KME Group (KME) investor relations material

Executive summary

• H1 operating performance weakened: copper EBITDA fell year over year and the IFRS net loss widened, while managed net profit reached €91.4m, mainly on Cunova transaction gains.

• Revenue rose to €1,086.9m from €1,012.4m, but revenue net of raw materials fell to €269.6m from €297.1m.

• CULTI Milano was sold on 23 April for €45.8m, including €7.5m invested in Berger preferred equity; the sale generated a €6.9m consolidated gain.

• Cunova transaction agreements closed on 10 July, after the reporting date; the transaction was not recorded in H1 IFRS accounts.

• A Frankfurt IPO process for the combined Cunova entity is underway, with a potential listing in early November 2026.

Financial highlights

• IFRS revenue was €1,086.9m vs €1,012.4m in H1 2025; operating income was €20.3m vs a €3.3m loss, and net loss was €34.7m vs €31.1m.

• IFRS net loss attributable to parent shareholders was €31.0m vs €28.9m; basic and diluted EPS were both -€0.1341 vs -€0.1249.

• Managed EBITDA was €32.4m vs €50.8m; EBIT was €7.6m vs €27.9m, and managed net profit was €91.4m vs a €31.6m loss.

• Managed non-recurring net income of €132.9m included €155.1m from Cunova valuations and €6.9m from the CULTI sale, partly offset by €42.4m of hedge-accounting adjustments and restructuring costs.

Outlook and guidance

• Copper-sector prospects depend on demand in KME SE’s end markets and broader macroeconomic conditions; potential non-core asset sales could reduce debt if completed.

• The Frankfurt IPO process for the combined Cunova entity is supported by two financial institutions; approvals were expected by end-October, with a potential listing in early November 2026.

• The combined entity is assessing strategic options including international JVs, M&A and public listing to support growth.