Aurubis : Quarterly Report First 9 Months 2021/22

Metals for Progress:

Driving

Sustainable

Growth

Quarterly Report

FIRST 9 MONTHS 2021/22

 October 1, 2021 to June 30, 2022

Aurubis Group at a Glance

Key Aurubis Group figures			Q3			9M
	2021/22			2021/22
Operating		2020/21	Change	2020/21	Change
Revenues	€m	5,015	4,661	8 %	14,277	12,180	17 %
Gross margin1	€m	541	508	6 %	1,677	1,458	15 %
Gross profit	€m	395	342	15 %	1,266	1,057	20 %
EBITDA	€m	154	135	14 %	594	415	43 %
EBIT	€m	107	87	23 %	453	275	65 %
EBT2	€m	103	83	24 %	448	268	67 %
Consolidated net income	€m	79	63	25 %	347	205	69 %
Earnings per share	€	1.79	1.45	23 %	7.93	4.70	69 %
Net cash flow	€m	-45	206	< -100 %	5	332	-99 %
Capital expenditure	€m	105	51	> 100 %	225	137	64 %
Net financial position (reporting date)	€m	-	-	-	165	17	> 100 %
ROCE2	%	-	-	-	18.6	13.5	-
Multimetal Recycling segment
Revenues	€m	1,588	1,399	14 %	4,559	3,813	20 %
Gross margin1	€m	156	187	-17 %	523	490	7 %
EBIT	€m	26	85	-69 %	175	184	-5 %
EBT	€m	26	82	-68 %	174	180	- 3 %
ROCE	%	-	-	-	36.6	30.8	-
Capital employed	€m	-	-	-	732	735	0 %
Custom Smelting & Products segment
Revenues	€m	4,935	4,618	7 %	14,227	12,270	16 %
Gross margin1	€m	386	322	20 %	1,155	969	19 %
EBIT	€m	99	16	>100 %	327	136	> 100 %
EBT	€m	94	15	> 100 %	323	134	> 100 %
ROCE	%	-	-	-	14.7	10.1	-
Capital employed	€m	-	-	-	2,281	1,945	17 %

1. Gross margin = Total of the earnings components metal result, treatment and refining charges, and premiums and products.
2. Corporate control parameters.

Key Aurubis Group figures			Q3			9M
	2021/22			2021/22
IFRS		2020/21	Change	2020/21	Change
Revenues	€m	5,015	4,661	8 %	14,277	12,180	17 %
Gross profit	€m	398	473	-16 %	1,601	1,415	13 %
EBITDA	€m	157	266	-41 %	929	773	20 %
EBIT	€m	110	218	-49 %	788	632	25 %
EBT	€m	107	216	-50 %	793	631	26 %
Consolidated net income	€m	78	165	-53 %	589	485	21 %
Earnings per share	€	1.79	3.79	-53 %	13.47	11.09	22 %
Number of employees (average)		7,185	7,153	0 %	7,163	7,172	0 %

This report may include slight deviations in disclosed totals due to rounding.

Aurubis · Quarterly Report First 9 Months 2021/22

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			Q3			9M
Aurubis Group production figures		2021/22	2020/21	Change	2021/22	2020/21	Change
Multimetal Recycling segment
Copper scrap/blister copper input	1,000 t	89	96	-7 %	245	258	-5 %
Other recycling materials	1,000 t	115	121	-5 %	366	360	2 %
Cathode output	1,000 t	127	129	-2 %	385	377	2 %
Beerse	1,000 t	6	6	0 %	18	19	- 5 %
Lünen	1,000 t	38	38	0 %	113	110	3 %
Olen	1,000 t	82	85	-4 %	254	248	2 %
Custom Smelting & Products segment
Concentrate throughput	1,000 t	467	591	-21 %	1,780	1,816	-2 %
Hamburg	1,000 t	108	249	-57 %	700	814	-14 %
Pirdop	1,000 t	359	342	5 %	1,080	1,002	8 %
Copper scrap/blister copper input	1,000 t	65	62	5 %	166	169	-2 %
Other recycling materials	1,000 t	3	9	-67 %	23	33	-30 %
Sulfuric acid output	1,000 t	455	568	-20 %	1,693	1,706	-1 %
Hamburg	1,000 t	95	233	-59 %	602	696	-14 %
Pirdop	1,000 t	360	335	7 %	1,091	1,010	8 %
Cathode output	1,000 t	154	154	0 %	455	460	-1 %
Hamburg	1,000 t	97	97	0 %	287	290	-1 %
Pirdop	1,000 t	57	57	0 %	168	170	-1 %
Wire rod output	1,000 t	239	228	5 %	675	658	3 %
Shapes output	1,000 t	60	55	9 %	170	142	20 %
Flat rolled products and specialty wire		48			136
output	1,000 t	51	-6 %	149	-9 %
			Q3			9M
Aurubis Group sales volumes		2021/22	2020/21	Change	2021/22	2020/21	Change
Gold	t	12	14	-14 %	36	40	-10 %
Silver	t	219	224	-2 %	705	696	1 %
Lead	t	11,952	11,255	6 %	33,192	29,957	11 %
Nickel	t	937	1,015	-8 %	3,012	2,971	1 %
Tin	t	2,449	2,265	8 %	7,110	7,705	-8 %
Zinc1	t	3,333	4,368	-24 %	10,328	13,774	-25 %
Base metals	t	206	252	-18 %	688	803	-14 %
Platinum group metals (PGMs)	kg	2,445	1,762	39 %	7,571	7,119	6 %
1 Prior-year figures have been adjusted.

Aurubis · Quarterly Report First 9 Months 2021/22

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"Our strong result for the first nine months is testimony to our ability to operate successfully and, with our robust position, to supply our customers with metals for renewable energies, electric vehicles, and digitalization, despite the challenging geopolitical situation and the associated marked rise in energy prices. We currently have a sufficient supply of energy at all of our sites, allowing us to produce without any restrictions.

We are confirming the forecast range for operating EBT in the fiscal year as a whole of € 500 to 600 million."

ROLAND HARINGS, Chief Executive Officer

CONTENTS

2 At a Glance

1. Economic Development First 9 Months 2021/22

1. Selected Financial Information

1. Glossary
2. Dates and Contacts

Aurubis · Quarterly Report First 9 Months 2021/22

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Economic Development

First 9 Months 2021/22

The Aurubis Group increased its operating earnings before taxes (EBT) considerably to € 448 million in the first nine months of fiscal year 2021/22 (previous year: € 268 million). High metal prices coupled with improved metal gain Glossary, page 23 and very high demand for copper products and sulfuric acid more than compensated for higher energy costs and the pressure on earnings resulting from the maintenance shutdown at our Hamburg site. The operating return on capital employed (ROCE) came to 18.6 % (previous year: 13.5%). We are confirming the forecast range for operating EBT in fiscal year 2021/22 of € 500-600 million. IFRS earnings before taxes (EBT) amounted to € 793 million (previous year: € 631 million).

The Aurubis Group generated revenues of € 14,277 million in the first nine months of fiscal year 2021/22 (previous year:

• 12,180 million). This positive development was primarily due to substantially increased copper prices compared to the same period of the previous year. Stronger demand for copper products, among other factors, had an impact as well.

The gross margin includes the main components of the Aurubis Group's earnings, i.e. the metal result Glossary, page 23, treatment and refining charges Glossary, page 23, and premiums and products. Graphic

Proportion of main earnings components in the Aurubis Group

as at June 30 YTD 2021/22 (YTD prior-year figures)

27 % (34 %)
Refining charges
for concentrates +	39 % (36 %)
recycling materials
~ € 1,677 million*	Metal result
(~ € 1,458 million*)
34 % (30 %)
Premiums and products

• Gross margin = Total of the earnings components metal result, treatment and refining charges, and premiums and products.

Operating earnings before taxes (EBT) - as one of our corporate control parameters - was € 448 million (previous year: € 268 million) and, compared to the first nine months of the previous year, was positively influenced by

• A substantially higher metal result with increased metal prices, especially for industrial metals (copper, tin, nickel),
• significantly higher sulfuric acid revenues due to a significant increase in sales prices,
• substantially higher demand for copper products,

• a still very good operating performance at our Pirdop site, with increased concentrate throughputs, and
• higher refining charges for other recycling materials

Glossary, page 23.

An opposite effect was caused by

• The extension of the planned maintenance shutdown at our site in Hamburg,
• Significantly lower refining charges for copper scrap,
• Significantly higher energy costs, particularly for electricity and gas.

Aurubis · Quarterly Report First 9 Months 2021/22

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