Slides
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Strong performance across segments increases profitability REVENUE €3.7bn (+14%) H 1 2 4 : €3. 3 b n a-EBITDA €378m (+39%) H 1 2 4 : € 2 7 3 m PR O FIT BEFO R E T AX €229m (+104%) H 1 2 4 : € 1 1 2 m PROFIT AFTER TAX €177m (+102%) H 1 2 4 : € 8 7 m | 2 CAPEX €190m (-7%) H 1 2 4 : € 2 0 4 m • Positive momentum across all segments • Increased revenue mainly thanks to higher sales volumes and prices • Continued shift toward higher margin product categories and disciplined cost control • Notably enhanced contribution from the aluminium and cables segments • Stronger performance for the steel pipes segment • Return to profitability in the steel segment • Higher sales volumes and prices and cost efficiencies • Increased demand and optimized production processes • Strategic investments into plant infrastructure across Viohalco companies • Operational improvements, capacity expansion, new product line facilities • Construction work related investments in real estate
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Consolidated H1 2025 results | 3 Revenue (EUR million) Viohalco's consolidated revenue increased 14% year-on-year to EUR 3.7 billion, driven by positive momentum across all segments, with notably enhanced contribution from the aluminium and cables businesses. Consolidated adjusted EBITDA grew 39% year-on-year to EUR 378 million driven by a continuous shift towards higher margin product categories and disciplined cost control. Consolidated profit before income tax more than doubled to EUR 229 million, with particularly strong growth in the aluminium and cables segments, stronger performance in the steel pipes segment and a gradual recovery in the steel segment. a-EBITDA (EUR million) PBT (EUR million) 2,489 3,597 3,364 3,253 3,722 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 196 355 269 273 378 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 137 293 61 112 229 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025
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Divisional H1 2025 performance overview | 4 Real estate division ViohalcoMetrics Industrial division 368 367 295 222 260 263 190 106 Revenue EBITDA a-EBITDA EBIT PBT 3,230 3,698 23 13 11 9 7 23 11 9 8 6 380 378 304 229 271 273 198 112 3,722 3,253 H1 2025 H1 2024
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Industrial division: a-EBITDA Aluminium Copper Cables Steel pipes Steel Other @ €98m @ €58m @ €123m @ €51m @ €44m @ €-7m +35m| +56% -3m| -5% +42m|+51% +10m|+23% +26m| +151% -6m H1 2025 operating performance: a-EBITDA (EUR million) H1 2024 Aluminium Copper Cables Steel pipes Steel Other H1 2025 263 367 35 -3 42 10 26 -6 | 5
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Capital expenditure for the period declined to EUR 173 million, with key investments focused on capacity expansion, upgrades, and operational improvements across all segments, particularly in the cables business. Net debt amounted to EUR 1,561 million, [thanks to a combination of strong profitability and effective working capital management and continued strategic investment across the Group]. CapEx (EUR million) Net debt (EUR million) 1,923 1,720 1,810 1,378 1,561 3.0x 3.3x 3.5x 2.4x 2.3x FY 2022 FY 2023 H1 2024 FY 2024 H1 2025 317 281 191 398 173 FY 2022 FY 2023 H1 2024 FY 2024 Net debt Net debt to a-EBITDA H1 2025 Industrial division: CapEx and net debt | 6
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01 Aluminium
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Aluminium segment at a glance • Aluminium segment revenue grew by 19% year-on- year to EUR 1,154 million in H1 2025, driven by strong momentum in packaging sector solutions • ElvalHalcor increased sales volumes, which combined with improved accounting metal results, drove strong profitability and further debt reduction • Etem Gestamp significantly grew % EBITDA/sales, from 2% in H1 2024 to 18% in H1 2025, driven by a more favourable product mix and ongoing efficiency initiatives • Despite the challenging operating environment, Bridgnorth Aluminium, there has been a significant increase in a-EBITDA compared to previous years, driven by stronger sales volume • Positive outlook reinforced by accelerating demand, driven by megatrends and strengthened competitive position, through strategic investments aimed production capacity expansion and enhancing technological capabilities | 8 763 1,201 1,015 969 1,154 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 Revenue (EUR million) 66 130 81 63 98 75 174 56 51 107 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 Operational profitability (EUR million) EBITDA a-EBITDA CapEx (EUR million) 188 69 39 74 23 FY 2022 FY 2023 H1 2024 FY 2024 H1 2025 Highlights ElvalHalcor Bridgnorth Etem Gestamp 82% 13% 5%
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02 Copper
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Copper segment at a glance • Copper segment revenue increased by 5% to EUR 945 million in H1 2025, primarily driven by higher average LME prices for copper • Adjusted EBITDA declined by 5% year-on-year to EUR 58 million, mainly attributable to elevated energy costs and a shift in the sales mix • Despite the subdued economic backdrop, sales volume increased by 1% year-on-year due to strong demand for copper tube products and bus bars produced by Sofia Med • Long-term outlook remains robust, despite short term challenges driven by macroeconomic headwinds, competitive pressure and volatility in LME prices and energy costs | 10 754 978 958 899 945 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 Revenue (EUR million) 32 47 59 61 58 60 54 54 74 55 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 Operational profitability (EUR million) EBITDA a-EBITDA CapEx (EUR million) 16 27 11 24 12 FY 2022 FY 2023 H1 2024 FY 2024 H1 2025 Highlights ElvalHalcor Sofia Med Rest Copper 44% 52% 4%
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Cables segment at a glance 03 03 Cables
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Cables segment at a glance • Revenue for the cables segment grew by a significant 37% year-on-year to EUR 731 million, driven by strong momentum in tendering activity and successful execution of existing projects • Adjusted EBITDA increased by 51% to EUR 123 million due to higher project revenue and consistently strong margins • Hellenic Cables maintained a high order backlog of EUR 2.77 billion, with new orders worth over EUR 200 million secured • Successful execution of key projects including Ostwind 3 (Germany), Thor OWF (Denmark), Baltyk II OWF (Poland), DolWin Kappa (Germany), Eoliennes en Mer Dieppe Le Tréport OWF (France), and East Anglia 3 OWF (UK) • Positive outlook for H2 2025 and into the medium term supported by high order backlog and growing strategic importance of the cables industry | 12 351 427 460 532 731 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 Revenue (EUR million) 42 48 59 81 12334 46 52 83 123 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 Operational profitability (EUR million) EBITDA a-EBITDA CapEx (EUR million) 71 121 105 217 108 FY 2022 FY 2023 H1 2024 FY 2024 H1 2025 Highlights 45%55% 55% 45% Projects Products & Other HY 2024 HY 2025
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Steel pipes segment at a glance Steel pipes 04
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5 4 28 41 51 4 3 28 41 51 8 17 17 41 10 Steel pipes segment at a glance • Revenue grew by 11% year-on-year to EUR 277 million, driving a 23% increase in adjusted EBITDA, underpinned by targeted capacity- enhancing investments which enabled higher production volumes and a high-margin project mix • Corinth Pipeworks reinforced its role in supporting global energy infrastructure transformation, with successful execution of significant projects such as OMV Petrom’s Neptun deep offshore gas pipeline (Romania) and several pipes for Snam in Italy • Order backlog rose to EUR 560 million, reflecting the successful award of several high-profile projects including the 180km Adriatica pipeline project in Italy and 41km LSAW HyNet CO2 pipeline in the UK • Positive outlook supported by reinforced strategic position and continued strong demand for natural gas infrastructure and energy- transition projects | 14 104 190 305 249 277 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 Revenue (EUR million) H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 Operational profitability (EUR million) EBITDA a-EBITDA CapEx (EUR million) FY 2022 FY 2023 H1 2024 FY 2024 H1 2025 Highlights
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Steel segment at a glance 05 Steel
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Steel segment at a glance • Revenue grew by 2% year-on-year to EUR 552 million in H1 2025, supported by higher sales volumes year-on-year which offset decreases in pricing • Adjusted EBITDA more than doubled year-on- year to EUR 44 million • Improved performance driven by strong demand and slightly better spreads for reinforcing steel and mesh products, supported by the buoyant Greek construction market • Looking ahead, continued growth in the Greek construction sector, coupled with optimized resource management, is expected to support performance • European steel demand in construction and manufacturing is projected to remain subdued, as producers await expected policy announcements in H2 2025 | 16 482 744 573 540 552 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 Revenue (EUR million) 43 117 36 17 44 72 125 26 11 38 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 Operational profitability (EUR million) EBITDA a-EBITDA CapEx (EUR million) 30 41 15 34 17 FY 2022 FY 2023 H1 2024 FY 2024 H1 2025 Highlights Greece EU Other European Countries Asia 38% 48% 10% 4%
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Real estate 06
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40 27 13 35 18 3 5 9 9 11 4 5 12 11 13 Real estate at a glance • Revenue remained resilient at EUR 23 million, with adjusted EBITDA reaching EUR 11 million • Noval Property fair value of investment portfolio increased by 5% year-on-year to EUR 679 million, driven by active asset management and continued demand for high-quality, sustainable buildings • Successful completion and delivery of two new developments in H1 2025: Ardittos House, a centrally located mixed-use property in Athens, and a prime office building in Athens’ main office hub • Gross rental revenue continues to register double- digit growth, up 11% year-on-year to EUR 17.7 million • Looking ahead, Noval Property remains committed to its investment strategy, focusing on unlocking value from its existing pipeline and pursuing new acquisitions of modern, high-quality, and environmentally sustainable properties | 18 9 14 17 23 23 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 Revenue (EUR million) H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 Operational Profitability (EUR million) EBITDA a-EBITDA CapEx (EUR million) FY 2022 FY 2023 H1 2024 FY 2024 H1 2025 Highlights
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Key takeaways Aluminium • Sales growth driven by strong demand from packaging industry • Profitability supported by an improvement in accounting metal results Copper • Higher LME metal prices drive positive momentum in revenue, supported by strong demand for copper tube products and bus bars (driven by data centers and power network applications) • Profitability primarily affected due to a decrease in accounting metal results Cables • Successful tendering activity results in notable new contract awards • Growing utilization of expanded production capacity and smooth execution of existing projects • Robust order backlog of EUR 2.77 billion by 30 June 2025 Steel pipes • Strong performance supported by targeted capacity-enhancing investments driving higher production volumes and a high- margin project mix • Order backlog reached EUR 560 million, up from EUR 430 million at year- end 2024 Steel • Enhanced operational profitability thanks to strong demand and slightly better spreads for reinforcing steel and mesh products in Greece Real estate • Continued growth in rental income thanks to proactive asset management aimed at bolstering cash flows from income generating real estate assets | 19
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The aluminiumsegment will continue to leverage accelerated demand for its products, driven by global megatrends. Continued execution of the cables segment’s high order backlog remains the cornerstone of its positive financial outlook for the remainder of 2025 and into the medium term. Noval Property will continue to execute its investment strategy by transforming underutilized assets from its captive pipeline into income generating properties and pursuing selective investment opportunities that enhance its portfolio with modern, high-quality and environmentally sustainable assets. Robust demand from strategic applications is set to continue, while efficiency initiatives, optimized working capital management and capacity- enhancing investments enhance competitiveness of the copper segment. Continued growth in the Greek construction sector, coupled with optimized resource management, is expected to support steelsegment performance, while European steel demand remains subdued. Outlook The steel pipes segment will continue to build on its strong market position - supported by high-capacity utilization, improved profitability and a growing backlog of strategic projects – as robust demand for natural gas infrastructure and energy transition related projects persists.
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Disclaimer. The informationcontainedin this corporatepresentation(CP)has been prepared by ViohalcoS.A. (the Company). It is based on historicalfinancialdata and other informationalreadypubliclydisclosedby the Company.It also includesinformationfrom other sources and third parties. This informationhas not been independentlyverified and it will not be updated.No representation,warrantyor undertaking,express or implied,is made as to, and no relianceshould be placed on, the fairness,accuracy,completenessor correctnessof the information or opinionscontainedherein and nothing in this CP is, or shall be relied upon as, a promise or representation.None of the Companynor any of its shareholders,affiliates,nor their respectiveemployees,officers,directors, advisers,representativesor agents shall have any liabilitywhatsoever(in negligenceor otherwise,whether direct or indirect,in contract,tort or otherwise)for any loss howsoeverarisingfrom any use of this presentationor its contentsor otherwisearisingin connectionwith this presentation.This presentationis not a part to any contract, agreementor obligationand cannot be used or construed as such. The informationand opinionsin this CP are providedas at the date hereof and subject to change without notice. It is not the intentionof the Companyto provide,and you may not rely on these materialsas providing,a complete or comprehensiveanalysisof the Company’sfinancialor tradingpositionor prospects.This presentationdoes not constituteinvestment,legal,accounting,regulatory,taxationor other advice and does not take into account your investmentobjectivesor legal,accounting,regulatory,taxationor financialsituationor particularneeds. You are solely responsiblefor formingyour own opinionsand conclusionson such matters and for makingyour own independentassessmentof the Company.You are solely responsiblefor seekingindependentprofessionaladvice in relationto the Company.No responsibilityor liabilityis acceptedby any person for any of the informationor for any action taken by you or any of your officers,employees,agents or associateson the basis of such information. This CP contains,inter alia, financialinformationregardingcertain aspects of the businessof the Company.Such informationmay not have been audited,reviewedor verifiedby any independentauditingfirm. The inclusion of such informationin the CP should not be regardedas a representationor warrantyby the Company, its shareholders,affiliates,advisorsor representativesor any other person as to the accuracyor completenessof such information’sportrayalof the financialconditionor results of operationsby the Companyand should not be relied upon when makingan investmentdecision.This presentationincludesnon-IFRS financialmeasures and other metrics which have not been and may not be subjectto a financialaudit for any period. Certain information in this presentationis based solely on managementaccountsand estimatesof the Company.Certain financialand statisticalinformationin this presentationhas been subjectto roundingoff adjustments. ForwardLooking Statements Certain statementsin the CP are forward-looking.Such informationis given only as of this date and the Company is under no obligationto provide any update. By their nature, forward lookingstatementsinvolvea number of risks, uncertainties,assumptionsand other factors that are outside the control of the Companyand could cause actualresults or events to differ materiallyfrom those expressed or impliedby the forward-looking statements with respect to the operationaland financialresults of the Company,its economiccondition,its liquidity, performance,prospectus and opportunities.Such risks include: • Competition; • Legislativeand regulatorydevelopments; • Globalmacroeconomicand politicaltrends; • Fluctuationsin financialmarketsconditions; • Delay or Inabilityin obtainingapprovalsfrom authorities; • Technicaldevelopments; • Litigation; and • Adverse publicityand news coverage. Statementscontainedin this presentationregardingpast trends or activitiesshould not be taken as a representationthat such trends or activitieswill continuein the future. Based on the above, no assurancecan be given that we will be able to reach our targets or that our financialconditionor results of operationswill not be materiallydifferentfrom such information.In addition,even if our results of operations,includingour financial conditionand liquidityand the developmentof the industryin which we operate,are consistentwith the forward- lookingstatementscontainedin this presentation,those results or developmentsmay not be indicativeof results or developmentsin subsequentperiods. The Companydoes not undertakeany obligationto update or revise any forward-lookingstatements,whether as a result of new information,future events or otherwise.You should not place undue relianceon forward-lookingstatements,which speak only as of the date of this presentation. Any industryand market data and relevantforecastsincludedin this presentationare includedfor information purposesonly. Accordingly,undue relianceshould not be placedon any of the industryor market data contained in this presentation. THIS PRESENTATIONDOES NOT CONSTITUTEOR FORM PARTOF ANY OFFER FOR SALE OR SOLICITATION OF ANY OFFER TO BUY ANY SECURITIESISSUED BY THE COMPANYNOR SHALLIT OR ANY PARTOF IT FORMS THE BASIS OF OR BE RELIED ON IN CONNECTIONWITH ANY CONTRACTOR COMMITMENTTO PURCHASE SECURITIESISSUEDBY THE COMPANY.” By readingor attendingthis presentationyou agree upon complyingwith the aforementionedconditions and limitations.
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