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Aurubis Analyst Conference Call on August 6, 2026 12 Cash flow temporarily impacted by inventory build-up ― reversal expected in Q4 of FY 2025/26 Operating EBITDA at €570 million up by €108 million vs. prior year Net working capital of €525 million temporarily impacted by ramp-up of strategic projects, seasonal effects, and metal prices Net cash flow turned slightly negative due to working capital expansion Cash outflow for investment activities mainly applied to Aurubis Richmond and new Precious Metals Refinery Hamburg On track to deliver full-year net and free cash flow targets -28 -525570 -73 -322 -16 -365 in € million as at 6/30/2026, rounded (prior-year figures in parentheses) Oper. EBITDA Δ Net working capital Δ Tax Net cash flow Cash outflow for investment activities Interest paid Free cash flow (pre- dividend) (462) (-32) (-74) (357) (-553) (-15) (-211)
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Aurubis KPIs (operating) 9M 2025/26 9M 2024/25 Target Equity ratio (equity/total assets) % 48.8 56.1 > 40.0 Debt coverage1 1.0 0.6 < 3.0 Additional KPIs (operating, at balance sheet date) Equity €m 3,966 3,701 Net financial position €m -686 -337 Capital expenditure (first 9 months) €m 373 565 Capital employed €m 4,781 4,152 Total assets €m 8,123 6,596 1 Net financial liabilities/rolling EBITDA last 4 quarters. Impact of higher working capital temporarily affects balance sheet KPIs Analyst Conference Call on August 6, 2026 13
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Aurubis Overall outlook for remainder of FY 2025/26 remains supportive Analyst Conference Call on August 6, 2026 14 Raw material supply Concentrate TC/RCs Recycling RCs EUR/USD exchange rate Sulfuric acid Metal prices Products
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Aurubis Guidance ranges for FY 2025/26 confirmed, operating EBT expected to come in around the upper end of the guidance Our guidance ranges 15 Operating EBITDA between € 700–800 million 1 Pre-dividend Analyst Conference Call on August 6, 2026 EBT Free cash flow Net cash flow ROCE EBITDA Operating EBT between €425–525 million (CSP: €370–430 million; MMR: €115–175 million) Net cash flow above prior- year level Operating ROCE between 10–12 % (CSP: 15–17 %; MMR: 8–10 %) Free cash flow1 break-even at a minimum FY 2025/26 Aurubis 15
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Aurubis Ramp-up of Complex Recycling Hamburg marks a milestone in strengthening our unique smelter network Analyst Conference Call on August 6, 2026 16 Successful brownfield expansion Internalization of value: First process to treat intermediates bearing copper, lead and sulfur in one step at scale Ramp-up is progressing, with first volumes successfully produced in May Official inauguration ceremony in July Internal ramp-up targets for the first 3 months exceeded Final feed mix already reached, including first treatments of external volumes Throughput volumes will be scaled up gradually as the ramp-up continues Gross margin contribution via TC/RCs as well as metal result Aurubis
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Aurubis Ramp-up of Aurubis Richmond progressing with an adjusted timeline Analyst Conference Call on August 6, 2026 17 Aurubis Richmond, key strategic pillar of Aurubis’ growth strategy, advancing technically and commercially Commissioning overlap of phases leads to longer ramp- up of key equipment: As of today, ramp-up for phase 1 to be completed in FY 26/27 and for phase 2 in FY 27/28 In the dynamic recycling market, raw material qualities and volumes have shifted from the original plan Overall, medium-term earnings profile shifted out by one year, Aurubis actively managing technical and commercial complexities Positive metal price effects and improved commercial terms support earnings outlook — forecast also reflects updated ramp-up as well as feed mix variation For FY 2025/26, similar EBITDA contribution as in the previous year is included in the full-year guidance After full technical and commercial ramp-up, medium- term annual EBITDA effect expected in triple-digit- million-euro region, still more moderate than initial target Aurubis
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Aurubis Pirdop ready to increase cathode capacity by 120,000 t Analyst Conference Call on August 6, 2026 18 Brownfield project to resolve bottleneck in copper refining Building construction & civil infrastructure support has been completed and installation of the main equipment units successfully finalized Process of gradual commissioning is ongoing Necessary build-up of anodes for pre-production and first production phase Gross margin contribution via higher premiums and products plus additional reduction of logistics costs Aurubis
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Aurubis Aurubis raises its full-year expectation to the upper end of the forecast range 1919 EBT of €374 million was 31 % above the prior year and in line with market expectations In Q3, main drivers were an improved metal result, increased revenues from processing of recycling raw materials, sulfuric acid, and products Cash flow temporarily impacted by inventory build up — reversal expected by FY end; guidance to achieve free cash flow (pre-dividend) break-even at a minimum confirmed Group operating ROCE increased due to the strong earnings performance, dampened by the temporary inventory build-up Further progress in execution of strategic capex program: CRH inauguration took place in July, Pirdop tankhouse expansion underway, Richmond ramp-up and earnings profile reflecting overall extended timeline Outlook for fiscal year 2025/26: − Higher metal prices, better than anticipated revenues from recycling materials, and increased contribution from copper products and acid business expected to compensate for challenging concentrate markets − Aurubis guidance: Operating EBT expected to come in around the upper end of the forecast range of €425–525 million Analyst Conference Call on August 6, 2026 19
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Interim Report First 9 Months 2025/26 Conference Call on August 6, 2026
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Aurubis VP Investor Relations +49 40 7883-3178 k.nagayama@aurubis.com Head of Investor Relations +49 40 7883-2379 e.brinkmann@aurubis.com Your IR contacts Ken Nagayama Elke Brinkmann Specialist Investor Relations + 49 152 2366 0716 t.rennemeier@aurubis.com Torben Rennemeier Analyst Conference Call on August 6, 2026 21 Annual Report 2025/26 December 2, 2026 Q1 Report 2026/27 February 4, 2027 Annual General Meeting February 11, 2027 H1 Interim Report 2026/27 May 5, 2027 Q3 Report 2026/27 August 4, 2027 Annual Report 2026/27 December 2, 2027 Financial calendar Our newsroom Homepage www.aurubis.com
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Aurubis Scheduled comprehensive maintenance in the next 3 years Analyst Conference Call on August 6, 2026 22 EBT effect from scheduled comprehensive maintenance (in € million) Status: August 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/June 2028 ~26 KRS Lünen May/June 2026 ~10 May/June 2027 ~10 May/June 2028 ~10 Anode furnace Lünen Nov/Dec 2025 ~7 Nov/Dec 2026 ~7 Nov/Dec 2027 ~7
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Aurubis Metallurgical know-how, state-of-the-art plant facilities, and extraordinarily high environmental standards for the sector make Aurubis an attractive partner for raw material suppliers Based in Hamburg, Aurubis AG develops its leading market position with a responsible approach to the environment, people and resources The Group is active in more than 20 countries and has production sites concentrated in Europe and North America The company, which was founded in 1866 as Norddeutsche Affinerie AG, is listed in the MDAX and produces more than 1 million t of copper cathodes and various copper products from them with around 7,200 employees worldwide The company’s main expertise is in optimally processing concentrates and recycling raw materials with complex qualities Aurubis is one of the world’s leading producers of cathodes, rod and flat rolled copper products Aurubis at a glance Analyst Conference Call on August 6, 2026 23