Earnings release
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PRESS RELEASE FINANCIAL RESULTS H1'26 VIOHAL CO
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2 REGULATED INFORMATION INSIDE INFORMATION Brussels, August 5, 2026 - Viohalco S.A., Euronext Brussels (VIO) & Euronext Athens (BIO), hereafter “Viohalco” or “the Company”, today announces its consolidated financial results for the first half of 2026. Viohalco reports a strong 1st half 2026 with higher revenue and profitability Consolidated financial highlights • Revenue reached EUR 4.3 billion, increased by 14% year-on-year (H1 2025: EUR 3.7 billion), reflecting a combination of higher sales volumes across all segments and increased metal prices. • a-EBITDA amounted to EUR 446 million, up 18% (H1 2025: EUR 378 million), supported by improved performance across nearly all segments. • Profit before income tax rose to EUR 370 million, up 62% year-on-year increase compared with EUR 229 million in the first half of 2025, mainly reflecting the improvement in a-EBITDA and positive accounting metal results. • Leverage further improved to 1.9x, compared to 2.1x at year-end 2025 and 2.4x in H1 2025, demonstrating enhanced cash generation and balance sheet strength and the ability to fund significant investments . Net debt remained broadly stable at EUR 1,505 million compared to EUR 1,496 million in FY 2025, following a significant decline from EUR 1,708 million in H1 2025. • Capex amounted to EUR 237 million, increased by 24% year-on-year, to fuel the future growth of the companies. Segments’ highlights • Aluminium: Stronger volumes , supported by robust demand in rigid packaging and transportation, as well as elevated LME aluminium prices, drove revenue growth of 16%. Enhanced profitability due to favourable sales mix reflected in 12% y-o-y increase in a-EBITDA to EUR 109 million. Stronger metal results further supported performance, driving an 88% increase in profit before taxes to EUR 115 million. • Copper: Record LME copper prices supported 20% revenue growth to EUR 1,139 million, despite continued macroeconomic uncertainty. A-EBITDA slightly declined by 5% to EUR 55 million, as a result of cost inflation, which was partially offset by an improved value-added mix. The positive accounting metal result boosted EBITDA by 57% to EUR 87 million. • Cables: Revenue grew by 13% to EUR 824 million, while a -EBITDA rose by 35% to EUR 166 million, reflecting continued margin improvement. These results were supported by disciplined project execution, high-capacity utilisation and healthy demand for cable products. The order backlog was boosted to a record EUR 3.4 billion by a landmark IPTO framework agreement. • Steel pipes: Revenue increased by 11% to EUR 309 million , driven by higher sales volumes and a diversified portfolio of energy infrastructure projects, which supported robust margins, while a-EBITDA rose by 3% year-on-year to EUR 52 million. The acquisition and development of the Hartlepool, UK LSAW facility, expanded the segment’s manufacturing footprint and reinforced its positioning in conventional energy and emerging CCS markets. The order backlog remained strong at approximately EUR 500 million. • Steel: Challenging European steel market conditions were partially mitigated by supportive regulatory measures ; CBAM and the newly introduced EU safeguard measures reduce d import pressure and support ed European producers. Despite stable volume s, the improved products spread drove a significant 13% y-o-y increase in a-EBITDA to EUR 50 million. • Real estate: Resilient performance, supported by a diversified asset portfolio and an active asset management strategy by Noval Property, along with the award and execution of new major construction projects by Ergosteel, drove double‑digit revenue growth to EUR 47 million and lifted a -EBITDA by 41% to EUR 16 million. First-half 2026 performance was underpinned by strong momentum across the retail portfolio, sustained high occupancy levels and the incremental contribution of the recently completed developments.
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3 Financial performance per segment Commenting on the results, Viohalco’s CEO Ippokratis Ioannis Stassinopoulos stated: “Our businesses delivered a strong performance in the first half of 2026, demonstrating the strength of our diversified indus trial portfolio amid continued macroeconomic uncertainty and metal price volatility. Group revenue increased by 14% to EUR 4.3 billion, while profitability improved across all segments. The aluminium and copper segments delivered higher profitability , supported by favourable demand across key product categories and a stronger value-added mix. The steel segment also continued its recovery despite challenging market conditions in Europe. The record order backlog in our cables segment, together with the expansion of our steel pipes manufacturing footprint throug h the Hartlepool acquisition in UK and continued investments across our industrial operations, reflects both the strength of underl ying demand for our products and our commitment to investing for future growth. These initiatives further strengthen our competiti ve position and enhance our ability to capture long-term growth opportunities across our end markets. As for the real estate division, the performance of the first half of 2026 further highlights the benefits of our broad real estate portfolio and active asset management strategy. Looking ahead, our diversified business model, strong market positions and disciplined investment approach give us confidence in our ability to continue creating long-term value for our stakeholders.” Results presentation A conference call to discuss these results will be held on Thursday, August 6th, 2026, at 12:00 BST / 14:00 EEST. The conference call will be webcast live and can be accessed via the following link: https://zoom.us/webinar/register/WN_Lwyv8mq1RxacIn5ty4JD_Q
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4 Business Overview and Outlook by Segment Aluminium Business overview Viohalco’s aluminium segment delivered a strong performance in the first half of 2026, demonstrating resilience and continued strategic progress, despite a challenging operating environment. Revenue increased by 16% to EUR 1 ,333 million, driven by higher sales volumes and LME aluminium prices. Adjusted EBITDA grew by 12% to EUR 109 million, supported by volume growth and an enhanced product mix, particularly through increased exposure to the transportation and rigid packaging sectors. Demand remained robust across key end -markets in flat -rolled products, with strong growth in rigid packaging and transportation products more than offsetting weaker activity in flexible packaging and building and construction. The segment’s UK plant further diversified its end-market exposure, strengthening its position in electric vehicle (EV), packaging and construction applications , while expanding its customer base in the United States. In extruded products, despite weak demand conditions in the European automotive sector and price pressure in industrial products, the segment increased sales. Operational performance continued to improve, supported by a resilient supply chain that enabled the segment to avoid any adverse effects from supply chain disruptions. At the same time, ongoing investments in technology, innovation and operational excellence reinforced the segment’s competitive positioning and supported its long-term growth ambitions. Strong operating profitability, combined with disciplined working capital management and moderate capital expenditure, supported a further reduction in net debt and strengthened the segment’s financial position. Finally, capital expenditure of EUR 43 million was directed toward targeted operational improvements. These achievements were delivered against a backdrop of heightened geopolitical uncertainty, including tensions in the Middle East and disruptions to maritime traffic through the Strait of Hormuz, which affected the flow of oil and gas, aluminium, alumina and billets, contributing to energy and aluminium price volatility and supply -chain uncertainty. Meanwhile, aluminium scrap availability in Europe remained constrained, although early signs of easing across several categories provided opportunities to support future growth. Outlook The outlook for the aluminium segment remains positive, underpinned by robust structural demand . Ongoing investment programmes are expected to expand production capacity to meet the growing demand. For the remainder of 2026, the principal risks include continued aluminium supply tightness , potential demand weakness stemming from inventory destocking across the value chain and ongoing macroeconomic and energy cost pressures. Against this backdrop, the aluminium segment will remain focused on enhancing productivity, maintaining disciplined cost and working capital management, while further strengthening customer relationships. Copper Business overview The copper segment delivered revenue growth during the first half of 2026, due to increased LME prices, with sales volumes remaining stable , despite continued macroeconomic uncertainty and metal price volatility. Revenue increased by 20% to EUR 1,139 million, supported primarily by significantly higher average LME copper prices of around EUR 11,212/t versus EUR 8,641/t in H1 2025, with prices reaching a record of EUR 12,035/t in May 2026. Sales volumes during the period presented a mixed picture. Operational improvements and the successful stabilisation of production following prior -year investments supported higher volumes in bus bars and flat-rolled products, while copper tube volumes remained broadly stable. The product mix continued to shift towards higher value-added solutions, supported by the deliberate reduction of lower-margin extruded brass products, in line with the segment’s strategic focus . Across end markets, demand from energy and power network applications remained strong, industrial applications and HVAC&R improved, sanitary demand softened due to higher LME prices -a decline offset in part through increased sales outside Europe-, while transportation demand was affected by lower European automotive production. The segment delivered strong profitability, driven by an improved sales mix and a stronger contribution from scrap utilisation. However, the cost inflation weighed on profitability, with adjusted EBITDA slightly decreasing by 5% to EUR 55 million. Although below the strong result reported in H1 2025 (EUR 58 million) , the performance reflects another successful operating period against a particularly demanding comparative base. A positive accounting metal result, reflecting gains arising from metal price movements, increased EBITDA to EUR 87 million. The sharp increase in copper prices since the end of 2025 placed additional pressure on working capital requirements; however, this was effectively mitigated through disciplined cash management , rigorous financial controls and proactive liquidity planning. Capital expenditure remained focused on expanding higher-value-added product capabilities and further improving operational efficiency.
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5 Outlook The positive demand environment is expected to continue, supported by strong underlying trends in energy infrastructure, data centres and power network investment. Planned investments focused on expanding capacity for value-added products and increasing operational efficiency are expected to support future growth and meet growing customer demand . Persistent metal price volatility and elevated energy costs remain the principal risks, but continued investment in value-added products, together with disciplined cost and working capital management, are expected to support the segment’s resilience and long-term competitiveness. Cables Business overview The cables segment delivered a strong performance in the first half of 2026, supported by sustained demand for power transmission and distribution infrastructure, healthy cable product demand and increased utilisation of expanded production capacity. Revenue rose by 13% year-on-year to EUR 824 million, reflecting a 9% increase in projects revenue to EUR 448 million and a 17% rise in cable products revenue to EUR 376 million. Adjusted EBITDA increased by 35% to EUR 166 million, lifting the margin to 20% from 17% in H1 2025, primarily reflecting disciplined execution, a favourable project mix and the advancement of projects under execution during the period. Production progressed across a diversified projects portfolio, including the Ionian Islands interconnection in Greece, export submarine cables for the Baltyk II, Baltyk III and Baltica 2 offshore wind farms in Poland, the Princess Elisabeth Zone interconnection in Belgium, inter-array cables for Hornsea 3 in the UK, and both land and submarine cables for the grid connection of the western offshore substation of the Gennaker offshore wind farm in Germany. In late June, Hellenic Cables secured Lot A of IPT O’s1 EUR 1.15 billion framework agreement for four Greek island interconnections. This landmark award, the largest in the segment’s history, lifted the order backlog to a record EUR 3.4 billion. Capital expenditure amounted to EUR 136 million, mainly directed to the new land cables plant in Maryland, capacity upgrades at the Thiva and Eleonas onshore plants, further investment at the Corinth submarine cable facility and improvements at the Bucharest plant. Outlook The outlook remains favourable . Transmission and distribution operators are expanding and renewing networks to connect renewable generation, improve resilience and serve higher electricity demand from electrification, industrial reshoring and data centres. Performance in the second half of the year is expected to benefit from the continued execution and favourable mix of the secured order backlog and the ongoing contribution from cable products. Priorities for the segment remain the disciplined execution of its project portfolio and the completion of construction of the Maryland plant. The IPTO award further strengthens medium-term visibility, with production expected to begin in late 2027. Steel pipes Business overview The steel pipes segment maintained high levels of activity in the first half of 2026, supported by demand for natural gas infrastructure and the continued development of carbon capture and storage (CCS) projects across international markets. Revenue increased by 11% year-on-year to EUR 309 million, driven by 13% growth in sales volumes, partially offset by a 2% impact from changes to pricing and product mix. Adjusted EBITDA rose by 3% to EUR 52 million, corresponding to a margin of 17%, compared with an exceptionally strong H1 2025, primarily reflecting the different project mix. The Thisvi plant produced pipes for the Greece –North Macedonia Natural Gas Interconnector and the HyNet CO₂ pipeline in Liverpool Bay, UK. Production also progressed on several gas and CCS projects for the US inland market and the Gulf of Mexico, as well as projects destined for Israel, Iraq, Azerbaijan, Germany, Austria and Trinidad. Despite the absence of major awards during the second quarter, the order backlog remained resilient at approximately EUR 500 million, as of 30 June 2026. Bidding activity continues to focus on projects where the segment has its strongest competitive advantage: demanding offshore applications, strict dimensional characteristics, CCS and hydrogen infrastructure and advanced coating solutions. Capital expenditure amounted to EUR 28 million, including EUR 17 million for the acquisition and reactivation of the Hartlepool, UK LSAW facility and EUR 11 million for selective investments at Thisvi. The newly acquired UK facility expands the segment’s manufacturing footprint and strengthens its position in energy infrastructure markets, including local CCS projects that are now in full development. Outlook Demand is expected to remain supported by continued investment in reliable natural gas infrastructure, particularly in Europe and North America, while CCS projects are expected to increasingly progress towards execution. The 1 Independent Power Transmission Operator (IPTO or ADMIE)
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6 existing order backlog provides approximately 15 months of activity, with second -half performance expected to reflect the timing and mix of projects at the Thisvi plant. Priorities for the Hartlepool plant include infrastructure and production modernisation works, as well as technology upgrades , to swiftly integrate the facility into the segment’s operating standards, leveraging its production capabilities and experienced workforce, so it can contribute to strong market momentum. Steel Business overview During the first half of 2026, the steel segment ’s subsidiaries maintained stable sales volumes despite weak demand in certain export markets and continued pressure from low -cost imports. Revenue increased by 1% year -on-year to EUR 559 million, while profitability improved across all product categories . Profit before tax increased by 220% year-on-year to EUR 20 million, and adjusted EBITDA increased by 13% to EUR 50 million, supported by the strong performance of the Greek operations and a substantial recovery at Stomana Industry (Bulgaria plant). The segment also continued to invest in long-term growth. Projects completed during the period included the introduction of octagon billets at Sovel (Greece plant) and a new mesh production and downstream facility in Aspropyrgos. Further investment programmes remain on track, including new spooler lines at Sovel (Greece plant), scheduled for commissioning in the fourth quarter of 2026, following in 2027 a spooler at Stomana Industry (Bulgaria plant), upgrades to the NRM, a high -speed SBQ inspection line and potential improvements to scrapyard and Consteel operations . These investments are expected to enhance productivity, strengthen competitiveness and support future growth. Overall, the European steel market remains highly challenging. Following a record low in EU steel production in 2025, signs of stabilisation began to emerge during 2026, partly supported by regulatory measures. The CBAM regulation, introduced in January 2026, has started to influence trade flows by increasing carbon-related costs on imports, improving spreads for European producers and reducing import pressure. In addition, new EU safeguard measures effective from July 2026 are expected to substantially reduce tariff -free import quotas across all product categories. In Greece, construction activity increased during the first four months of the year, supported by a recovery in building permits, before moderating due to rising construction costs and expectations of price corrections. Outlook Looking ahead, the steel segment's subsidiaries target further improvements in sales volumes and profitability, supported by the evolving European regulatory environment, gradually improving market conditions and continued progress in cost management and operational efficiency. At the same time, the ongoing execution of a broad portfolio of strategic investment projects is expected to enhance productivity, reduce costs, increase operational flexibility and strengthen the platform for future growth. Real Estate Business overview The real estate division doubled its revenue to EUR 47 million during the first half of 2026 (H1 2025: EUR 23 million), while profit before income tax grew to EUR 10 million (H1 2025: EUR 7 million). It should be noted that Viohalco applies the historical cost model for investment property, while its key real estate subsidiary, Noval Property reports under the fair value model. Noval Property manages a resilient and diversified real estate investment portfolio comprising office, retail, logistics, residential and hospitality assets, with a total leasable area of c. 339,000 sq.m., as well as a pipeline of assets intended for development. At the end of June 2026, the company’s portfolio fair value, including loans and participation in a joint venture, stood at EUR 707 million, a 2% increase since end-2025 (EUR 694 million). Gross rental revenue continued to register double-digit growth, rising by 17% year-on-year to EUR 21 million (H1 2025: EUR 18 million), while profit before tax under the fair value model reached EUR 19 million (H1 2025: EUR 21 million). During the period, Noval Property continued to actively manage its income -generating portfolio, signing new leases and renewing existing ones on more favourable commercial terms. The company also advanced its development programme with the completion of the renovation of a modern prime office building at 199 Kifissias Avenue, Maroussi, Athens, which was delivered to tenants in February 2026. Apart from Noval Property, the real estate division of Viohalco includes other entities engaged in real estate operations, construction activities and services . Revenue from construction activities undertaken by the segment’s other company, Ergosteel, amounted to EUR 26 million, driven by the award and execution of new major construction projects. Outlook Looking ahead, the real estate segment will continue to advance its investment strategy by unlocking value from its internal development pipeline through the transformation of existing assets into income ‑producing properties. In parallel, the key real estate company (Noval Property REIC) will continue to evaluate and pursue selective acquisition opportunities that have the potential to further strengthen its portfolio with modern, high-quality and environmentally sustainable assets.
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7 Sustainability During the first half of 2026, all Viohalco subsidiaries continued the implementation of the long -term sustainability strategy, maintaining a structured and consistent approach across their operations. The primary focus remained on occupational health a nd safety and decarbonisation initiatives. At the same time, the subsidiaries closely monitor regulatory developments under the EU “Omnibus” framework, following the adoption of the legislation and the subsequent implementation phase, alongside the simplification of the European Sustainability Reporting Standards (ESRS), EU Taxonomy disclosure requirements and development s relating to the Carb on Border Adjustment Mechanism (CBAM). The subsidiaries follow closely this evolving regulatory landscape, aligning internal processes to ensure ongoing compliance and effective implementation. Subsequent Events In July 2026, Viohalco ’s subsidiary ElvalHalcor S.A. completed a EUR 250 million share capital increase through a combined public offering and private placement at EUR 4.20 per share, issuing 59.5 million new shares. Following the transaction, Viohalco’s participation decreased from 84.78% to 73.17%. Statement of the Auditor The interim report for the six -month period ended 30 June 2026 (regulated information under the Belgian Royal Decree dated 14 November 2007), including Viohalco’s business performance for that period, the condensed consolidated interim financial statements prepared in accordance with IAS 34, the Management statement and the Review report from the statutory auditors, will be published on 17 September 2026. The statutory auditor has confirmed that the review, which is substantially complete, has not to date revealed any material misstatement in the draft condensed consolidated interim financial statements, and that the accounting data reported in the press release is consistent, in all material respects, with the draft condensed consolidated interim financial statements from which it has been derived. Financial Calendar Date Event 06 August 2026 H1 2026 Results Conference Call for Investors & Analysts 17 September 2026 H1 2026 Interim Financial Statements 04 March 2027 FY 2026 Results Press Release 05 March 2027 Full year 2026 results conference call for investors and analysts 25 May 2027 2027 Ordinary General Shareholders’ Meeting The Interim Financial Report for the period January 1, 2026 – June 30, 2026 will be published on September 17, 2026 and will be posted on the Company’s website, www.viohalco.com, on the Euronext Brussels Exchange website www.euronext.com, as well as on the Euronext Athens website athens.euronext.com. About Viohalco Viohalco is the Belgium based holding company of leading metal processing companies in Europe . It is listed on Euronext Brussels (VIO) and Euronext Athens (BIO). Viohalco’s subsidiaries specialise in the manufacture of aluminium, copper, cables, steel and steel pipes products, and are committed to the sustainable development of quality, innovative and value-added products and solutions for a dynamic global client base. With production facilities in Greece, Bulgaria, Romania, the United Kingdom and North Macedonia and participations in companies with production facilities in Turkey and the Netherlands, Viohalco companies generate a consolidated annual revenue of EUR 7.2 billion (2025). Viohalco’s portfolio also includes a n R&D and technology segment. In addition, Viohalco and its companies own real estate investment properties, mainly in Greece, which generate additional value through their commercial development. For more information, please visit our website at www.viohalco.com Contacts For further information, please contact: Sofia Zairi Chief Investor Relations Officer T +30 210 6861111, +30 210 6787773 E ir@viohalco.com
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8 Appendix A - Consolidated Statement of Profit or Loss For the period ended 30 June Amounts in EUR thousands 2026 2025 Revenue 4,256,515 3,721,604 Cost of sales -3,625,142 -3,268,149 Gross profit 631,373 453,455 Other income 14,023 16,506 Selling and distribution expenses -49,764 -44,905 Administrative expenses -124,900 -114,021 Impairment loss on trade and other receivables, including contract assets -10,663 -1,654 Other expenses -5,891 -5,245 Operating result (EBIT) 454,177 304,136 Finance income 9,387 8,027 Finance cost -77,805 -86,262 Net finance cost -68,419 -78,235 Share of profit/loss (-) of equity-accounted investees, net of tax 466 3,067 Tax on securities account -16,057 - Profit before income tax 370,168 228,968 Income tax expense -84,324 -52,205 Profit for the period 285,844 176,763 Profit attributable to: Owners of the Company 218,741 134,668 Non-controlling Interests 67,104 42,095 285,844 176,763 Earnings per share (in EUR per share) Basic and diluted 0.844 0.520 Appendix B - Consolidated Statement of Financial Position (simplified) Amounts in EUR thousands 30.06.2026 31.12.2025 Fixed and intangible assets 3,527,818 3,372,686 Other non-current assets 122,405 132,379 Non-current assets 3,650,224 3,505,065 Inventory 2,288,650 1,966,176 Trade and other receivables (incl. contract assets) 1,226,984 907,607 Cash and cash equivalents 719,612 729,756 Other current assets 38,370 54,503 Current assets 4,273,615 3,658,041 Total assets 7,923,839 7,163,106 Equity 3,008,719 2,663,124 Loans and borrowings 1,208,568 1,208,807 Lease liabilities 41,774 43,192 Other non-current liabilities 190,776 194,327 Non-current liabilities 1,441,118 1,446,326 Loans and borrowings 960,292 959,258 Trade and other payables (inc. contract liabilities) 2,387,726 1,989,288 Lease liabilities 14,225 14,532 Other current liabilities 111,759 90,579 Current liabilities 3,474,003 3,053,656 Total equity and liabilities 7,923,839 7,163,106
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9 Appendix C – Alternative Performance Measures (APMs) Introduction Viohalco management has adopted, monitors and reports internally and externally P&L alternative performance measures (APMs), namely EBITDA, EBIT, adjusted EBITDA (a -EBITDA) and adjusted EBIT (a -EBIT) on the basis that they are appropriate measures reflecting the underlying performance of the business. These APMs are also key performance metrics on which Viohalco prepares, monitors and assesses its annual budgets and long -term (5 year) plans. However, it must be noted that adjusted items should not be consid ered as non -operating or non -recurring items. Relating to balance sheet items, Viohalco management monitors and reports the net debt measure. General Definitions EBIT is defined as profit for the period before: • income taxes and tax on securities account; • share of profit / loss of equity-accounted investees, net of tax; • net finance cost. EBITDA is defined as profit for the period before: • income taxes and tax on securities account; • share of profit / loss of equity-accounted investees, net of tax; • net finance cost; • depreciation and amortization. a-EBIT and a-EBITDA are defined as EBIT and EBITDA, respectively, adjusted to exclude: • metal price lag; • impairment / reversal of impairment of fixed assets, intangible assets and investment property; • impairment / reversal of impairment of investments; • gains / losses from sales of fixed assets, intangible assets, investment property and investments; • losses from fixed assets, intangible assets and investment property write-off; • exceptional litigation fees and fines; • other exceptional or unusual items. Net Debt is defined as the total of: • long term loans & borrowings and lease liabilities; • short term loans & borrowings and lease liabilities; Less: • cash and cash equivalents. Metal price lag is the P&L effect resulting from fluctuations in the market prices of the underlying commodity metals (ferrous and non-ferrous) which Viohalco subsidiaries use as raw materials in their end-product production processes. Metal price lag exists due to: 1. the period of time between the pricing of purchases of metal, holding and processing the metal, and the pricing of the sale of finished inventory to customers, 2. the effect of the inventory opening balance (which in turn is affected by metal prices of previous periods) on the amount reported as cost of sales, due to the costing method used (e.g. weighted average), and 3. certain customer contracts containing fixed forward price commitments which result in exposure to changes in metal prices for the period of time between when our sales price fixes and the sale actually occurs. Most of Viohalco subsidiaries use back-to-back matching of purchases and sales, or derivative instruments in order to minimize the effect of the Metal Price Lag on their results. However, there will be always some impact (positive or negative) in the P&L, since inventory in the non-ferrous segments (i.e. aluminium, copper and cables) is treated as being held on a permanent basis (minimum operating stock), and not hedged, and in the ferrous segments (i.e. steel and steel pipes), no commodities hedging occurs.
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10 Reconciliation Tables EBIT / a-EBIT / EBITDA / a-EBITDA H1 2026 Amounts in EUR thousands Aluminium Copper Cables Steel pipes Steel Other activities Total Industrial Real Estate Total Consolidated PBT (as reported in Statement of Profit or Loss) 114,580 67,556 134,430 41,146 19,726 -17,760 359,676 10,492 370,168 Adjustments for: Tax on securities account - - - - - 16,057 16,057 - 16,057 Share of profit/loss (-) of equity-accounted investees -573 342 - 397 -123 - 44 -510 -466 Net finance cost 17,385 9,114 21,319 4,269 17,019 -3,263 65,844 2,575 68,419 EBIT 131,392 77,011 155,749 45,813 36,622 -4,966 441,620 12,557 454,177 Add back: Depreciation & amortization 32,071 9,878 17,258 6,471 15,764 2,580 84,022 4,040 88,062 EBITDA 163,463 86,890 173,006 52,284 52,386 -2,386 525,642 16,597 542,239 Adjustments for: Metal price lag (1) -46,209 -41,908 -7,081 - -7,206 - -102,403 - -102,403 Other adjustments (impairments, gains/losses on disposals, litigation and other exceptional or unusual items) (2) -7,910 10,028 112 - 4,530 -16 6,744 -677 6,067 a-EBIT 77,273 45,131 148,780 45,813 33,947 -4,983 345,961 11,880 357,840 a-EBITDA 109,344 55,010 166,038 52,284 49,711 -2,403 429,983 15,919 445,902 (1) The main variation of metal price lag occurs because of the intensity of changes in metal prices, as well as their timing. On an upward trend, rapid increases of e .g. Copper price, may affect the average COGS faster than they affect sales (as customers may have booked their metal earlier, whi le most purchases are booked closer to the receipt of material). On the other hand, a downtrend of metal prices, unhedged inventory may be written down to below book -value levels, leading to an immediate, negative effect. (2) Other adjustments mainly relate to exceptional or unusual income (-) / expenses, as follows: Copper: EUR 10 million concerning allowances for other receivables. Aluminium: EUR (7.8) million relating to an advance payment retained on a terminated customer contract recognized under “other income”. Steel: EUR 3.1 million relating to fines imposed on a Group subsidiary concerning prior years. H1 2025 Amounts in EUR thousands Aluminium Copper Cables Steel pipes Steel Other activities Total Industrial Real Estate Total Consolidated PBT (as reported in Statement of Profit or Loss) 61,082 37,820 89,938 40,280 6,172 -13,208 222,085 6,883 228,968 Adjustments for: Share of profit/loss (-) of equity-accounted investees -2,815 31 - -240 -74 - -3,097 31 -3,067 Net finance cost 19,275 8,751 20,734 5,016 17,737 4,503 76,016 2,220 78,235 EBIT 77,542 46,602 110,672 45,056 23,835 -8,705 295,003 9,133 304,136 Add back: Depreciation & amortization 29,487 8,876 12,643 5,711 13,958 2,281 72,956 3,388 76,344 EBITDA 107,029 55,478 123,315 50,767 37,794 -6,424 367,959 12,521 380,480 Adjustments for: Metal price lag -9,007 1,825 -128 - 10,790 - 3,480 - 3,480 Other adjustments (impairments, gains/losses on disposals, litigation and other exceptional or unusual items) -47 726 -17 -23 -4,757 -193 -4,311 -1,224 -5,534 a-EBIT 68,488 49,153 110,527 45,033 29,869 -8,898 294,173 7,910 302,082 a-EBITDA 97,975 58,029 123,170 50,744 43,827 -6,617 367,129 11,297 378,426 Net Debt Amounts in EUR thousands 30.06.2026 31.12.2025 Total Industrial Total Consolidated Total Industrial Total Consolidated Long term 1,058,118 1,250,343 1,057,563 1,251,999 Loans & borrowings 1,030,140 1,208,568 1,028,526 1,208,807 Lease liabilities 27,977 41,774 29,037 43,192 Short term 958,507 974,517 963,238 973,789 Loans & borrowings 944,930 960,292 949,381 959,258 Lease liabilities 13,577 14,225 13,857 14,532 Total Debt 2,016,625 2,224,859 2,020,802 2,225,788 Less: Cash and cash equivalents -667,758 -719,612 -673,158 -729,756 Net Debt 1,348,867 1,505,248 1,347,644 1,496,032