Aurubis : Analyst conference call presentation Interim Report First 6 Months 2023/24

Interim Report

First 6 Months 2023/24

Conference Call on May 8, 2024

Executive summary of first 6 months 2023/24

Operating EBT 6M 2023/24 of

€ 243 million

(PY: € 239 million 1)

Net cash flow

€ 5 million

(PY: € 19 million)

Operating ROCE

10.0 %

(PY: 14.1 %)

Confirmed forecast

range for FY 2023/24

€ 380-480 million

op. EBT

Aurubis' positive development continued in the second quarter 2023/24

Operating EBT positively influenced by increased TC/RCs for concentrates, a higher metal result, a significant rise in the Aurubis copper premium coupled with ongoing high demand for wire rod and lower energy costs, counteracted by decreased sulfuric acid revenues, lower income from refining charges, and higher costs.

Prior-yearfigures restated due to the financial impact of the criminal activities

Strong operating performance at our smelter in Hamburg

ROCE (rolling EBIT last four quarters) reduced because of the negative closing quarter of the previous year and ongoing investment activity

Net cash flow low due to high payments for the build-up of inventories in preparation for the shutdown in Hamburg

We are confirming our forecast of € 380-480 million operating EBT for 2023/24

Aurubis Analyst Conference Call on May 8, 2024

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Aurubis with positive results development after 6 months of FY 2023/24

		6M	6M	Change vs.
(operating)		2023/24	2022/23	prior year
Revenues	€m	8,249	8,784	-6 %
Gross profit	€m	876	787	11 %
EBITDA	€m	338	331	2 %
EBIT	€m	240	234	3 %
EBT	€m	243	239	2 %
Consolidated net income	€m	195	189	3 %
Operating ROCE	(%)	10.0	14.1	-
(operating EBIT last 4 quarters)

Prior-year figures restated.

Aurubis Analyst Conference Call on May 8, 2024

Market conditions in first HY 2023/24

Trend in significant market prices and refining charges

100 % = Sept. 2020

600%

Sulfuric acid price

500%

(spot CFR Brazil)

Copper price (settlement)

400%

Exchange rate (US$/€)

300%

European refining charges

200%

for copper scrap no. 2

Copper premium

100%

TC/RCs for copper

concentrates (contract)

0%

Sep 20

Dez 20

Mrz 21

Jun 21

Sep 21

Dez 21

Mrz 22

Jun 22

Sep 22

Dez 22

Mrz 23

Jun 23

Sep 23

Dez 23

Mrz 24

Aurubis Analyst Conference Call on May 8, 2024

4

Gross margin for the Group in 2023/24

Breakdown of income components in the Aurubis Group 6M 2023/24 YTD (YTD prior-year figures)

32 % (32 %)
Treatment charges	32 % (31 %)
for concentrate +
recycling input	Metal result

• € 1,105 million* (~ € 1,069 million*)

36 % (37 %) Premiums + products

Prior-yearfigures restated.

* Gross margin = Total of earnings components metal result, treatment and refining charges for concentrate + recycling input, and premiums + products

Aurubis Analyst Conference Call on May 8, 2024

Overview of Group costs - further decrease in energy costs

Overview of cost/expense positions

6M 2023/24 YTD (YTD prior-year figures)

10 % (10 %) Depreciation and amortization

11 % (13 %) Consumables

12 % (13 %) External services

11 % (15 %) Energy costs

33 % (31 %) Personnel costs

• € 971 million* (~ € 928 million*)

22 % (18 %) Other operating expenses

Prior-year figures restated.

* Figures adjusted by energy compensations and hedging transactions

Aurubis Analyst Conference Call on May 8, 2024

Significantly lower energy costs in the first HY

Breakdown of energy costs 6M 2023/24 (YTD prior-year figures)

66 % (59 %) Electricity

incl. oxygen27 % (36 %) Natural gas

~€ 109 million*
(~€ 135 million*)	5 % (4 %)
		Liquid fuels
		2 % (1 %)
		Other energy

• Figures adjusted by energy compensations and hedging transactions Aurubis Analyst Conference Call on May 8, 2024

Key influencing factors for reduction of energy costs in 6M 2023/24:

• Active energy management/hedging transactions
• Indirect CO2 compensation (annual payment)
• Lower commodity prices for electricity and natural gas

7

Aurubis' financial position enables strategy

		6M	6M
		2023/24	2022/23
ROCE1	%	10.0	14.13
Equity ratio	%	54.2	56.6
(equity / total assets)
Debt coverage2		0.2	-0.2
Additional KPIs		6M	6M
	2023/24	2022/23
Capital expenditure	€m	317	179
Capital employed	€m	3,683	3,176
(balance sheet date)
Net cash flow	€m	5	19

1. Rolling EBIT last 4 quarters.
2. Net financial liabilities/rolling EBITDA last 4 quarters.
3. Prior-yearfigures restated.

Aurubis Analyst Conference Call on May 8, 2024

Multimetal Recycling segment

		6M	6M
Operating results		2023/24	2022/23
EBIT	€m	72	102
EBT	€m	75	103
ROCE1	%	10.3	15.5
Quantities
Copper scrap / blister copper	mt	144	173
Other recycling materials	mt	267	268
Cathodes	mt	253	263

1 Rolling EBIT last 4 quarters.

Aurubis Analyst Conference Call on May 8, 2024

Breakdown of income components in MMR segment 6M 2023/24 YTD (YTD prior-year figures)

46 % (49 %)		45% (44 %)
Refining charges
for recycling input		Metal result

~€ 318 million* (~€ 328 million*)

9 % (7 %) Premiums + products

• Gross margin = Total of earnings components metal result, refining charges for recycling input, and premiums + products

9

Custom Smelting & Products segment

		6M	6M
Operating results		2023/24	2022/23
EBIT	€m	234	168
EBT	€m	235	171
ROCE1	%	14.2	17.2
Quantities
Concentrates	mt	1,291	1,262
Copper scrap / blister copper	mt	105	101
Sulfuric acid	mt	1,191	1,183
Cathodes	mt	304	305
Rod	mt	446	445
Shapes	mt	84	95
Flat rolled products and	mt	62	67
specialty wire

1 Rolling EBIT last 4 quarters. Prior-year figures restated.

Aurubis Analyst Conference Call on May 8, 2024

Breakdown of income components in CSP segment 6M 2023/24 YTD (YTD prior-year figures)

27 % (25 %)
Treatment charges	27 % (25 %)
for concentrate +
recycling input		Metal result

~€ 363 million* (~€ 381 million*)

46 % (49 %) Premiums + products

• Gross margin = Total of earnings components metal result, treatment and refining charges for concentrate + recycling input, and premiums + products

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