Aurubis AG

Quarterly Report • May 23, 2022

Metals for Progress:

Driving Sustainable Growth

Interim Report

FIRST 6 MONTHS 2021/22

October 1, 2021 to March 31, 2022

Aurubis Group at a Glance

Key Aurubis Group figures Operating		Q2			6M
		2021/22	2020/21	Change	2021/22	2020/21	Change
Revenues	€m	4,856	4,056	20 %	9,262	7,519	23 %
Gross margin1	€m	592	511	16 %	1,136	950	20 %
Gross profit	€m	464	381	22 %	871	715	22 %
Depreciation and amortization	€m	47	46	2 %	94	92	2 %
EBITDA	€m	242	149	62 %	440	280	57 %
EBIT	€m	195	103	89 %	346	188	84 %
EBT2	€m	193	103	87 %	345	185	86 %
Consolidated net income	€m	150	79	90 %	268	142	89 %
Earnings per share	€	3.44	1.80	91 %	6.14	3.25	89 %
Net cash flow	€m	135	399	-66 %	50	125	-60 %
Capital expenditure	€m	61	49	23 %	120	86	40 %
Net financial position (reporting date)	€m	-	-	-	252	-135	> 100 %
ROCE2	%	-	-	-	19.5	11.9	-
Multimetal Recycling segment
Revenues	€m	1,520	1,266	20 %	2,971	2,414	23 %
Gross margin1	€m	172	152	13 %	367	303	21 %
EBIT	€m	71	51	39 %	149	99	51 %
EBT	€m	71	51	39 %	148	98	51 %
ROCE	%	-	-	-	45.6	16.8	-
Capital employed	€m	-72	285	> -100 %	714	895	-20 %
Custom Smelting & Products segment
Revenues	€m	4,775	4,153	15 %	9,292	7,652	21 %
Gross margin1	€m	420	359	17 %	769	647	19 %
EBIT	€m	141	70	> 100 %	228	120	90 %
EBT	€m	141	71	99 %	229	119	92 %
ROCE	%	-	-	-	12.7	12.7	0 %
Capital employed	€m	77	-61	> 100 %	2,002	1,871	7 %

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

2 Corporate control parameters.

Key Aurubis Group figures		Q2			6M
IFRS		2021/22	2020/21	Change	2021/22	2020/21	Change
Revenues	€m	4,856	4,056	20 %	9,262	7,519	23 %
Gross profit	€m	548	466	18 %	1,203	942	28 %
Personnel expenses	€m	145	148	-3 %	283	288	-2 %
Depreciation and amortization	€m	47	48	-2 %	94	93	1 %
EBITDA	€m	326	234	38 %	772	507	52 %
EBIT	€m	279	188	48 %	678	415	64 %
EBT	€m	281	189	49 %	686	415	65 %
Consolidated net income	€m	209	146	43 %	510	319	60 %
Earnings per share	€	4.79	3.34	43 %	11.68	7.30	60 %
Number of employees (average)		7,156	7,132	0 %	7,152	7,181	0 %

		Q2		6M
Aurubis Group production figures		2021/22	2020/21	Change	2021/22	2020/21	Change
Multimetal Recycling segment
Copper scrap/blister copper input	1,000 t	85	83	2 %	156	162	-4 %
Other recycling materials	1,000 t	126	117	8 %	251	239	5 %
Cathode output	1,000 t	128	122	5 %	258	248	4 %
Beerse	1,000 t	6	6	0 %	12	12	0 %
Lünen	1,000 t	37	37	0 %	75	73	3 %
Olen	1,000 t	85	79	8 %	172	163	6 %
Custom Smelting & Products segment
Concentrate throughput	1,000 t	635	618	3 %	1,314	1,225	7 %
Hamburg	1,000 t	284	285	-	592	565	5 %
Pirdop	1,000 t	350	333	5 %	722	660	9 %
Copper scrap/blister copper input	1,000 t	51	57	-11 %	101	108	-7 %
Other recycling materials	1,000 t	10	12	-17 %	20	24	-17 %
Sulfuric acid output	1,000 t	599	588	2 %	1,238	1,138	9 %
Hamburg	1,000 t	240	246	-2 %	507	464	9 %
Pirdop	1,000 t	359	342	5 %	731	674	9 %
Cathode output	1,000 t	152	154	-1 %	301	306	-2 %
Hamburg	1,000 t	95	98	-3 %	190	193	-2 %
Pirdop	1,000 t	57	56	2 %	111	113	-2 %
Wire rod output	1,000 t	236	230	3 %	435	430	1 %
Shapes output	1,000 t	58	48	20 %	111	88	26 %
Flat rolled products and specialty wire output	1,000 t	49	51	-4 %	88	98	-10 %

		Q2			6M
Aurubis Group sales volumes	2021/22	2020/21	Change	2021/22	2020/21	Change
Gold t	12	14	-14 %	24	26	-8 %
Silver t	268	237	13 %	486	472	3 %
Lead t	11,356	8,887	28 %	21,240	18,702	14 %
Nickel t	1,063	1,237	-14 %	2,075	1,956	6 %
Tin t	2,154	2,486	-13 %	4,661	5,440	-14 %
Zinc1 t	2,738	4,304	-36 %	6,995	9,406	-26 %
Minor metals t	231	143	62 %	482	551	-13 %
Platinum group metals (PGMs) kg	2,298	3,223	-28 %	5,126	5,357	-4 %

1 Prior-year figures have been adjusted.

"The positive market environment remained in place in the second quarter of the current fiscal year. In particular, the very positive metal result – in combination with the still good performance of our smelters – more than offset the significantly higher energy prices. This is another reason why we have lifted our forecast for the year as a whole yet again."

ROLAND HARINGS, Chief Executive Officer

CONTENTS

• 2 At a Glance
• 5 Interim Group Management Report First 6 Months 2021/22
• 20 Interim Consolidated Financial Statements First 6 Months 2021/22
• 33 Glossary
• 34 Dates and Contacts

Interim Group Management Report First 6 Months 2021/22

The Aurubis Group increased its operating earnings before taxes (EBT) considerably to € 345 million (previous year: € 185 million) in the first half of fiscal year 2021/22, reaping the benefits of a very strong market environment with metal prices that remained high with improved metal gain, very high demand for copper products and sulfuric acid, and excellent performance at the sites of the Aurubis smelter network. The operating return on capital employed (ROCE) came to 19.5 % (previous year: 11.9%). Accordingly, the forecast range for operating EBT in fiscal year 2021/22 was increased to € 500–600 million (previously € 400–500 million). IFRS earnings before taxes (EBT) amounted to € 686 million (previous year: € 415 million).

Financial performance

The Aurubis Group generated revenues of € 9,262 million during the first half of FY 2021/22 (previous year: € 7,519 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, considerably higher sulfuric acid revenues, and increased prices for industrial metals had an impact as well.

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

Proportion of main earnings components in the Aurubis Group

as at March 31 YTD 2021/22 (YTD prior-year figures)

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

Operating earnings before taxes (EBT) – as one of our corporate control parameters – was € 345 million (previous year: € 185 million) and, compared to the first half of the previous year, was influenced by:

• » a substantially higher metal result Glossary, page 33 with increased metal prices, especially for industrial metals (copper, tin, nickel),
• » a still very good operating performance at our Hamburg and Pirdop sites in particular, with increased concentrate throughputs,
• » significantly higher sulfuric acid revenues due to a significant increase in sales prices,
• » higher refining charges Glossary, page 33 for other recycling materials,
• » substantially higher demand for copper products,
• » positive earnings contributions from our Performance Improvement Program (PIP),
• » significantly higher energy costs, particularly for electricity and gas.

Please refer to page 12 for explanations regarding the derivation of the operating result from the IFRS result.

Our second corporate control parameter, operating ROCE (taking the operating EBIT of the last four quarters into consideration) improved to 19.5 % (previous year: 11.9 %), especially as a result of the very good earnings performance.

The derivation of the ROCE is shown on page 11.

At € 50 million, the net cash flow was below the prior-year level (€ 125 million) despite the very good financial performance in the first six months of fiscal year 2021/22. The maintenance shutdown in Hamburg is the main reason behind the inventory build-up. Compared with Q1 (€ -85 million), net cash flow already showed very positive development with a simultaneous increase in working capital. Net cash flow is subject to fluctuations in the course of the fiscal year, which balance out again as the fiscal year goes on. Assets, liabilities, and financial position, page 10

Multimetal Recycling

Segments & markets

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 will form the structure and the foundation 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 MMR segment generated operating EBT of € 148 million in the reporting period (previous year: € 98 million). The increase was primarily the result of a much higher metal result with increased metal prices, especially for industrial metals such as copper, tin and nickel, as well as significantly higher refining charges for other recycling materials. The segment's operating ROCE (taking the operating EBIT of the last four quarters into consideration) developed positively, coming in at 45.6 % (previous year: 16.8 %).

Our recycling sites reported throughput that was on a par with the previous year in the reporting period, with a satisfactory supply of copper scrap, blister copper, Glossary, page 33 and other recycling materials.

Proportion of main earnings components in the Multimetal Recycling segment

as at March 31 YTD 2021/22 (YTD prior-year figures)

42 % (50 %) Refining charges for recycling materials

~ € 367 million* (~ € 303 million*)

54 % (46 %) Metal result

4 % (4 %) Premiums and products

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

The input of other recycling materials such as industrial residues, slimes, shredder materials, and electrical and electronic scrap was 251,000 t during the reporting period (previous year: 239,000 t), above prior-year level. The input of copper scrap and blister copper, at 156,000 t (previous year: 162,000 t), decreased slightly during the reporting period compared to the previous year, due in part to the planned maintenance shutdown in Lünen in the Q1 2021/22.

The European market for recycling materials was characterized by satisfactory supply during the reporting period. After the copper scrap supply normalized in Q1 2021/22 with a reduction in refining charges, refining charges for copper scrap stabilized in the second quarter of the reporting period at a lower level than in the very good previous year. Refining charges for complex recycling materials remained at a high level in Q2 2021/22.

Custom Smelting & Products

In the reporting period, significantly higher metal prices and improved metal gain had a positive impact on the metal result. The copper price remained on an upward trajectory in Q2 2021/22, trading at a consistently high level in a range between US\$ 9,600 – 10,300/t. In particular, industrial metals such as tin, nickel and Zinc also showed a significant price increase compared to the previous year.

Cathode output in the MMR segment increased year-on-year to 258,000 t due to the good operating performance of the tankhouses (previous year: 248,000 t). Our production site in Lünen continues to work on modernization and capacity expansion in the tankhouse.

Capital expenditure in the MMR segment amounted to € 47 million (previous year: € 20 million). The increase mainly resulted from investments for the new recycling plant in Richmond County, USA, and investments in the tankhouse renovation at the Lünen site.

The Custom Smelting & Products (CSP) segment comprises the production facilities for processing copper concentrates Glossary, page 33 and for manufacturing and marketing standard and specialty products such as cathodes, wire rod, Glossary, page 33, shapes Glossary, page 33, 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 Glossary, page 33, which are processed further into wire rod and shapes at the Hamburg (Germany), Olen (Belgium), Emmerich (Germany), and Avellino (Italy) sites

together with the cathodes produced in MMR. The Buffalo (US), Stolberg (Germany), Zutphen (Netherlands) and Pori (Finland) sites produce flat rolled products and specialty wire products.

The CSP segment generated operating EBT of € 229 million in the reporting period (previous year: € 119 million). The segment's positive development was largely the result of significantly higher metal gain with increased metal prices, higher sulphuric acid revenues due to much higher sales prices, significantly higher demand for copper products, and the very good operating performance witnessed at the Hamburg and Pirdop sites, with a corresponding increase in concentrate throughput. Operating ROCE was on a par with the previous year at 12.7 % (previous year: 12.7 %).

At 1,314,000 t, concentrate throughput in the reporting period was considerably higher than the prior-year level (1,225,000 t).

Since the benchmark between a US mining company and Chinese smelters was agreed at the end of the 2021 calendar year, refining charges for copper concentrates on the shortterm market have developed positively due to the improved supply. The treatment and refining charge (TC/RC) agreed as part of the benchmark came to US\$ 65/t / 6.5 cents/lb (2021: US\$ 59.5/t / 5.95 cents/lb). For Q2 2022, the China Smelters Purchase Team (CSPT) set the so-called buying floor at a current level of US\$ 80/t / 8.0 cents/lb, significantly above this year's benchmark.

Proportion of main earnings components in the Custom Smelting & Products segment

as at March 31 YTD 2021/22 (YTD prior-year figures)

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

Throughput of copper scrap and blister copper, as well as other recycling materials, was down on the previous year in the reporting period. For information on developments in refining charges for recycling materials, we refer to our comments on the MMR segment.

We witnessed very strong demand for copper products in all customer segments.

At 301,000 t, copper cathode output in the CSP segment in H1 2021/22 was on a par with the high level seen in the previous year (306,000 t).

Developments in the global cathode market varied from region to region in Q2 2021/22. In Europe, high demand and sustained low inventory levels pushed premiums up. Spot premiums in Asia fell significantly during the reporting period due to concerns of another COVID-19 outbreak. The Aurubis copper premium Glossary, page 33 for the 2022 calendar year comes to US\$ 123 US/t (previous year: US\$ 96/t).

Output of wire rod increased slightly to 435,000 t (previous year: 430,000 t). At 111,000 t, shapes output significantly exceeded the previous year (88,000 t) due to stronger demand. At 88,000 t, flat rolled product output decreased considerably compared to the previous year (98,000 t). Following the damage caused by flooding in Stolberg in the summer of 2021, production has been up and running again since November 2021, albeit it is still being ramped up at present.

Corresponding to the increased concentrate throughput, the sulfuric acid output was 1,238,000 t, significantly higher than the prior-year production level (1,138,000 t). The global sulfuric acid market was still characterized by high demand with a low supply in Q2 2021/22. Supply in Europe remained limited in Q2 2021/22 due to temporarily lower production capacities. Aurubis benefited from significantly higher sulfuric acid revenues in the reporting period due to higher sales prices. Due to the good operating performance, free volumes were sold at very good spot conditions.

Capital expenditure in the CSP segment amounted to € 70 million (previous year: € 56 million), mainly for preparations for the maintenance shutdown in Hamburg and for the start of construction work on phase 2 of the industrial heat project.

Assets, liabilities, and financial position

Total assets (operating) increased from € 5,493 million as at September 30, 2021 to € 6,108 million as at March 31, 2022.

This was due in particular to the € 552 million increase in inventories, from € 1,770 million as at September 30, 2021 to € 2,322 million as at March 31, 2022. The increase related to input materials and intermediates in the Custom Smelting & Products segment in particular was carried out to secure production and delivery capabilities during the upcoming maintenance shutdowns. With the surge in copper prices and high copper product sales, trade accounts receivable built up substantially as well. Current liabilities from trade accounts payable also increased significantly by € 609 million, from € 1,406 million to € 2,015 million, in line with the higher inventories of current assets.

The Group's equity rose by € 268 million, from € 2,648 million as at the end of the last fiscal year to € 2,916 million as at March 31, 2022. The increase resulted from the operating consolidated total comprehensive income of € 338 million. The dividend payment of € -70 million had an opposite effect.

Overall, the operating equity ratio (the ratio of equity to total assets) was therefore 47.7 %, compared to 48.2 % as at the end of the previous fiscal year.

At € 321 million as at March 31, 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. These Schuldschein 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 Schuldschein loan in the amount of € 103 million as scheduled that was due in February 2022.

The following table shows the development of borrowings:

in € million	3/31/2022	9/30/2021
Non-current bank borrowings	247	400
Non-current liabilities under
finance leases	45	45
Non-current borrowings	292	445
Current bank borrowings	16	127
Current liabilities under
finance leases	13	11
Current borrowings	29	138
Total borrowings	321	582

Cash and cash equivalents of € 573 million were available to the Group as at March 31, 2022 (September 30, 2021: € 965 million). The net financial position as at March 31, 2022 was therefore € 252 million (September 30, 2021: € 383 million).

in € million	3/31/2022	9/30/2021
Cash and cash equivalents	573	965
– Borrowings	321	582
Net financial position	252	383

At € 50 million, the net cash flow was down on the prior-year level (€ 125 million) despite the very good financial performance in the first six months of fiscal year 2021/22. Compared with the first quarter (€ -85 million), net cash flow showed positive development with a simultaneous increase in working capital.

The cash outflow from investing activities totaled € -96 million (previous year: € -72 million) and primarily includes, as in the previous year, payments for investments in property, plant, and equipment.

After taking interest payments totaling € -8 million and a dividend payment totaling € -70 million into account, the free cash flow amounts to € -124 million (previous year: € -31 million).

in € million	6M 2021/22	6M 2020/21
Cash inflow from operating activities (net cash flow)	50	125
Cash outflow from investing activities	-96	-72
Acquisition of treasury shares	0	-19
Interest paid	-8	-8
Dividends paid	-70	-57
Free cash flow	-124	-31
Proceeds / payments from financial liabilities	-268	-11
Net change in cash and cash equivalents	-392	-42
Cash and cash equivalents as at the reporting date	573	439

The return on capital employed (ROCE) shows the return on the capital employed in the operating business or for an investment. It is determined taking the operating EBIT of the last four quarters into consideration.

Operating ROCE improved to 19.5% owing to the very good financial performance of the last four quarters with relatively constant capital employed, compared to 11.9 % in the previous year.

in € million	3/31/2022	3/31/2021
Fixed assets, excluding financial fixed assets	1,903	1,824
Inventories	2,322	2,281
Trade accounts receivable	914	606
Other receivables and assets	315	199
– Trade accounts payable	-2,015	-1,521
– Provisions and other liabilities	-696	-568
Capital employed as at the reporting date	2,743	2,822
Earnings before taxes (EBT)	514	314
Financial result	10	1
Earnings before interest and taxes (EBIT)	524	316
Pro forma EBIT of Metallo1	0	6
Investments accounted for using the equity method	11	14
Earnings before interest and taxes (EBIT) – adjusted	535	335
Return on capital employed (operating ROCE)	19.5 %	11.9 %

1 Pro forma result for two months in the previous year.

Reconciliation to the operating result

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 measurement effects 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. 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 at our smelter sites
• » Eliminating any non-cash effects deriving from purchase price allocations
• » Adjusting for effects deriving from the application of IFRS 5

The IFRS EBT of € 686 million (previous year: € 415 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 was also due to metal price developments in particular. 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.

In the first six months of fiscal year 2021/22, IFRS gross profit includes valuation effects of € 332 million in inventories (previous year: € 227 million). The depiction of this volatility is not relevant to the cash flow and does not reflect Aurubis' operating performance.

The following table shows how the operating results for the first six months of fiscal year 2021/22 and for the comparative prior-year period were derived from the IFRS income statement.

Reconciliation of the consolidated income statement

		6M 2021/22	6M 2020/21
		Adjustment effects Inventories/			Adjustment effects Inventories/
in € million	IFRS	fixed assets	operating	IFRS	fixed assets	operating
Revenues	9,262	0	9,262	7,519	0	7,519
Changes in inventories of finished goods and work in process	491	-203	288	368	-151	217
Own work capitalized	8	0	8	16	0	16
Other operating income	102	0	102	21	0	21
Cost of materials	-8,660	-129	-8,789	-6,982	-76	-7,058
Gross profit	1,203	-332	871	942	-227	715
Personnel expenses	-283	0	-283	-288	0	-288
Depreciation of property, plant, and equipment and amortization of intangible assets	-94	0	-94	-93	1	-92
Other operating expenses	-148	0	-148	-147	0	-147
Operational result (EBIT)	678	-332	346	414	-226	188
Result from investments measured using the equity method	13	-9	4	8	-4	4
Interest income	4	0	4	2	0	2
Interest expense	-9	0	-9	-9	0	-9
Earnings before taxes (EBT)	686	-341	345	415	-230	185
Income taxes	-176	99	-77	-96	54	-43
Consolidated net income	510	-242	268	319	-176	142

Total assets (IFRS) increased from € 6,613 million as at September 30, 2021 to € 7,570 million as at March 31, 2022. The substantial increase was due to the € 874 million increase in inventories, from € 2,804 million as at September 30, 2021 to € 3,678 million as at March 31, 2022, which was higher compared to the operating statement of financial position. The high copper prices in the first six months of the fiscal year were a decisive factor. The Group's equity rose by € 512

million, from € 3,443 million as at the end of the last fiscal year to € 3,955 million as at March 31, 2022. The increase resulted from the consolidated net income of € 510 million, which was higher compared to the operating statement of financial position. Overall, the IFRS equity ratio was 52.2 % as at March 31, 2022, compared to 52.1 % as at the end of the previous fiscal year.

The following table shows the derivation of the operating statement of financial position as at March 31, 2022, and as at September 30, 2021:

Reconciliation of the consolidated statement of financial position

		3/31/2022 9/30/2021
			Adjustment effects			Adjustment effects
in € million	IFRS	IFRS 5	Inventories/ fixed assets	operating	IFRS	IFRS 5	Inventories/ fixed assets	operating
Assets
Fixed assets	2,008	10	-33	1,985	1,958	9	-24	1,943
Deferred taxes	17	0	0	17	18	0	0	18
Non-current receivables and other assets	65	0	0	65	37	0	0	37
Inventories	3,678	73	-1,429	2,322	2,804	62	-1,096	1,770
Current receivables and other assets	1,097	49	0	1,146	716	44	0	760
Cash and cash equivalents	560	13	0	573	942	23	0	965
Assets held for sale	145	-145	0	0	138	-138	0	0
Total assets	7,570	0	-1,462	6,108	6,613	0	-1,120	5,493
Equity and liabilities
Equity	3,955	0	-1,039	2,916	3,443	0	-795	2,648
Deferred taxes	585	0	-423	162	443	0	-325	118
Non-current provisions	239	2	0	241	291	2	0	293
Non-current liabilities	332	1	0	333	503	1	0	504
Current provisions	50	3	0	53	67	2	0	69
Current liabilities	2,366	37	0	2,403	1,828	33	0	1,861
Liabilities deriving from assets held for sale	43	-43	0	0	38	-38	0	0
Total equity and liabilities	7,570	0	-1,462	6,108	6,613	0	-1,120	5,493

Corporate Governance

The shareholders participating in Aurubis AG's Annual General Meeting on February 17, 2022 passed a resolution on the dividend of € 1.60 per share proposed by the Executive Board and the Supervisory Board for fiscal year 2020/21. The total dividend of € 70 million was paid out on the third banking day after our Annual General Meeting.

The shareholders appointed Deloitte GmbH Wirtschaftsprüfungsgesellschaft, Hamburg, as auditor and Group auditor for fiscal year 2021/22.

Mr. Gunnar Groebler, CEO of Salzgitter AG, was elected to the Supervisory Board as a new shareholder representative by the Annual General Meeting.

According to a voting rights notification dated January 13, 2022, Black Rock Inc. located in Wilmington held a 3.05 % stake in Aurubis AG (previously: 2.99 %).

On April 21, 2022, Aurubis AG published an ad hoc release regarding its provisional Q2 2021/22 results and another increase in the full-year forecast for 2021/22. The Aurubis Group now expects an operating EBT between € 500 and 600 million for fiscal year 2021/22 (previously: € 400–500 million). The Group's ROCE is now expected to be 17–21 % (previously: 15–19 %).

In the Multimetal Recycling segment, we now expect an operating EBT between € 200 and 260 million (previously: € 190–250 million) and an operating ROCE between 23 and 27 % (previously: 22–26 %) for fiscal year 2021/22.

In the Custom Smelting & Products segment, we now expect an operating EBT between € 350 and 410 million (previously: € 280–340 million) and an operating ROCE between 17 and 21 % (previously: 14–18 %) for fiscal year 2021/22.

At the end of fiscal year 2021/22, Aurubis AG will fulfill new disclosure requirements in non-financial reporting resulting

from EU taxonomy regulations for the first time. The political decision-making process for developing the reporting obligations related to the six planned environmental targets hasn't been concluded yet at the time of this report.

Please also refer to the information published in the Annual Report 2020/21 and in the Quarterly Report First 3 Months 2021/22.

Risk and opportunity management

A sufficient supply of raw materials has been secured for the coming months thanks to, among other things, long-term supply contracts and good raw material management. Nevertheless, isolated supply chain bottlenecks were impossible to rule out entirely in the current environment (also characterized by the war in Ukraine).

We are currently observing high demand for our products.

Our biggest risks continue to relate to energy. The very high electricity and gas prices represent a considerable burden. At the same time, we are faced with the task of countering the risk of potential natural gas bottlenecks due to reduced deliveries from Russia by investigating how alternative fuels could be used.

The liquidity supply is secured. We covered trade accounts receivable through trade credit insurance to the greatest extent possible. No significant bad debts were recorded during the reporting period.

We limited risks deriving from the fluctuating euro/US dollar exchange rate by means of appropriate currency rate hedging transactions. We counter the influences deriving from fluctuating metal prices by deploying suitable metal price hedging transactions.

Strategic direction

On February 16, 2022, Aurubis announced its plans to build a state-of-the-art energy-efficient facility for processing bleed at the Olen site. BOB (Bleed treatment Olen Beerse) will use a hydrometallurgical process to recover valuable metals like nickel and copper from tankhouse streams. The company plans to invest € 70 million in the system, which comprises a full tankhouse cleaning system, over the coming years. When the new system becomes fully operational in fiscal year 2025/26, Aurubis expects to see an additional EBITDA contribution of around € 15 million.

In mid-March, Aurubis launched production in a new pilot plant in Hamburg that processes black mass from lithium-ion batteries. The new pilot plant has a modular structure and will extract valuable metals such as lithium, nickel, cobalt, manganese, and graphite from black mass in a hydrometallurgical process. Following the successful conclusion of the plant's pilot phase, Aurubis plans to commission a battery recycling plant on an industrial scale over the next five years – for this purpose, the Group currently anticipates an investment of approximately € 200 million.

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 by our partner, Wärme Hamburg, in April 2022.

These steps help Aurubis expand its role as industrial forerunner in sustainability and return important metals to the industrial cycle.

For extensive explanations of our updated strategy, please refer to the Annual Report 2020/21.

annualreport2020-21.aurubis.com

Sustainability

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 department 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 department head. The division is responsible, among other things, for coordinating the implementation of our ambitious 2030 sustainability targets across the Group, for the ongoing development of the Sustainability Strategy and for implementing the ESG reporting requirements. 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.

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-and-esg-ratings

Outlook

Raw material markets

In 2022, the copper concentrate market continues to grow on both the demand side and the supply side. Wood Mackenzie expects global mine output to exceed the anticipated growth demand in the smelter industry in 2022 due to the ramp-up of new projects and the expansion of existing mines. A slight surplus of concentrates for the global market is awaited for 2022.

The new benchmark for processing pure copper concentrates for calendar year 2022 has been established at US\$ 65/t / 6.5 cents/lb. Planned shutdowns in the Asian smelter industry and logistical challenges have put a damper on demand, meaning that the current spot rates are above the benchmark. In March 2022, the China Smelters Purchase Team (CPST) set the so-called buying floor for Q2 2022 at a level of US\$ 80/t and 8.0 cents/lb, well above the benchmark. Overall, we anticipate an increasing supply of copper concentrates in 2022.

Due to our position on the market, our long-term contract structure, our supplier diversification and our active crisis management in the context of the Ukraine war, 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 beyond Q3 of fiscal year 2021/22 at our Hamburg and Pirdop sites.

The availability of recycling material is still expected to be at a stable level for the rest of the fiscal year. As far as copper scrap is concerned, Aurubis expects to see satisfactory supply levels with good refining charges as the fiscal year progresses. On the recycling market, business with copper scrap, in particular, is conducted with short timelines, and is therefore more difficult to forecast.

The availability of complex recycling materials is subject to less volatility. The market environment is expected to remain stable for the rest of the fiscal year.

Overall, Aurubis expects a stable supply situation for recycling raw materials with good refining charges. We are already supplied with recycling materials at good refining charges until the end of Q3 2021/22 to a large extent. Our broad market position absorbs supply risks.

Product markets

Copper products

Aurubis expects to see ongoing high demand for copper products for the rest of fiscal year 2021/22.

One factor that is already clear is the copper premium of US\$ 123/t Aurubis has established for European customers for calendar year 2022.

As far as continuous cast copper wire rod is concerned, we expect the rest of fiscal year 2021/22 to bring high demand from the electrical industry, the automotive industry and the construction and infrastructure sector in Europe – and in other parts of the world.

Demand for shapes is expected to be at a high level for the remainder of the fiscal year.

On the European and US markets for flat rolled products, we expect high demand for the fiscal year. The Group anticipates a slightly lower level of flat rolled products output due to the reduced production capacity of Aurubis Stolberg following flood damage in the summer of 2021.

Sulfuric acid

For northwest Europe, ICIS and CRU expect sulfuric acid to remain in short supply for the rest of the fiscal year, also due to planned shutdowns in the smelter industry. Stable prices are also expected for the US and North Africa for the rest of the fiscal year due to the current shortage of supply.

Based on the high current demand on the market and the low sulfuric acid availability, we anticipate prices at a high level and thus a continued positive trend in sulfuric acid revenues for the rest of the fiscal year.

Copper production

We expect plant availability for the current fiscal year 2021/22 to be well above that of the previous year overall, especially because of the investments we have made in plant optimizations at our sites within the scope of planned maintenance shutdowns.

In May and June 2022, we will carry out a planned maintenance shutdown at our site in Hamburg. According to our current plans, this will have a roughly € 28 million impact on our operating EBT.

We have planned another maintenance shutdown for May 2022 in Lünen which, according to our current plans, will have a roughly € 6 million impact on our operating EBT.

Earnings expectations

Our earnings are subject to quarterly fluctuations because of the nature of our business model. This is due to seasonal factors but may also be caused by disruptions in equipment or operating processes.

Our forecast is based on the assumption that production will not be restricted in the further course of the year. Risks associated with the achievement of the forecast for the year as a whole could arise from challenges in connection with the Ukraine war and the potential for resulting energy and raw material supply bottlenecks. The announcement made by Russia that it would stop supplying gas to Bulgaria is currently not having any impact on production at our Bulgarian site as things stand at present.

If energy prices were to remain at the current very high level, this would have an impact on earnings beyond the current fiscal year, in addition to inflation-related cost increases.

The outlook for fiscal year 2021/22 is based on the following premises:

• » Based on industry forecasts, we expect to see a sustained strong market environment in which copper demand continues growing, as well as metal prices that remain high.
• » Due to the substantial increase in the benchmark for copper concentrates compared to the previous year, we expect higher treatment and refining charges per ton accordingly. Thanks to our metallurgical expertise and our diversified supplier portfolio, we will attain TC/RCs exceeding the benchmark.
• » We expect that the contribution to earnings made by sulfuric acid will be up considerably in a year-on-year comparison due to the very positive market situation at present.
• » For copper scrap and other recycling materials, we expect a stable supply with a good level of refining charges in the remainder of the fiscal year.
• » The Aurubis copper premium for 2022 has been set at US\$ 123/t (previous year: US\$ 96/t).
• » We expect energy costs to increase considerably based on current energy price developments. Active energy management and the CO2 electricity price compensation, which takes effect with a time lag, have significantly absorbed the price increases so far.
• » A significant portion of our revenues is based on the US dollar. We have reduced the resulting risks with our hedging strategy for the most part.
• » We have also hedged the prices of large parts of our metal gain.
• » From the Performance Improvement Program (PIP), we expect a € 90 million improvement in earnings compared to the reference year 2018/19 through cost reduction and an improvement in throughput.

Overall, we expect an operating EBT between € 500 and 600 million and an operating ROCE between 17 % and 21 % for the Aurubis Group for fiscal year 2021/22.

In the Multimetal Recycling segment, we expect an operating EBT between € 200 and 260 million and an operating ROCE between 23 % and 27 % for fiscal year 2021/22.

In the Custom Smelting & Products segment, we expect an operating EBT between € 350 and 410 million and an operating ROCE between 17 % and 21 % for fiscal year 2021/22.

Interval forecast for 2021/22 according to Aurubis' definition

	Operating EBT in € million	Operating ROCE in %
Group1	500 – 600	17 – 21
Multimetal Recycling segment	200 – 260	23 – 27
Custom Smelting & Products
segment	350 – 410	17 – 21
1 The Group forecast includes the segments as well as the category "Other" and isn't the sum of the two segments alone.

Interim Consolidated Financial Statements First 6 Months 2021/22

Consolidated Income Statement

IFRS

in € thousand	6M 2021/22	6M 2020/21
Revenues	9,262,210	7,518,590
Changes in inventories of finished goods and work in process	490,737	368,048
Own work capitalized	8,488	15,868
Other operating income	102,126	20,706
Cost of materials	-8,660,395	-6,980,943
Gross profit	1,203,166	942,269
Personnel expenses	-283,107	-287,732
Depreciation of property, plant, and equipment and amortization of intangible assets	-94,009	-93,229
Other operating expenses	-147,818	-146,502
Operational result (EBIT)	678,232	414,806
Result from investments measured using the equity method	13,033	7,759
Interest income	4,426	1,685
Interest expense	-9,453	-8,883
Other financial expenses	-73	0
Earnings before taxes (EBT)	686,165	415,367
Income taxes	-175,889	-96,155
Consolidated net income	510,276	319,212
Consolidated net income attributable to Aurubis AG shareholders Consolidated net income attributable to non-controlling interests	510,093 183	319,099 113
Basic earnings per share (in €)	11.68	7.30
Diluted earnings per share (in €)	11.68	7.30

Consolidated Statement of Comprehensive Income

IFRS

in € thousand	6M 2021/22	6M 2020/21
Consolidated net income	510,276	319,212
Items that will be reclassified to profit or loss in the future
Measurement at market of cash flow hedges	11,619	-7,634
Hedging costs	-513	-898
Changes deriving from translation of foreign currencies	2,309	477
Income taxes	-3,619	1,711
Items that will not be reclassified to profit or loss
Measurement at market of financial investments	23,737	22,572
Remeasurement of the net liability deriving from defined benefit obligations	56,123	9,458
Income taxes	-18,192	-3,064
Other comprehensive income/loss	71,464	22,622
Consolidated total comprehensive income/loss	581,740	341,834
Consolidated total comprehensive income attributable to Aurubis AG shareholders	581,557	341,720
Consolidated total comprehensive income attributable to non-controlling interests	183	114

Consolidated statement of financial position

IFRS

Assets

in € thousand	3/31/2022	9/30/2021
Intangible assets	154,116	158,733
Property, plant, and equipment	1,686,654	1,656,927
Financial fixed assets	81,836	65,405
Investments measured using the equity method	85,277	76,644
Deferred tax assets	17,168	18,076
Non-current financial assets	62,547	33,878
Other non-current non-financial assets	2,866	2,937
Non-current assets	2,090,464	2,012,600
Inventories	3,677,539	2,804,209
Trade accounts receivable	873,977	512,966
Other current financial assets	175,020	152,078
Other current non-financial assets	48,153	51,250
Cash and cash equivalents	559,931	942,435
Assets held for sale	144,667	137,811
Current assets	5,479,287	4,600,749
Total assets	7,569,751	6,613,349

Consolidated statement of financial position

IFRS

Equity and liabilities

in € thousand	3/31/2022	9/30/2021
Subscribed capital	115,089	115,089
Additional paid-in capital	343,032	343,032
Treasury shares	-60,248	-60,248
Generated Group equity	3,499,002	3,025,019
Accumulated other comprehensive income components	57,009	19,288
Equity attributable to Aurubis AG shareholders	3,953,884	3,442,180
Non-controlling interests	720	537
Equity	3,954,604	3,442,717
Pension provisions and similar obligations	159,433	213,727
Other non-current provisions	79,165	77,509
Deferred tax liabilities	584,701	443,568
Non-current borrowings	291,103	444,269
Other non-current financial liabilities	39,833	57,079
Non-current non-financial liabilities	1,277	1,698
Non-current liabilities	1,155,512	1,237,850
Current provisions	50,144	67,068
Trade accounts payable	1,991,587	1,386,525
Income tax liabilities	41,409	24,004
Current borrowings	28,389	137,045
Other current financial liabilities	216,600	220,981
Other current non-financial liabilities	88,037	59,555
Liabilities deriving from assets held for sale	43,469	37,604
Current liabilities	2,459,635	1,932,782
Total equity and liabilities	7,569,751	6,613,349

Consolidated Cash Flow Statement

IFRS

in € thousand	6M 2021/22	6M 2020/21
Earnings before taxes	686,165	415,367
Depreciation and amortization of fixed assets (including impairment losses or their reversals)	93,919	93,229
Change in allowances on receivables and other assets	58	607
Change in non-current provisions	1,144	1,677
Net gains/losses on disposal of fixed assets	123	-1,031
Measurement of derivatives	-48,560	20,638
Other non-cash items	2,492	2,492
Expenses and income included in the financial result	-7,933	-561
Income taxes received/paid	-33,088	-44,286
Gross cash flow	694,319	488,131
Change in receivables and other assets	-381,326	-122,162
Change in inventories (including measurement effects)	-879,738	-653,936
Change in current provisions	-16,002	5,919
Change in liabilities (excluding financial liabilities)	632,354	407,457
Cash inflow from operating activities (net cash flow)	49,607	125,410
Payments for investments in fixed assets	-113,143	-80,747
Payments from the granting of loans to affiliated companies	-200	-960
Proceeds from the disposal of fixed assets	7,493	1,972
Proceeds from the redemption of loans granted to related entities	564	612
Interest received	4,426	1,685
Dividends received	4,400	5,250
Cash outflow from investing activities	-96,460	-72,187
Proceeds deriving from the take-up of financial liabilities	16,690	2,727
Payments for the redemption of bonds and financial liabilities	-284,329	-14,955
Acquisition of treasury shares	0	-18,947
Interest paid	-8,314	-7,606
Dividends paid	-69,854	-56,757
Cash outflow from financing activities	-345,807	-95,537
Net change in cash and cash equivalents	-392,661	-42,315
Changes resulting from movements in exchange rates	126	91
Cash and cash equivalents at beginning of period	965,287	481,065
Cash and cash equivalents at end of period	572,751	438,840
Less cash and cash equivalents of assets held for sale at end of period	-12,820	0
Cash and cash equivalents at end of period (consolidated statement of financial position)	559,931	438,840

Consolidated Statement of Changes in Equity

IFRS

					Accumulated other comprehensive income components
in € thousand	Sub scribed capital	Addi tional paid-in capital	Treasury shares	Gener ated Group equity	Measure ment at market of cash flow hedges	Hedging costs	Measure ment at market of financial invest ments	Cur rency trans lation differ ences	Income taxes	Equity attributable to Aurubis AG share holders	Non con trolling interests	Total equity
Balance as at 10/01/2020	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	-18,947	0	0	0	0	0	0	-18,947	0	-18,947
Dividends paid	0	0	0	-56,757	0	0	0	0	0	-56,757	0	-56,757
Consolidated total com prehensive income/loss	0	0	0	325,492	-7,634	-898	22,572	477	1,711	341,720	114	341,834
of which consolidated net income	0	0	0	319,099	0	0	0	0	0	319,099	113	319,212
of which other com prehensive income/loss	0	0	0	6,393	-7,634	-898	22,572	477	1,711	22,621	1	22,622
Balance as at 3/31/2021	115,089	343,032		-60,251 2,703,399	18,564	674	-9,172	11,499	-6,378	3,116,455		653 3,117,108
Balance as at 10/01/2021	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	-4,186	0	0	4,186	0	0	0	0	0
Dividends paid	0	0	0	-69,854	0	0	0	0	0	-69,854	0	-69,854
Consoli dated total comprehen sive income/ loss	0	0	0	548,024	11,619	-513	23,737	2,309	-3,619	581,557	183	581,740
of which consolidated net income	0	0	0	510,093	0	0	0	0	0	510,093	183	510,276
of which other com prehensive income/loss	0	0	0	37,931	11,619	-513	23,737	2,309	-3,619	71,464	0	71,464
Balance as at 3/31/2022	115,089	343,032		-60,248 3,499,003	29,945	-352	23,403		15,021 -11,009	3,953,884		720 3,954,604

Selected notes to the consolidated financial statements General principles

This interim Group report of Aurubis AG includes interim consolidated financial statements and an interim Group management report in accordance with the regulations of the German Securities Trading Act. The interim consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) for interim reporting as applicable in the EU. The accounting and measurement principles used in the financial statements as at September 30, 2021 have been applied without amendment. The interim consolidated financial statements and the interim Group management report for the first six months of fiscal year 2021/22 have not been reviewed by the auditors.

Changes in accounting and measurement methods due to new standards and interpretations

There have been no significant changes in accounting and measurement methods due to new standards and interpretations in the current fiscal year.

Discontinued operations and assets held for sale

After signing a term sheet in August 2021, Aurubis AG took the next step and, following the approval of the relevant decision-making bodies, signed and notarized the agreement (SPA – sales and purchase agreement) for the partial sale of its flat rolled products (FRP) segment with KME SE. 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 sold. The closing of the transaction is expected in summer 2022 following approval by the national competition authorities.

With the signing of the term sheet, assets and liabilities were classified as held for sale in accordance with IFRS 5. The presentation and measurement rules specified in IFRS 5 must be applied for these assets and liabilities. These include, among other requirements, an aggregated disclosure of assets and liabilities held for sale in the consolidated statement of financial position.

The following overview shows the carrying amounts of the assets held for sale and related liabilities:

in € million	3/31/2022	9/30/2021
Assets
Fixed assets	10	9
Inventories	73	62
Current receivables and other assets	49	44
Cash and cash equivalents	13	23
Assets held for sale	145	139
Equity and liabilities
Deferred tax liabilities	0	0
Non-current provisions	2	2
Non-current liabilities	1	1
Current provisions	3	2
Current liabilities	37	33
Liabilities deriving from assets held for sale	43	38

Inventories in accordance with IFRS

On March 31, 2022, inventories relating to continuing operations were written down by € 6 million (September 30, 2021: € 8 million).

Acquisition of treasury shares

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. The company held 1,297,693 treasury shares as at March 31, 2022.

Earnings per share

Basic earnings per share are calculated by dividing the consolidated net income from continuing operations, 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
Acquisition of treasury shares	0	0	0
Number of shares at 3/31/2022	44,957	1,298	43,659
Weighted number of shares	44,957	1,298	43,659

	6M 2021/22	6M 2020/21
Consolidated net income attributable to Aurubis AG shareholders in € thousand	510,093	319,100
Weighted average number of shares (in thousand units)	43,659	43,689
Basic earnings per share (in €)	11.68	7.30
Diluted earnings per share (in €)	11.68	7.30

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 shares that could have been issued if all conversion rights on convertible bonds had been exercised. 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 conversion rights on convertible bonds did not exist in the reporting year, the diluted earnings per share for the Aurubis Group correspond to the basic earnings per share.

Dividend

A total of € 69,854,448.00 of Aurubis AG's unappropriated earnings of € 218,677,861.05 in fiscal year 2020/21 was used to pay a dividend of € 1.60 per share. An amount of € 148,823,413.05 was carried forward.

Financial instruments

The following table categorizes the fair values of all financial instruments in the Levels 1 to 3.

Hierarchical classification of fair values of financial instruments

Aggregated by classes
in € thousand	3/31/2022	Level 1	Level 2	Level 3
Share interests in affiliated companies	12,471	0	0	12,471
Investments	116	0	0	116
Securities classified as fixed assets	69,207	69,207	0	0
Trade accounts receivable	567,281	0	567,281	0
Other financial assets	13,672	0	13,672	0
Derivative financial assets
Derivatives without a hedging relationship	114,455	0	114,455	0
Derivatives with a hedging relationship	48,559	0	48,559	0
Assets	825,761	69,207	743,967	12,587
Bank borrowings	269,370	0	269,370	0
Trade accounts payable	1,581,639	0	1,581,639	0
Derivative financial liabilities
Derivatives without a hedging relationship	118,798	0	87,614	31,184
Derivatives with a hedging relationship	23,656	0	23,656	0
Liabilities	1,993,463	0	1,962,279	31,184

The levels indicate whether the fair value is a price that is quoted on an active market and is available to the company, as is the case for Level 1; is based on other observable factors, as is the case for Level 2; or is based on non-observable factors, as is the case for Level 3.

Fixed asset securities and derivatives are shown in the statement of financial position, as also presented in the table, with their fair values. Bank borrowings are included in Aurubis' statement of financial position at amortized cost and their fair values are presented in the table for informational purposes only. Additional information on the measurement methods

and input parameters used can be obtained from Aurubis' IFRS consolidated financial statements as at September 30, 2021.

In the first six months of fiscal year 2021/22, a financial instrument was reclassified from Level 3 to Level 2 as its fair value can only be derived from observable factors.

The following overview shows a reconciliation of the financial instruments measured at fair value and classified in Level 3:

Aggregated by classes in € thousand	Balance as at 10/01/2021	Reclassification between the individual levels	Profits (+)/ losses (-) recorded in other comprehensive income	Gains (+)/ losses (-) recorded in the income statement	Balance as at 3/31/2022	Gains (+)/ losses (–) for financial instruments held at the reporting date
Share interests in affiliated
companies	12,544	0	0	-73	12,471	-73
Investments	116	0	0	0	116	0
Derivative liabilities with a hedging relationship	2,268	-2,268	0	0	0	0
Derivative liabilities without a hedging relationship	-57,030	0	0	25,846	-31,184	25,846

Reconciliation of financial instruments in Level 3

Gains and losses deriving from derivative financial instruments classified as Level 3 relate to part of a long-term energy supply contract and are disclosed in the income statement under "Cost of materials."

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. Measurement is carried out using the discounted cash flow method.

If the Aurubis Group had taken other possible suitable alternative measurement parameters as a basis for measuring the relevant financial instruments on March 31, 2022, the recorded fair value would have been € 14,832 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 € 14,090 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.

Consolidated segment reporting

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 form the structure and the foundation 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 MMR segment boosted its operating EBT by 51 % in the reporting period, to € 148 million (previous year: € 98 million). The segment's operating ROCE developed very positively as a result, to 45.6 % (previous year: 16.8 %).

The Custom Smelting & Products (CSP) segment comprises the production facilities for processing copper 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 Glossary, page 33, which are processed further into wire rod and shapes at the Hamburg (Germany), Olen (Belgium), Emmerich (Germany), and Avellino (Italy) sites together with the cathodes produced in MMR. The Buffalo (US), Stolberg (Germany), Zutphen (Netherlands), and Pori (Finland) sites produce flat rolled products and specialty wire products.

The CSP segment boosted its operating EBT by 92 % in the reporting period, to € 229 million (previous year: € 119 million). Operating ROCE (taking the operating EBIT of the last four quarters into consideration) remained stable at 12.7 % (previous year: 12.7 %).

Consolidated segment reporting

	6M 2021/22
	Multimetal Recycling segment	Custom Smelting & Products segment	Other	Total	Reconciliation/ consolidation	Group total
in € million	operating	operating	operating	operating	IFRS	IFRS
Revenues
Total revenues	2,971	9,292	0
Inter-segment revenues	2,626	375	0
Revenues with third parties	345	8,917	0	9,262	0	9,262
EBIT	149	228	-31	346	330	678
EBT	148	229	-31	345	339	686
ROCE (%)	45.6	12.7

	Multimetal Recycling segment	Custom Smelting & Products segment	Other	Total	Reconciliation/ consolidation	Group total
in € million	operating	operating	operating	operating	IFRS	IFRS
Revenues
Total revenues	2,414	7,652	0
Inter-segment revenues	2,121	425	0
Revenues with third parties	292	7,226	0	7,519	0	7,519
EBIT	99	120	-31	188	227	415
EBT	98	119	-32	185	231	415
ROCE (%)	16.8	12.7

A breakdown of revenues with third parties by product group is provided in the following table.

	segment	Multimetal Recycling	Custom Smelting & Products segment		Total
in € million	6M 2021/22	6M 2020/21	6M 2021/22	6M 2020/21	6M 2021/22	6M 2020/21
Wire rod	0	0	3,674	2,699	3,674	2,699
Copper cathodes	83	100	1,376	1,250	1,459	1,350
Precious metals	0	0	1,785	1,864	1,785	1,864
Shapes	0	0	872	503	872	503
Strip, bars, and profiles	0	0	803	652	803	652
Other	262	192	408	258	670	451
Total	345	292	8,917	7,226	9,262	7,519

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:

3/31/2022 in € thousand	Income	Expenses	Receivables	Liabilities
Schwermetall Halbzeugwerk GmbH & Co. KG	96,773	14,282	18,989	810
Cablo GmbH	4,182	18,751	10,935	2,664

The following amounts relate to non-consolidated related companies:

3/31/2022 in € thousand	Income	Expenses	Receivables	Liabilities
Joint ventures	0	132	0	36
Subsidiaries	5,811	1,221	2,313	10,177

With the exception of Salzgitter AG, no individual shareholders of Aurubis AG are able to exercise a significant influence on the Aurubis Group. Salzgitter Group companies don't account for any significant transactions in the current fiscal year.

Subsequent events

There were no significant events after the balance sheet date.

As at the reporting date, no hard letters of comfort had been issued to related parties.

Responsibility Statement

To the best of our knowledge and pursuant to the applicable accounting principles, we confirm that the interim consolidated financial statements give a true and fair view of the assets, liabilities, financial position, and financial performance of the Group, and that the interim Group management report gives a fair representation of the business development, earnings, and the position of the Group, together with a description of the significant opportunities and risks associated with the expected development of the Group in the remainder of the fiscal year.

Hamburg, May 10, 2022

Aurubis AG The Executive Board

Roland Harings Dr. Heiko Arnold Rainer Verhoeven

Legal disclaimer:

Forward-looking statements

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 forward-looking statements.

Glossary

Explanation of technical terms

Blister copper: Unrefined porous copper. During solidification, dissolved gases form small blisters in the copper. Blister copper is also purchased as a raw material.

Complex materials: Primary and secondary raw materials are becoming more complex, to the effect that their contents of copper are decreasing and the concentrations of other elements and impurities are increasing.

Continuous cast wire rod: Semifinished product produced in a continuous process and used for the fabrication of copper wire.

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, the Aurubis Group's 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 production in the mine.

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.

Metal gain: Metal yield that a smelter can extract beyond the paid metal content in the raw input materials.

Metal result: Metal gain valued at the corresponding metal prices.

Primary copper production: Production of copper from copper concentrates.

Product surcharge: Fee for the processing of copper cathodes into copper products.

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.

Treatment charges (TC/RCs), refining charges (RCs):

Treatment and refining charges (TC/RCs) and refining charges (RCs) are discounts on the purchase price for turning raw materials into copper cathodes (the commodity exchange product) and other metals.

Secondary copper production: Production of copper from recycling materials.

Spot market: Daily business, market for prompt deliveries.

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.

The Interim Report on the First 6 Months 2021/22 and the live webcast on the release are available online at www.aurubis.com/en/investor-relations/newsand-reports/interim-reports

Dates and Contacts

Financial calendar

Quarterly Report First 9 Months 2021/22 August 5, 2022 Annual Report 2021/22 December 7, 2022

If you would like more information, please contact:

Aurubis AG, Hovestrasse 50, 20539 Hamburg, Germany

Angela Seidler Elke Brinkmann Vice President Investor Relations & Head of Investor Relations Corporate Communications Phone +49 40 7883-2379 Phone +49 40 7883-3178 e.brinkmann@aurubis.com a.seidler@aurubis.com

Ferdinand von Oertzen Specialist Investor Relations Phone +49 40 7883-3179 f.vonoertzen@aurubis.com