Aurubis : Magazine for the Group Annual Report

Our	Magazine 2022/23
refined
network

Interview with the Executive Board

Diversity is strength The advantages of our smelter network

Key figures

Aurubis at a glance

Diversity is strength - this idea has shaped us for many years. By networking our smelters, we have created advantages that clearly set us apart from the competition. Our sustainably produced metals are essential to all technologies of the future. We continue to advance and optimize our smelters to meet the growing global demand for metals. This allows us to process complex metals even more efficiently, use intermediate products, and close internal material loops. The result: higher scaling effects and more metals.

Our expertise is the foundation of our progress. Every smelter is different, and each one generates value. Only by working together, though, can we fully realize our unique strength. Our refined network.

We hope you enjoy this magazine.

Our networked smelters

Contents



Interview with the Executive Board	2
Our smelter network - an overview	8
Maximum metal extraction	10
Strength lies in diversity	12
Expertise	16
New solutions, new markets	18
Optimization	24
Better, more sustainable, more efficient. Our focus: optimization	26
More metals	32
More metals for a sustainable world	34
Scalability	40
"Our successes are scalable!"	42
Aurubis at a glance	46

The fiscal year in 150 seconds

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To enhance readability, this magazine accompanying the Annual Report	For more exciting information online, please visit:
is written from the perspective of the Aurubis Group.	annualreport2022-23.aurubis.com

Aurubis  Magazine 2022/23  |  Our refined network

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Our networked smelters

Aurubis is broadly positioned: We process metal concentrates, scrap metals, and metal-bearing recyclable raw materials into metals of the highest purity, which we turn into a variety of metal products. This unique model is based on our global network of sites with all their different strengths. Our six smelter sites - our metallurgical heart - play a central role. And every one of our smelters has a unique profile.

Primary sites

Our primary smelters in Hamburg (Germany) and Pirdop (Bulgaria) process copper concentrates extracted from ores into copper cathodes. We also use copper scrap with a high copper content in process management. Recycling materials containing precious metals are also processed at our Hamburg site, making it both a primary and a secondary site.

Secondary sites

In our secondary smelters in Lünen (Germany), Olen and Beerse (both in Belgium), and Berango (Spain), we process a wide range of metal-bearing organic and inorganic recycling raw materials, industrial residues, and purchased metallurgical intermediate products. Aurubis Richmond at our US site in Augusta, Georgia (US), will be the first secondary smelter specializing in multimetal recycling in the US.

  Primary site

  Secondary site

Primary and secondary site

Richmond County

Georgia, US

Group figures 2022/23

Operating earnings before taxes (EBT)

• 349million

Concentrate throughput

2.3million t

Beerse	Hamburg
Germany
Belgium
Lünen
Olen	Germany
Belgium	Pirdop
	Bulgaria
Berango
Spain

Operating return on capital employed (ROCE)	Employees
11.3%	7,230

Recycling material input	Cathode output
1.1million t	1.1million t

Our networked smelters

Our smelter network is our strength

2

Left to right: Heiko Arnold, COO, Roland Harings, CEO, Inge Hofkens, COO, Rainer Verhoeven, CFO

Interview with the Executive Board

Every crisis is also an opportunity: Aurubis is facing significant challenges in occupational safety and plant security. We're staying the course, though, with our strategic investments in our core business and the growth markets of the future. Aurubis is a powerful company with products that are shaping the future, a solid financial footing, and a global smelter network that is unique, sustainable and efficient. In an interview, CEO Roland Harings, CFO Rainer Verhoeven, COO Multimetal Recycling Inge Hofkens, and COO Custom Smelting & Products Heiko Arnold look back on the eventful past fiscal year, and provide an outlook for the future.

Roland, after Covid-19, the severe flooding in Stolberg, the energy crisis, and the cyberattack of the past year, Aurubis faced serious industrial accidents and criminal activities in 2023. How do you steer a company through such turbulent times?

roland harings With confidence and a steady

hand. We're facing significant challenges in occupational safety and plant security, and we're tackling them head on. The company is staying the course despite these incidents, and consistently realizing our ambitious growth strategy. We're strengthening our position as

a sustainable smelter network, laying the groundwork for more growth in recycling, and driving the decarbonization of our company decisively forward. At

• 1.7 billion, our investment plan is the largest Aurubis has seen in a long time. We are making good progress with project implementation. This communicates strength and confidence, especially in these turbulent times - and especially to the workforce.

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What are the next steps in plant security? roland harings We'll be focusing on the legal and forensic investigations into the criminal activities until the end of the year. Beyond that, though, we're also driving lasting improvements in our process and plant security. We'll be rolling out a revamped security concept Group-widein 2024, which will permanently raise the level of security throughout the Group. Every crisis is also an opportunity. And we're taking advantage of it!

What role does occupational safety play in the company?

roland harings We have always placed the highest priority on safety in the workplace. And the central importance of occupational safety has only become more apparent in recent months. Building on the work invested in and findings from the immediate measures taken in Hamburg right after the accidents, we started an in-depth,multi-step analysis at the plant and Group levels with external support. Our aim is to systematically tap our improvement potential and develop a long-term strategy and vision for occupational safety going forward. Safety is a promise throughout the Group - which is why we're assessing and enhancing occupational safety levels at all sites. We're cultivating a safety culture that includes occupational safety and plant security in equal measure.

"As a company, we're staying the course and consistently realizing our ambitious growth strategy."

Roland Harings, CEO

What do you think the future holds?

roland harings I'm optimistic about the future. We're a global supplier of metals that are essential for the transition to a more sustainable global economy. We have very good future prospects because we continue to strengthen our business model through organic growth projects and steadily expand our unique smelter network by adding processes and increasing processing capabilities, increasing our productivity, and raising efficiency. At the same time, we're driving the digitalization of our production forward, getting our plants ready for new fuels, and pursuing our goal of sustainable, carbon-neutral production by 2050.

Rainer, how do you view the fiscal year results and the negative impact of the criminal activities? rainer verhoeven The criminal activities directed against Aurubis resulted in a high shortfall in metals, which significantly hampered the past 2022/23 fiscal year result. At € 349 million, operating earnings before taxes were at the upper end of the adjusted forecast of

• 310 to 350 million. So we were again able to close the fiscal year with a satisfactory annual result despite the significant financial impact of the criminal activities.

What contribution are the growth projects making, and what requirements do they need to fulfill to fit into the financing strategy? rainer verhoeven Cumulative EBITDA from the growth projects is projected to surpass investment volume by 2030. We're leveraging the potential of all sites with targeted investments in our processes and facilities for profitable growth. The parameters

4	Our refined network|  Aurubis  Magazine 2022/23

Interview with the Executive Board

are clearly defined: The investment projects have to make a significant and sustainable contribution to the strategic targets and improve our processing ability and capacities, while creating valuable synergies with our existing processes. The value added by each individual growth investment has to positively impact our most important Group KPI, operating return on capital employed (ROCE), and simultaneously comply with our sustainability targets. Our solid financial position and a good earnings situation coupled with strong cash flow create a robust foundation for funding our attractive growth projects. This is primarily taking place from our own resources and existing credit lines, some of which we have linked to our sustainability performance through the EcoVadis rating agency. We further improved our EcoVadis CSR ranking (corporate social responsibility) this year and number among the top 1 % of companies in the non-ferrous metals industry worldwide when it comes to responsible corporate governance.

How do you ensure that the strategic projects are realized with discipline and consistency? rainer verhoeven We have set clear financial criteria and adopted a transparent, vibrant governance structure and proactive risk management. From the initial idea through to completion, we continuously develop and monitor our projects based on defined parameters and decision-makingcriteria.

How do you meet the expectations of shareholders and investors?

rainer verhoeven Our share price went through significant fluctuations due to the criminal activities directed against Aurubis and geopolitical factors as well. But we're confident that our investment in the future will pay off in the long run. By the end of the 2025/26 fiscal year, Aurubis will have invested around € 1.7 billion in strategic investment projects. These will start delivering positive earnings contributions by fiscal year 2024/25. We intend to continue financing the present, and any future projects, from current cash flow. Back

in December 2022, we announced that the accelerated

growth trajectory would be supported by a more flexible dividend payout in the future. And that shareholders would continue to participate accordingly in company profits. Which is why we will be recommending a dividend of € 1.40 for the 2022/23 fiscal year at the Annual General Meeting. This shows that we're striving for a balanced capital allocation that enables self- financed growth and an appropriate dividend, thus creating value over the long term - for our shareholders and investors, too.

"A robust balance sheet, a good earnings situation, and strong cash flow create the foundation for our strategic growth."

Rainer Verhoeven, CFO

Aurubis  Magazine 2022/23  |  Our refined network

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Interview with the Executive Board      

Inge, what impact will the new plant being built in the US state of Georgia have on Aurubis?

inge hofkens The plant has far-reaching implications

• both inside the company and for the outside world, as a visit from First Lady Dr. Jill Biden clearly showed. We're holding fast to our growth strategy and showing that we can successfully realize a major project like Aurubis Richmond. The plant and the team are growing rapidly. We now have 100 employees on-site who are very excited and enthusiastic about helping shape our vision. We'll be pioneers in the country for the recycling of reusable materials and recovering valuable metals like copper, nickel and tin.

Where does Aurubis Richmond stand in fall 2023? inge hofkens The project is progressing well. The US market is growing very quickly and holds a lot of excellent opportunities for us. So the decision to move up the original start date for the second module was absolutely right, as was mapping out the value chain from blister copper to wire rod now. We're in the US to stay - and to grow there, too.

What kind of growth expertise does Aurubis have? inge hofkens We not only have the right strategy; we also have the know-howfrom well-educated,talented experts. Aurubis is achieving profitable growth in areas the company has been active in for over 150 years. We'll use the knowledge from the newer Group sites to continue to advance them, whether in concentrate processing, recycling or product business. We're continually optimizing our material flows in our smelter network so we can extract more marketable metals and transform all input materials into valuable products. We're reducing waste streams, taking a zero-wasteapproach, and have already established ourselves as a cornerstone of the European circular economy.

How is Aurubis' pioneering role in sustainability being measured?

inge hofkens We're an industry leader in sustainability, as our KPIs clearly show: Our production has lower carbon footprints than the industry average. The Copper Mark certifications of our production sites confirm that we produce sustainably, enabled by our processes. Following the plants in Pirdop, Hamburg and Lünen

in 2023, Aurubis Olen became the fourth site in the smelter network to be awarded the quality seal. Aurubis Stolberg and Aurubis Beerse are currently in the process of certification. The great interest the US market has shown in Aurubis is another indication of how attractive we are with our sustainable approach.

"We're reducing waste streams, taking a zero-waste approach, and establishing our role as a cornerstone of Europe's circular economy."

Inge Hofkens, COO

6	Our refined network|  Aurubis  Magazine 2022/23