Aurubis AG

Annual Report • Jan 18, 2023

Empowering Tomorrow

Executive Board

interview

Metals/Innovations

How we help shape the future

Our key figures in overview

Contents

• Editorial
• Interview with the Executive Board

Metals for Progress: Driving Sustainable Growth

• Aurubis Strategie Strategy update
• Empowering Energy
• Empowering Recycling
• Empowering Innovations
• Empowering Employees
• Empowering Sustainability
• Aurubis at a glance

The fiscal year in 120 seconds: aurubis.cdn.picturepark.com/v/f0xGokpQ/

Empowering Tomorrow

The green energy transition, the mobility shift, limited resources. As a society, we are facing huge challenges. And metals are always at the core. The world needs them – with rapidly rising demand. They are the key to solving many pressing problems.

We responsibly transform raw materials into metals – for an innovative and sustainable world. For over 150 years now. Today, we are working on technologies that will allow us to produce metals much more sustainably in future. Our metals are the foundation for an innovative, climate-friendly world. Our metals enable us to shape the future – Empowering Tomorrow.

We wish you a pleasant read!

You can find additional, exciting information online at: annualreport2021-22.aurubis.com

From left to right: Heiko Arnold (COO), Roland Harings (CEO), Inge Hofkens (COO), Rainer Verhoeven (CFO)

Empowering Tomorrow. Executive Board Chairman Roland Harings, Chief Financial Officer Rainer Verhoeven, Chief Operations Officer Heiko Arnold, and Inge Hofkens, Chief Operations Officer Multimetal Recycling as of January 2023, jointly discuss how Aurubis is helping shape the future, the roadmap for this process, and why the multimetal company stays strong even in times of crisis.

Mr. Harings, Aurubis has had most successful year in the company's history. What role do you see for Aurubis in the future?

ROLAND HARINGS The past fiscal year was a highly successful one for Aurubis in every sense and highlights the importance of our company for the future. After all, without metals there can be no energy and mobility transition, no digitalization, and no innovations. Aurubis has a key role to play in supplying metal as a raw material for the industries of the future. An offshore wind turbine, for instance, requires around 30 t of copper, and batteries for electric vehicles contain other important industrial metals we produce, like nickel. This is what we mean with "Metals for Progress".

This future is currently being overshadowed by an energy crisis due to the war in Ukraine. What does that mean for Aurubis?

ROLAND HARINGS The offensive has resulted in a significant shift in global energy policy. Russia is now weaponizing energy. As an energy-intensive company, we are particularly affected by these developments: Natural gas and electricity prices have reached unprecedented levels. We are therefore continuing to diversify our energy supply, while also cutting our fossil fuel use even further where we can. Because we responded quite early, I am now significantly more optimistic about the future than I was back in the spring of 2022. Furthermore, I even see an opportunity in this crisis. "Aurubis has a key role to play in supplying metal as a raw material for the industries of the future."

– Roland Harings, CEO

Where do you see an opportunity?

ROLAND HARINGS We have the opportunity to hugely speed up the rollout of green and low-carbon energy production and to develop new supply chains for blue and green hydrogen derivatives in particular, like ammonia, sourced from the world's energy-rich regions. This is also a major opportunity for policymakers to establish pragmatic and science-based competitive conditions for industry to accelerate decarbonization. Aurubis is playing a pioneering role here. We have successfully demonstrated that hydrogen page 18 can be directly used in copper production. We are now taking the next step and testing low-carbon ammonia as an energy source. We will continue our hard work here and are not going to wait around for policymakers or funding programs before moving forward in these areas. Policymakers need to act too though: The secure supply of raw materials and the availability of affordable energy have to be top priorities. In Europe, the first few particularly energy-intensive companies have already been forced to limit or even shut down production. This is causing additional supply chain disruptions. I don't anticipate the risk of a cutback in production at Aurubis. Our

energy supply is diversified and secure for the foreseeable future.

In October, Aurubis received the first delivery of blue ammonia from the United Arab Emirates, which was not produced using renewable energy. This has prompted criticism from environmental groups. Do you understand where they are coming from?

ROLAND HARINGS Not really. The key is to get started immediately and develop expertise rather than waiting around for the perfect solution. Our carbon footprint from the production of copper cathodes is already half the global average for our industry. Our production will be carbonneutral well before 2050. So we will certainly be using green hydrogen or green ammonia as a substitute for natural gas in the future. Currently, though, neither is available in sufficient quantities. Nonetheless, we are already testing alternative energy sources to replace natural gas in production on an industrial scale. We need some lead time for a technical feasibility review. We'll use this headstart to ensure that we are ready to go as soon as sufficient quantities of green hydrogen derivatives become available

in the future. And with our test series, we are setting an example for the basic materials industry.

You revised the Aurubis strategy a year ago. Do you still stand by the results?

ROLAND HARINGS Yes, now more than ever! All the decisions we are making today align with our long-term strategic goals. We are continuing to grow, while safeguarding and expanding our core business – and adhering to our high sustainability standards in everything we do. Based on extensive market analyses, we have identified the right projects here and have a wonderful and highly qualified workforce that is driving our company forward with an unbelievable level of dedication and motivation. We have also expanded our Executive Board. Starting in January 2023, Inge Hofkens will take charge of our Multimetal Recycling business segment as a fourth member of the Executive Board. She is an excellent choice for us in an important market of the future set for growth.

Mr. Verhoeven, as Chief Financial Officer how do you view the past fiscal year?

RAINER VERHOEVEN 2022 was a very successful year for us, despite various external factors.

We raised our forecast on two occasions and also met them for the year as a whole. We showed how well we work together to deal with exceptional situations, such as the coronavirus pandemic, the impact of the war in Ukraine on our business, and the cyberattack on our IT systems in late October. Despite the cyberattack, we were able to maintain production without any cutbacks at almost all the Group sites. We were able to rapidly isolate the affected areas and gradually restore our systems and databases in order of priority. We would like to thank our employees for their outstanding work in reestablishing a stable work environment in a very short period of time.

Despite these challenges, Aurubis achieved an outstanding result. What do you attribute this to?

RAINER VERHOEVEN With an operating EBT of € 532 million in fiscal year 2021/22, we did in fact achieve the best annual result in Aurubis' history. For much of the year, of course, we benefited from very strong market conditions with high metals prices. At the same time, we produced an increased volume of metal, thus further improving our metal result, our Group's most important outcome measure. Very high demand

"We showed how well we work together to deal with exceptional situations, such as the coronavirus pandemic, the impact of the war in Ukraine on our energy supply, and the cyberattack we suffered."

– Rainer Verhoeven, CFO

for our copper products and for sulfuric acid also had a positive effect. The very good metal result more than offset the significantly higher energy prices over the year as a whole. Our production sites also reported solid operating performance.

The best-ever annual result on the one hand – warnings of rising energy costs on the other. How does that fit together?

RAINER VERHOEVEN Higher energy costs will certainly impact our result in the coming year. We need to take the right steps now to ensure that our business continues to be a successful model in the future. We are operating in a competitive international environment and, in Germany especially, facing conditions that don't apply in other countries. Energy costs, for example, are considerably lower in the US than in Europe – not just for us, by the way, but for our competitors as well.

What is your view of Aurubis' future?

RAINER VERHOEVEN Aurubis is a company with an excellent outlook for the future. Our business model is extremely robust and crisis resistant. We are free of debt and can fund future projects predominantly through operating cash flow. We are confident about the coming fiscal year as well and expect to generate operating earnings before taxes (EBT) of between € 400 and 500 million. Thanks to the consistently positive market situation and high level of demand for metals and our copper products, we have largely been able to pass the higher costs on to our customers. For calendar year 2023, we increased Aurubis' copper premium from \$ 123/t to \$ 228/t, which amounts to 85%.

Mr. Arnold, as Chief Operations Officer you are responsible for the performance of the Group sites. Where do Aurubis' strengths lie?

HEIKO ARNOLD Aurubis' huge strength is our international smelter network, which we are continuously optimizing and expanding through targeted projects. This is the basis for our growth. In addition to plant safety and production that surpasses environmental standards, decarbonizing the entire copper value chain is a core goal for Aurubis. We are following through in both of these areas with many important and strategically well-thoughtout projects and innovations at our sites – from our battery recycling project in Hamburg and

"We are building a completely new plant and setting new standards for the US recycling market."

– Heiko Arnold, COO

BOB to the construction of a recycling plant for nickel and copper at our Olen site and ASPA, a new state-of-the-art recycling plant in Beerse. Our new Aurubis Richmond site in the US state of Georgia shows that we mean business – and that we know what we're doing. We are building a completely new plant and setting new standards for the US recycling market with our expertise, outstanding metallurgical processes, and know-how.

Starting in the coming year, you will be focusing more on primary and product business, while Inge Hofkens takes charge of the secondary business area. What will your role involve?

HEIKO ARNOLD First of all, I am delighted that Inge Hofkens is joining us on the Executive Board. She has a proven track record as an expert in the field of multimetal recycling. It makes sense to have more than one person in charge of production in this strong growth phase. Growth requires focus and resources. That's the only way that we will be able to fully follow through on implementing our strategy. I will be concentrating on strengthening our key core business, primary copper production, and our product business. We are focusing on

efficiency, plant availability, and continuous improvement. We have kicked off a large number of technical projects, are consistently leveraging the possibilities that digitalization offers in the area of production, and are improving our sustainability performance – in keeping with our motto: Driving Sustainable Growth.

Ms. Hofkens, from January 2023 you will be a new member of the Aurubis Executive Board with responsibility for the Group's recycling business. Congratulations! What are your expectations for your new position?

INGE HOFKENS I am honored by the trust placed in me, and I look forward to working with my fellow Executive Board members and all the Group's employees. Aurubis is already a leading multimetal recycler in Europe today. This area offers huge potential for further growth. I will be using all of my experience to help develop our strategically important recycling business. We have set ourselves ambitious growth targets – and we will meet them!

There is a more detailed interview with Inge Hofkens in the "Empowering Recycling" chapter on page 23.

Our strategy provides a clear picture of how we will continue to develop our business in a targeted way, shaping the future while growing sustainably and profitably.

Aurubis Strategy

Metals for Progress: Driving Sustainable Growth

Securing and strengthening the core business

Aurubis has a healthy, high-performing core business: processing raw materials containing metals – concentrates and recycling materials. By systematically linking our sites and optimizing material flows, we can make optimal use of synergies within the Group. This allows us to create the conditions for further growth.

"Following our ASPA project, the BOB project announced in February 2022 is our next concrete step towards recovering the full range of metals even more efficiently from the resources we use." – Heiko Arnold, COO

• Bleed Treatment Olen Beerse (BOB) for the recovery of nickel and copper from electrolyte is in progress, and the first contracts have been signed page 27
• Advanced Sludge Processing by Aurubis (ASPA) project is on track: groundbreaking ceremony on December 15, 2022 page 26
• Modernization of electrolysis in Lünen remains on schedule. Work due to be finished in the first half of 2024.

TOTAL APPROX.

OPERATING EBITDA CONTRIBUTION FROM 2025/26

More information at www.aurubis.com

Strategie Enablers

Aurubis

Metals for Progress: Driving Sustainable Growth

• » Digital Factory: continuous production improvement through the use of new technologies page 32
• » Digital Innovation Lab: development of digital services for customers and suppliers page 33
• » Fusion project: introduction of the latest S/4HANA software generation from SAP

Pursuing growth options

We are leveraging our long-term process expertise in processing complex recycling materials as well as the latest smelter technology in order to develop and expand scalable recycling capacities. Further down the road, we want to expand our range to include battery materials and battery recycling.

Aurubis Modular Recycling System

We combine expanding capacity with flexibility. We have thus developed a system that enables us to scale new recycling plants built modularly and tailored to meet need. The additional production volumes will be seamlessly integrated into Aurubis' expanded smelter network. Aurubis Richmond, USA, is the first plant Aurubis is building using this modular system.

Aurubis Strategie Enabler

Metals for Progress: Driving Sustainable Growth

» Our significantly expanded Group Engineering Organization (GEO) organizational unit supports growth projects by providing engineering services. page 35

Expanding industry leadership in sustainability

Sustainable conduct and business activities are integral components of the Aurubis strategy. We have set targets and specified concrete measures for reducing CO2 emissions, with the goal of achieving carbon-neutral production well before 2050. Our production technologies and facilities are already making a crucial contribution to responsible resource use, supporting the energy transition along with our products.

More information in Annual Report starting on page 53 (NFR)

Aurubis Strategie Enabler

» Digital Factory: continuous production improvement through the use of new technologies as well as support in identifying energy savings potential page 32

Metals for Progress: Driving Sustainable Growth

Aurubis Olen is set to follow in 2023. page 44

Empowering Energy

Whether copper, nickel, zinc, or tellurium – our metals have an essential role to play in the transformation of our economy and the society we live in. Our products are used in a large number of industries and are at the heart of solutions to many different challenges, such as the energy transition. We are now the most efficient and sustainable smelter network worldwide. But Aurubis is dependent on a secure supply of energy at competitive prices. We are responding to the current energy crisis via a pragmatic, solution-oriented approach – and striking out on new paths.

Aurubis is facing a large number of challenges when it comes to ensuring a secure supply of energy for its sites, diversifying its energy mix, and identifying additional savings potential, while continuing to decarbonize and digitalize our production. Moreover, as a result of the global impact of the war in Ukraine and changing overall conditions,

our two main energy sources – electricity and natural gas – have now reached price levels that may impact our competitiveness. Metals and especially copper are traded at world market prices. We are operating in a competitive international environment alongside companies with considerably lower energy costs.

EMPOWERING

We ensure a secure and diversified energy supply for the production of our metals of the future.

Alternative energy sources

Over the past few months, we have been hard at work exploring the use of alternative energy sources, such as oil and propane gas, at our German sites, in order to significantly reduce our natural gas consumption and thus make our production more independent of this energy source. Our site in Bulgaria is not dependent on natural gas and is instead supplied with energy in the form of oil and liquefied petroleum gas (LPG), both of which are available in sufficient quantities. Our Belgian sites in Olen and Beerse have high levels of natural gas consumption, but are well placed thanks to various energy contracts and other natural gas resources.

In Europe, the high natural gas prices are also causing electricity costs to spiral upward as a result of the market mechanism currently in place, known as "merit order". Under the merit order system, the electricity price on the exchanges is always determined by the last (and as such the most expensive) power plant to feed in. This means that electricity from renewable energy sources and coal

power plants is billed at the same price that natural gas power plants receive for their electricity due to the high natural gas costs. Our German Aurubis sites are not affected by this, since they have an adequate supply of electricity based on a very long-term supply contract. The price increases here are moderate compared to the broader market trend, since this contract is not dependent on the merit order mechanism. Prices are also rising at our other European sites due to limited supply and the high level of demand. In Bulgaria, energy-intensive industry is protected by a governmentguaranteed electricity price cap. We expect this provision will remain in place in 2023.

As an energy-intensive company, we are tackling these challenges. We are working pragmatically to find and consistently implement solutions, without losing sight of our goals and our strategy. We are confident in the flexibility and strength of our business model and value our employees' expertise highly. We are a healthy and robust company that is crisis-resistant and has already

coped with quite a few challenges over the course of its long history. Nonetheless, we need to keep an eye on developments in the energy sector – and to continuously reassess the price levels at which we can continue to produce economically.

That said, we are forging ahead with our transformation process to use alternative energy sources throughout our Group – from the expansion of solar energy in

Bulgaria to wind power in Olen. To reduce our indirect CO2 emissions, we are stepping up our use of green, certified electricity by optimizing our electricity portfolio in Germany and by signing long-term supply contracts (power purchase agreements), such as the green electricity supply contract we concluded with a ten-year term for our Belgian plant in Olen. From January 2023 onward, renewable energy will meet over 90% of the plant's overall electricity needs.

GREEN ELECTRICITY

The energy supply at our Olen site is now greener, thanks to the use of wind energy and long-term green electricity contracts.

Use of CO2 neutral energy sources

We aim to reduce our direct emissions by using carbon neutral energy sources, such as hydrogen and ammonia. In 2021 at our Hamburg site, we successfully tested the use of hydrogen in an anode furnace on an industrial scale for the first time – with potential savings of up to 5,000 t of CO2 per year. In 2022, Aurubis in Germany received the first shipment of blue ammonia from the United Arab Emirates (UAE). This will allow for a reduction of approx. 20% in the amount of natural gas normally used for copper wire production – and thus savings of up to 4,000 t of CO2 per year see "Empowering Innovations" chapter.

Keeping a firm eye on the goal

Alongside these efforts, we are also adhering to our goal of further reducing our CO2 emissions in order to achieve carbon neutral production well before 2050.

Efficient energy use and industrial heat provision

Apart from these forward-looking strategies, we have had an energy management system in place for many years to manage our energy needs more efficiently and identify potential savings. Our facilities and processes have become increasingly efficient – only limited by what is technically feasible. And we are breaking new ground. At our Hamburg site, we are

Integration of Aurubis AG industrial heat

carrying out a lighthouse project involving the use of industrial heat generated by our production. Since the end of 2018, around 8,000 households in Hamburg's HafenCity district have been provided with virtually carbon-free heat. We are already hard at work on the next stage, which will supply heat to an additional 20,000 households starting in 2024/25. With this project, we have sustainably closed another

energy cycle. Aurubis has thus become an industrial heat supplier. The project has attracted considerable recognition and already won a number of awards.

Customers Delivery of carbon-

Through these initiatives, we are living up to our leading role as the most sustainable multimetal company in the world, and as a pioneer for innovative future energy sources in our industry.

Aurubis is systemically relevant

This is particularly apparent in view of the energy transition, which we see as a catalyst for our transformation. The metals we produce are needed to generate and distribute renewable energy and for the switch to e-mobility.

Solar park

A solar park with an output of 1 MW requires 7 t of copper on average. In addition, its solar panels contain many other metals: e.g., cadmium, tellurium, silver, silicon, molybdenum, germanium, gallium, indium, and beryllium. Moreover, aluminum, zinc, manganese, and titanium are used in the frames.

Wind turbine

A 3 MW wind turbine requires around 4.7 t of copper, 3 t of aluminum and approx. 1.5 t of rare earths. Additional metals are also needed: e.g., lithium, nickel, manganese, cobalt, carbon, and vanadium for storage as well as zinc and molybdenum for corrosion protection. The amount of copper required for an offshore wind turbine increases to around 30 t due to the need to connect the turbine to the mainland.

Electromobility

For battery production alone, cobalt, lithium, nickel, and other metals are essential. Demand for copper is also set to rise as a result of the shift to e-mobility: An electric vehicle contains up to four times as much copper as a car with a combustion engine.

Power lines with a copper core

Green electricity is by no means always generated exactly where it is needed. A successful energy transition includes being abel to transport this power. Three major power lines are currently being built in Germany for this purpose: A-Nord, SuedLink, and SuedOstLink. These names are shorthand for copper high-voltage cables as thick as a person's leg that our customer Prysmian – the world market leader in the field of energy and telecommunications cables – is currently constructing and laying underground on behalf of three different customers. These lines will carry wind energy from the offshore parks of northern Germany to the south of the country, where private households and companies can use it in the future. These power highways are several hundred kilometers long. The longest line, SuedLink, alone runs for 580 km and is one of the largest projects of its kind worldwide. Within the scope of these three power-line projects, Prysmian is responsible for around 2,300 km of cables. This requires around 10,000 t of

copper wire – and quality is key. This is why Prysmian chose Aurubis' wire rod. "The copper needs to have particularly good conductivity and must be easy to handle," project and contract manager Heiko Dirks says.

The underground cables consist of a copper wire core that is sheathed with special insulation – to protect against environmental impacts and ensure optimal, low-loss power transfer. Prysmian manufactures these cables in France and coils them around huge drums (which weigh approx. 80 t) for transport to Germany. Each drum carries around 2 km of cable. Prysmian also values Aurubis because it is reliable and delivers on time, ensuring seamless production. "Aurubis is one of the world's leading copper manufacturers and our key supplier. We have worked together for 25 years now and can look back on many successful projects together," Heiko Dirks says. That's why the two companies are successfully working toward the same goal: facilitating the energy transition with their products.

"Aurubis is one of the world's leading copper manufacturers and our key supplier. We have worked together for 25 years now and can look back on many successful projects together."

– Heiko Dirks, Prysmian project and contract manager

Empowering Recycling

We see recycling as the answer to industry's growing need for raw materials. That's why we are continuing to expand our forerunner position as one of the world's leading recyclers of copper and other metals. We are building a new recycling plant in the US and implementing two new strategic projects in Belgium that will enable us to return even more valuable metals to the material cycle.

The growing importance of recycling is also reflected in the expansion of our company's management team and the appointment of Inge Hofkens as our new Chief Operations Officer Multimetal Recycling as of January 2023.

Ms. Hofkens, you are a trained economist and enjoyed a career at Belgium's Metallo Group. After joining the Aurubis Group, you spent two years working as a plant manager at Aurubis Olen. What are your responsibilities in the newly created role of COO Multimetal Recycling?

I will be contributing my many years of extensive experience in the industry to develop the growing recycling business in Aurubis' international smelter network. Recycling is a cornerstone of our strategy and a key factor behind sustainable and profitable growth. Even now, Aurubis is already processing more than 1 million t of recycling materials. More than 45% of our copper cathodes are produced from recycling materials.

What role will recycling play in the future?

Definitely a crucial one. The growing need for raw materials for the energy transition and the digital transformation means that recycling plays a crucial role. Metals have enduring value. Theoretically, they can be recycled an indefinite number of times without any loss of quality. Our strategic projects are allowing us to set a course for further growth here see the following pages.

Recycling as a driver of the European Green Deal: Where do you see a need for action to ensure that it succeeds?

We have to have fair international competitive conditions, particularly when it comes to energy prices. At the same time, we have the world's highest sustainability and efficiency standards in Europe. To keep metal production in Europe and ensure that the Green Deal succeeds, we need competitive transformation electricity prices for energy-intensive industry.

Moreover, recycling materials have to be available. Every year, around 12 million t of e-scrap is produced in the EU. The volume of end-of-life consumer electronics and kitchen and household appliances is rapidly growing worldwide, but the European collection rate is still too low – despite legal guidelines. We have to ensure that recycling is cost-effective in the EU. In 2021, almost 2 million t of e-scrap was exported abroad. Those are reusable materials now lost to our material cycle.

Moreover, permit procedures in Europe need to be accelerated. Look at the US, where we are building our state-of-the-art multimetal recycling plant. The market potential here is huge, and the conditions – for everything from the planning and approval process to the price of electricity – are ideal. We now need to up the pace in order to achieve a sustainable, circular system. At Aurubis, we are ready to move forward if the conditions are right. We are convinced that the circular economy offers huge opportunities.

A pioneer in the US

With the construction of our new state-of-the-art recycling plant in Richmond County in the state of Georgia, we are opening up growth areas and becoming a pioneer in the American recycling market.

From left to right: Rainer Verhoeven, CFO, Roland Harings, CEO, Heiko Arnold, COO

Currently, around 6 million t of recycling materials containing metal accumulate every year in the US recycling market. Only a small percentage can be processed locally. Due to growing collection rates, declining exports of recycling materials and general industry growth, this market offers us enormous potential for sustainable growth. Aurubis Richmond will be our first secondary smelter for multimetal recycling in the

US. Our investment of around € 300 million is one of the largest international investments in the state of Georgia. We are creating more than 120 jobs there. Through our new plant, we are further expanding our position as the world's most sustainable and efficient smelter network, and we are making an important contribution to the circular economy.

Once our new plant is fully online in 2024, we will process around 90,000 t of complex recycling materials containing metals here every year – such as printed circuit boards, copper cables, and other electronic scrap – to produce blister copper. This is material that would otherwise be exported or disposed of in landfills. We will directly sell some of the intermediate products on the American market. However, most will undergo further processing at our European smelter sites. We will deliver valuable metals such as copper, nickel, and tin to industry, e.g., for solar power installations and wind turbines or to manufacturers of electric vehicles and batteries. The environmental technology at our new site meets, and in some cases even exceeds, the highest standards. Once Aurubis Richmond has reached its full output level starting in fiscal year 2025/26, we expect to achieve an annual EBITDA contribution of € 80 million.

"With our new site in the USA, we are delivering on our strategic agenda and further advancing our experience and technology to become a forerunner for recycling valuable materials containing copper, nickel, tin, and other industrial and precious metals."

– Roland Harings, CEO, at the groundbreaking ceremony in Augusta on June 17, 2022

Investment € ~300 million

EBITDA € ~80 million p.a. (from 2025/26)

Production launch CY 2024

Input material ~90,000 t Blister output ~35,000 t

Since the groundbreaking ceremony in June, construction of Aurubis Richmond is progressing rapidly.

Expanding our recycling expertise in Europe

Aurubis is already one of the world's leading multimetal recyclers today. But that is not enough for us: With two additional trailblazing projects in Europe, we are expanding our recycling expertise step by step here too – and thus strengthening our core business.

ASPA: metal recycling from anode sludge

Recycling discarded electronic consumer goods such as smartphones and laptops is becoming increasingly complex. The number of metals in them has risen sharply, and the product design is also becoming more intricate. Valorizing these metals in a sustainable way therefore requires particularly advanced recycling capabilities. We are meeting this need by investing € 27 million in the construction of a state-of-the-art hydrometallurgical recycling plant at our Beerse site in Belgium: Advanced Sludge Processing by Aurubis (ASPA) stands for innovative metals-from-waste recycling. Our new method allows us to recover an increased volume of precious metals, such as gold, silver, and tin, very rapidly from anode sludges – a valuable intermediate product of electrolitic copper refining – at our recycling sites (mainly Beerse and Lünen). The development of ASPA demonstrates Aurubis' capacity for innovation and is a prime example of the synergies created by the acquisition of Metallo. The groundbreaking ceremony was held on December 15, 2022, and the plant is due to be commissioned in the second half of 2024.

"ASPA is taking metal recycling to the next level. We're combining speed and efficiency to get even more out of it."

– Inge Hofkens, COO

approx. € 7 million p.a. EBITDA once full output volume reached FY 2024/25 production launch

approx.

€ 27 million investment volume

approx. 2,500 t p.a. input material in the form of anode slime

More information on ASPA: www.aurubis.com/aspa

More information on BOB: www.aurubis.com/en/olen

approx.

approx. € 70 million investment volume Summer 2024 Production launch

"With BOB, we are introducing an energyefficient and fast process step that extracts nickel – an indispensable metal for lithium-ion batteries and thus an important component for the megatrend of e-mobility."

– Heiko Arnold, COO

BOB: recovering valuable metals from bleed

At our Olen site in Belgium, we are investing around € 70 million to construct an innovative, energy-efficient bleed1 processing plant. Bleed treatment Olen Beerse (BOB) is a hydrometallurgical process that recovers valuable metals such as nickel and copper from electrolyte streams generated in metal production during electrolysis at our Belgian sites in Beerse and Olen. The facility comprises a complete tankhouse purification system known as "bleed treatment" that removes impurities from the electrolyte (bleed). The project is in the implementation stage and commissioning is scheduled for summer of 2024. The new facility in Olen will allow us to optimize and achieve even greater efficiency in our material flows. Aurubis expects an EBITDA contribution of around € 15 million upon full operation of the new facility in fiscal year 2025/26.

¹ Bleed: The term refers to the part of the tankhouse electrolyte that is continuously being purged, as some metals dissolve in the electrolyte. BOB allows copper, nickel, and other components to be recovered and removed from the bleed.

Empowering Innovations

For more than 150 years, we have stood for innovation. We are continuously optimizing our plants and metallurgical processes. Today, we are a forerunner in the green transformation in our industry and are actively driving it forward. We are a pioneer in testing alternative energy sources such as hydrogen and ammonia, are operating a pilot plant for recycling lithiumion batteries, and are capitalizing on the opportunities associated with digitalization in all areas. Together, we are building the Digital Factory of the future.

J ust as when the company first started out, Aurubis' core focus continues to be producing metals of the highest quality from a range of raw materials. We are working on making even better use of the increasingly complex primary and secondary raw materials and on recovering more metals at a faster rate. Our research and development (R&D) activities are therefore based on optimizing our existing metallurgical processes and developing new processing methods. This involves a focus not just on copper, but on virtually every element of the periodic table – we are multimetal thinkers. Along with laboratories and pilot plants, computers are the most important tool for our R&D activities. We are leveraging all the options digitalization offers to model, understand, improve, and thus speed up our metallurgical processes. Our researchers and metallurgists work closely with our production engineers, mathematicians and data analysts here.

Exploring the future

This is precisely what we are doing in one of our futureoriented projects: In March 2022, Aurubis commissioned a pilot plant for battery recycling at its Hamburg site. Our goal is to close the battery production cycle by recovering the valuable raw materials from the "black mass" out of used lithium-ion batteries from electric vehicles, as well as waste from battery production, and to make these metals available for battery production again.

To achieve this aim, black mass — a mixture resulting from the mechanical preprocessing of lithium-ion batteries — is broken down into its component parts, thus gradually releasing lithium, cobalt, manganese, and nickel. The addition of lithium would raise the number of metals produced by Aurubis to 21. Following the testing of our new, hydrometallurgical process in a laboratory phase and its successful patenting, we are testing on a larger scale at the pilot plant see photo, further developing the process and collecting

important data for the later construction of an industrial scale plant. In addition to economic feasibility and the availability of materials down the road, integrating this plant into Aurubis' smelter network is also a key issue. An appropriate site will be selected based on factors such as the potential use of existing infrastructure and optimal integration of metal flows along with space requirements and cost.

Closing the cycle

Aurubis recovers valuable metals from the black mass out of recycled batteries from electric vehicles.

A green transformation pioneer

In 2021, Aurubis was the first company in the metal production industry to demonstrate that hydrogen could be used at an industrial scale in copper anode production see "Empowering Energy".

Now we are taking another step toward decarbonizing our multimetal production and once again highlighting our pioneering role in the green transformation of our industry: In October 2022, Aurubis took delivery of an initial 13 t of blue (low-carbon) ammonia from the United Arab Emirates (UAE) to be used in our copper wire rod facility at our Hamburg site. In the long term, we intend to fully replace blue ammonia, which is currently available, with green ammonia. The second is produced using renewable energy. We are thus further diversifying our energy supply and reducing our carbon footprint. Our goal is carbon neutral production well before 2050. At the same time, we are making an important contribution toward establishing a hydrogen supply chain between the UAE and Germany. The current delivery was part of the hydrogen collaboration between the UAE and Germany, which was intensified at the start of 2022. Aurubis and the Abu Dhabi National Oil Company (ADNOC) signed the supply contract during a delegation visit led by Germany's economic minister, Dr. Robert Habeck, in the spring of 2022.

The test series was symbolically commissioned on October 21, 2022 in the presence of the Federal Minister for Economic Affairs and Climate Action, Dr. Robert Habeck; Dr. Sultan Al Jaber, the UAE's minister for industry and advanced technology and CEO of the ADNOC; Hamburg's first mayor Dr. Peter Tschentscher; Torben Seebold, member of the executive board of HHLA AG; and Roland Harings.

"The creation of a blue — and in the future green — ammonia value chain is not just theoretically possible, but practically feasible."

– Roland Harings, CEO Aurubis

sources of energy, so no carbon emissions. capture storage), or further processed as a raw material.

in the process.

The opportunities of digitalization

We see digitalization as a driver of innovation leading to a permanent process of change that impacts every area of our company – processes, production, and customer relations – and as such forms the foundation of our company strategy.

Aurubis is set to become a digital factory

The Digital Factory is both a vision and a path, as we use digitalization as a means for making continuous improvements to our production through the use of new technologies. With digital tools, we are making our production more efficient, more transparent, more sustainable, and safer – enabling, for instance, an improved mode of operation for facilities, earlier error analysis, and more accurate forecasting for processes. We are pursuing our Digital Factory program together with our smelter sites and our data engineering and data science teams. In the core team, around 15 members of staff (depending on the relevant use case) work on implementation on an interdisciplinary basis.

New software generations and IT systems

To ensure the successful digitalization of its processes, production operations and customer relations, Aurubis is implementing various programs and projects at the same time. We are introducing the latest S/4HANA software generation from SAP under the "Fusion" project name and ensuring the standardization of business processes at our smelter sites. Non-SAP processes and IT systems are being harmonized in additional projects and linked with SAP.

Film about the Digital Factory: aurubis.cdn.picturepark.com/v/ vwGPAd3B/

Aurubis' Business Partner Portal launched

Our Digital Innovation Lab is an important aspect of the company's transition to a digital future. We develop digital services for customers and suppliers here. These include our Business Partner Portal, which began offering our customers and suppliers an initial range of services in August 2022. It is currently available for existing suppliers in the recycling business segment. Further product areas and sites are continuously being added. Within the scope of existing business relationships, the portal provides digital contract information, while also allowing users to check on and manage deliveries and to fix metal prices while gaining related insights and an overview.

For more information, see www.aurubis.com/en/products/ business-partner-portal

With the help of the Digital Factory, a dashboard was set up in our Hamburg lead plants for the daily analysis and utilization of production data.

An Internet of Things platform for production operations

Aurubis acquired azeti GmbH, Berlin, in 2020. This software start-up is supporting our digitalization strategy with its Internet of Things platform, as a recent example from Aurubis Olen demonstrates: Here the platform is being used to monitor the condition of the inductor, the key component in the smelter furnace. azeti is also developing our new Manufacturing Execution System (MES), which covers areas such as our inventory management and will be rolled out throughout the Group. MES is Aurubis' second-most important software package after SAP.

Digitalization of logistics

In addition to its broader impact at a structural level, digitalization is increasingly shaping the field of logistics. Our sites use digital tracking tools for incoming deliveries of materials or outgoing deliveries by ship, truck, or container. With the support of Group Logistics, a digital time slot system is being introduced for the last few meters to the plant to assist road haulers with loading and unloading.

The new digital time slot system at Deutsche Giessdraht (Emmerich) means shipments can now be processed more rapidly.

Empowering Employees

Our employees are Aurubis' future and the foundation of our success. We depend on the commitment and expertise of each and every one of them in realizing our company strategy. Developing and promoting talented individuals and expanding internal networks are therefore key issues. We are an attractive and dependable employer and continuously investing in training and qualifications. We stand together in times of crisis and our interdisciplinary collaboration across multiple sites is a source of strength.

GEO manager Christian Reibe (center) opened our new engineering office in Sofia (Bulgaria).

In-house engineering office for local project support

To implement our strategically important future projects, we established the new Group Engineering Organization (GEO) organizational unit in October 2021. This central team, which operates group-wide, consists of internationally experienced project engineers who can be directly deployed to our sites with expertise that allows us to harmonize engineering processes. GEO is essentially an in-house engineering office. Due to the large number of strategically and technically demanding projects, we need to pool our activities and improve our engineering capabilities and capacities while making them available worldwide and providing support at a local level. GEO is thus a key building block in implementing the Aurubis strategy.

The GEO consists of three main units: our Center of Excellence (CoE), the Large Capital Project managers (LCP managers), and Project Engineering. The latter provides direct, on-site assistance in implementing projects. The CoE is responsible for general issues, such as process standardization, knowledge management, and technical approvals, while the LCP managers lead our major investment projects. Together with local colleagues at our various sites, the GEO enables flexible deployment of personnel to cover peak levels of demand as well as access to experienced engineering services.

The GEO management team and the CoE are based at our Hamburg site. Where necessary, our LCP managers and their project engineers are deployed throughout Aurubis' smelter network. They are assisting with the setup of Aurubis Richmond in the US , for example see "Empowering Innovations". One part of this unit operates from a new engineering office in Sofia, Bulgaria. This is a geographically attractive base for our international assignments, since it is close to our Bulgarian plant in Pirdop. Most of the over 30 new full-time positions were already filled in 2022 when the organizational structure was set up.

We offer perspectives

We have invested in our young employees for years and promote tomorrow's talents today. We offer young people apprenticeships at Aurubis and thus the opportunity to play a role in shaping a growing company with a promising future. In September 2022, 77 young people began as apprentices in Hamburg and 17 in Lünen. A wide range of career paths are available: apprenticeships in 14 different vocational areas are offered in Hamburg and seven in Lünen. We are proud to have filled all of our apprenticeship positions once again this year. 100% of our apprentices have successfully completed training, and more than 85% of them envision their future at Aurubis. Our dual vocational training programs allow students to combine theory and practice.

With the opening of our Innovation and Training Center (IAZ) in Hamburg and a new center in Lünen in 2019, we laid an important foundation for the Aurubis of the future. We are continuously developing our training plans and are aware of the opportunities and possibilities that digitalization offers for vocational training. The 2022 apprenticeship class was the first to be exclusively outfitted with digital learning tools.

Our efforts are paying off: We are the second-largest industrial apprenticeship provider in Hamburg, while at a national level Aurubis is one of Germany's "top apprenticeship providers" and is regularly lauded by associations and in the media.

Interested? www.aurubis.com/en/ career

80%

of apprentices envision their future at Aurubis after completing their apprenticeships and are offered continuing employment (figure for German sites).

More information on W4M: aurubis.com/en/ women4metals

We develop talent

Careers at Aurubis are as varied as our product range. In November 2022, Aurubis established a new talent mentoring program to promote and support our talented employees' personal development. The individuals enrolled receive twelve months of supervision and targeted support from an internal mentor. What's more, starting in 2023, all members of staff will be able to take part in a mentoring program via Aurubis' Women4Metals network – collegial support on a more frequent basis – that welcomes anyone of any gender.

We promote networks

Women4Metals (W4M) is an international network working to increase the visibility of women in the metal industry, strengthen their position, and inspire them to choose career paths – particularly in production and in technical areas – at Aurubis. What started out three years ago as an idea conceived by committed female members of staff now has a clear profile: W4M combines external partnerships with internal programs.

"We stand for diversity and that's why we invite people of any gender to be part of Women4Metals. This is the only way we can promote female members of staff in every sense and achieve this goal without prejudice."

– Tanja Winter, Head of Sales Rod, co-founder of W4M

We learn from one another

A multipart video series featuring production experts was created during our major maintenance shutdown "Future Smelter Hamburg 2022." The goal was to transparently present the dimensions and challenges associated with such a large project to all of our internal and external stakeholders, provide background knowledge, recognize the achievement of the employees involved, and generate greater enthusiasm for our production. These short films provide impressive and in some cases unprecedented views of the primary smelter at Aurubis Hamburg and were featured weekly Group-wide on the intranet and Viva Engage, our Group communication platform, as well as externally on social networks, where they were among Aurubis' most-viewed videos.

The video series on our shutdown in Hamburg: aurubis.cdn.picturepark. com/s/b37TJB9K

Our crisis teams provide active risk management

Whether it's the coronavirus pandemic, the war in Ukraine, or the cyberattack our company suffered at the end of October – we tackle crises through teamwork. We keep a cool head in exceptional situations to ensure that we act with foresight and make the right decisions for Aurubis and its employees. Christoph Riesch, Corporate Risk Manager at Aurubis, explains how our internationally staffed crisis teams, which are supervised by the Executive Board, operate.

Mr. Riesch, what is your role as risk manager?

Everyone at Aurubis is a risk manager within their own area of responsibility. My task is to provide support to ensure that risks are identified on a timely basis and that uniform criteria for the necessary risk reporting are established.

When are crisis teams formed at Aurubis?

Crisis teams or task forces are set up whenever an event threatens to become so serious that intensive and rapid coordination across multiple departments and sites is needed to handle it, and the situation requires ongoing reevaluation. Particularly at the start of a crisis, it is important to rapidly identify and implement the appropriate measures or responses in order to protect the company and its workforce.

How does an Aurubis crisis team operate?

Our crisis teams meet online at regular intervals. In addition to our Executive Board and our risk management team, the Group's key sites are represented, as well as heads of functions directly involved in the crisis. Following a uniform agenda, those involved report on

the situation from their perspectives. This is how we ensure transparency for everyone. Direct contact with the Executive Board is essential for rapid and pragmatic decision-making.

How are decisions made?

Depending on the specific crisis and situation, a decision may be made immediately at the respective meeting. If something needs to be prepared or facts have to be gathered, a decision will be made by means of a circular resolution or at an Executive Board meeting. Continuous communication to and with our employees is important – on a reciprocal basis and immediately via internal channels, as well as in greater detail in Executive Board letters.

How successful is an internal crisis team?

At Aurubis, crisis teams are quite deliberately deployed in extraordinary situations. But they provide a practical, active and agile risk management response. To date, Aurubis has coped well with the recent crises thanks to very rapid decisions that have set appropriate countermeasures in motion. And crucially: Communication channels tailored to the specific situation and target group mean that the measures implemented have met with a high level of acceptance among our workforce and have thus contributed to our success.

What are the hallmarks of crisis teams at Aurubis?

An interdisciplinary team that examines and assesses a situation from different perspectives and deals with this additional task in a cooperative, trusting and highly motivated way can get a great deal done in a short span of time.

Our copper production carbon footprint is already less than half the average of our competitors worldwide. This competitive edge inspires us to go further: Sustainability is the defining principle of our company strategy. Our activities are always aligned with our commitment to responsibly transform raw materials into value. Our production will be carbon neutral well before 2050. To get there, we are assuming responsibility and making targeted investments in sustainable projects, obtaining certification of our processes and supply chains and, through Tomorrow Metals, living up to our sustainability promise to our customers.

"Decarbonization, supply chain management, the circular economy and sustainability performance reporting are the key sustainability trends. We are already extremely well positioned here!"

– Christian Hein, Head of Sustainability

We aspire to approach employees, suppliers, customers, and neighbors with a sense of responsibility, whether in direct business operations or in the areas surrounding our plants. The same applies to environmental issues, as we are aware of the limits of natural resources. We aim to secure long-term company success through responsible business practices and stable growth.

For Aurubis, responsible corporate governance is an integral contribution to securing the company's future. The 2030 sustainability targets have established the framework. They are an integral component of the Aurubis corporate strategy and are divided into three focus areas: people, environment, and economy.

The 2030 sustainability targets determine the main areas of activity, targets, and action plans for the coming years. Such as in the "energy and climate" action area, where our ambition is to be carbon-neutral well before 2050. In the "recycling solutions" action area, we intend to offer the entire value chain solutions for the circular economy.

Our roadmap is in place: We will continue solidifying our position as the most efficient and sustainable multimetal producer worldwide.

Aurubis' products play an important role in many transformation processes in today's society – from the energy transition to digitalization and e-mobility. We see ourselves as a responsible actor and as part of the solution for a more sustainable future.

We follow the company's mission of responsibly transforming raw materials into value to provide metals for an innovative and sustainable world. Our Group strategy, "Metals for Progress: Driving Sustainable Growth", will integrate our sustainability standards more throughly into all areas and expand our industry leadership in sustainability.

Aurubis products have a reduced carbon footprint

Sustainability requires transparency. We take this responsibility seriously and analyze the potential environmental impacts and the energy balance of products over their entire lifetimes through life cycle assessments (LCA). As well as updating the life cycle assessment for copper cathodes, the first assessments were completed for copper wire rod, copper shapes, and tin, as well as gold and silver.

The holistic LCA approach covers all of the steps in the manufacture of these products – from the upstream processes for the extraction of the raw materials to the production of the pure metals. The assessment encompasses the impacts of all activities in the treatment of raw materials, as well as direct emissions, transport, energy consumption, and the auxiliary materials used. The study was carried out in accordance with ISO standards 14.040 and 14.044 for life cycle assessments.

Calculated in accordance with ISO norms 14040 and 14044 for life cycle analysis.

The results confirm the effectiveness of our commitment to sustainable metal production. Aurubis is on track to achieve the goals it set for itself. Over the past eight years, we have reduced the carbon footprint for copper cathodes by more than 35%. It is now less than 50% of the global average carbon footprint for copper cathodes. We have achieved the same results for gold and silver, while the figure for tin is an impressive 75% below the global average. Reference figures are not yet available for wire rod or shapes. Here we are setting international standards through our achievements.

All our current factsheets: www.aurubis.com/en/ tomorrowmetals

Tomorrow Metals: a sustainability promise to our customers

Our metals lead the way in the area of sustainability. Our Tomorrow Metals label communicates this message clearly. The label represents our promise to our customers that, in everything we do, we deliver more value with less environmental footprint, while complying with the highest standards in energy efficiency and environmental protection. Tomorrow Metals is based on the four pillars of environmental protection, carbon footprint, recycling, and responsibility.

Aurubis links financing with sustainability

In early February 2022, we took out a € 350 million ESGlinked syndicated credit line over a period of five years. ESG stands for environmental and social governance. The loan conditions are tied to the company's EcoVadis rating, so commitment to sustainability is having a direct impact on the costs of Group financing. In June 2020, Aurubis very successfully placed a Schuldschein loan with a volume of € 400 million with a sustainability component. Our latest financing package again emphasizes that our commitment to sustainability even extends as far as our company financing structures.

Our current non-financial report 2021/22 is available at: aurubis.com/en/responsibility/ reporting-kpis-and-esg-ratings

A fourth site is now aiming for Copper Mark certification

After Aurubis Bulgaria, this year our plants in Hamburg and Lünen were also granted the Copper Mark – the internationally recognized seal of quality for sustainability in the copper industry. A fourth plant in our smelter network, Aurubis Olen, is now ready to undergo the certification process. This quality seal is confirmation of our strategy of continuing to expand our position as an industry leader in sustainability.

As part of the certification process, the Copper Mark system reviews 32 internationally recognized sustainability criteria, such as protecting the environment and climate and energy efficiency; occupational health and safety; and compliance and human rights. Due diligence is an important new criterion, i.e., the duty of care to ensure compliance with human rights in the supply chain. To receive this quality seal, companies are now required to meet the joint due diligence standard for copper, nickel, zinc, and lead. All three Aurubis smelters successfully passed the review process ensuring compliance with the standard and thus also fulfilling the new London Metal Exchange (LME) responsible metal sourcing standards. More information on

sustainability at Aurubis: aurubis.com/en/responsibility

Aurubis named a finalist for the German sustainability award

In 2022, Europe's largest prize for ecological and social engagement was awarded for the 15th time. Aurubis was one of twelve finalists in the "Resources" category – high recognition of our achievements in sustainability. A total of 71 companies were nominated in five categories for the prize. On December 2, 2022, the winners were announced at a gala event in Düsseldorf attended by Germany's chancellor Olaf Scholz.

More information www.nachhaltigkeitspreis.de/en/

Marie-Christine von Hahn at the 7th BDI Raw Materials Congress in conversation with Germany's economy minister Dr. Robert Habeck and BDI president Prof. Siegfried Russwurm.

Greater sustainability requires an active, partnership-based approach

We intensively interact and communicate with partners in the business sector, and in the fields of politics, science, and society at large. Our international, five-person External Affairs team is primarily tasked with maintaining dialogue with policymakers and administrative bodies, thus influencing how legal regulations impact our complex business model. Accordingly, our colleagues in Brussels and Berlin stay in touch with members of parliament, ministry officials, undersecretaries, ministers, and commissioners at national, European, and international levels. They also work closely with associations that draw up joint positions for our industry, such as political proposals. Core issues include energy and the climate, recycling, the supply of raw materials, and sustainability. To this end, they are in close contact with our sites as well as with the relevant departments.

Effective, practical solutions require a dialogue that involves all stakeholders. Just two examples:

Raw materials strategy: Together with the German Chemical Industry Association (VCI) and the Federal Association of German Industry (BDI), we successfully – in particular through our work on the BDI's Raw Materials committee – ensured that the German government's

current raw materials strategy includes the three pillars of an effective raw materials policy: raw material imports, domestic raw materials, and recycling.

Raw materials markets: In regular meetings with parliamentarians, government representatives, and their teams in the EU and the member states, we raise awareness of the huge quantities of metallic raw materials that will be required for a successful transformation, and for the fact that these must be produced by European smelters to ensure the lowest possible level of CO2 in production.

"The shape legislation takes will have a decisive influence on whether we can continue to drive the great process transformation of our time through our metals in the future."

– Marie-Christine von Hahn, Vice President Corporate External Affairs

Aurubis at a glance

Group figures 2021/22

€532 million

OPERATING EARNINGS BEFORE TAXES (EBT)

NET CASH FLOW

Publisher

Aurubis AG Hovestrasse 50, 20539 Hamburg, Germany info@aurubis.com www.aurubis.com

Photographs

Aurubis AG, Andreas Schmidt-Wiethoff, Christian Kruppa, David Goltz, Getty Images, Johannes Arlt, Rick Rothenberg, Scott Webb, Thomas Panzau, Prysmian

Concept and design

Kirchhoff Consult AG, Hamburg

Printing

Beisner Druck GmbH & Co. KG, Buchholz in der Nordheide

RECYCLING MATERIAL INPUT

CONCENTRATE THROUGHPUT

€362 million

CAPEX

RECYCLING MATERIAL 44 %

PER COPPER CATHODE

LTIFR (LOST TIME INJURY FREQUENCY RATE)

€342 million

ENERGY COSTS INCL. COMPENSATIONS

Paper

Printed on FSC-certified paper. By using FSC paper, we are actively supporting the preservation of our forests, promoting plant and wildlife protection, and taking a stand against human exploitation of forest resources.

Additional environmental measures

CO₂-neutral production with a Gold Standard certificate.

www.klima-druck.de/klimainitiative/?lang=en

BD3

The paper and the printer are certified in accordance with the current Blauer Engel standards (DE-UZ 195).

You can find our magazine and the full Annual Report online at annualreport2021-22.aurubis.com

aurubis.com

Metals for Progress

Aurubis AG Hovestrasse 50 20539 Hamburg, Germany Phone +49 40 7883-0 info@aurubis.com

Annual Report 2021/22

Empowering Tomorrow

Annual Report 2021/22

You can find our magazine and the full Annual Report online at: annualreport2021-22.aurubis.com

Condensed Version Annual Report

2021/22

Company portrait

We are a global provider of non-ferrous metals, renowned for our ability to process complex metal concentrates, scrap metals, organic and inorganic metalbearing recycling materials, and industrial residues to produce metals of the highest quality. We produce more than 1 million t of copper cathodes annually and from them a variety of copper products such as wire rod, shapes, flat rolled products, strip, and specialized applications.

In addition to our main metal, copper, our metal portfolio also includes gold, silver, lead, nickel, tin, zinc, minor metals such as tellurium and selenium, and platinum group metals. Sulfuric acid, iron silicate, and synthetic minerals round off the product portfolio. We responsibly transform raw materials into value – following this maxim, sustainable conduct and business activities are integral aspects of our corporate strategy.

Annual Report 2021/22

The future is made from metals. This knowledge has driven us for more than 150 years. Now and in the future, we want to responsibly transform raw materials into metals – for an innovative and sustainable world.

Contents

Letter from the Executive Board	p. 02
Report of the Supervisory Board	p. 09
Corporate governance	p. 17
Sustainability	p. 53
Aurubis Shares on the Capital Market	p. 90
Combined Management Report	p. 94
Consolidated Financial Statements	p. 155
Notes to the Consolidated Financial Statements	p. 162
Responsibility Statement	p. 222
Auditors' Report	p. 223

Letter from the Executive Board

Dear Aurubis shareholders and friends of the company,

There are some fiscal years where optimism and pessimism seem to follow in quick succession. Just when we thought the Covid-19 pandemic might be over, Russia launched an attack on Ukraine in violation of international law. This war in Europe has compounded existing problems in supply chains already strained by the Covid-19 pandemic, and was the catalyst for the current energy crisis. Over the past fiscal year, we at Aurubis have met these challenges, while setting an important strategic course for the years to come. In this extremely difficult environment, we can be proud of our smelters' operating performance, the significant improvements made in occupational safety, and our exceptionally strong financial performance.

A year ago, Aurubis set out on a path to long-term growth with its revised strategy. The focus is on securing and strengthening our core business, pursuing growth options in the area of recycling, and expanding our industry leadership in the area of sustainability.

We consistently made significant investments in our core business in 2021 and 2022. Over € 120 million was spent just on modernizations at our two primary smelter sites in Hamburg and Pirdop. This will ensure productivity and high plant availability in the future as well. A total of more than 480 maintenance, environmental protection, and improvement measures were carried out in Hamburg alone. And these investments have already paid off: Our smelter sites showed very good operating performance in 2021/22. Pirdop, for example, operated for 365 days without a single interruption to production.

Investing in the primary smelters has helped us process copper concentrates with different complexities. The high demand for industrial metals such as copper, nickel, and tin, which Aurubis produces, will not be met by recycling. Over the long term, our company will depend on the increasing inflow of concentrates from responsible mine production. This means we need more commitment in Europe to developing existing local deposits and an open, non-ideological conversation about the global sourcing of copper concentrates.

Multimetal recycling is the greatest driver of growth at Aurubis. We already play a pioneering role in Europe and intend to expand this role globally. As such, we are directly contributing to the European Green Deal, keeping strategically important minerals in local cycles, protecting valuable mineral resources, and satisfying society's demand for industrial metals. We support open markets, but also expect policymakers to create a level and fair playing field for all market participants so that recycling materials do not flow into regions with inadequate environmental, social and disposal regulations.

The groundbreaking ceremony for our new multimetal recycling smelter in the US state of Georgia was an important milestone in the past fiscal year. It makes us the first company to develop extensive processing capacities for complex recycling materials in the US market and create secure jobs there. Our recycling technology and expertise will enable us to surpass the highest US environmental standards in our production, and thus sustainably recover strategically needed metals for the circular economy.

We also moved forward with plans to enter the attractive battery recycling business, and in 2021/22 a pilot plant was commissioned at the Hamburg site. Here we use an innovative hydrometallurgical process to process the so-called

black mass from lithium-ion batteries. With positive results: We have been able to recover significant quantities of metals such as lithium, nickel, cobalt, manganese, and graphite. Battery recycling is gaining strong significance due to growth in electric vehicles and the rising demand for lithium-ion batteries along with the raw materials required to produce them. As the most efficient and sustainable smelter network in the world, we have the metallurgical expertise necessary to be a key trailblazer for the mobility shift with our process solutions.

Our focus on nickel and copper is reflected in the strategic BOB project, the electrolyte processing plant at our Belgian site in Olen. Our innovative hydrometallurgical process, allows us to recover nickel from the bleed circulating in the anode baths in our tankhouses even more quickly and efficiently. The facility in Olen will be fully operational in fiscal year 2025/26.

Our sustainability agenda forms a key part of the Aurubis strategy. We will further reduce emissions in the Group and work harder to decarbonize the processes. Significant milestones in the past fiscal year included the commissioning of one of the

"Implementing our strategy will enable us to increasingly contribute to the responsible and sustainable use of critical metals in the energy and mobility transitions."

– Roland Harings, CEO

Video about our strategy: aurubis.picturepark.com/ v/nAprUtnI/

world's largest plants for the reduction of diffuse emissions at our site in Hamburg, and the commissioning of the largest photovoltaic plant for internal consumption in Bulgaria at the Pirdop site. We also concluded a major supply contract for power from an offshore wind farm to supply our site in Olen. In addition, our industrial heating project will help prevent 100,000 t of CO2 emissions annually starting in the 2024/25 heating period and supply an additional 20,000 households with carbon-free industrial heat.

In 2021, we were able to show that it is technically possible to use hydrogen instead of natural gas for copper production in the anode furnace on a large scale. In October 2022, we took the next step and launched a low-carbon ammonia test series. We are planning to replace about 20% of the natural gas used in copper wire production with blue ammonia. This corresponds to a reduction of up to 4,000 t CO2 per facility per year. We are starting extensive testing of ammonia, the first hydrogen derivative available, for industrial use today so that we will be ready to use blue, and later green, ammonia when they become available. This is further confirmation that Aurubis is forging ahead with the transformation to low-CO2 industrial production.

Transparency is key to implementing our sustainability agenda. We recently updated the carbon footprint of our products. The result: We have reduced the footprint of copper cathodes by over 35% in the last eight years down to 1,460 kg CO₂ per ton of copper cathode today. This puts us 50% lower than the global average – for copper cathodes, silver, and gold. Results that confirm our chosen path. We publish the environmental impact of a total of six product groups through corresponding life-cycle assessments, and see this as an important contribution to a transparent value chain.

The Copper Mark certification of our Bulgarian site was followed by successful audits of the Hamburg and Lünen smelters in 2022. The Copper Mark is the quality seal of the global copper industry. We plan to certify our site in Olen, Belgium, in 2023.

One issue in particular dominated the second half of the fiscal year: the energy crisis. A number of energy-intensive companies were forced to reduce production and in some cases shut it down completely. There are three reasons we are confident we will be able to easily weather the winter of 2022/23.

First of all, we are prepared. Much of our production process has already been converted to electricity, making us less dependent on natural gas compared to

"We will further reduce emissions within our company and work harder to decarbonize the processes."

– Heiko Arnold, COO

The fiscal year in 120 seconds: aurubis.cdn.picturepark.com/ v/f0xGokpQ/

other energy-intensive companies. We also quickly adopted a number of measures in the spring of 2022 to further expand this independence, while at the same time increasing the flexibility of our energy procurement. When these measures take full effect at the beginning of 2023, we will be able to replace up to another 40% of our natural gas requirements in Germany with alternative energy sources. In our search for additional energysaving potential, we increasingly leveraged the capabilities of our Digital Factory in 2022. Our experts, whose core responsibility is to further digitalize and automate production, used increased data transparency to successfully identify more energy-saving measures. At the Hamburg site, our industrial heat project also closely integrates us into the city's heat supply system, providing carbon-free heating for around 8,000 homes. This makes us a systemically relevant component of the Hanseatic city's energy supply. Second, our balance sheet is rock solid after a strong fiscal year with an equity ratio of over 50%. This gives us room to maneuver. We have the capacity to consistently implement and accelerate our strategy, even in times of crisis. And third, with our five tankhouses and four rod plants located in several European countries, we are broadly diversified. This means that we can compensate for significant market uncertainties.

Dear ladies and gentlemen,

We were extremely successful in fiscal year 2021/22 and achieved an operating EBT of € 532 million. This result was once again 40% higher than the already solid figure from last year. We are benefiting from a substantially higher metal result with increased metal prices, especially for industrial metals such as copper, tin, and nickel. Sales prices for sulfuric acid were also significantly higher than in the previous year for large periods of the fiscal year, resulting in significantly higher sulfuric acid revenues. Demand for copper products also increased considerably. Higher refining charges for other recycling materials translated into a strong overall result. The prolonged maintenance shutdown in Hamburg, much lower refining charges for copper scrap, and significantly higher energy costs had the opposite effect, but were more than offset by the positive earnings drivers. In view of the very good Group operating profit, the Executive Board and Supervisory Board propose a dividend of € 1.80 per share (previous year: € 1.60). This is the highest proposed dividend in the company's history.

"We have the capacity to consistently implement and accelerate our strategy, even during times of crisis."

– Rainer Verhoeven, CFO

One highlight in the past fiscal year that we on the Executive Board feel deserves particular mention here is the significant improvement in occupational safety in the Group. The relevant LTIFR indicator improved by 37% in 2021/22 compared with the previous year. This is a tremendous success on the path to achieving our vision of zero accidents. We would like to thank all of Aurubis AG's employees for their high level of personal commitment during the past fiscal year.

Today we have a much more optimistic view of the current fiscal year 2022/23 than we had just a few months ago. This may come as something of a surprise against the backdrop of an economic slowdown, rising interest rates, and the pressure of high energy prices. But it appears that we have been able to stave off the worst-case scenarios. Our metals continue to be in demand and in short supply, and we expect demand for metals for the energy transition to increase. Consequently, we currently expect a solid operating EBT for 2022/23 of between € 400 and 500 million.

We are also optimistic about how we managed the cyberattack on our IT systems at the end of October. No significant damage was caused thanks to our excellent IT setup, secure data storage, and the professional dedication of our employees. Production continued without any cutbacks at all major sites. At the same time, administrative processes continued at times without IT system support. In parallel, IT was working to quickly make the systems and data available again. This allowed us to restore the functionality of all systems in the Group in a very short time. This is another example of the crisis resilience of Aurubis.

Dear Aurubis shareholders, our business model, with its diverse earnings drivers, will once again prove to be robust in the current fiscal year. Our strategic roadmap is straightforward: We are strengthening our core business, and growing in multimetal recycling while improving our ability to sustainably produce metals for the future. We are systemically relevant. Aurubis products are needed today more than ever – as the basis for tomorrow's future. And to support the accelerated transition to green, affordable energy and technologies and a decarbonized society.

We hope you'll join us on this path!

Roland Harings Heiko Arnold Rainer Verhoeven

Executive Board

Roland Harings, Hamburg

Born: June 28, 1963, German citizen Executive Board Chairman and Director of Industrial Relations Appointed from May 20, 2019 to June 30, 2027

Dr. Heiko Arnold, Hamburg

Born: May 7, 1966, German citizen Chief Operating Officer Appointed from August 15, 2020 to August 14, 2028

• » Aurubis Olen NV/SA, Brussels, Belgium1 Director
• » Aurubis Bulgaria AD, Pirdop, Bulgaria1 Board of Directors
• » Aurubis Italia Srl, Avellino, Italy1 Chairman of the Board of Directors
• » Metallo Group Holding NV, Beerse, Belgium1 Chairman of the Board of Directors
• » Aurubis Beerse NV, Beerse, Belgium1 Chairman of the Board of Directors
• » Aurubis Berango S.L.U., Berango, Spain1 Chairman of the Board of Directors

Rainer Verhoeven, Hamburg

Born: December 2, 1968, German citizen Chief Financial Officer Appointed from January 1, 2018 to December 31, 2025

» Aurubis Olen NV/SA, Brussels, Belgium1 Chairman of the Board of Directors

¹ Group companies of Aurubis AG.

Report of the Supervisory Board

PROF. DR. FRITZ VAHRENHOLT Aurubis AG Supervisory Board Chairman

In fiscal year 2021/22, the Aurubis Group generated its best operating earnings before taxes Glossary, page 235 of € 532 million. In a fiscal year that was subject to unique uncertainties due to the consequences of the war in Ukraine, the remarkable achievements of our employees, management, and Executive Board deserve our special recognition.

Key factors influencing the operating result in the reporting period included a considerably higher metal result with an increase in metal prices, significantly higher sulfuric acid revenues due to markedly higher sales prices as well as a strong demand for copper products. The operating result was also positively influenced by higher refining charges for other recycling materials. The prolonged maintenance shutdown at our Hamburg site as well as much lower refining charges for copper scrap had the opposite effect. High energy prices also had a negative impact on net income. Aurubis was able to secure a good ongoing supply of both copper concentrates and recycling materials. While concentrate throughput of the Aurubis Group was high despite a scheduled maintenance shutdown in Hamburg, the throughput of

copper scrap and other recycling materials remained at the prioryear level.

COLLABORATION BETWEEN THE SUPERVISORY BOARD AND EXECUTIVE BOARD

The joint target of the Executive Board and Supervisory Board is to increase the enterprise value of Aurubis AG and its Group companies over the long term.

The Supervisory Board was included in all decisions of fundamental importance for the company. With respect to company management, the Supervisory Board and its committees also closely supervised, carefully monitored and advised the Executive Board in fiscal year 2021/22, and performed the functions incumbent upon it by law, the Articles of Association, and rules of procedure. The Supervisory Board is confident that the company was managed lawfully and appropriately.

The Supervisory Board was continuously informed in detail about the Group's earnings and business developments, the individual segments, and the company's financial position. The Executive Board provided comprehensive explanations for and discussed any deviations from planned business performance with the Supervisory Board.

In a written monthly report, the Executive Board informed the Supervisory Board about the corporate strategy, the planning process, important business transactions in the company and the Group, the associated opportunities and risks, and issues of compliance Glossary, page 232.

The Supervisory Board discussed all the transactions that were of importance for the Group in detail on the basis of the Executive Board's reports.

The Supervisory Board passed the Executive Board's proposed resolutions after thorough review and consultation.

The Chairman of the Supervisory Board was also in contact with the Executive Board, in particular the Chairman of the Board, outside of the meetings and communicated with them about current developments.

CONSULTATIONS IN THE SUPERVISORY BOARD

There were four scheduled Supervisory Board meetings and one extraordinary meeting in fiscal year 2021/22. Three resolutions were adopted by written consent in lieu of a meeting. The participation rate for the Supervisory Board members in Supervisory Board meetings was 100%. The Executive Board was not present for part of one Supervisory Board meeting. Because of the contact restrictions due to the coronavirus pandemic, some meetings of the Supervisory Board took place virtually as video conferences.

The following tables show the members' participation rate for Supervisory Board meetings and for the respective committee meetings.

Individual disclosure for meeting participation

	Number of meetings attended	Percentage of meetings attended
Supervisory Board	4 scheduled meetings and 1 extraordinary meeting
Prof. Dr. Fritz Vahrenholt (Chairman)	5/5	100%
Stefan Schmidt (Deputy Chairman)	5/5	100%
Deniz Filiz Acar	5/5	100%
Andrea Bauer	5/5	100%
Christian Ehrentraut	5/5	100%
Gunnar Groebler	5/5	100%
Prof. Dr. Karl Friedrich Jakob	5/5	100%
Jan Koltze	5/5	100%
Dr. Stephan Krümmer	5/5	100%
Dr. Elke Lossin	5/5	100%
Dr. Sandra Reich	5/5	100%
Melf Singer	5/5	100%

	Number of meetings	Percentage of meetings
	attended	attended
Personnel/
Compensation Committee	2 meetings
Prof. Dr. Fritz Vahrenholt
(Chairman)	2/2	100%
Deniz Filiz Acar	2/2	100%
Andrea Bauer	1/2	50%
Christian Ehrentraut	2/2	100%
Gunnar Groebler	2/2	100%
Prof. Dr. Karl Friedrich Jakob	2/2	100%
Jan Koltze	2/2	100%
Stefan Schmidt	2/2	100%
Audit Committee	5 meetings
Dr. Stephan Krümmer (Chairman)	5/5	100%
Gunnar Groebler	3/5	60%

Gunnar Groebler	3/5	60%
Jan Koltze	4/5	80%
Dr. Elke Lossin	5/5	100%
Dr. Sandra Reich	5/5	100%
Melf Singer	5/5	100%
Technology Committee	4 meetings
Prof. Dr. Karl Friedrich Jakob (Chairman)	4/4	100%
Christian Ehrentraut	4/4	100%
Dr. Stephan Krümmer	4/4	100%
Stefan Schmidt	4/4	100%
Conciliation and Nomination Committee	Did not meet during the fiscal year

The topics regularly covered in Supervisory Board meetings included the business performance, human resources in the Group, as well as the development of the results, the raw material markets, and the foreign exchange markets. The Supervisory Board also dealt with the financial situation and the status of capital expenditure. In particular, the Supervisory Board monitored the implementation of the Group strategy and the Performance Improvement Program and various IT projects. During the meetings, the chairmen of the Personnel/ Compensation, Audit, and Technology Committees reported on their work, the suggestions made, and the results achieved.

In the meeting on November 10, 2021, the Supervisory Board determined the compensation for the Executive Board members for fiscal year 2020/21 contingent on the established objectives and approved the construction of a new recycling plant in the US.

In the meeting of December 1, 2021, consultations focused on the approval of the consolidated financial statements and the separate financial statements for Aurubis AG for 2021/22, including the Corporate Governance Report, and the preparations for the 2022 Annual General Meeting. The Supervisory Board addressed the status of the Performance Improvement Program and the digital strategy.

In the meeting on February 16, 2022, the Executive Board reported on the current business. The Supervisory Board approved the investment for the treatment of nickel-containing electrolytes at the Olen site. The Supervisory Board also oversaw the sale of the Flat Rolled Products sites in Zutphen (Netherlands), Smethwik (England), Mortara (Italy), and Dolný Kubín (Slovakia). The Supervisory Board visited the site in Beerse before the meeting on June 9, 2022. This site visit had been postponed a number of times due to the coronavirus pandemic. During the meeting, the Supervisory Board approved an additional investment request for the 2023 shutdown, the construction of a new wastewater treatment plant and the acquisition of approximately 150 railway cars for the Pirdop site.

At its meeting on September 13, 2022, the Supervisory Board passed a resolution to appoint Ms. Inge Hofkens to the Management Board for a period of three years, commencing on January 1, 2023, through December 31, 2025 and to appoint Dr. Heiko Arnold to the Executive Board for a period of five years following his current appointment through August 14, 2028. Ms. Inge Hofkens will be responsible for the Multimetal Recycling segment and Dr. Heiko Arnold will be responsible for the Custom Smelting & Products segment. The Supervisory Board approved the budget and investment plans for 2022/23. The Supervisory Board also focused on the review of corporate governance. The Supervisory Board passed a resolution on the Executive Board's target fulfillment for the 2021/22 financial year and established the individual targets for the Executive Board for fiscal year 2022/23 as well as the target values for the performance cash

plan. Moreover, the Supervisory Board's skills profile was refined. The Supervisory Board conducted a self-assessment. The Board resolved to introduce a revised compensation system for the Executive Board with effect from October 1, 2023, following approval by the Annual General Meeting in February 2023.

By written consent in lieu of a meeting, the Supervisory Board approved the Declaration of Conformity, the expansion of the Personnel/Compensation Committee, and the separate fulfillment of the gender quota for the Supervisory Board election.

COMMITTEES

The Supervisory Board has formed a total of five committees to fulfill its duties and effectively support the Supervisory Board's work in the meetings. The committees prepared the Supervisory Board's resolutions and topics to be considered in the meetings. The Conciliation Committee formed in accordance with Section 27 (3) of the German Codetermination Act (MitbestG) did not meet during the reporting year.

Statements on the composition and working procedures of the Supervisory Board and its committees can also be found in this year's declaration on corporate governance.

WORK WITHIN THE PERSONNEL/COMPENSATION COMMITTEE

The Personnel/Compensation Committee met twice during the reporting period. In addition to developing a recommendation for establishing the individual Executive Board compensation targets, the committee also addressed the recommendation for achieving the targets. At its meeting of April 25, 2022, the Committee addressed talent management for certain management functions and the promotion of diversity in the Aurubis Group as well as the proposal for the new Executive Board compensation system. At its meeting on September 9, 2022, the Committee recommended that the Supervisory Board approve the first-time appointment of Ms. Inge Hofkens (for three years) and the renewal of the appointment of Mr. Heiko Arnold (for an additional five years) to the Executive Board. The adjusted compensation system for the Executive Board with effect from October 1, 2023 was on the agenda once again.

WORK WITHIN THE TECHNOLOGY COMMITTEE

The Technology Committee met four times during the reporting period. Apart from overseeing various optimization and development projects, such as increasing plant availability, the committee was involved in the review of the shutdowns in Pirdop in 2021 and Hamburg in 2022, and in the preparations for planning the shutdowns at the Pirdop site in 2023. The Executive Board reported on the status of the emissions reduction project in the primary smelter (RWO) at the Hamburg plant and on the construction of the new wastewater treatment plant as well as the purchase of railway cars for transporting concentrates to Pirdop. The committee also addressed the hydrometallurgical process for processing nickel-bearing electrolyte. Another key aspect was addressing group-wide measures in response to a possible gas shortage.

WORK WITHIN THE AUDIT COMMITTEE

The Audit Committee met five times during the reporting period. In four of the meetings, the Audit Committee reviewed the quarterly reports, the separate financial statements, and the consolidated financial statements for the past fiscal year and discussed them with the Executive Board. The Audit Committee also addressed the accounting audit, the monitoring of the accounting process, and the effectiveness of the internal control system, risk management system and internal auditing system. Furthermore, topics related to sustainability, including auditing of the non-financial report and compliance in the Group were also addressed. In its fifth meeting, the committee dealt with the budget and mid-term planning for fiscal year 2022/23. The discussion also focused on supporting the Performance Improvement Program. The Audit Committee recommended the auditing firm Deloitte GmbH Wirtschaftsprüfungsgesellschaft, Hamburg, to the Supervisory Board as auditor for fiscal year 2021/22.

In accordance with Section 107 (4) in connection with Section 100 (5) of the German Stock Corporation Act (AktG) and Principle 15 of the April 28, 2022 version of the German Corporate Governance Code (DCGK 2022), the Audit Committee chairman during the fiscal year, Dr. Stephan Krümmer, has special expertise and experience in the application of accounting principles, internal control procedures and annual audits, which he has gathered over the course of his career. He is not a former member of the company's Executive Board. An additional expert on the Audit Committee in accordance with Section 100 (5) of the German Stock Corporation Act (AktG) is Dr. Sandra Reich, who also has special expertise and experience in the application of accounting principles, internal control procedures, and annual audits.

Apart from the appointment of the auditors and the agreement of the fee with the auditors, the committee established its focus areas of the annual 2021/22 audit, specifically:

• » Audit of the accounting of all long-term energy supply contracts including a review of the corresponding accounting guidelines
• » Audit support of the implementation of measures by the "Metal Result Gold" task force
• » New segment reporting

Before submitting the proposal for the election of the auditors, the Supervisory Board obtained the declaration from Deloitte GmbH Wirtschaftsprüfungsgesellschaft, Hamburg, on their independence. The audits were performed in accordance with German auditing regulations, taking into account the generally accepted standards for the audit of financial statements promulgated by the German Institute of Public Auditors (IDW); in addition, the International Standards on Auditing were also observed. The audits also covered risk management and compliance with reporting obligations on corporate governance in accordance with Section 161 of the German Stock Corporation Act (AktG).

The auditors' representatives attended two Audit Committee meetings and reported on the audit of the consolidated and separate annual financial statements.

CORPORATE GOVERNANCE AND DECLARATION OF CONFORMITY

A regular self-assessment was performed by the Supervisory Board at its meeting on September 13, 2022, to evaluate the effectiveness of the Supervisory Board as a whole and all of its committees in fulfilling their duties. The self-assessment first used a detailed questionnaire developed with the help of external consultants to examine among other issues, the tasks, composition and cooperation on the Supervisory Board, cooperation with the Executive Board and reporting, as well as work carried out in meetings and by the committees. The results of this self-assessment were presented and discussed in detail at the Supervisory Board meeting. One particular point noted was that efforts should be made to further expand internal succession planning for members of the Executive Board. Following detailed discussion and an open dialogue, the Supervisory Board declared its efficiency and the efficiency of its committees.

The Executive Board and the Supervisory Board reported on corporate governance at Aurubis AG in accordance with Principle 23 of DCGK 2022, in the declaration and report on corporate governance.

On November 1, 2022, the Executive Board and Supervisory Board of Aurubis AG issued the updated Declaration of Conformity to the German Corporate Governance Code (DCGK) in accordance with Section 161 of the German Stock Corporation Act (AktG) and made it permanently accessible to the public at www.aurubis.com. Aurubis AG complies with the Code recommendations with two exceptions. Additional information can be found in the Declaration of Conformity.

When taking office, the members of the Supervisory Board are trained by the Legal department and informed by the Executive Board about the special features of the company's business model, among other topics. Plant tours are planned as well. As needed, for example due to new regulatory requirements, the Supervisory Board members will be informed in more detail.

CONFLICTS OF INTEREST

There were no conflicts of interest among Executive Board or Supervisory Board members that should have been disclosed to the Supervisory Board or announced at the Annual General Meeting. There were no significant transactions with an Executive Board member or parties related to an Executive Board member.

AUDIT OF THE SEPARATE FINANCIAL STATEMENTS OF AURUBIS AG AND THE CONSOLIDATED FINANCIAL STATEMENTS OF THE GROUP

The company's financial statements prepared by the Executive Board in accordance with the German Commercial Code (HGB), the consolidated financial statements prepared in accordance with IFRS (International Financial Reporting Standards) for the fiscal year from October 1, 2021, to September 30, 2022, and the Combined Management Report for the company and the Group have been audited in accordance with the resolution passed at the company's Annual General Meeting on February 17, 2022, and the subsequent appointment of Deloitte GmbH Wirtschaftsprüfungsgesellschaft, Hamburg, as auditors by the Supervisory Board. Auditor Mr. Christian Dinter oversaw the audit of the Group and the company. The auditors have issued an unqualified auditors' report. Deloitte GmbH Wirtschaftsprüfungsgesellschaft, Hamburg, has been the appointed auditor since fiscal year 2018/19 and audited Aurubis for the fourth time.

The meeting of the Supervisory Board to approve the financial statements was held on December 20, 2022. All members of the Supervisory Board received copies of the financial statements, the audit reports, and the Executive Board's recommendation on the appropriation of the net earnings and all other documents in good time before this meeting. These documents were discussed in detail at the Supervisory Board meeting to approve the financial statements. The auditors participated in this meeting, reported in detail on how the audit had been performed and what their main audit findings were. They were available to provide the Supervisory Board with further information, discuss the documents, and make additional comments.

This agreement was reached following a detailed discussion on the auditors' findings, and thorough consideration of the auditors' report and of the Executive Board's recommendation regarding the appropriation of the net income. It was also based on the Supervisory Board's own review of the separate financial statements of Aurubis AG, the consolidated financial statements, and the Combined Management Report for the company and the Group. The Supervisory Board concluded that no objections needed to be raised and, in accordance with the recommendations of the Audit Committee, approved the separate financial statements of Aurubis AG, which were thus adopted, as well as the consolidated financial statements and the Combined Management Report at the meeting on the financial statements. The Supervisory Board concurred with the Executive Board's recommendation on the utilization of the unappropriated earnings.

AUDIT OF THE SEPARATE NON-FINANCIAL REPORT

The Supervisory Board reviewed the Non-Financial Report and did not raise any objections.

The Supervisory Board retained the KPMG Wirtschaftsprüfung AG, Hamburg to conduct an audit, with the exception of the Business Partner Screening still under revision. On the basis of the audit conducted and the audit evidence acquired, the KMPG concluded that no findings were revealed that would lead the KPMG to draw the conclusion that the audited parts of the consolidated separate Non-Financial Report for Aurubis AG for the time period from October 1, 2021 to September 30, 2022 are not in all significant respects in accordance with Sections 315b and 315c in connection with Sections 289b to 289e of the German Commercial Code (HGB) and with the EU Taxonomy Regulation and additional legal acts or interpretations.

CHANGES IN THE SUPERVISORY BOARD

In February 2022, at the proposal of the Nomination Committee and at the request of the Executive Board, the Annual General Meeting elected/confirmed Mr. Gunnar Groebler, who had been appointed as a member of the Supervisory Board by the District Court of Hamburg with effect from October 1, 2021, as a shareholder representative on the Supervisory Board.

Hamburg, December 20, 2022

Supervisory Board

Prof. Dr. Fritz Vahrenholt Chairman

Supervisory Board

Detailed résumés of the Supervisory Board members are available on our Group website www.aurubis.com/en/about-us/management/supervisory-board.

Prof. Dr. Fritz Vahrenholt, Hamburg

Chairman of the Supervisory Board No professional occupation

» Encavis AG, Hamburg 1 Member of the Supervisory Board

Stefan Schmidt, Lüdinghausen2

Deputy Chairman of the Supervisory Board Head of Operations at the Aurubis AG Recycling Center, Lünen

» No further offices

Deniz Filiz Acar, Hamburg2

Instructor for Commercial Trainees

Deputy Head of Training in the HR Training department, Hamburg Works Council member relieved of duty and Chair of the Works Council

» No further offices

Andrea Bauer, Dortmund

Chief Financial Officer of Nobian B.V., Amersfoort, Netherlands » technotrans SE, Sassenberg 1

Member of the Supervisory Board

Christian Ehrentraut, Lünen2

Deputy Shift Leader in Smelting Operations, KRS/MZO Works Council member in Lünen, relieved of duty Chairman of the Works Council in Lünen since May 2022

• Deputy Chairman of the General Works Council since June 2022
• » No further offices

Gunnar Groebler, Hamburg

Chairman of the Executive Board of Saltzgitter AG, Salzgitter1

• » Ilsenburger Grobblech GmbH, Ilsenburg 3 Chairman of the Supervisory Board
• » Ilsenburger Grobblech GmbH, Ilsenburg, and Salzgitter Mannesmann Grobblech GmbH, Mülheim/Ruhr3 Chairman of the Joint Advisory Committee
• » KHS GmbH, Dortmund3 Member of the Supervisory Board
• » Mannesmann Precision Tubes GmbH, Mülheim/Ruhr3 Member of the Supervisory Board
• » Peiner Träger GmbH, Peine 3 Chairman of the Supervisory Board
• » Salzgitter Flachstahl GmbH, Salzgitter3 Chairman of the Supervisory Board
• » Salzgitter Mannesmann Grobblech GmbH, Mülheim/Ruhr3 Chairman of the Supervisory Board
• » Salzgitter Mannesmann Handel GmbH, Düsseldorf3 Chairman of the Supervisory Board
• » Semco Maritime A/S, Esbjerg, Denmark Member of the Board of Directors

Prof. Dr. Karl Friedrich Jakob, Dinslaken

No professional occupation

• » Albert-Schweitzer-Einrichtungen für Behinderte gGmbH, Dinslaken
• Member of the Supervisory Board
• » RWTÜV GmbH, Essen Member of the Supervisory Board
• » TÜV Nord AG, Hanover Member of the Supervisory Board
• » Universitätsklinikum Essen, Essen Member of the Supervisory Board

1 Stock exchange-listed company.

² Elected by the employees.

Jan Koltze, Hamburg2

District Manager of the Mining, Chemical, and Energy Industrial Union Hamburg/Harburg

• » Beiersdorf AG, Hamburg 1 Member of the Supervisory Board
• » ExxonMobil Central Europe Holding GmbH, Hamburg Member of the Supervisory Board
• » Maxingvest AG, Hamburg Member of the Supervisory Board

Dr. Stephan Krümmer, Hamburg

No professional occupation

» No further offices

Dr. Elke Lossin, Buchholz in der Nordheide2

Operations Manager at the Analytical Laboratory at Aurubis AG, Hamburg

» No further offices

Dr. Sandra Reich, Gräfelfing

Independent business consultant for sustainable finance

» Chancen eG, Berlin Member of the Supervisory Board

Melf Singer, Schwarzenbek 2

Day Shift Foreman of the Acid Plant at Aurubis AG, Hamburg » No further offices

Supervisory Board committees

Conciliation Committee in accordance

with Section 27 (3) of the German Codetermination Act Prof. Dr. Fritz Vahrenholt (Chairman) Stefan Schmidt (Deputy Chairman)

Andrea Bauer Christian Ehrentraut

Audit Committee

Dr. Stephan Krümmer (Chairman) Gunnar Groebler Jan Koltze Dr. Elke Lossin Dr. Sandra Reich Melf Singer

Personnel/Compensation Committee

Prof. Dr. Fritz Vahrenholt (Chairman) Deniz Filiz Acar Andrea Bauer Christian Ehrentraut since February 1, 2022 Gunnar Groebler Prof. Dr. Karl Friedrich Jakob since February 1, 2022 Jan Koltze Stefan Schmidt

Nomination Committee

Prof. Dr. Fritz Vahrenholt (Chairman) Gunnar Groebler Prof. Dr. Karl Friedrich Jakob Dr. Stephan Krümmer

Technology Committee

Prof. Dr. Karl Friedrich Jakob (Chairman) Christian Ehrentraut Dr. Stephan Krümmer Stefan Schmidt

1 stock exchange-listed company. 2 elected by the employees.

Corporate governance

Report and declaration on corporate governance

The principles of responsible and sustainable corporate governance determine the actions of the management and controlling bodies of Aurubis AG. In this declaration, the Executive Board reports – also for the Supervisory Board – on corporate governance pursuant to Principle 23 of the April 28, 2022, version of the German Corporate Governance Code, as well as Sections 289f and 315d of the German Commercial Code (HGB).

DECLARATION OF CONFORMITY AND REPORTING ON CORPORATE GOVERNANCE

In accordance with Section 161 of the German Stock Corporation Act (AktG), the Executive Board and Supervisory Board of a company listed in Germany must issue an annual declaration stating that the recommendations of the Government Commission on the German Corporate Governance Code published by the Federal Ministry of Justice and Consumer Protection in the official section of the Federal Gazette (Bundesanzeiger) were/are being complied with, or list the recommendations that were/are not being applied and explain why.

The Executive Board and the Supervisory Board dealt with the topic of corporate governance on several occasions in fiscal year 2021/22 and, on November 1, 2022, jointly issued the annual Declaration of Conformity in accordance with Section 161 of the German Stock Corporation Act (AktG). The declaration is permanently accessible to the public at www.aurubis.com/en/ about-us/corporate-governance. The Declarations of Conformity from the past five years and the details regarding fulfillment of the Code's requirements are also permanently accessible there. The Declarations of Conformity from the past five years and the details regarding fulfillment of the Code's requirements are also permanently accessible there.

TEXT OF THE DECLARATION OF CONFORMITY

"Since the issue of the last Declaration of Conformity dated November 2, 2021, Aurubis AG has followed all of the recommendations of the German Corporate Governance Code in the version dated April 22, 2022 ("DCGK 2022"), which was published by the German Federal Ministry of Justice in the official section of the Federal Gazette on June 27, 2022, with the following exception:

» G.10 (variable compensation predominantly related to share price)

Pursuant to recommendation G.10, Executive Board members' variable compensation shall be predominantly invested in company shares or shall be granted predominantly as sharebased compensation. The new compensation system includes an annual bonus, deferred stock, and a performance cash plan as variable compensation components, with only the deferred stock being granted as share-based compensation in this regard. The target amount of the deferred stock is 20% of the variable compensation, meaning that the variable compensation is not predominantly share price-based. In order to establish a closer relationship with the company's share price and to comply with recommendation G.10 of the DCGK, the Annual General Meeting on February 16, 2023, will be presented with a revised compensation system which will be valid from October 1, 2023. The performance cash plan will be replaced with a performance share plan.

Moreover, Aurubis AG deviates from the recommendations of the DCGK 2022 in the following aspect:

» C.10 (independence of Supervisory Board members) The Supervisory Board chair and the chair of the committee that addresses Executive Board compensation should be independent of the company and of the Executive Board. Prof. Vahrenholt has served on the Supervisory Board for more than 12 years and is thus not considered independent, according to C.7 of the DCGK 2022. When selecting its members or submitting nominations for elections at the Annual General Meeting, the Supervisory Board focuses on the professional and personal qualifications of the candidates. This also applies to the appointment of Prof. Vahrenholt.

Hamburg, November 1, 2022

For the Executive Board

Roland Harings Rainer Verhoeven Chairman Member

For the Supervisory Board

Prof. Dr. Fritz Vahrenholt Chairman"

COMPENSATION OF THE EXECUTIVE BOARD AND THE SUPERVISORY BOARD – REFERENCE TO THE WEBSITE OF AURUBIS AG

The Compensation Report for fiscal year 2021/22, the auditor's report pursuant to Section 162 of the German Stock Corporation Act (AktG), the applicable compensation system pursuant to Section 87a (1) and (2) sentence 1 and Section 113 (1) of the German Stock Corporation Act (AktG), and the most recent resolution passed on the subject of compensation pursuant to Section 120a (2) and Section 113a (3) of the German Stock Corporation Act (AktG) will be made publicly available on the website of Aurubis AG at www.aurubis.com/en/about-us/management.

DISCLOSURES ON RELEVANT CORPORATE GOVERNANCE PRACTICES

For Aurubis AG, the applicable legal regulations, especially stock market law, codetermination law, capital market law, the Articles of Association, the German Corporate Governance Code, and the rules of procedure of the Supervisory Board and the Executive Board provide the basis for the structure of management and controlling in the company. Above and beyond its legal obligations, Aurubis has defined values and derived a Code of Conduct from them that establishes a framework for behavior and decisions and provides orientation for corporate activities. The values and the Code of Conduct are published on the company's home page in the "Responsibility" section. Each employee is briefed on these Group-wide values and the Code of Conduct, as well as on the corporate guidelines stemming from them. Employees whose roles require them to deal more closely with certain legal regulations (e.g., antitrust law, anti-corruption, human rights, environmental protection, occupational safety) will be provided with corresponding mandatory training.

LEADERSHIP STRUCTURE

Aurubis AG is a company subject to German law, which is also the basis of the German Corporate Governance Code. A basic principle of German stock corporation law is the dual management system with the two bodies of the Executive Board and Supervisory Board, which are strictly separated as regards personnel between the Executive Board as the board of management and the Supervisory Board as the monitoring organ and each assigned independent responsibilities. The Executive Board and Supervisory Board of Aurubis AG work together closely and in a spirit of trust in the governance and supervision of the company for the benefit of the company.

WORKING PROCEDURES, COMPOSITION, AND OBJECTIVES OF THE EXECUTIVE BOARD AND SUPERVISORY BOARD

EXECUTIVE BOARD WORKING PROCEDURES

The Executive Board is responsible for running the company without instructions from third parties in accordance with the law, the Articles of Association, and the Executive Board's rules of procedure, taking into account the resolutions passed at the Annual General Meeting. The Executive Board represents the company in dealings with third parties.

As the management body, the Executive Board runs the company's business on its own responsibility with the aim of achieving long-term value added in the company's interests while taking the needs of all stakeholders into account.

The Executive Board identifies and assesses the risks and opportunities for the company which are associated with social and environmental factors as well as the ecological and social impacts of the company's activities.

The principle of overall responsibility applies, meaning that the members of the Executive Board together bear responsibility for the management of the entire company. They work together i n a spirit of cooperation and inform one another continuously about important measures and occurrences in their areas of responsibility. The overall responsibility of all Executive Board members notwithstanding, the individual members of the Executive Board oversee the areas of responsibility assigned to them in the Executive Board resolutions on their own responsibility. The principles of the cooperation between Aurubis AG's Executive Board members are stated in the rules of procedure for the Executive Board issued by the Supervisory Board. These regulate, inter alia, the allocation of responsibilities between the individual Executive Board members, matters reserved for the full Executive Board, the passing of resolutions, i.e., the required majority for resolutions, and the rights and obligations of the chief executive officer.

Certain Executive Board decisions of particular importance require the approval of the Supervisory Board. In addition to legal reservations (particularly Section 111b of the German Stock Corporation Act (AktG)), these are established in a catalogue enacted by the Supervisory Board.

For example, the Supervisory Board makes decisions about investments in other companies if the measure is of great significance for the Group, as well as about substantial capital expenditure measures.

The Executive Board keeps the Supervisory Board informed promptly and comprehensively, in written and verbal reports, as well as in the scheduled meetings, about the strategy, planning, business development, important business transactions, and the Group's risk situation, including risk management and compliance, i.e., the measures to comply with legal requirements and the internal corporate guidelines. The Executive Board discusses in detail and provides reasons for deviations in the business performance from previously prepared budgets and targets.

The initial appointment of Executive Board members is three years at the most.

COMPOSITION AND OBJECTIVES (DIVERSITY CONCEPT)

The Executive Board of Aurubis AG consisted of three members in fiscal year 2021/22: Chairman Mr. Roland Harings, Dr. Heiko Arnold, and Mr. Rainer Verhoeven.

The Executive Board did not form any committees in fiscal year 2021/22.

When it comes to selecting the members of the Executive Board, the Supervisory Board focuses first and foremost on the members' specialist knowledge and personal qualities. On the basis of their knowledge, skills, and professional experience, the Executive Board members must be able to fulfill their duties in a company operating within the copper/metal sector and to safeguard and promote the Aurubis Group's reputation in the public sphere.

Furthermore, the Supervisory Board has adopted a diversity concept for the Executive Board. It considers aspects such as age, gender, education, and professional background. In this way, the

selection of Executive Board members should account for a broad spectrum of skills, experience, and educational and professional backgrounds if possible, in addition to their suitability based on their personal and specialist skills. As an additional criterion of the diversity concept, the Executive Board as a whole should exhibit a balanced age structure and thus include younger individuals who have experience with newer technical knowledge and leadership methods, as well as older individuals who have more professional, life, and management experience. With the same level of personal and professional suitability, both women and men should be represented in the Executive Board if possible. With this diversity concept for the composition of the Executive Board, the Supervisory Board pursues the objective of achieving the highest level of diversity with respect to age, gender, education, and professional background. In this way, a variety of perspectives should be included in the management of the company, in addition to the high individual suitability of each of the members.

Pursuant to Section 111 (5) of the German Stock Corporation Act (AktG), the Supervisory Board had set itself the target of achieving a minimum target quota of 33.3% for the proportion of women on the Executive Board (one woman on a three-member Executive Board) by September 30, 2026. With effect as of January 1, 2023, the Supervisory Board has appointed Ms. Inge Hofkens as a fourth member of the Executive Board. The statutory quota applicable in case of a four-member Executive Board in accordance with Section 76 (3a) of the German Stock Corporation Act (AktG) will thus be fulfilled. The obligation to achieve a specific target size for the Executive Board will no longer apply.

The age limit for Executive Board appointments shall be 65 years.

STATUS OF TARGET IMPLEMENTATION

The Supervisory Board dealt intensively with the topic of diversity in the Executive Board in general and in the case of personnel changes in the Executive Board and takes the resolved diversity concept into consideration in the case of personnel changes. The diversity concept was implemented to the extent possible in the process. A particularly positive outcome of these efforts is the appointment of Ms. Inge Hofkens as of January 1, 2023. This mean that, in the future, both men and women will be represented on the Executive Board, in line with the target. The Executive Board members possess a broad range of skills, experience, and

educational and professional backgrounds: One member of the Executive Board has a business background and a degree in economics, while the other two Executive Board members hold technical and natural sciences degrees. All of the Executive Board members have personal experience of working in international corporate groups outside Germany and have a solid understanding of the customer and investor landscape in international markets. None of the Executive Board members has exceeded the legal retirement age. The appointment of Ms. Hofkens as of January 1, 2023, will expand the range of economics expertise on the Executive Board. With nearly 30 years of experience in the field of multimetal recycling and in responsible management positions, Ms. Hofkens brings outstanding expertise to the role. She will push forward the growing recycling business in Aurubis's integrated, international smelter network.

SUCCESSION PLANNING

Together with the Executive Board, the Supervisory Board ensures long-term succession planning for filling Executive Board positions. The long-term succession planning is oriented to the company strategy. This is based on systematic management development with the following key elements:

• » A shared understanding of leadership (Aurubis Leadership Behaviors) and leadership skills (Aurubis Skills Model)
• » Early identification (potential management process) and systematic development support for suitablepotential candidates (development programs)
• » Transfer and successful takeover of management tasks with growing responsibility

The Supervisory Board decides on the personality that should fill each concrete Executive Board position in the interest of the company, taking all of the circumstances of the individual case into account.

In accordance with the legal stipulations of Section 76 (4) of the German Stock Corporation Act (AktG), there are also targets for the proportion of female employees in the first and second management levels under the Executive Board. The targets must describe the intended percentage of women in the management level in question and, in the case of percentages, be equivalent to absolute headcounts.

With a resolution dated August 30, 2021, the Executive Board set an increased target of 30% female employees (eight women) for the first management level and a target of 25% (32 women) for the second management level. These targets should be achieved from October 1, 2021, to September 30, 2026.

As at the reporting date (September 30, 2022), the proportion of women was about 24% (previous year: about 28%) for the first management level below the Executive Board and about 22% (previous year: about 19%) for the second management level below the Executive Board. The proportion of women in the first management level decreased as at the reporting date, while the percentage in the second level increased.

The relevant targets for the past fiscal year were not achieved. The decrease at the first management level below the Executive Board is mainly attributable to a change in the division of business responsibilities and related structural changes.

Despite intensive efforts, it has not been possible to appoint female candidates in order to fill vacancies. Particularly in the case of many technical positions, no female applicants have applied. The Executive Board continues to strive for a suitable consideration of women in the first and second management levels. Further increasing the number of women in management positions independently of legal regulations is an important goal for the Group.

SUPERVISORY BOARD WORKING PROCEDURES

The Supervisory Board advises and monitors the Executive Board in the management of the company. Its monitoring and advice include sustainability issues in particular. It appoints and rescinds the contracts of Executive Board members, decides on the compensation system for Executive Board members, and specifies their respective total compensation. It also defines the target pension level for Executive Board members. The Personnel/ Compensation Committee submits corresponding suggestions to the Supervisory Board.

The Supervisory Board is involved in strategy and planning work, and in all aspects of major significance for the company. The Supervisory Board has defined rights of veto in favor of the Supervisory Board for transactions of fundamental importance,

particularly those that would significantly change the company's net assets, financial position, and results of operations. In the case of important events, an extraordinary Supervisory Board meeting is convened if deemed necessary. The chairman of the Supervisory Board coordinates the work within the Supervisory Board, chairs its meetings, and attends to the affairs of the Supervisory Board externally. He also maintains regular contact with the Executive Board, especially its chairman, between meetings and consults with him regarding issues that arise in relation to the strategy, business development, the risk situation, risk management, and compliance within the company. The Supervisory Board regularly convenes without the Executive Board during its meetings. In a regular Supervisory Board meeting, time is also reserved for discussion among the Supervisory Board members without the Executive Board.

The Supervisory Board has defined rules of procedure for its work. These are available at www.aurubis.com/en/about-us/ management/supervisory-board. Shareholder and employee representatives generally meet separately to prepare for the meetings. When taking office and participating in training and continuing education measures, the Supervisory Board members receive the appropriate support. For example, extensive briefings regarding the special features of the copper industry and the business model are customarily provided. Internal and external experts provide training when there are notable changes to the regulatory environment that impact the Supervisory Board or the company.

COMPOSITION AND OBJECTIVES (DIVERSITY CONCEPT AND SKILLS PROFILE)

The Supervisory Board of Aurubis AG, which exercises the codetermination principle, has twelve members in accordance with the Articles of Association. Six of these members are elected by the shareholders and six by the employees in accordance with the German Codetermination Act. The periods of office are currently identical. In accordance with the recommendations of the German Corporate Governance Code, the shareholders' representatives were elected individually to the Supervisory Board in the last election at the Annual General Meeting on March 1, 2018, and in the follow-up election on February 28, 2019, and February 17, 2022. The Supervisory Board's term of office currently amounts to five years; the current term of office ends at the close of the 2023 Annual General Meeting during which the

resolution regarding the approval of the Supervisory Board members is passed for fiscal year 2021/22. New elections for the shareholder representatives on the Supervisory Board will be held at the 2023 Annual General Meeting. A proposal will be made to the Annual General Meeting to limit the term of office of the Supervisory Board members to be elected at the 2023 Annual General Meeting to a period of four years.

On September 13, 2022, the Supervisory Board resolved a revised concept governing the makeup of the Supervisory Board which complies with the requirements of the German Corporate Governance Code. The concept includes concrete targets for the Supervisory Board's composition, skills profile (including areas of expertise relating to sustainability issues of significance for the company), and diversity concept. The following concept has been made permanently accessible at www.aurubis.com/en/about-us/ management/supervisory-board.

Concept for the composition of the Supervisory Board

The Supervisory Board strives for a composition that ensures qualified supervision and advice for the Executive Board.

Candidates who can fulfill the duties of a Supervisory Board member in an exchange-listed, international company in the copper/metal industry due to their knowledge and experience, integrity, and personality should be recommended for election to the Supervisory Board.

These objectives take into account the legal requirements for the composition of the Supervisory Board as well as the corresponding recommendations of the German Corporate Governance Code (where Aurubis does not deviate from these).

In addition to the individual requirements that apply to each member, there is a skills profile and a diversity concept for the entire Board. The Supervisory Board strives to implement the diversity concept for its composition and the skills profile by considering the aspects in the concept when making recommendations for the election of Supervisory Board members representing the shareholders. The Aurubis AG shareholders at the Annual General Meeting are responsible for the final decision on the composition of the Supervisory Board.

The principal of managerial codetermination at Aurubis AG also contributes to diversity with regard to professional experience and cultural background. However, the Supervisory Board does not have the possibility to select candidates for the role ofemployee representatives.

The following requirements and targets shall apply to the composition of the Aurubis AG Supervisory Board.

Requirements for the individual Supervisory Board members Professional suitability

Supervisory Board members shall have business/company experience and general knowledge of the copper/metal industry or related sectors. On the basis of their knowledge, skills, and professional experience, they shall be able to fulfill the duties of a Supervisory Board member in an international company and to safeguard the Aurubis Group's reputation in the public sphere.

In regard to nominations for elections at the Annual General Meeting, the candidate's personality, integrity, commitment, and professionalism shall be considered in particular.

Independence

A Supervisory Board member shall be considered independent within the meaning of the German Corporate Governance Code if he/she is independent of Aurubis AG and its Executive Board and independent of a controlling shareholder of Aurubis AG. In assessing the issue of independence, the Supervisory Board is guided by the arecommendations of the German Corporate Governance Code.

According to the rules of the German Corporate Governance Code, more than half of the shareholder representatives should be independent of Aurubis AG and the Executive Board.

As a matter of principle, the Supervisory Board does not question the independence of the employee representatives based on their representation of the employees or an employment relationship with a Group company.

Time availability

Every Supervisory Board member shall ensure that he/she is able to devote the necessary time for the proper execution of the Supervisory Board mandate. In doing so, it shall be taken into consideration that at least four ordinary meetings of the Supervisory Board will be held annually, each of which requires appropriate preparation; that enough time shall be provided to review the documentation for the annual financial statements and the consolidated financial statements; and that additional time demands arise with membership in one or more Supervisory Board committees. Furthermore, additional extraordinary meetings for the Supervisory Board or a committee may become necessary in order to deal with special issues.

In addition to the legal mandate limits, the recommended upper limits of the German Corporate Governance Code for Supervisory Board mandates shall be taken into account.

Age limit for Supervisory Board members

Those who have reached the age of 75 at the time of appointment may not be elected to the Supervisory Board.

Former members of the Aurubis AG Executive Board

For former members of the Aurubis AG Executive Board, the cooling-off period of two years prescribed in stock company law applies. No more than two members of the Executive Board may be members of the Supervisory Board.

Suggestions regarding the composition of the entire Supervisory Board

Skills profile for the entire Supervisory Board

The Supervisory Board shall have at its collective disposal the skills that are considered essential with respect to the Aurubis Group's activities. This includes, in particular, in-depth experienceand abilities in the following skill areas:

Skill area	Skill description
Management & HR	Experience and knowledge of the management of industrial companies in the context of structural changes in the sector as well as other change processes and efficiency programs
	Experience and knowledge of international personnel management, including the recruitment and development of managers
Technology	Understanding of metallurgy and the supply chain for resource- and energy-intensive industrial companies
Digitalization	Experience of the digitalization of industrial processes and companies
International experience	Personal experience of managing companies in international key markets outside Germany
	Solid understanding of the customer, investor, or regulatory landscape at important international locations
Risk management	Experience of handling operating, market-specific, geopolitical, financial, legal, and compliance risks by means of internal control systems
Finance	In-depth knowledge and experience in the application of international accounting principles and internal control procedures
	Good knowledge of company financing and capital markets
Auditing	Specialist knowledge and personal experience in the field of accounting and auditing, including sustainability reporting
Environ mental, social,	Knowledge of ESG factors and their significance for Aurubis, particularly as an energy-intensive company
and corporate governance	Experience in the area of sustainability, sustainable technologies, and corporate responsibility
(ESG)	Knowledge of statutory regulations as well as corporate governance and compliance standards for an exchange-listed company (German Corporate Governance Code, Market Abuse Regulation, etc.)
Strategy	Experience of strategy development and implementation processes
	Experience of M&A processes

In accordance with the skills profile, pursuant to Section 100 (5) of the German Stock Corporation Act (AktG), at least one member of the Supervisory Board must have expert knowledge in the area of accounting, and at least one additional member of the Supervisory Board must have expert knowledge in the area of auditing; the members as a whole must be familiar with the sector in which the company is active.

Description of the diversity concept and its targets

The skills profile described above is also a core aspect of the diversity concept which Aurubis aims to realize. For this reason, please refer first of all to the above comments regarding the targets for the composition of the Supervisory Board and the current level of target achievement. In addition, with regard to diversity in its composition the Supervisory Board strives above all for the consideration of a balanced age structure, varied professional and international experience and, in particular, appropriate representation of both genders and a range of different educational and professional backgrounds:

• » The Supervisory Board as a whole should exhibit a balanced age structure and thus include both younger individuals in the midst of their professional lives and older individuals with more professional and life experience.
• » The Supervisory Board is to have an appropriate number of members with personal experience of the management of companies in key international markets outside of Germany and/or a solid understanding of the customer, investor, or regulatory landscape in prominent international locations.
• » During Supervisory Board elections, it must be considered that in addition to suitability based on personal and professional skills, the Supervisory Board must include both women and men and be composed of at least 30% women and men, respectively, in accordance with the legal requirements.
• » The Supervisory Board is composed of personalities that are suitable due to their personal and specialist skills, and that demonstrate different educational backgrounds if possible – including technical, business, legal, and humanities-related education – as well as different professional backgrounds – including members of technical, commercial, and humanities-related professions.

Implementation status for the skills profile

On the basis of the targets for its composition, the Supervisory Board of Aurubis AG has created the following overview of its qualifications (Skills Matrix):

	Length of membership	Personal suitability				Diversity
	Member since	Independence	Mandate limitations	Gender	Year of birth	vocational training	Citizenship
Prof. Dr. Fritz Vahrenholt	1999			Male	1949	Chemistry	German
Stefan Schmidt1	2018			Male	1967	Metallurgy	German
Deniz Filiz Acar1	2019			Female	1978	Industrial management assistant	German
Andrea Bauer	2018			Female	1966	Auditing	German
Christian Ehrentraut1	2019			Male	1965	Mine mechanic	German
Gunnar Groebler	2021	2 ( )		Male	1972	Mechanical engineering	German
Prof. Dr. Karl Friedrich Jakob	2018			Male	1951	Mining	German
Jan Koltze1	2011			Male	1963	Power electronics technician	German
Dr. Stephan Krümmer	2018			Male	1956	Economics	German
Dr. Elke Lossin1	2018			Female	1965	Chemistry	German
Dr. Sandra Reich	2013			Female	1977	Business law	German
Melf Singer1	2018			Male	1973	Chemical technician	German

management Finance Auditing ESG Strategy

based on an annual self-assessment carried out by the Supervisory Board.

A check mark means at least good knowledge (2) on a scale of 1 (very good knowledge) to 6 (no knowledge).

1 elected by the employees.

2 CEO of the majority shareholder Salzgitter AG, independent within the meaning of C7 of the DCGK 2022.

The current composition of the Supervisory Board and its committees is available online at www.aurubis.com/en/about-us/ management/.

				Skills
Management			International	Risk
& HR	Technology	Digitalization	experience	management	Finance	Auditing	ESG	Strategy

Implementation status for the skills profile

Length of

Groebler 2021 ( )

qualifications (Skills Matrix):

Prof. Dr. Fritz

Stefan

Deniz Filiz

Andrea

Christian

Gunnar

Jan

Dr. Stephan

1

2

Dr. Elke

Dr. Sandra

management/.

elected by the employees.

Prof. Dr. Karl Friedrich

On the basis of the targets for its composition, the Supervisory Board of Aurubis AG has created the following overview of its

Acar1 2019 Female 1978

Koltze1 2011 Male 1963

Melf Singer1 2018 Male 1973

A check mark means at least good knowledge (2) on a scale of 1 (very good knowledge) to 6 (no knowledge).

CEO of the majority shareholder Salzgitter AG, independent within the meaning of C7 of the DCGK 2022.

based on an annual self-assessment carried out by the Supervisory Board.

The current composition of the Supervisory Board and its committees is available online at www.aurubis.com/en/about-us/

Vahrenholt 1999 Male 1949 Chemistry German

Schmidt1 2018 Male 1967 Metallurgy German

Bauer 2018 Female 1966 Auditing German

Ehrentraut1 2019 Male 1965 Mine mechanic German

Jakob 2018 Male 1951 Mining German

Krümmer 2018 Male 1956 Economics German

Lossin1 2018 Female 1965 Chemistry German

Reich 2013 Female 1977 Business law German

Implementation status forthe diversity concept

The concept was implemented to the extent possible. Here too, please first of all refer to the above Skills Matrix. In addition, in the Supervisory Board's view the side representing the shareholders demonstrates a balanced age structure that includes younger and older individuals. This is also safeguarded by means of the specified age limit (see above). The Supervisory Board is composed of at least 30% women and men, respectively, in accordance with the legal requirements. The Supervisory Board members have different educational and professional backgrounds. Additional information regarding the Supervisory Board members' personal and specialist skills may be found in the above Skills Matrix and is also available in their CVs, which are permanently accessible at www.aurubis.com/en/about-us/ management/supervisory-board.

APPROPRIATE NUMBER OF INDEPENDENT SHAREHOLDER REPRESENTATIVES

In the Supervisory Board's estimate, Mr. Gunnar Groebler, Prof. Dr. Karl Friedrich Jakob, Dr. Stephan Krümmer, Dr. Sandra Reich, and Ms. Andrea Bauer were seen as independent shareholder members during fiscal year 2021/22 pursuant to point C.7 of the April 28, 2022, version of the German Corporate Governance Code.

The Supervisory Board, with its five independent shareholder members, thus has a sufficient number of independent members.

SUPERVISORY BOARD COMMITTEES

The Supervisory Board has formed five committees for its members to prepare and complement its work: the Personnel/ Compensation Committee, the Audit Committee, the Nomination Committee, the Technology Committee, and the Conciliation Committee. Some of the committees' tasks, as well as their composition and work, are specified in the rules of procedure of the Supervisory Board. The committees' compositions are provided in this Annual Report. The mandates of the Supervisory Board members in other legally formed Supervisory Boards and comparable German and foreign controlling bodies are also specified in this Annual Report.

Personnel/Compensation Committee

The eight-member Personnel/Compensation Committee has equal numbers of shareholder and employee representatives. It considers the structure and level of compensation paid to all members of the Executive Board, selects qualified candidates for Executive Board positions, and discusses their contracts when preparing the necessary Supervisory Board resolutions.

The chairman of the Personnel/Compensation Committee is the chairman of the Supervisory Board, Prof. Dr. Fritz Vahrenholt. The other members of this committee in fiscal year 2021/22 were Ms. Deniz Filiz Acar, Ms. Andrea Bauer, Mr. Gunnar Groebler, Mr. Jan Koltze and Mr. Stefan Schmidt and, from February 1, 2022, Mr. Christian Ehrentraut and Prof. Dr. Karl Friedrich Jakob.

Audit Committee

The six-member Audit Committee with equal representation has the main tasks of reviewing the accounting and overseeing the accounting process, the effectiveness of the internal control system, the risk management system, the internal auditing system, the annual audit, and compliance. The accounting particularly comprises the consolidated financial statements and the Group management report (including CSR reporting), interim financial information, and the single-entity financial statements in accordance with the German Commercial Code (HGB).

The Audit Committee submits a preference and a justified recommendation for the choice of an auditor to the Supervisory Board. Where the auditing mandate is subject to an invitation to tender, at least two candidates are put forward. The Audit Committee monitors the independence of the auditors and furthermore concerns itself with the additional services performed by the auditors, the appointment of the auditors, the determination of the audit's focus areas, and the agreement of the fee. The Audit Committee discusses with the auditor its assessment of the level of audit risk, the audit strategy, and audit planning as well as the auditor's audit findings. The Chairman of the Audit Committee maintains regular contact with the auditor regarding the progress of the audit and reports to the committee on this. Where necessary, the Audit Committee will hold discussions with the auditor without the Executive Board being present.

In accordance with Sections 107 (4) in conjunction with 100 (5) of the German Stock Corporation Act (AktG) and Principle 15 of the DCGK 2022, at least one member of the Audit Committee must have expert knowledge in the area of accounting, and at least one additional member of the Supervisory Board must have expert knowledge in the area of auditing.

The chairman of the Audit Committee in the year under review, Dr. Stephan Krümmer, has (i) special knowledge and experience in the area of accounting, relating to the application of accounting principles and internal control procedures and (ii) in the area of auditing, special knowledge, and experience in the field of annual audits. The accounting and auditing include the sustainability reporting and its review.

Within the scope of his professional activity as chairman corporate finance Germany, M&A division, at the auditing firm Deloitte, as a Group partner and managing director for Germanspeaking countries at the international private equity company 3i plc, and as managing director and head of Germany at the Rothschild investment bank, Dr. Krümmer has extensive knowledge of both of the abovementioned fields. He has also completed sustainability reporting training and thus acquired knowledge in this area.

Dr. Krümmer is not a former member of the company's Executive Board.

Ms. Sandra Reich is an additional Audit Committee expert in accordance with Section 100 (5) of the German Stock Corporation Act (AktG). Through her work as managing director of the Hamburg and Hanover stock exchanges as well as her extensive training, she likewise has expertise in the field of accounting and auditing.

In addition to Committee Chairman Dr. Stephan Krümmer, the Audit Committee included Mr. Gunnar Groebler, Mr. Jan Koltze, Dr. Elke Lossin, Dr. Sandra Reich, and Mr. Melf Singer in fiscal year 2021/22.

Nomination Committee

The Nomination Committee has only shareholder representatives in accordance with the German Corporate Governance Code. The Nomination Committee has the duty of suggesting suitable candidates for the Supervisory Board to propose for election to the Supervisory Board at the Annual General Meeting.

Prof. Dr. Fritz Vahrenholt is the committee chairman. The other members of the committee in fiscal year 2021/22 were Mr. Gunnar Groebler, Prof. Dr. Karl Friedrich Jakob, and Dr. Stephan Krümmer.

Conciliation Committee

The legally mandated Conciliation Committee submits suggestions for the appointment or dismissal of Executive Board members to the Supervisory Board if the required majority of two-thirds of the Supervisory Board's votes is not achieved in the first round of voting. The Conciliation Committee is made up of the Supervisory Board chairman, his deputy, one Supervisory Board member representing the shareholders, and one Supervisory Board member representing the employees.

Prof. Dr. Fritz Vahrenholt is the committee chairman. The other members of the committee are Mr. Stefan Schmidt (deputy chairman), Ms. Andrea Bauer, and Mr. Christian Ehrentraut.

Technology Committee

The four-member committee has equal numbers of shareholder and employee representatives. The Technology Committee's main duty is to provide technical support for the Executive Board in the implementation of significant capital expenditure projects and monitoring of these activities of the Executive Board.

Prof. Dr. Karl Friedrich Jakob is the committee chairman. The other members of the committee are Mr. Christian Ehrentraut, Dr. Stephan Krümmer, and Mr. Stefan Schmidt.

RETENTION IN D&O INSURANCE

Aurubis AG has taken out D&O insurance (pecuniary loss/thirdparty indemnity) for the Executive Board and the Supervisory Board with a reasonable retention. A deductible of 10% of the damage or one-and-a-half times the fixed annual compensation has been agreed.

SUPERVISORY BOARD SELF-ASSESSMENT

A regular self-assessment was performed by the Supervisory Board at its meeting on September 13, 2022, to evaluate the effectiveness of the Supervisory Board as a whole and all of its committees in fulfilling their duties. The self-assessmentfirst used a detailed questionnaire developed with the help of external consultants to examine, among other issues, the tasks, composition, and cooperation on the Supervisory Board; cooperation with the Executive Board and reporting; and work carried out inmeetings and by the committees. The results of this self-assessment were presented and discussed in detail at the Supervisory Board meeting. One particular point noted was that efforts should be made to further expand internal succession planning for members of the Executive Board. Following a detailed discussion and an open dialogue, the Supervisory Board declared its efficiency and the efficiency of its committees.

SHAREHOLDERS AND THE ANNUAL GENERAL MEETING

The shareholders of Aurubis AG exercise their codetermination and supervisory rights at the Annual General Meeting, which occurs at least once a year. Resolutions are passed at the Annual General Meeting on all matters defined by law that are binding for all shareholders and the company. Each share grants the holder one vote in the Annual General Meeting voting processes. There are no different categories of shares.

The shareholders at the Annual General Meeting elect the members of the Supervisory Board, who are chosen by the shareholders without obligation to a particular nomination and pass a resolution on the approval of the members of the Executive Board and Supervisory Board. It decides on the utilization of the unappropriated earnings and on capital measures and gives approval to company agreements. Furthermore, it decides on the approval of the compensation system for members of the Executive Board presented by the Supervisory Board. At least once every four years, it passes a resolution on the compensation received by the members of the Supervisory Board and on the approval of the Compensation Report according to Section 162 of the German Stock Corporation Act (AktG). It will pass a resolution on the latter for the first time at the Annual General Meeting which is to be held in early 2023. The shareholders at the Annual General Meeting also decide on amendments to the company's Articles of Association. In special cases, the German Stock Corporation Act (AktG) stipulates that

an extraordinary General Meeting can be convened and/or the German Corporate Governance Code suggests that such a meeting be convened.

The invitation to the Annual General Meeting and the relevant reports and information for the resolutions are published in accordance with German stock corporation and capital market law and made available in English and German on the Aurubis AG website.

CONTROLLING/RISK MANAGEMENT AND COMPLIANCE

The company's responsible handling of risks is also part of good corporate governance. As part of our value-oriented Group management, adequate risk management ensures that risks are identified early on and risk positions are minimized.

The internal control system and the risk management system also cover sustainability-related goals and include processes and systems for collection and processing of sustainability-related data.

Risk management reports regularly to the Executive Board and the Supervisory Board's Audit Committee. Details of risk management at Aurubis AG are given in the risk report. This includes the report on the accounting-related internal control and risk management system required pursuant to Section 289 (4) and Section 315 (4) of the German Commercial Code (HGB).

The Executive Board ensures adherence to legal requirements and the internal company guidelines and works toward compliance across all Group companies. The internal control system and the risk management system also include a compliance management system which reflects the company's risk situation. The compliance management system encompasses compliance goals, risk analysis, and principles and measures to limit risks and prevent violations. The Chief Compliance Officer reports regularly (and as the circumstances may require) to the Executive Board and Audit Committee of the Supervisory Board with regard to the compliance management system, compliance violations, and compliance-related measures. He works closely with the employees responsible for Risk Management and Internal Audit. At the individual Group sites, local compliance officers are available as a point of contact for employees. Together with the Executive Board, Aurubis' compliance employees promote a compliance culture and actively strive to strengthen awareness

for following rules and laws in the Group. The compliance measures include prevention, monitoring, and sanctions. Preventive measures comprise the risk analyses previously mentioned, internal policies, guidance, and particularly the training of employees. Employees and business partners can make confidential and anonymous reports regarding legal violations and breaches of our codes and standards via our Compliance Portal, the whistleblower hotline. The Corporate Compliance Policy states that there are no disadvantages for a whistleblower who makes a report. The hotline is available in English, German, and other languages and is open to all external stakeholders as well. It is operated by external, independent attorneys. Any tips they receive, for example regarding possible cases of corruption, discrimination, or incidents in the supply chain, are investigated. If any wrongful acts are actually proven, they can lead to warnings, dismissals, and/or damage claims.

DIRECTORS' DEALINGS

Pursuant to Article 19 of the Market Abuse Regulation (EU 596/2014), the members of Aurubis AG's Executive and Supervisory Boards, certain employees in management positions, and people closely associated with them are required to disclose acquisitions and sales of company shares and related financial instruments. This does not apply if the total transactions per person do not exceed € 20,000 per calendar year.

No directors' dealings subject to disclosure according to Article 19 of the Market Abuse Regulation were reported in fiscal year 2021/22.

FINANCIAL REPORTING AND ANNUAL AUDIT

Aurubis AG prepares its consolidated financial statements,its Combined Management Report, and the consolidated interim reports in accordance with International Financial Reporting Standards (IFRS) as they should be applied in the European Union. The financial statements and the Combined Management Report of Aurubis AG are issued in compliance with the German Commercial Code (HGB) and the German Stock Corporation Act (AktG). The financial statements of Aurubis AG and the consolidated financial statements, as well as the Combined Management Report, are compiled by the Executive Board and examined by the auditors and the Supervisory Board. Aurubis AG released a Combined Management Report for Aurubis AG and the Aurubis Group for fiscal year 2021/22. The interim report and the

quarterly reports are discussed by the Audit Committee and the Executive Board before publication.

The company's auditor was elected at the Annual General Meeting in compliance with the provisions of the German Stock Corporation Act (AktG). Deloitte GmbH Wirtschaftsprüfungsgesellschaft, Hamburg, was appointed auditor of the 2021/22 consolidated financial statements and the Combined Management Report, as well as the 2021/22 HGB financial statements of Aurubis AG. Deloitte GmbH Wirtschaftsprüfungsgesellschaft, Hamburg, has been the appointed auditor since fiscal year 2018/19. The fiscal year 2021/22 audit marked the fourth time it had audited Aurubis. Auditor Mr. Christian Dinter oversaw the audit of the Group and the company for the first time.

Before submitting the proposal for the election of the auditors, the Supervisory Board obtained the declaration from Deloitte GmbH Wirtschaftsprüfungsgesellschaft, Hamburg, on their independence. The audits were performed in accordance with German auditing regulations, taking into account the generally accepted standards for the audit of financial statements promulgated by the German Institute of Public Auditors (IDW); in addition, the International Standards on Auditing were also observed. The audits also covered risk management and compliance with reporting obligations on corporate governance in accordance with Section 161 of the German Stock Corporation Act (AktG).

Furthermore, it was also agreed with the auditors that they would inform the Supervisory Board without delay about any possible grounds for exclusion or lack of impartiality and about the main findings and incidents arising during the audit.

Hamburg, December 2022

For the Executive Board

Roland Harings Rainer Verhoeven

Chairman Member

Compensation Report for the Executive Board and the Supervisory Board of Aurubis AG

The following Compensation Report outlines the structure and level of the Aurubis AG's Executive Board and Supervisory Board compensation.

The Compensation Report provides detailed and individualized information about the compensation granted and owed to active and former members of the Executive Board and Supervisory Board of Aurubis AG in the reporting year 2021/22, as well as benefits promised for the reporting year. The Compensation Report was jointly prepared by the Executive Board and the Supervisory Board in accordance with the requirements of Section 162 of the German Stock Corporation Act (AktG). It also complies with the requirements of the German Corporate Governance Code (DCKG) in its current version dated April 28, 2022.

The Compensation Report has been audited by Deloitte GmbH Wirtschaftsprüfungsgesellschaft in accordance with the requirements of Section 162 (3) of the German Stock Corporation Act (AktG). The Compensation Report and the auditor's report on its audit of the Compensation Report may be found on the website of Aurubis AG. Additional detailed information about the compensation systems for the Executive Board and Supervisory Board members of Aurubis AG is provided on the company's website. www.aurubis.com/en/about-us/management/supervisory-board

EVENTS IN COMPENSATION YEAR 2021/22

In fiscal year 2021/22, the Aurubis Group generated outstanding operating earnings before taxes of € 532 million. Important factors influencing the operating result in the reporting period included, in particular, a considerably higher metal result with an increase in metal prices, significantly higher sulfuric acid revenues due to markedly higher sales prices, and a very strong level of demand for copper products. The operating result was also positively affected by higher refining charges for other recycling materials. An opposite effect was caused by the prolonged maintenance shutdown at our Hamburg site as well as much lower refining charges for copper scrap. At the same time, high energy costs had a negative impact. Aurubis was able to secure a good ongoing

supply of both copper concentrates and recycling materials. While concentrate throughput of the Aurubis Group was at a high level despite a scheduled maintenance shutdown in Hamburg, the throughput of copper scrap and other recycling materials was at the prior-year level.

The Supervisory Board resolved an increase to the Executive Board members' target compensation with effect from October 1, 2021. The target compensation had not been revised over the past four years. During this time, the salaries of the company's employees — both those who are covered by collective wage agreements and those who are not — had increased by more than 10%. In line with this trend, the Executive Board's target compensation has been increased by around 9%. This adjustment was made evenly for both the basic compensation and the variable compensation components, in order to maintain the envisaged compensation structure and the related focus on Aurubis' sustainable and long-term development. No increases were made for the Executive Board members' pension plans. This adjustment of the target compensation will also ensure the competitiveness of the Executive Board members' compensation package. The Supervisory Board has ensured that the new target compensation is appropriate by means of a market comparison with the companies listed on the SDAX and MDAX indexes as well as by referring to Aurubis' internal compensation structure and compensation trend.

Where operating EBT and ROCE figures from fiscal year 2020/21 are mentioned in this Compensation Report, these are the originally published prior-year figures from the Annual Report 2020/21 rather than the adjusted figures in this Annual Report.

PRINCIPLES OF THE COMPENSATION SYSTEM FOR EXECUTIVE BOARD MEMBERS

The Supervisory Board of Aurubis AG resolved the compensation system applicable for fiscal year 2021/22 at its meeting of July 29, 2020, in accordance with Section 87a of the German Stock Corporation Act (AktG). The participants of the Annual General Meeting approved the compensation system pursuant to Section 120a (1) of the German Stock Corporation Act (AktG) on February 11, 2021, on the basis of 96.04% of the votes cast. It has applied to all current Executive Board members since October 1, 2020 ("2021 compensation system").

The compensation system for the Executive Board takes the stipulations of the German Stock Corporation Act (AktG) and most of the recommendations and suggestions of the German Corporate Governance Code in the version dated April 28, 2022, into consideration. In its entirety, the compensation system makes a significant contribution to fostering and implementing the company strategy by linking the payout to relevant, ambitious performance criteria. A key target of the company strategy is financial growth at Group level. The set of performance criteria that are accounted for in Aurubis' company management are an important driver for financial growth. The Aurubis Group is managed across all companies at Group level through segments, using operating EBT and operating ROCE as the financial performance indicators. Please see the Combined Management Report, page 111 for a definition. In this respect, the two performance indicators operating EBT and operating ROCE represent the financial development of the Aurubis Group and are therefore key performance criteria for the variable compensation. Moreover, Aurubis has a stable and well-diversified shareholder structure.

To ensure that the interests of our shareholders are considered in the compensation system, part of the variable compensation is dependent on the development of the Aurubis share price. This incentivizes the Executive Board members to boost enterprise value for our shareholders and make the company more attractive on the capital market. To promote sustainable company development, the annual performance criteria account for ecological and social responsibility as well.

COMPENSATION GOVERNANCE

The Supervisory Board as a whole is responsible for the structure of the compensation system for the Executive Board members and for establishing their individual compensation. The Personnel Committee supports the Supervisory Board in this process, monitors the compensation system to ensure that it is appropriate, and prepares the Supervisory Board's resolutions on this matter. The Personnel Committee recommends that the Supervisory Board make changes as needed. In the case of significant changes to the compensation system, but at least every four years, the compensation system is presented to the shareholders at the Annual General Meeting for approval.

The 2021 compensation system has applied to all current Executive Board members since October 1, 2020. For former Executive Board member Dr. Thomas Bünger, who left the Executive Board on September 30, 2021, after his contract expired, the previous compensation system, which the participants of the Annual General Meeting authorized on March 1, 2018, and which was first used in fiscal year 2017/18 ("2017 compensation system"), applied in fiscal year 2020/21 as well. This is explained in detail in the Annual Report 2016/17. Deviations from the current compensation system in this regard are presented transparently.

In establishing the total compensation of the individual Executive Board members, the Supervisory Board ensures that this is proportionate to the tasks and achievements of the Executive Board member, as well as to the company's position, and that it does not exceed the customary compensation without a special reason. On the one hand, the Supervisory Board reviews whether the level of compensation which the Executive Board members receive is appropriate by means of benchmarking with comparable companies (horizontal basis of comparison). To assess on a horizontal basis if Executive Board compensation is customary, the companies of the MDAX and SDAX are used as a comparison group because these companies can be compared when it comes to size and complexity in particular. In the process, the Supervisory Board regularly considers how the Aurubis Group's economic situation has developed compared to the companies of the MDAX and SDAX. On the other hand, the Supervisory Board reviews whether the Executive Board's compensation is customary from the point of view of the company's internal compensation structure (vertical basis of comparison). The ratio of the Executive Board's compensation to the compensation received by the upper management level and the workforce is considered for this purpose, including over time. According to the Supervisory Board's definition, the upper management level comprises the senior vice presidents of Aurubis AG. The workforce comprises all employees of Aurubis AG (both those who are covered by collective wage agreements and those who are not).

AN OVERVIEW OF THE COMPENSATION COMPONENTS

The 2021 compensation system is made up of fixed compensation components (basic compensation, pension plans, and fringe benefits) and variable compensation components (annual bonus, deferred stock, and performance cash plan). Moreover, the compensation system also includes arrangements for additional

compensation-related legal transactions (e.g., malus and clawback rules and rules governing commitments when an Executive Board member steps down). The following table provides an overview of the components of the current compensation system:

Fundamentals of the compensation system

Fixed compensation	Basic compensation (30–35%)	Fixed annual basic compensation that is paid out monthly in equal installments
	Pension plans (10–15%)	» Entitlement to the company pension plan in the form of a pension commitment, financed through a liability insurance policy » Defined contribution company pension plan in the form of a capital commitment, financed through a liability insurance policy
	Fringe benefits (2–5%)	» Insurance premiums » Use of a company car
Variable Annual variable compensation compensation (20–25%) Multiannual variable compensation		» Type: annual bonus » Performance criteria: › Operating EBT (60%) › Individual performance of the Executive Board member (40%) » Payout: › 2/3 in cash after the fiscal year has concluded › 1/3 transferred to deferred stock » Caps: › Executive Board Chairman › Cap for the 2/3 cash payout in the case of 125% of the target amount › Cap for the 1/3 transfer to deferred stock in the case of 125% of the target amount › Regular member of the Executive Board › Cap for the 2/3 cash payout in the case of 125% of the target amount › Cap for the 1/3 transfer to deferred stock in the case of 125% of the target amount » A discretionary special bonus has not been agreed upon » Type: deferred stock » Vesting period: 3 years (2 years in the 2017 compensation system) » Cap: 150% of the starting value
	(30–35%)	» Payout: in cash at the end of the 3-year vesting period » Type: performance cash plan » Performance period: 4 years (3 years in the 2017 compensation system) » Performance criterion: operating ROCE (100%) » Cap: 125% of the target amount » Payout: in cash at the end of the 4-year performance period
Malus and clawback		Possibility of a partial or full reduction (malus) or reclamation (clawback) of the variable compensation (annual and multiannual variable compensation) in the case of a compliance offense or errors in the consolidated financial statements
Premature termination of Executive Board contract		In the event of a premature termination of an Executive Board contract without good cause, a severance payment will be made within the scope of the compensation system. Such payment is limited to two years' total annual compensation and does not provide compensation for any period longer than the remaining term of the employment contract
	Post-contractual non-compete clause	The employment contracts do not include any post-contractual non-compete clauses
Change of control		There are no promises of payments in the case of the Executive Board's premature termination of the employment contract resulting from a change of control
Maximum compensation		Reduction in variable compensation if the upper limit is exceeded for a fiscal year: › Executive Board chairman: € 2,600,000 › Regular member of the Executive Board: € 1,800,000

Within regard to the target compensation, the proportion of variable compensation components exceeds that of fixed compensation. In line with Aurubis' sustainable, long-term development, the proportion of long-term variable compensation (deferred stock and performance cash plan) always exceeds the proportion of short-term variable compensation (annual bonus).

Target compensation structure

DETAILED EXPLANATIONS OF INDIVIDUAL COMPENSATION COMPONENTS

FIXED COMPONENTS

The fixed compensation components consist of the fixed compensation, the pension plans, and the fringe benefits. The fixed components of the 2021 compensation system are identical to the 2017 compensation system.

Basic compensation

The annual fixed compensation amounts are paid out monthly in equal installments.

Pension plans

All Executive Board members receive an entitlement for the company pension plan in the form of a pension commitment. Aurubis AG's contribution amounts to € 140,000 per year for the Executive Board chairman and € 100,000 per year for ordinary Executive Board members. The contributions are paid into liability insurances.

All members of the Executive Board also have a defined contribution company pension plan in the form of a capital commitment. Aurubis AG's contribution amounts to € 120,000 per year for the Executive Board chairman and € 80,000 per year for ordinary Executive Board members. The contributions are paid into liability insurances. The respective Executive Board member can use the accumulated capital after reaching the age of 62 at the earliest, however not before ceasing to be employed by the company.

Fringe benefits

Executive Board members also receive fringe benefits in the form of benefits in kind, consisting of insurance premiums and company car use, which are assessed according to tax guidelines.

VARIABLE COMPENSATION

In accordance with the guidelines of the 2021 compensation system, the system for variable compensation includes both annual variable compensation ("annual bonus") and multiannual variable compensation, which is forward-looking. The multiannual, forward-looking variable compensation consists of both a performance cash plan over four fiscal years and stock deferred over three fiscal years (virtual stock). The compensation structure is oriented to Aurubis' sustainable, long-term development.

Variable compensation

The multiannual variable compensation elements whose term ended in fiscal year 2021/22 also include programs still current from the 2017 compensation system. This compensation system differs only marginally from the current compensation system. In particular, the 2017 compensation system stipulated a two-year (now three-year) assessment basis for deferred stock and a threeyear (now four-year) assessment basis for the performance cash plan. The components of the compensation system are otherwise identical.

VARIABLE COMPENSATION IN FISCAL YEAR 2021/22 Annual bonus in fiscal year 2021/22

Two-thirds of the annual variable compensation (the annual bonus) is paid out after the end of the fiscal year. The remaining one-third of the annual bonus is transferred to a virtual stock deferral plan with a three-year vesting period.

Annual bonus operating principle Annual bonus operating principle

The annual bonus is based on a one-year performance period and is calculated with a weighting of 60% based on the target set for the fiscal year for the operating EBT component and a weighting of 40% based on the assessment of each Executive Board member's individual performance for the respective fiscal year. The weighted target achievement for both components is then multiplied by the target amount established in the Executive Board contract. This reflects both the financial and the nonfinancial company development during the fiscal year. The annual bonus stipulates a cap of 125% on the target amount for Executive Board members.

Operating EBT component

Operating EBT is an essential KPI to measure the success of the business strategy and the long-term, successful development of the company. It shows a company's profitability and thus reflects Aurubis' operating success. Moreover, a positive operating EBT trend contributes to Aurubis' important goal of enhancing enterprise value. For this year, the achievement of a positive or improved operating EBT figure relative to the previous year was selected as the main performance criterion for the annual bonus.

The target achievement for the operating EBT is determined on the basis of an actual/actual comparison. The actual value of the operating EBT in the respective fiscal year is compared with the actual value of the operating EBT of the fiscal year preceding the current fiscal year ("previous year"). For an unchanged operating EBT compared to the previous year, the target attainment is 100%. If the operating EBT is increased by 20%, the maximum value of 125% target achievement is reached. For an operating EBT of -40% compared to the previous year, the minimum value of 62.5% target achievement is reached. Target achievements between the established target achievement points (62.5%, 100%, 125%) are interpolated in a linear manner. If the maximum value is reached, further increases to the operating EBT do not lead to an increase in the target achievement. If the minimum value is not reached, the target attainment is 0%. If the operating EBT is negative for both the previous year and the respective fiscal year, the Supervisory Board is authorized to appropriately set the target achievement at its own discretion. If a positive operating EBT was achieved in the previous year and a negative EBT in the fiscal year at hand, the target achievement amounts to 0%.

Operating EBT was € 532 million in fiscal year 2021/22 and € 353 million in the previous year. Operating EBT therefore increased by more than 50%. Target achievement amounts to 125% for all Executive Board members.

2021/22 annual bonus – achievement of operating earnings before taxes (EBT) target

	Mini mum value	Target	Maximal value	Actual value
EBT in € million	212	353	424	532
Target achievement in %	62.5	100.0	125.0	125.0

Please see the following table for the annual bonus for the previous year, 2020/21.

2020/21 annual bonus – achievement of operating earnings before taxes (EBT) target

	Mini mum value	Target	Maximal value	Actual value
EBT in € million	133	221	265	353
Target achievement in %	62.5	100.0	125.0	125.0

Individual performance of the Executive Board in fiscal year 2021/22

In addition, non-financial criteria also have a substantial influence on the success of the business strategy and the company's long-term development. This is why the Supervisory Board annually establishes additional concrete performance criteria for determining the annual bonus, which can apply individually or for all of the Executive Board members together.

The Executive Board member's performance is assessed by the Supervisory Board based on criteria established beforehand: in addition to the targets being weighted, target values are established that indicate a 100% target achievement. The Supervisory Board can set the degree of target attainment between 0% and a maximum of 125% in a linear or graduated manner.

At the start of fiscal year 2021/22, the Supervisory Board established overarching targets with the following weighting for the entire Executive Board in alignment with the compensation system. In the process, the Supervisory Board made sure that the targets were challenging and ambitious.

The concrete target achievement for fiscal year 2021/22 can be found in the following table:

2021/22 annual bonus – achievement of individual performance target

Description	Weighting	Target achieve ment
Strategic company development
PIP	30%	125%
Successful implementation of strategy	30%	125%
Employees
Accident reduction	15%	125%
Employee development in line with requirements	7.5%	125%
Digitalization
Implementation of digital strategy	10%	100%
Corporate social responsibility
Copper Mark roll-out	7.5%	125%
Target measurement (total)		122.5%

For the criterion "strategic company development," the Supervisory Board determined that the level of target achievement was 125% due to the successful implementation of the Performance Improvement Program (PIP) and the successful implementation of the company's strategy to safeguard and strengthen its core business and to pursue growth options. The approval of the construction of a new recycling plant in Richmond, USA, was particularly significant for the latter point. For the criterion "employees," the level of target achievement for the targets "accident reduction" and "development of an employee development concept in line with requirements" – which require relevant Group members to undergo a training program at least once a year – have been assigned a score of 125%, since both of these targets were exceeded (accidents reduced by more than 25%; participation rate of approx. 80% for all relevant employees). For the criterion "digitalization," the Supervisory Board determined that the target achievement was 100% since the implementation of the digital strategy (S/4HANA, Digital Factory and digital customer platform) progressed in line

with the guidelines provided. The Supervisory Board likewise determined a level of target achievement of 125% for the criterion "corporate social responsibility." This was due to the successful Copper Mark roll-out implemented at the same time in several plants.

The annual bonus for fiscal year 2021/22 for each Executive Board member was calculated in accordance with the compensation system, on the basis of the target achievement for the two components (125% with respect to operating EBT and 122.5% with respect to individual performance). In accordance with the guidelines of the compensation system, two-thirds of the 2021/22 annual bonus that each Executive Board member achieved will be paid out in cash and one-third will be invested virtually in company stock (deferred stock).

2021/22 annual bonus – overall target achievement

		Operating EBT			Individual performance
Executive Board member	Target amount in €	Weighting	Target achievement	Weighting	Target achievement	Target achievement (total)	Annual bonus in €	of which transferred to deferred stock in €
Roland Harings	660,000						818,400	272,800
Dr. Heiko		60.0%	125.0%	40.0%	122.5%	124.0%
Arnold	444,000						550,560	183,520
Rainer
Verhoeven	444,000						550,560	183,520

Deferred stock

The transfer of part of the variable compensation to deferred stock supports the business strategy and long-term development of the company by incentivizing Executive Board members to increase the enterprise value, directly aligning the interests of the Executive Board and the shareholders, and boosting the company's attractiveness on the capital market.

In accordance with the guidelines of the compensation system, one-third of the annual bonus of each Executive Board member will be invested virtually in company stock (deferred stock).

The number of virtual shares at the beginning of the three-year vesting period is calculated by dividing one-third of the annual bonus by the starting share price. The starting share price is designated by the arithmetic average of the Xetra closing price for Aurubis shares on the Frankfurt Stock Exchange over the last 30 trading days before the beginning of the three-year vesting period of the deferred stock.

Deferred stock operating principle Deferred stock operating principle

¹ Arithmetic average of the Xetra closing price for Aurubis shares on the Frankfurt Stock Exchange over the last 30 trading days before the beginning of the vesting period.

² The vesting period was two years in the 2017 compensation system.

³ Arithmetic average of the Xetra closing price for Aurubis shares on the Frankfurt Stock Exchange over the last 30 trading days before the end of the vesting period.

At the end of the three-year vesting period (2017 compensation system: at the end of a two-year vesting period), the number of virtual shares is multiplied by the closing share price. The closing share price also results from the arithmetic average of the Xetra closing price for Aurubis shares on the Frankfurt Stock Exchange over the last 30 trading days, this time before the end of the vesting period. The resulting amount is paid out to the Executive Board members in cash. However, the amount of the payout is limited to 150% of the initial value.

Allotment of 2021/22 deferred stock

The starting share price for the 2021/22 deferred stock was € 59.15. The number of virtual shares allotted to the individual Executive Board members in the reporting year pursuant to the 2021 compensation system is shown in the following table.

2021/22 deferred stock – allotment

in €	Deferred stock in €	Starting share price in €	Number of virtual shares
Roland Harings	272,800		4,612.00
Dr. Heiko Arnold	183,520	59.15	3,102.62
Rainer Verhoeven	183,520		3,102.62

Rounded figures.

Payout of 2019/20 deferred stock

The 2019/20 deferred stock is paid out at the end of the two-year vesting period, in accordance with the requirements of the 2017 compensation system. For the purpose of fiscal year 2021/22, it has the status of compensation granted.

2019/20 deferred stock

in €	Deferred stock in €	Starting share price in €	Number of virtual shares	Final share price in €	Payout amount in €
Roland
Harings	194,556		3,268.75		193,347
Dr. Thomas		59.52		59.15
Bünger	119,652		2,010.28		118,908
Rainer Verhoeven	132,298		2,222.75		131,476

Rounded figures.

Payout of 2018/19 deferred stock

The 2018/19 deferred stock is subject to the same mechanism as the 2019/20 deferred stock. The vesting period ended upon expiry of fiscal year 2020/21. For the purpose of fiscal year 2020/21, this deferred stock has the status of compensation granted. It has been reported here in addition, in order to avoid a gap in reporting as a result of the change made to the reporting logic under Section 162 of the German Stock Corporation Act (AktG). This ensures a high level of transparency as well as continuous reporting of compensation.

2018/19 deferred stock

in €	Deferred stock in €	Starting share price in €	Number of virtual shares	Final share price in €	Payout amount in €
Roland Harings	61,658		1,515.68		104,476
Dr. Thomas Bünger	72,571	40.68	1,783.96	68.93	122,969
Rainer Verhoeven	111,485		2,740.53		188,905

Rounded figures.

Performance cash plan

The performance cash plan stipulates a four-year, forward-looking performance period (the performance period is three years under the 2017 compensation system and for former Executive Board member Dr. Thomas Bünger) pursuant to the recommendations of the German Corporate Governance Code. The relevant performance target is the Aurubis Group's average operating return on capital employed (ROCE) during the performance period. With the operating ROCE as a performance criterion and the ambitious target range for the variable compensation, the multiannual variable compensation is directly tied to the company's operating performance and aligned with the company's financial target of generating a significant premium on the capital costs. This target reflects the communicated goal of generating an annual operating ROCE that considerably exceeds the cost of capital.

Performance cash plan operating principle Performance Cash Plan operating principle

In order to determine the final target achievement for the performance cash plan, the average operating ROCE achieved after the end of the respective fiscal years during the performance period is calculated at the end of the performance period. For the granting of each tranche, the Supervisory Board determines an amount for 100% target achievement ("target value") for the average operating ROCE as well as amounts for 50% target achievement ("minimum value") and 125% target achievement ("maximum value").

The payout takes place after the end of the respective four-year period in cash.

Allotment of 2021/22 performance cash plan

The target value of the average operating ROCE for the four-year tranche 2021/22–2024/25 amounts to 12%, with the minimum value being 6% and the maximum value 15%. Target achievements between the established target achievement points (50%, 100%, 125%) are interpolated in a linear manner. If the minimum value is not reached, there is no payout from the performance cash plan. If the maximum value is reached, further increases in the average operating ROCE do not lead to an increase in the target achievement.

The 2021/22 performance cash plan will accordingly be paid out in cash following the end of the performance period 2021/22 to 2024/25.

2019/20 performance cash plan payout

In accordance with the requirements of the 2017 compensation system, the three-year performance period for the 2019/20 performance cash plan ended upon expiry of fiscal year 2021/22. The 2019/20 performance cash plan was thus fully earned upon expiry of fiscal year 2021/22 and has the status of granted or owed compensation for the purpose of this fiscal year.

The target and the level of achievement of the average operating ROCE target are as follows for the three-year tranche of the 2019/20 performance cash plan:

2019/20 performance cash plan – level of operating ROCE target achievement

in %	Mini mum value	Target	Maximal value	Actual value
Operating ROCE	6.0	12.0	15.0	14.6
Target achievement	50.0	100.0	125.0	121.8

In accordance with the guidelines of the 2017 compensation system, the following payouts were made under the 2019/20 performance cash plan for fiscal year 2021/22:

2019/20 performance cash plan – overall target achievement

			Operating ROCE
Executive Board member	Target amount in €	Weight ing	Target achieve ment	Target achieve ment (total)	Payout amount in €
Roland Harings	400,000				487,040
Dr. Thomas Bünger	272,000	100.0%	121.8%	121.8%	331,187
Rainer Verhoeven	272,000				331,187

2018/19 performance cash plan payout

In accordance with the requirements of the 2017 compensation system, the three-year performance period for the 2018/19 performance cash plan ended upon expiry of fiscal year 2020/21. The 2018/19 performance cash plan was thus fully earned upon expiry of fiscal year 2020/21 and has the status of granted or owed compensation for the purpose of this fiscal year. It has been reported here in addition, in order to avoid a gap in reporting as a result of the change made to the reporting logic under Section 162 of the German Stock Corporation Act (AktG). This ensures a high

level of transparency as well as continuous reporting of compensation.

The target and the level of achievement of the average operating ROCE target are as follows for the three-year tranche of the 2018/19 performance cash plan:

2018/19 performance cash plan – level of operating ROCE target achievement

in %	Mini mum value	Target	Maximal value	Actual value
Operating ROCE	6.0	12.0	15.0	11.15
Target achievement	50.0	100.0	125.0	92.9

In accordance with the guidelines of the 2017 compensation system, the following payouts were made under the 2018/19 performance cash plan for fiscal year 2020/21:

2018/19 performance cash plan – overall target achievement

			Operating ROCE
Executive Board member	Target amount in €	Weight ing	Target achieve ment	Target achieve ment (total)	Payout amount in €
Roland Harings	400,000				136,4231
Dr. Thomas Bünger	272,000	100.0%	92.9%	92.9%	252,688
Rainer Verhoeven	272,000				252,688

1 pro rata, since joined during the year.

MALUS AND CLAWBACK

Moreover, the Executive Board contracts include a malus and clawback arrangement. If it is determined that the Executive Board member deliberately violated a significant duty of care in accordance with Section 93 of the German Stock Corporation Act (AktG), a significant contractual obligation, or other significant company principles of conduct, for example from the Code of

Conduct or the compliance regulations, and this violation fulfills the conditions of a gross breach of duty that justifies revocation of the appointment to the Executive Board in accordance with Section 84 (3) of the German Stock Corporation Act (AktG), the Supervisory Board can reduce the variable compensation that hasn't been paid yet, in whole or in part, to zero ("malus") or reclaim the net variable compensation, in whole or in part, that has already been paid out ("clawback").

Furthermore, the Executive Board members must pay back variable compensation that has already been paid out if and to the extent that it is determined after the payment that the audited and confirmed consolidated financial statements on which the calculation of the payment amount was based were incorrect and thus have to be corrected in accordance with the relevant accounting regulations and, based on the corrected, audited consolidated financial statements and the relevant compensation system, a lower payment or no payment from the variable compensation would have been owed.

In fiscal year 2021/22, the Supervisory Board did not exercise the option of retaining or reclaiming variable compensation components.

PAYMENTS IN THE CASE OF EMPLOYMENT TERMINATION

In the event of a premature termination of an Executive Board contract without good cause, a severance payment will be made within the scope of the compensation system. Such payment is limited to two years' total annual compensation and does not provide compensation for any period longer than the remaining term of the employment contract.

The payout of variable compensation components that are still open and that are due in the period until the contract ends takes place as normal at the end of the originally established due dates – there is no premature payout. If the employment contract is ended for an important, justified reason, there are no payments.

No severance payments were made in fiscal year 2021/22.

There are no promises of payments in the case of the Executive Board member's premature termination of the employment contract due to a change of control.

Moreover, the employment contracts do not include any postcontractual non-compete clauses. As a result, the compensation system does not arrange for non-compete compensation.

NO DEVIATION FROM THE COMPENSATION SYSTEM

The Supervisory Board can temporarily deviate from the Executive Board compensation system pursuant to Section 87a (2) of the German Stock Corporation Act (AktG) if this is necessary in the interests of the company's long-term well-being. The establishment of the fixed and variable compensation in fiscal year 2021/22 corresponds to the guidelines of the compensation system; there were no deviations.

INDIVIDUALIZED DISCLOSURE OF THE EXECUTIVE BOARD'S COMPENSATION

TARGET COMPENSATION IN FISCAL YEAR 2021/22

Individual details of the contractual benefits promised to each individual member of the Executive Board for fiscal year 2021/22 are provided in the following table. As a "contractual benefit," the variable compensation is reported for the respective fiscal year at the value applicable at the time of the commitment (target compensation). For the annual bonus, this is the allotment value at the time of the commitment less the amount to be transferred to deferred stock, while for deferred stock this is the pro rata allotment value for the annual bonus at the time of the commitment. In the case of the performance cash plan, this is the target value at the time of the commitment.

The Supervisory Board resolved an increase to the Executive Board members' target compensation with effect from October 1, 2021. The target compensation had not been revised over the past four years. During this time, the salaries of the company's employees both those who are covered by collective wage agreements and those who are not — had increased by more than 10%. In line with this trend, the Executive Board's target compensation has been increased by around 9%. This adjustment was made evenly for both the basic compensation and the variable compensation components, in order to maintain the envisaged compensation structure and the related focus on Aurubis' sustainable and longterm development. No increases were made for the Executive Board members' pension plans. This adjustment of the target compensation will also ensure the competitiveness of the Executive Board members' compensation package. The Supervisory Board has ensured that the new target compensation is appropriate by

means of a market comparison with the companies listed on the SDAX and MDAX indexes as well as by referring to Aurubis' internal compensation structure and compensation trend.

Target compensation in fiscal year 2021/22

	Roland Harings Executive Board Chairman Member of the Executive Board since May 20, 2019, Executive Board Chairman since July 1, 2019			Dr. Heiko Arnold Chief Operations Officer since August 15, 2020			Rainer Verhoeven Chief Financial Officer since January 1, 2018
		2021/22	2020/21		2021/22	2020/21		2021/22	2020/21
	in €	in %	in €	in €	in %	in €	in €	in %	in €
Fixed compensation	650,000	32	600,000	460,000	33	420,000	460,000	33	420,000
Fringe benefits	12,009	1	13,398	13,357	1	24,939	11,889	1	17,536
Pension contribution	260,000	13	260,000	180,000	13	180,000	180,000	13	180,000
Annual variable compensation
2021/22 annual bonus	440,000		-	296,000		-	296,000		-
2020/21 annual bonus	-	22	400,000	-	21	272,000	-	21	272,000
Multiannual variable compensation
2021/22 deferred stock	220,000			148,000			148,000
2020/21 deferred stock		11	200,000	11	136,000		11	136,000
2021/22 performance cash plan	440,000			296,000			296,000
2020/21 performance cash plan		22	400,000		21	272,000		21	272,000
Total compensation	2,022,009	100	1,873,398	1,393,357	100	1,304,939	1,391,889	100	1,297,536

COMPENSATION GRANTED AND OWED UNDER SECTION 162 OF THE GERMAN STOCK CORPORATION ACT (AKTG)

The following tables show the compensation granted and owed to the Executive Board members for fiscal year 2021/22 in accordance with Section 162 of the German Stock Corporation Act (AktG) as well as the relative shares of total compensation. The compensation granted and owed for a given fiscal year comprises the compensation components which have been fully earned upon expiry of the fiscal year. This comprises all of the compensation components for which the underlying performance had been provided upon expiry of the fiscal year or whose performance measurement ended upon expiry of the fiscal year, even if the actual payout will only occur in the following fiscal

year. A transparent relationship between the company's business development and the resulting compensation is thus established.

The compensation granted and owed for fiscal year 2021/22 comprises the following components:

• » the basic compensation for fiscal year 2021/22
• » the fringe benefits arising for fiscal year 2021/22
• » the pension contribution for fiscal year 2021/22
• » the 2021/22 annual bonus
• » the 2019/20 deferred stock, whose vesting period ended upon expiry of fiscal year 2021/22
• » the 2019/20 performance cash flow, whose performance period ended upon expiry of fiscal year 2021/22

Compensation granted and owed to active Executive Board members in accordance with Section 162 of the German Stock Corporation Act (AktG) in fiscal year 2021/22

	Roland Harings Executive Board Chairman Member of the Executive Board since May 20, 2019, Executive Board Chairman since July 1, 2019			Dr. Heiko Arnold Chief Operations Officer since August 15, 2020			Rainer Verhoeven Chief Financial Officer since January 1, 2018
	2021/22		2020/21	2021/22		2020/21	2021/22		2020/21
	in €	in %	in €	in €	in %	in €	in €	in %	in €
Fixed compensation	650,000	30	600,000	460,000	45	420,000	460,000	31	420,000
Fringe benefits	12,009	1	13,398	13,357	1	24,939	11,889	1	17,536
Pension contribution	260,000	12	260,000	180,000	18	180,000	180,000	12	180,000
Annual variable compensation
2021/22 annual bonus	545,600		-	367,040		-	367,040		-
2020/21 annual bonus	-	25	470,240	-	36	319,763	-	25	319,763
Multiannual variable compensation
2019/20 deferred stock	193,347		-	0		-	131,476		-
2018/19 deferred stock		9	104,476	-	0	0	-	9	188,905
2019/20 performance cash plan	487,040		-	0		35,0251	331,187		-
2018/19 performance cash plan	-	23	136,423	-	0	0	-	22	252,688
Total compensation	2,147,996	100	1,584,537	1,020,397	100	979,727	1,481,592	100	1,378,892

1 Dr. Heiko Arnold's performance cash plan for FY 2019/20 was paid out as a one-time payment since he started during FY 2019/20.

MAINTAINING UPPER COMPENSATION LIMITS

For fiscal year 2021/22, in addition to the upper limits on the amounts for annual and multiannual variable compensation in accordance with Section 87a (1) sentence 2 no. 1 of the German Stock Corporation Act (AktG), an upper limit on the amount of compensation for the fiscal year overall is intended (including fringe benefits and pension commitments). This maximum compensation amounts to € 2,600,000 for the Executive Board chairman and € 1,800,000 for a regular Executive Board member. If compensation for fiscal year 2021/22 exceeds the upper limit mentioned, the compensation components scheduled to be paid last (usually deferred stock or the performance cash plan) are reduced accordingly.

It will not be possible to calculate the sum total of the payments and expenses resulting from commitments for fiscal year 2021/22 until the end of the three-year deferred stock period and the fouryear performance cash plan. It is possible even now to ensure compliance with the maximum compensation amount pursuant to Section 87a (1) sentence 2 no. 1 of the German Stock Corporation Act (AktG), since even in the event of a payout of deferred stock in the amount of 150% of the maximum base amount (cap) and of the performance cash plan in the amount of 125% of the target amount (cap), the sum total of these compensation components would be less than the maximum compensation amount.

INDIVIDUALIZED DISCLOSURE OF THE COMPENSATION OF FORMER MEMBERS OF THE EXECUTIVE BOARD

The following tables show the compensation granted and owed (in accordance with Section 162 of the German Stock Corporation Act (AktG)) for fiscal year 2021/22 to each former member of the Executive Board of Aurubis AG who retired from the Executive Board in the last ten years. For fiscal year 2021/22, this comprises inflows from deferred stock and the performance cash plan for Dr. Thomas Bünger. Other previous Executive Board members only received pension payments.

Compensation granted and owed to former Executive Board members in accordance with Section 162 of the German Stock Corporation Act (AktG) in fiscal year 2021/22

	Dr. Thomas Bünger Chief Technology Officer from October 1, 2018, to September 30, 2021
	2021/22	2020/21
	in €	in %	in €
Fixed compensation	-	-	420,000
Fringe benefits	-	-	37,894
Pension contribution	-	-	180,000
Annual variable compensation
2021/22 annual bonus	-	-
2020/21 annual bonus	-	-	319,763
Multiannual variable compensation
2019/20 deferred stock	118,908	26	-
2018/19 deferred stock	-	-	122,969
2019/20 performance cash plan	331,187	74	-
2018/19 performance cash plan	-	-	252,688
Total compensation	450,095	100	1,333,314

Compensation granted and owed to former Executive Board members in accordance with Section 162 of the German Stock Corporation Act (AktG) in fiscal year 2021/22

		Pension payment
in €	2021/22	2020/21
Erwin Faust until June 30, 2017	861,064	89,775
Dr. Bernd Drouven until October 1, 2015	99,600	578,159
Dr. Michael Landau until May 31, 2013	284,931	257,928

COMPENSATION RECEIVED BY THE SUPERVISORY BOARD

PRINCIPLES OF THE COMPENSATION SYSTEM FOR THE SUPERVISORY BOARD

The compensation for the Supervisory Board is governed by Section 2 of Aurubis AG's Articles of Association. It is oriented toward the various demands of the Supervisory Board and its committees. The participants of the Annual General Meeting approved the compensation system for the Supervisory Board members pursuant to Section 113 (3) of the German Stock Corporation Act (AktG) on February 11, 2021, on the basis of 99.78% of the votes cast.

Overall, the system complies with the requirements of the German Corporate Governance Code in the version dated April 28, 2022. The Supervisory Board is primarily responsible for advising and monitoring the Executive Board, which is why, in compliance with the recommendation in G.18 of the German Corporate Governance Code, solely – that is, 100% – fixed compensation components together with reimbursement of expenses are intended, but not variable compensation components. The fixed compensation strengthens the independence of the Supervisory Board members in fulfilling

their monitoring duty and thus directly contributes to the longterm development of the company. Likewise, the compensation system incentivizes Supervisory Board members to proactively work toward fostering the business strategy by appropriately taking into account the higher time commitment required from the chairman, who is especially closely involved in discussing strategic issues (in accordance with D.5 of the German Corporate Governance Code), and from the deputy Supervisory Board chairman, as well as the chairmen and members of committees, pursuant to G.17 of the German Corporate Governance Code.

All Supervisory Board members receive fixed compensation of € 75,000/fiscal year each, in addition to the reimbursement of expenses incurred while performing their duties. The Supervisory Board chairman receives three times that amount, and the deputy receives twice that.

Supervisory Board members who serve on the Personnel and/or Audit Committee additionally receive fixed compensation of € 15,000 per fiscal year per committee. Supervisory Board members who serve on the other Supervisory Board committees additionally receive fixed compensation in the amount of € 7,500 per fiscal year per committee. Supervisory Board members who chair a Supervisory Board committee receive twice that amount per fiscal year for each committee chairmanship.

The fixed compensation for committee activity is limited to € 25,000 per fiscal year for each Supervisory Board member, in accordance with Section 12 (2) of the Articles of Association. The limit for every committee chairmanship is € 50,000/fiscal year.

Supervisory Board members who do not belong to the Supervisory Board or one of its committees for a full fiscal year receive compensation commensurate with the duration of their service. Furthermore, Supervisory Board members receive an attendance fee in the amount of € 1,000 for each meeting of the Supervisory Board and of its committees attended.

Supervisory Board compensation operating principle Funktionsweise der Aufsichratsvergütung

Compensation components	Supervisory Board chairman		Supervisory Board deputy chairman	Supervisory Board member
Fixed compensation	€ 225,000 € 155,000			€ 75,000
Attendance fee		€ 1,000
	Committee chairman		Committee member
Committee membership – Audit Committee	€ 30,000		€ 15,000
Committee membership – Personnel Committee	€ 30,000		€ 15,000
Committee membership – other committees	€ 15,000		€ 7,500
Compensation limit for committee membership	€ 50,000		€ 25,000

SUPERVISORY BOARD COMPENSATION IN FISCAL YEAR 2021/22

The Supervisory Board members were compensated in accordance with the compensation system presented above and outlined in the Articles of Association. They received a total of € 1,564,890 in fiscal year 2021/22.

The individual compensation is shown in the following table:

Compensation granted and owed to the Supervisory Board in fiscal year 2021/22 in accordance with Section 162 of the German Stock Corporation Act (AktG)

	Fixed compensation		Compensation for	committee membership	Attendance fees		Total compensation
Fiscal year 2021/22	in €	in %	in €	in %	in €	in %	in €
Shareholder representatives
Prof. Dr. Fritz Vahrenholt Supervisory Board Chairman since March 1, 2018	225,000	79.5	50,000	17.7	8,000	2.8	283,000
Andrea Bauer since June 22, 2018	75,000	71.8	22,500	21.5	7,000	6.7	104,500
Gunnar Groebler since October 1, 2021	75,000	67.6	25,000	22.5	11,000	9.9	111,000
Prof. Dr. Karl Friedrich Jakob since March 1, 2018	75,000	62.8	32,445	27.2	12,000	10.0	119,445
Dr. Stephan Krümmer since March 1, 2018	75,000	55.6	45,000	33.3	15,000	11.1	135,000
Dr. Sandra Reich since February 28, 2013	75,000	74.3	15,000	14.8	11,000	10.9	101,000
Employee representatives
Stefan Schmidt Deputy Chairman of the Supervisory Board since March 1, 2018	150,000	80.2	25,000	13.4	12,000	6.4	187,000
Deniz Filiz Acar since May 3, 2019	75,000	76.5	15,000	15.3	8,000	8.2	98,000
Christian Ehrentraut since May 3, 2019	75,000	67.0	24,945	22.3	12,000	10.7	111,945
Jan Koltze since March 3, 2011	75,000	67.0	25,000	22.3	12,000	10.7	112,000
Dr. Elke Lossin since March 1, 2018	75,000	74.3	15,000	14.8	11,000	10.9	101,000
Melf Singer since March 1, 2018	75,000	74.3	15,000	14.8	11,000	10.9	101,000

Compensation granted and owed to the Supervisory Board in fiscal year 2020/21 in accordance with Section 162 of the German Stock Corporation Act (AktG)

	Fixed compensation		Compensation for	committee membership	Attendance fees		Total compensation
Fiscal year 2020/21	in €	in %	in €	in %	in €	in %	in €
Shareholder representatives
Prof. Dr. Fritz Vahrenholt Supervisory Board Chairman since March 1, 2018	225,000	79	50,000	18	9,000	3	284,000
Andrea Bauer since June 22, 2018	75,000	71	22,500	21	8,000	8	105,500
Prof. Dr.-Ing. Heinz Jörg Fuhrmann until September 30, 2021	75,000	66	25,000	22	14,000	12	114,000
Prof. Dr. Karl Friedrich Jakob since March 1, 2018	75,000	69	22,500	21	11,000	10	108,500
Dr. Stephan Krümmer since March 1, 2018	75,000	55	45,000	33	16,000	12	136,000
Dr. Sandra Reich since February 28, 2013	75,000	74	15,000	15	11,000	11	101,000
Employee representatives
Stefan Schmidt Deputy Chairman of the Supervisory Board since March 1, 2018	150,000	80	25,000	13	12,000	7	187,000
Deniz Filiz Acar since May 3, 2019	75,000	77	15,000	15	8,000	8	98,000
Christian Ehrentraut since May 3, 2019	75,000	75	15,000	15	10,000	10	100,000
Jan Koltze since March 3, 2011	75,000	66	25,000	22	13,000	12	113,000
Dr. Elke Lossin since March 1, 2018	75,000	74	15,000	15	11,000	11	101,000
Melf Singer since March 1, 2018	75,000	74	15,000	15	11,000	11	101,000

COMPARATIVE PRESENTATION OF THE COMPENSATION AND EARNINGS TRENDS

The annual rate of change in the compensation received by the Executive Board and Supervisory Board members, the company's earnings trend, and the compensation trend for its employees are shown below in accordance with Section 162 (1) sentence 2 no. 2 of the German Stock Corporation Act (AktG). The information provided regarding the annual rate of change will be continuously expanded in subsequent years and will be provided in full, for a five-year period, in the 2025/26 Compensation Report.

The compensation trend for the Executive Board and the Supervisory Board relates to the compensation granted and owed for fiscal years 2021/22 and 2020/21 in accordance with Section 162 of the German Stock Corporation Act (AktG) which is shown in the Compensation Report. Since the employee and compensation structures in the Group's subsidiaries and for employees outside Germany may vary, the figure for the average volume of compensation received by employees reflects the average compensation received by the workforce of Aurubis AG on a full-time equivalent basis. This includes the compensation of all of the company's employees, including executives. The Aurubis Group's operating EBT serve as the relevant earnings figure.

Comparative presentation

	Compensation	Compensation	2021/22 change vs.
	2021/22	2020/21	2020/21
	in €	in €	in %
Earnings trend
Net income for the year of Aurubis AG (German Commercial Code) in € million	126	231	-46
Operating EBT of the Aurubis Group in € million	532	353	54
Employee compensation
Average compensation for the company's employees	81,231	78,432	4
Executive Board members
Executive Board members active in fiscal year 2021/22
Roland Harings
Member of the Executive Board since May 20, 2019,
Executive Board Chairman since July 1, 2019	2,148,007	1,584,537	36
Dr. Heiko Arnold since August 15, 2020	1,020,397	944,702	8
Rainer Verhoeven since January 1, 2018	1,481,599	1,378,892	7
Former members of the Executive Board Dr. Thomas Bünger until September 30, 2021	450,102	1,333,314	-66
Erwin Faust until June 30, 2017	861,064	89,775	859
Dr. Bernd Drouven until October 1, 2015	99,600	578,159	-83
Dr. Michael Landau until May 31, 2013	284,931	257,928	10
Supervisory Board members
Shareholder representatives
Prof. Dr. Fritz Vahrenholt
Chairman of the Supervisory Board since March 1, 2018 Andrea Bauer since June 22, 2018	283,000 104,500	284,000 105,500	0 -1
Prof. Dr.-Ing. Heinz Jörg Fuhrmann until September 20, 2021	0	114,000	-100
Gunnar Groebler since October 1, 2021	111,000	0	-
Prof. Dr. Karl Friedrich Jakob since March 1, 2018	119,445	108,500	10
Dr. Stephan Krümmer since March 1, 2018	135,000	136,000	-1
Dr. Sandra Reich since February 28, 2013	101,000	101,000	0
Employee representatives
Stefan Schmidt
Deputy Chairman of the Supervisory Board since March 1, 2018	187,000	187,000	0
Deniz Filiz Acar since May 3, 2019	98,000	98,000	0
Christian Ehrentraut since May 3, 2019	111,945	100,000	12
Jan Koltze since March 3, 2011	112,000	113,000	-1
Dr. Elke Lossin since March 1, 2018	101,000	101,000	0
Melf Singer since March 1, 2018	101,000	101,000	0

OUTLOOK FOR THE EXECUTIVE BOARD'S COMPENSATION SYSTEM FROM FISCAL YEAR 2023/24

The company's strategy has been comprehensively revised since fiscal year 2020/21 and a road map has thus been established for the next decade. In the context of the changes made to the strategy of Aurubis AG, the Personnel Committee has also reviewed the 2021 compensation system, which was developed in accordance with the company's Vision 2025 that was drawn up in 2017. The core aspects were safeguarding an optimized strategic approach and a stronger incentive effect with a view to promoting the company's sustainable long-term development. Our shareholders' comments regarding the 2021 compensation system and the general expectations of institutional investors and share voting right consultants as to the features of a compensation system for the Executive Board were also taken into consideration. This review was implemented with the assistance of an independent compensation consultant. The Personnel Committee has made specific changes to the 2021 compensation system on the basis of the findings of this review. The Supervisory Board approved the revised compensation system (2023 compensation system) as proposed by the Personnel Committee at its meeting on September 13, 2022. The revised compensation system will be put to the vote at the Annual General Meeting of Aurubis AG on February 16, 2023, in accordance with Section 120a (1) of the German Stock Corporation Act (AktG). Once the relevant resolution has been passed by the Annual General Meeting, it is intended to enter into force from October 1, 2023, for fiscal year 2023/24.

The following overview summarizes the components of the 2023/24 compensation system. In particular, it presents the key changes by comparison with the 2021 compensation system, so as to achieve improved comparability.

Fundamentals of the compensation system

		2021 compensation system	2023 compensation system
Fixed	Basic compensation	Fixed annual basic compensation that is paid out monthly in equal installments
compensation	Pension plans	» Entitlement to the company pension plan in the form of a pension commitment, financed through a liability insurance policy » Defined contribution company pension plan in the form of a capital commitment
	Fringe benefits	Fringe benefits in the form of benefits in kind, which primarily consist of insurance premiums and company car use and are assessed according to tax guidelines
Variable compensation	Annual variable compensation (20–25%)	» Type: annual bonus » Performance criteria: › Operating EBT (60%) › Individual performance of the Executive Board member (40%)	» Type: annual bonus » Performance criteria: › Operating EBT (70%) › Individual performance of the Executive Board member (20%) › ESG targets (10%)
		» Payout: › 2/3 in cash after the fiscal year has concluded › 1/3 transferred to deferred stock » Caps: 125% of the target amount » A discretionary special bonus has not been agreed upon	» Payout: › In full in cash upon expiry of the fiscal year » Caps: 150% of the target amount » A discretionary special bonus has not been agreed upon
	Multiannual variable compensation (30–35%)	» Type: deferred stock » Vesting period: (three years) » Cap: 150% of the starting value » Payout: in cash at the end of the three-year vesting period	–
		» Type: performance cash plan » Performance period: 4 years » Performance criterion: › Operating ROCE (100%)	» Type: performance share plan » Performance period: 4 years » Performance criterion: › Operating ROCE (50%) › Relative total shareholder return (TSR) vs. MDAX (50%)
		» Cap: 125% of the target amount » Payout: in cash at the end of the four-year performance period	» Cap: 200% of the target amount » Payout: in cash at the end of the four-year performance period
Maximum compensation in accordance with Section 87a of the German Stock Corporation Act (AktG)		» Chairman: € 2,600,000 » Regular member: € 1,800,000	» Chairman: € 3,300,000 » Regular member: € 2,300,000
Malus & clawback		Possibility of a partial or full reduction (malus) or reclamation (clawback) of the variable compensation (annual and multiannual variable compensation) in the case of a compliance offense or errors in the consolidated financial statements
Premature termination of Executive Board contract		In the event of a premature termination of an Executive Board contract without good cause, a severance payment will be made within the scope of the compensation system. Such payment is limited to two years' total annual compensation and does not provide compensation for any period longer than the remaining term of the employment contract

Hamburg/Germany, December 20, 2022

For the Executive Board

Roland Harings Rainer Verhoeven

Chairman Member

For the Supervisory Board

Prof. Dr. Fritz Vahrenholt Chairman

Sustainability

Non-Financial Report

Sustainability

Aurubis will expand its industry leadership in sustainability by implementing its 2030 sustainability targets.

Introduction

Sustainability is a significant part of the Aurubis Group's conduct, enshrined in our company strategy, and therefore key to our business activities. We pursue the company's mission of responsibly transforming raw materials into metals for an innovative and sustainable world. A responsible approach to employees, suppliers, customers, and neighbors is a matter of course for us, whether in direct business operations or in the surrounding areas. The same applies to the environment, as we are aware of the limits of natural resources of our planet.

With this Non-Financial Report (NFR), Aurubis fulfills its obligation to disclose non-financial information for fiscal year 2021/22 pursuant to Sections 315b and 315c in conjunction with Sections 289b to 289e of the German Commercial Code (HGB). We use the Sustainability Reporting Standards of the Global Reporting Initiative (GRI) as a guide in describing the concepts and selected KPIs Glossary, page 233.

The NFR also comprises the contents required by the EU Taxonomy Regulation (EU) 2020/852 Glossary, page 232. Aurubis supports the work on the EU Action Plan on Sustainable Finance Glossary, page 234 at a European level and the corresponding approaches and measures. With respect to the Taxonomy Regulation EU taxonomy, page 59, for example, these deal with the implementation of increasing reporting requirements and political issues, such as the assessment of the non-ferrous metals sector regarding a classification of sustainable economic activities and products.

The main external factors influencing business development are described in the Risk and Opportunity Report of the Combined Management Report, page 133. Risks related to non-financial aspects beyond the company boundaries are also mentioned there. Nonfinancial risks were assessed in accordance with Section 289c (3) of the German Commercial Code (HGB). In the process, no nonfinancial risks were identified that were very likely to cause a serious negative impact on employee and environmental matters, on respect for human rights, on the prevention of corruption and bribery, or on social matters.

Aurubis' sustainability targets

Our corporate strategy, "Metals for Progress: Driving Sustainable Growth," was updated and adopted in fiscal year 2020/21. We adopted this strategy to secure and strengthen our core business, pursue growth options, and expand our industry leadership in sustainability.

This integrates our sustainability aspirations even more strongly into all areas and activities of the company as a result. The Aurubis Management System (AMS), which was subsequently developed and implemented, is designed to ensure that Aurubis successfully implements the corporate strategy. The Sustainability department is part of the AMS organization and works in the strategic committees.

The key element of the strategy "expanding industry leadership in sustainability" includes the focus areas of people, the environment, and the economy, with our nine action areas for sustainability. We have defined targets until 2030 for each action area. The previous Sustainability Strategy, with its 2018–2023 targets, was assimilated as a milestone into the Group strategy for 2030 Aurubis' 2030 sustainability targets, page 55. The updated strategy, including the sustainability targets, was adopted by the Executive Board and Supervisory Board. During the reporting period, the Sustainability department continued to drive forward the implementation of the sustainability targets and the distribution of the targets to functions and sites, and took additional steps towards implementing the targets. The 2030 sustainability targets are featured at the beginning of each chapter in this report, and their status of implementation is described in that chapter.

We also foster responsibility throughout the value chain and we seek to verify our own sustainability performance with an external certification from an independent body and receive suggestions for further improvement, which we then pursue with concrete action plans. That is why we are part of the sector solution "The Copper Mark". The Copper Mark is an initiative that entails a review of the sustainability standards of copper production sites, including mines, smelters, and refineries. The Copper Mark covers the 32 sustainability criteria of the Risk Readiness Assessment of the Responsible Minerals Initiative (RMI), including topics such as

Aurubis 2030 Sustainability Targets

Action area	Ambition	2030 targets	2022/23 milestones
Economy
Governance & ethics	We uphold the principles of responsible corporate governance.
Recycling solutions	We offer comprehensive value chain solutions for the circular economy.	50% recycled content in copper cathodes
Responsibility in the supply chain	We minimize negative impacts on people and the environment in our supply chains.	No suppliers with a very high risk	» Human rights, environmental protection, and safety clauses in 100% of long-term contracts for primary raw materials » Continued rollout of Aurubis Business Partner Screening
Environment
Energy and climate	We will be carbon-neutral well before 2050.	-50%absolute Scope1 and Scope2 emissions (base year 2018)	» ISO 50001 at all production sites
		-24%Scope 3 emissions per ton of copper cathodes1 (base year 2018)
Environmental protection	We produce with the smallest environmental footprint in our sector.	-15% specific dust emissions in g/t multimetal copper equivalent (base year 2018)	» ISO 14001 at all production sites » Reducing specific metal emissions to water by 50% in g/t
		-25% specific metal emissions to water in g/t of multimetal copper equivalent (base year 2018)	of copper output (Cu) (base year 2012) » Reducing specific dust emissions by 15% in g/t of Cu output (base year 2012)
People
Health and safety	We prevent work-related accidents, injuries, and illnesses (Vision Zero).	LTIFR ≤1.0	» ISO 45001 certifications at all production sites
Future-oriented employer	We create a work environment for close collaboration and promote	100% of the relevant employees are trained on unconscious bias
	diversity and commitment. We passionately work for the progress of the company and society.	>40%2 of employees take part in job rotation or job shadowing, with diversity being promoted at the same time
		At least 75%2 of the employees surveyed participate in pulse checks and feedback measures
Training and education	We provide high-quality vocational training and invest in forward-looking qualifications for employees.	100% fulfillment of the continuing education allotment in hours. The continuing education allotment is 18 hours per year for each employee	» 18 training hours per employee per year on average
Social engagement	We are a reliable partner locally and internationally, one that makes a	90% long-term partners (percentage of total budget)	» Developing impact monitoring to evaluate projects supported
	long-term contribution to a livable environment.	0.8% of operating EBT (five-year average) as annual budget for social engagement, but at least € 2 million

1 Refers to copper cathode as an internal production.

2 Over the period FY 2021/22 to 2029/30. compliance, child labor, environmental protection, and occupational safety. The Copper Mark is also aligned with the United Nations Sustainable Development Goals (SDGs) Glossary, page 234. As of August 2022, 20% of the copper produced worldwide comes from sites that have been awarded the Copper Mark seal. Aurubis Bulgaria was awarded the Copper Mark seal in 2021 and the two Aurubis AG sites in Hamburg and Lünen (Germany) followed suit in 2022. The Belgian site in Olen committed to the Copper Mark in July and has begun the certification process.

Aspects relevant for Aurubis

When selecting the aspects for the Non-Financial Report, we were guided by both the main sustainability action areas of the company and the non-financial topics that are required to understand the business development, the business result, the company's position, and the impacts of our activities on these aspects.

To identify the relevant report content, we updated our materiality analysis in the reporting year with the assistance of internal experts Glossary, page 234. This was based on a revised list of potentially material topics based on the existing list of material topics to which we added new and increasingly relevant sustainability aspects in our industry.

We identified three new material issues in the materiality analysis: "Workplace flexibility and sustainable working conditions" and "Water use and withdrawal" for our own operations, and "Land use, biodiversity protection and nature reserves" in the supply chain. At the same time, however, the materiality analysis in sustainability also revealed that a few topics are no longer classified as material, such as "Data protection and IT security." Since Aurubis primarily processes employee data and the law has formulated strict rules for this data, the criterion "Impact of our activities on the topic" was assessed as below the materiality threshold here. Similarly, any potential negative impact of our business model on third-party IT security was rated as low. The Executive Board confirmed the results.

The topics identified as material in this process are assigned to the action areas of Sustainability in the Non-Financial Report. We present topics that have the same management approach in a consolidated format below Overview of material topics in the NFR, page 57.

The materiality analysis indicated once again that the topic of social engagement has no direct impact on our business development, but is of considerable importance for us and our stakeholders. That is why it is part of this report and labeled as such under the topic "Social matters."

Overview of material topics in the NFR

Requirements under the German Commercial Code	Material topic	Sustainability action areas	Page in NFR
Employee-related matters	Diversity and equal opportunity	Future-oriented employer	64
	Workplace flexibility and sustainable working conditions	Future-oriented employer	65
	Training and education	Training and education	66
	Health and occupational safety	Health protection and occupational safety, Responsible supply chain	68, 82
Environmental matters	Energy use and CO₂ emissions	Energy and climate, Responsible supply chain	71, 82
	Renewable energy	Energy and climate, Responsible supply chain	72, 82
	Maintaining air, water, and soil quality	Environmental protection, Responsible supply chain	74, 82
	Waste handling	Environmental protection, Responsible supply chain	74, 82
	Water use and withdrawal	Environmental protection, Responsible supply chain	74, 82
	Land use, biodiversity protection and nature reserves	Responsible supply chain	82
	Efficient use of raw materials in production	Recycling solutions	77
	Products for a sustainable transformation	Recycling solutions	77
Social matters	Work in associations and political lobbying	Governance and ethics	79
	Social engagement1	Social engagement	80
Human rights	Human rights and labor and social standards	Governance and ethics, Responsible supply chain	80, 82
Anti-corruption	Corruption and anti-competitive behavior	Governance and ethics, Responsible supply chain	84, 82
Another material aspect	Product safety	/	85

1 Not material within the meaning of the German Commercial Code (HGB), but for Aurubis.

Sustainability management

As part of the 2020/21 strategy process, the decision was made to realign Aurubis' sustainability organization to better reflect the company's own sustainability ambitions and the increasing importance of sustainable business practices in legislation and on the market. As part of this realignment, an independent Sustainability department was created in January 2022, with increased staffing levels. The new management of the Sustainability department reports directly to the CEO, who has overall responsibility regarding the topic of sustainability in the Aurubis Group.

The Sustainability department serves as the interface between the departments relevant to the topic of sustainability and coordinates all of the related processes in the Group. At the same time, in the area of sustainability, it is also responsible for continuously reviewing and developing the sustainability targets and supporting the sites and the relevant divisions with the operational implementation of the measures. Contacts have been appointed at the sites and for the relevant Corporate Functions for this purpose. The Sustainability department reports current developments to the Supervisory Board (in the Audit Committee). It also undertakes a continuous review based on ESG criteria Glossary, page 232 and technical support for strategic projects as well as carrying out supplier assessments based on sustainability criteria. The department also manages sustainability reporting and communication in coordination with Corporate Communications. It is the point of contact for ESG rating agencies and represents Aurubis' interests in sustainability issues.

To reflect the influence of sustainability on the company's success, the Aurubis Executive Board's variable compensation – in particular the annual bonus – takes various ESG performance criteria into account Compensation Report of the Corporate Governance Report, page 30.

For many years, we have made our sustainability achievements transparent in a variety of ways. These include voluntary reporting and participation in sustainability rankings and ratings such as the CDP (a non-profit organization that advocates for climate reporting, among other things Glossary, page 232) and EcoVadis, for example. We are also rated by agencies such as MSCI, Sustainalytics and ISS ESG www.aurubis.com/en/sustainabilityreporting. Our Sustainability Reports are guided by the GRI standards and are released every two years. The next Sustainability Report is scheduled for early 2023 for fiscal year 2021/22 and represents an extension of this NFR. The new Corporate Sustainability Reporting Directive (CSRD) of the European Commission will apply to Aurubis for the first time starting in 2024, i.e., for the report on fiscal year 2024/25. In the years without a Sustainability Report, the sustainability KPIs are updated and released separately in consolidated form in a KPI update.

We communicate regularly with our key stakeholders about sustainability-related topics. We believe it is important to maintain an open and transparent dialogue with employees, customers, suppliers, politicians and society, capital market participants, the media, non-governmental organizations, and the scientific community.

Description of the business model and presentation of the Group structure

As an integrated group, Aurubis processes complex metal concentrates, scrap metals, organic and inorganic metal-bearing recycling raw materials, and industrial residues into metals of the highest purity. In addition to our main metal, copper, our metal portfolio also includes gold, silver, lead, nickel, tin, zinc, minor metals such as tellurium and selenium, and platinum group metals. Sulfuric acid, iron silicate Glossary, page 233, and synthetic minerals round off the product portfolio. The company purchases the necessary feed materials, as it does not own any mines or stakes in mines Business model of the Group, page 96.

Aurubis AG is the parent company of the Aurubis Group and is based in Hamburg, with production sites in Hamburg and Lünen. For us, sustainability and the related action areas and measures apply to all Group companies. The key indicators mentioned in this report are recorded at Aurubis in the individual departments, companies, and sites and consolidated at Group level. In addition to Aurubis AG, the scope of consolidation includes all of the fully consolidated subsidiaries (as at September 30, 2022). The sites of the Aurubis flat rolled products segment sold during the reporting year are included in the key figures through July 29, 2022 Business model of the Group, page 96. All environmental and energy KPIs are reported for calendar year 2021, not fiscal year 2021/22.1 The Beerse (Belgium) and Berango (Spain) sites consolidated in their entirety starting in June 2020 were fully included in the environmental KPIs for 2020. When the following report mentions copper production in the context of environmental KPIs, this refers to primary and secondary copper production at the Hamburg, Lünen, Olen, Pirdop, Beerse, and Berango sites. Significant differences between Aurubis AG KPIs and Group KPIs are explained.

1 The key figures are primarily used for internal control and institutional reporting. The period of consideration here is defined as the calendar year. Parallel reporting of calendar and fiscal year figures could lead to confusion and unclarity.

EU taxonomy

BACKGROUND AND TARGETS

The European Union has set the goal of becoming carbon-neutral by 2050. The EU taxonomy (EUT) Glossary, page 232 (Regulation (EU) 2020/852 incl. the associated delegated acts adopted as legally binding supplements to the Regulation) is a central component of the action plan for achieving the targets. It is designed to direct financial flows more towards sustainable areas in order to achieve the EU's sustainability goals. The ecological, sustainable activities classification system is aimed at creating more transparency for investors and stakeholders, and at preventing greenwashing.

The EUT is a classification system for sustainable economic activities and includes a total of six environmental objectives.

Technical evaluation criteria for selected economic activities for the first two environmental targets were published in June 2021. These activities are outlined in the separately published delegated acts and are designated as "taxonomy-eligible", regardless of whether the supplementary qualitative and quantitative criteria are met.

An economic activity listed in the delegated acts is classified as environmentally sustainable under the EUT or "taxonomy-aligned" if the following conditions are cumulatively met:

• » The technical evaluation criteria are met:
  • › The economic activity makes a substantial contribution to meeting an environmental objective ("substantial contribution")
  • › The economic activity does not cause significant harm to any of the other environmental objectives ("do no significant harm")
• » Minimum standards concerning human rights, including employee rights, bribery/corruption, taxes, and fair competition, are observed

With the release of the criteria for the first two environmental objectives, at the date of publication of this report the taxonomy still omits many activities. The background to this is that the current version of the taxonomy only covers the activities of companies in sectors that account for more than 90% of direct greenhouse gas emissions in Europe. Given the current status of the EUT, it would be a misinterpretation of the EUT to regard economic activities that are non-eligible for the taxonomy per se as non-sustainable in the overall context. Possible future incorrect interpretations can be increasingly countered by expanding the taxonomy to include the other four environmental goals, including the addition of further economic activities. Legislation is expected to be published on the criteria of the four other environmental targets by the end of 2022.

FIRST-TIME REPORTING FOR FISCAL YEAR 2021/22

Because the EU has, to date, only published evaluation criteria for the first two environmental targets, only the environmental targets "Climate change mitigation" and "Climate change adaptation" are considered relevant for the 2021/22 reporting year.

Aurubis is required by the EUT to review its own economic activities to determine if they are "taxonomy-eligible" for the first time and to publish the three performance indicators of revenues, capital expenditure (CapEx) and operating expenditure (OpEx) as required by the EUT.

Taking into account the simplifications granted the year of firsttime application, the simplified reporting requirement for fiscal year 2021/22 includes the publication of the proportion of taxonomy-eligible group-wide revenues, capital expenditures, and operating expenses. Evaluation and publication of taxonomy alignment, as well as the disclosure of performance indicators at the activity level, are not carried out for the current reporting year, nor are these published.

AURUBIS' ECONOMIC ACTIVITIES

To determine whether an activity is taxonomy-eligible, economic activities listed in accordance with the EUT Regulation and the supplementary delegated acts were compared with Aurubis' activities. Aurubis' main activities are:

• » Processing and recycling complex concentrates and reusable raw materials
• » Production of copper and other non-ferrous metals and by-products

Economic activities that are not currently covered by the EUT are designated as non-taxonomy-eligible in accordance with the delegated acts. This includes Aurubis' core business. Based on the taxonomy, the production of copper is not seen as a significant source of emissions or as a relevant lever for achieving the environmental targets "Climate protection" and "Adapting to climate change" due to its relatively small scale compared to other industrial economic activities. Because to date, the taxonomy focuses on the production of technologies and intermediate products that are not part of the Aurubis product portfolio, only supporting economic activities and activities that are not part of the core business are therefore classified as taxonomy-eligible. Key intermediate products for many solutions relating to the use of renewable energies, energy efficiency applications or low-CO₂ transport are consequently not taxonomy-eligible, yet they are an important driver of the energy transition and are essential if European climate targets are to be achieved. They have a central role in Aurubis' product portfolio.

As such, until the assessment criteria for the other four environmental targets (expected to be relevant for fiscal year 2023/24) are released, only supporting economic activities that are not part of Aurubis' core business are classified as taxonomyeligible.

Subsequent analysis identified the following economic activities of Aurubis that can be classified to be taxonomy-eligible under the EUT for fiscal year 2021/22. The focus here was on the ten largest projects for each relevant company with a significant share of CapEx:

Economic activity		Description
4.1	Electricity generation using photovoltaic technology	Construction or operation of power generation facilities that generate electricity using photovoltaic technology
	4.25 Generation of heating/cooling from waste heat	Construction and operation of facilities for the generation of heating/cooling from waste heat
5.1	Construction, expansion and operation of water collection, treatment and supply systems	Construction, expansion and operation of water collection, treatment and supply systems
6.3	Public local and regional passenger transport, passenger vehicle transport	Acquisition, financing, leasing, renting, and operation of vehicles for local and regional public passenger transport and for passenger vehicle transport (company cars)
7.2	Renovation of existing buildings	Construction and civil engineering activities or preparation thereof (transitional activity) Aurubis has reviewed the FAQ on Article 8 of the EU Taxonomy Regulation of 02/02/2022 regarding 'enabling' and 'transitional' economic activities and interprets Section 4 as a voluntary guideline. Accordingly, for the current fiscal year, it is reported as a taxonomy-eligible activity without a full review of the technical valuation criteria.
7.7	Acquisition and ownership of buildings	Acquisition of real estate and exercise of ownership of such real estate

Based on the descriptions of activities and the technical evaluation criteria, Aurubis classifies all of the above-mentioned activities under the first environmental target "Climate protection," due to the fact that the focus of the identified activities is not on providing adaptation solutions to reduce climate risks, for example.

Because the core business and the revenue-generating activities of Aurubis are currently not reflected in the taxonomy, the abovementioned activities primarily result in the recognition of taxonomy-eligible CapEx. Flagship projects that had a significant impact on the reported CapEx were:

• » Extraction of carbon-free industrial heat from a sub-process of copper production for use in the Hamburg district heating system. Aurubis AG and Hamburger Energiewerke GmbH are taking advantage of this opportunity to further expand one of the largest industrial heat supply systems in Germany Energy and climate, page 71
• » Construction of the recycling facility at the site in Georgia (US) – building investments incurred in the current fiscal year are recognized as taxonomy-eligible in this context Recycling solutions, page 77
• » Construction of a 10 MW photovoltaic facility in Pirdop (Bulgaria); this will be one of the largest photovoltaic facilities for internal electricity generation by a company in Bulgaria Energy and climate, page 71

The ASPA project (recycling facility at the Beerse site) can only be allocated to individual EU taxonomy activities to a minor extent as a percentage of the total in the current fiscal year (for example, electricity generation using photovoltaic technology) and accordingly is not reported separately. The strategic project BOB at the Olen site (Belgium), which will increase the recycling capacity for nickel and copper, is not fully taxonomy-eligible under the current taxonomy. Accordingly, only building investments are reported as taxonomy-eligible in the current fiscal year. Investments in battery recycling as a growth area do not constitute a taxonomy-eligible activity within the scope of the current environmental targets of climate protection and adapting to climate change, and are therefore not part of the KPIs reported Glossary, page 233 Recycling solutions, page 77. The research and development expenses relating to this are consequently not reflected in any of the three KPIs for the current fiscal year.

ACCOUNTING METHOD AND KPIS UNDER THE EU TAXONOMY

The KPIs published in the context of the EUT are prepared in the same way as the Aurubis Group's financial report based on the International Financial Reporting Standards (IFRS) and only include fully consolidated Aurubis AG companies. Companies not included in the scope of consolidation, associated companies and companies classified as held for sale in accordance with IFRS 5 are not included in the reporting under the EUT. Duplicate counts were eliminated because activities were assigned to an enabling activity only if a taxonomy-eligible project was not already included under another activity.

REVENUES

The revenues KPI represents the ratio of revenues from taxonomy-compliant economic activities to total revenues. The revenues reported under the EU taxonomy are based on the revenues defined and reported in the Aurubis Group's Consolidated Financial Statements Annex 1, page 173. The proportion of taxonomy-eligible revenues amounted to 0% of total revenues in fiscal year 2021/22.

CAPEX

The CapEx KPI represents the proportion of capital expenditures associated with taxonomy-eligible economic activities or related to the acquisition of products or services from taxonomy-eligible economic activities. Capital expenditures disclosed in accordance with the EUT includes additions to fixed assets Annex 16, page 181 excluding goodwill, additions to financial fixed assets and proportions accounted for using the equity method. Capitalized capital expenditures for CapEx projects that are attributable to taxonomy-eligible activities are included in the numerator when determining the taxonomy-eligible proportion. Capital expenditures under the Taxonomy Regulation differ significantly from capital expenditures for environmental protection measures reported in the Annual Report due to the definition, the taxonomy test to be performed, and the simplified approach to identifying relevant capital expenditures adopted in the year of first-time reporting. The background to this is, among other things, that Aurubis' core business and the related production facilities are currently not chargeable under the Taxonomy Regulation. This means that these items cannot be transferred to environmental investments in the current fiscal year.

The proportion of taxonomy-eligible capital expenditure in accordance with the EUT to the total capital expenditure reported in the Consolidated Financial Statements was accordingly € 35,121 thousand or 10%. The largest proportion of the CapEx recognized is attributable to the industrial heat project in Hamburg.

OPERATING EXPENSES (OPEX)

The OpEx KPI represents the proportion of operating expenses under the EU taxonomy associated with a taxonomy-eligible economic activity or related to the acquisition of products or services from taxonomy-eligible economic activities. Operating expenses reported under the EUT include research and development expenses, short-term lease expenses, and maintenance and repair costs.

Taxonomy-eligible operating expenses are immaterial in the current fiscal year and amount to 0%.

Overview of KPIs pursuant to the EU taxonomy (EUT)

Fiscal year 2021/22

		EUT revenues EUT CapEx			EUT OpEx
	in € thousand	in %	in € thousand	in %	in € thousand	in %
Taxonomy eligible economic activities	0	0	35,121	10	0	0
Non taxonomy eligible economic activities	18,211,969	100	325,149	90	252,872	100
Total	18,211,969	100	360,270	100	252,872	100

Key intermediate products for many solutions relating to the use of renewable energies, energy efficiency applications or low-CO₂ transport are consequently not taxonomy-eligible, yet they are an important driver of the energy transition and are essential if European climate targets are to be achieved. They have a central role in Aurubis' product portfolio. page 60

CHALLENGES AND OUTLOOK

When the new requirements were first applied, uncertainties remained in the interpretation of the EUT, such as with regard to the possibility of applying materiality thresholds in the analysis and collection of data. Clarifications and additions to the existing regulatory framework may produce different results and decisions in future reporting periods and may also have a quantitative impact across the three KPIs.

Aurubis will be required to implement the full reporting requirements of the EUT for the first time starting in fiscal year 2022/23. This means that economic activities should be divided into taxonomy-eligible, non-taxonomy-eligible and taxonomyaligned economic activities in accordance with the reporting form for non-financial companies. Disclosure of the three KPIs then becomes mandatory at the activity level. Aurubis is obligated to analyze and report on the other four environmental targets for the first time for fiscal year 2023/24. On the whole, there remains uncertainty in the implementation of the taxonomy requirements, which is why the changing framework conditions and more specific details are constantly being monitored and evaluated.

Employer-related matters

FUTURE-ORIENTED EMPLOYER

Future-oriented employer

We create a work environment for close collaboration and promote diversity and commitment. We passionately work for the progress of the company and society.

2030 targets

• » 100% of the relevant employees are trained on unconscious bias
• » >40%1 of employees take part in job rotation or job shadowing, with diversity being promoted at the same time
• » At least 75%1 of the employees surveyed participate in pulse checks and feedback measures

2022/23 milestones

» Development of a diversity action framework

In the following, we describe our progress towards achieving our targets and the concepts and measures we are using to drive progress forward in the reporting year.

Competent, productive, and enthusiastic employees form the basis of the Aurubis Group's commercial success and further development. Our aim is this: We create a work environment for close collaboration and promote diversity and commitment. We passionately work for the progress of the company and society.

All overarching activities related to our employees are managed at group level by Corporate Human Resources (HR), the head of which reports directly to the CEO, who is also the director of industrial relations. HR is involved, among other things, with the HR strategy of the entire Group, as well as the implementation and monitoring of the resulting HR instruments, especially those related to organizational and staff development, employer branding, compensation and fringe benefits, resource management, and supporting change initiatives. The work of the regional HR departments is oriented first and foremost toward local requirements. In the case of issues that apply Group-wide, the local departments work in close coordination with the central HR division.

Our HR strategy is derived from the Group strategy and is based on our corporate values. We develop it continuously, taking labor market changes, social change, and trends in human resources into consideration – in addition to the lack of skilled workers due to demographic change and the difficult search for young talents and apprentices, among other issues.

We launched a comprehensive transformation of HR in the reporting year. The first step in this reorientation was a revision of the HR strategy in 2021 with a time horizon through 2025. This reorientation will also entail organizational changes to HR. The focus during the reporting year was on the HR units in Germany and the corporate functions. Targeted adjustments will be made to ensure even more effective interaction between the central and local HR departments in the future.

1 For the time period of fiscal year 2021/22 to 2029/30. Yet another focus of the HR transformation was also the digitalization of HR. We continued to pursue a digitalization strategy for HR during the reporting year and introduced short-term measures as well as long-term initiatives such as electronic personnel files.

To successfully implement future strategic projects, we have established the internal initiative Fit4Projects. Its purpose is to provide our project managers with guidance in all HR-related topics such as resource planning and staffing. We also created our Group Engineering organization as part of the revision of the Group strategy with the aim of accelerating site-related and higher-level project implementation and creating synergies beyond the Group. The main focus in this reporting year was on staffing and recruiting for our strategic growth projects, such as in Aurubis Richmond, Georgia (US) (see below), and on identifying and developing internal and external talent. We strive to facilitate attractive development and career opportunities in the project environment for our internal talents and experts.

HR provided support for the site expansion in Georgia (US), including a human resources and training concept, a recruiting strategy, and a compensation and fringe benefits plan. We also continued to support the organizational changes due to the Performance Improvement Program (PIP), which focuses on cost reduction. During the course of this program, we will cut 300 fulltime equivalent (FTE) positions in the corporate functions and the Hamburg plant by 2022/23 compared to fiscal year 2018/19. We continue to follow socially responsible principles and create measures to mitigate the consequences for employees who are dismissed. For example, we will prevent as many redundancies as possible by not filling certain open positions, offering an improved early retirement scheme, and facilitating internal job changes with related qualification offers as needed. The employee representatives were and are involved in the process.

Aurubis sold part of its flat rolled products (FRP) segment sites to KME SE in the reporting year. The sale was approved by the relevant supervisory authorities in May and closed with effect from July 29, 2022. According to the agreement, the Zutphen (Netherlands) site as well as the slitting centers in Birmingham (United Kingdom), Dolný Kubín (Slovakia), and Mortara (Italy) with a total of about 360 employees will be transferred to KME SE. The purchaser plans to continue to employ all current staff members. The FRP plants in Stolberg (Germany), Pori (Finland), and Buffalo (US) will remain in the Aurubis Group.

In July 2021, the Aurubis site in Stolberg was flooded in connection with severe weather and had to declare force majeure. The plant was completely rebuilt the year after the flood, and in June 2022 the last production line that had been shut down went back into operation. This will be followed by the completion of the renovation of the administrative and social rooms in the course of fiscal year 2022/23. Employees' working hours were not reduced during the operational interruption and all employees were retained.

Ensuring employee diversity is one of our central concerns in HR. Our Code of Conduct, which was comprehensively revised in the reporting year, and the corporate values set out in it serve as the basis for respectful cooperation Anti-corruption, page 84. Our view is that racist motives, ethnic or social background, gender, religion or worldview, disability, age, family status, or sexual identity should not play a role in hiring, compensation, career trajectories, nor in personal interactions. We reject all forms of discrimination. For us, a diverse workforce is conducive to knowledge transfer, different viewpoints, and open collaboration – a workforce that is overly uniform or that discriminates has the opposite effect and is likely to do long-term damage to the working environment and to Aurubis' economic development. The objective in the fiscal year was to define the understanding of diversity. To achieve this, one of the tasks of an interdepartmental working group was to draw up an activity plan and a commitment to diversity. A group-wide training initiative was launched during the reporting year to

heighten staff awareness of human rights and anti-discrimination issues as part of the update of the Code of Conduct Human rights, page 80. If there are justified suspicions of discrimination, Aurubis employees can contact the employee representatives, HR, the Corporate Legal Department or our managers at any time. Anyone affected by discrimination can also contact our Chief Compliance Officer or the local compliance officers at the various sites, confidentially if desired. A group-wide whistleblower hotline is also available for confidential and anonymous reports Anti-corruption, page 84.

An important goal at Aurubis is to increase the proportion of female managers – independently of legal stipulations. We have defined specific targets for the first and second management levels below the Executive Board and we regularly monitor their progress Corporate Governance Report, page 17. We implement various measures to achieve these targets. As one of these measures, this reporting year we further reinforced and expanded the Women4Metals initiative, in which we organize lunch breaks for sharing and networking.

We offer our employees an attractive work environment and support them by offering options that allow them to establish a good work-life balance, for example by making working time models more flexible and modern. This is our way of increasing the satisfaction of our employees and ensuring that we remain attractive in comparison with other companies. We offer our employees, among other benefits, the opportunity of flexi-time and part-time work, and we have also expanded options for remote work. A company agreement for Aurubis AG recently stipulated that employees with an office job are permitted to work remotely up to three-fifths of their monthly working hours in coordination with their supervisors. Aurubis in Germany also offers the possibility of working part-time and maintaining a lifetime working-hour account.

We offer attractive compensation in line with the market. Compensation and fringe benefits are regulated in collective wage agreements. At our production site, in Buffalo (US), social security is not comprehensively regulated by law. There, we assume 86% of the employees' health insurance contributions, which is above and beyond the legal requirements there.

We are optimizing our application process through a group-wide employer branding project. Its objective is to develop a global employer brand for the Aurubis Group and boost the perception of Aurubis as a top international employer. The Aurubis Ambassador Program serves to strengthen internal and external employer branding. The first pilot group was trained here, and they now post focused stories about Aurubis as an employer and their work on the Aurubis social media channels. We consider it important to show the application process at Aurubis transparently. The newly launched Aurubis IT career site is one example of this effort.

The type of mobility used for commuting to and from work is unique for every person and can contribute to satisfaction, health, and environmental protection. To promote environmentally friendly employee mobility, we revised the mobility and company vehicle fleet policy during 2021, adding measures to reduce CO₂ emissions in the company vehicle fleet and incentives for choosing low-emission vehicles. One of the largest contiguous charging parks for e-vehicles in North Germany was built at the Hamburg plant Energy and climate, page 71. Another example of our efforts here is that employees in Germany are offered bicycle leasing and subsidies for local public transport.

Key figures Aurubis Group personnel structure

as at the reporting date September 30

		Employees			Female			Male
	2021/22	2020/21		2019/20 2021/22	2020/21		2019/20 2021/22	2020/21	2019/20
Aurubis Group	6,913	7,135	7,236	13%	13%	13%	87%	87%	87%
Blue collar	4,018	4,285	4,356	4%	4%	3%	96%	96%	97%
White collar	2,567	2,519	2,561	28%	28%	29%	72%	72%	71%
Apprentices	328	331	319	13%	14%	12%	87%	86%	88%

Employee turnover in the Aurubis Group

as at the reporting date September 30

	2021/22	2020/21	2019/20
Turnover rate 1, 2	9.5%	9.5%	8.6%
Average length of employment in the company (in years)	14.0	14.4	14.5

1 Excluding apprentices.

2 Prior-year figures adjusted.

Age structure

as at the reporting date September 301

	2021/22	2020/21	2019/20
<30 years	955	946	998
30–50 years	3,381	3,412	3,385
>50 years	2,249	2,446	2,534

1 Excluding apprentices.

TRAINING AND EDUCATION

Training and education

We provide high-quality vocational training and invest in forward-looking qualifications for employees.

2030 targets

» 100% fulfillment of the continuing education allotment in hours. (The continuing education allotment is 18 hours per year for each employee)

2022/23 milestones

» 18 training hours per employee per year on average

In the following, we describe our progress towards achieving our targets and the concepts and measures we are using to drive progress forward in the reporting year.

In order to achieve our company vision and advance our strategy, we rely on a learning organization. We provide high-quality vocational training and invest in forward-looking qualifications and development for employees.

HR is responsible for staff development. It supports the other departments, in close coordination with the local HR managers, in building our employees' skills in a directed way tailored to the needs. This helps us to meet current and future requirements and challenges in the area of human resources.

To secure adequate qualified personnel in the long term, we regularly assess demand for specific skills and trades, and offer apprenticeships accordingly. We also identify the demand for employee qualifications and successors for different positions in annual performance appraisals and in the yearly personnel planning process in order to develop specialized skills and management expertise in a purposeful way.

We use a qualification program to support the development of our employees. For example, we offer supervisors at the foreman level a number of technical training sessions as well as options for personal development. One focus of training in Hamburg and Lünen (Germany) in the reporting year was the topic of "Healthy Leadership." Numerous training courses were also offered groupwide in English. We also launched a pilot workshop on "New Leadership" at our Hamburg site.

We have also continued to expand our digital learning options in the past few years. This makes it possible for us to respond even better to the needs of our employees. Moreover, we're enhancing self-guided learning and the use of innovative learning methods in the Group. Since mid-2021, employees across the Group have been able to access our digital Corporate Learning Academy, through which they can complete internal and external courses on specialized, personal and management skills, as well as view educational films and presentations for independent and digital learning.

In addition to qualification and development programs geared to the required skills, for example in the areas of the Aurubis Operating System (AOS Glossary, page 232) and in project management, we also rely on dialogue formats and learning platforms for networking and discussing best practices (e.g., expert panels and online learning groups). The program also offers one- to two-hour micro-learning units ("Learning Nuggets") so that participants can learn and test new skills. In the short Aurubis Essentials seminars, colleagues educate one another about interdisciplinary topics, promoting a uniform, company-wide understanding of knowledge relevant to Aurubis. Many Aurubis Essentials and Learning Nuggets took place online during the coronavirus pandemic. The insights from using these digital learning formats are valuable for the ongoing development of our learning organization.

Aurubis is a major vocational training company in the chemical industry in Germany. We are proud of our vocational training and retention rate, which makes an important contribution to securing qualified employees.

At the Hamburg and Lünen training sites, we have two modern vocational training centers that are the foundation for increasing the number of apprenticeships. At these sites, we also provide cooperative apprenticeships with local companies whose collaborative apprentices complete basic training courses with us. These efforts are paying off: our Hamburg training center received the highest rating of 5 out of 5 stars as a top trainer in the study by German business magazine Capital study "Deutschlands beste Ausbilder 2021" (Germany's Best Trainers in 2021) www.capital.de/karriere/das-sind-deutschlands-beste-ausbilder-2021.

At our Bulgarian site in Pirdop, we are continuing our dual apprenticeship program with a local vocational school in Zlatitsa and in cooperation with two large neighboring mines and local subcontractors once again in the reporting year. The first dual students have been doing their practical training on site since 2022, and the second class is currently being trained.

The Hamburg site has been participating in the internship model AV 10+ since 2007. This model supports young people from a range of occupational groups, helping them to gain the qualifications required to begin apprenticeships. Five of the twelve participants were accepted as apprentices in the reporting year, while the remaining participants started external apprenticeships or have gone on to pursue higher education. Aurubis has also taken on an apprentice in Lünen using the similar entry qualification program.

We were also able to maintain our vocational training during the coronavirus pandemic and carried out a planned increase in the number of training positions. This was possible with the help of digital learning resources and communication formats, while taking the necessary precautions into account. Where it made sense to do so, Aurubis made remote work possible for apprentices as well, which we have maintained with the new work rules on remote work.

A new, more digital apprenticeship marketing concept developed in the previous year helped fill the apprenticeship positions on offer in the reporting year. Aurubis was also present at digital fairs and school events, cooperating with partner universities, offering internships to students in Germany, and facilitating thesis projects.

Key figures Training and education

	2021/22	2020/21	2019/20
Apprenticeship rate in Germany	8.1%	8.4%	7.7%
Apprentice retention rate in Germany	79.1%	71.6%	71.2%
Average number of training hours per employee
Aurubis Group	-1	13.9	12.0
Blue collar	-1	13.7	10.2
White collar	-1	14.2	15.2
Percentage of employees receiving training
Aurubis Group	-1	61.2%	67.0%
Blue collar	-1	58.6%	66.0%
White collar	-1	65.5%	68.8%

¹ The documentation of figures within this audit could not be completed due to the cyberattack on our IT systems at the end of October.

OCCUPATIONAL HEALTH AND SAFETY

Occupational health and safety

We prevent work-related accidents, injuries, and illnesses (Vision Zero).

2030 targets

» LTIFR ≤ 1.0

2022/23 milestones

» ISO 45001 certifications at all production sites

In the following, we describe our progress towards achieving our targets and the concepts and measures we used to drive progress forward in the reporting year.

As a responsible company, it is a matter of course for Aurubis to take measures to maintain the health and performance of people on the plant premises and to protect them from accidents and illness.

Health and Safety (H&S) in the Group creates the overall conditions to prevent work-related accidents and illness on behalf of and in the interests of the production units. Our aim is to achieve our Vision Zero, i.e., to reduce work-related injuries and illnesses to zero. We have set ourselves the goal of reducing the number of work-related accidents with at least one lost shift or one working day per one million hours worked (lost time injury frequency rate, LTIFR Glossary, page 233) to ≤ 1.0 by 2030.

Group Health & Safety and Behavioral Management (G-OHS) manages H&S and establishes minimum occupational safety standards for the entire Group by issuing process instructions in addition to the Corporate Policy on Occupational Health and Safety. G-OHS is part of the corporate department Continuous Improvement | H&S, the head of which reports directly to the Chief Operating Officer (COO). In line with our targets for the fiscal year, all sites across the Group were certified in accordance with the ISO 45001 Glossary, page 233 international standard for occupational safety management systems at the end of the year Certifications by site, page 86.

The site managers play a key role in the implementation of occupational safety measures. They are responsible for ensuring compliance with applicable laws and ordinances on occupational health and safety, the relevant corporate policy, and the current process instructions. Our intention here is to identify and evaluate health risks and help implement suitable measures to protect everyone in our area of responsibility, for example the company's own employees, temporary workers, and contractors. Employee representatives are also included in the topic of H&S: through the reporting line to the Executive Board, G-OHS reports to the general Works Council committee and the European Works Council during committee meetings.

People in our area of responsibility, such as employees, temporary workers, and contractors, are informed about risks in the workplace and are instructed about necessary preventive and protective measures, enhancing their awareness. Current H&S topics are discussed in safety talks.

The risk assessments extend to both current and future work processes in the company, including maintenance and repair procedures in addition to operations. The risk assessments cover hazards in normal operations, special work assignments, and abnormal incidents. Health hazards and individual requirements in the work area are systematically collected, evaluated, and documented.

The local departments systematically investigate accidents to determine their technical, organizational, and conduct-based causes. The causes determined from these investigations and the measures derived from them are communicated throughout the Group. Accidents and other relevant incidents are part of the monthly reporting to the entire Executive Board. Every accident with lost time is directly reported to G-OHS and the Chief Operating Officer, including those involving temporary workers and contractors. Because of our preventive measures, the accidents typical of the smelting industry such as those involving molten metals, hazardous substances, and heavy loads are rare. Comparable to other industries, the main causes of injuries are stumbling, slipping, and falling.

In addition to technical and organizational precautions, the occupational safety conduct of every individual is essential. To raise awareness for personal safety conduct, the Group-wide H&S campaign 10 Golden Rules (10forZero) was continued through April 2022. The campaign promoted targeted dialogue between supervisors and employees on essential rules and protective measures. In addition, focused initiatives on behavior-based safety (BBS) and on leadership and communication in occupational safety have been launched at some sites. In the reporting year, all managers up to supervisor level in Hamburg and Lünen (both in Germany) were given the opportunity to take part in training on the topic of "Healthy Leadership." A Health & Safety Award, which will be presented at the Leadership Summit, has been established to highlight the relevance of occupational health and safety across the Group and provide a platform for the recognition of innovative ideas. Legal compliance audits to ensure conformity with the law are carried out at the sites regularly. G-OHS also audits the implementation of two selected Corporate Standards at each site each year. The integration of the Health and Safety pillar into the Aurubis Operating System (AOS) also contributes to our Vision Zero: On behalf of the production units, this will support the structuring, standardization, and implementation of Group-wide occupational safety processes with the tools of continuous improvement.

Health exams and routine occupational checkups are provided to the employees at all sites. Several internal company doctors are available at the Hamburg and Pirdop sites. At all of the other sites, freelance occupational physicians are commissioned with carrying out obligatory and optional checkups. The additional offerings of the plant medical offices extend from flu vaccinations and medical checkups to addiction prevention, as well as supporting measures for the heart and circulatory system. The Hamburg, Pirdop, Olen, Beerse, and Berango sites also executed different initiatives on the issues of healthy management and mental wellbeing to strengthen and maintain employee health. In Bulgaria, for example, a mental health program offering online sessions on mental health was launched in collaboration with iMatter. bg. Aurubis AG has offered all employees and managers free counseling services through the Fürstenberg Institute since January 2022. The services offered primarily cover the areas of "Professional and workplace-related issues," "Family and partnership," "Psyche and health," and "Personality."

Our occupational safety approach applies to our temporary workers and contractors as well. The H&S policies and process instructions apply to all individuals working at the site. Each person who enters our sites is registered. Temporary workers and contractors are instructed about risks, protective measures, rules of conduct, and conduct in case of emergency at the specific site before they start working. In addition, we offer them the option of taking part in biomonitoring and provide them with our industry-specific personal protective equipment (PPE). Accidents involving temporary workers and contractors are recorded and evaluated. These are subject to reporting. We use this to derive Group-wide, site-specific targets relevant to contractors and temporary workers.

Since the start of the coronavirus pandemic, there has been a Group task force that includes the largest sites. As the situation requires, it meets online with the entire Board of Management. In this way, specific plans and measures can be quickly established to protect employees' health while keeping operations up and running. The measures have been steadily adjusted to the ongoing circumstances of the pandemic and include testing and vaccines in the in-house vaccination centers or at external organizations in cooperation with other companies.

As a company that processes lead, we regularly analyze the lead levels in the blood of the relevant employees. As a member of the ILA (International Lead Association), we have already taken part in voluntary commitments to limit blood lead levels in the past. In 2021, the new Technical Rules for Hazardous Substances "Lead" (TRGS 505) went into effect in Germany, establishing a lower limit value for lead in the blood. We have updated the existing risk assessments and, where necessary, have derived and implemented technical, organizational, and/or personal protective measures. We revised the hygiene concept at the Lünen site in the reporting year and improved the separation between exposed and non-exposed risk areas. We also created designated smoking areas with nearby hand hygiene facilities. At the Beerse site, we

also renovated the control rooms in lead-exposed areas and sanitary facilities in accordance with best practices. We introduced a special awareness program on working with lead for new employees. At the Hamburg site, we also reassessed the exposure areas and introduced measures to improve ergonomics, for example, by wearing blower respirators continuously. In addition to increasing understanding of the proper way to put on and take off work clothes and respirators, we also reinforced the standards for one-on-one meetings between managers and employees with the aim of improving compliance with protective measures and discussing further opportunities for improvement during individual activities.

In pending new construction projects, both technical and organizational measures are taken into account in line with modern standards to minimize contact with or the carryover of hazardous substances.

Key figures Occupational health and safety

	2021/22	2020/21	2019/20
Absolute number of accidents1	34	55³	51
LTIFR2	3.2	5.1³	5.4
Number of work-related fatalities	0	0	0
Number of work-related fatalities of third parties at our sites	0	0	0

¹ Absolute number of accidents including the Beerse (Belgium) and Berango (Spain) sites starting June 1, 2020. Excluding Cablo Metall-Recycling und Handel GmbH, Fehrbellin, starting June 1, 2021 (which, since June 1, 2021, has belonged to the joint venture Cablo GmbH together with the recycling company TSR Recycling GmbH & Co. KG; Aurubis holds a 40% stake in Cablo GmbH). Starting August 1, 2022, excluding the sold sites Zutphen (Netherlands),

Birmingham (United Kingdom), Dolný Kubín (Slovakia), and Mortara (Italy). ² LTIFR Glossary, page 233: Beerse (Belgium) and Berango (Spain) sites included for the entire FY starting FY 2020/21 so that key performance indicators can be compared.

3 Data from previous years adjusted to reflect subsequent reporting.

Environmental matters

ENERGY AND CLIMATE

Energy and climate

We will be carbon-neutral well before 2050.

2030 targets

• » -50%absolute Scope 1 and Scope 2 emissions (base year 2018)
• » -24%Scope 3 emissions per ton of copper cathodes1 (base year 2018)

2022/23 milestones

» ISO 50001 at all production sites

In the following, we describe our progress towards achieving our targets and the concepts and measures we are using to drive progress forward in the reporting year.

As an energy-intensive company, we assume responsibility for climate protection. The individual production steps in our value chain are energy-intensive and are the main source of direct and indirect CO₂ emissions (Scope 1 and 2) in the Group. However, taking the entire value chain into consideration, the majority of the CO₂ emissions are upstream and downstream (Scope 3 emissions), i.e., they originate from our suppliers, customers, and service providers. The majority of the Scope 3 emissions originate from the activities of the mining companies from which we source copper concentrates Glossary, page 232.

The products we manufacture contribute to reducing CO₂ emissions in business and society because they play a central role in the transmission of renewable energies, applications that boost energy efficiency, and electric vehicles: Electric cars contain nearly four times more copper than vehicles with conventional combustion engines, and building and connecting an offshore wind turbine to the energy grid requires up to 30 t of copper. This makes it all the more important for the overall footprint across all stages of the value chain that we strive for low-emission production and supply chains.

Refers to copper cathode as an internal production.

Our Group-wide Corporate Energy & Climate Policy outlines how Aurubis secures and optimizes the energy supply, energy consumption, and CO₂ avoidance. The policy contributes to the achievement of our strategic climate and energy targets. In this context, the policy also defines the roles and responsibilities of the sites and corporate departments. The management of Corporate Energy & Climate Affairs develops and implements the Group-wide energy strategy and reports directly to the Executive Board chairman. The corporate department also coordinates the development of the energy management and monitoring systems across the Group. Energy management systems (EMS) contribute to efficiently steering energy consumption and identifying energy savings potential. The majority of our production sites have an EMS Certifications by site, page 86.

We determine climate-related opportunities and risks and related measures by linking our risk management with our energy and environmental strategy. Both are positioned under the umbrella of the corporate strategy, where the sustainability goals can also be found. When carrying out the risk and opportunity analysis, we consider pending legal requirements, technological developments, and compliance-related, reputational, and physical risks. More information is available in the Risk and Opportunity Report of the Annual Report 2021/22 under "Energy and climate", page 136 as well as in our publicly available CDP report at www.aurubis.com/en/ sustainabilityreporting, Glossary, page 232 which in 2021 received a B in the climate change program for calendar year 2020.

Risk management also provides the basis for achieving our goal of reporting in accordance with the recommendations of the TCFD (Task Force on Climate-Related Financial Disclosures Glossary, page 234) in the next few years. The purpose of TCFD reporting is for companies to disclose their risks related to climate change. This is intended to help investors and lenders assess the financial risks involved. The TCFD recommendations address four aspects: governance, strategy, risk management, and metrics and targets. After performing a gap analysis, we identified weaknesses in Aurubis' Strategy component. Our focus in this reporting year has therefore been on improving these points. We are also currently identifying the physical risks at all Aurubis sites with external support, and we are conducting a scenario analysis for a best-case and a worst-case climate change scenario. In the years to come, we will address the other TCFD recommendations with a view to achieving our goal of TCFD-compliant reporting. We will publish 1

further information and initial results of our analysis in our Sustainability Report 2021/22.

In late 2019, Aurubis joined the initiative Business Ambition for 1.5°C from the UN Global Compact. In doing so, the Group has committed itself to developing science-based CO₂ reduction targets. Our involvement in the KlimaWirtschaft foundation (formerly Stiftung 2° foundation), for which Aurubis has been a sponsor since 2021, underlines our commitment to climate protection.

In June 2021, the Science Based Targets initiative (SBTi Glossary, page 234) validated Aurubis AG's CO₂ reduction targets, thus confirming that our targets contribute to limiting global warming to 1.5°C pursuant to the Paris climate agreement. We have set out to reduce the absolute Scope 1 and Scope 2 emissions, meaning CO₂ emissions generated by burning fuels in internal facilities and those related to purchased energy, by 50% until 2030 compared to the base year 2018. We want to reduce Scope 3 emissions, which arise in the upstream and downstream stages of the value chain, by 24% per ton of copper cathodes Glossary, page 232 during the same period as well. To ensure that our reduction targets are taken into account in projects, as part of the project assessment Aurubis also reviews the fulfillment of group-wide sustainability targets, which include CO₂ reduction targets.

A detailed roadmap is being further implemented to help us achieve our climate goals. Regarding Scope 1 and Scope 2 emissions, these technical measures include decarbonizing plant facilities by using green hydrogen Glossary, page 233 instead of fossil fuels and by electrifying our production. Using industrial waste heat from our production process and expanding the purchase of green electricity are other measures included. Approaches for reducing Scope 3 emissions include cooperation with players in our supply chain and increased recycling activities, for example. We aspire to make our production carbon-neutral well before 2050.

As many energy efficiency measures have already been implemented in the past, additional optimizations are challenging. There are technological limits to reducing energy consumption and emissions, which means that the improvements achieved today inside the plants are only marginal compared to previous years, despite equally high investments. For example, complex recycling raw materials with relatively low metal contents and complex copper concentrates require a higher specific energy input to be processed. As a result, we focus not only on further increasing efficiency but also on solutions that save energy and thus prevent CO₂ outside of our plant – such as the Industrial Heat project in Hamburg, whose expansion is scheduled to start in 2022 www.aurubis.com/en/industrialheat. By converting a sub-process at the Aurubis plant in Hamburg, up to 20,000 apartments will be heated each year from 2025 onward in cooperation with the Hamburg city energy utility, reducing CO₂ emissions in the city by up to 100,000 metric tons. The planned heat supply represents the biggest use of industrial heat in Germany.

Furthermore, we are considering measures to replace fossil fuels with renewable energy. This includes, for example, a 10 MW power-to-steam facility, an electrode steam boiler. Assuming that 100% of the power supply comes from renewable energies, this plant alone could cut up to 4,000 t of CO2 annually. When making investment decisions, we also consider and evaluate the influence on the reduction of greenhouse gas emissions.

Green hydrogen is considered a key technology for decarbonizing industry. Aurubis sees the greatest potential for using hydrogen efficiently and cost-effectively in the anode furnaces. In 2021, a test series was carried out at the Hamburg plant whose technical results will lay the foundation for future hydrogen activities. In the process step involving the anode furnaces, hydrogen is used as a reducing agent in place of natural gas. In the process, oxygen in the anode copper is removed using hydrogen. This forms water vapor rather than CO₂, which is the case when using natural gas as a reducing agent. The savings potential for the Hamburg smelter alone amounts to 6,200 t of CO₂ annually. The pilot project was awarded first place in the 2021 Responsible Care competition of the German Chemical Industry Association (VCI) at national and state level.

The use of renewable energies on a large scale is a challenge for us since generating them is associated with energy supply fluctuations. Our production processes require a constant energy supply. We are therefore working on measures to make our energy uptake more flexible so that we can react to fluctuating energy availability and use more renewable energies. One example is the world's largest arc plasma furnace, commissioned in Beerse (Belgium) in 2017. In the furnace's reactor, metals are evaporated from the slags of plant processes. A usable synthetic mineral and metals are formed. In contrast to other furnaces in the industry, this furnace is electrically operated, which makes it possible to use renewable energies and to use it intermittently when there is a surplus of electricity from these sources.

We also cover a portion of our energy needs with electricity we generate internally using excess heat from our processes. We installed steam turbines for this purpose in Hamburg, Lünen (both in Germany), and Pirdop (Bulgaria). The calculated savings potential is 30,000 t of CO₂ per year compared to conventional electricity supplies. At 12,270 t CO₂, the savings during the reporting year were still below this, mainly due to temporary outages or maintenance measures related to the steam turbines and their surrounding areas. On top of that, we use waste heat from the production processes to secure the heat and process steam supply at the Pirdop, Lünen, and Hamburg sites, where demand is already covered by waste heat for the most part.

We also constructed an internal 10 MW solar plant (PV), "Aurubis-1," at the Aurubis site in Pirdop (Bulgaria), which started operation at the end of 2021. It is currently the largest solar plant for internal electricity production for a company in Bulgaria, comprising over 20,000 solar panels on a remediated and recultivated landfill of 100,000 m². The Aurubis-1 PV facility produced approximately 13,500 MWh of electricity in the reporting year for the Pirdop plant, significantly reducing external electricity consumption. The electricity generated is equivalent to the annual needs of about 4,200 households. The site's goal is to cover 20% of its total energy needs from renewable sources by 2030.

As a multimetal company, Aurubis also wants to contribute to the transport shift, which is why the company also focuses on sustainability when it comes to employee mobility. In the reporting year, one of the largest interconnected charging parks in northern Germany was put into operation with 150 charging points. This means that all of our employees can charge their electric cars at our site, and at the same time we encourage those who have not yet switched to e-mobility to use electric cars.

Our ambition is to continuously improve data quality and granularity for Scope 3 emissions, since these are an important basis for the reduction of these emissions. More precise emission factors based on new average values from the copper industry and primary data from suppliers were used to calculate Scope 3 emissions for the 2021 calendar year. This higher level of detail resulted in a significant upward revision of Scope 3 emissions, particularly in the area of raw material purchasing. More precise data from Logistics has also been incorporated. We used the same basis to recalculate previous years starting in 2018 in order to ensure comparability of the data. We maintain our reduction targets and are now able to address and implement these much better with this greater transparency.

Key figures

Energy consumption

in million MWh	2021	20201	2019
Primary energy consumption2	1.85	1.72	1.69
Secondary energy consumption3	1.94	2.00	1.78
Total energy consumption within the organization	3.79	3.72	3.47

¹ The Beerse (Belgium) and Berango (Spain) sites have been included for the entire calendar year since 2020, which explains the increase in energy consumption.

² Including energy consumption for on-site vehicle traffic.

³ Including electricity for oxygen generation.

CO₂ emissions1

in thousand t CO₂	20212	20203	2019
Scope 1 (emissions produced as a direct result of burning fuels in the company's own facilities)	559	540	503
Scope 2 (emissions related to purchased energy, e.g., electricity)	1,047	1,023	941
Total (Scope 1 + 2)	1,605	1,563	1,444
Scope 3 (other indirect emissions)	6,181	5,9404	6,2194

1 Aurubis reports its CO₂ emissions using the methods of the "EU Emissions Trading System (EU ETS): The Monitoring and Reporting Regulation (MRR) – General Guidance for Installations" and "The Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard (Revised Edition)." Emissions from diesel vehicles in accordance with the emissions trading system are not included. However, they make up a very small percentage compared to other sources. Scope 2 emissions are reported here according to the market-based method Glossary, page 233. For the CDP, Glossary, page 232 we report Scope 2 emissions according to both the market-based and the location-based methods Glossary, page 233.

² Scope 1 and 2 emissions rose slightly compared to the previous year. This is largely due to the increase in productivity and the increased energy consumption in connection with this.

³ The Beerse (Belgium) and Berango (Spain) sites have been included for the entire calendar year since 2020, which explains the increase in emissions.

⁴ The previous year's figure was adjusted due to the recalculation in order to establish comparability.

Scope 1 and 2 CO₂ emissions in 1,000 t CO2

ENVIRONMENTAL PROTECTION

Environmental protection

We produce with the smallest environmental footprint in our sector.

2030 targets

• » -15% specific dust emissions in g/t multimetal copper equivalent (base year 2018)
• » -25% specific metal emissions to water in g/t of multimetal copper equivalent (base year 2018)

2022/23 milestones

• » ISO 14001 at all production sites
• » Reducing specific metal emissions to water by 50% in g/t copper output (Cu) (base year 2012)
• » Reducing specific dust emissions by 15% in g/t Cu output (base year 2012)

In the following, we describe our progress towards achieving our targets and the concepts and measures we used to drive progress forward in the reporting year.

Our objective is to minimize the environmental impact of our production operations and business activities so that our products are manufactured in an environmentally friendly way and as safely as possible. This means that we strive to continuously improve what is already the most efficient and consequently the smallest environmental footprint in our sector. This footprint includes maintaining air, water, and soil quality and biodiversity in our plants and the surrounding areas, as well as the responsible handling of waste, hazardous substances, and water use. These environmental aspects are observed and managed with a holistic perspective in our environmental management system. The upstream and downstream risks of our business activities on the environment are analyzed in our Business Partner Screening Responsibility in the supply chain, page 82.

The head of Corporate Environmental Protection reports to the Chief Operating Officer (COO) and, together with the COO, is responsible for the strategic positioning of environmental protection. Environmental officers oversee the environmental protection duties at the individual production sites. The principles of our Corporate Environmental Protection Guidelines provide a framework for safeguarding our uniform, Group-wide environmental standards. They are enshrined in the Corporate Policy on Environmental Protection www.aurubis.com/en/ responsibility/environment-energy-and-climate/environmental-protection-inthe-group/guidelines-and-environmental-management. We have set Groupwide targets in environmental protection. The production sites implement local measures to achieve these targets. Environmental performance is monitored and controlled using key environmental parameters, which are regularly recorded at the production sites and verified by external inspections.

The main standards for our production processes are outlined in the permits issued by the governmental authorities. The baseline includes European regulations on immissions, emissions, water, waste, and disruptions, as well as their implementation in national law, plus the European chemical regulation REACH Glossary, page 234.

In addition to fulfilling legal requirements, we monitor and improve our environmental performance by means of the management systems pursuant to ISO 14001/EMAS Certifications by site, page 86. They assist us in recognizing potential improvements and, in the case of deviations from specified targets, in initiating corrective actions. To ensure continuous improvement in our environmental performance, for example in the area of water, we have a Water Management Roundtable in which Corporate Environmental Protection collaborates with the sites and, with the help of an external consultant, identifies potential improvements related to water. Measures to reuse or recycle water have been implemented at all sites – where possible – in order to reduce the input of fresh water or the volume of wastewater.

An external auditor also carries out extensive environmental risk assessments at each smelter site every year. In the context of our risk management, the environmental risks for all Group production sites are regularly analyzed and assessed. We then develop and stipulate measures to counter the potential risks that are identified. In 2021, we expanded these risk analyses to include the areas of biodiversity, nature conservation, and water availability, and we conducted a special observation for flooding risks through Energy and climate, page 71, Risks and opportunities report, page 133. The risk analyses that were carried out indicated that our business activities do not have a significant impact on the aforementioned environmental aspects. The CDP Water Security Questionnaire Glossary, page 232 we participated in did not identify any relevant impacts for our sites in the areas defined by WRI Aqueduct as "water stress areas," neither in terms of water availability nor water quality. We conducted a systematic analysis of individual opportunities associated with the risks identified at the sites.

We continuously inform our employees about environmental and energy-related topics and train them according to the site-specific environmental issues. Moreover, emergency drills are carried out regularly, which we document and evaluate. At the individual sites, we have emergency, alarm, and hazard prevention plans in place to prevent environmental impacts and to protect our employees and the surrounding population.

A milestone for environmentally friendly primary copper production Glossary, page 232 at the Hamburg plant was our RDE project (Reducing Diffuse Emissions), which was commissioned in October 2021. Aurubis invested about € 85 million in the project for measures to continue reducing emissions in the primary smelter. These measures include optimized source extraction, a newly installed procedure for processing intermediates, and the use of state-of-the-art suctioning and filter technology to trap residual dust emissions. Filter efficiency is meeting ambitious expectations after the first operating phase. Immission-related effectiveness is being studied over a longer period of time.

When it comes to processing recycling materials and other raw materials, waste management is one of the central pillars of industrial environmental protection. A special feature of our circular business model is the fact that process residues are used internally in metallurgical processes to the greatest extent possible and then directly recycled. Processed raw materials and intermediate products are brought into the economic cycle as completely as possible, and unavoidable waste recycled or properly disposed of Recycling solutions, page 77.

The New York State Department of Environmental Conservation (NYSDEC) identified deficiencies in environmental protection measures at the Aurubis site in Buffalo (US) and initiated legal proceedings in 2018. The deficiencies were related to the handling of hazardous substances and wastewater treatment. To correct these issues, the site developed and implemented an action plan with about 20 individual measures. Overall, more than US\$ 1 million was invested in technical modernizations at the site. Furthermore, the number of employees in the environmental division was increased and the organizational structures were adjusted. We also established close monitoring with the help of external consultants. This should contribute to additionally minimizing risks. The fine of US\$ 240,000 was paid in March 2021. An environmental management system in accordance with ISO 14001 was introduced successfully in September 2022.

We had set ourselves the goal of updating the life-cycle assessment Glossary, page 233 for the Aurubis copper cathode during the reporting year. The results demonstrate that our environmental footprint was reduced significantly. The improvements were based on the increased input of recycling material Glossary, page 234, reduced emissions, higher energy efficiency, and a rise in the use of renewable energies in production1 , to name a few examples. Our environmental footprint remains well below the average updated values for

copper cathode globally, as determined by the International Copper Association (ICA) in September 2022. Life-cycle assessments were also carried out for the first time for the Aurubis products gold, silver, tin, and our shapes and wire products Glossary, page 234, the step in the value chain that follows copper cathode. These life cycle analyses were published in October 2022 www.aurubis.com/en/responsibility/environmentenergy-and-climate/ecological-footprint-of-our-products.

As part of our revision of the sustainability targets in the area of environmental protection, we take into account the Group's transformation from a copper to a multimetal manufacturer. In the future, our new specific reduction targets, i.e., those related to the production volume, and the associated reporting of specific emissions will no longer be based on the quantities of copper produced, but rather on a multimetal KPI, the so-called copper equivalent1.

Key figures Specific emissions

in g/t multimetal copper equivalent	2021	2018
Dust emissions	42	56
Metal emissions to water	0.78	0.87

Base year is 2018.

Specific emissions

in g/t copper output	2021	20201	2018
Dust emissions	46	57	60
Metal emissions to water2	0.9	0.8	1.0

¹ The sites Beerse (Belgium) and Berango (Spain) are included starting in calendar year 2020.

² In this table, we refer to the copper production sites that discharge directly into water. In Lünen (Germany) and Berango (Spain), wastewater is directed to the public sewer system after being treated on the plant premises and therefore is not included.

¹ The calculations of the emission values for Scope 1 to 3 in the chapter Energy and climate, page 71, uses a different methodology than the life cycle analysis. The results of the two approaches regarding CO₂ emissions are therefore not comparable.

RECYCLING SOLUTIONS

Recycling Solutions

We offer comprehensive value chain solutions for the circular economy.

Target 2030

» 50% average recycled copper content in copper cathodes

Below we describe our progress in achieving our targets and the concepts and measures we used to drive progress in the reporting year.

Aurubis is a world leader in recycling copper, precious metals, and other non-ferrous metals in an efficient, environmentally sound manner. With our multimetal recycling, we actively take part in the modern circular economy, promote the efficient and environmentally friendly use of valuable resources, and contribute to raw material security. Additionally, any metal that can be recycled reduces the negative impacts associated with mining and processing raw metals, such as reduced transportation and utility use like water.

The proportion of recycled copper in our copper cathodes was 44% on average across the Group (fiscal year 2021/22). Our plan is to increase the recycling proportion further in both volume and complexity in the upcoming years.

In addition to the processing of copper concentrates, the recycling of copper scrap and complex recycling raw materials such as computer circuit boards is a key business area at Aurubis. Nonferrous metals like copper can be recycled as often as desired without any loss of quality. Furthermore, complex recycling raw materials contain not only copper, but several other accompanying elements that can be recovered, such as gold, silver, nickel, tin, lead, and zinc. Our integrated smelter network enables us to process a broad range of materials – from industrial waste that accumulates directly from our production or our customers' operations to complex materials from end-of-life products. From these materials, we produce metals that can be directly used in new products.

Complex recycling raw materials include industrial residues, slimes, and shredder materials, as well as recycling materials and waste containing copper, precious metals, and lead. We also consider end-of-life materials from electronic devices, vehicles, and other everyday items to be complex recycling raw materials. These consist of increasingly complex material combinations that include plastics, ceramic, or glass. Separating into single-variety material and product streams for reuse is a significant challenge for the entire recycling sector. For this purpose, we utilize highly developed mechanical and metallurgical separating and refining processes in different combinations as part of our multimetal expertise, work on new technologies for optimal metal recovery, and invest in state-of-the-art equipment.

The Commercial division is tasked with sourcing recycling materials for the individual plants, among other duties. This is divided into departments such as Recycling Raw Materials (which handles the supply of recycling raw materials for the smelters) and Metal Management (which supplies the production facilities with cathodes and "direct melt" raw materials) with the function Customer Scrap Solutions (which supplies the smelters and production facilities with production waste from our copper product customers). This organization aligns with our recycling approach: we use secondary materials from production and from end-of-life products as raw materials and view this as a closed loop.

Closing the loop is only possible if metals are returned after use. Therefore, customer relationships and product marketing take the return of metals into consideration as well. For example, the production units provide individualized solutions for taking back recycling materials that accumulate in the processing of copper products and other metals in the various value-added stages that take place with product customers and their customers. The whole process opens up options for customers to sell production residues or copper scrap to Aurubis and to receive refined copper in return, for instance. Thanks to our integrated smelter network, we find solutions, even for metallurgical challenges, and are thus able to serve customers from a variety of sectors. As part of our closing-the-loop activities, we built up partnerships especially in product sales through which we not only sell our products, but also take back recycling raw materials that customers accumulate, in addition to other service offerings. The raw material cycle thus comes full circle.

Aurubis processes recycling materials at different sites. The managers of these sites report to the Chief Production Officer. Our sites in Lünen (Germany), Olen and Beerse (both in Belgium), and Berango (Spain) specialize in processing recycling raw materials. Recycling raw materials are nearly the only feedstock at our largest recycling plant, the recycling site in Lünen. The plant is certified as a specialized waste management company in accordance with the German EfbV ordinance and through WEEELABEX Certifications by site, page 86 in accordance with the European series of standards EN 50625. The latter certificate confirms that waste electrical and electronic devices are efficiently treated and disposed of while minimizing environmental impact and emissions of harmful substances at the same time. The Beerse and Berango sites process complex recycling materials to recover not only copper, but also tin, lead, and metal intermediates such as nickel sulfate solution and zinc oxide.

Our subsidiary E.R.N. specializes in recycling electrical and electronic devices of all kinds. Aurubis also holds a 40% stake in the cable dismantling specialist Cablo GmbH – a joint venture with the recycling company TSR Recycling GmbH & Co. KG that the former Aurubis subsidiary CABLO joined. The goal of the joint venture is to efficiently recover copper granules and plastics, reinforcing the circular economy.

The Hamburg and Pirdop sites also process recycling raw materials. Though the primary smelters utilize copper concentrates as their main feed material, they also use copper scrap to a certain extent because it is useful for process cooling and therefore enables particularly energy-efficient processing.

With the € 27 million investment in the construction of a new recycling facility at the Beerse (Belgium) site, Aurubis intends to recover metals such as gold, silver, and tin even faster, more efficiently, and with a higher yield. This is made possible by a newly developed hydrometallurgical process that enhances the valorization of metals. The facility, referred to as ASPA (Advanced Sludge Processing by Aurubis), will process anode sludge, an intermediate product of the copper tankhouse, from the recycling sites in Beerse and Lünen in the future. The project highlights the synergies with and at the same time strengthens the Beerse site. The construction of the facility started in the second quarter of 2022, with commissioning in early 2024.

Another project we decided on in the reporting year is an investment of € 70 million in the construction of a bleed treatment facility (electrolyte) at our Olen site in Belgium. In a hydrometallurgical process, the plant will recover valuable metals such as nickel and copper contained in electrolyte Glossary, page 234 streams that are generated in the tankhouses of the metal production at the Aurubis sites in Beerse and Olen (both Belgium). The installation comprises a complete tankhouse purification system that is known as bleed treatment. We expect full operation of the new facility in 2024.

To improve our recycling capabilities even further, our Research & Development division is investigating various ways to recover lithium, nickel, manganese, and cobalt from lithium-ion batteries that are used in electric vehicles. Over the past years, Aurubis has been working on developing a new hydrometallurgical process to process black mass – the cathode and anode material that is applied to foil in lithium-ion batteries. This allows the metals to be recovered and returned to battery production. The plan is to recover the graphite contained in black mass as well. We started our test process on a pilot scale in March 2022: aspects such as the recovery of the metals, the influence of impurities, and cost efficiency of the process are now being investigated in an initial pilot plant at the Hamburg site.

We also invested in a new secondary smelter specializing in multimetal recycling in Augusta, Georgia (US). In the future, the facility will be capable of processing up to 90,000 t of computer circuit boards, copper cables, and other recycling materials containing metals into blister copper Glossary, page 232. We intend to process a larger part of the intermediate products into various industrial and precious metals at our European smelter sites, as well as sell a small amount of them on the US market. The facility will also be able to replace current exports of recycling materials to Asia and Europe, minimizing transport distances and thus the carbon footprint generated from this. Construction started in summer 2022 (groundbreaking), and the plant is planned to be commissioned in 2024.

Effective January 1, 2023, the new Executive Board position of COO of Multimetal Recycling will strengthen the focus on the recycling business. In the future, this will include the sites in Lünen (Germany), Olen and Beerse (both in Belgium), Berango (Spain), and the new Aurubis Richmond site in Georgia (USA).

Social matters

WORK IN ASSOCIATIONS AND POLITICAL LOBBYING

The appropriate and transparent representation of Aurubis' interests toward political and social institutions is an important part of responsible corporate governance. We consider ourselves a reliable, fact-based, transparent discussion partner to governments, political parties, elected representatives, and non-governmental organizations.

Corporate External Affairs serves as the central interface for political and regulatory issues in the Aurubis Group. This department coordinates political measures at corporate level and represents the company to policymakers. The head of Corporate External Affairs reports directly to the Executive Board chairman. Experts in our specialized departments and production sites support the work in subject-specific areas.

The political work of Aurubis is based on the Corporate External Affairs Policy, which defines the responsibilities, duties, and processes in this area. The corporate policy is supplemented by the Corporate Policy on the Management of Associations.

In addition to independent lobbying, Aurubis is an active member of economic, industry, and specialist associations at national and international level. Our goal is to constructively and critically oversee political initiatives together with the other association members and to actively represent our positions in a back-andforth dialogue with stakeholders from the worlds of business, science, and civil society.

Our employees in the Group representative offices in Brussels (Belgium) and Berlin (Germany) serve as contacts for actors in the European Commission, the European Parliament, the German Bundestag, the German federal ministries, and German federal state offices. Moreover, Aurubis maintains a continuous dialogue with local officeholders and interest groups near our sites. It is crucial to us to convey what political conditions are required for Aurubis to operate sustainably and responsibly. We make our political communication transparent and open.

Corporate External Affairs worked with the departments during the reporting year to achieve, among other goals, the objective of working towards a political framework that ensures a stable energy supply for Aurubis. One result of our transparent approach in political lobbying is our contributions to public consultations, which are accessible on the European Commission's website. For example, during the reporting year we provided feedback via industry associations on the development of technical screening criteria for the EU taxonomy and on the update of the EU ETS. Furthermore, our positions on individual topics are outlined in the factsheets available at www.aurubis.com or in associations' position papers that are available online.

Aurubis is included in the European Union's Transparency Register, which publishes expenditures for lobbying at European level. Since the passing of the German Lobby Register Act, which we advocated for together with the German Chemical Industry Association (VCI), Aurubis has also been listed in the German Transparency Register at the German Bundestag www.lobbyregister.bundestag.de. The amounts reported by Aurubis can be found there: for the representation of interests in Germany € 920,000 to € 930,000 (2020/21), for the representation of interests in Europe € 500,000 to € 599,999. Aurubis does not donate to any political parties or candidates.

SOCIAL ENGAGEMENT

Social engagement

We are a reliable partner locally and internationally, one that makes a long-term contribution to a livable environment.

2030 targets

• » 90% long-term partners (percentage of total budget)
• » 0.8% of operating EBT (five-year average) as annual budget for social engagement, but at least € 2 million

2022/23 milestones

» Developing impact monitoring to evaluate projects supported

In the following, we describe our progress towards achieving our targets and the concepts and measures we used to drive progress forward in the reporting year.

Social engagement is a fixed component of our company identity. We want to promote enthusiasm for our company and for our work and be a reliable partner locally and internationally. We have set the goal of contributing to a livable environment. In the process, we focus on areas of action that are linked with Aurubis' key expertise.

With our social engagement strategy "together we care," we are concentrating our involvement on the areas of knowledge, the environment, and participation. It bundles our social engagement on a national level as well as internationally in the areas surrounding our sites as well as in our supplier countries. Projects and partners are selected based on established criteria outlined in our policy on social engagement, which also defines responsibilities in the Group. For our target of 90% long-term partnerships, during the reporting year we began drawing up a definition for long-term collaborations.

The Event Management & Social Engagement division is responsible for our social engagement and reports to the head of Communications & Investor Relations. Due to this department's direct reporting line to the Executive Board chairman, the chairman is included in our social activities and budget decisions. The budget was increased to € 2,230,000 in the reporting year, which corresponds to the planned 0.8% of the five-year average operating EBT. A committee made up of members appointed from Event Management & Social Engagement, Communications, Sustainability and Corporate Compliance makes decisions about project support that exceeds a specific, internally set level.

We further expanded the existing cooperative ventures of our international social engagement in the reporting year. With now five projects in South America and one in South Africa, we want to contribute to society in our supplier countries and in countries where we have business relationships. Our website offers an impression of our sponsoring projects www.aurubis.com/en/ togetherwecare.

Human rights

HUMAN RIGHTS AND DECENT WORKING CONDITIONS

Together with the other actors in the value chain, Aurubis' global business activities contribute to employment, training and further development as well as prosperity. At the same time, there are also risks of potentially negative impacts on respect for human rights. Eexamples of such issues include environmental damage, high-risk working conditions, and social conflicts, such as in the mining of primary raw materials or in subsequent processing stages.

We respect human rights and advocate for their protection. In the process, we follow the United Nations Guiding Principles on Business and Human Rights Glossary, page 234 in accordance with the "Protect, Respect and Remedy" framework, and view human rights due diligence as a responsibility shared by all participants in the value chain in question, including nations and economic actors.

Respect for human rights is reflected in our company values and is included in our Code of Conduct. In it, we commit ourselves to rejecting all forms of discrimination and handling individual and cultural diversity in our company with sensitivity. We do not tolerate forced labor or child labor, and we respect the rights of indigenous populations. We are committed to the principle of codetermination in the company and place a high priority on good communication between our employees and the company management. We consider it of fundamental importance to comply with the internationally recognized core labor standards of the International Labor Organization (ILO Glossary, page 233) and the applicable labor regulations, standards and laws with respect to compensation, working hours, and the general rights of our employees.

The Aurubis Human Rights Commitment summarizes Aurubis' understanding of its due diligence obligation regarding human rights, as well as the key elements of this obligation. It is aimed at all employees, business partners, and other partners of the Aurubis Group. The Aurubis Business Partner Code of Conduct, on the other hand, specifically applies to business partners www.aurubis.com/en/humanrights.

We have participated in the United Nations Global Compact since 2014 and are therefore committed to implementing its Ten Principles related to human rights, labor, the environment, and anti-corruption. We have pledged to comply with the OECD Due Diligence Guidelines to promote responsible supply chains.

The Executive Board and the local managing directors bear responsibility for the respect of human rights in our business activities. All Aurubis employees are obligated through the Code of Conduct to respect human rights in their daily work and in all business decisions under all conditions. Supervisors serve as role models in this regard. Our target in the fiscal year was to increase sensitivity and empower people to take action when it comes to human rights due diligence. This is why we designed a Groupwide training initiative on human rights and anti-discrimination in the reporting year. Separate digital training formats were developed for management and production. Training for employees and supervisors was launched in the reporting year and more than 90% of the target group was trained. The first in-depth workshops were also held with employees from the Human Resources and Purchasing departments, as these departments play a key role in human rights issues. We started a systematic human rights gap and risk analysis for our own sites in the fiscal year. The results will provide further guidance on possible measures for the Group's own business units.

We call on all employees to report justified suspicion of discrimination or other human rights violations through our compliance portal, the whistleblower hotline Anti-corruption, page 84, www.aurubis.com/en/whistleblower-hotline. We expect this from our business partners as well. Every report is investigated.

In the process of obtaining Copper Mark certification at our sites in Hamburg, Lünen (both in Germany) and Pirdop (Bulgaria) Certifications by site, page 86, we have also undergone audits in accordance with the Copper Mark criteria on human rights and labor and social standards. This audit confirmed our human rights approach to our own business activities and in the supply chain. The audit feedback helps us continue to improve our approach.

RESPONSIBILITY IN THE SUPPLY CHAIN

Responsibility in the supply chain

We minimize negative impacts on people and the environment in our supply chains.

2030 targets

» No suppliers with a very high risk

2022/23 milestones

• » Human rights, environmental protection, and safety clauses in 100% of long-term contracts for primary raw materials
• » Continued rollout of Aurubis Business Partner Screening

In the following, we describe our progress towards achieving our targets and the concepts and measures we used to drive progress forward in the reporting year.

We consider our responsibility for sustainability standards not only in our own production processes and in our own actions, but in our supply chain as well. This is all the more important because we source raw materials from around the world for our business. The countries of origin include regions that could pose risks regarding compliance with sustainability standards.

We use natural resources whose extraction can have a direct or indirect impact on social and environmental aspects. The extraction processes used by our suppliers and their production activities can, for example, have an impact on biodiversity, the climate, and on maintaining air, water, and soil quality. Other environmental issues are also relevant, such as the handling of slag and the use of energy and water. Social aspects such as compliance with human rights and labor and social standards, and the issue of health and occupational safety at our suppliers are also taken into consideration.

We have set the target of managing our supply chains responsibly. We review target achievement at least once a year. If there are indications of a deviation from the intended path, we implement measures to counteract this. In fiscal year 2021/22, the percentage of contracts with primary raw material suppliers that include human rights, environmental protection, and safety clauses was 81%. Our goal is to have corresponding clauses for 100% of

long-term contracts for primary raw materials in the new fiscal year 2022/23.

We have pledged to comply with the OECD Due Diligence Guidance, which serves as an important guideline for promoting responsible supply chains for minerals from conflict and high-risk areas. Our corporate policies on Business Partner Screening and the policy on the processing of conflict-free precious metal raw materials establish responsibilities and processes within the Group. The Aurubis Business Partner Code of Conduct outlines our requirements regarding labor standards, respect for human rights, occupational health and safety, environmental and climate protection, business integrity and responsible raw material sourcing, as well as reporting procedures and the monitoring of the business partner's due diligence obligation.

BUSINESS PARTNER SCREENING1

To fulfill our due diligence obligation with regard to all of our material supply chain issues, we have implemented a Business Partner Screening system based on the principles of the OECD2 .

The responsibility for carrying out this screening rests with the production entities, which have commissioned the Commercial and Procurement divisions with the implementation. The Compliance and Sustainability departments are included as well. In the risk analysis, we consider both regional risks and those related to the business partners' business activities. The focus of the process is on the topics of anti-corruption, respect for human rights, occupational safety, and environmental and climate protection, as well as OECD obligations and third-party certification. The results of a media search are also included in the screening.

In the event of substantiated knowledge of identified risks, steps will be taken to improve the sustainability performance of our partners. These measures range from a conversation about the circumstances, a statement by the supplier about the situation on site, agreement of a development roadmap in the event of actual negative incidents, and a local stakeholder dialogue to an external assessment by a third party. The steps that may be taken can also

¹ The business partner screening process was not subject of an audit in the reporting period.

² The sites in Beerse (Belgium) and Berango (Spain) are currently using a separate but comparable system. They will be integrated into the process during the revision of the overall screening system.

include not entering into or terminating a business relationship if the preceding measures are not effective.

Our raw material suppliers, key suppliers of capital goods, services, consumables, and replacement parts, as well as our customers are subject to review. The result includes a profile that, in the case of increased risk, leads to additional research. Based on the subsequent assessment, management makes decisions about contracts and possible related restrictions. For existing business partnerships, we repeat the analysis regularly depending on the development of the individual risk and the dialogue that takes place.

Shortly after the end of the reporting year, we became aware of a media feature alleging environmental pollution and occupational health and safety violations against a major Chilean copper producer. We have consistently taken such allegations very seriously and continue our intensive dialogue also with this supplier on sustainability standards, measures taken, and progress made. The supplier has demonstrated consistent progress on many critical aspects and emphasized its ongoing commitment to improving sustainability performance. This is underscored by, among other aspects, its commitment to The Copper Mark industry initiative. The feature also asserted that it was difficult or impossible for whistleblowers to call the Aurubis hotline. This is not the case, as the hotline can be easily reached worldwide via the Aurubis website with just a few clicks. Complaints can be submitted in several languages in various ways, such as by phone, e-mail, or using a form.

INCIDENTS AND DEVELOPMENT

During the reporting year 2019/20, we identified serious cases of environmental pollution caused by one of our suppliers, which nevertheless wasn't directly connected to the products we supply. Since that time, we have been in communication with the supplier about measures taken and progress achieved.

Our target in the fiscal year was to embed the responsible procurement approach more firmly in the organization. A crossdepartmental project team therefore started a comprehensive revision of the business partner screening in the reporting period in order to take the ideas for improvement into account. The optimized processes resulting from this will be implemented in

1. The business partner screening is therefore not subject to audit in this year.

The employees in charge are now being trained to prepare them for the new system. The new screening reinforces our dedication to meeting the requirements of the German Supply Chain Act (Lieferkettensorgfaltspflichtengesetz - LkSG), which will come into force on January 1, 2023. The LkSG requires companies to conduct due diligence in their supply chain with respect to internationally recognized human rights and to identify and address human rights and environmental impacts.

EXTERNAL AUDITS

Since 2013, Aurubis' gold production has already been annually certified as conflict-free according to the standards of the London Bullion Market Association (LBMA Glossary, page 233). This certificate verifies that we carry out our due diligence processes in accordance with the OECD standards. This certification option has also been available for silver since 2019, and Aurubis has been certified as conflict-free in this area since then as well. Tin production at our Beerse and Berango sites has been certified as conflict-free in accordance with the Responsible Minerals Assurance Process (RMAP) standard of the Responsible Minerals Initiative (RMI) since 2015. This standard is also based on the OECD standard for conflict minerals.

The regulatory audit of the German and Bulgarian sites for compliance with the due diligence requirements in accordance with the EU Conflict Minerals Regulation began in the reporting year. This legislation makes due diligence and auditing obligations along the supply chain binding for EU importers of tin, tantalum, tungsten, and their ores, as well as gold. The screening process is already part of this audit.

The Aurubis plants in Hamburg, Lünen, Pirdop, and Olen were successfully audited in line with the Copper Mark due diligence standard for the responsible procurement of copper, lead, nickel, and zinc during the reporting year. The Copper Mark published the standard at the beginning of 2022 as a more detailed version of the previous requirements. It also helps fulfill the standards of the London Metal Exchange (LME Glossary, page 233). This

standard is currently being reviewed by the OECD for conformity with its due diligence requirements, which is a prerequisite for recognition by the LME.

GRIEVANCE PORTAL

We expect our business partners to report substantiated suspicions of human rights violations, for example using our Compliance Portal, also referred to as the whistleblower hotline Anti-corruption, page 84. Complaints about sites that are taking part in the Copper Mark process can also be submitted through the Copper Mark's grievance mechanism

https://secure.ethicspoint.eu/domain/media/en/gui/107757/index.html and www.aurubis.com/en/whistleblower-hotline.

Anti-corruption

ANTI-CORRUPTION

Preventing anti-competitive behavior and corruption in our business dealings is a key aspect of corporate responsibility and one of the central topics of our compliance activities. Corruption and anti-competitive behavior cause not only material damages, but also undermine fair, free competition.

Anti-corruption measures are established in our compliance management. To us, compliance means that we follow laws and align our actions with ethical principles, our values, and company policies. In this context, compliance with all legal and company guidelines and policies is our objective. A potential violation of the law can have serious consequences – for our employees, for Aurubis as a group, and for business partners of Aurubis AG's entities.

The company's chief compliance officer is the central contact person for all compliance-relevant issues and reports directly to the entire Executive Board. At the individual Group sites, local compliance officers are available as a contact person for employees. Together with the Executive Board, our compliance employees promote a compliance culture and actively strive to strengthen awareness for following rules and laws in the Group.

Compliance management establishes the main targets relevant for compliance, develops the corresponding compliance organization, and identifies, analyzes, and communicates significant Aurubis guidelines and risks. Our compliance program introduces principles and measures to limit risks and prevent violations. The chief compliance officer reports regularly (and as the circumstances may require) to the Executive Board and Audit Committee of the Supervisory Board with regard to the compliance management system, compliance violations, and compliance-related measures. He works closely with the employees responsible for Risk Management and Internal Audit. Within our internal control system, the chief compliance officer reviews potential compliance risks together with the Executive Board, the plant managers, and the heads of corporate and central functions. As part of compliance management, the corruption risks at our sites are also identified and documented by Risk Management. The Internal Audit department reviews the fulfillment of the overarching legal conditions and internal policies (e.g., the Anti-Corruption Policy) in the company's business dealings.

The compliance measures include prevention, monitoring, and sanctions. Preventive measures at Aurubis comprise the risk analyses previously mentioned, internal policies, guidance, and particularly the training of our employees. Our policies and training documents are regularly updated to reflect new findings. The Corporate Anti-Corruption Compliance Policy and the Code of Conduct for employees are at the core of our anti-corruption efforts. The Code of Conduct was significantly revised this fiscal year and distributed to all employees by mail. Every new employee also receives the Code of Conduct with their employment contract.

The focus in the reporting year was on ensuring the successful harmonization of Aurubis policies and commitments with the previous compliance approaches of our sites in Beerse (Belgium) and Berango (Spain), which were acquired in 2020. We introduced the compliance management system to the on-site supervisors. The employees affected also completed training courses on anticorruption and antitrust law in the reporting year.

Training on anti-corruption and antitrust law is also carried out regularly throughout the Group for our full-time and part-time employees, supervisors, and Executive Board members. To determine the effectiveness of our training measure, participants are required to take a test at the end of the training.

Employees, business partners, and other third parties can make confidential and anonymous reports regarding legal violations and breaches of our Code of Conduct via our Compliance Portal, the www.aurubis.com/en/whistleblower-hotline. The Corporate Compliance Policy states that there are no disadvantages for a whistleblower who makes a report. This can be done confidentially and anonymously, if desired. The whistleblower hotline is available in all Group languages and is also open to all external stakeholders. It is operated by external, independent attorneys. Any tips they receive, for example regarding possible cases of corruption, discrimination, or incidents in the supply chain, are investigated. If any wrongful acts are actually proven, they can lead to warnings, dismissals, and/or damage claims.

Key figures

Compliance and anti-corruption: employees trained the past three years

Employees	2019/20 – 2021/22
Anti-corruption	1,422
Antitrust law	585

Another material aspect

PRODUCT SAFETY

We regard the safety of our products as a key topic in our corporate responsibility. The central issues here are safety in production, compliance with environmental standards, and the protection of the health of our employees and, in principle, of everyone who comes into contact with our products in the manufacturing process, during transport or as a customer.

During the production steps at our sites, our management approaches in the areas of the environment Environmental protection, page 74, occupational safety Health and safety, page 68 and quality management help us minimize potential negative environmental impacts or effects on occupational safety. Our management systems are confirmed by external certification companies Certifications by site, page 86. Our corporate environmental protection policy stipulates that our customers shall be given a suitable briefing on the properties of our products and essential safety measures and advised on questions regarding product disposal.

The European chemical regulation REACH Glossary, page 234 establishes an important framework for chemical management. The regulation is designed to ensure a high level of protection for human health and the environment, while at the same time guaranteeing the free movement of chemicals on the internal market. REACH is based on the principle that manufacturers, importers, and downstream users are responsible for their chemicals. They should ensure that chemicals they manufacture and place on the market are used safely. The objective is to make information available on all of the substances on the market in the EU, especially for hazardous substances, to evaluate them, and to protect people and the environment with appropriate measures.

Our products are registered in dossiers in accordance with REACH. The existing registration dossiers are regularly updated to adjust them to current requirements and established approaches and to take new results into account. We provide safety data sheets to inform our customers about substances that are classified as hazardous by REACH, such as lead, nickel sulfate, and sulfuric acid. The safety data sheet reflects the information contained in the REACH registration dossiers, providing information on the hazards and safeguards to be applied when using the materials within the value chain. We provide our customers with safety information sheets (based in their format and content on the safety data sheet) on the safe handling of substances that are not classified as hazardous, such as copper and iron silicate.

Aurubis joined forces with other companies early on in a number of consortia at European level and is, among other things, part of the Metals and Inorganics Sectoral Approach (MISA). MISA is a voluntary cooperative program specific to the metals and inorganics sector. It was set up by the European Chemicals Agency ECHA and the European non-ferrous metals association Eurometaux. The organizations participating in the program seek to resolve technical and methodological issues, such as exposure and risk assessment of metals and inorganic substances, and to improve registration dossiers.

KPI

During the reporting year, we were not aware of any significant incidents relating to the safety of our products.

Certifications by site

	The Copper
Sites	Mark	EMAS	ISO 14001	ISO 50001	ISO 9001	IATF 16949	EfbV	ISO 45001
Production sites
Hamburg, headquarters (DE)	√	√	√	√	√			√
Lünen (DE) 1	√	√	√	√	√		√	√
Olen (BE)			√	√	√			√
Pirdop (BG)	√		√	√	√			√
Avellino (IT)		√	√	√	√			√
Beerse (BE)			√	√	√			√
Berango (ES)			√	√	√			√
Buffalo (US)			√		√	√		√
Emmerich, Deutsche Giessdraht (DE)			√	√	√			√
Hamburg, E.R.N. (DE)			√	√	√		√	√
Hamburg, Peute Baustoff (DE)			√	√	√2			√
Pori (FI)			√	√	√			√
Röthenbach, RETORTE (DE)			√		√			√
Stolberg (DE)			√	√	√	√		√
Stolberg, Schwermetall Halbzeugwerk (DE) 3		√	√	√	√			√

¹ The plant is also certified through WEEELABEX in accordance with the European series of standards EN 50625. The certificate confirms that waste electrical and

electronic devices are efficiently treated and disposed of while minimizing environmental impact.

2 For the sale of iron silicate granules used to produce blasting abrasive.

3 Not majority-owned by Aurubis (50% stake).

Explanation:

EMAS: system of specifications for environmental management systems and environmental audits

ISO 14001: standard for environmental management systems

ISO 50001: standard for energy management systems

ISO 9001: standard for quality management systems

IATF 16949: standard for quality management systems in the automotive industry, based on ISO 9001

EfbV: Ordinance on Specialized Waste Management Companies (German certificate)

ISO 45001: standard for occupational safety management systems

Limited Assurance Report of the Independent Auditor regarding the combined separate non-financial report1

To the Aurubis AG, Hamburg

We have performed an limited assurance engagement on the combined separate non-financial report of Aurubis AG (hereinafter "Company" or "Aurubis") according to sections 315b, 315c in conjunction with 289b to 289e German Commercial Code (HGB), (further "combined separate non-financial report") for the period from October 1, 2021 to September 30, 2022.

We refer to the statement of the Executive Board on page 82 of the Annual Report that due to the ongoing revision of the Business Partner Screening process, the improvement of the associated processes and their re-implementation in 2023, the disclosures on the business partner screening process are not subject to our assurance engagement. The disclosures on the Business Partner Screening process are marked as unassured.

MANAGEMENT'S RESPONSIBILITY

Management of the Company is responsible for the preparation of those parts of the combined separate non-financial report in accordance with sections 315b, 315c in conjunction with 289b to 289e HGB and Article 8 of REGULATION (EU) 2020/852 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 18 June 2020 on establishing a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (hereinafter "EU Taxonomy Regulation") and the Delegated Acts adopted thereunder, as well as for making their own interpretation of the wordings and terms contained in the EU Taxonomy Regulation and in the Delegated Acts adopted thereunder as set out in section "EU-Taxonomy" of the combined separate nonfinancial report.

This responsibility includes the selection and application of appropriate non-financial methods and making assumptions and estimates about individual disclosures of the group that are reasonable in the circumstances. Furthermore, the management is responsible for such internal control as they consider necessary to enable the preparation of the combined separate non-financial report that is free from material misstatements, whether due to fraud or error.

The EU Taxonomy Regulation and the Delegated Acts contain wording and terms that are still subject to considerable interpretation uncertainties for which clarifications have not yet been published in every case. Therefore, management has disclosed their interpretation of the EU Taxonomy Regulation and the Delegated Acts in section "EU-Taxonomy" of the combined separate non-financial report. They are responsible for the defensibility of this interpretation. Due to the immanent risk that indeterminate legal terms may be interpreted differently, the legal conformity of the interpretations is subject to uncertainties.

RESPONSIBILITY OF THE ASSURANCE PRACTITIONER

Our responsibility is to express a conclusion with limited assurance on those parts of the combined separate non-financial report that were subject to our engagement.

We conducted our assurance engagement in accordance with the International Standard on Assurance En¬gagements (ISAE) 3000 (Revised): "Assurance Engagements other than Audits or Reviews of Historical Financial Information" issued by the IAASB. This standard requires that we plan and perform the assurance engagement to obtain limited assurance about whether any matters have come to our attention that cause us to believe that those parts of the combined separate non-financial report of the Company for the period from October 1, 2021 to September 30, 2022 that were subject to our engagement have not been prepared, in all material respects, in accordance with sections 315b and 315c in conjunction with 289b to 289e HGB and the EU Taxonomy Regulation and the Delegated Acts issued thereunder

¹ Our engagement applied to the German version of the combined separate non-financial report 21/22. This text is a translation of the Independent Assurance Report issued in German, whereas the German text is authoritative.

as well as the interpretation by management as disclosed in section "EU-Taxonomy" of the combined separate non-financial report.

In a limited assurance engagement, the procedures performed are less extensive than in a reasonable assurance engagement, and accordingly, a substantially lower level of assurance is obtained. The selection of assurance procedures is subject to the professional judgment of the assurance practitioner.

In the course of our assurance engagement we have, amongst others, performed the following procedures and other activities:

• » Inquiries of group-level personnel who are responsible for the materiality analysis in order to understand the processes for determining material topics and respective reporting boundaries for Aurubis AG
• » A risk analysis, including media research, to identify relevant information on Aurubis AG's sustainability performance in the reporting period
• » Evaluation of the design and the implementation of systems and processes for the collection, processing and monitoring of disclosures, including data consolidation, on environmental, employee and social matters, respect for human rights, and anti-corruption and bribery matters
• » Inquiries of group-level personnel who are responsible for determining disclosures on concepts, due diligence processes, results and risks, performing internal control functions and consolidating disclosures
• » Inspection of selected internal and external documents
• » Analytical procedures for the evaluation of data and of the trends of quantitative disclosures as reported at group level by all sites
• » Evaluation of local data collection, validation and reporting processes as well as the reliability of reported data based on a sample of the site in Beerse, Belgium
• » Assessment of the overall presentation of the disclosures that were subject to our engagement
• » Evaluation of the process for the identification of taxonomyeligible economic activities and the corresponding disclosures in the combined separate non-financial report

In determining the disclosures in accordance with Article 8 of the EU Taxonomy Regulation management is required to interpret undefined legal terms. Due to the immanent risk that undefined legal terms may be interpreted differently, the legal conformity of their interpretation and, accordingly, our assurance engagement thereon are subject to uncertainties.

In our opinion, we obtained sufficient and appropriate evidence for reaching a conclusion for the assurance engagement.

INDEPENDENCE AND QUALITY ASSURANCE OF THE ASSURANCE PRACTITIONER'S FIRM

We have complied with the independence and quality assurance requirements set out in the national legal provisions and professional pronouncements, in particular the Professional Code for German Public Auditors and Chartered Accountants (in Germany) and the quality assurance standard of the German Institute of Public Auditors (Institut der Wirtschaftsprüfer, IDW) regarding quality assurance requirements in audit practice (IDW QS 1).

ASSURANCE OPINION

Based on the procedures performed and the evidence obtained, nothing has come to our attention that causes us to believe that those parts of the combined separate non-financial report of Aurubis AG, Hamburg, for the period from October 1, 2021 to September 30, 2022 that were subject to our engagement have not been prepared, in all material respects, in accordance with sections 315b and 315c in conjunction with 289b to 289e HGB and with the EU Taxonomy Regulation and the Delegated Acts issued thereunder as well as the interpretation by management disclosed in Section "EU-Taxonomy" of the combined separate non-financial report.

We do not issue a conclusion on the disclosures related to the Business Partner Screening process, which are marked as unassured.

RESTRICTION OF USE/GENERAL ENGAGEMENT TERMS

This assurance report is issued for purposes of the Supervisory Board of Aurubis AG, Hamburg only. We assume no responsibility with regard to any third parties.

Our assignment for the Supervisory Board of Aurubis AG, Hamburg, and professional liability as descriped above was governed by the General Engagement Terms for Wirtschaftsprüfer and Wirtschaftsprüfungsgesellschaften (Allgemeine Auftragsbedingungen für Wirtschaftsprüfer und Wirtschaftsprüfungsgesellschaften) in the version dated January 1, 2017

( https://eforms.idw.de/e-formulare/findform?shortname=50261& formtecid=2&areashortname=5218980). By reading and using the information contained in this assurance report, each recipient confirms notice of the provisions contained therein including the limitation of our liability as stipulated in No. 9 and accepts the validity of the General Engagement Terms with respect to us.

Frankfurt am Main, December 20, 2022

KPMG AG Wirtschaftsprüfungsgesellschaft

Dr. Gnändiger ppa. Baumann Wirtschaftsprüfer (German Public Auditor)

Aurubis Shares on the Capital Market

Stock markets trending down

Stock market performance remained robust at the beginning of fiscal year 2021/22. Despite the ongoing COVID-19 pandemic and rising inflation, the positive trend at the end of the past fiscal year continued into the next fiscal year. Massive economic programs and the expansive monetary policy of central banks drove global leading stock indices to new highs. The DAX reached a new alltime high of 16,272 points on January 5, 2022.

However, the index declined significantly in the further course of the year. There were many reasons for this, including the ongoing war in Ukraine, looming energy bottlenecks, and persistent and significant inflationary pressures. Other negative factors were the more restrictive monetary policy pursued by central banks and the conflict between Taiwan and China. All of these factors together put increased pressure on global equity markets, which posted significant declines in the first nine months of 2022. The DAX closed the fiscal year with 12,114 points – down 20.1% compared to the start of the fiscal year. The MDAX ended the year at 22,166 points, a decline of 35.3%.

Aurubis shares long resist the general downward market trend

The Aurubis share price initially trended in tandem with the DAX and MDAX market indices. But Aurubis shares were then able to break away significantly in Q1 2022 and continue their upward trend, which took the shares to an all-time high of € 116.30 on March 23, 2022. Despite our full-year forecast being raised on the basis of strong quarterly results, Aurubis shares, like many others, came under pressure at the beginning of May and were unable to withstand the subdued stock market mood for long. On September 26, 2022, shortly before the end of the fiscal year, the share price reached its low for the fiscal year at € 53.00 (closing price). Aurubis shares closed at € 53.98 (closing price) on the last trading day of the fiscal year, a drop of 15.7%; however, the shares outperformed the DAX (-20.1%) and MDAX (-35.3%).

From a long-term perspective, Aurubis shares remain an attractive investment. Shareholders who invested € 1,000 on September 30, 2012, for example, and reinvested the dividends they received (without a tax deduction) into Aurubis shares had a portfolio value of € 1,491 on September 30, 2022. This is a 49.44% increase in value or a total annual return of 4.09%.

Aurubis share performance compared with the MDAX and DAX from October 1, 2021, to September 30, 2022

indexed to 100%

Trading volume of Aurubis shares above prior-year level

At 134,939 shares, the average daily Xetra trading volume of Aurubis shares was above the prior-year level (124,455).

Aurubis has a stable, diversified shareholder structure

Aurubis conducted an analysis of the shareholder structure in August/September 2022. Aurubis maintained its stable and well-diversified shareholder structure in fiscal year 2021/22, as in previous years.

In line with the Salzgitter AG corporate presentation (as at November 2022), Salzgitter AG holds a stake of 29.99% in Aurubis AG. At the time this report was compiled, we were not aware of any change in this position.

The proportion of institutional investors was slightly above the previous year's level at around 44% (previous year: 43%). The proportion of institutional investors based in North America increased slightly in absolute terms, as did the proportion of investors from continental Europe. Germany and the UK/Ireland remained largely stable compared with the previous year. As in the prior year, the majority of institutional investors are located outside of Germany. The percentage of retail investors decreased slightly to approx. 23% (previous year: 24%).

Shareholder structure

1

in% (prior-year figures in parentheses)

Rounded figure 29.99 % (since March 23, 2019).

Aurubis AG continues to hold a total of 1,297,693 treasury shares (approx. 2.89% of the share capital of Aurubis AG) since the conclusion of the share buyback program on September 17, 2021. These treasury shares were acquired under the authorization of the 2018 Annual General Meeting with the aim of creating a portfolio of treasury shares for potential acquisitions or future financing needs. More information is available here: www.aurubis.com/en/about-us/corporate-governance/share-buyback.

Executive Board and Supervisory Board propose a dividend of € 1.80

The objective of our dividend policy is to allow our shareholders to participate in the company's success adequately and continuously. The Executive Board and Supervisory Board will propose a dividend of € 1.80 at the Annual General Meeting on February 16, 2023. This corresponds to a payout ratio of 18% of the operating consolidated net income (previous year: 26%). The dividend yield based on the closing price as at September 30, 2022, amounts to 3.3% (previous year: 2.5%). The slight decrease in the dividend yield results from the significant improvement in the consolidated result and a lower share price (-17%) compared to the previous year.

Central topics of capital market communications: the further development of the Aurubis strategy and energy

Our capital market communications during fiscal year 2021/22 were shaped to a large extent by intensive communication on the refined Aurubis strategy and the progress being made in implementing the strategy. In particular, we reported on the progress and the groundbreaking ceremony for the new recycling plant in the United States; expansion of the industrial heat supply to the city of Hamburg; the construction of an energy-efficient plant for processing bleed in Olen; the closing of the partial sale of the former flat rolled products segment to KME SE; Copper Mark certification of the Hamburg, Lünen, and Olen sites; the conclusion of a long-term energy supply contract generated by renewable energy sources in Olen; the test operations at the pilot plant for battery recycling in Hamburg; and the test series on the

Key figures of Aurubis shares

		2021/222	2020/212	2019/202	2018/192	2017/182
Closing price as of fiscal year-end1	in €	53.98	65.38	58.14	40.89	60.24
Year high (close)1	in €	116.30	87.30	62.22	61.02	86.12
Year low (close)1	in €	53.00	54.94	32.31	35.60	55.44
Market capitalization as of fiscal year-end1	in € million	2,427	2,939	2,614	1,838	2,708
	in thousand
Number of shares as of fiscal year-end	units	44,956.70	44,956.70	44,956.70	44,956.70	44,956.70
Dividend or recommended dividend	in €	1.80	1.60	1.30	1.25	1.55
Payout ratio	in%	18	26	35	41	26
Dividend yield	in%	3.3	2.5	2.2	3.1	2.6
Operating earnings per share	in €	9.91	6.51	3.73	3.08	5.87
Operating price/earnings ratio as of fiscal year-end		5.45	10.04	15.59	13.28	10.26

Prior-year figures adjusted. 1

Xetra disclosures. ² For an explanation of the derivation of the "operating" values, please see the Combined Management Report of Aurubis AG, pages 111–119.

use of ammonia on an industrial scale. The appointment of a further member of the Executive Board, Ms. Inge Hofkens, was also announced.

Dialogue with institutional investors made up a considerable part of our capital communication during this fiscal year again. Over the entirety of fiscal year 2021/22, investor conferences and roadshows hosted by the major banks were carried out digitally and, in some cases, in person. The Executive Board and the Investor Relations department discussed the current business situation and the outlook for the progress of the Aurubis Group's strategy, together with the security of energy supply, in a number of presentations and individual meetings. Digital communication through phone and video conferences enabled us to reach an even greater number of current and potential investors in Germany and abroad.

Conference calls on the release dates of our quarterly reports enabled investors and analysts to communicate with the Executive Board and representatives of the management team.

We informed the capital markets about special developments in the form of ad hoc releases. On January 19, 2022, we announced the increase in the forecast for the fiscal year. We issued a further increase in the Aurubis Group's full-year forecast on April 21, 2022. After the close of the fiscal year, we reported on a cyberattack on the IT systems of Aurubis on October 28, 2022.

Currently, a total of 11 financial analysts from national and international research firms regularly publish recommendations and analyses about Aurubis' shares. Bankhaus Metzler and Oddo BHF started coverage in fiscal year 2021/22. Analyst assessments/ ratings were as follows at the end of the fiscal year:

Overview of analyst recommendations

Number as of September 30, 2022

4 Hold/neutral 3 Buy/ outperform 4 Sell/ underperform

Communicating with our retail shareholders is another focus of Investor Relations work. For our retail shareholders, we held various presentations at digital events hosted by shareholder associations during the reporting year.

To ensure the health and safety of employees and guests, this year's Annual General Meeting on February 17, 2022, was not an in-person event for shareholders or their representatives (with the exception of the proxies appointed by the company). Shareholders were able to watch the entire Annual General Meeting live online and either submit their votes in advance via absentee ballot, authorize the company's proxies as usual, or vote online. The speech by the Executive Board's Chairman was made available on the website before the Annual General Meeting and was simultaneously available to watch on the internet.

Current information on the development of the company is available at www.aurubis.com. We provide financial reports, analyst presentations and additional publications in our download center.

Security Identification Number	676650
International Securities Identification Number (ISIN)	DE 000 67 66 504
Stock market segment	MDAX
Stock exchanges	Regulated market: Frankfurt am Main and Hamburg; unofficial market: Berlin, Düsseldorf, Hanover, Munich, Stuttgart, Tradegate
Market segment	Prime Standard
Issue price	€ 12.78
Average daily trading volume	134,939 shares in Xetra trading
Ticker symbol	NDA
Reuters code	NAFG
Bloomberg code	NDA_GR

Analyst coverage 2021/22

Baader Bank	Christian Obst
Bankhaus Metzler (since June 2022)	David Varga
Bank of America	Jason Fairclough
Deutsche Bank	Bastian Synagowitz
DZ Bank	Dirk Schlamp
Exane BNP Paribas	Sylvain Brunet
Kepler Cheuvreux	Rochus Brauneiser
LBBW	Jens Münstermann
M.M. Warburg	Stefan Augustin
Morgan Stanley	Ioannis Masvoulas
Oddo BHF	Maxime Kogge

Combined Management Report

Foundations of the Group

• Business model of the Group
• Strategic direction
• Corporate management
• Research & Development
• Human resources
• Environmental protection and occupational health
• Separate Non-Financial Report

Economic Report

• General economic conditions
• Conditions specific to the industry
• 111 Economic development within the Aurubis Group
• Business performance in the segments
• 126 Executive Board assessment of the Aurubis Group during fiscal year 2021/22
• Financial performance, assets, liabilities, and financial position of Aurubis AG

Risk and Opportunity Report

• Integrated risk and opportunity management
• Risk management system
• Independent monitoring
• Explanation of relevant risks
• Internal control system
• 142 Internal control and risk management system relating to the consolidated accounting process
• Opportunity management system
• Explanation of relevant opportunities
• Assessment of the Aurubis Group's risk and opportunity situation
• Part of the Management Report not subject to mandatory auditing

Forecast Report

• Overall economic development
• Sector development
• Raw material markets
• Product markets
• Business and earnings expectations for the Aurubis Group
• Expected financial situation

Legal Disclosures

• 151 Declaration on corporate governance pursuant to Section 289f and Section 315d of the German Commercial Code (HGB)
• 151 Takeover-related disclosures and explanations

Foundations of the Group

Business model of the Group

BUSINESS ACTIVITIES

Aurubis AG is a company in the basic materials industry that operates worldwide. As an integrated Group, we process complex metal concentrates, scrap metals, organic and inorganic metalbearing recycling raw materials, and industrial residues into metals of the highest purity.

In addition to our main metal, copper, our metal portfolio also includes gold, silver, lead, nickel, tin, zinc, minor metals such as tellurium and selenium, and platinum group metals. Sulfuric acid, iron silicate Glossary, page 233, and synthetic minerals round off the product portfolio.

The company's headquarters, which is also home to one of our two primary smelters, is located in Hamburg, Germany. Most of our sites are located in Europe, with larger production centers in Germany, Belgium, Bulgaria, and Spain as well as cold-rolling mills for flat rolled products, and rod plants in Germany and elsewhere in Europe. Outside Europe, Aurubis also has a production site in the US, and a global sales and service network. Aurubis started construction on the first secondary smelter for multimetal recycling in the USA in Augusta, Richmond County in Georgia, in June 2022. The state-of-the-art plant is expected to be commissioned in 2024.

Aurubis AG sold four sites of the former Aurubis flat rolled products segment to KME SE, Osnabrück, with effect from July 29, 2022. The site at Zutphen (Netherlands) and the slitting centers in Birmingham (UK), Dolný Kubín (Slovakia), and Mortara (Italy) were correspondingly included through July 29, 2022, i.e., for ten months, in Aurubis AG's consolidated financial statements for 2021/22.

BUSINESS MODEL

Metals play a pivotal role in a number of forward-looking applications. Following industrialization, automation, and digitalization, the transformation to a more sustainable, carbonneutral economy and society is currently posing significant challenges. Many of the solutions in this area – such as electric vehicles and wind turbines – are based on the use of metals.

The Aurubis Group's business model rests on three fundamental pillars: the processing of raw materials from the mining industry, the processing of recycling materials, and product business. This provides Aurubis with a great deal of efficiency and flexibility in managing raw material procurement, production, and sales. Various market cycles also influence each of the three supporting pillars, which were presented at the end of the past fiscal year.

Business model in fiscal year 2021/22

Sites and employees

Consolidated sites

Europe

DE	Hamburg	Aurubis AG headquarters	2,588
		Aurubis Product Sales GmbH	9
		E.R.N. Elektro-Recycling NORD GmbH	16
		Peute Baustoff GmbH	12
	Lünen	Aurubis AG	680
	Stolberg	Aurubis Stolberg GmbH & Co. KG	413
	Emmerich	Deutsche Giessdraht GmbH	113
	Röthenbach	RETORTE GmbH Selenium Chemicals & Metals	42
	Berlin	Aurubis AG		3 Group Represen tative Office
BG	Pirdop	Aurubis Bulgaria AD	926
BE	Olen	Aurubis Olen NV/SA	650
	Beerse	Aurubis Beerse NV	455
FI	Pori	Aurubis Finland Oy	281
IT	Avellino	Aurubis Italia Srl	89
ES	Berango	Aurubis Berango S. L.U.	101
	Barcelona	Aurubis Product Sales GmbH	1
UK	Edinburgh	Aurubis Beerse NV	1
FR	Lyon/ Septème	Aurubis Product Sales GmbH	1
	Metz	Aurubis Beerse NV	1
	Employees in Europe		6,382
US
US	Buffalo	Aurubis Buffalo Inc.	529
	Augusta	Aurubis Richmond LLP	2
	Employees in the US		531

The KPIs relate to permanent and temporary employment arrangements as at the reporting date of September 30, 2022. Excluding at-equity consolidated companies. Sites with no employees are not listed.

Total employees 6,913

Non-consolidated sites and independent sales employees

Europe
DE	Berlin	azeti GmbH	31
RU	St. Peters burg	Aurubis Rus LLC	2
SE	Malmö	Aurubis Product Sales GmbH	1
	Västerås	Aurubis Product Sales GmbH	1
TR	Istanbul	Aurubis Turkey Kimya Anonim Sirketi	1
Employees in Europe			36
Asia
CN	Shanghai	Aurubis Metal Products (Shanghai) Co., Ltd.	4
	Beijing1		1
SG	Singapore1		2
TH	Bangkok1		1
JP	Tokyo1		1
KR	Seoul1		1
Employees in Asia 10

Total employees 46

1 Agency/independent sales employees.

Raw materials

Concentrates and recycling materials are the raw materials from which copper is produced.

Concentrates

Recycling materials

Products

The copper is processed into products. Some products are already the result of copper production.

Cathodes		Sulfuric acid
Rod		Iron silicate
Shapes		Strip/foil
Specialty profiles		Specialty wire
Precious metals		Synthetic
Base metals	minerals

Sales and distribution network An international sales and distribution network markets our

products.

We process copper concentrates that are obtained from ores and are offered by mining and trading companies on the global market. The necessary feed materials for our two primary smelters in Hamburg and Pirdop are purchased worldwide. Aurubis doesn't hold any stakes in mines and has a globally diversified supplier portfolio. We source a significant portion of our copper concentrates from South American countries such as Peru, Chile, and Brazil. We also purchase raw materials from other countries like Bulgaria, Georgia, and Canada. As a buyer, Aurubis competes with other international primary smelters, particularly in China and Japan. Copper concentrates for the Hamburg site reach us primarily by waterway and are transshipped via the port terminal in Brunsbüttel. There, the different copper concentrates are premixed in accordance with the requirements of our production process. At the site in Pirdop, Bulgaria, concentrates reach us by land and sea via the port of Burgas.

In addition to copper concentrates, we use copper scrap and various types of organic and inorganic metal-bearing recycling raw materials, industrial residues, and bought-in metallurgical intermediates as feed material. Most of the copper scrap and metal-bearing recycling raw materials for our four secondary smelters in Lünen (Germany), Olen and Beerse (both in Belgium), and Berango (Spain) are sourced in the European and North American market. Furthermore, we use copper scrap with high copper contents for process management purposes in both of our primary smelters in Hamburg (Germany) and Pirdop (Bulgaria). Metal trading companies are the main actors on the supply side for recycling materials, though some recycling raw materials also reach us directly from industry through our "closing-the-loop" approach.

On the demand side, our main competitors for feed materials are other copper and metal smelters, as well as metal processors that also utilize recycling materials. Most of the copper scrap reaches us by land.

In the course of our production processes, we convert copper concentrates and recycling materials into copper cathodes. This is the standardized product format that is traded on the international metal exchanges. Copper cathodes are the starting product for fabricating additional copper products, but they can also be sold directly.

Our product portfolio mainly comprises standard and specialty products made of copper and copper alloys. In terms of processing capabilities, we have manufacturing capacities for continuous cast copper wire rod, continuous cast shapes, rolled products, strip, specialty wire, and profiles.

Additional products result from processing the elements that accompany copper in the feed materials. The multimetal approach makes targeted purchases of these products in some cases. In particular, these include in particular different metals such as gold, silver,

lead, nickel, tin, and zinc, minor metals like tellurium and selenium, and platinum group metals.

We also produce iron silicate and synthetic minerals.

Sulfuric acid forms as a by-product of copper concentrate processing. Sulfuric acid customers are very diverse: customers include international companies from the chemical, fertilizer, and metal processing industries.

The sales markets for our products are varied and international. Aurubis' direct customers include companies from the copper semis industry, the cable and wire industry, the electrical and electronics sector, and the chemical industry, as well as suppliers from the renewable energies, construction, and automotive sectors.

To close the value chain for copper and other metals, we place a high priority on the "closing-the-loop" approach. The focus of this approach is on materials such as production waste and residues that accumulate along the copper value chain in production – for example, with our customers. The materials range from copper scrap with very high copper content, which we can directly feed into the copper fabrication process, to stamping waste containing precious metals and high levels of copper, alloyed scrap, slags from foundries, and other industrial residues.

For the most part, with our hedging strategy we hedge fluctuations in metal and energy prices and the US dollar exchange rate.

GROUP STRUCTURE

In fiscal year 2021/22, the Aurubis Group's organization structure was based on the underlying business model. In the course of developing the Aurubis Group's strategy, the segmentation was adjusted effective October 1, 2021. Since October 1, 2021, the two segments Multimetal Recycling and Custom Smelting & Products will form the organizational structure and the foundation for segment reporting in accordance with IFRS 8 for fiscal year 2021/22.

• » The Multimetal Recycling (MMR) segment comprises the recycling activities in the Group and thus the processing of copper scrap, organic and inorganic recycling raw materials containing metal, and industrial residues. The segment mainly includes the sites in Lünen (Germany), Olen and Beerse (both in Belgium), and Berango (Spain). The secondary smelter currently under construction at Aurubis Richmond, Georgia, in the US is also included in this segment.
• » The Custom Smelting & Products (CSP) segment the production facilities for processing concentrates and for manufacturing and marketing standard and specialty products such as cathodes, wire rod, shapes, strip products, sulfuric acid, and iron silicate. The Custom Smelting & Products segment is also responsible for precious metal production. The sites in Hamburg (Germany) and Pirdop (Bulgaria) manufacture copper cathodes, which are processed further into wire rod and shapes at the Hamburg (Germany), Olen (Belgium), Emmerich (Germany), and Avellino (Italy) sites. The Buffalo (US), Stolberg (Germany), and Pori (Finland) plants produce flat rolled products and specialty wire products. Aurubis AG sold four sites of the former Aurubis flat rolled products segment to KME SE, Osnabrück, with effect from July 29, 2022. The site at Zutphen (Netherlands) and the slitting centers in Birmingham (UK), Dolný Kubín (Slovakia), and Mortara (Italy) correspondingly contributed to the earnings of the CSP segment through July 29, 2022, i.e., for ten months.

A list of shareholdings pursuant to Section 313 (2) of the German Commercial Code (HGB) as at September 30, 2022, is provided in the notes to the financial statements.

SIGNIFICANT INFLUENCING FACTORS RELEVANT TO THE BUSINESS

The main drivers of earnings are the treatment and refining charges Glossary, page 234 for copper concentrates, refining charges for recycling materials, the metal prices, the Aurubis copper premium Glossary, page 232, and product surcharges Glossary, page 234 for copper products, as well as sales revenues for sulfuric acid. Furthermore, efficient metal gains in our plants lead to effects on earnings. We hedge parts of our metal gain against metal price fluctuations.

Copper, silver, gold, and other key precious and industrial metals are priced on the metal exchanges, first and foremost on the London Metal Exchange (LME www.lme.com) Glossary, page 233, which facilitate physical transactions, hedging, and investment business. The prices are not just benchmarks for exchange trading but serve as the basis for pricing in the raw material and product business.

Pricing along the value chain

Schematic illustration

Treatment and refining charges are negotiated with suppliers when purchasing copper-bearing raw materials. The TC/RC trend depends on the current supply and demand structure on the global markets. Essentially, these charges are discounts on the purchase price for turning raw materials into copper cathodes (the commodity exchange product) and other metals and metal compounds.

The metal exchange and market quotation for copper serves as the price basis for our copper product sales. The premium and product surcharges, which are charged for converting cathodes into copper products, are also part of the sales price.

As an energy-intensive company, the Aurubis Group experiences impacts on its energy costs from price fluctuations for electricity, natural gas, and CO2 certificates. We use early purchases to partially hedge against short-term fluctuations in the market price of electricity and natural gas. We have only been partly compensated for the energy suppliers' CO₂ costs that are included in the electricity price (i.e., indirect emissions).

Our business development is also influenced by external factors. These include the economic performance in key countries and activities on the international financial markets; political, legal, and social conditions; changes in the exchange rate and interest rate level; and the situation on our relevant markets.

Strategic direction

In fiscal year 2020/21, we developed the strategy further and established a detailed plan outlining how Aurubis can continue solidifying and expanding its position as one of the most efficient and sustainable multimetal producers in the world.

From a strategic standpoint, the Group is guided by three pillars: securing and strengthening the core business, pursuing growth options, and expanding its industrial leadership in sustainability. The necessary success factors for implementing the strategy were established: digitalization and automation in production, strategic resource planning, and strategic personnel management, which includes the recruitment and development of employees.

The updated Aurubis strategy includes a precisely defined roadmap for continued sustainable, profitable growth. Over the past fiscal year, we have made significant further progress in implementing the strategy in line with this roadmap. Implementation continues to be driven forward steadily and cautiously, and it goes without saying that we always take into account the geopolitical and global economic environment.

All new investment projects will be subjected to a thorough sustainability review as a matter of course. Every new investment supports our sustainability targets. The projects will primarily be financed from the current cash flow and available funds. There is no need for a capital increase in the foreseeable future.

SECURING AND STRENGTHENING THE CORE BUSINESS

The Aurubis Group's core business is processing raw materials containing metals, both concentrates and recycling materials. Aurubis will invest in recycling projects at different sites to expand processing capacities and continue boosting multimetal recovery within the group-wide smelter network. Synergies can be used more strongly by connecting sites in a targeted way and by optimizing material flows between the plants. After our ASPA (Advanced Sludge Processing by Aurubis) project, which includes the construction of a state-of-the-art hydrometallurgical recycling facility at the Beerse site in Belgium, the Bleed Treatment Olen Beerse (BOB) project, approved in February 2022, represents the next concrete step towards expanding our capabilities for optimizing our internal value chain. Aurubis is investing € 70 million in the construction of a state-of-the-art energy-efficient facility for processing electrolytes (bleed) at the Olen site. A hydrometallurgical process recovers valuable metals such as nickel and copper from tankhouse streams produced during metal production in the tankhouse at the Aurubis sites in Beerse and Olen. The facility comprises a full tankhouse cleaning system, referred to as bleed treatment. Aurubis expects to see an annual EBITDA contribution of around € 15 million when the new system becomes fully operational in fiscal year 2025/26.

PURSUING GROWTH OPTIONS

We defined the recycling business as a central growth driver for us during our strategy process. The rising importance of sustainability in Europe and the US will lead to higher recycling rates and thus a growing supply of complex recycling materials. The Aurubis Modular Recycling System is a scalable system we developed for new recycling plants that enables us to build new capacities in a modular – and therefore flexible and needsbased – approach and to integrate them into the expanded Aurubis smelter network. We are currently constructing the first plant that Aurubis has designed using the modular system in Augusta (Richmond County) in the US state of Georgia. Aurubis

Richmond will process about 90,000 t of complex recycling material into 35,000 t of blister copper each year. The plant is scheduled to be commissioned in 2024. Georgia Governor Brian Kemp and other top business representatives attended the groundbreaking ceremony on June 17, 2022. This event once again demonstrated how important this investment is for sustainable and progressive economic development in the US. The technology and processing capabilities of our recycling system position us as a forerunner in sustainable multimetal recycling in the US. The plant also opens up the prospect of additional growth in the US. This growth market, currently producing around 6 million t of useful recycled material each year, offers attractive opportunities, particularly for the diversification of our business and project portfolio beyond Europe.

The expansion of electric vehicles once again gathered considerable momentum last year, which is boosting demand for lithium-ion batteries – as well as the demand for raw materials to produce them. In the longer term, we see considerable growth options in the areas of battery materials and battery recycling. Battery recycling is a defined growth area in our strategy. During fiscal year 2021/22, we carried out trials at our pilot plant designed to scale up the process to technical scale. This has laid the foundation for the next steps to be taken in our project management process.

EXPANDING INDUSTRY LEADERSHIP IN SUSTAINABILITY

Our revised strategy defines sustainable action and management as a central element across all areas of the company. Based on binding targets and appropriate measures related to the environment, social issues, and corporate governance, we are further enshrining sustainability throughout the entire company and all of our workflows, processes, and particularly in our new strategic projects. We have also adjusted our organization accordingly: The sustainability function has been located at the highest level directly in the business division of the Chairman of the Board since the beginning of 2022. We have set binding sustainability targets, which we now regularly monitor and back up with concrete measures. For example, to reduce emissions, we have defined targeted measures to cut Scope 1 and 2 CO₂ emissions by 50% by 2030.

Our production techniques make a pivotal contribution to responsibly handling resources and, together with our products, play a role in the energy transition. An important milestone on the path to decarbonization is the reduction of our CO₂ emissions (Scope 1 and 2) by 50% until 2030. We want to reduce Scope 3 emissions, which arise in the upstream and downstream stages of the value chain, by 24% per ton of copper cathodes during the same period as well. The targets were validated by the Science Based Targets initiative (SBTi) in June 2021. This means that our targets contribute to limiting global warming to 1.5°C pursuant to the Paris climate agreement. We will continue implementing and developing our detailed roadmap to achieve our climate goals.

Regarding Scope 1 and Scope 2 emissions, in the future we will rely on technical measures such as decarbonizing plant facilities by using green hydrogen instead of fossil fuels, electrifying our production, utilizing waste heat, and expanding the purchase of green electricity and the internal generation of power. Approaches for reducing Scope 3 emissions include cooperation in the supply chain and increased recycling activities. In 2022, we launched the expansion of our industrial heat project in Hamburg, which, once completed in 2024, will prevent up to 100,000 t of CO₂ emissions in Hamburg each year.

Corporate management

MANAGEMENT SYSTEM

The corporate management system's main objective is to increase the Aurubis Group's corporate value. In order to achieve this, the aim of the Group is to generate a positive overall value contribution that exceeds the costs of capital. Sustainability is an important element of the Group strategy. Sustainability criteria fundamentally guide our investment projects.

GROUP CONTROL PARAMETERS

In order to measure financial success for the medium and long term within the scope of value-oriented corporate management processes, Aurubis uses the following central control parameters:

• » Operating consolidated earnings before taxes = operating EBT
• » Operating ROCE (return on capital employed) Glossary, page 235 of the Group

These parameters are regularly reported to the Executive Board and are utilized for internal management control purposes. The variable compensation of the Executive Board and the management is also based on these parameters.

The internal reporting and management of the Group are carried out on the basis of the operating result in order to present the Aurubis Group's success independently of the measurement effects, listed below, for internal management purposes.

The operating result is derived from the IFRS-based financial performance by:

• » Adjusting for measurement results deriving from the application of IAS 2 (Inventories). In this context, the metal price fluctuations resulting from the application of the average cost method are eliminated. Likewise, non-permanent writedowns or write-ups of metal inventory values as at the reporting date are eliminated
• » Adjusting for reporting date-related effects deriving from market valuations of metal derivatives that have not been realized, which concern the main metal inventories
• » Adjusting for unrealized reporting date-related effects of market valuations of energy derivative transactions
• » Eliminating any non-cash effects deriving from purchase price allocations
• » Adjusting for effects deriving from the application of IFRS 5 (Non-current Assets Held for Sale and Discontinued Operations)

The Aurubis Group reports in accordance with International Financial Reporting Standards (IFRS). For internal management purposes, the Aurubis Group will not adopt the amendment to IAS 2, which requires the application of the FIFO or average cost method. This decision was taken to avoid earnings volatility due to metal price fluctuations resulting from measurement according to the average cost method. Such related measurement effects, in our opinion, are not necessary to gain an understanding of the Aurubis Group's business activities or its results from an operational perspective and need to be eliminated. In addition, reporting date-related effects concerning the main metal inventories, which derive from the measurement at market of metal derivatives and have not been realized, are also not taken into account. In contrast, measurement effects that have already been realized from an operational perspective are taken into account. Furthermore, one-time effects deriving from purchase price allocations are eliminated, as these would otherwise lead to a distortion in the Aurubis Group's presentation of its assets, liabilities, financial position, and financial performance. The accounting impacts of IFRS 5 are also reversed.

Compared with the previous year, the calculation has been changed in that, in line with the metal derivative transactions, unrealized reporting date-related effects of market valuations of energy derivative transactions are now also excluded from the calculation. The adjustment effects in the metal derivatives businesses now include all Group companies and no longer just the smelter sites.

These adjustments to the derivation process led to a total of € -145 million adjustment to operating EBT as at the reporting date, from € 677 million to € 532 million, of which € -142 million is the result of the exclusion of energy derivative transactions.

An equivalent adjustment in the previous year would have improved operating EBT by € 28 million, from € 353 million to € 381 million, of which € 28 million is the result of the exclusion of energy derivative transactions.

Operating ROCE defines the operating earnings before interest and taxes together with the operating result from investments measured using the equity method in relation to the operating capital employed as at the reporting date and represents the yield on the capital employed.

In a manner corresponding to the calculation of the operating result, operating capital employed is derived by adjusting the IFRS-based items in the statement of financial position for the effects as previously mentioned.

Operating return on capital employed (ROCE)

in € million	9/30/2022	9/30/2021
Fixed assets, excluding financial fixed assets	2,019	1,877
Inventories	2,202	1,770
Trade accounts receivable	623	550
Other receivables and assets	361	242
– Trade accounts payable	-1,583	-1,406
– Provisions and other liabilities	-755	-593
Capital employed
as at the reporting date	2,866	2,441
Earnings before taxes (EBT)	532	381
Financial result	1	13
Earnings before interest
and taxes (EBIT)	533	394
Investments accounted for
using the equity method	10	10
Earnings before interest and
taxes (EBIT) – adjusted	543	401
Return on capital employed (operating ROCE)	19.0%	16.6%

Prior-year figures have been adjusted.

A reconciliation of the IFRS-based statement of financial position and income statement to the respective "operating" figures is provided in the Economic Report section of the Combined Management Report.

Research & Development

Research and Development (R&D) is part of the successful Aurubis growth strategy. The optimization of existing production processes will strengthen the core business of Aurubis. The development of new metallurgical processes and products underpins continued growth at Aurubis. At the core of R&D is the continued development of our metallurgical expertise, with the aim of extracting a large number of metals from increasingly complex raw materials and recycled materials in an efficient and sustainable process. An R&D team works on this in its own labs and pilot plants – in collaboration with other Aurubis divisions and with the support of universities and research institutes. These projects are either included in the strategic roadmap or are based on the goals of the production areas.

R&D maintains a network with universities and international research institutes, which provides scientific support for R&D work, for the exploration of new technologies, and for the promotion of the next generation of employees. Within Aurubis, R&D also contributes significantly to employee development in the metallurgical and technical areas.

The most extensive R&D project this fiscal year was the commissioning of the black mass recycling pilot plant at the R&D technical center. Black mass forms when lithium-ion batteries, such as those found in electric cars, are mechanically dismantled. Black mass contains the valuable metals nickel, cobalt, manganese, and lithium. Aurubis has developed a hydrometallurgical process that is designed to maximize lithium recycling rates. This will support and expand existing recycling options for material from lithium-ion batteries in the Aurubis production network. Pilot testing started in the spring of 2022. A series of tests was carried out with black mass, in which very good metallurgical results were achieved. The process was successfully scaled up from the laboratory to pilot scale. Additional series of tests are planned with the aim of developing an even better data basis for planning a production facility.

Nickel is a metal that is playing an increasingly important role in electric vehicles. Aurubis produces nickel from primary and secondary raw materials, which is enriched during copper production and extracted from the electrolyte in the copper tankhouses. R&D has made further developments in copper production to increase nickel processing capacity. After an extensive development phase, large-scale tests were carried out at the Hamburg production facilities to evaluate the proposed process changes. The test results fully confirmed that the process is metallurgically feasible.

The R&D team in Olen has also been working in parallel to expand the nickel processing capacity of the copper tankhouse at that site.

A key task of the R&D teams at all sites is the optimization of metallurgical production processes. For example, one area of focus at the Hamburg site was the optimization of the copper converter, where the wear on the furnace refractory lining was studied to gain a better understanding of how the material wears. This knowledge helped Aurubis researchers identify an alternative refractory material that can extend the service life of the furnace lining. The next step is to test this material in operation. Process management was another element in the optimization of the converter. Sensors are used to monitor and accurately measure the reaction time.

The R&D focus at the Lünen site was on the tankhouse. For example, the copper anode casting and cooling process was studied, and special molds were developed and patented. Other approaches to improvement in the copper tankhouse were pursued together with the Continuous Improvement department. This primarily involved using artificial intelligence methods for digitalization and data evaluation.

The production of precious metals is another area where production has been improved. This is where silver is refined into pure silver in a tankhouse. R&D undertook pilot tests which demonstrated that the productivity of the silver tankhouse can be significantly increased. This holds true even when processing silver anodes with significant impurities, which is common in production today and can be expected in the future. Technical adjustments that the silver tankhouse requires to increase capacity are already in the planning stage.

Aurubis R&D has been working on key projects to improve the sustainability of multimetal production. These efforts include, for example, the continued development of the application of iron silicate. The focus here lies on the application of Aurubis iron silicate as a sustainable construction material with a low CO₂ footprint. R&D is working together with the building materials industry as well as research institutes and universities on various projects aimed at achieving this goal.

Hydrogen is an important source of future energy. Aurubis has carried out successful large-scale tests on the use of hydrogen in copper production in Hamburg, where it was used as a highly efficient reducing agent in the so-called anode furnace. Based on these tests, future requirements for the conversion of the anode furnace were determined and a technical planning process was initiated. Intensive research is being carried out into other possible uses of hydrogen. Because green hydrogen in particular is not yet available in sufficient quantities, R&D has been focusing intensively on potential uses of ammonia as an alternative to hydrogen in copper production. The question of ammonia splitting versus direct utilization was specifically analyzed and a test installation was developed. The first step will involve a largescale test with ammonia at the Hamburg wire plant.

Global decarbonization efforts (such as through the use of renewable energy and electric cars), process automation, and digitalization are generating significant momentum for further developments in the field of copper products.

In the area of electric cars, we are developing new copper strip products for connectors and power electronics. In this regard, solutions for the requirements of electric vehicles have been developed to enhance the efficiency and lifespan of the components. In addition, Aurubis is working on projects with leading industrial partners to develop new manufacturing processes for high-performance printed circuit boards. Research activities were continued in the area of power electronics for electric vehicles with university and industry partners.

When it comes to wire, R&D activities for applications in electric vehicles continued and further work continued on the target of achieving complex cross-sections and expanding the alloy portfolio. With the BlueBrass brand, we developed a lead-free alloy family for our preliminary products such as wire and strip over the past few years, which are used in the electrical, automotive, and renewable energies sectors. We are continuously working in this area to expand our product portfolio and optimize our alloy family.

For more information on our R&D activities, please refer to the explanations in our 2021/22 magazine.

The entire Aurubis Group's R&D expenditures in fiscal year 2021/22 amounted to € 12 million (previous year: € 12 million). We have a total of 75 employees in this area (previous year: 77 employees), who are located at our sites in Beerse, Buffalo, Hamburg, Lünen, Olen, Pirdop, Pori, and Stolberg.

R&D expenditure

Human resources

A total of 6,913 people were employed by the Aurubis Group as at September 30, 2022 (previous year: 7,135). Of this number, 44.0% worked outside of Germany and 56.0% worked at German sites. The decrease in headcount is due to the sale of the flat rolled products sites in the Netherlands, Italy, the UK, and Slovakia. The majority of our employees work in the following countries: Germany (3,876), Belgium (1,105), Bulgaria (926), US (531), Finland (281), Spain (102), and Italy (89). Sites and employees, page 97

Aurubis Group employees

Number on 9/30/2022

Aurubis Group personnel structure

Number on 9/30/2022

Environmental protection and occupational health

ENVIRONMENTAL PROTECTION IN THE GROUP

We take responsibility for protecting our environment and our climate. Our production facilities therefore use modern and energy-efficient plant technology that complies with very high environmental standards. In this way, we conserve natural resources and aim to maintain a clean environment for future generations. We have set targets for environmental protection, defined corresponding KPIs, and established measures to achieve the targets across the Group. The effectiveness of these targets and measures is reviewed continuously.

¹ Environmental investments of all production sites that are majority-owned by Aurubis (>50 %); data collected from some of the smaller sites starting in 2013.

² As of FY 2019/20 including former Metallo sites in Beerse and Berango. ³ As of FY 2021/22 excluding former Aurubis sites in Zutphen and Cablo;

provisional data.

The continuous improvement of water pollution control, soil conservation, climate protection, and emission prevention is key to achieving sustainable environmental protection. This was only possible with continuous investments: Aurubis has invested more than € 780 million in environmental protection measures in the Group since 2000, including the project to use process heat to heat part of the HafenCity district in Hamburg and a project to reduce diffuse emissions (RDE).

OCCUPATIONAL HEALTH AND SAFETY IN THE GROUP

Group Health and Safety is responsible for creating the technical, organizational, and personal conditions in the company to prevent work-related accidents, injuries, and illnesses.

The acronym LTIFR (lost time injury frequency rate) indicates the accident rate in the company. This KPI describes the number of work-related accidents with at least one lost shift per one million hours worked (related to Aurubis employees).

We continuously reduced accident frequency for several years. After this figure increased in fiscal years 2017/18 and 2018/19, LTIFR decreased continuously in the past three years. LTIFR amounted to 3.2 in fiscal year 2021/22 (previous year: 5.1). In absolute terms, the number of accidents (LTI) fell significantly to 34 (previous year: 55).

Occupational health and safety

	2021/22	2020/21	2019/20	2018/19	2017/18
Absolute number of
accidents (LTI)1	34	553	51	61	60
LTIFR2	3.2	5.13	5.4	6.0	5.9

¹ Including the Beerse (Belgium) and Berango (Spain) sites starting June 1, 2020. Excluding Cablo Metall-Recycling und Handel GmbH, Ferbellin, starting June 1, 2021 (which, since June 1, 2021, has belonged to the joint venture Cablo GmbH with the recycling company TSR Recycling GmbH & Co. KG, in which Aurubis holds a 40% stake) and excluding Schwermetall Halzeugwerk GmbH & Co. KG. Starting August 1, 2022, excluding the sold sites Zutphen (Netherlands), Birmingham (United Kingdom), Dolný Kubín (Slovakia), and Mortara (Italy).

² Beerse (Belgium) and Berango (Spain) sites included for the entire fiscal year

starting 2020/21 so that KPIs can be compared. 3 Data from previous years adjusted to reflect subsequent reporting.

Occupational health and safety are high-priority topics. Accordingly, responsibility for these issues rests with the management and the supervisors, but also every individual in the company.

In the long term, we want to achieve our Vision Zero, meaning zero work-related accidents, injuries, and illnesses. Precautions to prevent accidents are in place to contribute to making the vision a reality. The 10 Golden Rules of occupational health and safety are in effect. Detailed risk assessments are also carried out to derive appropriate precautions and instructions, training measures, and regular audits. Furthermore, we stringently monitor our occupational safety performance and translate the results into appropriate measures.

All sites are certified in accordance with ISO 45001. We continuously develop occupational safety management at the sites to conform to the requirements of the standard.

A software that is steadily being rolled out in the Group supports occupational safety processes such as risk assessments, the allocation of legal obligations, accident and near-miss disclosure and review, and site-specific and Group-wide reporting.

Since the start of the COVID-19 pandemic, we have had a Group crisis team including the largest sites that meets regularly with the entire Executive Board depending on the current situation. In this way, we have quickly established specific plans and measures to prioritize protecting employees' health while keeping operations up and running. The measures have been steadily adjusted to the ongoing circumstances of the pandemic and include testing and vaccination offers in-house vaccination centers or at external organizations in cooperation with other companies.

Separate Non-Financial Report

The section Sustainability, pages 53–93 in the Annual Report provides additional information on the topics of sustainability, environmental protection, energy, the climate, and occupational health, as does our website www.aurubis.com in accordance with the statutory deadlines. Aurubis AG reports on both the Aurubis Group and Aurubis AG in the form of a consolidated, separate Non-Financial Report, whose content is also available in the Sustainability section of this report and on the website.

Economic Report

General economic conditions

The global economy, which was already weakened by the COVID-19 pandemic, recovered significantly more slowly in fiscal year 2021/22 compared to the previous year. There were a number of reasons for this. On top of unexpectedly high inflation worldwide (particularly in the United States and the major European economies), which led to a tightening of financing conditions through interest rate increases, China also experienced a sharperthan-expected slowdown in economic growth. The war in Ukraine since February 2022 and in particular the resulting energy price increases are having a dampening effect on the global economy. In its October forecast, the International Monetary Fund (IMF, www.imf.org) predicts that global growth is likely to slow significantly from 6.0% in 2021 to 3.2% in 2022. An increasing number of economies are in a growth slowdown. The pandemic situation is still strained in some national economies and is leading to new lockdowns in certain regions, despite rising vaccination rates worldwide.

Expected GDP Growth 2022

in%

Source: International Monetary Fund, October 2022

The IMF forecasts growth of 3.1% (previous year: 5.2%) for the Eurozone as a whole for 2022. In calendar year 2021, as in 2020, Germany posted slower growth, at 2.6%, than France, Spain or Italy. German gross domestic product (GDP) growth is expected to be 1.5% in 2022, weaker than in the previous year. Europe's slowing economic growth is a reflection of tighter monetary policy measures and the effects of the war in Ukraine. The resulting higher energy prices will have a particularly negative impact on production in Europe from the second half of 2022 onward.

GDP growth in the US will also slow significantly in 2022. The IMF forecasts GDP growth of 1.6% for 2022 (previous year 5.7%). The weaker growth is due, among other factors, to slower growth at the beginning of this year, diminished household purchasing power and tighter monetary policy.

While China's economic recovery continued at a dynamic pace in calendar year 2021, it slowed down markedly in 2022. With its forecast of 3.2%, the IMF expects economic growth to be significantly lower than in the previous year (8.1%). Ongoing COVID-19 outbreaks and the resulting restrictions on travel in certain regions, as well as the deterioration of the real estate crisis, are the reasons behind this.

The global financial markets were marked in 2022 by a combination of fiscal policy measures to curb inflation and weakened growth prospects in the context of the war in Ukraine. Central banks around the globe raised key interest rates, with the European Central Bank (ECB) raising its key rate to 2.00% and curtailing its bond purchases. The Pandemic Emergency Purchase Programme (PEPP) expired in March 2022. The US central bank (Fed) has made several sharp hikes in the key interest rate in the current calendar year. The most recent increase in the key interest rate was in September 2022, when it was raised by 0.75 percentage points to a corridor of between 3.75 and 4.00%. The reason for this was historically high inflation in the US.

Conditions specific to the industry

Aurubis is mainly active on the international copper market and its submarkets, where the trend was mixed in fiscal year 2021/22. In the following, we will address in detail the developments of the key copper-related sub-markets.

The international copper concentrate market benefited from improved mine output compared to the previous year, especially in the second half of 2022, which resulted in a higher copper concentrate supply. The rate of worldwide mine production outages due to severe weather, COVID-19, strikes, or other reasons remained below prior-year level. The supply was supported by the restart of production and expansions in existing mines, as well as the kick-off of new mine projects, for example in Peru and Chile. Overall, the research company Wood Mackenzie expects global copper concentrate output for 2022 to exceed the previous year by 3.7%.

The global smelter industry, especially in Asia, was challenged by numerous instances of planned and unplanned maintenance work and shutdowns during the fiscal year, due in part to regional restrictions on energy consumption in China at the beginning of August 2022. Furthermore, Chinese smelters stood by their decision to limit their purchases on the international concentrate markets in order to shore up TC/RCs. These effects dampened global concentrate demand. At the same time, new smelters in Asia started production, which had a positive impact on growth. Given these circumstances, Wood Mackenzie forecasts smelter capacity to increase by around 2.1% in 2022. China continues to account for the largest share of global growth in the smelter industry. Overall, the global concentrate market is expected to grow by about 300,000 t of concentrate in 2022.

With regard to recycling raw materials, the European market, which is the most relevant market for Aurubis, was stable in fiscal year 2021/22. The supply of copper scrap in Europe remained stable throughout the fiscal year due to generally high metal

prices. The import quota system in China, which placed stricter import restrictions on copper scrap and other recycling material groups, led to a healthy supply in Europe. Rising energy prices, among other developments, dampened the supply of scrap in Europe in the middle of 2022. Refining charges for copper scrap remained at a satisfactory level in fiscal year 2021/22, but were lower than in the previous year. Complex recycling materials such as electronic scrap and industrial residues experienced stable supply during the reporting period. Similarly, refining charges for complex recycling materials remained at a high level in the 2021/22 fiscal year.

Global production of refined copper was mainly shaped by a number of factors in fiscal year 2021/22, including the ramifications of the pandemic, which led to logistical problems such as a shortage of containers; the planned and unplanned shutdowns on the smelter side, particularly in China; and the capacity increase on the mine side due to the expansion of existing projects and the start of new mining projects in Chile and Peru. According to the International Copper Study Group (ICSG), capacity utilization in the smelting industry was 82.7% in the first half of 2022, above the prior-year level of 82.2%. Overall, Wood Mackenzie forecasts that global output of refined copper for 2022 will reach a level around 24.8 million t, 0.2% above that of the previous year.

Demand for refined copper registered a slight increase in calendar year 2022 in spite of the gloomier macroeconomic environment, and was stable in the US and Europe at the high level of the previous year. The Purchasing Managers' Index (PMI) has indicated a slowdown in manufacturing activity since the beginning of the second half of 2022, particularly in Europe. A number of factors have contributed to this contractionary trend, including shortages of semifinished products due to supply chain disruptions and high energy prices. Wood Mackenzie anticipates total global demand for refined copper at 25.0 million t in calendar year 2022 (previous year: 24.8 million t).

Global exchange inventories of copper cathodes remained at historically low levels in 2022 again. At the beginning of the calendar year, the LME and COMEX held historically low inventories of 86,500 t and 81,066 t, respectively. As the fiscal year went on, total inventories at the metal exchanges LME, COMEX, and SHFE recovered slightly, but remained at a low level. About 217,000 t in total were stored at the end of the fiscal year, compared to 317,000 t at the start of the fiscal year.

Wood Mackenzie expects a production surplus of about 80,000 t on the global refined copper market in 2022.

The international wire rod market is still the predominant outlet for refined copper. The research provider CRU estimates that approximately 73% of global cathode output goes to this market worldwide. This is expected to grow by around 2% in calendar year 2022, following growth of around 6% in 2021. Aurubis primarily supplies wire rod to the European market. Strong demand across all customer segments, the construction and energy sectors, and the automotive industry persisted during the fiscal year.

Demand on the global market for sulfuric acid was high in fiscal year 2021/22. Temporarily lower production capacities at European zinc smelters, logistics bottlenecks, temporary lockdowns in China, high freight costs, and higher input costs for sulfur burners during the fiscal year all led to reduced volume coupled with high demand for long periods of fiscal 2021/22. Sulfuric acid prices remained very high into the third quarter of 2021/22 as a result of the shortage of sulfuric acid supplies. Continued increases in energy costs, particularly for natural gas, triggered sharp rises in production costs in the chemical and fertilizer industries, which in turn translated into sharply reduced demand and lower sulfuric acid prices at the end of fiscal year 2021/22. Because of its customer and contract structure, Aurubis is not completely exposed to developments on the spot market, and any impacts occur with a time lag.

The LME copper price was at a high level in the first half of fiscal year 2021/22 in particular, decreasing in the second half of the fiscal year as a reaction to macroeconomic events. From US\$ 9,135/t (closing price) at the beginning of the fiscal year, it was at a very high level between the US\$ 9,000/t and US\$ 10,000/t marks through April 2022 and reached its annual high of US\$ 11,299/t at the start of the fiscal year on October 18, 2021 Glossary, page 233. It remained stable until June before reaching a low of US\$ 7,160/t in mid-July, driven by macroeconomic factors. The price of copper has recently remained volatile in a band between the US\$ 7,000/t and US\$ 8,200/t mark due to influences such as geopolitical risks, isolated outbreaks of COVID-19 infections, and the slowdown in demand caused, among other factors, by the state of the Chinese real estate market. The fiscal year closed with an LME copper price of US\$ 7,683/t (closing price). The average price for the fiscal year was US\$ 9,229/t (previous year: US\$ 8,681/t).

Copper price and metal exchange copper inventories

Economic development within the Aurubis Group

RESULTS OF OPERATIONS, NET ASSETS, AND FINANCIAL POSITION OF THE AURUBIS GROUP

The internal reporting and management of the Group are carried out on the basis of the operating result in order to present the Aurubis Group's success independently of the measurement effects, listed below, for internal management purposes. Accordingly, the presentation of the financial performance, assets, liabilities, and financial position is explained on the basis of operating values.

The operating result is derived from the IFRS-based financial performance by:

• » Adjusting for measurement results deriving from the application of IAS 2. In this context, the metal price fluctuations resulting from the application of the average cost method are eliminated. Likewise, non-permanent write-downs or write-ups of metal inventory values as at the reporting date are eliminated
• » Adjusting for reporting date-related effects deriving from market valuations of metal derivatives that have not been realized, which concern the main metal inventories
• » Adjusting for unrealized reporting date-related effects of market valuations of energy derivative transactions
• » Eliminating any non-cash effects deriving from purchase price allocations.
• » Adjusting by effects deriving from the application of IFRS 5.

Compared with the previous year, the calculation has been changed in that, in line with the metal derivative transactions, unrealized reporting date-related effects of market valuations of energy derivative transactions are now also excluded from the calculation.

The adjustment effects in the metal derivatives businesses now include all Group companies and no longer just the smelter sites.

These adjustments to the derivation process led to a total of € -145 million adjustment to operating EBT as at the reporting date, from € 677 million to € 532 million, of which € -142 million is the result of the exclusion of energy derivative transactions.

An equivalent adjustment in the previous year would have improved operating EBT by € 28 million, from € 353 million to € 381 million. of which € 28 million is the result of the exclusion of energy derivative transactions.

FINANCIAL PERFORMANCE

The Aurubis Group achieved significantly higher operating earnings before taxes (EBT) of € 532 million in the past fiscal year compared to the previous year (previous year: € 381 million). Operating return on capital employed (ROCE) was 19.0% (previous year: 16.6%). Consequently, we have met our forecast, which was raised in April 2022, of achieving an operating EBT of between € 500 million and € 600 million and an operating ROCE of between 17% and 21%. IFRS earnings before taxes (EBT) amounted to € 935 million (previous year: € 825 million).

The following table shows how the respective operating results for the 2021/22 fiscal year and for the comparative prior-year period have been determined:

Reconciliation of the Consolidated Income Statement

	12 Months 2021/22			12 Months 2020/21
in € million	IFRS	Adjustment effects	operating	IFRS	Adjustment effects	operating
Revenues	18,521	0	18,521	16,300	0	16,300
Changes in inventories of finished goods and work in process	321	-91	230	146	-222	-76
Own work capitalized	27	0	27	32	0	32
Other operating income	235	11	246	73	0	73
Cost of materials	-17,063	-314	-17,377	-14,637	-234	-14,871
Gross profit	2,041	-394	1,647	1,914	-456	1,458
Personnel expenses Depreciation of property, plant, and equipment	-571	0	-571	-554	0	-554
and amortization of intangible assets	-220	0	-220	-219	20	-199
Other operating expenses	-323	0	-323	-311	0	-311
Operational result (EBIT)	927	-394	533	830	-436	394
Result from investments measured using the equity method	19	-9	10	18	-8	10
Interest income	7	0	7	4	0	4
Interest expense	-17	0	-17	-18	0	-18
Other financial expenses	-1	0	-1	-9	0	-9
Earnings before taxes (EBT)	935	-403	532	825	-444	381
Income taxes	-220	121	-99	-212	115	-97
Consolidated net income	715	-282	433	613	-329	284

Prior-year figures have been adjusted.

Explanations concerning the presentation and adjustment effects can be found in the section Financial performance, assets, liabilities, and financial position of the Aurubis Group, pages 111–119.

Operating EBT in fiscal year 2021/22 was € 532 million (previous year: € 381 million) and was positively influenced by the following factors compared to the previous year:

• » 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,
• » significantly higher demand for copper products in particular, with higher product surcharges,
• » very good operating performance at our Pirdop site, with increased concentrate throughputs, and
• » higher refining charges for other recycling materials.

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 natural gas.

The Group's revenues increased by € 2,221 million to € 18,521 million during the reporting period (previous year: € 16,300 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.

Breakdown of revenues

in %	2021/22	2020/21
Germany	35	35
European Union	36	34
Rest of Europe	8	8
Other	21	23
Group total	100	100

The € 230 million change in inventories of finished goods and work in process (previous year: € -76 million) mainly relates to our two smelting sites in the Custom Smelting & Products segment, Hamburg and Pirdop, and results from the build-up of intermediate and finished goods. In contrast, the previous year saw reduced intermediate product inventories in connection with the maintenance shutdown at our site in Pirdop.

The cost of materials ratio rose increased slightly from 91.8% in the previous year to 92.7%. The cost of materials deriving from metal purchases increased owing to higher metal prices, in a manner corresponding to the development of revenues and due to changes in inventories. There were also significant increases in energy costs, due especially to higher electricity prices. Energy costs, excluding cost reimbursements and compensation, amounted to € 499 million in the reporting period (previous year: € 232 million).

Own work capitalized recognized in the fiscal year amounted to € 27 million (previous year: € 32 million) and resulted from activities in connection with the planned maintenance shutdown at the Hamburg site and the expansion of Stage 2 of the Industrial Heat project.

Other operating income increased significantly by € 173 million to € 246 million and includes, among other items, income from cost reimbursements in the amount of € 68 million (previous year: € 27 million), an increase mainly attributable to higher prices for energy sources that were passed on. Government grants totaling € 41 million were also recognized at our site in Bulgaria in the fiscal year in conjunction with increased energy costs. Other operating income in the fiscal year also includes € 61 million in income from insurance compensation connected to the flooding at the Stolberg site in July 2021 (previous year: € 15 million). These compensation payments were offset by expenses for maintenance, replacement investments, and lost gross margins. Income from the sale of emission rights (€ 26 million) and the gain on deconsolidation from the disposal of the four subsidiaries of the former flat rolled products segment (FRP) in the amount of € 18 million also contributed to the increase.

Overall, the operating gross profit generated was significantly higher than the prior-year level and amounted to € 1,647 million (previous year: € 1,458 million).

Personnel expenses increased from € 554 million in the previous year to € 571 million. The reversal in the previous year of a provision for personnel-related restructuring expenses in the amount of € 14 million reduced this figure. The € 10 million reduction in non-current personnel-related provisions due to adjusted actuarial interest rates had a counteracting effect in the fiscal year.

In addition, higher expenses for performance bonuses, wage tariff increases, and one-time payments to employees were recognized in the fiscal year.

Development of revenues by products

in € million

At a level of € 220 million, depreciation and amortization of fixed assets was significantly above that of the previous year (€ 199 million). This figure includes impairment losses on intangible assets (€ 14 million) and on property, plant and equipment (€ 15 million). The impairment losses relate mainly to non-current assets of the Beerse/Berango cash-generating unit in the MMR segment in the amount of € 27 million. In contrast, the previous year included impairment losses on fixed assets in the amount of € 8 million.

The increase in other operating expenses to a total of € 323 million (previous year: € 311 million) is the result of higher selling expenses, mainly freight costs, of about € 20 million as well as higher administrative costs.

Earnings before interest and taxes (EBIT) therefore amounted to € 533 million (previous year: € 394 million).

At a level of € -1 million, the financial result was significantly above that of the previous year (€ -13 million). In addition to lower interest income compared to the current fiscal year, there were losses totaling € 8 million from the fair value measurement of two non-consolidated subsidiaries of Aurubis AG in the previous year.

Operating earnings before taxes (EBT) improved significantly to € 532 million compared with the previous year (€ 381 million).

Operating consolidated net income of € 433 million remained after tax (previous year: € 284 million). Operating earnings per share amounted to € 9.91 (previous year: € 6.51).

The IFRS EBT of € 935 million (previous year: € 825 million) significantly exceeded the previous year. In addition to the effects on earnings already described in the explanation of the operating financial performance, the change in IFRS gross profit was also due to metal price developments. Use of the average cost method leads to metal price valuations that are close to market prices. Metal price volatility therefore has direct effects on changes in inventories/the cost of materials and hence on the IFRS gross profit. The IFRS gross profit in fiscal year 2021/22 includes inventory measurement effects of € 249 million (previous year: € 505 million). The substantial increase in the copper price yearon-year was a decisive factor. There were also reporting-daterelated effect of market valuations of metal and energy derivative transactions under IFRS amounting to € 156 million (previous year: € -49 million).

The depiction of this volatility is not relevant to the cash flow and does not reflect Aurubis' operating performance.

The IFRS consolidated net income amounted to € 715 million (previous year: € 613 million). This translates to IFRS earnings per share of € 16.37 (previous year: € 14.03).

ASSETS AND LIABILITIES

The table entitled Reconciliation of the consolidated statement of financial position, page 117 shows the derivation of the operating statement of financial position as at September 30, 2022, and as at September 30, 2021.

Total assets (operating ) increased from € 5,470 million as at September 30, 2021, to € 5,926 million as at September 30, 2022. This was due in particular to the € 432 million increase in inventories, from € 2,202 million as at September 30, 2021, to € 1,770 million as at September 30, 2022. The extended maintenance shutdown of the primary smelter in Hamburg meant that the increase related in particular to input materials. Intermediate products (anodes) and finished products (cathodes, shapes, wire rod) were also built up in the CSP segment at the Hamburg and Pirdop plants.

With high copper product sales, trade accounts receivable built up substantially as well. Furthermore, a lower volume of receivables was sold to factoring companies compared with the previous year. As a result, the overall balance at the end of the financial year was € 623 million, an increase on the previous year's figure of € 550 million.

Current liabilities from trade accounts payable increased by € 177 million, from € 1,406 million to € 1,583 million, in line with the higher inventories of current assets.

The Group's equity rose by € 528 million, from € 2,674 million as at the end of the last fiscal year to € 3,202 million as at September 30, 2022. The increase resulted from operating consolidated total comprehensive income of € 598 million. The dividend payment of € -70 million had an opposite effect.

At € 327 million as at September 30, 2022, borrowings were below the level of the previous fiscal year-end (€ 582 million). In December 2021, all variable interest rate tranches of the Schuldschein loan, totaling € 152.5 million, were redeemed ahead of schedule using free liquidity. These bonded loans were disclosed as non-current liabilities in the statement of financial position as at September 30, 2021, due to their legal contract term. In addition, current bank borrowings were down due to the redemption of a bonded loan in the nominal amount of € 103 million as scheduled that was due in February 2022.

The following table shows the development of borrowings:

Development of borrowings

in € million	9/30/2022	9/30/2021
Non-current bank borrowings	167	400
Non-current liabilities under
finance leases	42	45
Non-current borrowings	209	445
Current bank borrowings	106	127
Current liabilities under
finance leases	12	11
Current borrowings	118	138
Total borrowings	327	582

Overall, the operating equity ratio (the ratio of equity to total assets) was therefore 54.0%, compared to 48.9% as at the end of the previous fiscal year.

Total assets (IFRS) increased from € 6,613 million as at September 30, 2022, to € 7,447 million as at September 30, 2022. The very substantial increase was due to the € 749 million increase in inventories, from € 2,804 million as at September 30, 2021, to € 3,553 million as at September 30, 2022, which was higher compared to the operating statement of financial position. A key factor for the IFRS valuation was the high copper and precious metal prices that prevailed throughout the entire fiscal year.

Additionally, market valuations of energy derivative transactions in particular had a positive effect on the IFRS balance sheet. The Group's equity rose by € 815 million, from € 3,443 million as at the end of the last fiscal year to € 4,258 million as at September 30, 2022. The increase resulted from the consolidated total comprehensive income of € 886 million in particular, which was higher compared to the operating financial performance. Overall, the IFRS equity ratio was 57.2% as at September 30, 2022, compared to 52.1% as at the end of the previous fiscal year.

IFRS balance sheet structure of the Group

in %	9/30/2022	9/30/2021
Fixed assets	28	30
Inventories	48	42
Receivables, etc.	15	14
Cash and cash equivalents	9	14
	100	100
Equity	57	52
Provisions and accrued liabilities	11	12
Liabilities	32	36
	100	100

Reconciliation of the consolidated statement of financial position

	9/30/2022		9/30/2021
		Adjustment				Adjustment
in € million	IFRS	effects	operating	IFRS	IFRS 5	effects	operating
ASSETS
Fixed assets	2,069	-34	2,035	1,958	9	-24	1,943
Deferred taxes	18	1	19	18	0	1	19
Non-current receivables and other assets	172	-114	58	37	0	-13	24
Inventories	3,553	-1,351	2,202	2,804	62	-1,096	1,770
Current receivables and other assets	929	-23	906	716	44	-11	749
Cash and cash equivalents	706	0	706	942	23	0	965
Assets held for sale	0	0	0	138	-138	0	0
Total assets	7,447	-1,521	5,926	6,613	0	-1,143	5,470
EQUITY AND LIABILITIES
Equity	4,258	-1,056	3,202	3,443	0	-769	2,674
Deferred taxes	638	-431	207	443	0	-310	133
Non-current provisions	121	0	121	291	2	0	293
Non-current liabilities	225	-5	220	503	1	-57	447
Current provisions	68	0	68	67	2	0	69
Current liabilities	2,137	-29	2,108	1,828	33	-7	1,854
Liabilities deriving from assets held for sale	0	0	0	38	-38	0	0
Total equity and liabilities	7,447	-1,521	5,926	6,613	0	-1,143	5,470

Prior-year figures have been adjusted.

Explanations concerning the presentation and adjustment effects can be found in the section Financial performance

assets, liabilities, and financial position of the Aurubis Group, pages 111–119.

RETURN ON CAPITAL (OPERATING)

The return on capital employed (ROCE) shows the return on the capital employed in the operating business or for an investment. It was determined taking the operating EBIT of the last four quarters into consideration.

At the end of the reporting year, operating ROCE reached 19.0% (previous year: 16.6%) and was thus above our target of 15% and within the forecast interval of 17% to 21%.

Operating return on capital employed (ROCE)

in € million	9/30/2022	9/30/2021
Fixed assets, excluding
financial fixed assets	2,019	1,877
Inventories	2,202	1,770
Trade accounts receivable	623	550
Other receivables and assets	361	242
– Trade accounts payable	-1,583	-1,406
– Provisions and other liabilities	-755	-593
Capital employed
as at the reporting date	2,866	2,441
Earnings before taxes (EBT)	532	381
Financial result	1	13
Earnings before interest and
taxes (EBIT)	533	394
Investments accounted for using
the equity method	10	10
Earnings before interest and
taxes (EBIT) – adjusted	543	405
Return on capital employed
(operating ROCE)	19.0%	16.6%

Prior-year figures have been adjusted.

FINANCIAL POSITION OF THE AURUBIS GROUP

The Group's liquidity sourcing is secured through a combination of the Group's cash flow, short-term and long-term borrowings, and lines of credit available from our banks. Existing credit facilities and lines of credit can compensate for fluctuations in the cash flow development at any time. These fluctuations result from operating business activities in particular and primarily serve to finance net working capital.

We regularly monitor the development of the Aurubis Group's liquidity position on a timely basis. Control and monitoring are carried out on the basis of defined key ratios.

The main key financial ratio for controlling debt is debt coverage, which calculates the net financial position (cash and cash equivalents less financial liabilities) to earnings before interest, taxes, depreciation, and amortization (EBITDA page 235) and shows the number of periods required to redeem the existing borrowings from the Group's income – assuming an unchanged earnings situation.

The interest coverage ratio expresses how the net interest expense is covered by EBITDA. Our long-term objective is to achieve a well-balanced debt structure. In this context, we consider debt coverage < 3 and interest coverage > 5 to be well balanced.

Group financial ratios (operating)

	9/30/2022	9/30/2021
Debt coverage = net financial position1/EBlTDA	-0.5	-0.6
Interest coverage = EBITDA/net interest	75.7	39.9

1 (-) Assets/ (+) Liabilities

Prior-year figures have been adjusted.

Additional control measures related to liquidity risks are outlined in the Risk and Opportunity Report in the Combined Management Report pages 133–144.

ANALYSIS OF LIQUIDITY AND FUNDING

The cash flow statement shows the cash flows within the Group. It highlights how funds are generated and used.

The very good financial performance during the fiscal year resulted in a good net cash flow of € 288 million, although this was significantly lower than in the previous year. (previous year: € 812 million). In particular, the build-up of inventories of input materials as a result of the extended maintenance shutdown at the Hamburg site had a negative impact on net cash flow in the fiscal year.

The cash outflow from investing activities totaled € -201 million (previous year: € -232 million) and primarily includes payments for investments in property, plant, and equipment totaling € 334 million (previous year: € 232 million). Payments during the fiscal year included payments made in connection with the maintenance shutdown at the Hamburg site (€ 59 million) and payments made for the construction of the Aurubis Richmond recycling plant, Georgia, USA (€ 26 million).

Cash inflows of € 66 million from the sale of securities classified as financial fixed assets and € 66 million from the sale of subsidiaries had a positive effect.

After taking interest payments totaling € 15 million and the dividend payment of € 70 million into account, the slightly positive free cash flow amounts to € 3 million (previous year: € 488 million).

	12 Months	12 Months
in € million	2021/22	2020/21
Cash inflow from operating activities
(net cash flow)	288	812
Cash outflow from investing activities	-201	-232
Acquisition of treasury shares	0	-19
Interest paid	-15	-16
Dividends paid	-70	-57
Free cash flow	3	488
Proceeds and payments from
financial liabilities	-262	-3
Net change in cash and cash
equivalents	-260	485
Cash and cash equivalents
as at the reporting date	706	965

Cash and cash equivalents of € 706 million were available to the Group as at September 30, 2022 (September 30, 2021: € 965 million). The net financial position as at September 30, 2022, was € 379 million (previous year: € 383 million).

Net financial position of the Group

in € million	9/30/2022	9/30/2021
Cash and cash equivalents	706	965
Total borrowings	327	582
Net financial position	379	383

In addition to cash and cash equivalents, the Aurubis Group has unutilized credit line facilities and thus has adequate liquidity reserves. Parallel to this, within the context of factoring agreements, the Group makes use of the sale of receivables without recourse as an off-balance-sheet financial instrument.

Business performance in the segments

In the course of developing the Aurubis Group's strategy, the segmentation was adjusted effective October 1, 2021. Since October 1, 2021, the two segments Multimetal Recycling and Custom Smelting & Products will form the organizational structure and the foundation for segment reporting in accordance with IFRS 8 for fiscal year 2021/22. Foundations of the Group, page 96

MULTIMETAL RECYCLING SEGMENT Key figures

in € million	2021/22 operating	2020/21 operating
Total revenues	5,960	5,128
Operating EBITDA	287	323
Depreciation and amortization	-81	-63
Operating EBIT	206	260
Operating EBT	205	256
Capital expenditure	153	60
Operating ROCE	25.7%	35.4 %
Capital employed	796	728
Number of employees (average)	1,660	1,686

Prior-year figures have been adjusted.

The Multimetal Recycling (MMR) segment comprises the recycling activities in the Group and thus the processing of copper scrap, organic and inorganic recycling raw materials containing metal, and industrial residues. The segment includes the sites in Lünen (Germany), Olen and Beerse (both in Belgium), and Berango (Spain).

BUSINESS PERFORMANCE AND EARNINGS TREND

The main factors driving earnings in the Multimetal Recycling segment are refining charges (RCs) that are negotiated as deductions from the purchase price of the metals for converting the various recycling materials into the exchange product – copper cathodes – and other metals. Other earnings components in the segment are the metal gain and the Aurubis cathode premium.

The MMR segment generated total revenues of € 5,960 million during the reporting period (previous year: € 5,128 million). This development was primarily due to higher copper prices and high prices for precious and industrial metals in comparison to the previous year.

The operating result was positively influenced by higher refining charges for other recycling materials, as well as a significantly higher metal gain with high metal prices.

Operating EBT was negatively affected by lower copper scrap throughput and lower refining charges compared with the high level of the previous year, driven by market factors. Higher overall costs, especially for electricity and natural gas, likewise negatively affected the result in the reporting period.

Compared with the previous year, the calculation of the operating result has been changed in that, in line with the metal derivative transactions, unrealized reporting date-related effects of market valuations of energy derivative transactions are now also excluded from the calculation. Prior-year figures have been adjusted accordingly. Please refer to Foundations of the Group, page 96 for additional explanations regarding the derivation of the operating result.

Overall, at € 205 million, Segment EBT's operating result during the reporting year was significantly below the prior-year level (€ 256 million). At 25.7% (previous year: 35.4%), the segment's operating ROCE significantly exceeded the Group's target of 15.0%.

RAW MATERIAL MARKETS

Refining charges for copper scrap significantly below prior-year level

The European market for recycling raw materials, which is the most relevant for Aurubis, had a stable supply in fiscal year 2021/22. The dynamic economic circumstances and high metal prices at the beginning of the fiscal year provided positive incentives for the collection of recycled materials. Supply volumes in Europe were also positively impacted by exports from the US and reduced demand from Asia due to import restrictions and temporary production shutdowns due to Covid. Rising energy prices dampened the supply of scrap in Europe in the middle of the year. All in all, refining charges for copper scrap were stable

over the course of fiscal year 2021/22 but were significantly lower than the high prior-year level.

Complex recycling raw materials were available on the market with very good refining charges during the entire fiscal year. Individual product groups, such as shredder materials, were negatively impacted by logistics challenges. On the whole, however, high metal prices resulted in a stable supply with refining charges above the prior-year level.

PRODUCTION

in thousand t

Copper scrap/blister copper input in the Group at prior-year level

Copper scrap and blister copper input in the Group

During the reporting year, our production sites benefited from a good supply of copper scrap and blister copper Glossary, page 232 as well as a very good supply of other recycling materials. Overall, the Group-wide input of copper scrap and blister copper in fiscal year 2021/22 was slightly below the prior-year level at 540,000 t (previous year: 547,000 t). The MMR segment accounted for 325,000 t (previous year: 332,000 t) and the CSP segment for 215,000 t (previous year: 215,000 t).

The input of other recycling materials such as industrial residues, slimes, shredder materials, and electrical and electronic scrap in the Group was 524,000 t during the reporting period, slightly below prior-year level (540,000 t).

Input of other recycled materials in the Group

in thousand t

Cathode output at a high level

At 513,000 t in 2021/22, copper cathode output in Segment MMR slightly exceeded the prior-year level (507,000 t) due to good production and stable capacity utilization in the tankhouses. Cathode output at our site in Lünen will continue to be at a reduced level until the planned commissioning in the first half of 2024 as a result of the ongoing renovation and capacity expansion measures in the tankhouse.

The international cathode markets recorded stable demand overall in fiscal year 2021/22. Towards the middle of the fiscal year, premiums in Europe and the US moved upwards due to the tighter supply situation. In contrast, cathode premiums in Shanghai were volatile. While premiums in Asia remained at a very high level at the beginning of the year, they decreased significantly towards the middle of the fiscal year on the back of the reduction in demand attributable to Covid. As the year unfolded, premiums recovered again as a result of tighter supply, and by the end of the fiscal year they had once again returned to the high level of the previous year. At US\$ 123/t, the Aurubis Copper Premium for calendar year 2022 was higher than in the previous year (US\$ 96/t).

Cathode output in the Group

in thousand t

Cathode output in the Group by sites

in thousand t

CAPITAL EXPENDITURE

Capital expenditure in the MMR segment amounted to € 153 million (previous year: € 60 million). The increase mainly resulted from investments for the new recycling plant in Richmond, Georgia, investments in the tankhouse renovation at the Lünen site, and investments in the new bleed treatment facility (BOB) in Olen.

CUSTOM SMELTING & PRODUCTS SEGMENT Key figures

in € million	2021/22 operating	2020/21 operating1
Total revenues	18,570	16,273
Operating EBITDA	524	316
Depreciation and amortization	-136	-132
Operating EBIT	388	184
Operating EBT	390	185
Capital expenditure	208	182
Operating ROCE	18.7%	11.2%
Capital Employed	2,128	1,759
Number of employees (average)	5,080	5,166

1 Prior-year figures have been adjusted.

The Custom Smelting & Products (CSP) segment comprises the production facilities for processing concentrates and for manufacturing and marketing standard and specialty products such as cathodes, wire rod, shapes, strip products, sulfuric acid, and iron silicate. The Custom Smelting & Products segment is also responsible for precious metal production. The sites in Hamburg (Germany) and Pirdop (Bulgaria) manufacture copper cathodes, which are processed further into wire rod and shapes at the Hamburg (Germany), Olen (Belgium), Emmerich (Germany), and Avellino (Italy) sites. The Buffalo (US), Stolberg (Germany), and Pori (Finland) sites produce flat rolled products and specialty wire products. Aurubis AG sold four sites of the former Aurubis flat rolled products segment to KME SE, Osnabrück, with effect from July 29, 2022. The site at Zutphen (Netherlands) and the slitting centers in Birmingham (UK), Dolný Kubín (Slovakia) and Mortara (Italy) correspondingly contributed to the earnings of the CSP segment through July 29, 2021, for ten months.

BUSINESS PERFORMANCE AND EARNINGS TREND

The main drivers of earnings in the Custom Smelting & Products segment are treatment and refining charges for copper concentrates (TC/RCs), refining charges for recycling materials (RCs), metal prices, the Aurubis copper premium, product surcharges for copper products, and sales revenues for sulfuric acid. Another key earnings driver is metal gain.

Segment CSP generated total revenues of € 18,570 million during the reporting period (previous year: € 16,273 million). After high sales volumes in the previous year, demand for wire rod and strip products returned to a high level in the course of fiscal year 2021/22. Sales of shapes were significantly higher than a year earlier on the back of stronger demand. Sales in the segment increased on the back of higher metal prices and high volumes.

Segment CSP generated operating earnings before taxes (EBT) of € 390 million (previous year: € 185 million). This significantly improved result compared with the previous year is based on significantly higher concentrate throughput, significantly higher sulfuric acid revenues due to higher sales prices, a significantly higher metal gain with increased metal prices, and significantly higher demand for copper products with higher product surcharges.

Significantly lower refining charges for copper scrap and lower concentrate throughput due to the planned maintenance shutdown at our Hamburg site combined with lower treatment and refining charges driven by market factors negatively affected operating EBT compared with the prior year. Significant increases in electricity and natural gas costs along with other cost increases also negatively affected the result in the reporting period.

Compared with the previous year, the calculation has been changed in that, in line with the metal derivative transactions, unrealized reporting date-related effects of market valuations of energy derivative transactions are now also excluded from the calculation. Prior-year figures have been adjusted accordingly. Please refer to Foundations of the Group, page 96 for additional explanations regarding the derivation of the operating result.

At 18.7%, operating ROCE (taking the operating EBIT of the last four quarters into consideration) improved considerably compared to the previous year (11.2%).

RAW MATERIAL MARKETS

Higher treatment and refining charges for copper concentrates due to market factors

The global copper concentrate market indicated higher mine output in the reporting period year-over-year. The rate of worldwide mine production outagesdue to severe weather, strikes, or COVID-19 remained below the prior-year level. Expansions of existing mines and new mine projects, particularly in South America, also positively influenced the concentrate supply.

On the global smelter industry side, planned and unplanned downtimes dampened demand for copper concentrates. Regional restrictions on energy consumption in China at the beginning of August 2022 also affected concentrate demand. In alignment with this trend, the development of TC/RCs for standard copper concentrates on the spot market was consistently positive over the reporting period. As a result of the improved supply situation and more restrained demand from Chinese smelters, the TC/RCs on the spot market were US\$ 82/t or 8.2 cents/lb at the end of the fiscal year.

For 2022 annual contracts, the benchmark TC/RC for processing standard copper concentrates was US\$ 65.0/t and 6.5 cents/lb (previous year 2021: US\$ 59.5/t and 5.95 cents/lb). The spot market was slightly under the benchmark at the beginning of the fiscal year. Because of the improved concentrate supply and Chinese smelters' buying restraint on the market, spot prices were consistently above the benchmark level from the middle of the fiscal year.

Aurubis has a diversified supplier portfolio and long-term delivery contracts. Through active raw material management, we were thus able to secure a continuous supply for our production facilities during the entire fiscal year and were only active on the spot market to a limited extent.

For information on developments in refining charges for recycling materials, we refer to our comments on the MMR segment.

PRODUCTION

Concentrate throughput at good level

Production at our smelter sites was constant and at a good level in the fiscal year. The Pirdop site in particular performed very well. At 2,429,000 t, concentrate throughput for fiscal year 2021/22 increased by 8% to 2,429,000 t (previous year: 2,250,000 t), despite the maintenance shutdown in Hamburg. Inclement weather and necessary additional work that could only be identified after operations were shut down led to an increase of the shutdown by eleven days. Shutdowns impacted throughput in the previous year as well.

Concentrate throughput

in million t

Copper scrap/blister copper input at prior-year level

At 215,000 t, copper scrap/blister copper input in the CSP segment in the reporting period was at the prior-year level (215,000 t). For information on developments in refining charges for recycling materials, we refer to our comments on the MMR segment.

Cathode output at a good level

At 598,000 t in 2021/22, copper cathode output in the CSP segment was slightly below the prior-year level (606,000 t) due to stable capacity utilization in the tankhouses and stable production. For information on developmentson the international cathode markets, we refer to our comments on the MMR segment.

Metal sales volumes

The sales volumes of the metals Aurubis produces were as follows in fiscal year 2021/22:

Sales volumes of other metals

		2021/22	2020/21
Gold	t	47	51
Silver	t	911	949
Lead	t	44,016	40,717
Nickel	t	3,863	3,900
Tin	t	9,340	10,043
Zinc	t	13,917	18,243
Base metals	t	867	977
Platinum group metals
(PGMs)	kg	9,514	8,722

Prior-year figures have been adjusted.

The recovery of our metals depends on the metal contents in the processed copper concentrates and various recycling materials. Lower concentrate and recycling throughputs therefore impact the volumes of the different metals that are recovered. A portion of the metals is sold as intermediate products.

Wire rod output at a very high level due to demand

Continuous cast wire rod is used as a preliminary product for processing, especially in the cable and wire industry, as well as for special semifinished products. Demand for rod was at a very high level in fiscal year 2021/22. The very high levels of demand seen in the previous year continued in the first three quarters of fiscal 2021/22. Demand fell slightly in Q4 2021/22. The energy and infrastructure sectors generated good demand throughout the fiscal year.

Shapes output increased notably compared to previous year

Demand for high-purity shapes increased considerably year-overyear. The order situation was at a stable, high level throughout the fiscal year.

Wire rod output

in thousand t

Shape production

in thousand t

Sulfuric acid output above prior-year level due to increased concentrate throughput

Corresponding to the concentrate throughput, the sulfuric acid output was 2,296,000 million t, significantly above the previous year level (2,107,000 t). Demand on the global market for sulfuric acid was high in fiscal year 2021/22. Temporarily lower production capacities at European zinc smelters, logistics bottlenecks, and higher input costs for sulfur burners during the fiscal year all led to reduced volume coupled with high demand for long periods of fiscal 2021/22. Consequently, prices remained very high into the third quarter of 2021/22. Continued increases in energy costs, particularly for natural gas, triggered sharp rises in production costs in the chemical and fertilizer industries, which in turn

translated into sharply reduced demand and lower market sulfuric acid prices at the end of fiscal year 2021/22. Because of its customer and contract structure, Aurubis is not completely exposed to developments on the spot market, and any impacts occur with a time lag.

Flat rolled products output declines year-on-year

As in the previous year, there was strong market demand for flat rolled products. Demand for submarine cables, material for power electronics, connectors, and cooling systems remained at a high level. The automotive sector delivered a stable performance.

Output of flat rolled products and specialty wire decreased to 176,000 t (previous year: 191,000 t). With the partial sale of the former flat rolled products segment, production volumes at the Zutphen site have been discontinued since the closing of the sale with effect from July 29, 2022. In addition, Aurubis Stolberg resumed production at the beginning of November 2021 after the severe weather impacts. Production was gradually ramped up again during the reporting period.

Flat rolled products and specialty wire output

in thousand t

CAPITAL EXPENDITURE

Capital expenditure in the CSP segment amounted to € 208 million (previous year: € 182 million), mainly for the maintenance shutdown in Hamburg, the start of construction work on phase 2 of the industrial heat project, and preparatory measures for the maintenance shutdown in Pirdop in 2023.

Executive Board assessment of the Aurubis Group during fiscal year 2021/22

Despite the continued difficult business environment, the Aurubis Group generated the best annual result in the company's history in the past fiscal year. Supply chains that were already strained by the ongoing Covid-19 pandemic were further stressed by the impact of the war in Ukraine. Aurubis, as an energy-intensive company, is particularly affected by the energy crisis and impending natural gas shortage in Germany resulting from this war of aggression. In order to reduce dependence on natural gas as an energy source at all Group sites in Europe and to make a contribution to saving energy as a company, we set in motion a number of measures in the spring, particularly in Germany, to reduce purchases of natural gas and increase the flexibility of the energy sources we need. When these measures come into full effect at the beginning of 2023, we will be able to reduce up to 40% of the installed procurement capacity for natural gas at German group companies and meet our supply needs with alternative energy sources.

Thanks to the commitment, flexibility, and discipline of our employees, together with structured crisis management, we were able to continue production at our sites unaffected over the entire fiscal year. At the same time, we were in a position to profitably take advantage of good market conditions, though profound increases in energy costs strained the result.

With an operating EBT of € 532 million (previous year: € 381 million), the Aurubis Group fully met its forecast for fiscal year 2021/22, which originally called for an operating EBT of between € 320 million and € 380 million; the Group raised this forecast for the second time on April 21, 2022, to an operating EBT of between € 500 million and € 600 million. At the end of the reporting year, operating ROCE reached 19.0% (previous year: 16.6%) and was thus above our target of 15% and within the forecast interval of 17% to 21%.

The very good financial performance during the fiscal year, coupled with higher net working capital up to the end of the year as a result of the extended shutdown in Hamburg, resulted in a good net cash flow of € 288 million, although this was significantly lower than in the previous year. (previous year: € 812 million).

The equity ratio (operating) was 54.0% as at September 30, 2022 (previous year: 48.9%). The net financial position as at September 30, 2022, was € 379 million (previous year: € 383 million). The Aurubis Group's balance sheet structure thus continues to be very robust.

In the course of the fiscal year, the operating performance and the concentrate throughput in our smelter sites were satisfactory and made a substantial contribution to the very good fiscal year result.

Planned shutdowns in the Group impacted results in the reporting period. Delays in the ramp-up after the planned shutdown at our site in Hamburg had a negative impact in Q3 2021/22.

Treatment and refining charges on the spot markets for copper concentrate showed a consistently positive trend in fiscal year 2021/22. While the mining side succeeded in increasing supply compared with the previous year, planned and unplanned shutdowns in the global smelter industry dampened demand for standard copper concentrates. Regional restrictions on energy consumption in China at the beginning of August 2022 also reduced concentrate demand. Because of the improved concentrate supply and Chinese smelters' buying restraint on the market, spot prices were consistently above the benchmark level from the middle of the fiscal year. Through our diversified supplier portfolio, long-term supply contracts, and active raw material management, we were able to secure the supply for our production facilities during the entire fiscal year and were only active on the spot market to a limited extent.

In fiscal year 2021/22, the market for copper scrap was influenced by the dynamic economic circumstances, high metal prices, and reduced exports of copper scrap to Asia. Higher energy costs dampened the supply of copper scrap in the further course of the fiscal year. The supply of other recycled materials was at a good level, with the exception of individual product groups, due to logistics challenges. Refining charges for copper scrap were stable in the past fiscal year but lower than the prior-year level. Refining charges for other recycling materials developed very positively in the reporting period and surpassed the prior-year level. Aurubis processed more than 1 million t of recycling materials in fiscal year 2021/22, making a significant contribution to the circular economy of metals.

For large stretches of fiscal 2021/22, demand on the global market for sulfuric acid was high, while supply was reduced. Sales prices on the spot market for sulfuric acid rose significantly into Q3 2021/22. Production cuts in the chemical and fertilizer industries due to higher energy costs triggered sharply reduced demand and lower sulfuric acid prices on the spot markets at the end of fiscal 2021/22.

The operating result in fiscal year 2021/22 was positively influenced by a very good metal gain with increases in metal prices, especially for industrial metals (copper, tin and nickel).

On the product side, demand for wire rod developed very positively in light of the sustained economic development at the beginning of the fiscal year and continued at a high level during the course of the fiscal year. Demand for high-purity shapes increased considerably year-on-year, driven by strong demand from the energy sector and the processing industry.

At € 205 million, the operating EBT for the Multimetal Recycling (MMR) segment in the reporting period was significantly lower than in the previous year (€ 256 million). The operating result was positively influenced by higher refining charges for other recycling materials, as well as a significantly higher metal gain with high metal prices. Lower copper scrap throughput and lower refining charges driven by market factors compared with the high prioryear level as well as higher costs overall, in particular for electricity and natural gas, had a counteracting effect.

Operating EBT of the Custom Smelting & Products (CSP) segment in the reporting period was € 390 million, up significantly on the previous year (€ 185 million). This significantly improved result is based in particular on considerably higher throughputs of concentrates, strong demand for sulfuric acid with significantly higher sales prices, higher metal gain, and higher demand for copper products with higher product surcharges.

Aurubis Stolberg GmbH & Co. KG resumed production at the beginning of November 2021 after flood damage and gradually ramped up production during the fiscal year.

In February 2022, Aurubis signed a purchase agreement with KME SE for the partial sale of the former flat rolled products segment. The sale was approved by the relevant supervisory authorities and closed with effect from July 29, 2022. According to the agreement, the Zutphen (Netherlands) site as well as the slitting centers in Birmingham (United Kingdom), Dolný Kubín (Slovakia), and Mortara (Italy) have been transferred to KME SE.

On September 14, 2022, the Supervisory Board appointed Inge Hofkens, the current Managing Director of the Belgian site in Olen, as the fourth Executive Board member with effect from January 1, 2023. Inge Hofkens will assume a new Executive Board position and, as Chief Operating Officer (COO) for Multimetal Recycling, will be responsible for the segment's production sites. Dr. Heiko Arnold will be responsible for the primary and product business as COO Custom Smelting & Products.

During the past fiscal year, we advanced important projects in the three pillars of the Group strategy and made a number of additional investment decisions.

Aurubis has decided to construct a state-of-the-art energyefficient facility for processing electrolytes (bleed) at the Olen site. A hydrometallurgical process extracts valuable metals such as nickel and copper produced during metal production in the tankhouse at the Aurubis sites in Beerse and Olen. Aurubis plans capital expenditure of € 70 million and an annual EBITDA contribution of around € 15 million when the new system becomes fully operational in fiscal year 2025/26.

A groundbreaking ceremony was held on June 17, 2022, for a stateof-the-art multimetal recycling facility in Augusta (Richmond County) in the US state of Georgia. Aurubis Richmond will process about 90,000 t of complex recycling material into 35,000 t of blister copper each year. The plant should be commissioned in 2024. The technology and processing capabilities of our recycling system position us as a forerunner in sustainable multimetal recycling in the US. The plant also opens up the prospect of additional growth in the US.

We have also adopted important measures and projects in the area of sustainability, a pillar of our Group strategy, which will contribute to the achievement of our sustainability KPIs.

To be able to integrate the complex and dynamic sustainability developments into business activities even better in the future, the Aurubis sustainability organization was strengthened during the reporting period, effective January 1, 2022. Accordingly, the central issue of sustainability in our corporate strategy "Driving Sustainable Growth" is now reflected in the organization in order to continue expanding the industrial leadership of Aurubis in this area.

The Sustainability division was separated from the Communications, Investor Relations, and Event Management & Social Engagement division and reports directly to the CEO as an independent organizational unit with a new division head. Among other things, the division is responsible for coordinating the implementation of our ambitious 2030 sustainability targets across the Group and for further developing the Sustainability Strategy. This also includes the European climate protection targets, which are reflected in the Sustainable Finance Action Plan, for example, as well as active participation in initiatives like The Copper Mark.

As part of the expansion of our industrial heat project in Hamburg, which once completed will prevent up to 100,000 t of CO2 emissions every year, construction work on a new district heating pipeline was launched in April 2022, which will supply 20,000 households with CO2-free industrial waste heat from Aurubis starting from the end of 2024.

In July 2022, the Aurubis Olen site concluded a long-term electricity supply contract with Eneco to obtain renewable energy from the Belgian offshore wind farm SeaMade. This contract provides for the delivery of 12 megawatts of electricity starting in January 2023. This means that in the future, more than 90% of the external electricity for the site will come from renewable energy sources.

After Aurubis Bulgaria, the German Aurubis sites in Hamburg and Lünen also successfully completed the Copper Mark certification process in July 2022 and now bear the quality seal for sustainability in the copper industry. The Belgian site in Olen also plans to complete the certification process in 2023.

In early February 2022, we took out a € 350 milion syndicated credit line over a period of five years which is linked to ESG criteria. ESG stands for environmental and social governance. The loan conditions are tied to the company's EcoVadis rating: Our commitment to sustainability is thus having a direct impact on the costs for our Group financing. In June 2020, Aurubis already very successfully placed an ESG-linked Schuldschein loan with a volume of € 400 million. Our latest financing package once again underlines that our commitment to sustainability extends even into our company's financing structures.

Our progress in all areas of sustainability is confirmed by rating agencies. We published our results in ESG rankings on our website, including for example the updated and improved ESG rating from Sustainalytics www.aurubis.com/en/responsibility/reporting-kpis-andesg-ratings.

We have already substantially reduced the CO2 footprint of our copper cathodes with the measures implemented in the past several years: the life cycle assessment for the Aurubis copper cathode has now been updated, and the latest calculations show that only 1,460 kg of CO2 per ton of copper are emitted. This is a reduction of approximately 35% compared to the figures from 2013.

The numerous challenges of the past fiscal year showed once again that Aurubis has a robust business model and is in a very good position – from both a financial and an operational perspective. Moreover, the implementation of our revised strategy has set the course for the coming years. By strengthening our core business and pursuing growth options in recycling, we highlight key aspects of the Group's future success. Aurubis stands for both successful growth and sustainability.

Financial performance, assets, liabilities, and financial position of Aurubis AG

GENERAL INFORMATION

In order to supplement our Aurubis Group reporting, we explain Aurubis AG's development in the following section. Aurubis AG is the parent company of the Aurubis Group and is based in Hamburg, with production sites in Hamburg and Lünen. Apart from managing the Aurubis Group, the business activities of Aurubis AG also particularly include primary copper production and recycling, as well as copper product and precious metal production. The separate financial statements of Aurubis AG have been prepared in accordance with the requirements of the German Commercial Code (Handelsgesetzbuch, HGB) and the German Stock Corporation Act (Aktiengesetz, AktG). The significant differences from the Group financial statements prepared in accordance with IFRS principles are in the accounting treatment of fixed assets, the measurement of inventories, and the measurement of financial instruments, as well as in the accounting treatment of pension provisions.

The Aurubis Group is managed across all companies at Group level through segments, using operating EBT and operating ROCE as the financial performance indicators. These indicators are also used for Aurubis AG's operating activities, which are a significant component of the Group. To this extent, the development and forecast of the financial performance indicators at the Segment and Group levels at the same time represent the development and forecast for Aurubis AG as an individual company.

The analysis of the development for the financial performance indicators outlined above during the fiscal year and the related forecasts for the following year are provided in the Economic Report and the Forecast Report for the entire Group. Statements regarding the risk situation and opportunities can be found in the Group's Risk and Opportunity Report, pages 133–144.

FINANCIAL PERFORMANCE

Income Statement

in € million	2021/22	2020/21
Revenues	13,164	11,612
Changes in inventories/ own work capitalized	71	40
Other operating income	93	124
Cost of materials	-12,748	-11,129
Gross profit	580	647
Personnel expenses Depreciation of property, plant, and	-347	-297
equipment and amortization of intangible assets	-68	-66
Other operating expenses	-210	-155
Operational result (EBIT)	-45	129
Financial result	174	135
Result of normal business activities (EBT)	129	264
Taxes	-3	-33
Net income for the year	126	231

The business performance of Aurubis AG in fiscal year 2021/22 was mainly influenced by the improved metal gain and higher metal prices, especially for industrial metals (copper, tin, nickel). Aurubis also benefited from significantly higher sulfuric acid revenues due to significantly increased sales prices and from a significant increase in demand for copper products. Significantly lower refining charges for copper scrap, charges for the maintenance shutdown at the Hamburg site and significantly higher energy costs – particularly for electricity and natural gas – had a negative impact on results.

Revenues increased by € 1,552 million to € 13,164 million in the year reported (previous year: € 11,612 million). This development is primarily attributable to increased sales volumes as well as higher metal prices for copper products and sulfuric acid.

The cost of materials ratio (cost of materials / (revenues + changes in inventories)) rose by 0.8%, from 95.6% in the previous year to 96.4%, mainly due to a significant increase in energy costs.

Other operating income in the fiscal year includes foreign exchange gains of € 74 million (previous year: € 37 million). The increased positive exchange rate differences deriving from the measurement and realization of foreign currency receivables and payables (in US\$ especially) contrasts with negative exchange rate differences with regard to the other operating expenses. In addition, other operating income includes € 13 million (previous year: € 83 million) of income relating to prior periods. Of this amount, € 8 million relates to electricity price compensation payments, € 2 million to income from the reversal of provisions set up in connection with the Performance Improvement Program that were not needed, and income from damage compensation claims in the amount of € 3 million. Reversals of write-downs of receivables amounting to € 63 million were reported here in the previous year. After taking own work capitalized into account, the gross profit decreased by a total of € 67 million to € 580 million (previous year: € 647 million).

Personnel expenses increased in the past fiscal year by € 50 million to € 347 million, particularly due to increased pension expenses of € 40 million and higher provisions for bonus payments. The increased pension expenses are related to the necessary adjustments to the actuarial parameters for future pension trends (2.4% p. a.) (previous year: 1.6% p. a.) and the salary trend (3.0% p. a.) (previous year: 2.75% p. a.).

Depreciation and amortization of fixed assets increased by € 2 million to € 68 million (previous year: € 66 million). This increase particularly concerned technical equipment and machinery, as well as buildings.

The increase in other operating expenses is primarily due to higher foreign exchange losses in the amount of € 86 million (previous year: € 38 million). The negative exchange rate differences deriving from the measurement and realization of foreign currency receivables and payables contrast with positive exchange rate differences with regard to the other operating income.

Taking personnel expenses, depreciation and amortization, and other operating expenses into account, the operational result (EBIT) amounted to € -45 million (previous year: € 129 million).

The financial result for the year reported was € 174 million (previous year: € 135 million). In addition to dividends of € 155 million (previous year: € 137 million) from subsidiaries, this item includes write-downs on the carrying amounts of the investments in Aurubis Italia Srl amounting to € 2 million and in azeti GmbH amounting to € 1 million. In the past fiscal year, securities classified as fixed assets were also sold. This gave rise to proceeds of € 66 million and related income of € 32 million.

After taking a tax expense of € 3 million (previous year: € 33 million) into account, the net income for the year amounted to € 126 million (previous year: € 231 million). The relative reduction in the tax expense is mainly due to the difference between the profit disclosed in the financial statements prepared for commercial law purposes and the profit for tax-based purposes, due mainly to differences in the amounts recognized for provisions and results from investments.

ASSETS AND LIABILITIES

Fixed assets increased in the fiscal year by € 34 million to a level of € 2,523 million (previous year: € 2,489 million).

Additions to intangible assets and property, plant, and equipment amounted to € 148 million in the year reported. They primarily included investments in connection with the shutdown of primary copper production at the site in Hamburg, in the renovation of the Lünen tankhouse and the ridge turret suctioning in the primary smelter in Hamburg (Rohhütte Werk Ost), and investments in the industrial heat supply project in Hamburg.

In the past fiscal year, E.R.N. Elektro-Recycling Nord GmbH, Hamburg, transferred all of its assets to CABLO Metall-Recycling & Handel GmbH, Fehrbellin, by way of a merger through absorption pursuant to Sections 2 No. 1, 46ff. of the German Business Reorganization Act (UmwG). In this context, Aurubis AG completed a capital increase at E.R.N. Elektro-Recycling Nord GmbH, Hamburg, in the amount of € 0.9 million.

The impairment test of the financial assets also resulted in the recognition of write-downs on the investment carrying amounts of Aurubis Italia Srl (€ 2 million), and azeti GmbH (€ 1 million).

Inventories increased by € 235 million in the past fiscal year, to a level of € 1,185 million (previous year: € 950 million). The increase results primarily from a € 172 million build-up in raw materials. In particular, this is due to the build-up of stocks of purchased anodes for the tankhouse supply in Hamburg as well as the increased inventory of purchased cathodes to supply the continuous casting plant in Hamburg, in connection with the activities performed during the maintenance shutdown at the Hamburg site. Moreover, work in process inventories also increased, by € 44 million. The increase is mainly attributable to the anode and anode slime stocks featuring a higher volume of precious metals.

Trade accounts receivable increased by € 77 million compared to the previous year. Thereby, receivables relating to copper products increased. This is partly volume-driven and partly attributable to metal prices. In addition, there was a reduction in receivables sold under factoring agreements.

For receivables from affiliated companies and companies in which investments are held, receivables from financial transactions in particular decreased by € 182 million, while trade accounts receivable increased by € 17 million.

Other assets increased mainly due to higher receivables from margin calls in the amount of € 21 million.

Overall, total assets decreased slightly by € 11 million, as compared to the previous year, to a level of € 5,105 million. The comparative share of total assets that is attributable to fixed assets was unchanged at 49% (previous year: 49%), while the share of inventories increased from 19% in the previous year to 23% in the past fiscal year, the share of receivables and other assets decreased to 14% (previous year: 15%) and the share accounted for by cash and cash equivalents decreased to 14% (previous year: 17%).

Equity amounted to € 1,856 million as at September 30, 2022 (previous year: € 1,800 million). The change in equity is due on the one hand to the net income of € 126 million for the past fiscal year. A dividend of € 70 million was also paid. The equity ratio is 36% (previous year: 35%).

Provisions and accrued liabilities increased by a total of € 79 million, to € 489 million. This can be attributed to higher pension provisions, which increased by € 57 million to € 225 million. Additionally, accruals for outstanding invoices increased by € 15 million, in particular due to outstanding final invoices from the maintenance shutdown at the Hamburg site, and personnelrelated provisions increased by € 5 million, mainly due to higher accruals for performance-related compensation.

Bank borrowings decreased by € 253 million in comparison to the previous year. Of this decrease, € 104 million is attributable to the redemption of a Schuldscheindarlehen loan as well as further planned redemptions in respect of other loan agreements.

Trade accounts payable of € 892 million (previous year: € 888 million) are at the same level as in the previous year.

In addition to trade accounts payable of € 1,543 million (previous year: € 1,469 million), payables to affiliated companies and participations totaling € 278 million (previous year: € 141 million) include payables of € 1,265 million deriving from financial transactions with subsidiaries (previous year: € 1,328 million).

Balance sheet structure of Aurubis AG

in %	9/30/2022	9/30/2021
Fixed assets	49	49
Inventories	23	19
Receivables, etc.	14	15
Cash and cash equivalents	14	17
	100	100
Equity	36	35
Provisions and accrued liabilities	10	8
Liabilities	54	57
	100	100

Aurubis uses assets under the terms of leasing agreements that are not recognized as assets in the balance sheet. Future financial commitments deriving from leases amount to € 8 million.

FINANCIAL POSITION

Net borrowings amounted to € 654 million as at September 30, 2022 (previous year: € 547 million). They resulted from bank borrowings of € 275 million (previous year: € 527 million) as well as the net amount of receivables due from and payables due to subsidiaries, amounting to € 1,060 million (previous year: € 941 million), deriving from refinancing arrangements – while deducting cash and cash equivalents of € 681 million (previous year: € 921 million).

Cash pooling arrangements exist between Aurubis AG and its subsidiaries. For a further analysis of Aurubis AG's liquidity situation, refer to the explanations concerning the Aurubis Group's financial position. Aurubis AG's financing was secured at all times.

In addition to cash and cash equivalents, Aurubis AG had access to unutilized credit line facilities and thus has adequate liquidity reserves. Furthermore, within the context of factoring agreements, Aurubis AG sold receivables without recourse as a financing instrument.

Capital expenditure

In the past fiscal year, capital expenditure investment of € 148 million was made in intangible assets and property, plant, and equipment at the Hamburg and Lünen sites (previous year: € 113 million). The investments primarily included investments in connection with the shutdown of primary copper production in Hamburg, in the renovation of the Lünen tankhouse, the ridge turret suctioning in the primary smelter in Hamburg (Rohhütte Werk Ost), and investments in the industrial heat supply project in Hamburg. Furthermore, investments were made in various infrastructure and improvement measures at the Hamburg and Lünen plants.

Risk and Opportunity Report

Integrated risk and opportunity management

Risks and opportunities are elements of our business activities and are essential to the company's success. As part of our operating business and our strategic management, we weigh opportunities and risks and ensure that they remain balanced. We aim to identify and evaluate risks and opportunities as early as possible and take appropriate action to mitigate risk.

Aurubis AG's risk and opportunity situation is strongly influenced by the Aurubis Group's risk and opportunity situation. In this respect, the statements of the company's management on the overall assessment of risks and opportunities also serve as a summary of Aurubis AG's risks and opportunities.

Risk management system

Our objective in risk management is to manage and monitor the risks associated with our business with the help of a risk management system (RMS) tailored to our activities. Identifying and observing risk development early on is of major importance. Furthermore, we strive to limit negative effects on earnings caused by risks by implementing appropriate and economically sound measures.

Risk management is an integral component of the centralized and decentralized planning, management, and monitoring processes and covers all of the Aurubis Group's main sites, business sectors, and central functions. The planning and management system, risk reporting, open communication culture, and risk reviews at the sites create risk awareness and transparency with regard to our risk situation and promote our risk culture.

Risk management officers have been appointed for all sites, business sectors, and central functions, and they form a network within the Group. The Group headquarters manages the network. A Group risk management function is established at the Aurubis Group in addition to the risk management officers. The RMS is documented in a corporate policy.

Standard risk reporting takes place bottom-up each quarter using a uniform, Group-wide reporting format. Within this format, the identified risks and risks beyond a defined threshold are explained and evaluated on the basis of their probability of occurrence and their damage impact. Measures to manage them are then outlined. The risks registered with Group headquarters are evaluated, qualitatively aggregated into significant risk clusters by Corporate Risk Management, and reported to the entire Executive Board. The report also establishes the basis for the report to the Audit Committee as well as external risk reporting.

Potential effect on earnings

in € million	>1	>5	>20	>50
Likelihood
high	medium	medium	high	high
medium	low	medium	medium	high
low	low	low	medium	medium
unlikely	low	low	low	medium

In the report to the Executive Board and the Audit Committee, the qualitatively aggregated risk clusters are assessed with due regard to risk management measures (net perspective) based on their probability of occurrence and the potential effect on earnings pursuant to the spreads included in the table, and are classified as low, medium, or high.

Independent monitoring

The RMS is subject to routine monitoring and review. Internal Audit monitors risk management and compliance with the internal control system using systematic audits. As a process-independent authority, it contributes to the correctness and improvement of the business processes, and to the effectiveness of the installed systems and controls.

In addition, the auditors review our early risk detection system to ensure that it adheres to legal requirements. They report the audit results to the Executive Board and the Supervisory Board (Audit Committee).

Furthermore, the Audit Committee deals intensively with risk management issues. The Group risk management function regularly informs the committee and the Executive Board about current developments.

Explanation of relevant risks

In the following sections, the risks associated with our business are explained according to our risk clusters. The main measures and instruments we use to counter these risks are also described here. We have separately indicated risks and risk-relevant issues that we currently classify as potentially medium to high.

SUPPLY AND PRODUCTION

The ability to keep the production facilities supplied with raw materials and the availability of the facilities are of central importance for the Aurubis Group. We limit the associated risks by implementing a range of specific measures:

To ensure the supply of copper concentrates for our facilities, we have entered into long-term agreements with a number of concentrate suppliers from various countries. In this way, we are able to reduce the risk of production interruptions caused by possible delivery failures. Despite the strain on many mines' production processes and logistics caused by the pandemic and exacerbated by the Ukraine war, we were able to fully supply our primary smelters with concentrates during the past fiscal year. The long-term orientation of our supply agreements also limits the risk of volatile treatment and refining charges on the spot market.

We believe there is an elevated supply risk regarding the availability of raw materials for our recycling plant in fiscal year 2022/23 despite our extensive international supplier network. If the energy crisis continues to result in high prices and possible shutdowns for aluminum and steel, the scaled-down scrap

collecting activities in these areas could have a negative impact on the copper sector as well. It should be noted that the predictability of recycling material availability remains limited due to the short-term nature of agreements in these markets. There are still possible volatilities in refining charges for copper scrap due to the metal price trend, the collecting behavior and inventory management of the metal trade, the international economic situation, and the way the competition behaves, especially Asian competitors.

The material for the facilities producing copper products mainly comes in the form of copper cathodes manufactured within the Group. This allows us to simultaneously generate higher added value and control the quality of copper products during the entire process.

We address production risks with asset life cycle management and forward-looking maintenance work, which reduces unplanned production shutdowns. We also addressed the risk of malfunctions by carrying out regular maintenance work and by keeping critical replacement parts on hand. In fiscal year 2021/22, we fully mitigated the impact of the COVID-19 pandemic on our business, mainly through vaccination drives at individual sites and established occupational hygiene. In the new fiscal year 2022/23, we still cannot completely rule out risks for production due to COVID-19 infections. However, all the measures tried and tested in recent pandemic years help to counter these risks.

We also took organizational measures to handle potential incidents that could result from events such as flooding or fire. We regularly inspect all sites with respect to possible risks related to strong rain and flooding. For instance, our parent plant in Hamburg is located near the Hamburg harbor and is protected by extensive flood control measures (referred to as polders) to prevent high water levels. Moreover, emergency plans are in place, and we train our employees by carrying out drills regularly.

We are working hard to replace natural gas with heating oil or liquefied petroleum gas (LPG) at some of our German sites in response to the risk of production losses due to a possible natural gas shortage triggered by reduced supplies from Russia. We believe these conversion measures are necessary in order to keep

our production operations running. At the same time, we are helping to reduce industrial gas consumption in Germany, thus increasing the likelihood of being able to secure supplies of natural gas in the coming winter as well. For details, see our remarks in "Energy and climate." The risk of potential power outages due to grid instability has increased significantly as a result of the current energy market situation. The current situation caused by the Ukraine war may lead to power grid outages. We are working on measures to minimize the impact of this kind of blackout on our production facilities and to position ourselves to quickly restart our plants as soon as the power grid is stable again.

We also monitor the supply situation very carefully outside of Germany, though we see no need to act in terms of switching production to alternative energy sources as there is greater diversity of supply sources for natural gas in our other production countries such as Belgium, Spain, Bulgaria, and the USA.

Taking into account the measures described above, we regard the risk of insufficient raw material supply as "medium." We also continue to classify the risk of strongly limited availability of our production facilities as "medium."

We deal with logistics risks by implementing a thorough, multistep selection and evaluation process for service providers, by avoiding single sourcing as far as possible, and by preventively developing backup solutions. We have developed alternative supply solutions for our site in Pirdop in particular in order to switch to other transport routes if the war of invasion on Ukraine makes it temporarily impossible for ships to pass through the Bosporus into the Black Sea. The impacts of worldwide delivery bottlenecks are still palpable; however, we are working tirelessly on this issue by processing information more quickly in the supply chain to have alternative scenarios available that would enable an optimized supply in different cases. We continuously monitor the movements of bulk carriers and container ships to be aware of delayed arrivals early on and minimize their effects. We also have an international network of qualified service providers at our disposal. This helps us to prevent weather-related or capacityrelated risks in the transport chain, for example by contractually arranging a selection of appropriate transport alternatives. We are also constantly monitoring water levels of the Rhine, some of

which are quite low due to the dry summer. We prevent the risk of our cooling water supplies failing by maintaining suitable pumping systems. The supply of raw materials to our facilities in Emmerich is secured in that alternative transport routes can be used when water levels become low.

SALES

In addition to supply and production risks, the Aurubis Group also faces sales risks, which we classify as "medium."

Generally speaking, risks can arise from negative deviations from our predictions of the markets' economic development, which we have outlined in the Forecast Report. Orders for wire rod, continuous cast shapes and flat rolled products remain high. However, the expected recessionary environment poses a risk of declining demand, particularly among energy-intensive consumer industries. In addition, logistics and supply chain disruptions continue to present risks. High energy costs have already led to a reduction in production and temporary production shutdowns in the European chemical industry, a major consumer of sulfuric acid. This presents an increased sales risk for Aurubis AG, which has led us to start early in the past fiscal year 2021/22 to diversify our customer portfolio in sulfuric acid beyond the European market and so will probably be able to compensate for the risk of further declining demand. However, our ability to offset the risk of significantly falling sulfuric acid prices due to declining demand through existing longer-term contracts with fixed prices is limited.

Thanks to economic analyses and estimates regarding economic trends, we are in a position to adjust our individual sales strategies to changing conditions as needed, thus countering any risks that arise.

We sell cathodes that are not further processed internally by Aurubis on international cathode markets.

SUSTAINABILITY

Supply chain risks (e.g., environmental pollution or human rights violations among suppliers) can mean damage to Aurubis' image and reputation, as well as possible negative impacts on our share price and product sales. We address this risk in particular through business partner screening, which was revised and relaunched in the reporting period. With this instrument, we regularly analyze existing and potential business partners to assess their integrity regarding social and ecological criteria. The focus of our interest is on topics such as compliance, corruption, human rights aspects, and environmental issues. We also assess business partners on the sales side using Business Partner Screening. Due to the high ongoing significance of responsibility in the supply chain as part of our sustainability approach, we classify the risk related to sustainability aspects in the supply chain as "medium."

Sustainability is an established part of our company strategy. We work continuously on further enhancing our performance – in accordance with our Sustainability Strategy. To achieve this, we adopted ambitious 2030 sustainability targets in the reporting year as part of the revision of the Group strategy and have developed initial strategic projects aimed at increasing our recycling rate and reducing our carbon footprint, among other things. We offset the risk of missing these targets by taking concrete action and instituting key performance indicators for managing these sustainability targets across the Group. In addition, we are involved in initiatives related to sustainability issues such as climate and environmental protection and responsible supply chains. This includes Aurubis' commitment to The Copper Mark. The Copper Mark is an initiative started in 2020 that entails a review of the sustainability standards of copper production sites including mines, smelters, and refineries. With this standard, we want to foster responsibility throughout the value chain, boosting and verifying our own sustainability performance with an external certification from an independent body. The 32 sustainability criteria of the Risk Readiness Assessment of the Responsible Minerals Initiative (RMI) apply, which cover topics such as compliance, human rights and labor, environmental protection, and occupational safety. Responsible

copper, lead, nickel, and zinc sourcing is another criterion that is verified during the certification process. To advance this goal, the Copper Mark has developed a due diligence standard that took effect in 2021 and also serves to fulfill the responsible metal sourcing standards of the London Metal Exchange (LME), one of the world's most important metal exchanges.

The Copper Mark is oriented to the United Nations Sustainable Development Goals (SDGs). The Copper Mark seal was awarded to Aurubis Bulgaria in April 2021 and to the Aurubis sites in Hamburg and Lünen in July 2022. Other Aurubis sites will gradually follow; the next site is Olen, Belgium, which has also started the process.

Furthermore, Aurubis introduced the label "Tomorrow Metals by Aurubis" in October 2021. With this label, we combine the Group's measures to continue improving sustainability performance, particularly the environmental footprint, for our metal customers.

ENERGY AND CLIMATE

Aurubis takes the protection of the climate very seriously. The company highlights the significance of this issue by publishing Scope 1, Scope 2, and Scope 3 CO₂ emissions as part of the separate Non-Financial Report. Aurubis counters the risks of climate change with an energy management system at all of the main sites, among other measures.

Sustainability targets have been defined up to 2030 as part of the refined corporate strategy. They include our CO₂ reduction targets, which the Science Based Targets initiative (SBTi) has validated and which contribute to limiting global warming to 1.5°C pursuant to the Paris climate agreement. Accordingly, we want to reduce our absolute Scope 1 and Scope 2 emissions by 50% and our Scope 3 emissions (CO₂) by 24% per ton of copper cathode by 2030 compared to 2018. We also aim to be climate-neutral well before 2050.

In alignment with the definition given by the TCFD (Task Force on Climate-Related Financial Disclosures), we categorize climate risks into physical and transitory risks and will issue a separate TCFD report that includes climate risks in the upcoming Sustainability Report. The physical risks include the risks due to extreme weather events, both in our plants and in the transport chain, that are described in the "Supply and production" section. We counter the risks in the transport chain through geographic diversification in the supply chain, the storage of emergency reserves to maintain production, and the availability of alternative logistics service providers, among other things. Furthermore, we observe water levels (flooding/low water) in the key waterways to be able to promptly initiate countermeasures to maintain our transport routes and cooling processes. As demonstrated by the July 2021 flood disaster at our Stolberg site, flooding or inundation poses significant physical climate risks. We have started to investigate the long-term impact of physical climate risks using global warming scenarios (+1.5 and +4°C global warming) at our main production sites with the aim of incorporating the resulting information into our (investment) planning.

Transitory risks include technological and political risks first and foremost. We welcome the accelerated expansion of renewable energies, but supply security has to be ensured in the process (technological risks). For this purpose, we address the fundamental supply security of the individual sites to be able to initiate countermeasures early on if needed. This currently includes, but is not limited to, measures to establish an alternative energy supply so that our German sites in Hamburg, Lünen, Emmerich and Stolberg suffer few or no impacts from a shutdown of the gas supply in the event of a gas shortage. To accomplish this, we are working hard to replace natural gas with heating oil or LPG in processes wherever technically feasible. We believe these conversion measures are necessary in order to keep our production operations running in the event of a crisis. Natural gas is not used for production at our European sites in Pirdop and Pori. Our Belgian sites in Beerse and Olen as well as the site in Berango benefit from a more diversified supply concept than Germany. We are preparing to switch from natural gas to hydrogen in order to advance our decarbonization targets. We have successfully carried out a series of tests on the use of hydrogen at our anode furnace in Hamburg and are participating in the "Living Lab Northern Germany" research project funded by the German Federal Ministry for Economic Affairs and Climate Action. Measures to boost flexibility include the compensated

partial shutoff in the case of electricity shortages and the use of our power-to-heat facility to generate steam with electricity in the case of excess electricity. Furthermore, we have had an energy supply contract in place since 2010, which secures most of the electricity our main German sites need in the long term.

Because of the constant changes in overall political conditions, political risks have a significant influence on our business:

• » Mounting burdens resulting from changes in potential cost drivers such as the German and European emissions trade, grid charges, and the eco-tax are generally difficult to quantify reliably. The German government decided to reduce the EEG surcharge to 0 in July 2022. The risk of an increased financial burden from a rising EEG surcharge thus no longer exists. At the same time, however, the KWKG and offshore grid surcharges were not reduced to 0 and thus still represent a risk, albeit a significantly lower one. As an energy-intensive company, we will continue to receive a partial exemption from these surcharges in the future on the basis of the Climate, Environment and Energy Aid Guidelines (CEEAG) adopted last year. Unfortunately, the trajectory of these surcharges will only become apparent within the new fiscal year, necessitating the use of estimates in this report.
• » The copper production and processing industry will continue receiving free allocations of emission trading allowances for direct CO₂ emissions and electricity price compensation between 2021 and 2030 due to its carbon leakage status. For all sites taking part in emissions trading, free allocations of CO₂ certificates were approved in the amount applied for starting in 2021. The level will remain constant until 2025. However, taking into account the political CO₂ reduction goals of the Paris Agreement, we expect a decline in the free allocation of CO₂ certificates starting in 2026. For the entire Group, however, we do not expect any additional burden due to potentially necessary purchases of CO₂ certificates. The CO₂ price rose sharply again last year, and we expect prices to rise further as a result of falling allocations. The political decisionmaking process regarding the implementation of electricity cost compensation for indirect CO₂ costs starting in 2021 is finished in some EU Member States; for example, it has already been approved by the EU for Germany. The level of electricity price compensation still amounts to at least 50% of the cost burden. If a cap of 1.5% of gross value added were implemented for the contribution, as the EU regulation
• » The decarbonization targets described above include different projects at the individual production sites. This includes the series of tests described above for the direct use of hydrogen in the copper production process. At our site in Pirdop, a 10 MW solar plant went into operation in fiscal year 2021/22. At our site in Hamburg, we have been providing carbon-free industrial heat to the enercity district heating system to heat HafenCity East for several years now. We have started building the extensive expansion of this industrial heat supply solution. We are continuing to shift our electricity supply contracts to the sourcing of carbon-free electricity as well. For example, 12 MW of electricity from the SeaMade offshore wind farm will be supplied to our Olen site in Belgium under a ten-year green power purchase agreement (PPA) starting in January 2023. This contract will reduce the site's annual CO₂ Scope 2 emissions by 42,000 t. There are also initial studies on further substituting natural gas with electricity in our production facilities for wire rod and shapes.
• » Total emissions for all production sites in calendar year 2021 amounted to 7.8 million t of CO₂ (Scope 1 + 2: 1.6 million t of CO₂; Scope 3: 6.2 million t of CO₂). In copper production, however, gold, silver, platinum, palladium, additional precious metals, and building materials such as iron silicate stone are also recovered in addition to copper. These additional metals would be produced at other companies in alternative production processes that would emit significantly higher CO₂ emissions. Based on an external study referencing published emission factors, the metals mentioned above and the co-products that are recovered at Aurubis would lead to an additional 3.5 million t of CO₂ emissions each year in conventional production. Yet these additional emissions do not arise at Aurubis due to our energy-efficient processes, due in part to the advantages of the smelter network, which means that the metals we produce, including copper, have a very small carbon footprint.

We are exposed to market risks in further increasing prices for electricity, natural gas, and CO₂ first and foremost. Although we generally hedge against short-term market price fluctuations to a certain extent through early purchasing, electricity and natural gas prices have risen so far that it no longer makes financial sense to set up hedges at this price level. For the energy companies' CO₂ costs that are included in the electricity price (so-called indirect emissions), we have only been compensated half within the scope of the state aid guidelines, and none in Bulgaria, so the remaining part is subject to the risks of CO₂ price increases.

On the customer side, furthermore, there are increasing demands for transparent goals and strategies related to effective production processes, energy, and CO₂ efficiency. Customer demands could have an influence on future copper product sales, particularly when it comes to customer acquisition and retention. We are countering these risks with steps such as annual climate reporting and evaluations of such reporting conducted by the CDP (formerly the Carbon Disclosure Project) and with the aforementioned commitment to implement the science-based targets.

We continue to rate energy, climate and the associated risks as "high," primarily due to the steep rise in energy procurement costs along with the risk of further price increases (high volatility) and uncertainty surrounding gas supplies.

FINANCE AND FINANCING

Metal price and exchange rate fluctuations represent a potential risk in the buying and selling of metals. We substantially reduce this risk with foreign exchange and metal price hedging. We hedge metal backlogs daily with financial instruments such as spot and forward contracts. Similarly, spot and forward exchange contracts are used to hedge foreign currencies. We minimize foreign exchange risks from exchange rate fluctuations for metal transactions in foreign currencies this way. We only select creditworthy firms as counterparties for hedging transactions to minimize the credit risk.

We hedge expected receipts from foreign currencies, especially the US dollar, with options and forward exchange transactions in some cases. We will continue this in the future as well and expect that we can reduce the risks from metal price and exchange rate fluctuations to a reasonable level with these measures.

We largely hedge credit risks from trade accounts receivable with commercial credit insurances. We only permit internal risks to a very limited extent and after review. We closely monitor the development of the outstanding receivables. During the reporting period, there were no significant bad debts. The economic situation resulting from the coronavirus pandemic impacted our customers' creditworthiness intermittently, which in turn impacts the willingness of credit insurance providers to grant lines of credit. Our customers' creditworthiness stabilized as a result of the economic recovery following the coronavirus crisis – as did credit insurers' willingness to grant lines of credit. The Ukraine crisis and its repercussions, particularly for the energy sector, have not had any visible impact on receivables management. We therefore don't foresee any increased risks for the future, either.

The liquidity supply, which is very important for the Aurubis Group, was secured during the past fiscal year. The lines of credit provided by our banks were sufficient as well. The Aurubis Group has a stable financial situation in the new fiscal year as well and can finance possible fluctuations in liquidity from operating business through its existing cash and available credit lines.

Risks that may result from a resurgence of the eurozone government debt crisis have the potential to make the individual risks described in this section, such as bad debt or liquidity, have a cumulative impact. That is the main reason why we classify the finance and financing risks as "medium."

INFORMATION TECHNOLOGY

Aurubis is subject to IT risks regarding the confidentiality, availability, and integrity of information. These can impact areas such as supply, production, and sales, as well as communication and collaboration between departments and sites. These risks were taken into consideration in the company's risk assessment.

We handle risks related to the availability of our IT systems with continuous monitoring, redundant infrastructure, and ongoing adjustments to keep up with the latest developments in IT architectures. We counter the risks of possible incidents or disasters with the redundant design of higly critical IT infrastructure in particular, as well as data recovery and continuity plans and the associated tests and drills. We limit the risks that can result from unauthorized access to company data, as well as cybercrime, by restricting access rights, carrying out security reviews, and using modern security technologies. To counter increased security risks due to the strong use of remote work options, we optimized endpoint protection, cloud service security and our e-mail architecture as well as VPN access with the help of the latest security safeguards. In addition, we regularly have the implemented measures audited and evaluated by third parties and use the findings to make improvements to these measures. In the past fiscal year, we created a full-time position for an information security officer who is responsible for expanding our information security management system (ISMS). We are working toward ISO 27001 certification in 2023. We still assess our IT risks as "medium" as the latest cyberattack showed how effective the measures described above were in this event, in which we were able to bring key IT systems online again relatively quickly.

PERSONNEL

In a plant with complex processes, employees' specialist knowledge is an important factor for ensuring performance quality. We have established different employee recruiting and development measures that are intertwined with each other so that Aurubis can continue to count on this knowledge. Among

these are the expansion of employer branding, personnel marketing, and recruiting measures on social media and online business networks (LinkedIn, XING, etc.); targeted active sourcing (specifically via LinkedIn and XING); collaboration with selected staffing consultants as well as partnerships with universities, through which we establish ties with qualified young people. Internal qualification measures, through which we foster the development of professionals and managers within the company, are also carried out. For instance, we established a project management learning path to provide training in the project management standards in place across the Group, set up a potential development program to promote the personal and professional skills of our high-potential employees. We have also developed management development programs with different focus areas, such as healthy leadership. An extensive range of learning sessions on professional and methodological topics is available to all employees through our Learning Academy. To secure Group-wide knowledge management, we successfully piloted and established knowledge transfer as a knowledge management method as part of succession planning at Aurubis AG.

In addition to the above measures, training at the Hamburg and Lünen sites is a key factor in countering the shortage of skilled labor and ensuring access to required personnel. A total of 280 apprentices are trained in 14 different professions at both sites to reflect our internal needs. State-of-the-art training workshops are set up in Hamburg and Lünen, providing a sound basis for focused, high-quality, and multi-award-winning training.

We classify the personnel risks as "medium."

ENVIRONMENTAL PROTECTION AND OTHER ASPECTS

Our production inherently creates an environmental footprint, which we keep as small as possible by taking appropriate measures. Our goal is to continually shrink it further. There is a basic risk that environmental or regulatory requirements may continue to tighten, necessitating additional environmental action and resulting in additional expenditures. In addition, there may be restrictions on product manufacturing and marketing. The risks of marketing iron silicate in Germany remain unchanged from the previous fiscal year.

In addition, environmental risks resulting from the possible failure to comply with thresholds and from violations of requirements can have legal consequences. To help prevent these situations, we ensure that our production facilities are operated as environmentally responsibly as possible. One example is our investment of € 85 million in reducing fugitive emissions at our Hamburg site. We are an international leader in environmental protection. This is confirmed by annual certifications in accordance with DIN EN ISO 14001 and EMAS, as well as the Gold status in the EcoVadis rating, for example. We consider ourselves to be well positioned for the future in this regard. Nevertheless, operational incidents that could have an adverse impact on the environment cannot be completely ruled out. We are retaining our overall risk assessment for environmental protection as "medium."

Occupational safety and health protection are high-priority areas for us. Responsibility for these issues rests with the management, the supervisors, and each individual in the company. All sites are certified in accordance with ISO 45001. Detailed risk assessments, audits, cross-site checks, training, and campaigns to strengthen employees' health and safety awareness support our Vision Zero goal, which means zero work-related accidents, injuries, and illnesses. Stringently monitoring our occupational safety performance and deriving the corresponding measures are still additional steps to achieving our vision.

To the extent that national regulations and organizational capacities on site allow, our occupational health departments or contractors are carrying out COVID-19 vaccinations for our staff this winter as well. The experience gained from our successful COVID-19 measures generally inform our preventive hazard prevention activities.

Many different factors go into the successful execution of our strategic growth projects. They exist amid risks such as high energy prices or the availability of suitable personnel that may require regular revisions of priorities, project scopes, and schedules. We contain these risks by closely managing our projects, e.g., by monitoring critical performance indicators, actively managing personnel and talent, and operating a strategic early warning system for the early detection of strategic changes and market developments. We consider our strategic project pipeline to be very robust overall because the projects can also

largely be executed individually and independently of each other. We classify this risk as "medium."

The violation of laws can have serious consequences for both Aurubis as a group and for its employees and business partners. Compliance management or the Group function responsible for the appropriate area of the law (e.g., the Environmental Protection department) identifies, analyzes, and addresses significant compliance risks. We counter legal and tax risks with organizational procedures and clear management structures.

We largely cover selected risks with insurance as well. We rely on the expertise of an external insurance broker for this purpose.

NON-FINANCIAL RISKS WITHIN THE SCOPE OF THE SEPARATE NON-FINANCIAL REPORT

We assessed non-financial risks in accordance with Section 289c (3) of the German Commercial Code (HGB).

In the process, no non-financial risks were identified that were very likely to cause a serious negative impact on employee and environmental matters, on respect for human rights, on the prevention of corruption and bribery, or on social matters.

Nevertheless, it is important to us to handle non-financial risks even if they are classified as non-material according to the strict definition of the HGB. We have therefore developed and implemented management approaches.

Internal control system

Our internal control system (ICS) comprises all principles, policies, procedures, and measures aimed at implementing the decisions of the Group's management to ensure:

• » The effectiveness and economic efficiency of our operations (this encompasses asset protection, including the prevention and detection of financial losses)
• » The correctness and reliability of our accounting (internal control and risk management system relating to the consolidated accounting process)
• » Compliance with the laws and regulations that apply to the Aurubis Group

The ICS is an integral part of our centralized and decentralized internal control and monitoring processes with correspondingresponsibilities and is documented in a corporate policy.

The ICS also includes a compliance management system which reflects the company's risk situation.

PROCESS-INTEGRATED AND PROCESS-INDEPENDENT MONITORING

Internal monitoring includes both process-integrated and processindependent measures. Process-integrated monitoring includes the controls and security measures integrated in the organizational and operational structure. They include authorization schemes, access restrictions, separation of functions, completeness and plausibility checks, and limit monitoring.)

Controls and measures are regularly assessed within the organization. In addition, Internal Audit monitors and reviews structures and activities (such as the internal control and risk management system) independently from processes. The Audit Committee deals with the ICS as well.

Internal control and risk management system relating to the consolidated accounting process

(Report pursuant to Section 289 (4) and Section 315 (4) of the German Commercial Code (HGB))

The objective of the ICS for the accounting process is to ensure that:

• » Financial statements are prepared in compliance with regulations
• » Accounting procedures are reliable and performed correctly
• » Business transactions are thoroughly recorded in a timely manner as prescribed by law and the Articles of Association
• » Legal norms and internal guidelines on accounting are observed

PROCESS AND RESPONSIBILITY

As the parent company, Aurubis AG prepares the Aurubis Group's consolidated financial statements. The financial reporting of the consolidated Group companies that are included in the consolidated financial statements takes place prior to this process. These Group companies prepare their financial statements locally and transfer them to the Corporate Accounting department via a defined uniform Group-wide data model. The Group companies are responsible for compliance with the valid Group-wide guidelines and procedures, as well as for the correct and timely execution of the accounting-relevant processes and systems.

MAIN PRINCIPLES

The ICS based on the consolidated accounting process includes the following main principles:

» Ensuring standardized accounting procedures in the preparation of the separate financial statements of Aurubis AG by systematically implemented controls, which are supported by manual accounting controls and other authorization and approval procedures (separation of functions, access regulations and limitations, the use of the dual control principle, guidelines on payment transactions)

• » Ensuring uniform Group accounting procedures in accordance with IFRS through the application of uniform accounting regulations and policies, central audit of reporting packages, analysis of deviations from the budget, and quarterly reporting as part of centralized discussions on earnings
• » Compiling external accounting and internal reporting by all Group companies in a uniform consolidation and reporting system
• » Overall consolidation of the consolidated financial statements by Corporate Accounting, which is responsible for the centralized consolidation, coordination, and monitoring of the standards related to the schedule and the process
• » Giving the Group companies support in accounting procedures by having a central contact person in Corporate Accounting
• » Clarifying special technical questions and complex issues related to specific cases with an external consultant.

Opportunity management system

In addition to risk management, opportunity assessment is an important element of the Aurubis Group's planning, management, and control processes. Its objective is the early identification of internal and external opportunities that could positively impact our economic success. These opportunities are assessed and weighed against the risks associated with them. We compare the results of this assessment with our corporate strategy and portfolio of strategic projects and project ideas to identify any possible gaps or further opportunities. We then define changes or new initiatives and measures to address the new opportunities. The process of identifying and assessing opportunities is thus part of our annual integrated strategy and planning process.

In order to promptly recognize opportunities that arise, we continually monitor and analyze the supply and demand aspects of our markets, the competitive landscape, and relevant regional and global trends. In addition, identifying potential opportunities is also a daily management responsibility – on the level of both the operational areas and the Group.

Explanation of relevant opportunities

RISING GLOBAL DEMAND FOR COPPER AND METALS FOR TECHNOLOGY

Copper is one of the most important industrial metals. It is crucial for infrastructure expansion and development, as well as for key industrial sectors. Demand for copper follows global economic growth, especially in the electrical, electronics, energy, construction, and automotive industries. Ongoing global trends such as urbanization, the growth of the world's middle class, digitalization, and electric vehicles will continue to increase not only copper demand in the long term, but also the demand for other metals such as nickel, platinum, palladium, selenium, and tellurium. This is particularly true as recent developments in energy policy have highlighted the importance of expanding renewable energy, on-site energy generation, and the underlying infrastructure. If the economy and the demand for our products develop more favorably than currently expected in the markets relevant to us, this could have a positive influence on the Aurubis Group's earnings.

CHANGES IN TREATMENT AND REFINING CHARGES AND MARKET PRICES FOR OUR PRODUCTS

The Aurubis Group's earnings situation is largely determined by the development of treatment and refining charges for copper concentrates, copper scrap, and other recycling materials, as well as by the market prices for our products, such as wire rod, copper cathodes, sulfuric acid, and precious and minor metals. If treatment and refining charges and market prices for our products develop more positively than currently forecast, this could positively impact the Aurubis Group's earnings.

INCREASING SIGNIFICANCE OF SUSTAINABILITY AND RESOURCE EFFICIENCY

Aurubis is one of the world's leading recyclers of copper and complex recycling raw materials. It is also a leader in its sustainability efforts under ecological, social, and ethical criteria. In light of the rising importance of resource efficiency, we expect demand for recycling solutions and low-loss metal production and recovery to continue growing. This is also supported and promoted by increasingly strict national and international legislation and initiatives such as the European Green Deal. More and more, customers and suppliers are making higher sustainability demands at the same time, which can also benefit Aurubis.

Thanks to our multimetal recycling activities and proximity to our copper product customers, we consider ourselves to be in a position to offer expanded "closing-the-loop" solutions. Following the complete, successful integration of the Metallo Group, Aurubis has been able to extend its recycling capabilities even further. We are significantly expanding our regional service range in North America after deciding to invest in a new recycling plant in the US. If national and international recycling regulations broaden and demand for recycling solutions, either in general or with increasing sustainability requirements, grows more strongly than expected in our markets, this could positively affect the Aurubis Group's procurement situation and therefore its earnings.

FURTHER DEVELOPMENT OF EXPERTISE IN COMPLEX RAW MATERIAL PROCESSING

Both primary and secondary raw materials are becoming increasingly complex as their copper content is falling and the concentrations of tramp elements and impurities in them rises. One of Aurubis' particular strengths is in processing complex primary and secondary raw materials. Aurubis plans to continue expanding its processing capabilities in this area, further enhance the efficiency of its production processes, and thus recover valuable metals even better and faster. Prime examples include the Advanced Sludge Processing Aurubis (ASPA) and Bleed Treatment Olen Beerse (BOB) projects that we decided to implement in fiscal year 2020/21. Another example is our modular recycling system, which will be used at our new plant in the US. If these additions to our expertise unleash further potential for synergies or if we build up additional capabilities, this could positively influence the Aurubis Group's purchasing and earnings situation.

DIGITALIZATION, CONTINUOUSLY IMPROVING PROCESSES AND COST POSITION, AND ACHIEVING SYNERGIES

Our markets are globally competitive. Operating excellence is therefore exceedingly important for us. We continuously work on optimizing our processes and improving our cost position. We are increasingly pursuing opportunities to digitalize production and service areas and stepped up corresponding initiatives and projects in the past fiscal year. Furthermore, we are always identifying and implementing means to increase the synergy potential within the network of Aurubis plants. If we go beyond the targets connected to initiated improvement measures, this could have a positive impact on the Aurubis Group's earnings.

CAPACITY EXPANSION LINKED WITH INTERNATIONALIZATION

In light of growing global demand for sustainable metal production and recycling, we see growth potential through the expansion of our processing capacities in regions with attractive markets and favorable overall conditions. Specifically, we are exploiting these opportunities in North America by building a new plant in the US for recycling complex secondary raw materials. We are also investing in capacity expansions at existing sites and aiming to expand our supplier network to ensure sufficient supplies for the expanded production network. If we are in a position to expand our capacities even more and possibly to even do so with lower capital expenditure than expected, this could positively affect the Aurubis Group's earnings.

DEVELOPMENT OF SOLUTIONS FOR INDUSTRIAL CUSTOMERS AND SUPPLIERS

We work closely with our suppliers and customers at all levels of our value chain. This includes developing products for individual customers, providing additional services, processing specific raw materials, and offering additional "closing-the-loop" solutions as well as particularly sustainable or certified products, including the digitalization of business relationships and processes to boost efficiency, added value, and customer loyalty. If the demand of our customers and suppliers for our solutions is stronger than forecast, this could have a positive effect on the Aurubis Group's earnings.

INNOVATIONS FROM FUTURE RESEARCH AND DEVELOPMENT ACTIVITIES

Within the scope of our research and development activities, we work on innovations to further set ourselves apart from the competition and expand our competitive advantages. For example, we are working on more resource-efficient processing of complex feed materials in our smelters and plants. We are also working concretely on developing new processes and improving on existing processes to be able to process future material streams. One example is our new process for processing black mass from batteries. If the competitive advantages arising from R&D activities turn out to be greater than expected, this could have a positive impact on the Aurubis Group's earnings.

Assessment of the Aurubis Group's risk and opportunity situation

No risks threatening the company's continued existence arose in the reporting year. There were no particular structural changes in the Group's risks. According to our current assessment, there are no risks that endanger the company's continued existence.

Both the Audit Committee (Supervisory Board) and the auditors ascertained that the Executive Board has taken the measures prescribed by Section 91 (2) of the German Stock Corporation Act (AktG) in an appropriate manner and that the legally required early risk detection system fulfills all requirements.

For a complete overview of company activities, the opportunities of the Group have to be considered in addition to the risks. We are confident that we will be able to utilize the opportunities presented by our business portfolio, our expertise, and our ability to innovate.

Part of the Management Report not subject to mandatory auditing

In accordance with the recommendations of the 2022 German Corporate Governance Code, the Executive Board assessed the appropriateness and effectiveness of the risk management system and the internal control system in detail and identified no significant objections.

Forecast Report

The statements made in the Forecast Report are based on our assessments of the overall economic conditions, of global copper market trends, and of Aurubis' raw material and product markets. These assessments are based on analyses by economic research institutes, organizations, and industry associations, as well as on internal market analyses. The forecasts for the future business performance shown here take into account the segment targets, as well as the opportunities and risks posed by the expected market conditions and competitive situations in the forecast period of October 1, 2022 to September 30, 2023. The opportunities and risks affecting the Aurubis Group are explained in detail in the Risk and Opportunity Report. Our forecasts are regularly adjusted. The following statements are based on our knowledge in December 2022.

From our current perspective, there are multiple factors with the potential to influence the Aurubis Group's markets. These factors particularly include the Russian war of aggression on Ukraine and the resulting energy crisis and costs in Europe. Fiscal measures such as the German government's energy cost containment program may have a cushioning effect here. In addition, the persistent global Covid-19 pandemic and the associated lockdowns in the Asian region may have an impact on global economic growth. The measures to strengthen infrastructure and social security in the US especially could have a strong effect on economic growth – nationally, but also worldwide. Ultimately, monetary policy responses, such as raising the policy rate, can have an inhibiting effect on the economy in response to inflation and price increases, for example in the EU or the US.

Overall economic development

The IMF estimates that the global economy will grow by 2.7% in 2023 but also indicates a reduction in previous growth forecasts, which are lower for a number of reasons: the risks to the global economy from tighter monetary policy by central banks, a downturn in the Chinese construction sector, and the effects of the war in Ukraine, with reduced energy supplies for the European Union.

The IMF forecasts 3.7% growth for the economies of emerging and developing countries in 2023. The IMF's growth forecast reveals significant regional differences. The Asian emerging and developing countries of China and India account for the largest share of this group of countries, with growth forecasts of 4.4% and 6.1%, respectively. Accordingly, the IMF's forecasts for China, a significant player on the copper market, continue to indicate an economic upswing.

The GDP of industrialized nations should grow by 1.1% in 2023, according to the IMF. Growth of 1.0% is expected for the US, 0.5% for the eurozone. The forecast indicates that Germany's GDP will decrease by 0.3% in 2023.

Individual sectors such as the electrotechnical industry, the automotive industry, and the construction sector are important consumers of copper products. The economic developments expected here are as follows:

In its forecast for the global electrical and electronic products market from July 2022, the German Electrical and Electronic Manufacturers' Association (ZVEI) predicts about 5% growth in the market for 2023 – following double-digit growth of 11% in the sector in 2022. This forecast includes 53 countries, which together comprise approximately 95% of the global market. For Europe, which accounts for 16% of the global market, the German Electrical and Electronic Manufacturers' Association (ZVEI) expects 3% growth in 2022 following 8% growth in 2023. The volume of the German market is expected to rise by 10% in 2022 and then by 7% in 2023.

According to the European Automobile Manufacturers' Association (ACEA), demand for cars in the EU is expected to level off marginally in 2022 and grow more strongly again in 2023. After about 9.7 million vehicles were registered in 2021, the association anticipates the registration of around 9.6 million cars for 2022 and around 10.7 million in 2023, with growth momentum coming from, among other developments, the transition to electric vehicles, the net-zero emissions target by 2050 set out in the European Climate Change Act, and the expansion of charging infrastructure for electric vehicles.

Construction growth is evident in the sectors that have also reflected uninterrupted demand throughout the pandemic. According to the German Institute for Economic Research (DIW), construction volume should grow nominally by more than 6% in 2023 – after almost 13% growth in 2022.

Based on these forecasts, Aurubis expects positive ongoing development in the three most important sectors for copper products in 2023, continuing the good trend of the previous year. Nevertheless, political and economic developments may decisively influence the respective market situations.

The effects of European and German energy and environmental policy, which are important for us, are difficult to forecast in detail.

Sector development

The copper price moved at historically high levels above the US\$ 11,000/t mark at the start of fiscal year 2021/22, before easing significantly in the second half of the year and stabilizing at the level around US\$ 7,800/t at the end of the year. According to forecasts by the experts at UBS Bank in June 2022, the copper price is expected to average US\$ 8,818/t in calendar year 2023.

The developments at global copper smelters are still a key factor for assessing the copper market. With production capacity accounting for around 45% of global refining capacity in 2022, China continues to represent the most significant share of metallurgical industry growth in the coming years. Wood Mackenzie expects an annual growth rate in global smelter capacity of 1.9% for the coming decade. The research institute estimates global refined copper output in 2023 at 26.0 million t, equivalent to a 3.4% increase compared to the previous year.

High demand for refined copper can be anticipated in the coming calendar year as well. The metal remains an essential material for economic development in key sectors such as the electrical and automotive industries and construction.

For Europe, Wood Mackenzie forecasts that demand for refined copper will remain unchanged from the previous year at around 3.7 million t in 2023. At approximately 13.7 million t, demand in China will slightly increase in 2023 compared to the previous year. This means that China continues to account for about half of global demand, which is expected to be 25.7 million t in 2023 after an approximately 2.8% increase compared to the previous year.

On the global market for refined copper, Wood Mackenzie expects a low overall production surplus of around 279,000 t for 2023 as a result – following an equally low surplus in 2022. Research provider CRU likewise foresees a low production surplus for 2023, following a slight market deficit in 2022.

Copper remains an essential material for economic development in key sectors such as the electrical and automotive industries and construction. On top of that, the EU is tightening regulations related to climate protection, and the EU, the US, and China are promoting climate-friendly technologies with state support to a great extent. Because these technologies hold considerable potential for copper applications, demand is likely to continue increasing.

Continued strong forecast demand for refined copper and the expected price level on the metal exchanges provide good overall conditions for Aurubis for the coming fiscal year.

Raw material markets

COPPER CONCENTRATES

The global copper concentrate market is growing on both the demand side and the supply side. A recovery in output from existing mines, expansion projects, and the ramp-up of new projects are contributing significantly to production increases in different countries in South America and around the world compared to last year. Wood Mackenzie predicts that global mine output (based on copper content, before accounting for disruptions and adjustments) will rise by 5.4% in 2022 and 9.4% in 2023. Mine output in 2022 grew at the fastest rate since 2013.

For annual contracts, the benchmark treatment and refining charge (TC/RC) for processing standard copper concentrates was US\$ 65.0/t and 6.5 cents/lb in 2022. For the first half of the fiscal year, spot prices remained near the benchmark and fluctuated around the US\$60/t mark. With the expansion of the supply of copper concentrates, treatment and refining charges increased significantly during the further course of the year and were significantly above the 2022 benchmark at the end of the fiscal year. Barring any unexpected losses in the mine supply, higher or rising TC/RCs should be expected in fiscal year 2022/23. Wood Mackenzie expects the benchmark to increase significantly in 2023 based on improved supply on the concentrate market compared to the prior year.

A benchmark deal for annual contracts in 2023 was concluded in November 2022 between a major mining company and the Chinese Smelter Purchase Team at US\$ 88/t and 8.8 cents/lb, 35% higher than in 2022. This confirms our expectations of a surplus in the copper concentrate market, combined with a positive trend in treatment and refining charges.

The growing supply of copper concentrates and the forecast of rising TC/RCs as discounts on the purchase price strengthen Aurubis' potential financial position from processing concentrates. Due to our position on the market, our long-term contract structure, and our supplier diversification, we are confident that we will once again secure a good copper concentrate supply. We are already supplied with concentrates at good treatment and refining charges well into Q2 of the 2022/23 fiscal year.

RECYCLING

The market for recycling materials, which is of primary relevance for Aurubis, remained stable over the course of the year. Imports into China and Malaysia decreased in calendar year 2022 with the implementation of new import rules in Asia focusing on higher environmental standards. Wood Mackenzie forecasts limited collection activity from the recycling industry based on the outlook for the global economy and the current reduced copper price level. In the long term, Wood Mackenzie projects an increasing supply of recycled materials over the coming decade.

Business in this area, particularly for copper scrap, is conducted with short timelines and is therefore dependent on a variety of influences, such as metal prices and collection activities in the recycling industry, that are difficult to forecast.

In contrast, the availability of complex recycling materials is subject to less volatility. The market environment is expected to be stable.

Overall, Aurubis expects a stable supply situation for recycling raw materials with good refining charges. We are already supplied with recycling material with good refining charges beyond Q1 of fiscal year 2022/23. Our broad market position absorbs supply risks.

Product markets

MARKETS FOR COPPER PRODUCTS

As at the reporting date, demand for copper products was stable in Q1 2022/23. In the negotiation season for 2023 annual sales contracts, which is still under way, we have already contractually fixed the sales budget to a large extent.

One factor that is already clear is the copper premium Aurubis has established for European wire rod and shapes customers for the coming 2023 calendar year. Aurubis increased this premium for its European customers compared to the previous year, to US\$ 228/t (2022: US\$ 123/t). The increase in the copper premium reflects the forecast stable market demand in Europe in 2023 and partially compensates for the significant increases in freight, financing, and energy costs.

Despite the slowdown in the global economy, we expect developments in the sector to remain stable overall in 2023. In light of increasing investments in infrastructure for renewable energies and grid expansion, we expect to conclude the negotiation season for copper products at a stable level. Good customer relationships and a strong position in our key markets support this.

CATHODES

Sales of free cathode volumes on the market are based on the planned processing of our cathode output in the Group.

COPPER WIRE ROD

Demand for copper wire rod will depend on the ongoing economic trend in the key customer industries, among other factors. We anticipate strong demand from the automotive sector and for cable transmission infrastructure for the further expansion of renewable energies. We expect demand from the construction sector, as a customer industry, to fall compared with the previous year due to the tighter monetary policy.

Despite the mixed outlook in the customer industries for the forecast period, Aurubis expects copper wire rod demand and sales to remain at a high level.

COPPER SHAPES

Demand for copper shapes remained very high throughout the past fiscal year. We expect a slight reduction in demand for continuous cast shapes in the coming fiscal year.

FLAT ROLLED PRODUCTS

Developments in the US and Europe are key factors in sales of flat rolled products. For 2023, CRU anticipates continued strong demand for flat rolled products in the US, while growth of around 3% is expected in Western European countries. Looking ahead through the medium term, in the years up to 2026, the annual growth rate in Europe is also expected to be around 4.8% p. a..

The anticipated development of the US economy and the growth of the European economy paint a positive picture for Aurubis' sales of flat rolled products.

SULFURIC ACID

Sulfuric acid sales are dependent on short-term developments, a fact that is reflected in the duration of the contracts. In addition, sales opportunities are very different from region to region, with varying conditions accordingly. Aurubis supplies the global sulfuric acid market, with a focus on Europe, North America, and Turkey. The relationship between local sales and exports fluctuates depending on market circumstances.

According to the Independent Chemical Information Services (ICIS), very high price levels driven by strong demand that have been observed in the past fiscal year will not continue. In particular, demand from the European-based chemical and fertilizer industries is expected to be lower due to production cuts caused by very high energy costs. Lower price levels are also expected in the export markets of the US and South America due to increased export activities from Europe and China. The Chinese markets are characterized by significant regional differences.

Based on the weakening demand on the sulfuric acid market and the developments in sales prices, we anticipate a significantly negative trend in the earnings situation on these markets.

Business and earnings expectations for the Aurubis Group

BUSINESS EXPECTATIONS

We updated our strategy in fiscal year 2020/21. By the end of this decade, we want to continue solidifying and expanding our position as one of the world's most efficient and sustainable multimetal producers – as a high-performance smelter network with a strong core business and new drivers of growth in recycling.

The updated Aurubis strategy includes a precisely defined roadmap for continued sustainable, profitable growth. We continue to drive implementation forward steadily strategic direction, page 100.

The future development and forecast of Aurubis AG coincide with the general statement on the Aurubis Group.

EARNINGS EXPECTATIONS

Our earnings are subject to quarterly fluctuations because of the nature of our business model. This is due to seasonal and market factors but may also be caused by disruptions in facilities or operating processes. Risks associated with the achievement of the forecast for the year as a whole could arise from challenges in connection with the availability of energy and global economic developments.

The future development and forecast of Aurubis AG coincide with the general statement on the Aurubis Group.

On October 28, 2022, Aurubis disclosed that it had suffered a cyberattack on its IT systems. Systems were shut down and disconnected from the Internet as a preventive measure. Systems that are essential for business operations were all systematically restarted within two weeks. Production at our smelter sites was not affected. We currently expect operating EBT to be negatively affected by an amount in the low single-digit millions of euros, mainly due to consulting costs.

The outlook for fiscal year 2022/23 is based on market estimates and the following premises:

• » Based on industry forecasts, we expect global copper demand to continue growing.
• » Due to the increase in the benchmark closing for copper concentrates at US\$ 88/t and 8.8 cents/lb compared to the previous year, we expect correspondingly higher treatment and refining charges starting in calendar year 2023
• » In fiscal year 2022/23, the market trend for copper scrap is difficult to forecast due to the short-term nature of the business. We generally expect a stable market environment.
• » Because of the current market situation for sulfuric acid, we expect a significantly reduced contribution to earnings from sulfuric acid revenues compared with the previous year.
• » We have also hedged the prices of parts of our metal gain.
• » The Aurubis copper premium was set at US\$ 228/t for calendar year 2023 (previous year: US\$ 123/t).
• » We expect energy costs to remain high in fiscal 2022/23 based on current energy price developments. We can absorb price risks to a limited extent with our hedging activities. At the time this report was compiled, it was difficult to anticipate the effects of any compensation arrangements resulting from government intervention in the energy market. Moreover, CO₂ electricity price compensation takes effect with a time lag.
• » A significant portion of our revenues is based on the US dollar. We have already hedged significant portions of the US dollar results as part of our hedging strategy.
• » We expect stable plant availability at the level of the previous year overall for fiscal year 2022/23.
• » The following maintenance shutdowns are planned for fiscal year 2022/23:
  • › At the Pirdop site in May and June 2023, with an expected impact of about € 20 million on operating EBT
  • › At the Lünen site in November and December 2022 and in May 2023, with a negative effect totaling around € 16 million on operating EBT

Overall, we expect an operating EBT between € 400 million and € 500 million and an operating ROCE between 11% and 15% for the Aurubis Group for fiscal year 2022/23.

In the Multimetal Recycling segment, we expect an operating EBT between € 100 million and € 160 million and an operating ROCE between 11% and 15% for fiscal year 2022/23. The lower ROCE compared with the previous year is partly due to the significant increase in investing activities.

In the Custom Smelting & Products segment, we expect an operating EBT between € 350 and 410 million and an operating ROCE between 15% and 19% for fiscal year 2022/23.

Expected financial situation

At the end of fiscal year 2021/22, Aurubis had € 706 million in available cash (September 30, 2021: € 965 million). The company has additional liquidity through lines of credit amounting to € 350 million from a syndicated loan agreement running until 2027. Aurubis therefore has a very good liquidity position.

We expect cash flow from operating activities to be positive in the coming fiscal year despite the energy price trend driven by the Ukraine crisis and resulting concerns about the economy. We intend to settle scheduled payments during fiscal year 2022/23, including a bonded loan (Schuldscheindarlehen) of about € 80 million, with the existing liquidity.

GENERAL STATEMENT ON THE FUTURE DEVELOPMENT OF THE AURUBIS GROUP

With the excellent result in fiscal year 2021/22, we have demonstrated that our active crisis management has allowed us to take advantage of the opportunities offered on both our procurement and product markets and to rise to the challenges posed by the ongoing pandemic, the war in Ukraine, and the subsequent energy crisis.

In fiscal year 2022/23, we will continue pursuing the targets outlined in our strategy "Metals for Progress – Driving Sustainable Growth" and carrying out the investments planned for the fiscal year.

In order to reduce dependence on natural gas as an energy source, we will set in motion investment measures by the beginning of 2023, particularly in Germany, to reduce purchases of natural gas and increase the flexibility of the energy sources we need.

We will continue to be flexible in managing developments on our procurement and product markets. We expect the Aurubis business model, with its diverse earnings drivers, to once again prove to be robust in fiscal year 2022/23. A number of important factors, such as the significant increase in the benchmark for standard copper concentrates and the Aurubis copper premium for calendar year 2023, suggest that key earnings drivers will develop positively in 2022/23; however, significantly lower expected contributions to earnings from sulfuric acid and continued high energy costs will impact operating results. We're starting fiscal year 2022/23 very optimistic, with an adjusted forecast range for operating EBT and ROCE.

Forward-looking statements

This document contains forward-looking statements about our current forecasts of future events. Words such as "anticipate," "assume," "believe," "predict," "expect," "intend," "can/could," "plan," "project," "should," and similar terms indicate such forwardlooking statements. These statements are subject to a number of risks and uncertainties. Some examples include unfavorable developments in the global economic situation, especially impacts of the COVID-19 pandemic; political developments in the US, Europe, and China; a tightening of the raw material supply; and a decline in demand in the main copper sales markets. Further risks include a deterioration of our refinancing options on the credit and finance markets; unavoidable events beyond our control such as natural disasters, acts of terror, political unrest, and industrial accidents, and their effects on our sales, purchasing, production, and financing activities; changes in exchange rates; a drop in acceptance for our products, resulting in impacts on the establishment of prices and the utilization of processing and production capacities; price increases for energy and raw materials; production interruptions due to material bottlenecks, employee strikes, or supplier bankruptcies; the successful implementation of measures to reduce costs and enhance efficiency; the business outlook for our significant holdings; the successful implementation of strategic cooperation and joint ventures; amendments to laws, ordinances, and official regulations; and the outcomes of legal proceedings and other risks and uncertainties, some of which are described in the Risk and Opportunity Report in this Annual Report. If one of these uncertainties or difficulties occurs, or if the assumptions underlying the forward-looking statements prove to be wrong, the actual results could deviate considerably from the results mentioned or implicitly expressed in these statements. We do not intend, nor do we assume the obligation, to update forwardlooking statements continuously, as these statements are based solely on the circumstances on the day of publication.

Legal Disclosures

Declaration on corporate governance pursuant to Section 289f and Section 315d of the German Commercial Code (HGB)

The declaration is printed at the beginning of this Annual Report and is available on the company's website in the "About Aurubis" section under "Corporate Governance."

www.aurubis.com/en/about-us/corporate-governance

Takeover-related disclosures and explanations

Explanatory report by the Executive Board of Aurubis AG, Hamburg, in accordance with Section 176 (1) sentence 1 of the German Stock Corporation Act (AktG) on disclosures of takeover provisions pursuant to Section 289a (1) and Section 315a (1) of the German Commercial Code (HGB) as at the balance sheet date of September 30, 2022.

The following disclosures as at September 30, 2022 are presented in accordance with Section 289a (1) and Section 315a (1) of the German Commercial Code (HGB).

COMPOSITION OF THE SUBSCRIBED CAPITAL

The subscribed capital (share capital) of Aurubis AG amounted to € 115,089,210.88 as at the balance sheet date and was divided into 44,956,723 no-par-value bearer shares, each with a notional value of € 2.56 of the subscribed capital.

Each share grants the same rights and one vote at the Annual General Meeting. There are no different classes of shares.

The profit entitlement for any new shares that are issued can deviate from Section 60 of the German Stock Corporation Act (AktG).

TREASURY SHARES

Please refer to the Aurubis AG notes to the financial statements for information pursuant to Section 160 (1) no. 2 of the German Stock Corporation Act (AktG).

LIMITATIONS RELATED TO VOTING RIGHTS OR THE TRANSFER OF SHARES

According to the Executive Board's knowledge, shareholders' voting rights are not subject to any limitations, with the exception of possible legal prohibitions on voting (particularly in an isolated case pursuant to Section 136 of the German Stock Corporate Act (AktG). Pursuant to Section 71b of the German Stock Corporation Act (AktG), the company is not entitled to voting rights from any of its own shares that it holds.

SHAREHOLDINGS EXCEEDING 10% OF THE VOTING RIGHTS

One indirect shareholding in Aurubis AG exceeds 10% of the voting rights as at the balance sheet date (September 30, 2022): Salzgitter AG, Salzgitter, notified the company in accordance with Section 33 (1) of the German Securities Trading Act (WpHG) on December 12, 2018 that its voting interest in Aurubis AG had exceeded the threshold of 25% of the voting rights on December 12, 2018 and amounted to 25.0000006% of the voting rights (representing 11,239,181 votes). Of this total, 25.0000006% of the voting rights (representing 11,239,181 votes) are attributed to Salzgitter AG via Salzgitter Mannesmann GmbH, Salzgitter.

Accordingly, one direct shareholding in Aurubis AG exceeds 10% of the voting rights as at the balance sheet date (September 30, 2022): According to the notification of Salzgitter AG, Salzgitter, dated December 12, 2018, Salzgitter Mannesmann GmbH, Salzgitter, held 25.0000006% of the voting rights (representing 11,239,181 votes) on December 12, 2018. According to the company presentation of Salzgitter AG (as at November 2022), its shareholding in Aurubis AG amounted to 29.99%.

SHAREHOLDERS WITH SPECIAL RIGHTS

There were no shareholders with special rights conferring supervisory powers as at the balance sheet date (September 30, 2022).

PARTICIPATING EMPLOYEES

There were no employees that held an interest in share capital and did not directly exercise their supervisory rights as at the balance sheet date (September 30, 2022).

APPOINTMENT AND REMOVAL OF EXECUTIVE BOARD MEMBERS AND AMENDMENTS TO THE ARTICLES OF ASSOCIATION

The appointment and removal of members of the Executive Board of Aurubis AG are covered by Sections 84 and 85 of the German Stock Corporation Act (AktG) and Section 31 of the German Codetermination Act (MitbestG) in conjunction with Section 6 (1) of the Articles of Association. Amendments to the Articles of Association are subject to the approval of the shareholders at the Annual General Meeting. The resolution at the Annual General Meeting requires, in addition to a simple majority of votes, a majority that must comprise at least three-quarters of the subscribed capital represented in the vote; Section 119 (1) no. 6, Section 133 (1), and Section 179 et seq. of the German Stock Corporation Act (AktG) apply. In accordance with Section 11 (9) of the Articles of Association, the Supervisory Board is authorized to pass amendments to the Articles of Association that only relate to their wording. Furthermore, the Supervisory Board is authorized to adjust Section 4 of the Articles of Association after the complete or partial execution of a subscribed capital increase in accordance with the respective claim to the authorized capital and after the authorization expires. It is also authorized to amend the version of Section 4 (1) and (3) of the Articles of Association in accordance with the respective issuance of new no-par-value bearer shares within the context of the 2022 conditional capital and to make all other related amendments to the Articles of Association that only relate to the wording. The same applies if the authorization to issue bonds with warrants or convertible bonds is not exercised after the authorization period expires or if the conditional capital is not utilized after the deadlines for exercising option or conversion rights or for fulfilling conversion or option obligations have expired.

POWER OF THE EXECUTIVE BOARD TO ISSUES SHARES

There is currently no authorization for the Executive Board to issue shares from authorized capital pursuant to Section 202 (2) sentence 1 of the German Stock Corporation Act (AktG).

POWER OF THE EXECUTIVE BOARD TO REPURCHASE SHARES

With a resolution of the Annual General Meeting on March 1, 2018, the company was authorized until February 28, 2023 to repurchase its own shares up to a total of 10% of the current subscribed capital. Together with other own shares held by the company or attributable to it in accordance with Section 71a et seq. of the German Stock Corporation Act (AktG), the shares acquired by the company based on this authorization shall at no time exceed 10% of the company's current subscribed capital. The acquisition of shares for the purpose of trading with own shares is excluded. The Executive Board is empowered to use shares in the company that are purchased on account of this power for all legally permitted purposes, and in particular for the following purposes:

a) Own shares that have been acquired can also be sold in a way other than a sale via the stock exchange or by means of an offer to all of the shareholders, if the shares are sold in return for a cash payment at a price that is not materially lower than the stock market price of the company's shares with the same terms at the time of the sale. The definitive trading price for the purpose of the arrangement previously mentioned shall be the average closing price of the company's shares with the same terms in Xetra trading (or a comparable successor system) over the last five trading days of the Frankfurt Stock Exchange before the commitment to sell the shares was entered into. The shareholders' subscription right is excluded. This authorization shall, however, only apply on the condition that the shares sold excluding the subscription right may not, in accordance with Section 186 (3) sentence 4 of the German Stock Corporation Act (AktG), exceed 10% of the subscribed capital, either at the time this becomes effective or at the time of exercise of this authorization (the "upper limit"). Shares that are issued during the term of this authorization from authorized capital pursuant to Section 186 (3) sentence 4 of the German Stock Corporation Act (AktG), excluding subscription rights, are to be credited

towards this upper limit. Furthermore, this upper limit shall take into account those shares that are issued or are to be issued in order to service convertible bonds and/or bonds with warrants (or profit participation rights, or participating bonds with a conversion right, option right, or conversion obligation, or the company's right to offer), which were issued during the term of this authorization due to an authorization to issue convertible bonds and/or bonds with warrants (or profit participation rights, or participating bonds with a conversion right, option right, or conversion obligation, or the company's right to offer) in commensurate application of Section 186 (3) sentence 4 of the German Stock Corporation Act (AktG), excluding subscription rights. An inclusion that has been carried out is canceled if authorizations to issue new shares from authorized capital in accordance with Section 186 (3) sentence 4 of the German Stock Corporation Act (AktG) or to issue convertible bonds and/or bonds with warrants (or profit participation rights, or participating bonds with a conversion right, option right, or conversion obligation, or the company's right to offer) in commensurate application of Section 186 (3) sentence 4 of the German Stock Corporation Act (AktG) are granted again at the Annual General Meeting after exercising such authorizations that have led to inclusion.

b) Own shares that have been acquired can also be sold in a way other than a sale via the stock exchange or by means of an offer to all of the shareholders. This is provided that such sale is carried out in return for a contribution in kind by a third party, especially in conjunction with the acquisition of business entities, parts of business entities, or participating interests in business entities by the company itself or by a business entity dependent on it or majority-owned by it, and in conjunction with business combinations, or to fulfill conversion rights or obligations of holders and/or creditors relating to conversion or option rights issued by the company or Group entities of the company (or profit participation rights, or participating bonds with a conversion right, option right, or conversion obligation, or the company's right to offer), especially – but not exclusively – due to the authorization to issue convertible bonds and/or bonds with warrants, profit participation rights,

and/or participating bonds (or combinations of these instruments) decided under item 6 of the agenda for the Annual General Meeting on March 2, 2017. The shareholders' subscription right is excluded in each case.

c) Own shares that have been acquired can be withdrawn entirely or in part without a further resolution at the Annual General Meeting. They can also be withdrawn in a simplified procedure without a reduction in capital by adjusting the proportionate notional share of the remaining no-par-value shares in the subscribed capital of the company. The withdrawal can be limited to a portion of the acquired shares. If the withdrawal takes place using the simplified procedure, the Executive Board is authorized to adjust the number of no-par-value shares in the Articles of Association.

The own shares collectively sold under the authorization mentioned previously, pursuant to items a) and b) and excluding the subscription right, may not exceed 20% of the share capital, neither at the time the authorization becomes effective nor at the time it is exercised. The 20% limit must include (i) new shares that are issued, excluding the subscription right, during the term of this authorization up to the sale of the own shares from authorized capital, without subscription rights, and (ii) those shares that are issued in order to service convertible bonds and/or bonds with warrants (or profit participation rights, or participating bonds with a conversion right, option right, or conversion obligation, or the company's right to offer), if the bonds were issued during the term of this authorization up to the sale of the own shares, excluding shareholder subscription rights. If and to the extent that the shareholders at the Annual General Meeting reissue the relevant authorization to exclude subscription rights after the authorization leading to offsetting against the 20% limit previously mentioned has been exercised, the offsetting that has already been carried out is no longer included.

The complete text of the resolution dated March 1, 2018 has been included under agenda item 8 in the invitation to the Annual General Meeting 2018 published in the German Federal Gazette on January 22, 2018.

POWER OF THE EXECUTIVE BOARD TO ISSUE CONVERTIBLE BONDS AND SHARES FROM CONDITIONAL CAPITAL

With the resolution passed by the shareholders at the Annual General Meeting on February 17, 2022, the Executive Board was authorized, subject to the approval of the Supervisory Board, to issue bearer or registered convertible bonds and/or bonds with warrants, profit participation rights and/or participating bonds (or combinations of these instruments) – referred to collectively as "bonds" – until February 16, 2027, once or several times, with or without a maturity limit, in the total nominal amount of up to € 500,000,000.00, and to grant conversion or option rights to the holders or creditors of such bonds for no-par-value bearer shares in the company representing a proportionate amount of the subscribed capital totaling € 11,508,920.32 as further specified in the terms and conditions of the bonds. The text of the authorization of the Executive Board to issue bonds corresponds to the resolution proposed by the Executive Board and Supervisory Board regarding agenda item 6 of the ordinary Annual General Meeting on February 17, 2022, which was published in the German Federal Gazette on September 28, 2022.

The company's subscribed capital shall be conditionally increased by up to € 11,508,920.32 by issuing up to 4,495,672 new bearer shares without a nominal amount (no-par-value shares), each with a notional interest in the subscribed capital of € 2.56 (Conditional Capital 2012). The conditional capital increase will only be carried out to the extent that the holders or creditors of conversion and/ or option rights from convertible bonds, bonds with warrants, profit participation rights, or participating bonds (or a combination of these instruments) that are issued against cash by the company or by its affiliates until February 16, 2027 due to the authorization passed by the shareholders at the Annual General Meeting on from February 17, 2022 exercise their conversion or option rights, or to the extent that holders or creditors of the convertible bonds (or profit participation rights or participating bonds with a conversion obligation) issued by the company or by its affiliates from to February 16, 2027 due to the authorization

passed by the shareholders at the Annual General Meeting on February 17, 2022 fulfill their conversion obligation or shares are offered, and to the extent that own shares or other forms of fulfillment are not utilized for this purpose. The new no-par-value bearer shares shall be entitled to participate in the profits from the beginning of the fiscal year in which they come into existence through the exercise of conversion or option rights, through the fulfillment of conversion or option obligations, or through the exercise of rights to offer. To the extent legally permitted, the Executive Board can, subject to the approval of the Supervisory Board, establish the profit participation of new shares in a way that deviates from Section 60 (2) of the German Stock Corporation Act (AktG).

The complete text of the resolution dated February 17, 2022 has been included under agenda item 6 in the invitation to the Annual General Meeting 2022 published in the German Federal Gazette on December 20, 2021.

SIGNIFICANT CONDITIONAL AGREEMENTS CONCLUDED BY THE COMPANY

In the event that a single person or a group of persons acting together should acquire more than 50% of the shares or the voting rights in Aurubis AG, every syndicate lender from the agreement with a banking syndicate ("the Syndicated Loan") on a credit line totaling € 350 million, which primarily serves to finance the working capital of the Group, shall be entitled to cancel their participation in the Syndicated Loan and to demand immediate repayment of the amounts owed to them. Within the scope of the Schuldschein loan totaling € 247.5 million, every lender has an extraordinary right of cancellation if control over the borrower changes.

COMPANY COMPENSATION AGREEMENTS IN THE CASE OF TAKEOVER BIDS

No company compensation agreements were made with the members of the Executive Board or with employees for the case of a takeover bid.

Consolidated Financial Statements

156	Consolidated Income Statement
157	Consolidated Statement of Comprehensive Income
158	Consolidated Statement of Financial Position
160	Consolidated Cash Flow Statement
161	Consolidated Statement of Changes in Equity

• Consolidated Financial Statements
  • General disclosures
  • Significant accounting principles
  • Significant estimates and assumptions
  • 171 Changes in accounting and measurement methods due to new standards and interpretations
  • Acquisitions and assets held for sale
  • Notes to the income statement
  • Notes to the statement of financial position
  • Notes to the cash flow statement
  • Segment reporting
  • Other disclosures
  • Investments

Consolidated Income Statement

for the period from October 1 to September 30 (IFRS)

in € thousand	Note	12 Months 2021/22	12 Months 2020/21
Revenues	1	18,520,522	16,299,837
Changes in inventories of finished goods and work in process	2	321,377	146,354
Own work capitalized	3	27,042	31,898
Other operating income	4	235,410	72,845
Cost of materials	5	-17,063,419	-14,637,048
Gross profit		2,040,932	1,913,886
Personnel expenses	6	-570,889	-554,162
Depreciation of property, plant, and equipment and amortization of intangible assets	7	-220,306	-218,962
Other operating expenses	8	-322,084	-310,860
Operational result (EBIT)		927,653	829,902
Result from investments measured using the equity method	9	18,444	18,705
Interest income	10	7,191	3,613
Interest expense	10	-17,146	-18,478
Other financial income	11	250	7
Other financial expenses	11	-1,137	-8,454
Earnings before taxes (EBT)		935,255	825,295
Income taxes	12	-220,263	-212,314
Consolidated net income		714,992	612,981
Consolidated net income attributable to Aurubis AG shareholders	13	714,669	612,796
Consolidated net income attributable to non-controlling interests	13	323	185
Basic earnings per share (in €)	14	16.37	14.03
Diluted earnings per share (in €)	14	16.37	14.03

Consolidated Statement of Comprehensive Income

for the period from October 1 to September 30 (IFRS)

in € thousand	12 Months 2021/22	12 Months 2020/21
Consolidated net income	714,992	612,981
Items that will be reclassified to profit or loss in the future
Measurement at market of cash flow hedges	18,160	-13,336
Hedging costs	-674	-1,411
Changes deriving from translation of foreign currencies	23,321	1,690
Income taxes	-7,231	2,511
Financial fixed assets accounted for using the equity method – share of other comprehensive income, after taxes	7,018	3,652
Items that will not be reclassified to profit or loss
Measurement at market of financial investments	17,847	27,224
Remeasurement of the net liability deriving from defined benefit obligations	161,754	49,566
Income taxes	-50,497	-15,255
Financial fixed assets accounted for using the equity method – remeasurement of the net liability deriving from defined benefit obligations, after taxes	841	7
Other comprehensive income/loss	170,539	54,648
Consolidated total comprehensive income	885,531	667,629
Consolidated total comprehensive income attributable to Aurubis AG shareholders	885,206	667,442
Consolidated total comprehensive income attributable to non-controlling interests	325	187

Consolidated Statement of Financial Position

(IFRS)

Assets

in € thousand	Note	9/30/2022	9/30/2021
Intangible assets	15	143,415	158,733
Property, plant, and equipment	16	1,813,611	1,656,927
Financial fixed assets	17	15,980	65,405
Investments measured using the equity method	18	96,007	76,644
Deferred tax assets	24	18,446	18,076
Non-current financial assets	21	168,079	33,878
Other non-current non-financial assets	21	3,579	2,937
Non-current assets		2,259,117	2,012,600
Inventories	19	3,552,922	2,804,209
Trade accounts receivable	20	622,621	512,966
Other current financial assets	21	210,561	152,078
Other current non-financial assets	21	96,061	51,250
Cash and cash equivalents	22	706,048	942,435
Assets held for sale		0	137,811
Current assets		5,188,213	4,600,749
Total assets		7,447,330	6,613,349

Equity and liabilities

in € thousand	Note	9/30/2022	9/30/2021
Subscribed capital	23	115,089	115,089
Additional paid-in capital	23	343,032	343,032
Treasury shares		-60,248	-60,248
Generated Group equity	23	3,794,071	3,025,019
Accumulated other comprehensive income components	23	65,588	19,288
Equity attributable to Aurubis AG shareholders		4,257,532	3,442,180
Non-controlling interests	23	653	537
Equity		4,258,185	3,442,717
Pension provisions and similar obligations	25	57,605	213,727
Other non-current provisions	26	63,347	77,509
Deferred tax liabilities	24	638,087	443,568
Non-current borrowings	27	209,107	444,269
Other non-current financial liabilities	27	11,475	57,079
Non-current non-financial liabilities	27	5,131	1,698
Non-current liabilities		984,752	1,237,850
Current provisions	26	67,605	67,068
Trade accounts payable	27	1,582,695	1,386,525
Income tax liabilities	27	32,331	24,004
Current borrowings	27	118,398	137,045
Other current financial liabilities	27	295,634	220,981
Other current non-financial liabilities	27	107,730	59,555
Liabilities deriving from assets held for sale		0	37,604
Current liabilities		2,204,393	1,932,782
Total equity and liabilities		7,447,330	6,613,349

Consolidated Cash Flow Statement

for the period from October 1 to September 30 (IFRS)

in € thousand	12 Months 2021/22	12 Months 2020/21
Earnings before taxes	935,255	825,295
Depreciation and amortization of fixed assets (including impairment losses or their reversals)	220,212	212,574
Change in allowances on receivables and other assets	206	646
Change in non-current provisions	-11,056	8,432
Net gains/losses on disposal of fixed assets	-3,499	-700
Measurement of derivatives	-176,494	49,762
Other non-cash items	4,984	2,082
Expenses and income included in the financial result	-7,602	4,607
Income taxes received/paid	-103,752	-88,081
Gross cash flow	858,253	1,014,617
Change in receivables and other assets	-147,757	-90,764
Change in inventories (including measurement effects)	-729,968	-397,417
Change in current provisions	827	-8,558
Change in liabilities (excluding financial liabilities)	306,461	294,206
Cash inflow from operating activities (net cash flow)	287,816	812,084
Payments for investments in fixed assets	-347,048	-252,444
Payments from the granting of loans to related entities	-3,469	-10,855
Proceeds from the disposal of fixed assets	494	1,845
Proceeds from the disposal of equity instruments from financial assets	65,525	0
Proceeds from the disposal of subsidiaries and other business units (net of cash and cash equivalents disposed of)	66,484	12,329
Proceeds from the redemption of loans granted to related entities	506	8,200
Interest received	7,192	3,613
Dividends received	9,050	5,257
Cash outflow from investing activities	-201,265	-232,055
Proceeds deriving from the take-up of financial liabilities	40,180	26,275
Payments for the redemption of bonds and financial liabilities	-302,507	-30,524
Acquisition of treasury shares	0	-18,944
Interest paid	-14,778	-15,812
Dividends paid	-70,063	-56,946
Cash outflow from financing activities	-347,168	-95,951
Net change in cash and cash equivalents	-260,617	484,077
Changes resulting from movements in exchange rates	1,379	146
Cash and cash equivalents at beginning of period	965,287	481,064
Cash and cash equivalents at end of period	706,048	965,287
Less cash and cash equivalents of assets held for sale at end of period	0	-22,852
Cash and cash equivalents at end of period (consolidated statement of financial position)	706,048	942,435

Consolidated Statement of Changes in Equity

Accumulated other comprehensive income components

in € thousand	Sub scribed capital	Addi tional paid-in capital	Treasury shares	Gene rated Group equity	Measure ment at market of cash flow hedges	Hedging costs	Measure ment at market of financial invest ments	Currency translation differen ces	Income taxes	Equity attributable to Aurubis AG share holders	Non control ling interests	Total equity
Balance as at 10/1/2020	115,089	343,032		-41,304 2,434,664	26,198	1,572	-31,744	11,022	-8,089	2,850,439		539 2,850,978
Acquisition of treasury shares	0	0	-18,944	0	0	0	0	0	0	-18,944	0	-18,944
Dividends paid	0	0	0	-56,757	0	0	0	0	0	-56,757	-189	-56,946
Consolidated total compre hensive income/loss	0	0	0	647,112	-7,872	-1,411	27,224	1,690	699	667,442	187	667,629
of which con solidated net income	0	0	0	612,796	0	0	0	0	0	612,796	185	612,981
of which other com prehensive income/loss	0	0	0	34,317	-7,872	-1,411	27,224	1,690	699	54,646	2	54,648
Balance as at 9/30/2021	115,089	343,032		-60,248 3,025,019	18,326	161	-4,520	12,712	-7,390	3,442,180		537 3,442,717
Balance as at 10/1/2021	115,089	343,032		-60,248 3,025,019	18,326	161	-4,520	12,712	-7,390	3,442,180		537 3,442,717
Sale of financial investments	0	0	0	12,141	0	0	-12,141	0	0	0	0	0
Dividends paid	0	0	0	-69,854	0	0	0	0	0	-69,854	-209	-70,063
Consolidated total compre hensive
income/loss of which con solidated net income	0 0	0 0	0 0	826,766 714,669	28,657 0	-674 0	17,847 0	23,321 0	-10,711 0	885,206 714,669	325 323	885,531 714,992
of which other com prehensive income/loss	0	0	0	112,097	28,657	-674	17,847	23,321	-10,711	170,537	2	170,539

Notes to the Consolidated Financial Statements

General disclosures

Notes to the Consolidated

Financial Statements

General disclosures

Significant accounting principles

Aurubis AG, headquartered in Hamburg, Germany, is a quoted corporate entity registered with the District Court of Hamburg under Commercial Register number HR B 1775. The address is Aurubis AG, Hovestrasse 50, 20539 Hamburg.

As required by Regulation (EC) No. 1606/2002 of the European Parliament and the Council dated July 19, 2002 on the application of international accounting standards, in conjunction with Section 315e (1) of the German Commercial Code (HGB), the accompanying consolidated financial statements as at September 30, 2022 are prepared in accordance with the International Financial Reporting Standards (IFRS) approved and published by the International Accounting Standards Board (IASB), as adopted by the European Union. The interpretations of the International Financial Reporting Standards Interpretations Committee (IFRS-IC) have been taken into account.

The consolidated financial statements were released for publication after they were approved on December 20, 2022.

The consolidated financial statements have been prepared in euros. If nothing to the contrary is indicated, all amounts are shown in thousands of currency units.

Current and non-current assets and liabilities are presented as separate categories in the statement of financial position. In this context, current assets and current liabilities are expected to be realized within twelve months of the balance sheet date or are held primarily for trading purposes.

The preparation of consolidated financial statements in accordance with IFRS furthermore requires the Executive Board and authorized employees to make estimates and assumptions in certain significant areas. These have an impact on the measurement and presentation of the assets and liabilities in the statement of financial position, and on related income and expenses.

Sectors that particularly require the application of estimates and assumptions are presented under Significant estimates and assumptions, page 170–171.

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

Significant accounting principles

SCOPE OF CONSOLIDATION

In addition to the parent company, Aurubis AG, Hamburg, 19 further companies in which Aurubis AG, Hamburg, holds the majority of the voting rights either directly or indirectly, and thus has control, were included in the consolidated financial statements as at the reporting date by way of full consolidation. Aurubis Richmond LLC, Richmond was included in the consolidated financial statements for the first time in fiscal year 2021/22. The reporting date for the consolidated financial statements corresponds to the balance sheet date of Aurubis AG, Hamburg, and all consolidated subsidiaries, with the exception of three consolidated companies. The balance sheet date of these subsidiaries is December 31. These companies prepared interim financial statements for consolidation purposes as at the reporting date of the consolidated financial statements.

Accordingly, the financial statements of all significant subsidiaries which Aurubis AG controls are included in these consolidated financial statements.

Pursuant to IFRS 11.24, in conjunction with IAS 28, Schwermetall Halbzeugwerk GmbH & Co. KG, Stolberg, a producer of pre-rolled strip in which a 50% share interest is held, and Cablo GmbH, Gelsenkirchen, in which a 40% share interest is held, are accounted for using the equity method. Both companies are managed jointly (based on the respective contractual relationship) and mutually (with respect to significant activities) with an additional partner (joint ventures).

CONSOLIDATION PRINCIPLES

The separate financial statements of all companies included in the consolidation are prepared in accordance with the uniform accounting policies that are applied within the Aurubis Group. The financial statements of the main companies included in the consolidated financial statements have been audited by independent auditors.

Capital consolidation is performed as at the acquisition date using the acquisition method, whereby the acquisition cost of the acquired interest is offset against the fair values of acquired assets and liabilities of the subsidiary at that time. Any unallocated difference on the asset side is recognized as goodwill and tested at least annually for impairment. In accordance with IAS 36, goodwill is not amortized on a scheduled basis. Negative goodwill is recognized immediately in profit or loss following a reassessment of the fair values.

Intercompany receivables, liabilities, and contingent liabilities, as well as revenues, other income, and expenses between Group companies are eliminated. Profits resulting from transactions between Group companies are eliminated, if material.

Notes to the Consolidated Financial Statements General disclosures | Significant accounting principles

Aurubis AG, headquartered in Hamburg, Germany, is a quoted corporate entity registered with the District Court of Hamburg under Commercial Register number HR B 1775. The address is

Financial Statements

Notes to the Consolidated

Significant accounting principles

reporting date of the consolidated financial statements.

Accordingly, the financial statements of all significant subsidiaries which Aurubis AG controls are included in these consolidated

Pursuant to IFRS 11.24, in conjunction with IAS 28, Schwermetall Halbzeugwerk GmbH & Co. KG, Stolberg, a producer of pre-rolled strip in which a 50% share interest is held, and Cablo GmbH, Gelsenkirchen, in which a 40% share interest is held, are accounted for using the equity method. Both companies are managed jointly (based on the respective contractual relationship) and mutually (with respect to significant activities) with an additional partner

The separate financial statements of all companies included in the consolidation are prepared in accordance with the uniform accounting policies that are applied within the Aurubis Group. The financial statements of the main companies included in the consolidated financial statements have been audited by

Capital consolidation is performed as at the acquisition date using the acquisition method, whereby the acquisition cost of the acquired interest is offset against the fair values of acquired assets and liabilities of the subsidiary at that time. Any unallocated difference on the asset side is recognized as goodwill and tested at least annually for impairment. In accordance with IAS 36, goodwill is not amortized on a scheduled basis. Negative goodwill is recognized immediately in profit or loss following a reassessment of the fair

In addition to the parent company, Aurubis AG, Hamburg, 19 further companies in which Aurubis AG, Hamburg, holds the majority of the voting rights either directly or indirectly, and thus has control, were included in the consolidated financial statements as at the reporting date by way of full consolidation. Aurubis Richmond LLC, Richmond was included in the consolidated financial statements for the first time in fiscal year 2021/22. The reporting date for the consolidated financial statements corresponds to the balance sheet date of Aurubis AG, Hamburg, and all consolidated subsidiaries, with the exception of three consolidated companies. The balance sheet date of these subsidiaries is December 31. These companies prepared interim financial statements for consolidation purposes as at the

SCOPE OF CONSOLIDATION

financial statements.

(joint ventures).

independent auditors.

values.

CONSOLIDATION PRINCIPLES

As required by Regulation (EC) No. 1606/2002 of the European Parliament and the Council dated July 19, 2002 on the application of international accounting standards, in conjunction with Section 315e (1) of the German Commercial Code (HGB), the accompanying consolidated financial statements as at September 30, 2022 are prepared in accordance with the International Financial Reporting Standards (IFRS) approved and published by the International Accounting Standards Board (IASB), as adopted by the European Union. The interpretations of the International Financial Reporting Standards Interpretations Committee (IFRS-IC) have been taken

The consolidated financial statements were released for publication

The consolidated financial statements have been prepared in euros. If nothing to the contrary is indicated, all amounts are shown in

Current and non-current assets and liabilities are presented as separate categories in the statement of financial position. In this context, current assets and current liabilities are expected to be realized within twelve months of the balance sheet date or are held

The preparation of consolidated financial statements in accordance with IFRS furthermore requires the Executive Board and authorized employees to make estimates and assumptions in certain significant areas. These have an impact on the measurement and presentation of the assets and liabilities in the statement of financial position,

Sectors that particularly require the application of estimates and assumptions are presented under Significant estimates and assumptions,

This report may include slight deviations in disclosed totals due to

after they were approved on December 20, 2022.

Aurubis AG, Hovestrasse 50, 20539 Hamburg.

General disclosures

into account.

thousands of currency units.

primarily for trading purposes.

and on related income and expenses.

162

Aurubis Annual Report 2021/22

page 170–171.

rounding.

In addition to eight German companies,12 foreign companies are included in the consolidated financial statements. In accordance with the functional currency concept, the financial statements of subsidiaries prepared in foreign currencies were translated into euros, as the euro is Aurubis AG's reporting currency. Transactions in foreign currencies are converted into the functional currency at the exchange rate at the time of the transaction or, in the case of subsequent measurement, at the time of such measurement. Foreign currency transactions are conducted particularly in US dollars. The average US dollar exchange rate during fiscal year 2021/22 was 1.08413 US\$/€. The exchange rate as at September 30, 2022 was 0.97480 US\$/€. Gains and losses resulting from the fulfillment of such foreign currency transactions, as well as from the conversion of monetary assets and liabilities designated in a foreign currency as at the reporting date, are recorded in profit and loss in the cost of materials unless they have to be accounted for in equity as qualified cash flow hedges or net investments in foreign business operations. In fiscal year 2021/22, foreign currency conversion differences totaling € 2.3 million (previous year € 3.2 million) were recognized in profit or loss. In accordance with IAS 21, assets and liabilities in the statements of financial position of subsidiaries reporting in a foreign currency are translated at the mid-market rates applicable at the reporting date and the income statement is translated at the average rates for the fiscal year. Any resultant translation differences are recognized directly in equity until the possible disposal of the subsidiary.

Joint ventures are accounted for in accordance with IFRS 11 using the equity method. Profits deriving from upstream/downstream transactions with Group companies are eliminated proportionally.

RECOGNITION OF REVENUES

Revenues are mainly generated from the sale of metals and copper products and are measured in the amount of the consideration that the Group expects to receive from a contract with a customer. The Group recognizes revenues when the authority to exercise control over a product or a service has been transferred to the customer. Bonuses granted in the fiscal year are deducted from revenues. In the case of transport services that generally relate to a specific time period and represent a separate performance obligation, no separation is made on grounds of materiality. Some contracts include rebates and price reductions that are factored into the transaction price.

SHARE-BASED PAYMENT

The recognition and measurement standards of IFRS 2 are to be applied to this compensation component. The component relates to virtual deferred stock with a three-year, forward-looking assessment basis, which is dependent upon the achievement of targets for the operating EBT component and is also based on individual performance. The virtual deferred stock component does not include dividend payments, and the payout is limited to 150% of the initial value. To determine the fair value of the limitation of the share price development, the value of a European call option is calculated by applying the Black Scholes formula.

FINANCIAL INSTRUMENTS

A financial instrument is a contract that simultaneously gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

In this connection, financial assets particularly comprise cash and cash equivalents, equity instruments held in other entities (e.g.,investments or share portfolios), trade accounts receivable, other loans and receivables granted, and primary and derivative financial instruments that are held for trading. Financial liabilities generally establish a contractual obligation to deliver cash or other financial assets. These include in particular bonds and other securitized liabilities, liabilities to banks, trade accounts payable, lease liabilities, and derivative financial instruments. Within the Group, regular way purchases and sales of primary financial instruments are generally recorded as at settlement,i.e., at the date of delivery and transfer of control. Derivative financial instruments are recognized as at the trade date. Financial assets and financial liabilities are generally reported gross (i.e., without being netted).

In accordance with IFRS 9, financial instruments are classified as either measured "at amortized cost" (AC), "at fair value through other comprehensive income" (FV OCI), or "at fair value through profit or loss" (FV P&L).

A debt instrument is measured at amortized cost if both of the following conditions are fulfilled:

• » It is held as part of a business model whose objective is to hold assets to collect contractual cash flows.
• » The contract conditions of the financial asset lead to cash flows, at fixed times, that only represent redemption and interest payments on the outstanding amount of capital (cash flow criterion).

A debt instrument is measured at fair value through other comprehensive income if both of the following conditions are fulfilled:

• » It is held as part of a mixed business model for which both contractual cash flows are collected and the debt instruments are sold
• » The contract conditions of the financial asset lead to cash flows, at fixed times, that only represent redemption and interest payments on the outstanding amount of capital (cash flow criterion).

If the criteria mentioned above for classification as AC or FV OCI have not been fulfilled, the debt instruments are measured at fair value through profit or loss (FV P&L).

Notwithstanding the above criteria for classification of debt instruments in the categories AC or FV OCI, a company can irrevocably classify its financial assets as "measured at fair value through profit or loss" upon initial recognition if doing so helps prevent or significantly reduce an accounting anomaly (FV option). The Aurubis Group makes use of the FV option for receivables from supply contracts that are not price-fixed (hybrid contracts).

Equity instruments are normally classified and measured at fair value through profit or loss. Deviating from this, there is an irrevocable option, upon initial recognition of primary equity instruments that are not held for trading, to recognize fair value changes in other comprehensive income (OCI option). Aurubis uses the OCI option and classifies equity instruments that are not held for trading in the category "fair value through other comprehensive income" (FV OCI).

Primary financial liabilities are either measured at amortized cost or at fair value through profit or loss. They are measured at fair value through profit or loss when they are held for trading or have been designated as "fair value through profit or loss" (FV option) – under certain conditions – upon initial recognition. Aurubis makes use of the FV option and irrevocably designates liabilities from supply contracts that are not price-fixed (hybrid contracts) at "fair value through profit or loss."

No financial instruments were reclassified into other measurement categories either in fiscal year 2021/22 or in fiscal year 2020/21.

Financial assets are recognized if Aurubis has a contractual right to receive cash and cash equivalents or other financial assets from another company. Financial assets are initially recognized at fair value. Thereby, in the case of financial assets that will not be measured subsequently at fair value through profit or loss, the transaction costs directly attributable to the purchase have to be taken into account. Trade accounts receivable with no significant financing component are measured at the transaction price upon

initial recognition. As a general rule, this corresponds to the fair value. The fair values recognized in the statement of financial position represent the market prices of the financial assets to the extent that these can be determined directly by reference to an active market. Otherwise, they are measured using normal market procedures (valuation models), applying the market parameters specific to the instrument. Non-interest-bearing financial assets with a term exceeding one year are discounted. For financial assets with a residual term of less than one year, it is assumed that the fair value corresponds to the nominal value. Financial assets designated in foreign currency are measured on initial recognition with the valid rate applicable at the date of the transaction and as at the reporting date with the then applicable mid-market rate. Financial assets are derecognized if the contractual rights to payments from the financial assets no longer exist or all opportunities and risks are essentially transferred. Any financial assets sold without recourse are derecognized.

The share interests in affiliated companies and investments that are reported under financial fixed assets are measured at fair value through profit or loss. They are generally measured at fair value, which is derived from the stock market price, provided a price quoted in an active market is available. Subsequent gains and losses resulting from measurement at fair value are recognized as other financial income/expenses in the income statement.

Aurubis makes use of the OCI option for equity instruments and accounts for securities classified as fixed assets at fair value through other comprehensive income. When these equity instruments are sold, the profits and losses that are unrealized up to this point in other comprehensive income are transferred to revenue reserves and are not disclosed in the income statement.

The non-current receivables reported as other financial fixed assets are measured, if significant, at amortized cost for subsequent measurement purposes, applying the effective interest method.

Within the Aurubis Group, trade accounts receivable resulting from supply contracts that are not price-fixed are measured at fair value through profit or loss for subsequent measurement purposes. Receivables held for sale within the context of factoring arrangements are measured at fair value through other comprehensive income. On account of their short terms to maturity, remaining trade accounts receivable are measured at nominal value, less any expected credit losses.

Aurubis makes use of the sale of receivables as a financial instrument within the context of factoring agreement arrangements.

Notes to the Consolidated Financial Statements

164

fulfilled:

are sold

criterion).

income" (FV OCI).

through profit or loss."

value through profit or loss (FV P&L).

Aurubis Annual Report 2021/22

Significant accounting principles | Significant estimates and assumptions

A debt instrument is measured at fair value through other comprehensive income if both of the following conditions are initial recognition. As a general rule, this corresponds to the fair value. The fair values recognized in the statement of financial position represent the market prices of the financial assets to the extent that these can be determined directly by reference to an active market. Otherwise, they are measured using normal market procedures (valuation models), applying the market parameters specific to the instrument. Non-interest-bearing financial assets with a term exceeding one year are discounted. For financial assets with a residual term of less than one year, it is assumed that the fair value corresponds to the nominal value. Financial assets designated in foreign currency are measured on initial recognition with the valid rate applicable at the date of the transaction and as at the reporting date with the then applicable mid-market rate. Financial assets are derecognized if the contractual rights to payments from the financial assets no longer exist or all opportunities and risks are essentially transferred. Any financial assets sold without recourse

The share interests in affiliated companies and investments that are reported under financial fixed assets are measured at fair value through profit or loss. They are generally measured at fair value, which is derived from the stock market price, provided a price quoted in an active market is available. Subsequent gains and losses resulting from measurement at fair value are recognized as other

Aurubis makes use of the OCI option for equity instruments and accounts for securities classified as fixed assets at fair value through other comprehensive income. When these equity

instruments are sold, the profits and losses that are unrealized up to this point in other comprehensive income are transferred to revenue reserves and are not disclosed in the income statement.

The non-current receivables reported as other financial fixed assets are measured, if significant, at amortized cost for subsequent measurement purposes, applying the effective interest method.

Within the Aurubis Group, trade accounts receivable resulting from supply contracts that are not price-fixed are measured at fair value through profit or loss for subsequent measurement purposes. Receivables held for sale within the context of factoring arrangements are measured at fair value through other

comprehensive income. On account of their short terms to maturity, remaining trade accounts receivable are measured at nominal value,

less any expected credit losses.

financial income/expenses in the income statement.

are derecognized.

» It is held as part of a mixed business model for which both contractual cash flows are collected and the debt instruments

» The contract conditions of the financial asset lead to cash flows, at fixed times, that only represent redemption and interest payments on the outstanding amount of capital (cash flow

If the criteria mentioned above for classification as AC or FV OCI have not been fulfilled, the debt instruments are measured at fair

Notwithstanding the above criteria for classification of debt instruments in the categories AC or FV OCI, a company can irrevocably classify its financial assets as "measured at fair value through profit or loss" upon initial recognition if doing so helps prevent or significantly reduce an accounting anomaly (FV option). The Aurubis Group makes use of the FV option for receivables from

supply contracts that are not price-fixed (hybrid contracts).

Equity instruments are normally classified and measured at fair value through profit or loss. Deviating from this, there is an irrevocable option, upon initial recognition of primary equity instruments that are not held for trading, to recognize fair value changes in other comprehensive income (OCI option). Aurubis uses the OCI option and classifies equity instruments that are not held for trading in the category "fair value through other comprehensive

Primary financial liabilities are either measured at amortized cost or at fair value through profit or loss. They are measured at fair value through profit or loss when they are held for trading or have been designated as "fair value through profit or loss" (FV option) – under certain conditions – upon initial recognition. Aurubis makes use of the FV option and irrevocably designates liabilities from supply contracts that are not price-fixed (hybrid contracts) at "fair value

No financial instruments were reclassified into other measurement categories either in fiscal year 2021/22 or in fiscal year 2020/21.

Financial assets are recognized if Aurubis has a contractual right to receive cash and cash equivalents or other financial assets from another company. Financial assets are initially recognized at fair value. Thereby, in the case of financial assets that will not be measured subsequently at fair value through profit or loss, the transaction costs directly attributable to the purchase have to be taken into account. Trade accounts receivable with no significant financing component are measured at the transaction price upon

Expected credit losses on financial assets measured at amortized cost or at fair value through other comprehensive income are recorded as allowances, i.e., as part of the measurement of these assets in the statement of financial position. A simplified approach for the recognition of impairment losses is applied for trade receivables. In this approach, the expected credit losses are calculated using a so-called cohort model, which is based on the data of the past three fiscal years. The measurement of the outstanding receivables takes actual historical bad debt losses into account, giving consideration to forward-looking information.

Actual defaults result in derecognition of the receivables affected. A financial asset is considered to be in default if contractual payments cannot be collected and are assumed to be irrecoverable. Any adjustments to the balance of allowances due to an increase or decrease in the amount of expected credit losses are recorded in an allowance account. The default risk for trade accounts receivable is limited in particular by the Aurubis Group's existing commercial credit insurance programs.

Derivative financial instruments that are not included in an effective hedging relationship in accordance with IFRS 9 (hedge accounting) and are therefore "held for trading" must be classified as "measured at fair value through profit or loss."

In addition, delivery contracts are concluded in the Aurubis Group for non-ferrous metals to cover the expected requirement for raw materials and also for the sale of finished products. In the process, physical delivery contracts may be terminated by making compensation payments due to changes in demand. Fixed-price metal delivery contracts are therefore also recognized as derivative financial instruments. Since these are not included in an effective hedging relationship in accordance with IFRS 9, they are similarly classified as "measured at fair value through profit or loss."

To the extent that they are non-current, a large proportion of the other financial assets are measured at amortized cost for subsequent measurement purposes, applying the effective interest method.

Cash and cash equivalents have a remaining term on initial recognition of up to three months and are measured at nominal value.

For financial assets that are not accounted for at fair value through profit or loss, allowances for impairment need to be recognized on the basis of the expected losses. To calculate these allowances, IFRS 9 provides a three-stage model (general approach). Depending on the counterparty's credit default risk, the model requires different levels of impairment assessment at these various stages.

For cash and cash equivalents and other financial assets that fall within the scope of impairment assessment under IFRS 9, the expected credit loss is primarily determined at the time of their acquisition on the basis of credit default swaps for which losses are calculated that are expected from defaults in the next 12 months. In the case of a significant increase in the default risk, the credit losses expected over the asset's respective term are considered. Because of the short-term nature and the counterparties' high level of creditworthiness, the default risk for the financial assets is low as at the reporting date.

When the company buys back its own shares, these are directly deducted from equity. Neither the purchase nor sale of treasury shares is recorded in profit or loss.

Financial liabilities are recognized if there is a contractual obligation to transfer cash and cash equivalents or other financial assets to another company. Financial assets are always initially recognized at fair value. Any directly attributable transaction costs are deducted for all financial liabilities that are not subsequently measured at fair value and are amortized over the term of the liability applying the effective interest method. Financial liabilities denominated in foreign currency are measured on initial recognition with the valid rate applicable at the date of the transaction and as at the reporting date with the then applicable mid-market rate.

Primary financial liabilities, which include borrowings, trade accounts payable, and other primary financial liabilities, are generally measured at amortized cost. If the interest effect is not insignificant, non-interest-bearing liabilities, or liabilities bearing low interest rates, with a residual term exceeding one year, are discounted. In the case of liabilities with a residual term of less than a year, it is assumed that the fair value corresponds to the settlement amount. Trade accounts payable resulting from supply contracts that are not price-fixed provide an exception. These are measured at fair value through profit or loss (FV option) for subsequent measurement purposes. The fair value changes resulting from the company's own credit risk are recognized in other comprehensive income.

The Aurubis Group uses derivative financial instruments to hedge interest rate and foreign currency risks and to hedge commodity price risks.

Derivative financial instruments are measured at fair value. This represents the market value and can be both positive and negative. If a market value is not available, the fair value is calculated utilizing present value and option price models. As far as possible, relevant market prices and interest rates observed at the reporting date, which are derived from recognized sources, are used as the opening parameters for these models.

Changes in the fair values of derivative financial instruments are recognized either through profit or loss in the income statement or in equity as a component of other comprehensive income. The decisive factor hereby is whether or not the derivative financial instrument is included in an effective hedging relationship. If no cash flow hedge accounting relationship exists, the changes in fair values are to be recognized immediately in profit or loss. If, on the other hand, an effective cash flow hedging relationship exists, such changes will be recognized in equity as a component of other comprehensive income.

In order to avoid fluctuations in the income statement due to the different measurement of hedged items and hedging instruments, IFRS 9 includes special regulations relating to hedge accounting. The aim of these hedge accounting regulations is to record the effects of changes in value of hedging instruments and hedged items so that they compensate one another as far as possible.

In addition to documentation, as a prerequisite for the application of the regulations of hedge accounting, IFRS 9 requires proof of an effective hedging relationship. Hedge effectiveness means that changes in fair value (for fair value hedges) or changes in cash flow (for cash flow hedges) of the hedged items are compensated by counteracting changes in the fair value or the cash flows of the hedging instruments, in each case relating to the hedged risk.

The purpose of derivatives that are used as hedging instruments in conjunction with a cash flow hedge is to hedge future cash flows. A risk with regard to the amount of future cash flows exists in particular for planned transactions that are highly likely to occur. Derivative financial instruments used in conjunction with cash flow hedge accounting are recognized at fair value. The gain or loss on measurement is split between an effective and an ineffective portion. The effective portion is the portion of the gain or loss on measurement that represents an effective hedge of the cash flow risk. This is recognized directly in equity under a special heading (cash flow hedge reserve), after taking deferred taxes into account. The ineffective portion deriving from measurement is recognized on the other hand in profit or loss in the income statement. The nondesignated portion of the derivative is recorded in a separate reserve for hedging costs in other comprehensive income. Within

the Aurubis Group, any changes in fair values of foreign currency options are excluded from the hedging relationship. The accounting treatment of the transactions underlying the hedged cash flows remain unchanged. Following the termination of the hedging relationship, the amounts recorded in the reserve are always transferred to the income statement when gains or losses made in connection with the hedged item are recognized in profit or loss or when the underlying transaction is not actually expected to occur anymore.

The Aurubis Group furthermore enters into hedging relationships that do not satisfy the strict requirements of IFRS 9 and cannot therefore be accounted for in accordance with the hedge accounting regulations. Nevertheless, from an economic point of view, these hedging relationships comply with the principles of risk management. Moreover, hedge accounting is also not applied in the case of the monetary assets and liabilities recognized in connection with foreign currency hedging, because the foreign currency translation gains and losses on the hedged items that need to be realized in profit or loss in accordance with IAS 21 are accompanied by gains and losses on the derivative hedging instruments and more or less compensate one another in the income statement.

The fair value of financial instruments is determined pursuant to the regulations of IFRS 13 covering measurement at fair value. The fair value of financial instruments quoted in active markets is calculated based on price quotations insofar as these are prices used in routine and current transactions. Where no prices quoted in active markets are available, the Aurubis Group uses measurement procedures to determine the fair value of financial instruments. Consequently, the input parameters applied in measurement procedures are based where possible on observable data derived from the prices of relevant financial instruments traded in active markets. The use of these measurement procedures requires estimates and assumptions on the part of the Aurubis Group, the scope of which depends on the price transparency of the financial instrument and its market. Management regularly analyzes the methods and influencing factors used to determine the fair value to ensure that they are appropriate. Additional information about the main estimates and assumptions used to determine the fair value can be found in the section Financial instruments, on pages 197–210.

INTANGIBLE ASSETS

the Aurubis Group, any changes in fair values of foreign currency options are excluded from the hedging relationship. The accounting treatment of the transactions underlying the hedged cash flows remain unchanged. Following the termination of the hedging relationship, the amounts recorded in the reserve are always transferred to the income statement when gains or losses made in connection with the hedged item are recognized in profit or loss or when the underlying transaction is not actually expected to occur

The Aurubis Group furthermore enters into hedging relationships that do not satisfy the strict requirements of IFRS 9 and cannot therefore be accounted for in accordance with the hedge accounting regulations. Nevertheless, from an economic point of view, these hedging relationships comply with the principles of risk management. Moreover, hedge accounting is also not applied in the case of the monetary assets and liabilities recognized in connection with foreign currency hedging, because the foreign currency translation gains and losses on the hedged items that need to be realized in profit or loss in accordance with IAS 21 are accompanied by gains and losses on the derivative hedging instruments and more

or less compensate one another in the income statement.

The fair value of financial instruments is determined pursuant to the regulations of IFRS 13 covering measurement at fair value. The fair value of financial instruments quoted in active markets is calculated based on price quotations insofar as these are prices used in routine and current transactions. Where no prices quoted in active markets are available, the Aurubis Group uses measurement procedures to determine the fair value of financial instruments. Consequently, the input parameters applied in measurement procedures are based where possible on observable data derived from the prices of relevant financial instruments traded in active markets. The use of these measurement procedures requires estimates and assumptions on the part of the Aurubis Group, the scope of which depends on the price transparency of the financial instrument and its market. Management regularly analyzes the methods and influencing factors used to determine the fair value to ensure that they are appropriate. Additional information about the main estimates and assumptions used to determine the fair value can be found in the section Financial instruments, on pages 197–210.

anymore.

Notes to the Consolidated Financial Statements

166

price risks.

parameters for these models.

comprehensive income.

Aurubis Annual Report 2021/22

Significant accounting principles | Significant estimates and assumptions

The Aurubis Group uses derivative financial instruments to hedge interest rate and foreign currency risks and to hedge commodity

Derivative financial instruments are measured at fair value. This represents the market value and can be both positive and negative. If a market value is not available, the fair value is calculated utilizing present value and option price models. As far as possible, relevant market prices and interest rates observed at the reporting date, which are derived from recognized sources, are used as the opening

Changes in the fair values of derivative financial instruments are recognized either through profit or loss in the income statement or in equity as a component of other comprehensive income. The decisive factor hereby is whether or not the derivative financial instrument is included in an effective hedging relationship. If no cash flow hedge accounting relationship exists, the changes in fair values are to be recognized immediately in profit or loss. If, on the other hand, an effective cash flow hedging relationship exists, such changes will be recognized in equity as a component of other

In order to avoid fluctuations in the income statement due to the different measurement of hedged items and hedging instruments, IFRS 9 includes special regulations relating to hedge accounting. The aim of these hedge accounting regulations is to record the effects of changes in value of hedging instruments and hedged items so that

In addition to documentation, as a prerequisite for the application of the regulations of hedge accounting, IFRS 9 requires proof of an effective hedging relationship. Hedge effectiveness means that changes in fair value (for fair value hedges) or changes in cash flow (for cash flow hedges) of the hedged items are compensated by counteracting changes in the fair value or the cash flows of the hedging instruments, in each case relating to the hedged risk.

The purpose of derivatives that are used as hedging instruments in conjunction with a cash flow hedge is to hedge future cash flows. A risk with regard to the amount of future cash flows exists in particular for planned transactions that are highly likely to occur. Derivative financial instruments used in conjunction with cash flow hedge accounting are recognized at fair value. The gain or loss on measurement is split between an effective and an ineffective portion. The effective portion is the portion of the gain or loss on measurement that represents an effective hedge of the cash flow risk. This is recognized directly in equity under a special heading (cash flow hedge reserve), after taking deferred taxes into account. The ineffective portion deriving from measurement is recognized on the other hand in profit or loss in the income statement. The nondesignated portion of the derivative is recorded in a separate reserve for hedging costs in other comprehensive income. Within

they compensate one another as far as possible.

If intangible assets are acquired, they are recognized at acquisition cost. Internally generated intangible assets that provide future economic benefits are recognized at their cost of generation if the criteria for their recognition as an asset are fulfilled. They are amortized on a scheduled, straight-line basis over their expected useful lives of generally between three and eight years. As an exception, scheduled amortization charges relating to investments made in connection with a long-term electricity supply contract are recorded under cost of materials over the term of the contract. An additional license acquired for a consideration exists, which will be amortized on a scheduled basis in the future. Furthermore, intangible assets were recognized as part of the purchase price allocation resulting from the acquisition of the Metallo Group in fiscal year 2019/20. These are amortized on a scheduled, straightline basis over their expected useful lives of 9 and 18 years. With the exception of goodwill, the consolidated financial statements do not include any intangible assets with indefinite useful lives.

Carbon dioxide emission rights are recognized under intangible assets, as both free allocations and purchases through the market are foreseen for production purposes. Initial allocations of emission rights acquired free of charge are recognized at an acquisition cost of € 0. Emission rights acquired for consideration are recognized at acquisition cost. Expenses incurred in connection with the disposal of emission rights acquired for consideration are recognized under other operating expenses. Income arising from the sale of emission rights is disclosed under other operating income.

PROPERTY, PLANT, AND EQUIPMENT

Items of property, plant and equipment are recognized as fixed assets if they are used in the business operations for more than one year. These assets are measured at cost less scheduled depreciation. Such assets also include spare parts and maintenance equipment used for more than one period. Technical minimum stocks are recognized as components of the respective technical equipment and machinery. These stocks are quantities of materials that contain metals and are necessary to establish and ensure a production facility's future functionality for its intended use. Minimum stocks are not subject to scheduled depreciation, as they do not deteriorate or age.

Construction costs include all costs that can be directly attributed to the asset. Borrowing costs that can be directly allocated to the purchase, construction, or production of a qualifying asset are capitalized. Borrowing costs of € 935 thousand (previous year: € 904 thousand) were capitalized in the fiscal year reported, applying a financing cost rate of 1.6% (previous year: 1.6%). Scheduled depreciation is charged using the straight-line method. In this context, depreciation periods used correspond to the expected economic useful lives of the respective assets, as applicable within the Group. The following useful lives were mainly applied:

Buildings	25 to 40 years
Site installations	10 to 25 years
Technical equipment and machinery	5 to 20 years
Technical minimum stock	unlimited useful life
Other equipment, factory and office
equipment	3 to 20 years

General overhauls or maintenance measures resulting in the replacement of components are recognized as an asset if it is probable that future economic benefits will flow to the Group and the costs can be measured reliably.

LEASING

When a contract is entered into, Aurubis assess whether it is, or includes, a lease. As a general rule, all leases have been recognized by the lessees as a right-of-use asset and a lease liability.

The lease liabilities disclosed as financial liabilities are basically recognized at the present value of future fixed lease payments. Furthermore, any variable payments that are linked to an index and any expected residual value guarantees are taken into account. If there is reasonable assurance that an existing purchase or extension option will be exercised, then the purchase price and/or any related lease payments are included when determining the lease liability. Compensation for premature termination of the lease is taken into account if there is reasonable assurance that the claim will be exercised. The lease payments are discounted using the interest rate in the lease or, if this cannot be determined, using the lessee's incremental borrowing rate. Risk-free interbank interest rates for corresponding terms to maturity in different currencies are used to determine the incremental borrowing rate and are increased to include credit and country risk premiums. For subsequent measurement purposes, the carrying amount is increased by the interest on the lease liability and reduced by the lease payments made. The interest deriving from the winding back of the discount on the lease liability is recorded as interest expense in the financial result. If there is a change in the lease payments, the lease liabilities are remeasured. The remeasurement of the lease liability generally leads to an adjustment of the value of the right-of-use asset. Changes in lease payments arise, for example, in connection with adjustments to the term of the lease or though reassessment of extension or termination options.

The right-of-use assets disclosed under property, plant, and equipment are accounted for at cost less scheduled depreciation on a straight-line basis and, where applicable, less any necessary impairment losses recognized in accordance with IAS 36. The cost includes the present value of the future lease payments plus any advance lease payments made, plus any preliminary direct costs and restoration obligations. Any lease incentives received are deducted. The right-of-use assets are generally depreciated over the term of the lease. If the exercise of an existing purchase option can be assumed with reasonable assurance and the purchase price is included in the calculation of the future lease payments, the rightof-use assets are depreciated over the economic useful life of the leased asset.

Lease payments connected with short-term leases, expenses for leases of low-value assets, and variable lease payments that are not linked to an index are recorded in the income statement as current expenses. Moreover, the standards governing leases are not applied to leases of intangible assets. A separation is made into lease and non-lease components to the extent that these can be clearly identified and differentiated.

Leased-out leased assets are recognized at amortized cost under property, plant, and equipment. The resulting earnings are disclosed as revenues. In the case of a finance lease agreement, the leased asset is derecognized and a lease receivable is shown under other financial assets. Aurubis did not act as a lessor in any business relationships in either fiscal year 2021/22 nor in the previous year.

IMPAIRMENT OF NON-FINANCIAL ASSETS

Intangible assets that have an indefinite useful life, such as goodwill, are not amortized on a scheduled basis but are subjected to an annual impairment test. Furthermore, an assessment is made at every reporting date to determine whether there are any indications that the asset could be impaired. In the same way, items of property, plant, and equipment are tested for impairment if there are any indications of such impairment.

Since the metals contained in the minimum stock can be recovered and the utilization potential of the minimum stock is not subject to wear and tear as it is not used in the production process, an unlimited useful life is assumed. The minimum stocks are therefore not depreciated on a scheduled basis but are instead tested for impairment in conjunction with the respective production facilities if there are any indications of such impairment.

Assets that are amortized or depreciated on a scheduled basis are tested for impairment if events or changes in circumstances indicate that the carrying amount might not be recoverable. Impairment losses are recorded in the amount by which the carrying amount exceeds the recoverable amount. The recoverable amount is the higher of the fair value of the asset less costs to sell and its value in use. For impairment testing purposes, assets are combined at the lowest level for which cash flows can be separately identified (cashgenerating units). With the exception of goodwill, non-monetary assets on which impairment losses were recognized in the past are reviewed as at each reporting date to ascertain whether the impairment losses possibly need to be reversed.

INVENTORIES

Inventories are measured at acquisition or production cost on initial recognition. Production cost includes all direct costs attributable to the production process, as well as a systematically allocated share of the production-related overheads.

The acquisition costs of copper concentrates and raw materials for recycling are determined by deducting the treatment and refining charges negotiated with the supplier from the purchase value of the metal. Treatment and refining charges are deductions that are made due to the processing of ore concentrates and raw materials for recycling into copper and precious metals. In the smelters, work in process is measured by initially measuring the metal content. The equivalent cost of the processing that is still required for production of the fine metal is deducted from this figure. In this manner, the costs incurred during the production process are successively recognized as a component of the production cost. This procedure applies to the production of copper, precious metals, and minor metals.

In the case of copper products, both the metal components and the costs incurred for further processing the copper into special formats – such aswire rod, shapes, and rolled products – are taken into consideration for the measurement of finished goods by applying a calculated surcharge.

Inventories are measured using the average cost method in accordance with IAS 2. In this context, the amount recognized as at the reporting date is measured at the lower of cost and net realizable value. Net realizable value is determined on the basis of quoted commodity exchange or market prices as at the reporting date.

OTHER NON-FINANCIAL ASSETS

Other non-financial assets are recognized at amortized cost. Writedowns are made to the extent that the assets are at risk.

INCOME TAXES

Assets that are amortized or depreciated on a scheduled basis are tested for impairment if events or changes in circumstances indicate that the carrying amount might not be recoverable. Impairment losses are recorded in the amount by which the carrying amount exceeds the recoverable amount. The recoverable amount is the higher of the fair value of the asset less costs to sell and its value in use. For impairment testing purposes, assets are combined at the lowest level for which cash flows can be separately identified (cashgenerating units). With the exception of goodwill, non-monetary assets on which impairment losses were recognized in the past are reviewed as at each reporting date to ascertain whether the

Inventories are measured at acquisition or production cost on initial recognition. Production cost includes all direct costs attributable to the production process, as well as a systematically allocated share of

The acquisition costs of copper concentrates and raw materials for recycling are determined by deducting the treatment and refining charges negotiated with the supplier from the purchase value of the metal. Treatment and refining charges are deductions that are made due to the processing of ore concentrates and raw materials for recycling into copper and precious metals. In the smelters, work in process is measured by initially measuring the metal content. The equivalent cost of the processing that is still required for production of the fine metal is deducted from this figure. In this manner, the costs incurred during the production process are successively recognized as a component of the production cost. This procedure applies to the production of copper, precious metals, and minor

In the case of copper products, both the metal components and the costs incurred for further processing the copper into special formats – such aswire rod, shapes, and rolled products – are taken into consideration for the measurement of finished goods by applying a

Inventories are measured using the average cost method in accordance with IAS 2. In this context, the amount recognized as at the reporting date is measured at the lower of cost and net realizable value. Net realizable value is determined on the basis of quoted commodity exchange or market prices as at the reporting

impairment losses possibly need to be reversed.

the production-related overheads.

INVENTORIES

metals.

date.

calculated surcharge.

Notes to the Consolidated Financial Statements

168

leased asset.

identified and differentiated.

indications of such impairment.

Aurubis Annual Report 2021/22

Significant accounting principles | Significant estimates and assumptions

The right-of-use assets disclosed under property, plant, and equipment are accounted for at cost less scheduled depreciation on a straight-line basis and, where applicable, less any necessary impairment losses recognized in accordance with IAS 36. The cost includes the present value of the future lease payments plus any advance lease payments made, plus any preliminary direct costs and restoration obligations. Any lease incentives received are deducted. The right-of-use assets are generally depreciated over the term of the lease. If the exercise of an existing purchase option can be assumed with reasonable assurance and the purchase price is included in the calculation of the future lease payments, the rightof-use assets are depreciated over the economic useful life of the

Lease payments connected with short-term leases, expenses for leases of low-value assets, and variable lease payments that are not linked to an index are recorded in the income statement as current expenses. Moreover, the standards governing leases are not applied to leases of intangible assets. A separation is made into lease and non-lease components to the extent that these can be clearly

Leased-out leased assets are recognized at amortized cost under property, plant, and equipment. The resulting earnings are disclosed as revenues. In the case of a finance lease agreement, the leased asset is derecognized and a lease receivable is shown under other financial assets. Aurubis did not act as a lessor in any business relationships in either fiscal year 2021/22 nor in the previous year.

Intangible assets that have an indefinite useful life, such as goodwill, are not amortized on a scheduled basis but are subjected to an annual impairment test. Furthermore, an assessment is made at every reporting date to determine whether there are any indications that the asset could be impaired. In the same way, items of property, plant, and equipment are tested for impairment if there are any

Since the metals contained in the minimum stock can be recovered and the utilization potential of the minimum stock is not subject to wear and tear as it is not used in the production process, an unlimited

impairment in conjunction with the respective production facilities if

useful life is assumed. The minimum stocks are therefore not depreciated on a scheduled basis but are instead tested for

there are any indications of such impairment.

IMPAIRMENT OF NON-FINANCIAL ASSETS

Income taxes comprise both current and deferred taxes. The tax expense and/or tax credit is recorded in profit or loss. If, however, the related source transactions are recognized directly in equity or in other comprehensive income, then the income taxes attributed to them are also directly accounted for in equity or in other comprehensive income.

The Aurubis Group companies are subject to income taxes in many countries around the world. The tax expense and/or tax credit is calculated by applying the tax regulations of the individual countries that are applicable as at the reporting date.

Deferred tax assets and liabilities result from temporary differences between the tax-based carrying amounts of assets and liabilities and those taken into account in the IFRS financial statements or from tax loss carryforwards and tax credits not yet utilized. The calculation of deferred taxes is based on the tax rates expected in the individual countries at the time of realization. These tax rates are generally based on legislation that is valid, or has been enacted, as at the reporting date.

Deferred tax assets deriving from temporary differences, tax loss carryforwards, and tax credits are recognized by the respective company entities to the extent that deferred tax liabilities exist. If deferred tax assets exceed deferred tax liabilities, they are recognized to the extent that it is probable that sufficient taxable income will be available in the future to ensure the utilization of these tax assets. The recoverability of the recognized deferred tax assets is reviewed on an individual basis each year.

Deferred tax liabilities that arise due to temporary differences in connection with investments in subsidiaries and associated companies are recognized unless the point in time for the reversal of the temporary differences can be determined by the Group and it is likely that the temporary differences will not reverse in the foreseeable future due to this determining influence.

Deferred tax assets and liabilities are offset against one another in cases where a legal right of set-off exists and if they relate to income taxes levied on the same company by the same taxation authority.

DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE

Discontinued operations are disclosed as soon as part of a company is classified as held for sale, the business area is a separate, significant line of business, and it is for sale as part of a coordinated overall plan.

In accordance with IFRS 5, assets held for sale are measured at the lower of their carrying amount and their fair value less costs to sell.

The consolidated result from discontinued operations is reported in the consolidated income statement separately from expenses and income from continued operations; prior-year figures are shown on a comparable basis. In the consolidated cash flow statement, discontinued operations are included in the cash inflows/outflows from operating, investing, and financing activities. Cash flows from operating, investing, and financing activities for the discontinued business area are presented separately in the Notes to the Financial Statements. Furthermore, assets and liabilities held for sale are separately disclosed in the consolidated statement of financial position in aggregated form.

If, however, a discontinued business area does not fulfill the requirements of IFRS 5.32, assets and liabilities held for sale are separately disclosed in the consolidated statement of financial position in aggregated form. No adjustment is made to prior-year figures. The assets and liabilities disclosed in aggregated form in the statement of financial position are explained in more detail in the Notes to the Financial Statements, broken down by key groups. In this case, no separate disclosure is made in the consolidated income statement.

No discontinued operations or assets held for sale were recognized in fiscal year 2021/22, while assets and liabilities held for sale were recognized in 2020/21.

PROVISIONS

Provisions for pensions and similar obligations are determined in accordance with the projected unit credit method prescribed by IAS 19, based on actuarial reports, applying the "Heubeck-Richttafeln 2018 G" mortality tables. In this connection, the demographic assumptions applied, as well as expected salary and pension trends and the interest rate to be used, are determined on the basis of current estimates as at the reporting date. Accordingly, actuarial gains and losses can result from deviations between the actual parameters as at the reporting date and the assumptions used for the calculation. These actuarial gains and losses – as well as income deriving from plan assets that are not included in net interest – are recognized immediately and completely as they arise and are disclosed as generated Group equity. Past service cost is recognized immediately as an expense in profit or loss.

Significant estimates and assumptions

To determine the net obligation deriving from defined benefit plans, the fair value of the plan assets is deducted from the present value of the pension obligations.

Other provisions are set up for all other uncertain obligations and risks of the Aurubis Group provided that a related obligation to third parties results from a past event, the settlement of which is expected to result in an outflow of cash resources, and the respective amount can be reliably estimated. If the effect of the time value of money is material, non-current provisions are recognized at their present value.

OTHER NON-FINANCIAL LIABILITIES

Other non-financial liabilities are recognized at amortized cost.

Contractual liabilities are recorded when one of the parties has fulfilled its contractual obligation. This primarily applies to advance payments received in respect of customer orders that are recognized under other non-financial liabilities.

Significant estimates and assumptions

Accounting treatment and measurement in the consolidated financial statements are influenced by a large number of estimates and assumptions, which are based on past experience as well as additional factors, including expectations about future events. All estimates and assessments are subject to continuous review and reevaluation. The use of estimates and assumptions is especially necessary in the following areas:

IMPAIRMENT OF GOODWILL AND OF A LICENSE ACQUIRED FOR A CONSIDERATION

An impairment test is carried out at least annually in line with the accounting policies. In this context, the recoverable amount is calculated on the basis of the value in use – refer to the section Intangible assets, on page 179-181. The calculation of the value in use in particular requires estimates of future cash flows on the basis of calculations made for planning purposes.

No impairment loss was recognized for other goodwill amounts or for the licenses acquired for a consideration.

FAIR VALUES IN CONJUNCTION WITH BUSINESS COMBINATIONS

Acquired assets, liabilities, and contingent liabilities are recognized at their fair values when accounting for business combinations. Discounted cash flow (DCF)-based procedures, the results of which depend on assumed future cash flows and other assumptions, are often used in this context. The measurement of contingent liabilities depends significantly on the assumptions with respect to the future resource outflows and the probability of their occurrence.

FAIR VALUES OF DERIVATIVES AND OTHER FINANCIAL INSTRUMENTS

The fair values of financial instruments for which there are no quoted prices in an active market are determined on the basis of financial calculation procedures and are influenced by assumptions specific to the instrument. Estimates have a particularly significant influence when the fair value needs to be determined for financial instruments for which at least one significant parameter is not based on observable market data (Level 3 of the fair value hierarchy). The selection and application of suitable parameters and assumptions require an assessment by management. Extrapolation and interpolation procedures have to be applied in particular when data is derived from uncommon market transactions. Detailed information can be found in the section on Financial instruments, pages 197-210.

ACCOUNTING FOR INVENTORIES

Various estimates have to be made in connection with the accounting treatment of inventories. For example, estimation procedures are applied when quantifying inventories as well as in the determination of the metal yield content.

PENSION PROVISIONS AND OTHER PROVISIONS

Within the Aurubis Group, retirement benefits for employees are provided on the basis of both defined benefit plans and defined contribution plans.

Obligations deriving from defined benefit pension plans are measured in accordance with actuarial procedures. These procedures are based on several actuarial assumptions, such as, for example, the assumed interest rate, expected salary and pension developments, employee fluctuations, and life expectancy. For the purposes of determining the assumed interest rate, high-quality corporate bonds with commensurate terms and currencies are used as a source of reference. Deviations of the actual development from the assumptions at the beginning of the reporting period lead to remeasurement of the net liability.

When recognizing other provisions, assumptions are made with regard to the probability of the occurrence and the amount and timing of the outflow of resources, which by their nature are subject to uncertainty.

DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE

In accordance with IFRS 5, discontinued operations are measured at the lower of their carrying amount and their fair value less costs to sell.

equipment, the collectability of receivables, and the measurement of inventory risks within inventories.

Changes in accounting and measurement methods due to new standards and interpretations

Changes in accounting and measurement methods due to new standards and interpretations

The following standards were applied for the first time in fiscal year 2021/22.

OTHER ESTIMATES

Notes to the Consolidated Financial Statements

170

of the pension obligations.

recognized at their present value.

necessary in the following areas:

ACQUIRED FOR A CONSIDERATION

calculations made for planning purposes.

for the licenses acquired for a consideration.

OTHER NON-FINANCIAL LIABILITIES

Aurubis Annual Report 2021/22

Significant accounting principles | Significant estimates and assumptions

To determine the net obligation deriving from defined benefit plans, the fair value of the plan assets is deducted from the present value

FAIR VALUES IN CONJUNCTION WITH BUSINESS

resource outflows and the probability of their occurrence.

FAIR VALUES OF DERIVATIVES AND OTHER FINANCIAL

The fair values of financial instruments for which there are no quoted prices in an active market are determined on the basis of financial calculation procedures and are influenced by assumptions specific to the instrument. Estimates have a particularly significant influence when the fair value needs to be determined for financial instruments for which at least one significant parameter is not based on observable market data (Level 3 of the fair value

hierarchy). The selection and application of suitable parameters and assumptions require an assessment by management. Extrapolation and interpolation procedures have to be applied in particular when data is derived from uncommon market transactions. Detailed information can be found in the section on Financial instruments,

Various estimates have to be made in connection with the accounting treatment of inventories. For example, estimation procedures are applied when quantifying inventories as well as in

PENSION PROVISIONS AND OTHER PROVISIONS

Obligations deriving from defined benefit pension plans are measured in accordance with actuarial procedures. These

assumptions, such as, for example, the assumed interest rate, expected salary and pension developments, employee fluctuations, and life expectancy. For the purposes of determining the assumed interest rate, high-quality corporate bonds with commensurate terms and currencies are used as a source of reference. Deviations of the actual development from the assumptions at the beginning of the reporting period lead to remeasurement of the net liability.

Within the Aurubis Group, retirement benefits for employees are provided on the basis of both defined benefit plans and defined

Acquired assets, liabilities, and contingent liabilities are recognized at their fair values when accounting for business combinations. Discounted cash flow (DCF)-based procedures, the results of which depend on assumed future cash flows and other assumptions, are often used in this context. The measurement of contingent liabilities depends significantly on the assumptions with respect to the future

COMBINATIONS

INSTRUMENTS

pages 197-210.

contribution plans.

ACCOUNTING FOR INVENTORIES

the determination of the metal yield content.

procedures are based on several actuarial

Other provisions are set up for all other uncertain obligations and risks of the Aurubis Group provided that a related obligation to third

parties results from a past event, the settlement of which is expected to result in an outflow of cash resources, and the respective amount can be reliably estimated. If the effect of the time value of money is material, non-current provisions are

Other non-financial liabilities are recognized at amortized cost.

Contractual liabilities are recorded when one of the parties has fulfilled its contractual obligation. This primarily applies to advance

payments received in respect of customer orders that are

Significant estimates and assumptions

IMPAIRMENT OF GOODWILL AND OF A LICENSE

An impairment test is carried out at least annually in line with the accounting policies. In this context, the recoverable amount is calculated on the basis of the value in use – refer to the section Intangible assets, on page 179-181. The calculation of the value in use in particular requires estimates of future cash flows on the basis of

No impairment loss was recognized for other goodwill amounts or

Accounting treatment and measurement in the consolidated financial statements are influenced by a large number of estimates and assumptions, which are based on past experience as well as additional factors, including expectations about future events. All estimates and assessments are subject to continuous review and reevaluation. The use of estimates and assumptions is especially

recognized under other non-financial liabilities.

Other significant estimates relate to the determination of the useful lives of intangible assets and items of property, plant, and

Standards and interpretations applied for the first time

		Compulsory application in the	Adoption by European
	Standard/interpretation	EU	Commission	Impacts
IFRS 3	Amendments: Reference to the Conceptual Framework	01/01/2022	06/28/2021	No impacts
IAS 37	Amendments: Onerous Contracts - Cost of Fulfilling a Contract	01/01/2022	06/28/2021	No impacts
IAS 16	Amendments: Property, Plant and Equipment - Proceeds before Intended Use	01/01/2022	06/28/2021	No impacts
Various	Annual Improvements to IFRS (2018-20 cycle)	01/01/2022	06/28/2021	No impacts

Standards and interpretations for which early adoption has not been applied

	Standard/interpretation	Compulsory application in the EU	Adoption by European Commission	Impacts
IFRS 17	Date of application postponed to January 1, 2023	01/01/2023	11/19/2021	No impacts
IAS 1	Amendments: Disclosure of Accounting Policies	01/01/2023	03/02/2022	Based on our current understanding, Aurubis does not expect any material effects.
IAS 8	Changes in Accounting Estimates and Errors	01/01/2023	03/02/2022	Based on our current understanding, Aurubis does not expect any material effects.
IAS 12	Amendments: Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction	01/01/2023	08/11/2022	Based on our current understanding, Aurubis does not expect any material effects.
IFRS 17	Amendments: Initial Application of IFRS 17 and IFRS 9 -Comparative Information	01/01/2023	09/08/2022	No impacts
IAS 1	Classification of Liabilities as Current or Non-current	01/01/2024	Open	Based on our current understanding, Aurubis does not expect any material effects.
IFRS 16	Lease Liability in a Sale and Leaseback Transaction	01/01/2024	Open	Based on our current understanding, Aurubis does not expect any material effects.
IAS 1	Classification of Liabilities as Current or Non-current: Date of application postponed to January 1, 2024	01/01/2024	Open	Based on our current understanding, Aurubis does not expect any material effects.

Acquisitions and assets held for sale

DISPOSAL OF SUBSIDIARIES

Acquisitions and assets held for sale

After the responsible supervisory authorities issued their consent in May 2022, Aurubis closed the sale of four former Aurubis flat rolled companies to KME SE, Osnabrück, with effect from July 29, 2022. As a result, the companies Aurubis Netherlands BV, Zutphen, Aurubis Mortara S.p.A., Mortara, Aurubis UK Ltd., Smethwick, and Aurubis Slovakia s.r.o., Dolný Kubín, including some 360 employees, were transferred to KME SE. These comprise a production site of the former flat rolled products segment (part of the CSP segment since the start of the fiscal year) in Zutphen (Netherlands) as well as slitting centers in Birmingham (UK), Dolný Kubín (Slovakia), and Mortara (Italy). The purchase price for the assets and liabilities disposed of amounts to around € 73 million.

The carrying amounts of the assets and liabilities at the date of disposal (July 29, 2022) were as follows:

in € million	July 29, 2022
Fixed assets	10
Inventories	59
Current receivables and other assets	52
Cash and cash equivalents	9
Deferred tax liabilities	0
Non-current provisions	1
Non-current liabilities	1
Current provisions	2
Current liabilities	65
Net assets disposed of	61

The sale of the subsidiaries resulted in a gain of €12 million, calculated as the difference between the disposal proceeds on the one hand and the carrying amount of the net assets of the subsidiaries on the other. The gain was recognized in the income statement under other operating income.

in € million	2021/22
Consideration received or outstanding:
Cash and cash equivalents	73
Total consideration	73
Carrying amount of net assets disposed of	61
Gain on disposal before income taxes and reclassification of currency translation reserve	12
Reclassification of currency translation reserve	0
Income tax expense on profit	0
Gain on disposal after income taxes	12

No subsidiaries were disposed of in the previous year.

ASSETS HELD FOR SALE

As of September 30, 2021, the following assets and liabilities were reclassified as held for sale:

in € million	9/30/2022	9/30/2021
Assets
Fixed assets	0	9
Inventories	0	62
Current receivables and other assets	0	43
Cash and cash equivalents	0	23
Assets held for sale	0	138
Liabilities
Deferred tax liabilities	0	0
Non-current provisions	0	2
Non-current liabilities	0	1
Current provisions	0	2
Current liabilities	0	33
Liabilities deriving from assets held	0
for sale		38

Notes to the income statement

Notes to the income statement

1. REVENUES

Notes to the Consolidated Financial Statements

Acquisitions and assets held for sale

disposed of amounts to around € 73 million.

disposal (July 29, 2022) were as follows:

in € million

The carrying amounts of the assets and liabilities at the date of

Fixed assets 10 Inventories 59 Current receivables and other assets 52 Cash and cash equivalents 9 Deferred tax liabilities 0 Non-current provisions 1 Non-current liabilities 1 Current provisions 2 Current liabilities 65 Net assets disposed of 61

The sale of the subsidiaries resulted in a gain of €12 million, calculated as the difference between the disposal proceeds on the one hand and the carrying amount of the net assets of the subsidiaries on the other. The gain was recognized in the income

statement under other operating income.

July 29, 2022 in € million 2021/22

Cash and cash equivalents 73 Total consideration 73 Carrying amount of net assets disposed of 61

of currency translation reserve 12 Reclassification of currency translation reserve 0 Income tax expense on profit 0 Gain on disposal after income taxes 12

As of September 30, 2021, the following assets and liabilities were

in € million 9/30/2022 9/30/2021

Fixed assets 0 9 Inventories 0 62 Current receivables and other assets 0 43 Cash and cash equivalents 0 23 Assets held for sale 0 138

Deferred tax liabilities 0 0 Non-current provisions 0 2 Non-current liabilities 0 1 Current provisions 0 2 Current liabilities 0 33

0

38

Gain on disposal before income taxes and reclassification

No subsidiaries were disposed of in the previous year.

Assets

Liabilities

Consideration received or outstanding:

ASSETS HELD FOR SALE

reclassified as held for sale:

Liabilities deriving from assets held

for sale

After the responsible supervisory authorities issued their consent in May 2022, Aurubis closed the sale of four former Aurubis flat rolled companies to KME SE, Osnabrück, with effect from July 29, 2022. As a result, the companies Aurubis Netherlands BV, Zutphen, Aurubis Mortara S.p.A., Mortara, Aurubis UK Ltd., Smethwick, and Aurubis Slovakia s.r.o., Dolný Kubín, including some 360 employees, were transferred to KME SE. These comprise a production site of the former flat rolled products segment (part of the CSP segment since the start of the fiscal year) in Zutphen (Netherlands) as well as slitting centers in Birmingham (UK), Dolný Kubín (Slovakia), and Mortara (Italy). The purchase price for the assets and liabilities

Acquisitions and assets held for sale

DISPOSAL OF SUBSIDIARIES

172

Aurubis Annual Report 2021/22

Analysis by product group in € thousand	2021/22	2020/21
Wire rod	7,439,630	6,208,810
Precious metals	3,528,910	3,524,965
Copper cathodes	2,868,443	2,902,533
Shapes	1,741,202	1,211,104
Strip, bars, and profiles	1,669,685	1,457,561
Other	1,272,652	994,864
	18,520,522	16,299,837

A further breakdown of Aurubis Group revenues by Group segments is provided in the section Segment reporting, on pages 212-216.

As at September 30, 2022, the value attributable to (partially) unfulfilled performance obligations was € 1,268,132 thousand (previous year: € 425,340 thousand). This amount is expected to be recorded as revenue within the next two fiscal years.

A remeasurement effect of € -67,438 thousand in fiscal year 2021/22 derived from supply contracts for which prices had not been fixed (previous year: € -15,641 thousand).

With regard to performance obligations in the Aurubis Group, these include no significant financing components since the payment terms agreed in the respective markets are mainly of a short-term nature.

2. CHANGES IN INVENTORIES OF FINISHED GOODS AND WORK IN PROCESS

in € thousand	2021/22	2020/21
Finished goods	93,782	136,002
Work in process	227,595	10,352
	321,377	146,354

The change in inventories of finished goods and work in progress resulted mainly from the build-up of intermediate and finished goods. In addition, high average copper and precious metal prices had the effect of increasing the change in inventories in the fiscal year.

There was a reduction in intermediate products in connection with the maintenance shutdown at the Pirdop site in the previous year, with copper prices also at a high level.

3. OWN WORK CAPITALIZED

Own work capitalized of € 27,042 thousand (previous year: € 31,898 thousand) primarily includes production costs and purchased materials and services. Own work capitalized in the fiscal year resulted to a large extent from activities in connection with the planned maintenance shutdowns at the Hamburg site along with the expansion of Industrial Heat stage 2.

4. OTHER OPERATING INCOME

in € thousand	2021/22	2020/21
Cost reimbursements	67,990	27,494
Compensation and damages	63,084	15,701
Income deriving from subsidies and other government grants for energy costs	46,066	4,563
Income deriving from the sale of emission rights	26,085	0
Income deriving from the disposal of subsidiaries	12,315	0
Income deriving from the reversal of provisions	5,379	1,382
Gains on disposal of fixed assets	159	8,584
Income deriving from reversals of impairment losses	94	6,388
Other income	14,238	8,733
	235,410	72,845

Other operating income increased by € 162,565 thousand compared to the previous year to € 235,410 thousand and includes, among other items, income from cost reimbursements, the increase in which is mainly attributable to higher prices for energy sources that were passed on. Furthermore, other operating income also includes € 61,220 thousand in income from insurance compensation connected to the catastrophic flooding impacts at the Stolberg site in July 2021 (previous year: € 15,030 thousand). In addition, government grants of € 46,066 thousand (previous year: € 4,563 thousand) were recognized in the fiscal year in conjunction with increased energy costs. Here, Aurubis mainly profited from a government regulation in Bulgaria allows electricity costs for industrial consumers above a certain threshold to be assumed by the government. Income from the disposal of the four subsidiaries of the former flat rolled products segment (FRP) also contributed to the increase in other operating income for the fiscal year. Refer to the section Disposal of subsidiaries, on page 154.

5. COST OF MATERIALS

in € thousand	2021/22	2020/21
Raw materials, supplies, and merchandise	16,332,058	14,230,396
Cost of purchased services	731,361	406,652
	17,063,419	14,637,048

The cost of materials ratio, represented by the ratio of the cost of materials to revenues and changes in inventories, was 90.6 % (previous year:89.0%). The increase in raw materials, supplies and merchandise was due to the high average metal prices incurred during the fiscal year. The development in purchased services is mainly due to higher energy prices and the resulting increase in energy costs from € 231,579 thousand in the previous year to € 499,033 thousand in the fiscal year reported.

6. PERSONNEL EXPENSES AND EMPLOYEE NUMBERS

in € thousand	2021/22	2020/21
Wages and salaries	446,718	433,266
Social security contributions, pension and
other benefit expenses	124,171	120,896
	570,889	554,162

Pension expenses include allocations to the provisions for pensions.

The average number of employees in the Group during the year was as follows:

	2021/22	2020/21
Blue collar	4,233	4,352
White collar	2,553	2,544
Apprentices	303	288
	7,089	7,184

The reduction in the number of employees is mainly related to the sale of four companies of the former Aurubis flat rolled products segment to KME SE. Because the sale took effect on July 29, 2022, the employees of those companies are only included on a pro rata basis in the current year.

Among other components, the total compensation of the Aurubis AG Executive Board members who were newly appointed from fiscal year 2017/18 onward includes a share-based compensation component with a cash settlement.

The following parameters were taken as a basis for the calculation of the fair value of the virtual deferred stock compensation plan:

	9/30/2022
Share price (in €)	53.98
Maximum exercise price (in €)	88.73
Expected volatility (weighted average, in %)	44.00
Expected term (weighted average, in years)	2.00
Expected dividend (in %)	2.41
Risk-free interest rate (based on government bonds, in %)	1.20
Fair value (in € thousand)	1,322

The expected volatility is based on an assessment of the historic volatility of the company's share price, especially in the period that corresponds to the expected term.

The personnel expenses deriving from the deferred stock compensation plan amounted to € 259 thousand in the fiscal year reported (previous year: € 685 thousand) and are included in the same amount as provisions at the reporting date.

7. DEPRECIATION AND AMORTIZATION

in € thousand	2021/22	2020/21
Intangible assets	23,238	13,361
of which impairment losses on goodwill	8,656	0
of which other impairment losses	5,036	4,136
Property, plant, and equipment	197,068	205,601
of which impairment losses	14,597	22,611
of which assets held for sale	0	19,602
	220,306	218,962

Impairment losses on property, plant and equipment include impairment losses of € 0 thousand (previous year: € 19,602 thousand) on assets held for sale.

The total figure of € 225,291 thousand (previous year: € 223,946 thousand) that is reported for depreciation of property, plant, and equipment and amortization of intangible assets includes depreciation on investments in connection with an electricity supply contract of € 4,984 thousand (previous year: € 4,984 thousand), which is disclosed under cost of materials.

A breakdown of the depreciation of property, plant, and equipment and amortization of intangible assets is provided in the summary of changes in the Group's intangible assets and property, plant, and equipment Intangible assets, on pages 179-181 and Property, Plant, and equipment, on pages 181-184.

8. OTHER OPERATING EXPENSES

Notes to the Consolidated Financial Statements

The cost of materials ratio, represented by the ratio of the cost of materials to revenues and changes in inventories, was 90.6 % (previous year:89.0%). The increase in raw materials, supplies and merchandise was due to the high average metal prices incurred during the fiscal year. The development in purchased services is mainly due to higher energy prices and the resulting increase in energy costs from € 231,579 thousand in the previous year to € 499,033 thousand in the

6. PERSONNEL EXPENSES AND EMPLOYEE NUMBERS

in € thousand 2021/22 2020/21

Wages and salaries 446,718 433,266

other benefit expenses 124,171 120,896

Pension expenses include allocations to the provisions for pensions.

The average number of employees in the Group during the year was

2021/22 2020/21

Blue collar 4,233 4,352 White collar 2,553 2,544 Apprentices 303 288

7,089 7,184

The reduction in the number of employees is mainly related to the sale of four companies of the former Aurubis flat rolled products segment to KME SE. Because the sale took effect on July 29, 2022, the employees of those companies are only included on a pro rata

Among other components, the total compensation of the Aurubis AG Executive Board members who were newly appointed

from fiscal year 2017/18 onward includes a share-based compensation component with a cash settlement.

The following parameters were taken as a basis for the calculation of the fair value of the virtual deferred stock compensation plan:

570,889 554,162

9/30/2022

Share price (in €) 53.98 Maximum exercise price (in €) 88.73 Expected volatility (weighted average, in %) 44.00 Expected term (weighted average, in years) 2.00 Expected dividend (in %) 2.41 Risk-free interest rate (based on government bonds, in %) 1.20 Fair value (in € thousand) 1,322

The expected volatility is based on an assessment of the historic volatility of the company's share price, especially in the period that

compensation plan amounted to € 259 thousand in the fiscal year reported (previous year: € 685 thousand) and are included in the

in € thousand 2021/22 2020/21

Intangible assets 23,238 13,361 of which impairment losses on goodwill 8,656 0 of which other impairment losses 5,036 4,136 Property, plant, and equipment 197,068 205,601 of which impairment losses 14,597 22,611 of which assets held for sale 0 19,602 220,306 218,962

Impairment losses on property, plant and equipment include impairment losses of € 0 thousand (previous year: € 19,602

The total figure of € 225,291 thousand (previous year: € 223,946 thousand) that is reported for depreciation of property, plant, and equipment and amortization of intangible assets includes

depreciation on investments in connection with an electricity supply contract of € 4,984 thousand (previous year: € 4,984 thousand),

A breakdown of the depreciation of property, plant, and equipment and amortization of intangible assets is provided in the summary of changes in the Group's intangible assets and property, plant, and equipment Intangible assets, on pages 179-181 and Property, Plant, and

thousand) on assets held for sale.

which is disclosed under cost of materials.

equipment, on pages 181-184.

The personnel expenses deriving from the deferred stock

same amount as provisions at the reporting date.

7. DEPRECIATION AND AMORTIZATION

corresponds to the expected term.

Notes to the income statement

Social security contributions, pension and

174

fiscal year reported.

as follows:

Aurubis Annual Report 2021/22

basis in the current year.

in € thousand	2021/22	2020/21
Selling expenses	144,624	127,611
Administrative expenses	112,940	95,588
Allocations to provisions	1,573	10,162
Other taxes	3,851	3,632
Sundry operating expenses	59,096	73,867
	322,084	310,860

The selling expenses mainly comprise freight costs. The increase in administrative expenses compared to the previous year is mainly due to the increase in insurance costs and travel and entertainment expenses.

The additions to provisions in the previous year mainly include environmental risks in the amount of € 10,032 thousand.

Sundry operating expenses include expenses for temporary work, research and development, and the operation of the IT systems.

9. RESULT FROM INVESTMENTS MEASURED USING THE EQUITY METHOD

The result from investments measured using the equity method of € 18,444 thousand (previous year: € 18,705 thousand) comprises the shareholdings in Schwermetall Halbzeugwerk GmbH & Co. KG, Stolberg, and Cablo GmbH.

10. INTEREST

in € thousand	2021/22	2020/21
Interest income	7,191	3,613
Interest expense	-17,146	-18,478
	-9,955	-14,865

The interest income in the fiscal year mainly derives from income tax and trade tax receivables and from interest-bearing customer receivables, amounting to € 4,072 thousand (previous year: € 2,798 thousand).

The interest expense primarily results from borrowings. Among other items, the interest expense includes the net interest deriving from defined benefit plans, amounting to € 2,441 thousand (previous year: € 2,513 thousand).

11. OTHER FINANCIAL RESULT

in € thousand	2021/22	2020/21
Other financial income	250	7
Other financial expenses	-1,137	-8,454
	-887	-8,447

Other financial income in the fiscal year results primarily from securities.

Other financial expenses in the fiscal year result from the change in the fair value of a non-consolidated subsidiary and from the disposal of the investment in Aurubis Middle East, FZE, Dubai.

12. INCOME TAXES

Income taxes comprise both current income taxes as well as deferred taxes. Tax liabilities and receivables include obligations or claims deriving from domestic and foreign income taxes for previous years and for the current year. Income taxes were made up as follows:

in € thousand	2021/2022	2020/21
Current tax expenses/credits	85,052	94,049
Deferred tax expenses/credits	135,211	118,265
Income taxes	220,263	212,314

Current taxes include tax expenses of € 2,660 thousand (previous year: € 895 thousand) and deferred taxes include tax credits of € 6,199 thousand (previous year: € 574 thousand) deriving from earlier fiscal years.

Applicable German tax legislation for fiscal year 2021/22 foresees a corporate income tax rate of 15%, plus a solidarity surcharge of 5.5%. The trade tax rate applicable for Aurubis AG amounts to 16.59%. The tax rates are unchanged from those of the previous year. For the other German Group companies, trade tax rates between 12.25 % and 17.33% (previous year: 11.03 % and 17.33%) are applicable. The foreign companies are subject to their respective national income tax rates, which vary between 10% and 28.97% (previous year: 10% and 28.97%).

The Group taxes include tax effects from foreign subsidiaries to a significant degree. As a consequence, the tax rate of the German parent company of 32.41% (previous year: 32.41%) is not applied as the Group tax rate for calculation purposes, but a Group-wide mixed tax rate of 24.35% (previous year: 25.60%) is used instead.

The main contributions to earnings were from Aurubis AG, Aurubis Bulgaria, Aurubis Olen and Aurubis Beerse.

The actual income taxes of € 220,263 thousand (previous year: € 212,314 thousand) were € 7,431 thousand lower (previous year: € 1,053 thousand higher) than the expected income tax expense of € 227,694 thousand (previous year: € 211,261 thousand). The difference between the expected and the actual income tax expense is due to the reasons outlined in the following tax reconciliation:

Reconciliation

in € thousand	2021/22	2020/21
Earnings before taxes	935,255	825,295
Expected tax charge of 24.35% (previous year: 25.60%)	227,723	211,261
Reconciliation effects to derive the actual tax charge
– changes in tax rates	124	35
– non-recognition and correction of deferred taxes	-536	-2,868
– taxes for previous years	-3,539	1,640
– non-deductible expenses	5,550	4,529
– non-taxable income/trade tax reductions	-10,192	-3,817
– outside basis differences	601	559
– permanent differences	-938	2,956
– measurement at equity	-1,382	-2,001
– impairment of goodwill	2,806	0
– other	46	20
Income taxes	220,263	212,314

There were no significant effects from tax rate changes in the 2021/22 fiscal year.

Effects deriving from the non-recognition and correction of deferred taxes primarily result from the fact that deferred tax assets on loss carryforwards were partially recognized. Overall, there is a reconciliation effect of €- 536 thousand (previous year: € -2,868 thousand).

The effects of € -3,539 thousand deriving from taxes for previous years (previous year: € 1,640 thousand) result from adjustments to previous years' tax returns.

The non-deductible expenses mainly include the non-deductible portion of the dividend income.

Effects deriving from permanent differences result from different measurement approaches used for non-consolidated subsidiaries and from the way in which non-corporate entities are treated.

The recognized deferred tax assets and deferred tax liabilities result from the following recognition and measurement differences in individual items in the statement of financial position, from tax loss carryforwards, and from outside basis differences (OBD):

	9/30/2022			9/30/2021
in € thousand	Deferred tax assets	Deferred tax liabilities	Deferred tax credits (+)/ expense (-)	Deferred tax assets	Deferred tax liabilities
Intangible assets	3,765	13,132	4,698	11	14,077
Property, plant, and equipment	8,196	163,141	-14,598	4,156	143,498
Investments measured using the equity method	0	6,741	-2,826	0	3,915
Inventories	12,502	429,908	-76,086	13,779	354,204
Receivables and other assets	17,891	117,794	-31,211	23,422	71,122
Pension provisions	6,147	12,688	5,768	40,933	2
Other provisions	4,637	10,751	-9,953	11,595	8,073
Liabilities	86,176	11,149	-11,607	93,391	22,907
Tax loss carryforwards	8,278	0	1,391	6,151	0
Tax credits	26	0	-196	222	0
Outside basis differences	0	1,955	-601	0	1,354
Deferred tax income (+)/expense (-) disposal group	0	0	10	0	0
Total	147,618	767,259	-135,211	193,660	619,152
Offsetting	-129,172	-129,172		-175,584	-175,584
Consolidated Statement of Financial Position	18,446	638,087		18,076	443,568

€ 110,093 thousand (previous year: € 112,264 thousand) of the deferred tax assets and € 524,045 thousand (previous year : € 450,870 thousand) of the deferred tax liabilities will be realized within the next twelve months. Deferred tax assets of € 37,525 thousand (previous year: € 81,396 thousand) and deferred tax liabilities of € 243,214 thousand (previous year: € 168,282 thousand)

Notes to the Consolidated Financial Statements

in € thousand 2021/22 2020/21

There were no significant effects from tax rate changes in the

Effects deriving from the non-recognition and correction of deferred taxes primarily result from the fact that deferred tax assets on loss carryforwards were partially recognized. Overall, there is a reconciliation effect of €- 536 thousand (previous year: € -2,868

The effects of € -3,539 thousand deriving from taxes for previous years (previous year: € 1,640 thousand) result from adjustments to

The non-deductible expenses mainly include the non-deductible

Effects deriving from permanent differences result from different measurement approaches used for non-consolidated subsidiaries and from the way in which non-corporate entities are treated.

The recognized deferred tax assets and deferred tax liabilities result from the following recognition and measurement differences in individual items in the statement of financial position, from tax loss

Deferred tax credits (+)/ expense (-)

Deferred tax assets

Deferred tax liabilities

carryforwards, and from outside basis differences (OBD):

2021/22 fiscal year.

previous years' tax returns.

portion of the dividend income.

thousand).

9/30/2022 9/30/2021

Deferred tax assets

Intangible assets 3,765 13,132 4,698 11 14,077 Property, plant, and equipment 8,196 163,141 -14,598 4,156 143,498 Investments measured using the equity method 0 6,741 -2,826 0 3,915 Inventories 12,502 429,908 -76,086 13,779 354,204 Receivables and other assets 17,891 117,794 -31,211 23,422 71,122 Pension provisions 6,147 12,688 5,768 40,933 2 Other provisions 4,637 10,751 -9,953 11,595 8,073 Liabilities 86,176 11,149 -11,607 93,391 22,907 Tax loss carryforwards 8,278 0 1,391 6,151 0 Tax credits 26 0 -196 222 0 Outside basis differences 0 1,955 -601 0 1,354 Deferred tax income (+)/expense (-) disposal group 0 0 10 0 0 Total 147,618 767,259 -135,211 193,660 619,152 Offsetting -129,172 -129,172 -175,584 -175,584

Consolidated Statement of Financial Position 18,446 638,087 18,076 443,568

Deferred tax liabilities

Earnings before taxes 935,255 825,295

(previous year: 25.60%) 227,723 211,261

– changes in tax rates 124 35

deferred taxes -536 -2,868 – taxes for previous years -3,539 1,640 – non-deductible expenses 5,550 4,529

reductions -10,192 -3,817 – outside basis differences 601 559 – permanent differences -938 2,956 – measurement at equity -1,382 -2,001 – impairment of goodwill 2,806 0 – other 46 20

Income taxes 220,263 212,314

Notes to the income statement

Expected tax charge of 24.35%

Reconciliation effects to derive the actual tax charge

– non-recognition and correction of

– non-taxable income/trade tax

in € thousand

176

Reconciliation

Aurubis Annual Report 2021/22

will be realized after more than twelve months. These figures represent the amounts prior to offsetting.

The income taxes to be accounted for in other comprehensive income (OCI) are distributed among the following areas:

	9/30/2022		9/30/2021
in € thousand	Balance	Change	Balance	Change
Deferred taxes
Derivatives	-13,460	-7,929	-5,531	777
Pension provisions	-53,989	-52,376	-1,613	-14,996
Total	-67,449	-60,305	-7,144	-14,219
Current taxes	-3,179	-1,320	-1,859	-77

With respect to the change in OCI deriving from pension provisions, please refer to note 25 in the Notes to the statement of financial position Pension provisions and similar obligations, pages 189-192.

The realization of deferred tax assets is considered to be sufficiently probable after taking the Group's forecast development plans and the profit expectations of the subsidiaries into account. Deferred tax assets are recognized in respect of loss carryforwards to the extent that deferred tax liabilities were available or if the companies concerned had positive future earnings forecasts.

Loss carryforwards existed totaling € 56,287 thousand (previous year: € 45,607 thousand). Deferred tax assets of € 44,407 thousand (previous year: € 30,678 thousand) were recognized in respect of income tax losses of € 8,278 thousand (previous year: € 6,151 thousand). Deferred tax assets of € 26 thousand were recognized during the year reported in respect of tax credits (previous year: € 222 thousand).

No deferred tax assets were set up with respect to loss carryforwards of € 11,880 thousand (previous year: € 14,929 thousand), as the possibility of utilizing them is believed to be unlikely from a current perspective. Of the tax loss carryforwards deemed not to be utilizable, an amount of € 11,880 thousand (previous year: € 14,929 thousand) can be carried forward indefinitely.

Deferred tax liabilities of € 1,955 thousand (previous year: € 1,354 thousand) were set up with respect to the differences between the proportional equity of subsidiaries recognized in the consolidated statement of financial position and the investment carrying amounts for these subsidiaries shown in the tax-based records of the respective parent company (so-called outside basis differences) as at the reporting date. No deferred tax liabilities were set up for outside basis differences deriving from undistributed earnings of subsidiaries amounting to € 20,509 thousand (previous year: € 20,508 thousand), since the reversal of these differences is unlikely in the foreseeable future.

13. CONSOLIDATED NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS

Of the reported consolidated net income for 2021/22 of € 714,992 thousand (previous year: € 612,981 thousand), a share of income of € 323 thousand (previous year: € 185 thousand) is attributable to shareholders other than the shareholders of Aurubis AG, Hamburg. This relates to the non-controlling interests in Aurubis Bulgaria AD, Pirdop.

14. EARNINGS PER SHARE

Basic earnings per share are calculated by dividing the consolidated net earnings excluding the non-controlling interests by the weighted average number of shares outstanding during the fiscal year.

in thousand units	Issued shares	Treasury shares	Shares outstanding
Start of fiscal year	44,957	1,298	43,659
Number of shares at 9/30/2022	44,957	1,298	43,659
Weighted number of shares	44,957	1,298	43,659

	2021/22	2020/21
Consolidated net income attributable to Aurubis AG shareholders (in € thousand units)	714,669	612,796
Weighted average number of shares (in thousand units)	43,659	43,674
Basic earnings per share (in €)	16.37	14.03
Diluted earnings per share (in €)	16.37	14.03

Diluted earnings per share are determined by augmenting the average number of the shares outstanding during the fiscal year to include the maximum number of potential shares. Potential shares are the maximum number of stock options or shares that could be issued if all conversion rights on convertible bonds were exercised, or other contractual rights that give the holder the right to purchase shares. Where applicable, the consolidated net income is increased at the same time by the interest expense incurred on convertible bonds less the corresponding taxes.

Since such financial instruments and other rights existed neither in the reporting year nor in the prior year, the diluted earnings per share for the Aurubis Group correspond to the basic earnings per share.

Notes to the statement of financial position

Notes to the statement of financial position

15. INTANGIBLE ASSETS

2021/22 2020/21

Notes to the Consolidated Financial Statements

Diluted earnings per share are determined by augmenting the average number of the shares outstanding during the fiscal year to include the maximum number of potential shares. Potential shares are the maximum number of stock options or shares that could be issued if all conversion rights on convertible bonds were exercised, or other contractual rights that give the holder the right to purchase shares. Where applicable, the consolidated net income is increased at the same time by the interest expense incurred on convertible

Since such financial instruments and other rights existed neither in the reporting year nor in the prior year, the diluted earnings per share for the Aurubis Group correspond to the basic earnings per share.

Consolidated net income attributable to Aurubis AG shareholders (in € thousand units) 714,669 612,796 Weighted average number of shares (in thousand units) 43,659 43,674 Basic earnings per share (in €) 16.37 14.03 Diluted earnings per share (in €) 16.37 14.03

Notes to the income statement

bonds less the corresponding taxes.

178

Aurubis Annual Report 2021/22

The development of the costs of acquisition or generation and the accumulated amortization and impairment-related write-downs of the intangible assets are as follows:

Costs of acquisition or generation

9/30/2022	241,647	51,826	6,372	299,845
Transfers	1,677	0	-1,677	0
Disposals	-402	0	0	-402
Additions	6,707	0	6,201	12,908
10/1/2021	233,665	51,826	1,848	287,339
in € thousand	Franchises, industrial property rights, and licenses	Goodwill	Payments on account for intangible assets	Total

Amortization and impairment losses

	Franchises,
	industrial		Payments on
	property rights, and		account for intangible
in € thousand	licenses	Goodwill	assets	Total
10/1/2021	-86,645	-41,961	0	-128,606
Amortization and impairment losses for the fiscal year	-19,568	-8,656	0	-28,223
Disposals	399	0	0	399
9/30/2022	-105,814	-50,617	0	-156,430

Carrying amount

9/30/2021
147,020
9,865
1,848
158,733

Costs of acquisition or generation

in € thousand	Franchises, industrial property rights, and licenses	Goodwill	Payments on account for intangible assets	Total
10/1/2020	228,698	51,826	4,931	285,455
Assets held for sale	-2,070	0	0	-2,070
Additions	4,772	0	1,346	6,118
Disposals	-1,749	0	-658	-2,407
Transfers	4,014	0	-3,771	243
9/30/2021	233,665	51,826	1,848	287,339

Amortization and impairment losses

9/30/2021	-86,645	-41,961	0	-128,606
Disposals	832	0	649	1,482
Amortization and impairment losses for the fiscal year	-17,696	0	-649	-18,345
Assets held for sale	1,767	0	0	1,767
10/1/2020	-71,549	-41,961	0	-113,510
in € thousand	industrial property rights, and licenses	Goodwill	Payments on account for intangible assets	Total
	Franchises,

Carrying amount

in € thousand	9/30/2021	9/30/2020
Intangible assets
Franchises, industrial property rights, and licenses	147,020	157,149
Goodwill	9,865	9,865
Payments on account for intangible assets	1,848	4,931
	158,733	171,945

Intangible assets comprise licenses acquired for a consideration, primarily in connection with a long-term electricity supply contract, as well as goodwill on consolidation arising in the Aurubis Group.

As at September 30, 2022, the impairment test led to an impairment loss of € 8,655 thousand, comprising the full amount of goodwill for the Beerse/Berango cash-generating unit (CGU). The CGU impacted consists of two MMR segment sites linked through supply relationships.

The recoverable amount was determined to be € 286 million and was € 29 million less than the carrying amount of the Beerse/Berango CGU. The amount of the impairment loss recognized was limited to reflect the fair values of the individual assets involved. In particular, the development of macroeconomic factors led to a reduction of the value in use compared to the previous year.

In the previous year, no impairment loss was recognized against goodwill.

Aurubis carries out an impairment test on goodwill at least annually. For the impairment test on goodwill, the goodwill acquired in

conjunction with a business combination is allocated to the CGU that is expected to benefit from the synergies of the business combination. If the carrying amount of the CGU to which the goodwill was allocated exceeds its recoverable amount, a commensurate impairment loss is recognized on the allocated goodwill.

Notes to the Consolidated Financial Statements Notes to the statement of financial position

Franchises, industrial property rights,

Franchises, industrial property rights, and

licenses Goodwill

The recoverable amount was determined to be € 286 million and

In the previous year, no impairment loss was recognized against

Aurubis carries out an impairment test on goodwill at least annually. For the impairment test on goodwill, the goodwill acquired in

was € 29 million less than the carrying amount of the Beerse/Berango CGU. The amount of the impairment loss recognized was limited to reflect the fair values of the individual assets involved. In particular, the development of macroeconomic factors led to a reduction of the value in use compared to the

10/1/2020 228,698 51,826 4,931 285,455 Assets held for sale -2,070 0 0 -2,070 Additions 4,772 0 1,346 6,118 Disposals -1,749 0 -658 -2,407 Transfers 4,014 0 -3,771 243 9/30/2021 233,665 51,826 1,848 287,339

10/1/2020 -71,549 -41,961 0 -113,510 Assets held for sale 1,767 0 0 1,767 Amortization and impairment losses for the fiscal year -17,696 0 -649 -18,345 Disposals 832 0 649 1,482

9/30/2021 -86,645 -41,961 0 -128,606

in € thousand 9/30/2021 9/30/2020

Franchises, industrial property rights, and licenses 147,020 157,149 Goodwill 9,865 9,865 Payments on account for intangible assets 1,848 4,931

previous year.

goodwill.

and licenses Goodwill

Payments on account for intangible

Payments on account for intangible

assets Total

assets Total

158,733 171,945

Costs of acquisition or generation

Amortization and impairment losses

180

in € thousand

in € thousand

Carrying amount

Intangible assets

Aurubis Annual Report 2021/22

supply relationships.

Intangible assets comprise licenses acquired for a consideration, primarily in connection with a long-term electricity supply contract, as well as goodwill on consolidation arising in the Aurubis Group.

impairment loss of € 8,655 thousand, comprising the full amount of goodwill for the Beerse/Berango cash-generating unit (CGU). The CGU impacted consists of two MMR segment sites linked through

As at September 30, 2022, the impairment test led to an

The recoverable amount is the higher of the fair value less costs to sell and the value in use. The value in use is determined by means of discounting future cash flows after taxes with a risk-adjusted discount rate (WACC) after taxes (discounted cash flow method). Due to the calculated cash flows after taxes, a cost of capital after taxes is used as well.

The cash flow estimates cover a planning horizon of four years before transferring to perpetuity. The cash flows were established within the scope of a qualified planning process including use of internal company values based on past experience and extensive market knowledge, and they take into consideration management's assessment and estimates regarding the future development of the regional market.

In addition to the weighted capital costs, the significant assumptions used to calculate the value in use are the forecast earnings trend and the sustainable growth rate of the terminal value at a level of 1%. The growth rate was derived from future expectations and does not exceed the long-term average growth rates of the respective markets.

The WACC used for discounting purposes amounted to:

	Germany		Belgium
in € thousand	9/30/2022	9/30/2021	9/30/2022	9/30/2021
WACC before taxes in %	13.0	10.4	13.2	10.7
WACC after taxes in %	9.1	7.3	9.9	8.0

For intangible assets with finite useful lives, the impairment test for the Beerse/Berango CGU resulted in an impairment loss of € 5,036 thousand. In the previous year, a total impairment loss for goodwill of € 4,136 thousand was recognized against intangible assets.

Development costs of € 280 thousand (previous year: € 726 thousand) were capitalized during the fiscal year reported. Research costs are recognized in profit or loss for the respective periods Research & Development, page 210.

16. PROPERTY, PLANT, AND EQUIPMENT

The costs of acquisition or construction and the accumulated depreciation and impairment losses on property, plant, and equipment are as follows:

Costs of acquisition or construction

in € thousand	Land and buildings	Technical equipment and machinery	Other equipment, factory and office equipment	Payments on account for assets under construction	Total
10/1/2021	826,146	2,584,513	137,289	153,161	3,701,109
Currency exchange rate differences	2,765	14,757	2,078	4,226	23,825
Additions	24,758	113,153	17,211	192,240	347,362
Disposals	-5,265	-65,691	-6,370	-8	-77,334
Transfers	18,524	85,434	2,407	-106,367	0
9/30/2022	866,928	2,732,166	152,633	243,252	3,994,979

Depreciation and impairment losses

in € thousand	Land and buildings	Technical equipment and machinery	Other equipment, factory and office equipment	Payments on account for assets under construction	Total
10/1/2021	-432,664	-1,522,560	-85,346	-3,613	-2,044,183
Currency exchange rate differences	-572	-10,249	-1,629	-621	-13,071
Reversal of impairment losses in the fiscal year	0	0	94	0	94
Depreciation and impairment losses for the fiscal year	-32,203	-147,634	-16,243	-987	-197,068
Disposals	3,985	62,827	6,048	0	72,860
9/30/2022	-461,454	-1,617,617	-97,076	-5,220	-2,181,367

Carrying amount

in € thousand	9/30/2022	9/30/2021
Property, plant, and equipment
Land and buildings	405,475	393,481
Technical equipment and machinery	1,114,549	1,061,954
Other equipment, factory and office equipment	55,556	51,942
Payments on account for assets under construction	238,032	149,549
	1,813,611	1,656,927

Costs of acquisition or construction

		Technical	Other equipment,	Payments on
		equipment	factory and	account for
	Land and	and	office	assets under
in € thousand	buildings	machinery	equipment	construction	Total
10/1/2020	808,683	2,550,187	134,592	142,674	3,636,136
Assets held for sale	-22,485	-52,212	-2,073	-761	-77,531
Currency exchange rate differences	225	865	155	118	1,363
Additions	10,847	48,825	11,109	164,897	235,678
Disposals	-6,115	-78,373	-9,215	-591	-94,294
Transfers	34,991	115,221	2,721	-153,176	-243
9/30/2021	826,146	2,584,513	137,289	153,161	3,701,109

Depreciation and impairment losses

Notes to the Consolidated Financial Statements Notes to the statement of financial position

Land and buildings

10/1/2021 -432,664 -1,522,560 -85,346 -3,613 -2,044,183 Currency exchange rate differences -572 -10,249 -1,629 -621 -13,071 Reversal of impairment losses in the fiscal year 0 0 94 0 94 Depreciation and impairment losses for the fiscal year -32,203 -147,634 -16,243 -987 -197,068 Disposals 3,985 62,827 6,048 0 72,860

9/30/2022 -461,454 -1,617,617 -97,076 -5,220 -2,181,367

in € thousand 9/30/2022 9/30/2021

Land and buildings 405,475 393,481 Technical equipment and machinery 1,114,549 1,061,954 Other equipment, factory and office equipment 55,556 51,942 Payments on account for assets under construction 238,032 149,549

Land and buildings

10/1/2020 808,683 2,550,187 134,592 142,674 3,636,136 Assets held for sale -22,485 -52,212 -2,073 -761 -77,531 Currency exchange rate differences 225 865 155 118 1,363 Additions 10,847 48,825 11,109 164,897 235,678 Disposals -6,115 -78,373 -9,215 -591 -94,294 Transfers 34,991 115,221 2,721 -153,176 -243 9/30/2021 826,146 2,584,513 137,289 153,161 3,701,109

Technical equipment and machinery

Other equipment, factory and office equipment

Payments on account for assets under

Technical equipment and machinery

Other equipment, factory and office equipment

Payments on account for assets under

construction Total

1,813,611 1,656,927

construction Total

Depreciation and impairment losses

182

in € thousand

Carrying amount

in € thousand

Property, plant, and equipment

Costs of acquisition or construction

Aurubis Annual Report 2021/22

			Other
		Technical	equipment,	Payments on
		equipment	factory and	account for
	Land and	and	office	assets under
in € thousand	buildings	machinery	equipment	construction	Total
10/1/2020	-418,655	-1,493,408	-78,253	-5,020	-1,995,336
Assets held for sale	17,214	48,790	1,886	599	68,489
Currency exchange rate differences	-74	-651	-134	-13	-872
Reversal of impairment losses in the fiscal year	2,509	1,107	72	0	3,688
Depreciation and impairment losses for the fiscal year	-39,258	-150,565	-16,189	410	-205,601
Disposals	5,598	72,167	7,272	413	85,450
9/30/2021	-432,666	-1,522,560	-85,346	-3,611	-2,044,183

Carrying amount

in € thousand	9/30/2021	9/30/2020
Property, plant, and equipment
Land and buildings	393,481	390,028
Technical equipment and machinery	1,061,954	1,056,779
Other equipment, factory and office equipment	51,942	56,339
Payments on account for assets under construction	149,549	137,654
	1,656,927	1,640,800

In addition to scheduled depreciation, depreciation charges in the fiscal year reported include impairment losses of € 14,597 thousand (previous year: € 22,611 thousand), which are recognized against consolidated net income in the line "Depreciation of property, plant, and equipment and amortization of intangible assets." An impairment test carried out due to the decline in the Aurubis Group's market capitalization below the net assets as at reporting date resulted in an impairment loss of € 12,988 for the Beerse/Berango CGU. The impairment losses relate to technical equipment and machinery (€ 5,668 thousand), land and buildings (€ 5, 739 thousand) and other equipment, factory and office equipment (€ 528 thousand).

In the impairment test process, the total carrying amounts for a CGU are compared to the respective recoverable amount. The recoverable amount is the higher of the fair value less costs to sell and the value in use. The recoverable amount was determined based on the value in use for purposes of the impairment test.

The value in use was calculated by determining the present value of the expected cash flows (discounted cash flow). The planning process for the expected cash flows covers a planning period of four years. The cash flows were established within the scope of a qualified planning process including use of internal company values based on past experience and extensive market knowledge, and

they take into consideration management's assessment and estimates regarding the future development of the regional market.

In addition to the weighted capital costs, the significant assumptions used to calculate the value in use are the forecast earnings trend and the sustainable growth rate of the terminal value at a level of 1 %. The growth rate was derived from future expectations and does not exceed the long-term average growth rates of the respective markets. The discount rate used for the Beerse/Berango CGU amounted to 9.9 % as at September 30, 2022.

The required impairment loss was allocated in accordance with IAS 36.105, whereby external appraisals were used as a basis for the derivation of the fair value less costs to sell the main items of property, plant, and equipment. The measurement process for land is based on the comparable value method. The discounted cash flow method was applied to measure the value of the buildings, whereby the asset value method was taken into account for plausibility purposes. The machinery and equipment were measured based on asset value techniques. The total fair value of the assets less costs to sell determined for the property, plant and equipment of the Beerse/Berango CGU amounted to € 192,507 thousand.

Disclosures concerning leases are provided in note 28 in the Notes to the statement of financial position in the section Leases, on page 196.

No property, plant, and equipment were pledged as security for loans within the Group as at September 30, 2022 and September 30, 2021. Purchase commitments for fixed assets amounted to € 315,505 thousand as at September 30, 2022 (previous year: € 111,530 thousand).

Minimum stocks are recognized in technical equipment and machinery as components of the respective technical equipment and machinery. Minimum stocks are quantities of materials that are necessary to establish and ensure a production facility's continuing functionality for its intended use. A total of € 311,211 thousand was attributable to the technical minimum stock as at September 30, 2022 (previous year: € 313,507 thousand).

From May 31, 2021 onwards, Cablo GmbH has been included in the consolidated financial statements and an additional joint venture. Aurubis holds a 40 % share interest in Cablo GmbH. It is operated as a joint venture with a partner and has been assigned to the MRP segment. The business objective is to recover copper granules and plastics.

Pursuant to IFRS 11.24, in conjunction with IAS 28, Schwermetall Halbzeugwerk GmbH & Co. KG and Cablo GmbH are accounted for using the equity method.

17. FINANCIAL FIXED ASSETS

in € thousand	9/30/2022	9/30/2021
Share interests in affiliated companies	10,462	12,544
Investments	116	116
Other financial fixed assets	5,402	52,745
	15,980	65,405

The share interests in affiliated companies and investments included in financial fixed assets in the amount of € 10,462 thousand (previous year: € 12,660 thousand) are classified as measured at fair value through profit or loss pursuant to IFRS 9. The shares are not quoted and there is no active market for them. There is no current intention to sell the share interests.

An overview of the investments included in the financial assets of Aurubis AG, Hamburg, is presented in the section Investments, on page 221.

Other financial fixed assets primarily include securities classified as fixed assets, which mainly comprise a share interest in Salzgitter AG, Salzgitter. For these share interests, Aurubis makes use of the option under IFRS 9 to classify equity instruments as at "fair value through other comprehensive income," as there was a long-term intention to hold them. Proceeds from the sale of shares during the fiscal year amounted to € 65,525 thousand. The related reclassification of the accumulated gains to generated group equity amounted to € 12,141 thousand.

18. INVESTMENTS MEASURED USING THE EQUITY METHOD

Schwermetall Halbzeugwerk GmbH & Co. KG, Stolberg, is a joint venture in which Aurubis holds a 50 % interest. It is operated as a joint venture with a partner and has been assigned to the CSP segment. The business purpose of the company is the production and marketing of pre-rolled strip made of copper and copper alloys.

From May 31, 2021 onwards, Cablo GmbH has been included in the consolidated financial statements as an additional joint venture. Aurubis holds a 40 % share interest in Cablo GmbH. It is operated as a joint venture with a partner and has been assigned to the MMR segment. The purpose of the business is to recover copper granules and plastics from scrapped cables.

Pursuant to IFRS 11.24, in conjunction with IAS 28, Schwermetall Halbzeugwerk GmbH & Co. KG and Cablo GmbH are accounted for using the equity method.

The following two tables summarize the financial information prepared in accordance with IFRS, and provide a reconciliation to the investment value that has been recognized. The financial information provided in the table represents the total figures for each company (i.e., 100 %).

SUMMARIZED STATEMENT OF FINANCIAL POSITION AND STATEMENT OF COMPREHENSIVE INCOME

Notes to the Consolidated Financial Statements Notes to the statement of financial position

No property, plant, and equipment were pledged as security for loans within the Group as at September 30, 2022 and September 30, 2021. Purchase commitments for fixed assets amounted to € 315,505 thousand as at September 30, 2022 (previous year:

Minimum stocks are recognized in technical equipment and machinery as components of the respective technical equipment and machinery. Minimum stocks are quantities of materials that are necessary to establish and ensure a production facility's continuing functionality for its intended use. A total of € 311,211 thousand was attributable to the technical minimum stock as at September 30,

From May 31, 2021 onwards, Cablo GmbH has been included in the consolidated financial statements and an additional joint venture. Aurubis holds a 40 % share interest in Cablo GmbH. It is operated as a joint venture with a partner and has been assigned to the MRP segment. The business objective is to recover copper granules and

Pursuant to IFRS 11.24, in conjunction with IAS 28, Schwermetall Halbzeugwerk GmbH & Co. KG and Cablo GmbH are accounted for

in € thousand 9/30/2022 9/30/2021

Share interests in affiliated companies 10,462 12,544 Investments 116 116 Other financial fixed assets 5,402 52,745

The share interests in affiliated companies and investments included

An overview of the investments included in the financial assets of Aurubis AG, Hamburg, is presented in the section Investments, on

in financial fixed assets in the amount of € 10,462 thousand (previous year: € 12,660 thousand) are classified as measured at fair value through profit or loss pursuant to IFRS 9. The shares are not quoted and there is no active market for them. There is no current

15,980 65,405

Other financial fixed assets primarily include securities classified as fixed assets, which mainly comprise a share interest in Salzgitter AG, Salzgitter. For these share interests, Aurubis makes use of the option under IFRS 9 to classify equity instruments as at "fair value through other comprehensive income," as there was a long-term intention to hold them. Proceeds from the sale of shares during the fiscal year amounted to € 65,525 thousand. The related reclassification of the accumulated gains to generated group equity amounted to € 12,141

18. INVESTMENTS MEASURED USING THE EQUITY

Schwermetall Halbzeugwerk GmbH & Co. KG, Stolberg, is a joint venture in which Aurubis holds a 50 % interest. It is operated as a joint venture with a partner and has been assigned to the CSP segment. The business purpose of the company is the production and marketing of pre-rolled strip made of copper and copper alloys.

From May 31, 2021 onwards, Cablo GmbH has been included in the consolidated financial statements as an additional joint venture. Aurubis holds a 40 % share interest in Cablo GmbH. It is operated as a joint venture with a partner and has been assigned to the MMR segment. The purpose of the business is to recover copper granules

Pursuant to IFRS 11.24, in conjunction with IAS 28, Schwermetall Halbzeugwerk GmbH & Co. KG and Cablo GmbH are accounted for

thousand.

METHOD

and plastics from scrapped cables.

using the equity method.

2022 (previous year: € 313,507 thousand).

184

€ 111,530 thousand).

plastics.

using the equity method.

17. FINANCIAL FIXED ASSETS

intention to sell the share interests.

Aurubis Annual Report 2021/22

page 221.

	Schwermetall Halbzeugwerk GmbH & Co. KG, Stolberg		Cablo GmbH, Gelsenkirchen		Total
(in € thousand)	2021/22	2020/21	2021/22	2020/21	2021/22	2020/21
Assets	289,746	237,495	55,239	51,343	344,985	288,838
Fixed assets	49,321	45,801	20,262	21,226	69,583	67,027
Deferred tax assets	0	0	664	855	664	855
Non-current receivables and other assets	0	10	0	0	0	10
Inventories	154,211	124,676	10,022	12,844	164,234	137,520
Current receivables and other assets	85,883	66,974	20,107	14,009	105,990	80,982
Cash and cash equivalents	331	34	4,183	2,409	4,514	2,443
Liabilities	289,746	237,495	55,239	51,343	344,985	288,838
Net assets	188,972	150,727	8,474	7,872	197,446	158,599
Deferred tax liabilities	15,098	8,910	0	0	15,098	8,910
Non-current provisions	5,175	7,409	251	223	5,426	7,632
Non-current liabilities	22,738	12,948	32,000	27,000	54,738	39,948
Current provisions	10,612	9,417	112	5	10,724	9,422
Current liabilities	47,151	48,083	14,402	16,244	61,553	64,326
Statement of comprehensive income
Revenues	673,545	516,184	136,833	38,730	810,378	554,914
Gross profit	91,847	92,100	13,361	2,275	105,207	94,375
Depreciation of property, plant, and equipment and amortization of intangible assets	4,798	4,694	1,720	559	6,517	5,253
Interest income	0	78	0	0	0	78
Interest expense	451	476	425	133	876	609
Earnings before taxes (EBT)	43,216	50,629	793	-1,008	44,009	49,621
Less income taxes	10,882	10,960	191	-855	11,073	10,105
Profit/loss of the period	32,333	39,669	602	-153	32,936	39,516

RECONCILIATION OF THE COMBINED FINANCIAL INFORMATION

	Schwermetall Halbzeugwerk GmbH & Co. KG, Stolberg		Cablo GmbH, Gelsenkirchen		Total
in € thousand	2021/22	2020/21	2021/22	2020/21	2021/22	2020/21
Net assets as at October 1	150,727	110,609	7,872	0	158,599	110,609
Addition of Cablo net assets as at 5/31/2021		0	0	8,025	0	8,025
Profit/loss of the period	32,333	39,669	602	-153	32,936	39,516
Other comprehensive income/loss	23,511	10,949	0	0	23,511	10,949
Distribution	-17,600	-10,500	0	0	-17,600	-10,500
Net assets as at September 30	188,972	150,727	8,474	7,872	197,446	158,599
Share of joint venture	94,486	75,364	3,390	3,149	97,876	78,512
Elimination of intra-group profits	149	149	-2,018	-2,018	-1,869	-1,869
Income tax effects		0		0	0	0
Carrying amount	94,635	75,513	1,372	1,131	96,007	76,644

19. INVENTORIES

in € thousand	9/30/2022	9/30/2021
Raw materials and supplies	1,705,892	1,292,918
Work in process	1,094,854	857,525
Finished goods, merchandise	752,176	653,766
	3,552,922	2,804,209

As at the reporting date, write-downs of € 116,358 thousand were recorded against inventories (previous year: € 8,112 thousand), which are mainly the result of metal price fluctuations.

20. TRADE ACCOUNTS RECEIVABLE

The trade accounts receivable as at September 30, 2022 and as at September 30, 2021 were due within one year.

The age structure of the trade accounts receivable, after deducting allowances, is as follows:

in € thousand	Carrying amount	of which: not overdue as at the reporting date	less than 30 days	between 30 and 180 days	more than 180 days
As at September 30, 2022 Trade accounts receivable	622,621	577,936	41,595	1,223	1,867
As at September 30, 2022 Trade accounts receivable	512,966	473,539	30,435	6,725	2,267

The development of the allowances that set up for those trade accounts receivable were not covered by commercial credit insurance was as follows:

in € thousand	9/30/2022	9/30/2021
Specific allowances as at October 1	2,724	2,888
Assets held for sale	0	-198
Changes in allowances during the period	0	34
Additions	0	34
Balance as at September 30	2,724	2,724

All expenses and income deriving from allowances against trade accounts receivable are shown respectively under other operating expenses or other operating income.

As regards the balances of trade accounts receivable that are neither written down nor overdue, there is no indication as at the reporting date that the debtors will not fulfill their payment obligations.

Default risks deriving from trade accounts receivable were largely hedged by commercial credit insurances, which we also consider when calculating allowances.

21. OTHER RECEIVABLES AND OTHER ASSETS

Notes to the Consolidated Financial Statements Notes to the statement of financial position

in € thousand 9/30/2022 9/30/2021

Raw materials and supplies 1,705,892 1,292,918 Work in process 1,094,854 857,525 Finished goods, merchandise 752,176 653,766

3,552,922 2,804,209

As at the reporting date, write-downs of € 116,358 thousand were recorded against inventories (previous year: € 8,112 thousand), which are mainly the result of metal price fluctuations.

The trade accounts receivable as at September 30, 2022 and as at

The age structure of the trade accounts receivable, after deducting

The development of the allowances that set up for those trade accounts receivable were not covered by commercial credit

in € thousand 9/30/2022 9/30/2021

All expenses and income deriving from allowances against trade accounts receivable are shown respectively under other operating

less than 30 days

between 30 and 180 days

more than 180 days

As regards the balances of trade accounts receivable that are neither written down nor overdue, there is no indication as at the reporting date that the debtors will not fulfill their payment

Default risks deriving from trade accounts receivable were largely hedged by commercial credit insurances, which we also consider

expenses or other operating income.

of which: not overdue as at the reporting date

when calculating allowances.

obligations.

Carrying amount

Trade accounts receivable 622,621 577,936 41,595 1,223 1,867

Trade accounts receivable 512,966 473,539 30,435 6,725 2,267

as at October 1 2,724 2,888

Assets held for sale 0 -198 Changes in allowances during the period 0 34 Additions 0 34 Balance as at September 30 2,724 2,724

20. TRADE ACCOUNTS RECEIVABLE

allowances, is as follows:

As at September 30, 2022

As at September 30, 2022

in € thousand

insurance was as follows:

Specific allowances

September 30, 2021 were due within one year.

186

19. INVENTORIES

Aurubis Annual Report 2021/22

Other receivables and other assets comprise both other financial and other non-financial assets.

Non-current receivables and other assets are made up as follows as at the reporting date:

in € thousand	9/30/2022	9/30/2021
Non-current (with a residual term of more than 1 year)
Derivative financial instruments belonging to the category "FV P&L"	113,231	12,800
Derivative financial instruments held as hedging instruments in the context of hedge accounting	27,463	6,523
Receivables from related parties	12,800	0
Other non-current financial assets	14,585	14,555
Non-current financial assets	168,079	33,878
Other non-current non-financial assets	1,964	1,631
Non-current income tax receivables	1,615	1,306
Other non-current non-financial assets	3,579	2,937

Current receivables and other assets are made up as follows as at the reporting date:

in € thousand	9/30/2022	9/30/2021
Current (with a residual term of less than 1 year)
Derivative financial instruments belonging to the category "FV P&L"	97,411	94,339
Derivative financial instruments held as hedging instruments in the context of hedge accounting	49,263	9,494
Receivables from related parties	3,568	16,028
Sundry other current financial assets	60,319	32,217
Other current financial assets	210,561	152,078
Income tax receivables	35,636	10,058
Sundry other current non-financial assets	60,425	41,192
Other current non-financial assets	96,061	51,250

The increase in derivative financial instruments belonging to the FV P&L category resulted from the measurement of other transactions due to higher energy prices, mainly in connection with a long-term electricity supply contract.

The increase in sundry other current financial assets is mainly due to receivables from brokers arising from security deposited for open derivative transactions, as well as the realization of government grants for energy costs at our Bulgarian site.

As in the previous year, the sundry other current non-financial assets mainly comprise VAT receivables.

The sundry other current financial assets include a continuing involvement arising from del credere risks with factoring companies and late payment and currency risks deriving from current trade accounts receivable in the amount of € 8,310 thousand (previous year: € 6,002 thousand). The level of continuing involvement corresponds to the maximum risk of loss, mainly based on the assumption that all receivables open on the reporting date that were sold remain outstanding for the entire period for which Aurubis can be held responsible for the late payment risk. The factoring companies retain a purchase price discount of 10 % of the purchase price.

A liability of € 8,287 thousand was recorded in connection with the continuing involvement (previous year: € 6,001 thousand). All trade accounts receivable sold to factoring companies have a term of less than one year, meaning that the fair value of the continuing

involvement and the associated liability each correspond to the carrying amount.

All of the receivables covered by five factoring contracts for which the main opportunities and risks were transferred to the purchaser of the receivables were completely derecognized.

In total, outstanding receivables, excluding a continuing involvement, of € 349,253 thousand (previous year: € 392,395 thousand) had been sold to factoring companies as at the reporting date.

As in the previous year, no significant allowances for expected credit losses were recognized in the reporting year.

As regards the balance for other financial assets that are neither written down nor overdue, there is no indication as at the reporting date that the debtors will not fulfill their payment obligations.

22. CASH AND CASH EQUIVALENTS

Cash and cash equivalents consist of current account balances with banks, cash in hand, and short-term deposits. Cash at banks mainly comprises euro balances.

23. EQUITY

The share capital amounts to € 115,089,210.85 and is divided into 44,956,723 no-par-value shares, each with a notional value of € 2.56. Each share includes a voting right and is entitled to dividends. The share capital is fully paid in.

The Executive Board is authorized, subject to the approval of the Supervisory Board, to increase the company's share capital by February 16, 2027 by up to € 23,017,840.64 either at one time or in several installments (Authorized Capital 2022).

The share capital has been conditionally increased by up to € 11,508,920.32 by issuing up to 4,495,672 new no-par-value bearer shares, each a proportionate notional value per share of € 2.56 of the share capital (conditional capital increase). It will be used to grant shares to the holders or creditors of conversion and/or option rights from convertible bonds and/or bonds with warrants, profit participation rights and/or participating bonds (or combinations of these instruments), which can be issued with the approval of the Supervisory Board in the period up to July 16, 2027.

Based on a resolution passed at the Annual General Meeting on March 1, 2018, the company was authorized for the period up until February 28, 2023 to repurchase its own shares with a volume of up to 10 % of the share capital. On March 18, 2020, the Aurubis AG Executive Board resolved to purchase company shares up to 10 % of the share capital. The buyback program started on March 19, 2020 and ended at the close of September 17, 2021. The objective of the share buyback program was to use these treasury shares for

purposes permitted by the shareholders at the Annual General Meeting, particularly for possible acquisitions or future financing needs. As at September 30, 2022, the company held 1,297,693 treasury shares (unchanged from the previous year).

Pursuant to the resolution passed at the Annual General Meeting on February 17, 2022, a dividend of € 1.60 per share was distributed in the reporting year, totaling € 69,854,448.

Generated Group equity comprises consolidated net income, the revenue reserves of all Group companies, the accumulated unappropriated earnings of the subsidiaries since their initial consolidation, and the accumulated amounts resulting from consolidation adjustments recognized in profit or loss. In addition, the effects deriving from the remeasurement of the net liability resulting from the defined benefit pension plans (after taxes), which are recorded directly in equity, are also included.

Aurubis AG's legal reserve of € 6,391 thousand, which is not available for distribution, is also included in this amount. The change in generated Group equity from € 3,025,019 thousand as at September 30, 2021, to € 3,794,072 thousand as at September 30, 2022 includes the dividend payment of € 69,854,448, effects of € 112,097 thousand (after taxes) recognized in equity deriving from the remeasurement of the net liability resulting from the defined benefit pension plans and the consolidated net income for fiscal year 2021/22 of € 714,669 thousand. In addition, the sale of equity instruments classified as at fair value through other comprehensive income under IFRS 9 resulted in reclassifications from accumulated other comprehensive income to generated group equity in the amount of € 12,141 thousand. Changes in accumulated other comprehensive income totaling € 58,440 thousand (previous year: € 20,330 thousand) mainly comprise gains and losses of € 28,657 thousand (previous year: € -7,872 thousand) deriving from the measurement at market of cash flow hedges, income taxes of € - 10,711 thousand (previous year: € 699 thousand), and € 17,847 thousand (previous year: € 27,224 thousand) deriving from measurement at market of financial investments.

An amount of € 21,546 thousand (previous year: € 9,923 thousand) was transferred during the period from other comprehensive income to the consolidated income statement in the context of cash flow hedge accounting and is primarily recorded in the cost of materials.

The non-controlling interests amounting to € 653 thousand (previous year: € 537 thousand) comprise the interests of non-Group shareholders in the equity of a company that is fully consolidated by Aurubis AG, namely Aurubis Bulgaria AD, Pirdop.

The change in non-controlling interests includes a proportional share of the dividend payment, amounting to € 209 thousand. The consolidated result of € 325 thousand in fiscal year 2021/22 had a counteracting effect.

Changes in equity are presented in detail in the consolidated statement of changes in equity, Consolidated Statement of Changes in the section Equity, on page 161.

PROPOSED APPROPRIATION OF EARNINGS

Notes to the Consolidated Financial Statements Notes to the statement of financial position

of the receivables were completely derecognized.

losses were recognized in the reporting year.

22. CASH AND CASH EQUIVALENTS

comprises euro balances.

share capital is fully paid in.

23. EQUITY

In total, outstanding receivables, excluding a continuing involvement, of € 349,253 thousand (previous year: € 392,395 thousand) had been sold to factoring companies as at the reporting

involvement and the associated liability each correspond to the

purposes permitted by the shareholders at the Annual General Meeting, particularly for possible acquisitions or future financing

1,297,693 treasury shares (unchanged from the previous year).

Pursuant to the resolution passed at the Annual General Meeting on February 17, 2022, a dividend of € 1.60 per share was distributed

Generated Group equity comprises consolidated net income, the revenue reserves of all Group companies, the accumulated unappropriated earnings of the subsidiaries since their initial consolidation, and the accumulated amounts resulting from consolidation adjustments recognized in profit or loss. In addition, the effects deriving from the remeasurement of the net liability resulting from the defined benefit pension plans (after taxes), which

needs. As at September 30, 2022, the company held

in the reporting year, totaling € 69,854,448.

are recorded directly in equity, are also included.

measurement at market of financial investments.

materials.

An amount of € 21,546 thousand (previous year: € 9,923 thousand) was transferred during the period from other comprehensive income to the consolidated income statement in the context of cash flow hedge accounting and is primarily recorded in the cost of

The non-controlling interests amounting to € 653 thousand

Aurubis AG, namely Aurubis Bulgaria AD, Pirdop.

(previous year: € 537 thousand) comprise the interests of non-Group shareholders in the equity of a company that is fully consolidated by

Aurubis AG's legal reserve of € 6,391 thousand, which is not

in generated Group equity from € 3,025,019 thousand as at September 30, 2021, to € 3,794,072 thousand as at September 30, 2022 includes the dividend payment of € 69,854,448, effects of € 112,097 thousand (after taxes) recognized in equity deriving from the remeasurement of the net liability resulting from the defined benefit pension plans and the consolidated net income for fiscal year 2021/22 of € 714,669 thousand. In addition, the sale of equity instruments classified as at fair value through other comprehensive income under IFRS 9 resulted in reclassifications from accumulated other comprehensive income to generated group equity in the amount of € 12,141 thousand. Changes in accumulated other comprehensive income totaling € 58,440 thousand (previous year: € 20,330 thousand) mainly comprise gains and losses of € 28,657 thousand (previous year: € -7,872 thousand) deriving from the measurement at market of cash flow hedges, income taxes of € - 10,711 thousand (previous year: € 699 thousand), and € 17,847 thousand (previous year: € 27,224 thousand) deriving from

available for distribution, is also included in this amount. The change

All of the receivables covered by five factoring contracts for which the main opportunities and risks were transferred to the purchaser

As in the previous year, no significant allowances for expected credit

As regards the balance for other financial assets that are neither written down nor overdue, there is no indication as at the reporting date that the debtors will not fulfill their payment obligations.

Cash and cash equivalents consist of current account balances with banks, cash in hand, and short-term deposits. Cash at banks mainly

The share capital amounts to € 115,089,210.85 and is divided into 44,956,723 no-par-value shares, each with a notional value of € 2.56. Each share includes a voting right and is entitled to dividends. The

The Executive Board is authorized, subject to the approval of the Supervisory Board, to increase the company's share capital by February 16, 2027 by up to € 23,017,840.64 either at one time or in

The share capital has been conditionally increased by up to € 11,508,920.32 by issuing up to 4,495,672 new no-par-value bearer shares, each a proportionate notional value per share of € 2.56 of the share capital (conditional capital increase). It will be used to grant shares to the holders or creditors of conversion and/or option rights from convertible bonds and/or bonds with warrants, profit participation rights and/or participating bonds (or combinations of these instruments), which can be issued with the approval of the

several installments (Authorized Capital 2022).

Supervisory Board in the period up to July 16, 2027.

Based on a resolution passed at the Annual General Meeting on March 1, 2018, the company was authorized for the period up until February 28, 2023 to repurchase its own shares with a volume of up to 10 % of the share capital. On March 18, 2020, the Aurubis AG Executive Board resolved to purchase company shares up to 10 % of the share capital. The buyback program started on March 19, 2020 and ended at the close of September 17, 2021. The objective of the share buyback program was to use these treasury shares for

188

date.

carrying amount.

Aurubis Annual Report 2021/22

The separate financial statements of Aurubis AG, Hamburg, have been prepared in accordance with German accounting principles (HGB – German Commercial Code).

Net income for the year of AurubisAG	€ 125,376,510.40
Retained profit brought forward from the prior year	€ 148,823,413.05
Allocations to other revenue reserves	€ 62,600,000.00
Unappropriated earnings	€ 211,599,923.45

A proposal will be made to the Annual General Meeting that Aurubis AG's unappropriated earnings of € 211,599,923.45 are used to pay a dividend of € 1.80 per no-par-value share and that € 133,013,669.45 be carried forward. The freely available shares at the balance sheet date, amounting to 43,659,030 (= € 78,586,254), were taken as a basis.

ADDITIONAL INFORMATION ON CAPITAL MANAGEMENT

The main purpose of management control is to increase the corporate value of the Aurubis Group, in that a positive contribution to the enterprise as a whole is generated beyond the capital costs. The Group's liquidity sourcing is secured through a combination of the Group's cash flow, external borrowing, as well as lines of credit available from our banks. Existing credit facilities and lines of credit can compensate for fluctuations in the cash flow development at any time. The objective is to keep the Group's debt structure in equilibrium in the long term. Control and monitoring are carried out on the basis of defined key ratios. Net debt and liquidity are controlled in the medium and short term by means of regular cash flow forecasts.

One of the main key ratios used to determine and compare profitability is operating ROCE (return on capital employed), which reflects the yield on the capital that is utilized in the operating business or for investments. Operating ROCE defines the operating earnings before interest and taxes together with the operating result from investments measured using the equity method in relation to the operating capital employed as at the reporting date and represents the yield on the capital employed. Capital employed comprises equity and interest-bearing liabilities, less cash and cash equivalents.

Operating ROCE improved to 19.0 % owing to the very good financial performance in the fiscal year, compared to 16.6 % in the previous year.

All external requirements under financial covenants were fulfilled in the fiscal year reported.

24. DEFERRED TAX LIABILITIES

The breakdown of the deferred tax liabilities is presented in the section Income taxes, on page 169.

25. PENSION PROVISIONS AND SIMILAR OBLIGATIONS

Within the Aurubis Group, retirement benefits for eligible employees are provided on the basis of both defined benefit plans and defined contribution plans.

The majority of defined benefit plan commitments in the Aurubis Group relate to Germany and the US. On the one hand, these represent individual contractual direct commitments. On the other hand, the Group provides benefits in the form of defined benefit commitments within collective plans. Both funded and unfunded plans exist.

In Germany, the Group provides eligible employees with pension benefits as well as disability and surviving dependent benefits. These are provided to a great extent through pension and support funds, the assets of which may solely be utilized to satisfy the Aurubis Group's pension obligations.

Generally, the amount of the pension benefit per qualified year of service is determined as a percentage of a pensionable salary. In Germany, pensions are reviewed every three years and adjusted, where necessary, in a manner corresponding to the price index development.

In Germany, the company pension plan for new employees hired after September 29, 2003, was amended and is now based on defined contribution commitments. Processing is carried out by an external pension fund and an insurance company.

Furthermore, a subsidiary in the US grants employees pension, health care, and life insurance benefits for the period after retirement under specific conditions related to age and duration of employment with the company. These retirement benefits are based on collective agreements that only apply to unionized employees. These represent lifelong pension benefits whose level depends on the duration of employment. The amount of the benefits does not depend on the salary. Health care benefits are provided after the employee leaves the company until an established minimum age. While the pension commitments are mainly financed through the specific assets of a separate pension fund, there is no separate fund for the health care and life insurance benefits provided in the US.

Within the Group, actuarial reports were obtained for all benefit obligations. The reports take uniform Group-wide accounting policies into consideration, while nevertheless reflecting special country-specific circumstances.

In addition to the "Heubeck-Richttafeln 2018 G" mortality tables, the following market discount rates, salary, and pension trends were used as a basis to calculate the pension obligations:

A discount rate of 5.2 % (previous year: 2.8 %) was assumed as the basis for the measurement of the pension provision of Aurubis Buffalo, Inc., Buffalo. Income and pension trends are not relevant for the calculation of the pension obligations of the US subsidiary.

The net pension provision for defined benefit obligations disclosed in the consolidated statement of financial position as at September 30, 2022 and September 30, 2021 is as follows:

in %	9/30/2022	9/30/2021
Discount rate	3.6	1.0
Expected income development	3.0	2.8
Expected pension development	2.4	1.6

The increase in the measurement parameters was primarily due to changes in the macroeconomic environment.

in € thousand	9/30/2022	9/30/2021
Present value of pension commitments	520,905	689,870
of which funded	436,043	555,179
– Fair value of plan assets	463,300	476,143
Net carrying amount on September 30	57,605	213,727
of which disclosed as assets	0	0
of which disclosed as liabilities	57,605	213,727

The net liability for benefit commitments, taking into account the separate reconciliations for the present value of the defined benefit obligation and the plan assets, is derived as follows:

Development of the present value of the pension obligations

in € thousand	9/30/2022	9/30/2021
Present value of unfunded benefit obligations	134,691	138,881
Present value of funded benefit obligations	555,179	573,290
Present value of the pension commitments as at October 1	689,870	712,171
Assets/liabilities held for sale	0	-3,733
Changes in the scope of consolidation	0	0
Current service cost	16,956	18,059
Gain deriving from plan settlements	-49	0
Interest cost on the pension obligations	7,960	6,743
Remeasurements	-163,187	-20,350
Actuarial gains/losses deriving from demographic assumptions	-1,173	839
Actuarial gains/losses deriving from financial assumptions	-165,841	-18,528
Actuarial gains/losses deriving from adjustments based on experience	3,827	-2,661
Benefits paid	-24,731	-23,730
Payments for plan settlements	-11,651	0
Exchange rate difference	5,734	710
Present value of the pension commitments as at September 30	520,905	689,870

Development of the plan assets

Notes to the Consolidated Financial Statements Notes to the statement of financial position

used as a basis to calculate the pension obligations:

changes in the macroeconomic environment.

country-specific circumstances.

Within the Group, actuarial reports were obtained for all benefit obligations. The reports take uniform Group-wide accounting policies into consideration, while nevertheless reflecting special

A discount rate of 5.2 % (previous year: 2.8 %) was assumed as the basis for the measurement of the pension provision of Aurubis Buffalo, Inc., Buffalo. Income and pension trends are not relevant for the calculation of the pension obligations of the US subsidiary.

The net pension provision for defined benefit obligations disclosed in the consolidated statement of financial position as at September

in € thousand 9/30/2022 9/30/2021

Present value of pension commitments 520,905 689,870 of which funded 436,043 555,179 – Fair value of plan assets 463,300 476,143 Net carrying amount on September 30 57,605 213,727

of which disclosed as assets 0 0 of which disclosed as liabilities 57,605 213,727

The net liability for benefit commitments, taking into account the separate reconciliations for the present value of the defined benefit

obligation and the plan assets, is derived as follows:

in € thousand 9/30/2022 9/30/2021

Present value of unfunded benefit obligations 134,691 138,881 Present value of funded benefit obligations 555,179 573,290 Present value of the pension commitments as at October 1 689,870 712,171

Assets/liabilities held for sale 0 -3,733 Changes in the scope of consolidation 0 0 Current service cost 16,956 18,059 Gain deriving from plan settlements -49 0 Interest cost on the pension obligations 7,960 6,743 Remeasurements -163,187 -20,350 Actuarial gains/losses deriving from demographic assumptions -1,173 839 Actuarial gains/losses deriving from financial assumptions -165,841 -18,528 Actuarial gains/losses deriving from adjustments based on experience 3,827 -2,661 Benefits paid -24,731 -23,730 Payments for plan settlements -11,651 0 Exchange rate difference 5,734 710 Present value of the pension commitments as at September 30 520,905 689,870

30, 2022 and September 30, 2021 is as follows:

In addition to the "Heubeck-Richttafeln 2018 G" mortality tables, the following market discount rates, salary, and pension trends were

in % 9/30/2022 9/30/2021

Discount rate 3.6 1.0 Expected income development 3.0 2.8 Expected pension development 2.4 1.6

The increase in the measurement parameters was primarily due to

Development of the present value of the pension obligations

190

Aurubis Annual Report 2021/22

in € thousand	2021/22	2020/21
Fair value of the plan assets as at October 1	476,143	451,775
Assets/liabilities held for sale	0	-2,952
Changes in the scope of consolidation	0	0
Interest income	5,519	4,230
Remeasurement effects	-1,433	29,216
Benefits paid	-18,457	-16,106
Payments for plan settlements	-11,651	0
Contributions made by employer	8,399	9,632
Exchange rate difference	4,780	348
Fair value of the plan assets as at September 30	463,300	476,143

Development of the net liability

in € thousand	2021/22	2020/21
Net liability as at October 1	213,727	260,396
Assets/liabilities held for sale	0	-781
Changes in the scope of consolidation	0	0
Current service cost	16,956	18,059
Gain deriving from plan settlements	-49	0
Net interest result	2,441	2,513
Remeasurement effects	-161,754	-49,566
Benefits paid	-6,274	-7,624
Employer contributions to the plan	-8,399	-9,632
Exchange rate difference	954	362
Net liability as at September 30	57,605	213,727

The remeasurement effects are directly recorded in other comprehensive income and are disclosed under generated Group equity. The net interest result is disclosed under interest expense. In contrast, the other components of the pension expenses (current and past service cost and the loss deriving from plan settlements) are recorded in personnel expenses.

In Germany, the defined benefit plans are primarily administered through processes in operation within the pension fund and the benefit fund. In this context, the pension fund is overseen by the German Federal Financial Supervisory Authority (BaFin).

Regulations related to the pension fund's capital investment portfolio are defined by the "Ordinance on the Investment of Restricted Assets of Insurance Undertakings (Investment Ordinance, AnlV)." The Investment Ordinance regulates the permitted quantitative distribution and mix of capital investments for the pension fund. A large portion of the pension fund's assets are invested in a segmented special fund.

The risk capital investments (equity instruments and debt instruments with a rating lower than investment grade) may account for a maximum of 35% of the carrying amount of the pension fund's coverage assets in accordance with the Investment Ordinance. The percentage of real estate held directly or indirectly via an interest in a limited partnership is currently 21.25 % of the carrying amount of the coverage assets. Derivatives are primarily only used for hedging purposes. The risk of longevity is taken into account by the actuary, after performing a review, by adjusting the biometric parameters where necessary.

The benefit fund is also oriented to the Investment Ordinance with respect to permitted capital investments.

The plan assets in the Group are made up as follows:

in € thousand	9/30/2022	9/30/2021
Cash and cash equivalents	22,269	32,496
Equity instruments	54,226	57,058
Debt instruments	128,874	148,491
Real estate	197,150	181,240
Reinsurance policies	55,992	5,367
Other current net assets	4,789	51,491
Total plan assets	463,300	476,143

The debt instruments include non-listed shares of a Schuldschein loan issued by Aurubis AG in the amount of € 26,000 thousand. The plan assets do not include any real estate used internally. The equity and debt instruments held via security funds are allocated to their corresponding investment classes in the overview.

Market prices are generally available for the equity instruments as a result of their respective quotations on an active market.

The debt instruments are also regularly traded on an active market.

Real estate is held directly and indirectly and is located exclusively in Germany. There is no active market from which market prices can be derived. Appraisals were obtained for all of the real estate included in the plan assets.

The company is subject to various risks in connection with the defined benefit plans. The company is subject to general technical insurance risks in particular, such as the risk of longevity, the risk of interest rate changes, the market price risk, and, to a small extent, a risk of inflation.

SENSITIVITY ANALYSIS

The following sensitivity analysis shows the effect of changes in the parameters on the present value of the defined benefit obligations. Each change in a significant actuarial assumption was analyzed separately, i.e., if one parameter varied, the other parameters remained constant. Possible correlation effects between the individual assumptions are not taken into consideration in this connection:

		Effect on the obligation
		9/30/2022		9/30/2021
in € thousand	Change in parameter	Increase	Decrease	Increase	Decrease
Actuarial interest rate	+/- 50 basis points	-30,166	33,564	-52,746	59,983
Expected income development	+/- 50 basis points	5,055	-4,881	9,246	-9,178
Expected pension development	+/- 50 basis points	22,423	-20,590	36,195	-33,339
Life expectancy	+/-1 year	20,139	-19,763	32,248	-31,671

The undiscounted future pension payments are expected to fall due within the following time bands:

in € thousand	9/30/2022	9/30/2021
Less than 1 year	22,914	23,167
Between 1 and 5 years	105,446	102,595
More than 5 years	810,852	680,450
Total	939,212	806,212

The weighted average duration of obligations deriving from defined benefit plans as at September 30, 2022 is 14.1 years (previous year: 17.0 years).

The expense for defined contribution pension plans amounted to € 23,465 thousand in the year reported (previous year: € 22,602 thousand). This includes both voluntary commitments and the employer's contribution made by the Group to statutory pension schemes.

26. OTHER PROVISIONS

The debt instruments are also regularly traded on an active market.

Real estate is held directly and indirectly and is located exclusively in Germany. There is no active market from which market prices can be derived. Appraisals were obtained for all of the real estate

The company is subject to various risks in connection with the defined benefit plans. The company is subject to general technical insurance risks in particular, such as the risk of longevity, the risk of interest rate changes, the market price risk, and, to a small extent, a

The following sensitivity analysis shows the effect of changes in the parameters on the present value of the defined benefit obligations. Each change in a significant actuarial assumption was analyzed separately, i.e., if one parameter varied, the other parameters remained constant. Possible correlation effects between the individual assumptions are not taken into consideration in this

The weighted average duration of obligations deriving from defined benefit plans as at September 30, 2022 is 14.1 years (previous year:

The expense for defined contribution pension plans amounted to € 23,465 thousand in the year reported (previous year: € 22,602 thousand). This includes both voluntary commitments and the employer's contribution made by the Group to statutory pension

included in the plan assets.

risk of inflation.

connection:

17.0 years).

schemes.

Effect on the obligation

9/30/2022 9/30/2021

in € thousand Change in parameter Increase Decrease Increase Decrease

Actuarial interest rate +/- 50 basis points -30,166 33,564 -52,746 59,983 Expected income development +/- 50 basis points 5,055 -4,881 9,246 -9,178 Expected pension development +/- 50 basis points 22,423 -20,590 36,195 -33,339 Life expectancy +/-1 year 20,139 -19,763 32,248 -31,671

SENSITIVITY ANALYSIS

Notes to the Consolidated Financial Statements Notes to the statement of financial position

The plan assets in the Group are made up as follows:

in € thousand 9/30/2022 9/30/2021

Cash and cash equivalents 22,269 32,496 Equity instruments 54,226 57,058 Debt instruments 128,874 148,491 Real estate 197,150 181,240 Reinsurance policies 55,992 5,367 Other current net assets 4,789 51,491

Total plan assets 463,300 476,143

The debt instruments include non-listed shares of a Schuldschein loan issued by Aurubis AG in the amount of € 26,000 thousand. The plan assets do not include any real estate used internally. The equity and debt instruments held via security funds are allocated to their

Market prices are generally available for the equity instruments as a

The undiscounted future pension payments are expected to fall due

in € thousand 9/30/2022 9/30/2021

Less than 1 year 22,914 23,167 Between 1 and 5 years 105,446 102,595 More than 5 years 810,852 680,450

Total 939,212 806,212

corresponding investment classes in the overview.

result of their respective quotations on an active market.

192

Aurubis Annual Report 2021/22

within the following time bands:

	Non-current		Current			Total
in € thousand	9/30/2022	9/30/2021	9/30/2022	9/30/2021	9/30/2022	9/30/2021
Personnel-related provisions	46,654	56,285	42,811	39,957	89,465	96,242
Provisions for onerous contracts	0	0	65	4,614	65	4,614
Environmental provisions	16,506	19,239	7,908	7,844	24,414	27,083
Sundry provisions and accruals	188	1,985	16,821	14,653	17,008	16,638
	63,347	77,509	67,605	67,068	130,952	144,577

The individual classes of provisions developed as follows during the fiscal year reported:

in € thousand	Balance as at 10/1/2021	Used	Released	Allocated	Transfers	Exchange rate difference	Balance as at 9/30/2022
Personnel-related provisions	96,242	-32,337	-395	25,860	0	96	89,465
Provisions for onerous contracts	4,614	-4,053	-561	65	0	0	65
Environmental provisions	27,083	-5,567	-2,777	5,114	551	10	24,414
Sundry provisions	16,638	-4,662	-1,646	7,229	-551	0	17,008
	144,577	-46,619	-5,379	38,268	0	106	130,952

Non-current personnel-related provisions primarily include provisions for bridging payments and anniversary bonuses. The weighted average duration of these obligations as at September 30, 2022 is 12.5 years. The higher actuarial interest rate of 3.6 % (previous year: 0.4 %) resulted in a reduced provision for bridging allowances and anniversary bonuses of € 10,871 thousand. Moreover, the personnel-related provisions include obligations from partial retirement contracts.

Provisions for environmental risks primarily relate to clean-up measures at the Lünen and Beerse sites. The provisions have terms of up to 30 years. The probable costs were determined taking into account past experience in comparable cases, existing appraisals, and the clean-up methods that will be used on the basis of present knowledge.

27. LIABILITIES

Financial liabilities as at the reporting date are as follows:

in € thousand	9/30/2022	9/30/2021
Non-current (with a residual term of more than 1 year)
Bank borrowings	167,221	399,726
Lease liabilities	41,886	44,543
Non-current borrowings	209,107	444,269
Derivative financial instruments belonging to the category "FV P&L"	6,281	57,050
Liabilities to related parties	0	0
Derivative financial instruments held as hedging instruments in the context of hedge accounting	5,194	29
Other non-current financial liabilities	11,475	57,079
Non-current financial liabilities	220,582	501,348
Current (with a residual term of less than 1 year)
Trade accounts payable	1,582,695	1,386,525
Trade accounts payable	1,582,695	1,386,525
Bank borrowings	105,929	126,918
Lease liabilities	12,469	10,127
Current borrowings	118,398	137,045
Derivative financial instruments belonging to the category "FV P&L"	85,113	106,634
Liabilities to related parties	19,199	15,007
Derivative financial instruments held as hedging instruments in the context of hedge accounting	40,416	2,097
Sundry other current financial liabilities	150,906	97,243
Other current financial liabilities	295,634	220,981
Current financial liabilities	1,996,727	1,744,551

The increase in sundry other current financial liabilities is mainly due to margin calls for energy. Sundry other current financial liabilities also include personnel obligations such as Christmas bonus payments, outstanding vacation entitlements, and successbased bonus payments, as well as liabilities related to severance pay for employees.

At a level of € 273,150 thousand as at September 30, 2022, bank borrowings were lower than at the previous fiscal year-end (€ 526,644 thousand). In December 2021, all variable interest rate tranches of the Schuldschein loan, totaling € 152,500 thousand, were redeemed ahead of schedule using free liquidity. These bonded loans were disclosed as non-current liabilities in the statement of financial position as at September 30, 2021, due to their legal contract term. In addition, current bank borrowings were down due to the redemption of a bonded loan in the amount of € 102,500 thousand that fell due in February 2022.

Aurubis had no bank borrowings secured by mortgages and liens on fixed assets. Financial assets have not been pledged as collateral for bank borrowings.

As at September 30, 2022, payments in the amount of € 531,317 thousand (previous year: € 292,173 thousand) deriving from forward foreign exchange transactions with a negative fair value are matched by receipts of € 486,727 thousand (previous year: € 289,631 thousand). Derivatives with positive fair values qualify as assets and are therefore not included here.

The decrease in derivative financial instruments belonging to the "FV P&L" category resulted from the measurement of metal forward contracts and other transactions, as metal and energy prices had increased, compared to the prior year, at the reporting date.

The following table shows the Aurubis Group's contractually agreed redemption payments for non-derivative financial liabilities and the discounted net cash flows of the derivative financial instruments with negative fair values. Foreign currency amounts are translated at the closing rate.

	Payments
in € thousand	Carrying amount as at 9/30/2022	less than 1 year	1 to 5 years	more than 5 years
Bank borrowings	273,150	105,929	167,221	0
Lease liabilities	54,355	12,469	26,671	15,215
Trade accounts payable	1,582,695	1,582,695	0	0
Liabilities to related parties	19,199	19,199	0	0
Derivatives belonging to the category "FV P&L"	91,394	85,113	6,281	0
Derivatives designated as hedging instruments for hedge accounting purposes	45,610	40,416	5,194	0
Sundry other current financial liabilities	150,906	150,906	0	0
Total	2,217,309	1,996,727	205,367	15,215

	Payments
in € thousand	Carrying amount as at 9/30/2021	less than 1 year	1 to 5 years	more than 5 years
Bank borrowings	526,644	126,918	326,726	73,000
Lease liabilities	54,670	10,127	26,390	18,153
Trade accounts payable	1,386,525	1,386,525	0	0
Liabilities to related parties	15,007	15,007	0	0
Derivatives belonging to the category "FV P&L"	163,684	106,634	57,050	0
Derivatives designated as hedging instruments for hedge accounting purposes	2,126	2,097	29	0
Sundry other current financial liabilities	97,243	97,243	0	0
Total	2,245,899	1,744,551	410,195	91,153

Non-financial liabilities as at the reporting date are as follows:

Notes to the Consolidated Financial Statements Notes to the statement of financial position

Financial liabilities as at the reporting date are as follows:

Non-current (with a residual term of more than 1 year)

Current (with a residual term of less than 1 year)

The increase in sundry other current financial liabilities is mainly due to margin calls for energy. Sundry other current financial liabilities also include personnel obligations such as Christmas bonus payments, outstanding vacation entitlements, and successbased bonus payments, as well as liabilities related to severance pay

At a level of € 273,150 thousand as at September 30, 2022, bank borrowings were lower than at the previous fiscal year-end (€ 526,644 thousand). In December 2021, all variable interest rate tranches of the Schuldschein loan, totaling € 152,500 thousand, were redeemed ahead of schedule using free liquidity. These bonded loans were disclosed as non-current liabilities in the statement of financial position as at September 30, 2021, due to their legal contract term. In addition, current bank borrowings were down due to the redemption of a bonded loan in the amount of € 102,500

in € thousand 9/30/2022 9/30/2021

Bank borrowings 167,221 399,726 Lease liabilities 41,886 44,543 Non-current borrowings 209,107 444,269

Derivative financial instruments belonging to the category "FV P&L" 6,281 57,050 Liabilities to related parties 0 0 Derivative financial instruments held as hedging instruments in the context of hedge accounting 5,194 29 Other non-current financial liabilities 11,475 57,079

Non-current financial liabilities 220,582 501,348

Trade accounts payable 1,582,695 1,386,525 Trade accounts payable 1,582,695 1,386,525

Bank borrowings 105,929 126,918 Lease liabilities 12,469 10,127 Current borrowings 118,398 137,045

Derivative financial instruments belonging to the category "FV P&L" 85,113 106,634 Liabilities to related parties 19,199 15,007 Derivative financial instruments held as hedging instruments in the context of hedge accounting 40,416 2,097 Sundry other current financial liabilities 150,906 97,243 Other current financial liabilities 295,634 220,981

Current financial liabilities 1,996,727 1,744,551

bank borrowings.

the closing rate.

are therefore not included here.

Aurubis had no bank borrowings secured by mortgages and liens on fixed assets. Financial assets have not been pledged as collateral for

As at September 30, 2022, payments in the amount of € 531,317 thousand (previous year: € 292,173 thousand) deriving from forward foreign exchange transactions with a negative fair value are

matched by receipts of € 486,727 thousand (previous year: € 289,631 thousand). Derivatives with positive fair values qualify as assets and

The decrease in derivative financial instruments belonging to the "FV P&L" category resulted from the measurement of metal forward contracts and other transactions, as metal and energy prices had increased, compared to the prior year, at the reporting date.

The following table shows the Aurubis Group's contractually agreed redemption payments for non-derivative financial liabilities and the discounted net cash flows of the derivative financial instruments with negative fair values. Foreign currency amounts are translated at

194

27. LIABILITIES

Aurubis Annual Report 2021/22

thousand that fell due in February 2022.

for employees.

in € thousand	9/30/2022	9/30/2021
Non-current (with a residual term of more than 1 year)
Non-current non-financial liabilities	5,131	1,698
Non-current non-financial liabilities	5,131	1,698
Current (with a residual term of less than 1 year)
Income tax liabilities	32,331	24,004
Income tax liabilities	32,331	24,004
Other tax liabilities	11,777	17,445
Social security obligations	11,668	8,175
Advance payments received on orders	75,838	22,837
Sundry other current non-financial liabilities	8,447	11,098
Other current non-financial liabilities	107,730	59,555
Current non-financial liabilities	140,061	83,559

The advance payments received on customer orders reported for the previous year, amounting to € 22,837 thousand, were fully realized as revenues in the fiscal year reported. The increase in the current fiscal year is based on customer orders for cathodes immediately before the reporting date. Other tax liabilities mainly comprise wage tax and VAT liabilities.

28. LEASES

As part of its business activities, Aurubis leases facilities that are involved in the storage and handling of copper concentrates, as well as ships and rail tank wagons for the transport of concentrates and

sulfuric acid. The company also has lease agreements for office buildings, parking lots, containers, and vehicles. The right-of-use assets accounted for in this regard in fixed assets developed as follows:

in € thousand	Land and buildings	Technical equipment and machinery	Other equipment, factory and office equipment	Total
Costs of acquisition or construction 9/30/2021	10,389	76,701	10,597	97,687
Additions	2,338	5,480	3,610	11,429
Disposals	-571	-1,112	-600	-2,283
Currency exchange rate differences	0	0	73	72
Costs of acquisition or construction as at 9/30/2022	12,156	81,069	13,680	106,905
Accumulated depreciation and write-downs as at 9/30/2021	-7,143	-33,465	-4,417	-45,025
Depreciation and impairment losses for the fiscal year	-984	-7,776	-3,278	-12,038
Disposals	570	1,113	539	2,222
Currency exchange rate differences	0	3	-32	-30
Accumulated depreciation and write-downs as at 9/30/2022	-7,557	-40,126	-7,187	-54,870
Carrying amount as at 9/30/2022	4,599	40,943	6,493	52,035

The interest expense for lease liabilities recognized in the income statement amounted to € 1,841 thousand in the fiscal year (previous year: € 1,933 thousand). Expected future payments for lease liabilities total € 65,008 thousand (previous year: € 66,715 thousand).

The following table shows the Aurubis Group's contractually agreed undiscounted interest and redemption payments for lease liabilities and their residual terms.

	9/30/2022 9/30/2021
in € thousand	less than 1 year	1 to 5 years	more than 5 years	Total	less than 1 year	1 to 5 years	more than 5 years	Total
Expected lease payments	14,177	31,563	19,268	65,008	11,888	31,668	23,158	66,714
Interest portion	1,708	4,892	4,053	10,653	1,761	5,278	5,005	12,044
Redemption portion	12,469	26,671	15,215	54,355	10,127	26,390	18,153	54,670

In fiscal year 2021/22, expenses of € 5,020 thousand deriving from short-term lease arrangements (previous year: € 5,096 thousand) and € 1,329 thousand deriving from leases of low-value assets (previous year: € 705 thousand) were recorded. Furthermore, expenses of € 2,718 thousand (previous year: € 3,010 thousand) for variable lease payments that were not included in the measurement of lease liabilities were recognized in profit or loss. Depreciation of right-of-use assets amounted to € 12,038 thousand in the fiscal year (previous year: € 13,344 thousand).

The total cash outflows for leases amounted to € 8,833 thousand (previous year: € 12,568 thousand) in fiscal year 2021/22.

Leases within the Aurubis Group may include extension and termination options. Such options are included in the calculation of the lease liability if there is reasonable assurance that they will be exercised.

As in the previous year, there were no sale-and-leaseback transactions in fiscal year 2021/22.

29. OTHER FINANCIAL COMMITMENTS AND CONTINGENT LIABILITIES/RECEIVABLES

Notes to the Consolidated Financial Statements Notes to the statement of financial position

As part of its business activities, Aurubis leases facilities that are involved in the storage and handling of copper concentrates, as well as ships and rail tank wagons for the transport of concentrates and

The interest expense for lease liabilities recognized in the income statement amounted to € 1,841 thousand in the fiscal year (previous year: € 1,933 thousand). Expected future payments for lease liabilities

In fiscal year 2021/22, expenses of € 5,020 thousand deriving from short-term lease arrangements (previous year: € 5,096 thousand) and € 1,329 thousand deriving from leases of low-value assets (previous year: € 705 thousand) were recorded. Furthermore, expenses of € 2,718 thousand (previous year: € 3,010 thousand) for variable lease payments that were not included in the measurement of lease liabilities were recognized in profit or loss. Depreciation of right-of-use assets amounted to € 12,038 thousand in the fiscal year

The total cash outflows for leases amounted to € 8,833 thousand (previous year: € 12,568 thousand) in fiscal year 2021/22.

less than 1 year

total € 65,008 thousand (previous year: € 66,715 thousand).

sulfuric acid. The company also has lease agreements for office buildings, parking lots, containers, and vehicles. The right-of-use assets accounted for in this regard in fixed assets developed as

Technical equipment and machinery

The following table shows the Aurubis Group's contractually agreed undiscounted interest and redemption payments for lease liabilities

1 to 5 years

more than

5 years Total

less than 1 year

Leases within the Aurubis Group may include extension and termination options. Such options are included in the calculation of the lease liability if there is reasonable assurance that they will be

As in the previous year, there were no sale-and-leaseback

transactions in fiscal year 2021/22.

Other equipment, factory and office

equipment Total

follows:

Costs of acquisition or construction 9/30/2021 10,389 76,701 10,597 97,687 Additions 2,338 5,480 3,610 11,429 Disposals -571 -1,112 -600 -2,283 Currency exchange rate differences 0 0 73 72 Costs of acquisition or construction as at 9/30/2022 12,156 81,069 13,680 106,905

Accumulated depreciation and write-downs as at 9/30/2021 -7,143 -33,465 -4,417 -45,025 Depreciation and impairment losses for the fiscal year -984 -7,776 -3,278 -12,038 Disposals 570 1,113 539 2,222 Currency exchange rate differences 0 3 -32 -30 Accumulated depreciation and write-downs as at 9/30/2022 -7,557 -40,126 -7,187 -54,870 Carrying amount as at 9/30/2022 4,599 40,943 6,493 52,035

9/30/2022 9/30/2021

more than

5 years Total

exercised.

Expected lease payments 14,177 31,563 19,268 65,008 11,888 31,668 23,158 66,714 Interest portion 1,708 4,892 4,053 10,653 1,761 5,278 5,005 12,044 Redemption portion 12,469 26,671 15,215 54,355 10,127 26,390 18,153 54,670

1 to 5 years

Land and buildings

and their residual terms.

196

28. LEASES

in € thousand

in € thousand

Aurubis Annual Report 2021/22

(previous year: € 13,344 thousand).

in € thousand	9/30/2022	9/30/2021
Capital expenditure commitments	315,505	111,530
Warranty obligations	1,039	1,039
Commitments relating to discounted bills
of exchange	1,342	1,351
Commitments under leases	2,566	8,606

The capital expenditure commitments mainly relate to property, plant, and equipment.

In addition, commitments exist under leases, amounting to € 2,566 thousand, which were not considered for purposes of the measurement of lease liabilities. These commitments mainly arise from variable lease payments and leases that Aurubis has entered into, but which have not yet commenced.

In addition to the commitments already outlined, there are also obligations under long-term contracts.

The securing of our smelter network's supply of raw materials, especially copper concentrates, is of crucial importance. In order to secure this supply, we have entered into long-term agreements with terms of between five and ten years. Especially in the case of copper concentrates, pricing is based on the metal content of the transactions, as well as on the applicable LME exchange price at the time of the actual delivery. As both the metal contents and the metal prices are very volatile (and therefore difficult to forecast), from our perspective a reliable quantitative disclosure of the commitments deriving from raw material supply sourcing isn't possible.

Furthermore, an agreement is in place with an energy utility for the cost-based procurement of one billion kilowatt hours of electricity per annum over a term of 30 years, commencing in 2010. As the cost and price components are also subject to a high level of volatility, reliable quantitative disclosure of the related commitment is also not possible in this case.

In addition, the Group has entered into long-term agreements for the supply of oxygen to various sites. The commitments resulting from these agreements amount to € 128,005 thousand (previous year: € 118,883 thousand).

Obligations under other long-term contracts are mainly related to the provision of transport and handling services by various service providers and amount to € 145,907 thousand (€ 140,344 thousand).

As at September 30, 2022, contingent liabilities of € 0 thousand (previous year: € 1,604 thousand) derived from environmental risks. Aurubis receives partial compensation for the CO2 costs included in the electricity price. This compensation arrives with a time delay. The exact timing of the compensation payments and their amount cannot be reliably estimated at the reporting date, so quantitative information is not possible.

On July 14, 2021, production at Aurubis Stolberg GmbH had to be stopped due to severe weather impacts. Negative effects deriving from rebuilding costs for our plant in Stolberg following the catastrophic flooding have been somewhat compensated by payments received from insurance claims, some of which were already received in the fiscal year reported. Aurubis expects to receive additional compensation payments. The exact timing and amount of these cannot be reliably estimated at the reporting date, so that disclosure of quantitative information is not possible.

30. FINANCIAL INSTRUMENTS

The Aurubis Group is exposed to market risks, liquidity risks, and default risks as a result of the deployment of financial instruments.

MARKET RISKS

Market risks arise as a result of a possible change in risk factors that lead to a decrease in the market value of the transactions affected by these risk factors. The following groups of general risk factors are relevant for the Aurubis Group: currency exchange rate risks, interest rate fluctuation risks, and other price risks.

CURRENCY EXCHANGE RATE RISKS

As a result of its business operations, the Aurubis Group is exposed to currency exchange rate fluctuations. Changes in exchange rates can lead to losses in the value of financial instruments. Foreign currency forward and option contracts are concluded to limit currency risks. These primarily affect the US dollar. For this purpose, the foreign currency positions from underlying transactions are offset against each other on a daily basis and any remaining open positions are squared by means of foreign exchange derivatives. We work exclusively with business partners with good credit standing on all foreign exchange hedge transactions.

Furthermore, foreign currency forward and option contracts were concluded in the past fiscal year to hedge future receipts. Provided the criteria for cash flow hedges were fulfilled, the results of these hedge transactions are initially recognized in the accompanying financial statements in other comprehensive income in the amount of the effective portion of the hedge.

These results are recognized in profit or loss as soon as the underlying hedged transaction is recognized in profit or loss. Fundamental shifts in currency relationships, in particular between the euro and the US dollar, can, however, only be hedged for a limited time in this context.

Information on the management of exchange rate risks is provided in the Risk Report in the Management Report, on pages 133-144.

The foreign currency risk constitutes a cash flow risk and represents the risk position for the following period. This corresponds to the net amount of the nominal volume of the non-derivative and derivative financial instruments held, which are exposed to exchange rate risks. In addition, planned revenue transactions for the following periods are included to the extent that these are taken into account for currency risk management purposes to show the risk position for the following period.

Foreign currency risk

	€ / US\$
in € thousand	9/30/2022	9/30/2021
Risk position deriving from recorded transactions	-644,499	-952,780
Budgeted revenues	555,396	398,739
Forward foreign exchange contracts	254,573	771,848
Put option transactions	-46,676	-98,886
Net exposure	118,794	118,921

IFRS 7 requires a sensitivity analysis to be performed for each type of risk to indicate the market risks. The use of sensitivity analyses determines the potential impacts on profit or loss and on equity, as at the reporting date, of a change in the respective risk variable for each type of risk. The impacts for the periods are determined by relating the hypothetical changes in the risk variables to the amount reported as at the reporting date. In doing so, it is assumed that the amount reported as at the reporting date is representative for the entire year.

In order to determine the exchange rate risk, a sensitivity analysis is performed for the foreign currencies that pose a significant risk for the business. In this case, the US dollar. For the purpose of the sensitivity analysis for the currencies, it was assumed that the exchange rate of the euro compared with the US dollar would change by +/-10%, respectively.

If the euro had been 10% stronger or weaker against the US dollar on September 30, 2022 or September 30, 2021 as compared to the closing rate prevailing on the reporting date, then – from a foreign currency risk perspective – equity and net income for the year would have changed to the extent shown in the following table. All relevant recognized foreign currency items have been included in the calculation, as well as the budgeted revenues of the following period that were considered in the foreign currency risk exposure assessment.

Currency sensitivity

	€ / US\$
in € thousand	9/30/2022	9/30/2021
Closing rate	0.9748	1.1579
Devaluated rate (€ against US\$)	0.8773	1.0421
Effect on earnings	61,438	44,282
of which budgeted revenues	61,711	44,304
of which non-derivative transactions	-26,748	15,371
of which derivative transactions	26,475	-15,393
Effect on equity	-33,009	-16,629
Appreciated rate (€ against US\$)	1.0723	1.2737
Effect on earnings	-50,516	-36,248
of which budgeted revenues	-50,491	-36,249
of which non-derivative transactions	21,636	-12,593
of which derivative transactions	-21,661	12,594
Effect on equity	25,976	16,987

INTEREST RATE FLUCTUATION RISKS

Interest rate fluctuation risks arise due to potential changes in market interest rates and can result in a change in the fair value of fixed-interest financial instruments and interest payment fluctuations for variable interest rate financial instruments. Any interest rate risks that arise are hedged by interest rate swaps. Interest rate fluctuation risks are of significant importance in the financial sector. Provided the criteria for cash flow hedges are fulfilled for the hedging of variable interest payments, the results of these hedge transactions are initially recognized in other comprehensive income in the amount of the effective portion of the hedge transaction. They are recognized in profit or loss as soon as the underlying hedged transaction is recognized in profit or loss in the respective fiscal year. No interest rate hedges were transacted during the fiscal year reported.

Details of how interest rate fluctuation risks are managed are provided in the Risk Report in the Management Report, on pages 133-144.

The table below shows the net exposure for variable interestbearing risk positions.

Variable interest-bearing risk positions

Notes to the Consolidated Financial Statements Notes to the statement of financial position

Information on the management of exchange rate risks is provided

recognized foreign currency items have been included in the calculation, as well as the budgeted revenues of the following period that were considered in the foreign currency risk exposure

€ / US\$

in € thousand 9/30/2022 9/30/2021

Closing rate 0.9748 1.1579 Devaluated rate (€ against US\$) 0.8773 1.0421 Effect on earnings 61,438 44,282 of which budgeted revenues 61,711 44,304 of which non-derivative transactions -26,748 15,371 of which derivative transactions 26,475 -15,393 Effect on equity -33,009 -16,629 Appreciated rate (€ against US\$) 1.0723 1.2737

Effect on earnings -50,516 -36,248 of which budgeted revenues -50,491 -36,249 of which non-derivative transactions 21,636 -12,593 of which derivative transactions -21,661 12,594

INTEREST RATE FLUCTUATION RISKS

during the fiscal year reported.

bearing risk positions.

Effect on equity 25,976 16,987

Interest rate fluctuation risks arise due to potential changes in market interest rates and can result in a change in the fair value of

fixed-interest financial instruments and interest payment fluctuations for variable interest rate financial instruments. Any interest rate risks that arise are hedged by interest rate swaps. Interest rate fluctuation risks are of significant importance in the financial sector. Provided the criteria for cash flow hedges are fulfilled for the hedging of variable interest payments, the results of

these hedge transactions are initially recognized in other

Details of how interest rate fluctuation risks are managed are provided in the Risk Report in the Management Report, on pages 133-144.

The table below shows the net exposure for variable interest-

comprehensive income in the amount of the effective portion of the hedge transaction. They are recognized in profit or loss as soon as the underlying hedged transaction is recognized in profit or loss in the respective fiscal year. No interest rate hedges were transacted

assessment.

Currency sensitivity

The foreign currency risk constitutes a cash flow risk and represents the risk position for the following period. This corresponds to the net amount of the nominal volume of the non-derivative and derivative financial instruments held, which are exposed to exchange rate risks. In addition, planned revenue transactions for the following periods are included to the extent that these are taken into account for currency risk management purposes to show the

in the Risk Report in the Management Report, on pages 133-144.

€ / US\$

in € thousand 9/30/2022 9/30/2021

transactions -644,499 -952,780 Budgeted revenues 555,396 398,739 Forward foreign exchange contracts 254,573 771,848 Put option transactions -46,676 -98,886

Net exposure 118,794 118,921

IFRS 7 requires a sensitivity analysis to be performed for each type of risk to indicate the market risks. The use of sensitivity analyses determines the potential impacts on profit or loss and on equity, as at the reporting date, of a change in the respective risk variable for each type of risk. The impacts for the periods are determined by relating the hypothetical changes in the risk variables to the amount reported as at the reporting date. In doing so, it is assumed that the amount reported as at the reporting date is representative for the

In order to determine the exchange rate risk, a sensitivity analysis is performed for the foreign currencies that pose a significant risk for the business. In this case, the US dollar. For the purpose of the sensitivity analysis for the currencies, it was assumed that the exchange rate of the euro compared with the US dollar would

If the euro had been 10% stronger or weaker against the US dollar on September 30, 2022 or September 30, 2021 as compared to the closing rate prevailing on the reporting date, then – from a foreign currency risk perspective – equity and net income for the year would have changed to the extent shown in the following table. All relevant

risk position for the following period.

Risk position deriving from recorded

Foreign currency risk

entire year.

198

Aurubis Annual Report 2021/22

change by +/-10%, respectively.

	Total amount		less than 1 year
in € thousand	9/30/2022	9/30/2021	9/30/2022	9/30/2021
Loans/time deposits	681,183	920,914	681,183	920,914
Other risk positions	-352,055	-338,744	-352,055	-338,744
of which hedged against the interest rate fluctuation risk	0	0	0	0
Net exposure	329,128	582,170	329,128	582,170

In accordance with IFRS 7, interest rate fluctuation risks are presented in a sensitivity analysis, which reflects the effects of a change in market interest rates on interest income, interest expenses and equity.

In the event of an increase (decrease) in all relevant interest rates by 100 basis points (50 basis points), equity and earnings for the year ending September 30, 2022 and September 30, 2021, respectively, would change, as shown by the following table. The same items have been included in the calculation as were considered for the determination of the net exposure presented above.

Interest rate sensitivities

	9/30/2022		9/30/2021
in € thousand	+100 BP	-50 BP	+100 BP	-50 BP
Effect on earnings	3,077	-2,175	6,779	-4,014
Effect on equity	0	0	0	0

OTHER PRICE RISKS

As a result of its business operations, the Aurubis Group is exposed to commodity price risks. Among other measures, non-ferrous metals futures contracts are entered into in order to mitigate these price risks. The contracts are mainly focused on the hedging of the copper price. For this purpose, incoming and outgoing metal quantities from underlying transactions are offset against each other on a daily basis and remaining open positions are squared by means of metal exchange transactions. We work exclusively with business partners with good credit standing on all metal hedge transactions.

If price-fixed metal delivery agreements for non-ferrous metals, which are contracted to cover the expected raw material requirement or the expected sale of finished products, are accounted for as derivative financial instruments, then market value changes in these are recognized in profit or loss. Gains and losses from the contrary development of the fair value of the hedged items and the hedge transactions are therefore recognized directly in profit or loss.

Details of metal price risk management processes are provided in the Risk Report in the Management Report. Risk Report in the Management Report, pages 133-144

The Aurubis Group has secured its electricity consumption at the German sites by concluding a long-term agreement with an energy utility. Aurubis is exposed to an electricity price risk from the measurement of part of this agreement.

The nominal volumes of the derivative financial instruments covering copper, silver, gold, as well as electricity, coal, CO2, and gas, which result from the gross total of the nominal amounts of the individual purchasing and sales contracts, are as follows.

Nominal volumes of the derivatives

in € thousand	9/30/2022	9/30/2021
Copper	2,002,066	2,513,093
Silver	167,186	123,628
Gold	538,435	621,927
Energy	608,924	285,468
	3,316,611	3,544,116

In accordance with IFRS 7, commodity price risks are presented in a sensitivity analysis, which reflects the effects of a change in the commodity prices on equity and net income for the period.

In the event of a 10% increase (decrease) in all relevant commodity prices, equity and earnings for the year would be changed for the year ending September 30, 2022 and September 30, 2021

respectively as shown in the following table. The calculation includes all derivatives for copper, silver, gold, as well as electricity, coal, CO2, and gas as at the reporting date.

Commodity price sensitivity

	Copper		Silver		Gold		Energy
in € thousand	9/30/2022	9/30/2021	9/30/2022	9/30/2021	9/30/2022	9/30/2021	9/30/2022	9/30/2021
Price increase
Effect on earnings	12,140	27,774	7,010	1,995	33,329	38,381	1,463	1,369
Effect on equity	0	0	0	0	0	0	5,451	1,350
Price decrease
Effect on earnings	-12,140	-27,774	-7,010	-1,995	-33,329	-38,381	-1,463	-1,369
Effect on equity	0	0	0	0	0	0	-5,451	-1,350

The effects on earnings shown in the commodity price sensitivity table for metals are partially or completely compensated through the measurement of the purchase or sales contracts that are not yet fixed, since these positions are provisionally measured at the respective price on the reporting date.

DERIVATIVE FINANCIAL INSTRUMENTS

The Aurubis Group uses derivative financial instruments to hedge exchange rate and other price risks. These are reported according to their residual term under other current/non-current financial assets/liabilities. Provided the criteria for the application of hedge accounting are fulfilled, these are treated as cash flow hedges.

Financial derivatives

		Assets			Equity and liabilities
	9/30/2022		9/30/2021		9/30/2022		9/30/2021
in € thousand	Carrying amount	Nominal volume	Carrying amount	Nominal volume	Carrying amount	Nominal volume	Carrying amount	Nominal volume
Forward foreign exchange contracts
without a hedging relationship	19,404	810,666	16,500	1,137,664	2,311	146,994	1,842	234,011
as cash flow hedges	0	0	6,492	130,318	42,279	340,323	699	55,634
Foreign currency options
without a hedging relationship	0	0	0	0	0	0	0	0
as cash flow hedges	103	36,091	1,401	100,622	8	3,504	0	0
Metal futures contracts
without a hedging relationship	57,553	1,436,149	66,953	1,479,561	57,208	1,466,450	97,509	2,054,174
as cash flow hedges	18	792	21	1,559	3,323	26,783	1,427	19,954
Other transactions
without a hedging relationship	133,685	492,818	23,686	16,012	31,875	103,498	64,333	259,273
as cash flow hedges	76,605	19,790	8,103	10,184	0	0	0	0

The nominal volume of the derivative financial instruments is the sum of the nominal amounts of the individual purchase and sales contracts. By contrast, the fair value is based on the measurement of all contracts at the prices applicable on the measurement date. It indicates the potential impact on income of the prompt settlement of all derivatives as at the reporting date, without considering the hedged transactions.

The impact on earnings of changes in the market value of financial derivatives that relate to a cash flow hedge is recognized in equity through other comprehensive income in the amount of the effective portion. The hedging costs for these financial derivatives are recorded in other comprehensive income and are disclosed as a separate reserve item. The cumulative amounts recorded in equity are reclassified to the income statement in the period in which the hedged cash flows impact the income statement and are mainly recorded as a component of the cost of materials.

The ineffective portion of the market value change is, by contrast, recognized directly in profit or loss. Ineffectiveness results in particular from the credit risk (CRA) and the foreign currency basis spread (CCBS), which are not reflected in the hedged transaction. No ineffective changes in the market value of the hedge

instruments were identified that had to be recognized during the fiscal year reported (previous year: € 55 thousand).

Average price of designated hedging instruments

	9/30/2022	9/30/2021
Forward foreign exchange contracts
(USD/EUR)	1.1169	1.1266
Foreign currency options (USD/EUR)	1.1751	1.1869
Metal futures contracts - nickel (EUR/t)	19,343.79	14,500.49
Metal futures contracts - zinc (EUR/t)	2,986.15	2,463.28
Coal derivatives (USD/t)	59.20	58.00
Gas derivatives (EUR/MWh)	16.39	16.39
Electricity derivatives (EUR/MWh)	29.37	0.00

The following overview shows a reconciliation of the other comprehensive income for the fiscal year that results from accounting for hedging relationships:

Cash flow hedges

Notes to the Consolidated Financial Statements Notes to the statement of financial position

Commodity price sensitivity

Price increase

Price decrease

respective price on the reporting date.

Financial derivatives

Forward foreign exchange

without a hedging

without a hedging

without a hedging

without a hedging

contracts

Foreign currency options

Metal futures contracts

Other transactions

The nominal volume of the derivative financial instruments is the sum of the nominal amounts of the individual purchase and sales

in € thousand

In the event of a 10% increase (decrease) in all relevant commodity prices, equity and earnings for the year would be changed for the year ending September 30, 2022 and September 30, 2021

The effects on earnings shown in the commodity price sensitivity table for metals are partially or completely compensated through the measurement of the purchase or sales contracts that are not yet fixed, since these positions are provisionally measured at the

Carrying amount

respectively as shown in the following table. The calculation includes all derivatives for copper, silver, gold, as well as electricity,

coal, CO2, and gas as at the reporting date.

DERIVATIVE FINANCIAL INSTRUMENTS

Carrying amount

The Aurubis Group uses derivative financial instruments to hedge exchange rate and other price risks. These are reported according to their residual term under other current/non-current financial assets/liabilities. Provided the criteria for the application of hedge accounting are fulfilled, these are treated as cash flow hedges.

Nominal volume

contracts. By contrast, the fair value is based on the measurement of all contracts at the prices applicable on the measurement date. It

Carrying amount Nominal volume

Copper Silver Gold Energy

in € thousand 9/30/2022 9/30/2021 9/30/2022 9/30/2021 9/30/2022 9/30/2021 9/30/2022 9/30/2021

Effect on earnings 12,140 27,774 7,010 1,995 33,329 38,381 1,463 1,369 Effect on equity 0 0 0 0 0 0 5,451 1,350

Effect on earnings -12,140 -27,774 -7,010 -1,995 -33,329 -38,381 -1,463 -1,369 Effect on equity 0 0 0 0 0 0 -5,451 -1,350

Assets Equity and liabilities

Nominal volume

9/30/2022 9/30/2021 9/30/2022 9/30/2021

Carrying amount

relationship 19,404 810,666 16,500 1,137,664 2,311 146,994 1,842 234,011 as cash flow hedges 0 0 6,492 130,318 42,279 340,323 699 55,634

relationship 0 0 0 0 0 0 0 0 as cash flow hedges 103 36,091 1,401 100,622 8 3,504 0 0

relationship 57,553 1,436,149 66,953 1,479,561 57,208 1,466,450 97,509 2,054,174 as cash flow hedges 18 792 21 1,559 3,323 26,783 1,427 19,954

relationship 133,685 492,818 23,686 16,012 31,875 103,498 64,333 259,273 as cash flow hedges 76,605 19,790 8,103 10,184 0 0 0 0

Nominal volume

200

Aurubis Annual Report 2021/22

	2021/22		2020/21
in € thousand	Measurement at market of cash flow hedges	Hedging costs	Measurement at market of cash flow hedges	Hedging costs
Balance as at October 1	18,326	161	26,198	1,572
Change in fair value	50,203	-1,487	2,051	-2,212
Reclassification to profit (+) or loss (-)	21,546	-813	9,923	-801
Balance as at September 30	46,983	-513	18,326	161

The following two tables show when the cash flows from cash flow hedges will occur and when they will influence the income statement:

Cash flow hedges as at September 30, 2022

Occurrence and impact on income statement in € thousand	Carrying amount	Nominal volume	less than 1 year	1 to 5 years	more than 5 years
Forward foreign exchange contracts
Assets	0	0	0	0	0
Liabilities	42,279	340,323	269,223	71,100	0
Foreign currency options
Assets	103	36,091	36,091	0	0
Liabilities	8	3,504	3,504	0	0
Metal futures contracts
Assets	18	792	792	0	0
Liabilities	3,323	26,783	25,198	1,585	0
Other transactions
Assets	76,605	19,790	4,067	15,723	0
Liabilities	0	0	0	0	0

Cash flow hedges as at September 30, 2021

	Carrying	Nominal	less than	1 to	more than
Occurrence and impact on income statement in € thousand	amount	volume	1 year	5 years	5 years
Forward foreign exchange contracts
Assets	6,492	130,318	130,318	0	0
Liabilities	699	55,634	55,634	0	0
Foreign currency options
Assets	1,401	100,622	100,622	0	0
Liabilities	0	0	0	0	0
Metal futures contracts
Assets	21	1,559	1,429	130	0
Liabilities	1,427	19,954	19,284	670	0
Other transactions
Assets	8,103	10,184	449	2,552	7,183
Liabilities	0	0	0	0	0

LIQUIDITY RISKS

Liquidity risks constitute the risks that the business is unable to settle its own liabilities. The contractually agreed undiscounted interest and redemption payments of the financial liabilities are shown in the section Liabilities, on pages 194-195.

The adequate sourcing of the Group with liquid funds is ensured not only by the Group's cash flow but also by the existing short-term and long-term credit lines with our banks. Fluctuations in cash flow can therefore be compensated for. An autonomous executive committee monitors the development of Aurubis' liquidity position on a timely and regular basis and reports to the Executive Board.

Further management measures taken regarding liquidity risks are described in the Risk Report, on pages 133-144.

DEFAULT RISKS

Default risks exist for all classes of financial instruments, in particular for trade accounts receivable. The concentration of the credit risk is limited due to the wide-ranging and heterogeneous customer base. The largest individual customer account receivable balances are regularly controlled. The credit risk arising from derivative financial instruments is limited in that the corresponding contracts are only concluded with contractual parties and banks that have a good credit standing.

The customers have been classified according to their credit rating within the context of the credit risk management process, whereby each customer has been given a specific credit limit.

Notes to the Consolidated Financial Statements Notes to the statement of financial position

Cash flow hedges as at September 30, 2022

Occurrence and impact on income statement in € thousand

Cash flow hedges as at September 30, 2021

Occurrence and impact on income statement in € thousand

Forward foreign exchange contracts

Other transactions

LIQUIDITY RISKS

The following two tables show when the cash flows from cash flow hedges will occur and when they will influence the income

Forward foreign exchange contracts

Foreign currency options

Metal futures contracts

Other transactions

Foreign currency options

Metal futures contracts

Liquidity risks constitute the risks that the business is unable to settle its own liabilities. The contractually agreed undiscounted interest and redemption payments of the financial liabilities are

The adequate sourcing of the Group with liquid funds is ensured not only by the Group's cash flow but also by the existing short-term and long-term credit lines with our banks. Fluctuations in cash flow can therefore be compensated for. An autonomous executive committee monitors the development of Aurubis' liquidity position on a timely and regular basis and reports to the Executive Board.

shown in the section Liabilities, on pages 194-195.

Carrying amount

Assets 0 0 0 0 0 Liabilities 42,279 340,323 269,223 71,100 0

Assets 103 36,091 36,091 0 0 Liabilities 8 3,504 3,504 0 0

Assets 18 792 792 0 0 Liabilities 3,323 26,783 25,198 1,585 0

Assets 76,605 19,790 4,067 15,723 0 Liabilities 0 0 0 0 0

Assets 6,492 130,318 130,318 0 0 Liabilities 699 55,634 55,634 0 0

Assets 1,401 100,622 100,622 0 0 Liabilities 0 0 0 0 0

Assets 21 1,559 1,429 130 0 Liabilities 1,427 19,954 19,284 670 0

Assets 8,103 10,184 449 2,552 7,183 Liabilities 0 0 0 0 0

Carrying amount Nominal volume

Nominal volume less than 1 year

less than 1 year

Further management measures taken regarding liquidity risks are

Default risks exist for all classes of financial instruments, in particular for trade accounts receivable. The concentration of the credit risk is limited due to the wide-ranging and heterogeneous customer base. The largest individual customer account receivable balances are regularly controlled. The credit risk arising from derivative financial instruments is limited in that the corresponding contracts are only concluded with contractual parties and banks

described in the Risk Report, on pages 133-144.

that have a good credit standing.

DEFAULT RISKS

1 to 5 years

1 to 5 years

more than 5 years

more than 5 years

202

statement:

Aurubis Annual Report 2021/22

The carrying amounts of the financial assets recognized in the statement of financial position, less any write-downs, represent the maximum potential default risk without taking into account the value of any securities received or other risk-mitigating agreements. Furthermore, to minimize default risks as far as possible, we monitor the receivables due from our business associates on a regular basis. Apart from instruments that are customary within the market, such as letters of credit and guarantees, we also make particular use of commercial credit insurance to safeguard against potential bad debts. If receivables are sold under factoring agreements, this is done without recourse.

Additional disclosures for financial instruments

				2021/2022
				Measurement in the statement of financial position under IFRS 9
Carrying amounts, valuations and fair values by measurement category in € thousand	Measurement category under IFRS 9	Carrying amount as at 9/30/2022	Amortized cost	Fair value through equity	Fair value through profit or loss	Measureme nt in the statement of financial position under IFRS 16	Fair value 9/30/2022
ASSETS
Share interests in affiliated companies	FV P&L	10,462			10,462		10,462
Investments	FV P&L	116			116		116
Securities classified as fixed assets	FV OCI	5,021		5,021			5,021
Other financial fixed assets
Other loans	AC	381	381				381
Trade accounts receivable	AC	293,010	293,010				293,010
	FV P&L	244,855			244,855		244,855
	FV OCI	84,756		84,756			84,756
Other receivables and financial assets
Receivables from related parties	AC	16,368	16,368				16,368
Other financial assets	AC	49,477	49,477				49,477
	FV P&L	10,927			10,927		10,927
	n/a	14,500	14,500				n/a
Derivative financial assets
Derivatives without a hedging relationship	FV P&L	210,642			210,642		210,642
Derivatives with a hedging relationship (hedge accounting)	n/a	76,726		76,726			76,726
Cash and cash equivalents	AC	706,048	706,048				706,048
EQUITY AND LIABILITIES
Bank borrowings	AC	273,150	273,150				261,673
Lease liabilities	n/a	54,355				54,355	54,355
Trade accounts payable	AC	349,323	349,323				349,323
	FV P&L	1,233,372			1,233,372		1,233,372
Liabilities to related parties	AC	19,199	19,199				19,199
Other non-derivative financial liabilities	AC	142,619	142,619				142,619
	n/a	8,287	8,287				n/a
Derivative financial liabilities
Derivatives without a hedging relationship	FV P&L	91,394			91,394		91,394
Derivatives with a hedging relationship (hedge accounting)	n/a	45,610		45,610			45,610
Of which aggregated by measurement categories in accordance with IFRS 9:
Financial assets at amortized cost (AC)		1,065,284	1,065,284	0	0		1,065,284
Financial assets at fair value through other comprehensive income (FV OCI)		89,777	0	89,777	0		89,777
Financial assets at fair value through profit or loss (FV P&L)		477,002	0	0	477,002		477,002
Financial liabilities at amortized cost (AC)		784,291	784,291	0	0		772,814
Financial liabilities at fair value through profit or loss (FV P&L)		1,324,766	0	0	1,324,766		1,324,766

			Measurement in the statement of financial position under IFRS 9
Carrying amounts, valuations and fair values by measurement category in € thousand	Measurement category under IFRS 9	Carrying amount as at 9/30/2021	Amortized cost	Fair value through equity	Fair value through profit or loss	Measurement in the statement of financial position under IFRS 16	Fair value as at 9/30/2021
ASSETS
Share interests in affiliated companies	FV P&L	12,544			12,544		12,544
Investments	FV P&L	116			116		116
Securities classified as fixed assets	FV OCI	52,699		52,699			52,699
Other financial fixed assets
Other loans	AC	46	46				46
Trade accounts receivable	AC	258,068	258,068				258,068
	FV P&L	224,638			224,638		224,638
	FV OCI	30,260		30,260			30,260
Other receivables and financial assets
Receivables from related parties	AC	16,028	16,028				16,028
Other financial assets	AC	26,522	26,522				26,522
	FV P&L	8,765			8,765		8,765
	n/a	11,485	11,485				n/a
Derivative financial assets
Derivatives without a hedging relationship	FV P&L	107,139			107,139		107,139
Derivatives with a hedging relationship (hedge accounting)	n/a	16,017		16,017			16,017
Cash and cash equivalents	AC	942,435	942,435				942,435
EQUITY AND LIABILITIES
Bank borrowings	AC	526,644	526,644				550,103
Liabilities under finance leases	n/a	54,670				54,670	54,670
Trade accounts payable	AC	305,067	305,067				305,067
	FV P&L	1,081,458			1,081,458		1,081,458
Liabilities to related parties	AC	15,007	15,007				15,007
Other non-derivative financial liabilities	AC	91,242	91,242				91,242
	n/a	6,001	6,001				n/a
Derivative financial liabilities
Derivatives without a hedging relationship	FV P&L	163,684			163,684		163,684
Derivatives with a hedging relationship (hedge accounting)	n/a	2,126		2,126			2,126
Of which aggregated by measurement categories in accordance with IFRS 9:
Financial assets at amortized cost (AC)		1,243,099	1,243,099	0	0		1,243,099
Financial assets at fair value through other comprehensive income (FV OCI)		82,959	0	82,959	0		82,959
Financial assets at fair value through profit or loss (FV P&L)		353,202	0	0	353,202		353,202
Financial liabilities at amortized cost (AC)		937,960	937,960	0	0		961,419
Financial liabilities at fair value through profit or loss (FV P&L)		1,245,142	0	0	1,245,142		1,245,142

2020/2021

Notes to the Consolidated Financial Statements Notes to the statement of financial position

Additional disclosures for financial instruments

Carrying amounts, valuations and fair values

Other receivables and financial assets

Derivatives with a hedging relationship

Derivatives without a hedging

accordance with IFRS 9:

Derivatives with a hedging relationship

Of which aggregated by measurement categories in

Financial assets at fair value through other comprehensive

Financial liabilities at fair value through profit or loss (FV

Derivative financial assets Derivatives without a hedging

by measurement category in € thousand

2021/2022

Measurement category under IFRS 9

ASSETS

Other financial fixed assets

EQUITY AND LIABILITIES

Derivative financial liabilities

Carrying amount as at 9/30/2022

Share interests in affiliated companies FV P&L 10,462 10,462 10,462 Investments FV P&L 116 116 116 Securities classified as fixed assets FV OCI 5,021 5,021 5,021

Other loans AC 381 381 381 Trade accounts receivable AC 293,010 293,010 293,010 FV P&L 244,855 244,855 244,855 FV OCI 84,756 84,756 84,756

Receivables from related parties AC 16,368 16,368 16,368 Other financial assets AC 49,477 49,477 49,477 FV P&L 10,927 10,927 10,927

relationship FV P&L 210,642 210,642 210,642

(hedge accounting) n/a 76,726 76,726 76,726 Cash and cash equivalents AC 706,048 706,048 706,048

Bank borrowings AC 273,150 273,150 261,673 Lease liabilities n/a 54,355 54,355 54,355 Trade accounts payable AC 349,323 349,323 349,323 FV P&L 1,233,372 1,233,372 1,233,372 Liabilities to related parties AC 19,199 19,199 19,199 Other non-derivative financial liabilities AC 142,619 142,619 142,619

relationship FV P&L 91,394 91,394 91,394

(hedge accounting) n/a 45,610 45,610 45,610

Financial assets at amortized cost (AC) 1,065,284 1,065,284 0 0 1,065,284

income (FV OCI) 89,777 0 89,777 0 89,777 Financial assets at fair value through profit or loss (FV P&L) 477,002 0 0 477,002 477,002 Financial liabilities at amortized cost (AC) 784,291 784,291 0 0 772,814

P&L) 1,324,766 0 0 1,324,766 1,324,766

Amortized cost

Measurement in the statement of financial position under IFRS 9

Fair value through equity

n/a 14,500 14,500 n/a

n/a 8,287 8,287 n/a

Fair value through profit or loss

Measureme nt in the statement of financial position under IFRS 16

Fair value 9/30/2022

204

Aurubis Annual Report 2021/22

As a general rule, the market value of financial instruments to be recognized at fair value is determined on the basis of quotations on the relevant exchanges. If no such quotations are available, measurement is carried out applying a process that is customary for the market (measurement methods), based on instrument-specific market parameters and interest rates drawn from recognized sources.

If observable input parameters are not available or only partially available, the fair value is calculated on the basis of appropriate measurement methods. In the Aurubis Group, this applies in particular to the extrapolation of market data for electricity, coal, and CO2, with due regard to market information about price determination and liquidity considerations. If insufficient market information is available, management's best estimate for a certain input parameter is used to determine the value. Thus, if observable input parameters are not available or only partially available on the market, the measurement process is significantly influenced by the use of estimates and assumptions.

Due to the predominantly short-term nature of cash and cash equivalents, trade accounts receivable and payable, other financial assets, receivables from and payables to related parties, and other non-derivative financial liabilities, an assumption is made that the fair values correspond to the carrying amounts.

An assumption has been made for share interests in non-corporate entities and non-quoted corporate entities that the carrying amount corresponds to the market value. It would only be possible to reliably determine the market value in conjunction with specific sales negotiations.

Pursuant to IFRS 13, the following tables show the measurement methods used to determine the fair value for Level 1, Level 2, and Level 3, as well as the main non-observable parameters that were used for measurement.

In this connection, the individual levels are defined in accordance with IFRS 13 as follows:

• » Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities
• » Level 2: procedures under which all input parameters with a significant effect on the fair value are observable either directly or indirectly in the market
• » Level 3: procedures that use input parameters which have a significant influence on the fair value and are not based on observable market data

Financial instruments from Level 1 measured at fair value

Type	Measurement method
Securities classified as fixed assets	Exchange quotations

Financial instruments from Level 2 measured at fair value

Type	Measurement method and applied input parameters
Forward foreign exchange contracts	Par method, taking into account actively traded forward rates and the currently valid interest rate for discounting purposes as at the reporting date
Foreign currency options	Black-Scholes model. Calculation based on the exchange rates as at the reporting date, taking into account the expected volatility of the respective exchange rate during the term of the option and customary market interest rates
Metal futures contracts	Discounted cash flow method, taking into account actively traded metal forward rates and customary market interest rates for discounting purposes as at the reporting date
Other transactions	Discounted cash flow method. Discounting of the expected future cash flows over the remaining term of the contracts, based on use of current market interest rates

Financial instruments from Level 2 not measured at fair value

Type	Measurement method and applied input parameters
Borrowings	Discounted cash flow method Discounting of expected future cash flows with currently applicable interest rates for financial liabilities with comparable conditions and residual terms

Financial instruments from Level 3 measured at fair value

Notes to the Consolidated Financial Statements Notes to the statement of financial position

As a general rule, the market value of financial instruments to be recognized at fair value is determined on the basis of quotations on the relevant exchanges. If no such quotations are available,

An assumption has been made for share interests in non-corporate entities and non-quoted corporate entities that the carrying amount corresponds to the market value. It would only be possible to reliably determine the market value in conjunction with specific

Pursuant to IFRS 13, the following tables show the measurement methods used to determine the fair value for Level 1, Level 2, and Level 3, as well as the main non-observable parameters that were

In this connection, the individual levels are defined in accordance

» Level 1: quoted prices (unadjusted) in active markets for identical

» Level 2: procedures under which all input parameters with a significant effect on the fair value are observable either directly

» Level 3: procedures that use input parameters which have a significant influence on the fair value and are not based on

Financial instruments from Level 1 measured at fair value

Type Measurement method Securities classified as fixed assets Exchange quotations

sales negotiations.

used for measurement.

with IFRS 13 as follows:

assets or liabilities

or indirectly in the market

observable market data

Par method, taking into account actively traded forward rates and the currently valid interest rate for discounting

expected volatility of the respective exchange rate during the term of the option and customary market interest rates

measurement is carried out applying a process that is customary for the market (measurement methods), based on instrument-specific market parameters and interest rates drawn from recognized

If observable input parameters are not available or only partially available, the fair value is calculated on the basis of appropriate measurement methods. In the Aurubis Group, this applies in particular to the extrapolation of market data for electricity, coal, and CO2, with due regard to market information about price determination and liquidity considerations. If insufficient market information is available, management's best estimate for a certain input parameter is used to determine the value. Thus, if observable input parameters are not available or only partially available on the market, the measurement process is significantly influenced by the

Due to the predominantly short-term nature of cash and cash equivalents, trade accounts receivable and payable, other financial assets, receivables from and payables to related parties, and other non-derivative financial liabilities, an assumption is made that the

Financial instruments from Level 2 measured at fair value

Financial instruments from Level 2 not measured at fair value

Type Measurement method and applied input parameters

Type Measurement method and applied input parameters

purposes as at the reporting date

Foreign currency options Black-Scholes model. Calculation based on the exchange rates as at the reporting date, taking into account the

Other transactions Discounted cash flow method. Discounting of the expected future cash flows over the remaining term of the

rates for discounting purposes as at the reporting date

contracts, based on use of current market interest rates

Metal futures contracts Discounted cash flow method, taking into account actively traded metal forward rates and customary market interest

Borrowings Discounted cash flow method Discounting of expected future cash flows with currently applicable interest rates for

financial liabilities with comparable conditions and residual terms

fair values correspond to the carrying amounts.

206

sources.

use of estimates and assumptions.

Aurubis Annual Report 2021/22

Forward foreign exchange

contracts

Type	Measurement method	Significant non-observable measurement parameters	Interdependence between significant non-observable parameters and fair value
Share interests in affiliated companies and investments	Discounted cash flow method	Future expected cash flows	The fair value is continually reviewed by applying significant, non-observable measurement parameters to determine if any measurement adjustments need to be made
Energy supply contract	Discounted cash flow method	Extrapolation of market data for electricity, coal, and CO2	The fair value would be higher (lower) if: – the price for electricity increased more (less) than expected – the price for coal and CO2 increased less (more) than expected

If the parameters used for measurement fall into different levels of the measurement hierarchy, the fair value measurement is fully classified as belonging to the lowest level to which an input parameter is attributed, where this parameter significantly influences the entire fair value.

If there are any reclassifications to other levels in the measurement hierarchy, the Aurubis Group accounts for these as at the beginning of the relevant fiscal year.

The following overview shows the main measurement parameters that provide the basis for those financial instruments that are accounted for at fair value and presented in the Notes to the Consolidated Financial Statements.

Hierarchical classification of fair values of financial instruments in accordance with IFRS 7 as at September 30, 2022

Aggregated by classes
in € thousand	9/30/2022	Level 1	Level 2	Level 3
Share interests in affiliated companies	10,462	0	0	10,462
Investments	116	0	0	116
Securities classified as fixed assets	5,021	5,021	0	0
Trade accounts receivable	329,611	0	329,611	0
Other financial assets	10,927	0	10,927	0
Derivative financial assets
Derivatives without a hedging relationship	210,642	0	113,393	97,249
Derivatives with a hedging relationship	76,726	0	76,726	0
Assets	643,505	5,021	530,657	107,827
Bank borrowings	261,673	0	261,673	0
Trade accounts payable	1,233,372	0	1,233,372	0
Derivative financial liabilities
Derivatives without a hedging relationship	91,394	0	91,394	0
Derivatives with a hedging relationship	45,610	0	45,610	0
Liabilities	1,632,049	0	1,632,049	0

Hierarchical classification of fair values of financial instruments in accordance with IFRS 7 as at September 30, 2021

Aggregated by classes
in € thousand	9/30/2021	Level 1	Level 2	Level 3
Share interests in affiliated companies	12,544	0	0	12,544
Investments	116	0	0	116
Securities classified as fixed assets	52,699	52,699	0	0
Trade accounts receivable	254,898	0	254,898	0
Other financial assets	8,765	0	8,765	0
Derivative financial assets
Derivatives without a hedging relationship	107,139	0	107,139	0
Derivatives with a hedging relationship	16,017	0	13,749	2,268
Assets
	452,178	52,699	384,551	14,928
Bank borrowings	550,103	0	550,103	0
Trade accounts payable	1,081,458	0	1,081,458	0
Derivative financial liabilities
Derivatives without a hedging relationship	163,684	0	106,654	57,030
Derivatives with a hedging relationship	2,126	0	2,126	0
Liabilities
	1,797,371	0	1,740,341	57,030

In fiscal year 2021/22, the fair value of one item was reclassified from level 3 to level 2 of the measurement hierarchy, as its measurement was exclusively based on input parameters directly observable on the market.

The following overview shows a reconciliation of the financial instruments measured at fair value and classified in Level 3:

Reconciliation of financial instruments in Level 3 as at September 30, 2022

Aggregated by classes in € thousand	Balance as at 10/1/2021	Difference from capital measures	Reclassificatio ns between the individual levels	Gains (+)/ losses (-) recorded in the income statement	Balance as at 9/30/2022	Gains (+)/ losses (-) for financial instruments held at the reporting date
Share interests in affiliated companies	12,544	-945	0	-1,137	10,462	-1,137
Investments	116	0	0	0	116	0
Derivative assets without a hedging relationship	0	0	0	97,249	97,249	97,249
Derivative assets with a hedging relationship	2,268	0	-2,268	0	0	0
Derivative liabilities without a hedging relationship	-57,030	0	0	57,030	0	57,030

Aggregated by classes in € thousand	Balance as at 10/1/2020	Difference deriving from capital measures	Gains (+)/ losses (-) recorded in other comprehensiv e income	Gains (+)/ losses (-) recorded in the income statement	Balance as at 9/30/20 21	Gains (+)/ losses (-) for financial instruments held at the reporting date
Share interests in affiliated companies	9,957	11,439	0	-8,852	12,544	-8,852
Investments	131	0	0	-15	116	-15
Derivative assets with a hedging relationship	0	0	2,268	0	2,268	0
Derivative liabilities without a hedging relationship	-11,856	0	0	-45,174	-57,030	-43,093
Derivative liabilities with a hedging relationship	-155	0	155	0	0	0

Reconciliation of financial instruments in Level 3 as at September 30, 2021

Notes to the Consolidated Financial Statements Notes to the statement of financial position

Hierarchical classification of fair values of financial instruments in accordance with IFRS 7 as at September 30, 2021

Derivative financial assets

Derivative financial liabilities

Reconciliation of financial instruments in Level 3 as at September 30, 2022

Balance as at 10/1/2021

In fiscal year 2021/22, the fair value of one item was reclassified from level 3 to level 2 of the measurement hierarchy, as its measurement was exclusively based on input parameters directly

in € thousand 9/30/2021 Level 1 Level 2 Level 3

Share interests in affiliated companies 12,544 0 0 12,544 Investments 116 0 0 116 Securities classified as fixed assets 52,699 52,699 0 0 Trade accounts receivable 254,898 0 254,898 0 Other financial assets 8,765 0 8,765 0

Derivatives without a hedging relationship 107,139 0 107,139 0 Derivatives with a hedging relationship 16,017 0 13,749 2,268

Bank borrowings 550,103 0 550,103 0 Trade accounts payable 1,081,458 0 1,081,458 0

Derivatives without a hedging relationship 163,684 0 106,654 57,030 Derivatives with a hedging relationship 2,126 0 2,126 0

Difference from capital measures

Share interests in affiliated companies 12,544 -945 0 -1,137 10,462 -1,137 Investments 116 0 0 0 116 0 Derivative assets without a hedging relationship 0 0 0 97,249 97,249 97,249 Derivative assets with a hedging relationship 2,268 0 -2,268 0 0 0 Derivative liabilities without a hedging relationship -57,030 0 0 57,030 0 57,030

Reclassificatio ns between the individual levels

452,178 52,699 384,551 14,928

1,797,371 0 1,740,341 57,030

The following overview shows a reconciliation of the financial instruments measured at fair value and classified in Level 3:

Gains (+)/ losses (-) recorded in the income statement

Balance as at 9/30/2022

Gains (+)/ losses (-) for financial instruments held at the reporting date

208

Aggregated by classes

Assets

Liabilities

observable on the market.

Aggregated by classes in € thousand

Aurubis Annual Report 2021/22

Gains and losses deriving from derivative financial instruments classified as Level 3 without a hedging relationship relate to part of an energy supply contract and are disclosed in the income statement under "Cost of materials." The positive development in the fair value of these financial instruments resulted mainly from the market data observed for electricity as at September 30, 2022, which was much higher than the previous year.

Subsequent gains and losses resulting from measurement at fair value of non-consolidated companies and participatory investments are recognized as other financial income/expenses in the income statement.

The fair value of these financial instruments is partially based on non-observable input parameters, which are largely related to the price of electricity, coal, and CO2. If the Aurubis Group had taken other possible suitable alternative measurement parameters as a basis for measuring the relevant financial instruments as at September 30, 2022, the recorded fair value would have been € 16,571 thousand (previous year: € 18,677 thousand) higher in the case of an increase in the electricity price and a decrease in the coal and CO2 price by 20%, respectively, at the end of the term or € 15,886 thousand (previous year: € 12,524 thousand) lower in the case of a decrease in the electricity price and an increase in the coal and CO2 price by 20%, respectively, at the end of the term. In order

to calculate the maximum impacts which can arise from the relative uncertainty in the determination of the fair values of financial instruments whose measurement is based on non-observable parameters, the Aurubis Group remeasures such financial instruments. In this context, parameters at the extreme end of the range of possible reasonable alternatives are used for the nonobservable input parameters. Since it is unlikely that a scenario in which all the non-observable parameters are simultaneously at the extreme end of the range of possible reasonable alternatives will occur, the aforementioned estimated values are expected to surpass the actual uncertainties in the determination of fair values. The disclosures shown do not represent a prediction or an indication of any future changes in the fair value.

OFFSETTING OPTIONS FOR DERIVATIVE FINANCIAL ASSETS AND LIABILITIES

The financial instruments that Aurubis enters into are subject to netting agreements with financial institutions that include a mutual right of offset. However, these agreements do not fulfill the criteria for offsetting in the statement of financial position, as the netting right can only be utilized if one of the contracting parties defaults.

The following table shows the financial assets and liabilities in the Aurubis Group that are subject to offsetting options.

Offsetting options for derivative financial assets and liabilities

in € thousand	2021/22	2020/21
Financial assets
Gross amount of financial assets in the statement of financial position	287,368	123,156
Financial instruments that qualify for offsetting in the statement of financial position	0	0
Net value of financial assets in the statement of financial position	287,368	123,156
Offsettable due to framework agreements	-63,627	-30,821
Total net value of financial assets	223,741	92,335
Financial liabilities
Gross amount of financial liabilities in the statement of financial position	-137,004	-165,810
Financial instruments that qualify for offsetting in the statement of financial position		0
Net value of financial liabilities in the statement of financial position		-165,810
Offsettable due to framework agreements	63,627	30,821
Total net value of financial liabilities	-73,377	-134,989

Net earnings by measurement category

in € thousand	2021/22	2020/21
Financial assets at amortized cost (AC)	-15,816	-33,063
Financial assets at fair value through other comprehensive income (FV OCI)	192	0
Financial assets and liabilities at fair value through profit or loss (FV P&L)	224,585	-47,644
Financial liabilities at amortized cost (AC)	28,229	6,877
	237,190	-73,830

The net income/expense deriving from the financial assets measured at fair value through other comprehensive income relates exclusively to equity instruments. The net income/expense deriving from the financial assets and liabilities measured at fair value through profit or loss mainly include the gains/losses deriving from metal futures contracts on the exchanges, forward foreign exchange contracts, and transactions to hedge energy price risks. Furthermore, fixed-price metal delivery contracts treated as derivatives are taken into account, as are purchase or sales contracts that are not yet price-fixed, which result in a partial compensation effect since they are measured at the respective price on the reporting date. Dividends, but not interest, are included in the calculation. The foreign currency impact deriving from items accounted for at amortized cost, which is included in the net result in fiscal year 2021/22, amounts to € 12,521 thousand (previous year: € -25,567 thousand).

31. RESEARCH & DEVELOPMENT

Research and development costs of € 11,756 thousand were recognized in profit or loss for the Aurubis Group for fiscal year 2021/22 (previous year: € 11,589 thousand). Moreover, development costs of € 280 thousand (previous year: € 726 thousand) were capitalized in the fiscal year.

Notes to the cash flow statement

Notes to the cash flow statement

Notes to the Consolidated Financial Statements Notes to the statement of financial position

Net earnings by measurement category

The net income/expense deriving from the financial assets

contracts, and transactions to hedge energy price risks. Furthermore, fixed-price metal delivery contracts treated as derivatives are taken into account, as are purchase or sales contracts that are not yet price-fixed, which result in a partial compensation effect since they are measured at the respective price on the reporting date. Dividends, but not interest, are included in the calculation. The foreign currency impact deriving from items accounted for at amortized cost, which is included in the net result in fiscal year 2021/22, amounts to € 12,521 thousand (previous year:

measured at fair value through other comprehensive income relates exclusively to equity instruments. The net income/expense deriving from the financial assets and liabilities measured at fair value through profit or loss mainly include the gains/losses deriving from metal futures contracts on the exchanges, forward foreign exchange

Offsetting options for derivative financial assets and liabilities

in € thousand 2021/22 2020/21

Gross amount of financial assets in the statement of financial position 287,368 123,156 Financial instruments that qualify for offsetting in the statement of financial position 0 0 Net value of financial assets in the statement of financial position 287,368 123,156 Offsettable due to framework agreements -63,627 -30,821 Total net value of financial assets 223,741 92,335

Gross amount of financial liabilities in the statement of financial position -137,004 -165,810 Financial instruments that qualify for offsetting in the statement of financial position 0 0 Net value of financial liabilities in the statement of financial position -137,004 -165,810 Offsettable due to framework agreements 63,627 30,821 Total net value of financial liabilities -73,377 -134,989

in € thousand 2021/22 2020/21

Financial assets at amortized cost (AC) -15,816 -33,063 Financial assets at fair value through other comprehensive income (FV OCI) 192 0 Financial assets and liabilities at fair value through profit or loss (FV P&L) 224,585 -47,644 Financial liabilities at amortized cost (AC) 28,229 6,877

31. RESEARCH & DEVELOPMENT

capitalized in the fiscal year.

Research and development costs of € 11,756 thousand were recognized in profit or loss for the Aurubis Group for fiscal year 2021/22 (previous year: € 11,589 thousand). Moreover, development costs of € 280 thousand (previous year: € 726 thousand) were

237,190 -73,830

Financial liabilities

210

Financial assets

Aurubis Annual Report 2021/22

€ -25,567 thousand).

The consolidated cash flow statement reports the cash flows in the Aurubis Group for fiscal year 2021/22 and for the prior-year comparative period. In accordance with IAS 7, a distinction is made between the cash inflow from operating activities, the cash outflow from investing activities, and the cash outflow from financing activities.

Commencing with earnings before taxes, adjustment is made for all non-cash-effective expenses and income, the financial result (consisting of the result from investments measured using the equity method, interest expenses, interest income, and other financial expenses and income), income taxes paid out, and changes in working capital to arrive at the cash inflow from operating activities (net cash flow).

At a level of € 288 million as at September 30, 2022, the net cash flow was significantly above that of the prior year (€ 812 million). The inventory buildup of input materials, in particular, as a result of the extended maintenance shutdown at the Hamburg site, had a negative impact on the net cash flow in the fiscal year.

As in the previous year, Aurubis participates in factoring programs. Cash flows deriving from the factoring programs are presented under the cash flow from operating activities, as this reflects the economic substance of the transactions. The total amount of trade accounts receivable sold under the factoring programs can be found in Note 21 "Other receivables and other assets."

The cash outflow from investing activities totaled € 201 million (previous year: € 232 million) and primarily included considerably higher payments for investments in property, plant, and equipment amounting to € 334 million (previous year: € 232 million). Among other items, payments were made during the fiscal year reported for investments connected to the maintenance shutdown at the Hamburg site (€ 59 million), as well as payments for the construction of the Aurubis Richmond recycling plant in Georgia, USA (€ 26 million).

Cash inflows of € 66 million from the disposal of securities as well as a further € 66 million deriving from the sale of subsidiaries had a positive effect.

After taking interest expenses totaling € 15 million and the dividend payment of € 70 million into account, a slightly positive free cash flow totaling € 3 million (previous year € 488 million) was recorded.

Cash and cash equivalents of € 706 million were available to the Group as at September 30, 2022 (€ 965 million as at September 30, 2021). The net cash position as at September 30, 2022 was € 379 million (previous year: € 383 million).

The following table shows the cash-effective and non-cash-effective changes in borrowings.

in € million	Balance as at 10/1/2021	Cash -effective	Additions for leases	Balance as at 9/30/2022
Bank borrowings	527	-254	0	273
Lease liabilities	55	-9	8	54
	582	-263	8	327

Segment reporting

Segment reporting

	Multimetal Recycling segment		Custom Smelting & Products		Other
	2021/22	2020/21	2021/22	2020/21	2021/22	2020/21
in € thousand	operating	operating	operating	operating	operating	operating
Revenues
Total revenues	5,960,094	5,128,016	18,570,083	16,272,904	0	0
Inter-segment revenues	5,315,462	4,565,946	694,193	535,137	0	0
Revenues with third parties	644,632	562,070	17,875,890	15,737,767	0	0
EBITDA	286,808	322,704	524,287	316,255	-57,101	-45,886
Depreciation and amortization	-80,573	-62,900	-136,129	-132,286	-3,817	-3,473
EBIT	206,235	259,803	388,158	183,969	-60,918	-49,359
Interest income	1,897	1,383	15,906	13,166	1,755	1,141
Interest expense	-3,050	-3,398	-23,926	-24,393	-2,535	-2,765
Result from investments measured using the equity method	241	-2,079	9,553	12,178	0	0
Other financial income	0	0	58	7	192	0
Other financial expenses	0	0	-73	-15	-1,064	-8,439
EBT	205,322	255,710	389,676	184,913	-62,570	-59,421
Consolidated net income
Return on capital employed (ROCE) in %	25.7	35.4	18.7	11.2
Capital expenditure on intangible assets and property, plant, and equipment	153,489	60,243	208,141	181,553	0	0
Average number of employees	1,660	1,686	5,080	5,166	349	332

Regarding the basic derivation of the ROCE, we refer to the Combined Management Report.

¹ Prior-year figures have been adjusted due to the new operating earnings definition.

Financial performance, assets, liabilities and financial position of the Aurubis Group, pages 111–119.

Notes to the Consolidated Financial Statements Segment reporting 213

Total	Reconciliation/ consolidation			Group
2021/22	2020/21	2021/22	2020/21	2021/22	2020/21
operating	operating	IFRS	IFRS	IFRS	IFRS
18,520,522	16,299,837	0	0	18,520,522	16,299,837
753,994	593,073	393,965	455,791	1,147,959	1,048,864
-220,519	-198,659	213	-20,303	-220,306	-218,962
533,475	394,413	394,178	435,489	927,653	829,902
19,558	15,690	-12,366	-12,077	7,191	3,613
-29,511	-30,556	12,365	12,078	-17,146	-18,478
9,794	10,099	8,650	8,606	18,444	18,705
250	7	0	0	250	7
-1,137	-8,454	0	0	-1,137	-8,454
532,428	381,202	402,827	444,093	935,255	825,295
				714,992	612,981
361,630	241,796	0	0	361,630	241,796
7,089	7,184	0	0	7,089	7,184

Notes to the Consolidated Financial Statements

Multimetal Recycling segment Custom Smelting & Products Other

in € thousand operating operating operating operating operating operating

Total revenues 5,960,094 5,128,016 18,570,083 16,272,904 0 0 Inter-segment revenues 5,315,462 4,565,946 694,193 535,137 0 0 Revenues with third parties 644,632 562,070 17,875,890 15,737,767 0 0 EBITDA 286,808 322,704 524,287 316,255 -57,101 -45,886 Depreciation and amortization -80,573 -62,900 -136,129 -132,286 -3,817 -3,473 EBIT 206,235 259,803 388,158 183,969 -60,918 -49,359 Interest income 1,897 1,383 15,906 13,166 1,755 1,141 Interest expense -3,050 -3,398 -23,926 -24,393 -2,535 -2,765

the equity method 241 -2,079 9,553 12,178 0 0 Other financial income 0 0 58 7 192 0 Other financial expenses 0 0 -73 -15 -1,064 -8,439 EBT 205,322 255,710 389,676 184,913 -62,570 -59,421

and property, plant, and equipment 153,489 60,243 208,141 181,553 0 0 Average number of employees 1,660 1,686 5,080 5,166 349 332

Return on capital employed (ROCE) in % 25.7 35.4 18.7 11.2

Regarding the basic derivation of the ROCE, we refer to the Combined Management Report. ¹ Prior-year figures have been adjusted due to the new operating earnings definition.

Financial performance, assets, liabilities and financial position of the Aurubis Group, pages 111–119.

2021/22 2020/21 2021/22 2020/21 2021/22 2020/21

Segment reporting

Segment reporting

Result from investments measured using

Capital expenditure on intangible assets

Consolidated net income

212

Revenues

Aurubis Annual Report 2021/22

In the course of developing the Aurubis Group's strategy, the segmentation was adjusted with effect from October 1, 2021. With the new fiscal year 2021/22, the two segments Multimetal Recycling and Custom Smelting & Products determine the fundamental organization structure and provide the basis for segment reporting in accordance with IFRS 8.

The Multimetal Recycling (MMR) segment comprises the recycling activities in the Group and thus the processing of copper scrap, organic and inorganic recycling raw materials containing metal, and industrial residues. The segment includes the recycling activities of the sites in Lünen (Germany), Olen and Beerse (both in Belgium), and Berango (Spain).

The Custom Smelting & Products (CSP) segment comprises the production facilities for processing concentrates and for manufacturing and marketing standard and specialty products such as cathodes, wire rod, shapes, strip products, sulfuric acid, and iron silicate. The CSP segment is also responsible for precious metal production. The sites in Hamburg (Germany) and Pirdop (Bulgaria) manufacture copper cathodes, which are processed further into wire rod and shapes at the Hamburg (Germany), Olen (Belgium), Emmerich (Germany), and Avellino (Italy) sites. The Buffalo (US), Stolberg (Germany), and Pori (Finland) sites produce flat rolled products and specialty wire products.

The internal reporting is generally based on the accounting policies in accordance with IFRS, which are applied in the consolidated financial statements. For internal management purposes, the IFRSbased results are reconciled to the operating result.

The operating result is derived from the financial performance under IFRS by:

• » Adjusting for measurement results deriving from the application of IAS 2. In this context, the metal price fluctuations resulting from the application of the average cost method are eliminated. Likewise, non-permanent write-downs or write-ups of metal inventory values as at the reporting date are eliminated.
• » Adjusting for unrealized reporting date-related effects deriving from the market valuations of metal derivative transactions in connection with the main metal inventories,
• » Adjusting for unrealized reporting date-related effects deriving from the market valuation of energy derivative transactions.
• » Eliminating any non-cash effects deriving from purchase price allocations.
• » Adjusting for effects deriving from the application of IFRS 5.

The calculation has been changed, in comparison to the previous year, in that, in line with the metal derivative transactions, unrealized reporting date-related effects deriving from the market valuation of energy derivative transactions are now also excluded from the calculation.

The adjustment effects deriving from metal derivative transactions now include all Group companies and no longer just the smelter sites.

These adjustments to the derivation process led to an € -145 million adjustment to operating EBT as at the reporting date, from € 677 million to € 532 million. Of this amount, € -142 million derives from the exclusion of the effects deriving from energy derivative transactions.

An equivalent adjustment in the previous year would have improved operating EBT by € 28 million, from € 353 million to € 381 million. Of this amount, € 28 million derives from the exclusion of energy derivative transactions.

The reconciliation to the IFRS-based consolidated financial statements is shown in the "Reconciliation/consolidation" column. In this connection, a total of € 172 thousand (previous year: € -1,233 thousand) of the earnings before taxes (EBT) derives from consolidation impacts, while € 402,655 thousand (previous year: € 445,326 thousand) derives from reconciliation to the IFRS EBT.

The Group generates most of its revenues with business associates in countries within the European Union. The breakdown of external revenues by region is based on the location of the customers, and is as follows:

in € thousand	2021/22	2020/21
Germany	6,523,477	5,724,249
Other European Union countries	6,686,161	5,616,820
Rest of Europe	1,572,089	1,348,885
Asia	1,872,532	2,000,081
Americas	816,058	727,685
Other	1,050,205	882,117
Group total	18,520,522	16,299,837

During the fiscal year, no individual business partner of the Aurubis Group was responsible for a revenue share of 10 % or more.

The breakdown of capital expenditure (into intangible assets and property, plant, and equipment) and non-current assets by region is based on the location of the respective assets:

	Capital expenditure		Fixed assets
in € thousand	2021/22	2020/21	2021/22	2020/21
Germany	230,904	134,812	1,156,988	1,069,033
Bulgaria	39,603	57,694	345,512	354,251
Belgium	46,465	35,753	455,207	466,160
Other European countries	6,608	5,597	30,907	29,388
North America	38,050	7,940	80,399	38,877
Group total	361,630	241,796	2,069,013	1,957,709

The locations in other European countries are mainly operational sites within the European Union.

SEGMENT DATA

Notes to the Consolidated Financial Statements

In the course of developing the Aurubis Group's strategy, the segmentation was adjusted with effect from October 1, 2021. With the new fiscal year 2021/22, the two segments Multimetal Recycling and Custom Smelting & Products determine the fundamental organization structure and provide the basis for segment reporting

The calculation has been changed, in comparison to the previous year, in that, in line with the metal derivative transactions, unrealized reporting date-related effects deriving from the market valuation of energy derivative transactions are now also excluded

The adjustment effects deriving from metal derivative transactions now include all Group companies and no longer just the smelter

These adjustments to the derivation process led to an € -145 million adjustment to operating EBT as at the reporting date, from € 677 million to € 532 million. Of this amount, € -142 million derives from the exclusion of the effects deriving from energy derivative

An equivalent adjustment in the previous year would have improved operating EBT by € 28 million, from € 353 million to € 381 million. Of this amount, € 28 million derives from the exclusion of energy

statements is shown in the "Reconciliation/consolidation" column. In this connection, a total of € 172 thousand (previous year: € -1,233 thousand) of the earnings before taxes (EBT) derives from consolidation impacts, while € 402,655 thousand (previous year: € 445,326 thousand) derives from reconciliation to the IFRS EBT.

The Group generates most of its revenues with business associates in countries within the European Union. The breakdown of external revenues by region is based on the location of the customers, and is

The reconciliation to the IFRS-based consolidated financial

from the calculation.

sites.

transactions.

as follows:

derivative transactions.

The Multimetal Recycling (MMR) segment comprises the recycling activities in the Group and thus the processing of copper scrap, organic and inorganic recycling raw materials containing metal, and industrial residues. The segment includes the recycling activities of the sites in Lünen (Germany), Olen and Beerse (both in Belgium),

The Custom Smelting & Products (CSP) segment comprises the production facilities for processing concentrates and for

manufacturing and marketing standard and specialty products such as cathodes, wire rod, shapes, strip products, sulfuric acid, and iron silicate. The CSP segment is also responsible for precious metal production. The sites in Hamburg (Germany) and Pirdop (Bulgaria) manufacture copper cathodes, which are processed further into wire rod and shapes at the Hamburg (Germany), Olen (Belgium), Emmerich (Germany), and Avellino (Italy) sites. The Buffalo (US), Stolberg (Germany), and Pori (Finland) sites produce flat rolled

The internal reporting is generally based on the accounting policies in accordance with IFRS, which are applied in the consolidated financial statements. For internal management purposes, the IFRS-

The operating result is derived from the financial performance

» Adjusting for measurement results deriving from the application of IAS 2. In this context, the metal price fluctuations resulting from the application of the average cost method are eliminated. Likewise, non-permanent write-downs or write-ups of metal inventory values as at the reporting date are eliminated. » Adjusting for unrealized reporting date-related effects deriving from the market valuations of metal derivative transactions in

» Adjusting for unrealized reporting date-related effects deriving from the market valuation of energy derivative transactions. » Eliminating any non-cash effects deriving from purchase price

» Adjusting for effects deriving from the application of IFRS 5.

based results are reconciled to the operating result.

connection with the main metal inventories,

Segment reporting

in accordance with IFRS 8.

and Berango (Spain).

under IFRS by:

allocations.

products and specialty wire products.

214

Aurubis Annual Report 2021/22

The revenues of the individual segments consist of inter-segment revenues and of revenues with non-group third parties. The total third-party revenues of the individual

segments correspond to the consolidated revenues of the Group. The prices and conditions for products and services exchanged between Group companies and segments correspond to those with third parties.

	Multimetal Recycling
	segment Custom Smelting & Products			Total
in € thousand	2021/22	2020/21	2021/22	2020/21	2021/22	2020/21
Wire rod	0	0	7,439,630	6,208,810	7,439,630	6,208,810
Copper cathodes	167,118	179,110	2,701,325	2,723,423	2,868,443	2,902,533
Precious metals	0	0	3,528,910	3,524,965	3,528,910	3,524,965
Shapes	0	0	1,741,202	1,211,104	1,741,202	1,211,104
Strip, bars, and profiles	0	0	1,669,685	1,457,566	1,669,685	1,457,561
Other	477,514	382,960	795,138	611,899	1,272,652	994,864
	644,632	562,070	17,875,890	15,737,767	18,520,522	16,299,837

Other consolidated revenues mainly include the sales of tin bars, sulfuric acid and intermediate products containing precious metals.

Operating EBIT represents operating earnings before taxes, adjusted for the financial result attributable to the segment. Based on this, operating EBITDA is operating EBIT adjusted for depreciation of property, plant, and equipment and amortization of intangible assets belonging to the segment.

In addition to scheduled depreciation and amortization, the MMR segment also includes impairment losses recognized against noncurrent assets within the meaning of IAS 36 for the Beerse/Berango cash-generating unit (CGU) in the amount of € 26,680 thousand. Of this amount, € 8,655 thousand relates to impairment losses on goodwill and € 18,024 thousand to impairment losses on other noncurrent assets. In the previous year, impairment losses on other noncurrent assets amounted in total to € 8,420 thousand.

The average number of employees for each segment includes all the employees of companies that were consolidated in the accompanying consolidated financial statements.

Segment reporting

Other disclosures

Notes to the Consolidated Financial Statements

Other consolidated revenues mainly include the sales of tin bars, sulfuric acid and intermediate products containing precious metals.

Operating EBIT represents operating earnings before taxes, adjusted for the financial result attributable to the segment. Based on this, operating EBITDA is operating EBIT adjusted for depreciation of property, plant, and equipment and amortization of intangible

In addition to scheduled depreciation and amortization, the MMR segment also includes impairment losses recognized against noncurrent assets within the meaning of IAS 36 for the Beerse/Berango cash-generating unit (CGU) in the amount of € 26,680 thousand. Of this amount, € 8,655 thousand relates to impairment losses on goodwill and € 18,024 thousand to impairment losses on other noncurrent assets. In the previous year, impairment losses on other non-

The average number of employees for each segment includes all the

current assets amounted in total to € 8,420 thousand.

employees of companies that were consolidated in the accompanying consolidated financial statements.

Segment reporting

assets belonging to the segment.

216

Aurubis Annual Report 2021/22

DISCLOSURES CONCERNING RELATIONSHIPS TO RELATED PARTIES

In accordance with IAS 24, related parties are regarded as all individual persons and entities that can be influenced by, or that can themselves influence, the company.

The employees' representatives on the Supervisory Board received compensation for their employment at Aurubis AG at a level that is normal for the market.

Within the Aurubis Group, various Group companies purchase different types of products and services from and provide different types of products and services to related companies as part of their normal business activities. Such delivery and service relationships are conducted using market prices. In the case of services, these are charged on the basis of existing contracts.

The following amounts relate to joint ventures accounted for using the equity method:

9/30/2022

in € thousand	Income	Expenses	Receivables	Liabilities
Schwermetall Halbzeugwerk GmbH & Co. KG	188,904	31,014	0	986
Cablo GmbH	10,100	37,007	12,859	9,454

9/30/2021

in € thousand	Income	Expenses	Receivables	Liabilities
Schwermetall Halbzeugwerk GmbH & Co. KG	101,299	34,899	4,355	389
Cablo GmbH	16,463	23,837	11,228	5,170

The following amounts relate to non-consolidated related companies:

9/30/2022

in € thousand	Income	Expenses	Receivables	Liabilities
Joint ventures	0	133	0	36
Subsidiaries	19,742	1,739	3,502	8,722

9/30/2021

in € thousand	Income	Expenses	Receivables	Liabilities
Joint ventures	0	105	0	36
Subsidiaries	12,565	1,451	1,588	9,708

With the exception of Salzgitter AG, no individual shareholders of Aurubis AG are able to exercise a significant influence on the Aurubis Group.

(previous year: € 93 thousand) and receivables of € 3 thousand (previous year: € 2 thousand).

As at the reporting date, no letters of comfort had been issued to related parties.

Salzgitter Group companies account for € 1,087 thousand in expenses for the fiscal year (previous year: € 184 thousand) and income of € 70 thousand (previous year: € 63 thousand). As at the reporting date, there were related liabilities of € 49 thousand

SUBSEQUENT EVENTS

In the night of October 28, 2022, the IT systems of Aurubis were subject to a cyberattack. This meant that a large number of systems at Aurubis sites had to be shut down and disconnected from the internet as a preventive measure. Production was largely maintained. All major IT systems are now back in full operation. The impact recognized in profit or loss on the Group's (operating) EBT is currently expected to be in the low, single-digit million range.

Additionally, the Supervisory Board approved further growth and investment projects.

No further significant events occurred after the reporting date.

INFORMATION CONCERNING THE EXECUTIVE BOARD AND THE SUPERVISORY BOARD

TOTAL COMPENSATION

Members of the Executive Board and members of the Supervisory Board are key management personnel as defined in IAS 24.

Key management personnel and former members of the Executive Board are entitled to the following short-term and post-employment benefits:

Compensation by the Aurubis Group:

	Short-term benefits payable to governing bodies and employees (salary and other benefits)		Post-employment benefits
in € thousand	2021/22	2020/21	2021/22	2020/21
Former Executive Board members	0	0	0	0
Active Executive Board members	2,963	3,352	620	800
Supervisory Board members	1,565	1,549	0	0
Total	4,528	4,901	620	800

The basis for the short-term benefits payable to Executive Board members active during the reporting year are the expenses

recognized in the consolidated financial statements, which includes both fixed and variable compensation components.

Obligations of the Aurubis Group:

	Short-term benefits payable to governing bodies and employees (salary and other benefits)		Post-employment benefits (additions to pension obligations)
in € thousand	2021/22	2020/21	2021/22	2020/21
Former Executive Board members	0	0	34,113	39,715
Active Executive Board members	1,213	1,398	2,316	1,692
Supervisory Board members	1,435	1,415	0	0
Total	2,648	2,813	36,429	41,407

Obligations arising from short-term employee benefits include the expected variable annual compensation to be paid in the following year.

Notes to the Consolidated Financial Statements

In the night of October 28, 2022, the IT systems of Aurubis were subject to a cyberattack. This meant that a large number of systems at Aurubis sites had to be shut down and disconnected from the internet as a preventive measure. Production was largely

Additionally, the Supervisory Board approved further growth and

No further significant events occurred after the reporting date.

Short-term benefits payable to governing bodies and employees (salary and other

recognized in the consolidated financial statements, which includes

both fixed and variable compensation components.

Short-term benefits payable to governing bodies and employees (salary and other benefits)

benefits) Post-employment benefits

Post-employment benefits (additions to pension obligations)

investment projects.

in € thousand 2021/22 2020/21 2021/22 2020/21 Former Executive Board members 0 0 0 0 Active Executive Board members 2,963 3,352 620 800 Supervisory Board members 1,565 1,549 0 0

Total 4,528 4,901 620 800

in € thousand 2021/22 2020/21 2021/22 2020/21 Former Executive Board members 0 0 34,113 39,715 Active Executive Board members 1,213 1,398 2,316 1,692 Supervisory Board members 1,435 1,415 0 0

Total 2,648 2,813 36,429 41,407

maintained. All major IT systems are now back in full operation. The impact recognized in profit or loss on the Group's (operating) EBT is currently expected to be in the low, single-digit million range.

Members of the Executive Board and members of the Supervisory Board are key management personnel as defined in IAS 24.

Key management personnel and former members of the Executive Board are entitled to the following short-term and post-employment

The basis for the short-term benefits payable to Executive Board members active during the reporting year are the expenses

INFORMATION CONCERNING THE EXECUTIVE BOARD AND THE SUPERVISORY BOARD

Other disclosures

SUBSEQUENT EVENTS

TOTAL COMPENSATION

Compensation by the Aurubis Group:

Obligations of the Aurubis Group:

benefits:

218

Aurubis Annual Report 2021/22

In addition to short-term and post-employment benefits, active members of the Executive Board receive a share-based compensation component with a cash settlement and a performance cash plan.

The system for variable compensation includes both annual variable compensation (two-thirds of the annual bonus, due currently) and multiannual variable compensation, which is forward-looking and

not currently due. The multiannual compensation consists of both a performance cash plan over four fiscal years and a stock deferral (virtual stock – converted from one-third of the annual bonus) over three fiscal years. The ratio of multiannual to annual variable compensation is 60:40.

The recognition and measurement standards of IFRS 2 are to be applied to the share-based compensation component with a cash settlement. This component involves virtual deferred stock. The resulting obligation is equal to the fair value of the virtual stock.

Other expenses of the Aurubis Group arising from share-based payments and other long-term employee benefits:

	Share-based payments		other long-term benefits
in € thousand	2021/22	2020/21	2021/22	2020/21
Active Executive Board members	259	685	1.559	1,436

Additional obligations of the Aurubis Group from share-based payments and other long-term employee benefits:

	Share-based payments		other long-term benefits
in € thousand	2021/22	2020/21	2021/22	2020/21
Active Executive Board members	1,322	1,423	3,517	2,545

Thus, the compensation earned by the members of the Executive Board for the performance of their duties in the fiscal year amounted to € 5,401 thousand (previous year: € € 6,273 thousand) and the members of the Supervisory Board received € 1,565 thousand (previous year: € 1,549 thousand). In addition to the amounts mentioned, the Supervisory Board members representing the employees, who are Aurubis Group employees, received compensation within the scope of their employment. The amount of this compensation was commensurate with their functions and duties in the Group.

Additional details of the individual compensation of the members of the Supervisory Board members are presented and explained in the compensation report.

REPORTABLE SECURITIES TRANSACTIONS

DIRECTORS' DEALINGS

In accordance with Art. 19 Market Abuse Regulation (EU No. 596/2014), the members of the Executive Board and the Supervisory Board must disclose the acquisition and sale of shares in the company. This does not apply if the total transactions per person do not exceed € 20,000 per calendar year.

No members of the Supervisory Board or Executive Board informed the company that he/she had acquired or sold no-par-value shares in the company in the period from October 1, 2021 to September 30, 2022.

DECLARATION OF CONFORMITY WITH THE GERMAN CORPORATE GOVERNANCE CODE IN ACCORDANCE WITH SECTION161 OF THE GERMAN STOCK CORPORATION ACT (AKTG)

The declaration requiredunder Section 161 of the German Stock Corporation Act (AktG) has been issued by the Executive Board and the Supervisory Board and has been made permanently accessible to the shareholders on the company's website.

It is also available online at www.aurubis.com/en/about-aurubis/corporategovernance.

NOTIFICATION PURSUANT TOSECTION 160 (1) NO. 8 OF THE GERMAN STOCK CORPORATION ACT (AKTG) NOTIFICATION PURSUANT TOSECTION 160 (1) NO. 8 OF THE GERMAN STOCK CORPORATION ACT (AKTG)

The voting rights notifications, which were issued by shareholders in accordance with Section 33 (1) of the German Securities Trading Act (WpHG), covering transactions that exceed or fall below the relevant notification thresholds and which were received prior to preparation of the financial statements of Aurubis AG, are made available in the separate financial statements of Aurubis AG. The voting rights notifications, which were issued by shareholders in accordance with Section 33 (1) of the German Securities Trading Act (WpHG), covering transactions that exceed or fall below the relevant notification thresholds and which were received prior to preparation of the financial statements of Aurubis AG, are made available in the separate financial statements of Aurubis AG.

It is also available online at www.aurubis.com/en/about-aurubis/corporategovernance. It is also available online at www.aurubis.com/en/about-aurubis/corporategovernance.

DISCLOSURES CONCERNING AUDITORS' FEES DISCLOSURES CONCERNING AUDITORS' FEES

The following fees were recorded as expenses for fiscal year 2021/22 and the prior year for services rendered by the global Deloitte network: The following fees were recorded as expenses for fiscal year 2021/22 and the prior year for services rendered by the global Deloitte network:

in € thousand	2021/22	2020/21
in € thousand	2021/22	2020/21
Financial statement auditing services	1,165	1,152
Financial statement auditing services	1,165	1,152
Other assurance services	142	12
Other assurance services	142	12
Total	1,307	1,164
Total	1,307	1,164

The following fees related to services rendered by the audit firm Deloitte GmbH Wirtschaftsprüfungsgesellschaft: The following fees related to services rendered by the audit firm Deloitte GmbH Wirtschaftsprüfungsgesellschaft:

in € thousand	2021/22	2020/21
in € thousand	2021/22	2020/21
Financial statement auditing services	726	711
Financial statement auditing services	726	711
Other assurance services	62	3
Other assurance services	62	3
Total	788	714
Total	788	714

Investments

Investments Investments

pursuant toSection 313 (2) of the German Commercial Code (HGB) as at September 30, 2022 pursuant toSection 313 (2) of the German Commercial Code (HGB) as at September 30, 2022

	Company name and registered office Company name and registered office	% of capital held directly % of capital held directly and indirectly and indirectly	Held by Held by
1	1 Aurubis AG Aurubis AG
	Fully consolidated companies Fully consolidated companies
2	2 Aurubis Olen nv, Olen Aurubis Olen nv, Olen	100 100	1
3	3 Aurubis Finland Oy, Pori Aurubis Finland Oy, Pori	100 100	2
4	4 Aurubis Holding USA LLC, Buffalo Aurubis Holding USA LLC, Buffalo	100 100	2
5	5 Aurubis Buffalo Inc., Buffalo Aurubis Buffalo Inc., Buffalo	100 100	4
6	6 Cumerio Austria GmbH, Vienna Cumerio Austria GmbH, Vienna	100 100	1
7	7 Aurubis Bulgaria AD, Pirdop Aurubis Bulgaria AD, Pirdop	99.86 99.86	6
8	8 Aurubis Engineering EAD, Sofia Aurubis Engineering EAD, Sofia	100 100	6
9	9 Aurubis Italia Srl, Avellino Aurubis Italia Srl, Avellino	100 100	1
10	10 Aurubis Stolberg GmbH & Co. KG, Stolberg Aurubis Stolberg GmbH & Co. KG, Stolberg	100 100	1
11	11 Aurubis Stolberg Asset GmbH & Co. KG, Stolberg Aurubis Stolberg Asset GmbH & Co. KG, Stolberg	100 100	10 10
12	12 Peute Baustoff GmbH, Hamburg Peute Baustoff GmbH, Hamburg	100 100	1
13	13 RETORTE GmbH Selenium Chemicals & Metals, Röthenbach RETORTE GmbH Selenium Chemicals & Metals, Röthenbach	100 100	1
14	14 E.R.N. Elektro-Recycling NORD GmbH, Hamburg E.R.N. Elektro-Recycling NORD GmbH, Hamburg	100 100	1
15	15 Aurubis Product Sales GmbH, Hamburg Aurubis Product Sales GmbH, Hamburg	100 100	1
16	16 Deutsche Giessdraht GmbH, Emmerich Deutsche Giessdraht GmbH, Emmerich	100 100	1
17	17 Metallo Group Holding NV, Beerse Metallo Group Holding NV, Beerse	100 100	1
18	18 Aurubis Beerse NV, Beerse Aurubis Beerse NV, Beerse	100 100	17 17
19	19 Aurubis Berango S.L.U., Berango Aurubis Berango S.L.U., Berango	100 100	18 18
20	20 Aurubis Richmond LLC, Richmond Aurubis Richmond LLC, Richmond	100 100	4
	Companies accounted for using the equity method Companies accounted for using the equity method
21	21 Schwermetall Halbzeugwerk GmbH & Co. KG, Stolberg Schwermetall Halbzeugwerk GmbH & Co. KG, Stolberg	50 50	10 10
22	22 CABLO GmbH, Gelsenkirchen CABLO GmbH, Gelsenkirchen	40 40	1
	Non-consolidated companies Non-consolidated companies
23	23 azeti GmbH, Berlin azeti GmbH, Berlin	100 100	1
24	24 Aurubis Holding Sweden AB, Stockholm Aurubis Holding Sweden AB, Stockholm	100 100	2
25	25 Aurubis Sweden AB, Finspång Aurubis Sweden AB, Finspång	100 100	24 24
26	26 Aurubis Stolberg Verwaltungs-GmbH, Stolberg Aurubis Stolberg Verwaltungs-GmbH, Stolberg	100 100	1
27	27 Aurubis Stolberg Asset Verwaltungs-GmbH, Stolberg Aurubis Stolberg Asset Verwaltungs-GmbH, Stolberg	100 100	10 10
28	28 Aurubis Hong Kong Ltd., Hong Kong Aurubis Hong Kong Ltd., Hong Kong	100 100	2
29	29 Aurubis Metal Products (Shanghai) Co., Ltd, Shanghai Aurubis Metal Products (Shanghai) Co., Ltd, Shanghai	100 100	28 28
30	30 Aurubis Rus LLC, St. Petersburg Aurubis Rus LLC, St. Petersburg	100 100	2
31	31 Retorte do Brasil, Joinville Retorte do Brasil, Joinville	51 51	13 13
32	32 Schwermetall Halbzeugwerk GmbH, Stolberg Schwermetall Halbzeugwerk GmbH, Stolberg	50 50	10 10
33	33 JoSeCo GmbH, Kirchheim/Swabia JoSeCo GmbH, Kirchheim/Swabia	50 50	13 13
34	34 Aurubis Turkey Kimya Anonim Sirketi, Istanbul Aurubis Turkey Kimya Anonim Sirketi, Istanbul	100 100	7

Hamburg/Germany, December 20, 2022 Hamburg/Germany, December 20, 2022

Executive Board Executive Board

Chairman Member Member Chairman Member Member

Roland Harings Dr. Heiko Arnold Rainer Verhoeven Roland Harings Dr. Heiko Arnold Rainer Verhoeven

Responsibility Statement

We confirm to the best of our knowledge that, in accordance with the applicable reporting principles, the Consolidated Financial Statements give a true and fair view of the assets, liabilities, financial position, and financial performance of the Group, and that the Combined Management Report provides a true and fair view of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group.

Hamburg/Germany, December 20, 2022

Executive Board

Roland Harings Dr. Heiko Arnold Rainer Verhoeven

Chairman Member Member

Independent Auditor's Report

Translation – German version prevails

To Aurubis AG, Hamburg/Germany

Report on the audit of the consolidated financial statements and of the combined management report

AUDIT OPINIONS

We have audited the consolidated financial statements of Aurubis AG, Hamburg/Germany, and its subsidiaries (the Group), which comprise the consolidated statement of financial position as at 30 September 2022, and the consolidated statement of profit and loss, the consolidated statement of comprehensive income, the consolidat-ed statement of changes in equity and the consolidated statement of cash flows for the financial year from 1 October 2021 to 30 September 2022, and the notes to the consolidated financial statements, including a summary of significant accounting policies. In addition, we have audited the combined management report on the Parent and Aurubis AG, Hamburg/Germany, for the financial year from 1 October 2021 to 30 September 2022. In accordance with the German legal requirements, we have not audited the content of the consolidated corporate governance statement pursuant to Section 315d German Commercial Code (HGB) combined with the corporate governance statement pursuant to Section 289f HGB, referred to in the section "Legal Disclosures" of the combined management report, the separate consolidated non-financial report pursuant to Sections 315b (3) and 315c HGB combined with the non-financial report pursuant to Sections 289b (3) and 289c to 289e HGB, referred to in the section "Separate Non-Financial Report" of the combined management report, the executive directors' statement on the appropriateness and the effectiveness of the entire internal controls and of the risk management system (Recommendation A.5 of the German Corporate Governance Code 2022), which is con-tained in the section "Part of the Management Report not subject to the Audit Requirement" of the combined management report, the section "Expanding Industry Leadership in Sustainability" in the combined management report, and the ESG rating results, referred to in the section "Executive Board Assessment of the Aurubis Group during Fiscal Year 2021/22" of the combined management report.

In our opinion, on the basis of the knowledge obtained in the audit,

• » the accompanying consolidated financial statements comply, in all material respects, with the IFRS as adopted by the EU and the additional requirements of German commercial law pursuant to Section 315e (1) HGB and, in compliance with these requirements, give a true and fair view of the assets, liabilities and financial position of the Group as at 30 September 2022 and of its financial performance for the financial year from 1 October 2021 to 30 September 2022, and
• » the accompanying combined management report as a whole provides an appropriate view of the Group's position. In all material respects, this combined management report is consistent with the consolidated financial statements, complies with German legal requirements and appropriately presents the opportunities and risks of future development. Our audit opinion on the combined management report does not cover the contents of the consolidated corporate governance statement combined with the corporate governance statement, the separate consolidated non-financial report combined with the separate non-financial report, the executive directors' statement on the appropriateness and the effectiveness of the entire internal con-trols and of the risk management system, the section "Expanding Industry Leadership in Sustainability", and the ESG rating results, all of which are specified above.

Pursuant to Section 322 (3) sentence 1 HGB, we declare that our audit has not led to any reservations relating to the legal compliance of the consolidated financial statements and of the combined management report.

BASIS FOR THE AUDIT OPINIONS

We conducted our audit of the consolidated financial statements and of the combined management report in accordance with Section 317 HGB and the EU Audit Regulation (No. 537/2014; referred to subsequently as "EU Audit Regulation") and in compliance with German Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer (IDW). Our responsibilities under those requirements and principles are further described in the "Auditor's Responsibilities for the Audit of the Consolidated Financial Statements and of the Combined Management Report" section of our auditor's report. We are independent of the group entities in accordance with the requirements of European law and German commercial and professional law, and we have fulfilled our other German professional responsibilities in accordance with these requirements. In addition, in accordance with Article 10 (2) point (f) of the EU Audit Regulation, we declare that we have not provided non-audit services prohibited under Article 5 (1) of the EU Audit Regulation. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions on the consolidated financial statements and on the combined management report.

KEY AUDIT MATTERS IN THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements for the financial year from 1 October 2021 to 30 September 2022. These matters were addressed in the context of our audit of the consolidated financial statements as a whole and in forming our audit opinion thereon; we do not provide a separate audit opinion on these matters.

In the following we present the key audit matters we have determined in the course of our audit:

• ¹ Accounting for major corporate transactions in relation to the sale of four companies of the former flat rolled products segment
• ² Financial instruments hedge accounting
• ³ Adjustment of EBT and ROCE for special items

Our presentation of these key audit matters has been structured as follows:

• ^a description (including reference to corresponding information in the consolidated financial statements and in the combined management report)
• ^b auditor's response

¹ ACCOUNTING FOR MAJOR CORPORATE TRANSACTIONS IN RELATION TO THE SALE OF FOUR COMPANIES OF THE FORMER FLAT ROLLED PRODUCTS SEGMENT

^a The consolidated Aurubis Group companies Aurubis Netherlands BV, Zutphen/the Netherlands, Aurubis Mortara S.p.A., Mortara/Italy, Aurubis UK Ltd., Smethwick/Great Britain, and Aurubis Slovakia s.r.o., Dolný Kubín/Slovakia were sold in the financial year. For this purpose, the executive directors of the shareholding companies concluded a sale and purchase agreement with KME SE, Osnabrück/Germany, and its parent company Intek Group S.p.A., Milan/Italy, on 16 February 2022. All risks and rewards (so-called closing) were transferred as at 29 July 2022 according to an amendment to the agreement. Accordingly, the executive directors of Aurubis AG deconsolidated the companies as of this date on account of the loss of control. The deconsolidation was linked with the disposal of material assets (mEUR 130) and liabilities (mEUR 69) and a profit on deconsolidation of mEUR 12. This matter was of special significance for us because the transaction was governed by a complex contractual basis, and extensive notes were required. The disclosures of the executive directors are included in the section "Acquisitions and assets held for sale" in the consolidated notes to the financial statements.

^b Firstly, we verified whether the parent company effectively lost control over the deconsolidated companies as at 29 July 2022, which we evaluated, in particular, by performing a thorough assessment of the contractual bases of the transaction and retracing the purchase price payment and the further conditions for the transfer of the subsidiaries to the purchaser. The valuation of the disposed assets and liabilities was also retraced with the assistance of auditors from the Deloitte Network. In particular, this means that we participated in inventory count observations on 29 and 30 July 2022, and examined the valuation of inventories and the substantiation, completeness, accrual-basis accounting, and the valuation of other items of so-called net working capital. For other items of the statement of financial position and of the statement of profit and loss of the deconsolidated companies, we conducted analytical evaluations. In addition, we retraced the determination of the purchase price, checked the disposals of carrying amounts and, on this basis, retraced the profit on deconsolidation. Moreover, we assessed whether any liabilities from purchase price repayments were correctly stated as liabilities. Finally, we examined the completeness and correctness of the related disclosures in the notes to the consolidated financial statements.

² FINANCIAL INSTRUMENTS – HEDGE ACCOUNTING

^a The Aurubis group companies have concluded a large number of contracts for various derivative financial instruments. These serve to hedge risks in connection with foreign exchange rates and commodity prices arising from ordinary business activities based on the hedging policy defined by the executive directors and documented in the relevant internal guidelines. The aim of using derivative financial instruments is to mitigate volatility in relation to earnings and cash flows resulting from changes in exchange rates (mainly in respect to foreign currency sales and purchases), and in metal prices in the context of purchasing and selling metal.

The nominal volume of the concluded derivative instruments totals bEUR 4.9 as at 30 September 2022. The fair values of the derivative financial instruments are determined using measurement policies that take into account the market information (market values) at the measurement date. The positive market values of the derivative financial instruments used for hedging purposes total mEUR 287 net as at 30 September 2022; the negative market values amount to mEUR 137. To the extent the financial instruments used by Aurubis Group constitute effective hedging instruments for future cash flows as part of hedging relationships pursuant to the provisions of IFRS 9, fair value changes are directly recognised in equity over the duration of the hedging relationship until maturity of the hedged cash flows (effective portion). As at the reporting date, the cumulative expenses and income before income taxes recognised directly in equity amounted to mEUR 47.0. In our opinion and in light of the high complexity and the number of transactions as well as the extensive requirements concerning accounting and disclosures to be made in the notes to the financial statements, these matters were considered significant in our audit.

The information provided by the Group concerning the recognition of derivative financial instruments are included in note 30 "Financial Instruments" of the notes to the consolidated financial statements as well as in the reporting on opportunities and risks of the combined management report.

^b Within the scope of our audit and in consultation with our internal specialists from the Financial Risk function, we reviewed, inter alia, the contractual and financial basis, and obtained an understanding of the recognition, including the effects on equity and earnings from the various hedging instruments. In concert with these specialists, we reviewed the Company's system of internal control as regards derivative financial instruments, including internal monitoring of compliance with the hedging policy, and the controls on design, implementation and effectiveness. Moreover, in auditing the fair value measurement of the financial instruments, we also reconstructed the measurement methods on the basis of market data for a representative set of samples. We analysed the methods applied as well as their appropriate systemic implementation to assess the effectiveness of the hedging relationships. Our assessment of the completeness of the recognised transactions and the assessment of the fair values of the recognised transactions were based on confirmations from banks and brokers. As regards the expected cash flows and the assessment of the effectiveness of the hedges, we evaluated the levels of hedging carried out in the past on a mainly retrospective basis. We have audited the completeness and accuracy of the disclosures made in the notes to the financial statements.

³ ADJUSTMENT OF EBT AND ROCE FOR SPECIAL ITEMS

^a For Aurubis Group's controlling and analysis purposes, operating EBT (earnings before taxes) and operating ROCE (return on capital employed), each adjusted for special items, are used. The adjustments are presented in the segment reporting of the consolidated financial statements of Aurubis AG in the column "Reconciliation/consolidation" by, firstly, eliminating the items of discontinued operations, if any, and, secondly, removing the following impacts on valuation: valuation results from application of IAS 2, valuation of metal derivative transactions concerning the main metal inventories, non-cash effects from purchase price allocations, as well as – since the financial year 2021/2022 – unrealised valuation effects from market valuations of energy-related derivative transactions. In the consolidated financial statements the Group presents EBT adjustments of mEUR -249 arising from valuation effects of inventories, mEUR 11 from effects in fixed assets, and mEUR 156 from metal and energy derivatives. Operating EBT and operating ROCE are used by the executive directors within the scope of their capital market communication as the central

key financial performance indicators. Moreover, both ratios are deployed to measure the degree of target achievement for the annual performance-based remuneration of the Aurubis Group employees. As these key financial performance indicators are determined on the basis of the internal requirements of Aurubis Group, which implies a risk that discretion is exercised unilaterally by the executive directors, the adjustments of operating EBT and operating ROCE were classified as key audit matters as part of our audit.

The disclosures of the Group for the derivation and presentation of financial ratios are presented in the "Economic Development of Aurubis Group" section of the combined management report as well as in the segment reporting in the notes to the consolidated financial statements.

^b Firstly, we examined the systematic and consistent adjustment of these ratios. We reconstructed, inter alia, how the operating EBT and operating ROCE are determined and reviewed the consistency of the adjustments identified by the executive directors with the internal requirements. Related to this, by using the knowledge obtained in the audit and the information provided to us by the executive directors, we examined whether the adjustments made are consistent with the related disclosures in the combined management report, those contained in the remuneration report and the explanations in the segment reporting.

OTHER INFORMATION

The executive directors and/or the supervisory board are responsible for the other information. The other information comprises:

• » the report of the supervisory board,
• » the consolidated corporate governance statement pursuant to Section 315d HGB combined with the corporate governance statement pursuant to Section 289f HGB, referred to in the section "Legal Disclosures" of the combined management report,
• » the separate consolidated non-financial report pursuant to Sections 315b (3) and 315c HGB combined with the non-financial report pursuant to Sections 289b (3) and 289c to 289e HGB, referred to in the section "Separate Non-Financial Report" of the combined management report, which we are expected to be provided with after the date of the Independent Auditor's Report,
• » the executive directors' statement on the appropriateness and the effectiveness of the entire internal controls and of the risk management system (Recommendation A.5 of the German Corporate Governance Code 2022), which is contained in the section "Part of the Management Report not subject to the Audit Requirement" of the combined management report,
• » the section "Expanding Industry Leadership in Sustainability" in the combined management report,
• » the ESG rating results, referred to in the section "Executive Board Assessment of the Aurubis Group during Fiscal Year 2021/22" of the combined management report,
• » the remuneration report pursuant to Section 162 (1) German Stock Corporation Act (AktG),
• » the executive directors' confirmation regarding the consolidated financial statements and the combined management report pursuant to Section 297 (2) sentence 4 and Section 315 (1) sentence 5 HGB, and
• » all other parts of the annual report,
• » but not the consolidated financial statements, not the audited content of the combined management report and not our auditor's report thereon.

The supervisory board is responsible for the report of the supervisory board. The executive directors and the supervisory board are responsible for the statement according to Section 161 AktG concerning the German Corporate Governance Code, which is part of the consolidated corporate governance statement combined with the corporate governance statement, and for the remuneration report according to Section 162 AktG. Otherwise the executive directors are responsible for the other information.

Our audit opinions on the consolidated financial statements and on the combined management report do not cover the other information, and consequently we do not express an audit opinion or any other form of assurance conclusion thereon.

In connection with our audit, our responsibility is to read the other information identified above and, in doing so, to consider whether the other information

• » is materially inconsistent with the consolidated financial statements, with the audited content of the group management report or our knowledge obtained in the audit, or
• » otherwise appears to be materially misstated.

RESPONSIBILITIES OF THE EXECUTIVE DIRECTORS AND THE SUPERVISORY BOARD FOR THE CONSOLIDATED FINANCIAL STATEMENTS AND THE COMBINED MANAGEMENT REPORT

The executive directors are responsible for the preparation of the consolidated financial statements that comply, in all material respects, with IFRS as adopted by the EU and the additional requirements of German commercial law pursuant to Section 315e (1) HGB, and that the consolidated financial statements, in compliance with these requirements, give a true and fair view of the assets, liabilities, financial position and financial performance of the Group. In addition, the executive directors are responsible for such internal control as they have determined necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, the executive directors are responsible for assessing the Group's ability to continue as a going concern. They also have the responsibility for disclosing, as applicable, matters related to going concern. In addition, they are responsible for financial reporting based on the going concern basis of accounting unless there is an intention to liquidate the Group or to cease operations, or there is no realistic alternative but to do so.

Furthermore, the executive directors are responsible for the preparation of the combined management report that as a whole provides an appropriate view of the Group's position and is, in all material respects, consistent with the consolidated financial statements, complies with German legal requirements, and appropriately presents the opportunities and risks of future development. In addition, the executive directors are responsible for such arrangements and measures (systems) as they have considered necessary to enable the preparation of a combined management report that is in accordance with the applicable German legal requirements, and to be able to provide sufficient appropriate evidence for the assertions in the combined management report.

The supervisory board is responsible for overseeing the Group's financial reporting process for the preparation of the consolidated financial statements and of the combined management report.

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS AND OF THE COMBINED MANAGEMENT REPORT

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and whether the combined management report as a whole provides an appropriate view of the Group's position and, in all material respects, is consistent with the consolidated financial statements and the knowledge obtained in the audit, complies with the German legal requirements and appropriately presents the opportunities and risks of future development, as well as to issue an auditor's report that includes our audit opinions on the consolidated financial statements and on the combined management report.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Section 317 HGB and the EU Audit Regulation and in compliance with German Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer (IDW) will always detect a material misstatement. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements and this combined management report.

We exercise professional judgement and maintain professional scepticism throughout the audit. We also:

» identify and assess the risks of material misstatement of the consolidated financial statements and of the combined management report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our audit opinions. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.

• » obtain an understanding of internal control relevant to the audit of the consolidated financial statements and of arrangements and measures relevant to the audit of the combined management report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an audit opinion on the effectiveness of these systems.
• » evaluate the appropriateness of accounting policies used by the executive directors and the reasonableness of estimates made by the executive directors and related disclosures.
• » conclude on the appropriateness of the executive directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in the auditor's report to the related disclosures in the consolidated financial statements and in the combined management report or, if such disclosures are inadequate, to modify our respective audit opinions. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to be able to continue as a going concern.
• » evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements present the underlying transactions and events in a manner that the consolidated financial statements give a true and fair view of the assets, liabilities, financial position and financial performance of the Group in compliance with IFRS as adopted by the EU and with the additional requirements of German commercial law pursuant to Section 315e (1) HGB.
• » obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express audit opinions on the consolidated financial statements and on the combined management report. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinions.
• » evaluate the consistency of the combined management report with the consolidated financial statements, its conformity with German law, and the view of the Group's position it provides.
• » perform audit procedures on the prospective information presented by the executive directors in the combined management report. On the basis of sufficient appropriate audit evidence we evaluate, in particular, the significant assumptions used by the executive directors as a basis for the prospective information, and evaluate the proper derivation of the prospective information from these assumptions. We do not express a separate audit opinion on the prospective information and on the assumptions used as a basis. There is a substantial unavoidable risk that future events will differ materially from the prospective information.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We provide those charged with governance with a statement that we have complied with the relevant independence requirements, and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, the related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements for the current period and are therefore the key audit matters. We describe these matters in the auditor's report unless law or regulation precludes public disclosure about the matter.

Other legal and regulatory Requirements

REPORT ON THE AUDIT OF THE ELECTRONIC REPRODUCTIONS OF THE CONSOLIDATED FINANCIAL STATEMENTS AND OF THE COMBINED MANAGEMENT REPORT PREPARED FOR PUBLICATION PURSUANT TO SECTION 317 (3A) HGB

AUDIT OPINION

We have performed an audit in accordance with Section 317 (3a) HGB to obtain reasonable assurance whether the electronic reproductions of the consolidated financial statements and of the combined management report (hereinafter referred to as "ESEF documents") prepared for publication, contained in the provided file, which has the SHA-256 value B09FC659162867FE6FB46123847 6ED217DC13EFF4979709DCDC1B7229FE81207, meet, in all material respects, the requirements for the electronic reporting format pursuant to Section 328 (1) HGB ("ESEF format"). In accordance with the German legal requirements, this audit only covers the conversion of the information contained in the consolidated financial statements and the combined management report into the ESEF format, and therefore covers neither the information contained in these electronic reproductions nor any other information contained in the file identified above.

In our opinion, the electronic reproductions of the consolidated financial statements and of the combined management report prepared for publication contained in the provided file identified above meet, in all material respects, the requirements for the electronic reporting format pursuant to Section 328 (1) HGB. Beyond this audit opinion and our audit opinions on the accompanying consolidated financial statements and on the accompanying combined management report for the financial year from 1 October 2021 to 30 September 2022 contained in the "Report on the Audit of the Consolidated Financial Statements and of the Combined Management Report" above, we do not express any assurance opinion on the information contained within these electronic reproductions or on any other information contained in the file identified above.

BASIS FOR THE AUDIT OPINION

We conducted our audit of the electronic reproductions of the consolidated financial statements and of the combined management report contained in the provided file identified above in accordance with Section 317 (3a) HGB and on the basis of the IDW Auditing Standard: Audit of the Electronic Reproductions of Financial Statements and Management Reports Prepared for Publication Purposes Pursuant to Section 317 (3a) HGB (IDW AuS 410 (10.2021)). Our responsibilities in this context are further described in the "Group Auditor's Responsibilities for the Audit of the ESEF Documents" section. Our audit firm has applied the IDW Standard on Quality Management: Requirements for Quality Management in the Audit Firm (IDW QS 1).

RESPONSIBILITIES OF THE EXECUTIVE DIRECTORS AND THE SUPERVISORY BOARD FOR THE ESEF DOCUMENTS

The executive directors of the parent are responsible for the preparation of the ESEF documents based on the electronic files of the consolidated financial statements and of the combined management report according to Section 328 (1) sentence 4 no. 1 HGB and for the tagging of the consolidated financial statements according to Section 328 (1) sentence 4 no. 2 HGB.

In addition, the executive directors of the parent are responsible for such internal controls that they have considered necessary to enable the preparation of ESEF documents that are free from material intentional or unintentional non-compliance with the requirements for the electronic reporting format pursuant to Section 328 (1) HGB.

The supervisory board is responsible for overseeing the process for preparing the ESEF documents as part of the financial reporting process.

GROUP AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE ESEF DOCUMENTS

Our objective is to obtain reasonable assurance about whether the ESEF documents are free from material intentional or unintentional non-compliance with the requirements of Section 328 (1) HGB. We exercise professional judgement and maintain professional scepticism throughout the audit. We also

• » identify and assess the risks of material intentional or unintentional non-compliance with the requirements of Section 328 (1) HGB, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our audit opinion.
• » obtain an understanding of internal control relevant to the audit on the ESEF documents in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an assurance opinion on the effectiveness of these controls.
• » evaluate the technical validity of the ESEF documents, i.e. whether the provided file containing the ESEF documents meets the requirements of the Delegated Regulation (EU) 2019/815, in the version in force at the reporting date, on the technical specification for this electronic file.
• » evaluate whether the ESEF documents enable a XHTML reproduction with content equivalent to the audited consolidated financial statements and to the audited combined management report.
• » evaluate whether the tagging of the ESEF documents with Inline XBRL technology (iXBRL) in accordance with the requirements of Articles 4 and 6 of the Delegated Regulation (EU) 2019/815, in the version in force at the reporting date, enables an appropriate and complete machine-readable XBRL copy of the XHTML reproduction.

FURTHER INFORMATION PURSUANT TO ARTICLE 10 OF THE EU AUDIT REGULATION

We were elected as group auditor by the annual general meeting on 17 February 2022. We were engaged by the supervisory board on 17 February 2022. We have been the group auditor of Aurubis AG, Hamburg/Germany, without interruption since the financial year 2018/2019.

We declare that the audit opinions expressed in this auditor's report are consistent with the additional report to the audit committee pursuant to Article 11 of the EU Audit Regulation (long-form audit report).

In addition to the financial statement audit, we have provided to the group entities the following services that are not disclosed in the consolidated financial statements or in the combined management report:

• » Examination of selected so-called closing accounts of the four sold companies of the former flat rolled products segment
• » EMIR audit Aurubis Olen/Belgium and Aurubis Beerse/Belgium
• » Agreed-upon procedures in relation to the electricity cost intensity of Aurubis Berango/Spain

Other matter – Use of the auditor's report

Our auditor's report must always be read together with the audited consolidated financial statements and the audited combined management report as well as with the audited ESEF documents. The consolidated financial statements and the combined management report converted into the ESEF format – including the versions to be published in the Federal Gazette – are merely electronic reproductions of the audited consolidated financial statements and the audited combined management report and do not take their place. In particular, the ESEF report and our audit opinion contained therein are to be used solely together with the audited ESEF documents made available in electronic form.

German public auditor responsible for the engagement

The German Public Auditor responsible for the engagement is Christian Dinter.

Hamburg/Germany, 20 December 2022

Deloitte GmbH Wirtschaftsprüfungsgesellschaft

signed: signed: Christian Dinter Maximilian von Perger Wirtschaftsprüfer Wirtschaftsprüfer

(German Public Auditor) (German Public Auditor)

Glossary

Explanation of technical terms

Aurubis Operating System (AOS): Management system for achieving continuous and sustainable process improvement.

Blister copper: Unrefined porous copper. During solidification, dissolved gases form small blisters in the copper. Blister copper is also purchased as a raw material.

CDP: (Formerly Carbon Disclosure Project) non-profit organization with the objective of encouraging companies and towns to publish their environmental data.

Closing the loop: For Aurubis, "closing the loop" means turning customers into suppliers. In the process, copper scrap or production waste that accumulates in the value chain through our customers' production processes is directly delivered back to us by the customers. This helps us close material cycles.

Complex materials: Both primary and secondary raw materials are becoming more complex, meaning their copper content is decreasing and the levels of other elements and impurities contained in them are increasing.

Compliance: Compliance means conforming to certain rules. Apart from laws, directives, and other standards, it also refers to internal corporate guidelines (e.g., codes of conduct).

Conflict minerals: Currently four minerals: tin, tantalum, tungsten, and gold. Trade with these minerals involves the risk of supporting and prolonging conflicts in politically unstable areas. As a result, importers of these minerals are subject to special due diligence requirements, for example through the EU Conflict Minerals Regulation. The internationally recognized OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas serves as a due diligence guide.

Continuous cast shapes: Products manufactured from endless strands produced in a continuous casting process. Continuous cast shapes are processed into sheets, foils, profiles, and tubes by rolling and extrusion.

Continuous cast wire rod: Semifinished product produced in a continuous process and used for the fabrication of copper wire.

Converter slag: Hardened melt that forms in the converter during the smelting process. Like natural stone, it can be further processed.

Copper cathodes: Quality product of the copper tankhouse (copper content: 99.99%) and the first marketable product in copper production.

Copper concentrates: A product resulting from the processing (enriching) of copper ores, Aurubis' main raw material. Since copper is found almost exclusively in ores, in compound form, and in low concentrations (usually below 1% copper content), the ores are enriched in processing facilities into concentrates (copper content of 25 to 40%) after being mined.

Copper premium: Surcharge for high-quality cathodes, which are used for the production of continuous cast wire rod and continuous cast shapes, among other products.

EMAS: Eco-Management and Audit Scheme (also known as the EU eco-audit). EMAS was developed by the EU and is a joint system comprising environmental management and environmental auditing for organizations that want to improve their environmental performance.

ESG: Environment, social, and corporate governance. ESG refers to the dimensions of corporate responsibility and is generally used in the context of sustainability-related investments.

ESG-linked Schuldschein loan (bonded loan): A Schuldschein loan (bonded loan) with components linked to sustainability criteria. See "ESG."

EU Taxonomy Regulation: A regulation for identifying environmental sustainability in investments, including criteria for determining whether economic activities qualify as environmentally sustainable.

Global Reporting Initiative (GRI): This organization publishes the GRI Standards, which are the standards and indicators for sustainability reporting. The GRI Standards are established internationally as a framework for voluntary sustainability reporting. Green hydrogen: Hydrogen that is produced using only electricity from renewable energies, i.e., in a CO2-free process.

ILO Core Labour Standards: The Core Labour Standards of the International Labour Organization (ILO) of the United Nations comprise four basic principles: upholding freedom of association and the right to collective bargaining, eliminating forced labor, abolishing child labor, and eliminating discrimination in respect of employment and occupation. These are found in the eight fundamental ILO Conventions, which are referred to as the ILO Core Labour Standards.

Iron silicate: A by-product of copper production in the refining process. Formed using sand from iron that is chemically bonded to copper concentrates and recycling raw materials. Mainly used in the construction industry as granules/sand or in lump form.

ISO 14001: An international standard that establishes the criteria for setting up and monitoring companies' environmental management systems. A company can receive proof of a functioning environmental management system (certification) through an external expert.

ISO 45001: An international, intersectoral standard that regulates the requirements for and implementation of companies' occupational health and safety management systems. It replaces the OHSAS 18001 standard.

ISO 50001: An international standard that establishes criteria for initiating, operating, and continuously improving an energy management system. The objective of the standard is to steadily improve companies' energy-related performance. Energy-intensive companies have to be certified in accordance with EMAS or ISO 50001 to be eligible to receive concessions on the levies under the German Renewable Energies Act.

KPI: Key performance indicator; a parameter that can be used to measure a company's performance in a certain area.

KRS: Kayser Recycling System, a modern recycling plant in Lünen for the treatment of a wide range of copper-bearing secondary raw materials.

Life cycle analysis: Observes and calculates the ecological impacts of a product during its entire lifetime, from the raw material source to disposal.

Location-based: Method for calculating indirect CO2 emissions (Scope 2). CO2 emissions that are related to the production of bought-in electricity or energy of other kinds are measured using average emission factors for the region where the company is located. See also "market-based."

London Bullion Market Association (LBMA): An important trading market for gold and silver independent of the exchanges. The gold and silver ingots traded through the LBMA have to fulfill certain quality requirements.

London Metal Exchange (LME): The most important metal exchange in the world, with the highest turnover.

LTIFR: Lost time injury frequency rate (accident frequency).

Market-based: Method for calculating indirect CO2 emissions (Scope 2). CO2 emissions that are related to the production of bought-in electricity or energy of other kinds are measured using the data of the energy supplier or the purchased product. The emission factor is therefore directly related to the type of energy source. See also "location-based."

Materiality analysis: A materiality analysis serves to establish the content of non-financial reports or sustainability reports in general, or is used as the foundation for developing sustainability strategies. During the analysis, the sustainability topics that are especially relevant for the company in question are identified.

Metal gain: Metal yield that a smelter can extract beyond the paid metal content in the raw input materials.

Primary copper production: Production of copper from copper concentrates.

Product surcharge: Fee for the processing of copper cathodes into copper products.

REACH: The REACH regulation has been in force in the European Union since 2007. REACH stands for "Registration, Evaluation, Authorisation and Restriction of Chemicals." The objective of the regulation is to record all material flows in the EU.

Recycling materials: Materials in a circular economy. They arise as residues from production processes or during the preparation of end-of-life products and rejects.

Responsible Minerals Initiative (RMI): An initiative to help companies address responsible sourcing of minerals in their supply chains.

RMI Risk Readiness Assessment: A self-assessment and selfreporting tool for minerals and metals producers and processors to communicate their environmental, social, and governance practices and performance.

Science-based targets (SBT): The Science Based Targets initiative (SBTi) was founded by the CDP, the UN Global Compact, the World Resources Institute, and the World Wide Fund for Nature (WWF). With the jointly developed method, companies can calculate targets related to how quickly and to what extent they have to reduce their greenhouse gas emissions to limit global warming to 1.5°C – referred to as science-based targets.

Science Based Targets initiaitve (SBTi): See "Science-based targets (SBT)."

Secondary copper production: Production of copper from recycling materials.

Settlement: Official cash selling rate on the LME. Price basis in annual sales agreements.

Spot market: Daily business, market for prompt deliveries.

Sustainable Development Goals (SDGs): An Agenda for Sustainable Development adopted by all United Nations Member States in 2015. They represent a common vision of peace and prosperity for people and the planet.

Sustainable finance: This term refers to the inclusion of environmental, social, and governance-related criteria in investment decisions in the financial sector. The objective of sustainable finance is to promote long-term investments in sustainable business activities and projects.

Tankhouse: An electrochemical process, the last refining stage in metal recovery, takes place in the tankhouse. For copper, anodes and cathodes are hung in a sulfuric acid solution (electrolyte) and connected to an electric current. Copper and baser elements (e.g., nickel) are then dissolved from the anode in the electrolyte. Copper from the solution is deposited on the cathode with a purity of 99.99%. Precious metals (e.g., silver and gold) and insoluble components settle as "anode slimes" on the bottom of the tankhouse cell.

Task Force on Climate-Related Financial Disclosures (TCFD):

A Financial Stability Board initiative that provides recommendations on what information companies should disclose about climate risks so that investors, lenders, and underwriters can make appropriate valuations and pricing decisions.

Treatment and refining charges (TC/RCs), refining charges (RCs): Surcharges on the purchase price of metals, charged for turning these raw materials into the commodity exchange product – copper cathodes – and other metals.

UN Guiding Principles on Business and Human Rights: A global instrument for preventing and handling the risk of negative impacts on human rights in connection with business activities. www.unglobalcompact.org/library/2

Explanation of financial terms

Capital employed: The sum of equity, provisions for pension liabilities, and financial liabilities, less cash and cash equivalents.

EBIT: Earnings before interest and taxes are an indicator of a company's operative earning power, ignoring its capital structure.

EBITDA: Earnings before interest, taxes, depreciation, and amortization are an indicator of a company's operative earning power, ignoring its capital structure and propensity to invest.

EBT: Earnings before taxes are an indicator of a company's earning power.

Free cash flow: The generated surplus of cash and cash equivalents, taking into account cash-related changes in working capital, and after deducting capital expenditure, interest payments, and dividend payments. It is available for a company's dividend and interest payments, as well as for the redemption of financial liabilities.

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

Net borrowings: Consist of long- and short-term financial liabilities, less cash and cash equivalents.

Net cash flow: The generated surplus of cash and cash equivalents after taking into account cash-related changes in working capital. It is available for payments in conjunction with a company's investing and financing activities.

ROCE: Return on capital employed is the ratio of EBIT to capital employed as at the balance sheet date. It describes the efficiency with which capital was utilized during the reporting period.

Imprint

If you would like more information, please contact:

Aurubis AG

Hovestrasse 50 20539 Hamburg, Germany info@aurubis.com www.aurubis.com

Investor Relations

Angela Seidler Vice President Investor Relations, Corporate Communications & Sustainability Phone +49 40 7883-3178 a.seidler@aurubis.com

Elke Brinkmann Head of Investor Relations Phone +49 40 7883-2379 e.brinkmann@aurubis.com

Ferdinand von Oertzen Specialist Investor Relations Phone +49 40 7883-3179 f.vonoertzen@aurubis.com

Concept, consulting, and design

Kirchhoff Consult AG, Hamburg, Germany

The Notes to the Consolidated Financial Statements were compiled with the support of firesys.

Photos

Aurubis AG

Print

Beisner Druck GmbH & Co. KG, Buchholz in der Nordheide, Germany

Disclaimer

This information contains forward-looking statements based on current assumptions and forecasts. Various known and unknown risks, uncertainties, and other factors could have the impact that the actual future results, financial situation, or developments differ from the estimates given here. We assume no liability to update forwardlooking statements.

Paper

Printed on FSC-certified paper. By using FSC paper, we are actively supporting the preservation of our forests, promoting plant and wildlife

protection, and are taking a stand against human exploitation of forest resources.

Additional environmental measures

CO2 -neutral production with a Gold Standard certificate.

www.klima-druck.de/klimainitiative/?lang=en

The paper and the printer are certified in accordance with the current Blauer Engel DE-UZ 195 standard.

Financial calendar

2/6/2023	Quarterly Report on the First 3 Months 2022/23
2/16/2023	Annual General Meeting
5/11/2023	Interim Report on the First 6 Months 2022/23
8/7/2023	Quarterly Report on the First 9 Months 2022/23
12/6/2023	Annual Report 2022/23

Our fiscal year starts on October 1 and ends on September 30.

5-Year Overview

Aurubis Group (IFRS)

		2021/22	2020/21	2019/20	2018/19	2017/18
Results
Revenues 1	€m	18,521	16,300	12,429	11,897	11,694
EBITDA1	€m	1,148	1,049	585	415	502
Operating EBITDA2	€m	753	593	415	359	462
EBIT 1	€m	928	830	376	275	369
Operating EBIT2	€m	533	394	223	208	332
EBT 1	€m	935	825	367	264	368
Operating EBT 2, 3	€m	532	381	221	192	329
Consolidated net income 1	€m	715	613	265	193	294
Operating consolidated net income2	€m	433	284	167	138	265
Net cash flow	€m	288	812	459	272	203
Capital expenditure	€m	362	256	237	224	182
Operating ROCE 3	%	19.0	16.6	9.3	8.6	15.0
Consolidated statement of financial position
Total assets	€m	7,447	6,613	5,534	4,535	4,503
Fixed assets	€m	2,069	1,958	1,904	1,560	1,528
Depreciation and amortization	€m	220	219	210	140	133
Equity	€m	4,258	3,443	2,851	2,598	2,566
Aurubis shares
Market capitalization	€m	2,427	2,939	2,614	1,838	2,708
Earnings per share	€	16.37	14.03	5.95	4.28	6.52
Operating earnings per share2	€	9.91	6.51	3.73	3.08	5.87
Dividend per share 4	€	1.80	1.60	1.30	1.25	1.55

¹ The data, in so far at it refers to the consolidated income statement, relates to continued activities. 2 Explanations concerning how the "operating" values were derived are available in the section Financial performance, assets, liabilities, and

financial position of Aurubis AG, on pages 111–119.

³ Corporate control parameter. 4 The 2021/22 figure represents the proposed dividend.

aurubis.com

Metals for Progress

Aurubis AG Hovestrasse 50 20539 Hamburg, Germany Phone +49 40 7883-0 info@aurubis.com

Annual Report 2021/22

Empowering Tomorrow