Aurubis (NDA) Investor presentation summary

Financial performance and outlook

• Operating EBT for the first 9 months of 2023/24 reached €333 million, up from €257 million in the prior year, with a forecasted full-year range of €380–480 million.

• Operating ROCE stands at 11.1%, with a full-year target range of 10–14%.

• Net cash flow improved to €52 million despite increased working capital from major shutdowns.

• Gross margin increased year-over-year, driven by higher metal results and premiums, despite lower sulfuric acid revenues.

• Dividend for FY 2022/23 was €1.40 per share, with a 2.0% yield, reflecting ongoing investment needs.

Strategic investments and growth projects

• Strategic capex of ~€1.7 billion approved, with key projects in core business, growth, and sustainability, aiming for an EBITDA impact of ~€260 million p.a. within 3–5 years.

• Major projects include Aurubis Richmond in the US, Hamburg site upgrades, and Pirdop site expansions, with significant investments in industrial heat and renewable energy.

• Aurubis Richmond will double US recycling capacity, targeting €170 million EBITDA by 2026/27 and creating 200 new jobs.

• Hamburg's €235 million investment includes maintenance, H2-ready anode furnaces, and industrial heat expansion.

• Pirdop site receives €400 million for tankhouse expansion, PV modules, and efficiency upgrades.

Operational performance and production

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

• Recycled content in key products: copper cathode (44%), silver (56%), gold (26%), rod (33%), and tin (24%).

• Multimetal Recycling segment reported EBT of €109 million, while Custom Smelting & Products segment achieved €317 million EBT in 9M 2023/24.

• Scheduled shutdowns in Hamburg and Pirdop impact EBT but are expected to improve long-term efficiency.