Aurubis (NDA) Investor presentation summary

Financial performance and outlook

• Operating EBT for the first 6 months of 2023/24 reached €243 million, with a net cash flow of €5 million and an operating ROCE of 10.0%.

• Confirmed forecast for FY 2023/24: operating EBT between €380–480 million and ROCE between 10–14%.

• Gross margin YTD is €1,105 million, with 32% from treatment charges, 32% from metal result, and 36% from premiums and products.

• Energy costs decreased significantly, mainly due to active management, hedging, and lower commodity prices.

• Dividend for FY 2022/23 was €1.40 per share, with a yield of 2.0%.

Strategic investments and growth initiatives

• Strategic capex of ~€1.7 billion approved, with key projects in core business, growth options, and sustainability.

• Aurubis Richmond in the US is a major growth project, with €740 million investment and expected EBITDA of €170 million p.a. by 2026/27.

• Hamburg site investments include €235 million for maintenance and upgrades, and €190 million for the Complex Recycling Hamburg (CRH) project.

• Pirdop site in Bulgaria sees €400 million in capex, including tankhouse expansion and solar park projects.

• Battery recycling pilot in Hamburg leverages innovative processes for black mass recovery.

Operational performance and segment results

• Lower concentrate throughput due to shutdown, but strong demand for wire rod and increased recycling input.

• Multimetal Recycling segment: EBIT of €72 million, EBT of €75 million, and ROCE of 10.3% for 6M 2023/24.

• Custom Smelting & Products segment: EBIT of €234 million, EBT of €235 million, and ROCE of 14.2% for 6M 2023/24.

• Scheduled shutdowns in Hamburg and other sites will impact EBT in the coming years.