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Beyond Metals Shaping Tomorrow BEYOND METALS SHAPING TOMORROW H1’25 FINANCIAL RESULTS
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HIGHLIGHTS Increased sales volume and conversion prices in conjunction with improved result from scrap usage in the production process. 303 th. tons +2.1% YoY € 630 M - 15.0% YoY Driven by the aluminium packaging sector. € 134 M +18.1% YoY € 74 M +45.2% YoY Volumes sold a-EBITDA EAT Increased profitability and reduced finance costs. Net Debt reduction thanks to strong operational profitability and successful management of working capital needs. Net Debt Net Debt / a – EBITDA* 2.4 x -0.9x YoY Positive Impact Downward Trend Upward trend * Calculated on rolling bases
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Macroeconomic Charts Source: Company information. LME Prices TTF - Gas Higher average LME prices in H1’25 vs H1’24. Increased Natural Gas and DAM prices during H1’25 vs H1’24. Interest rates Inflation rates Interest rates continued their downtrend Inflation stabilizes in Eurozone. Modest increase in US. 3 4,000 6,000 8,000 10,000 1,000 2,000 3,000 4,000 CU €/tn AL €/tn LME Aluminium Copper *30 September 2024 marks the complete cessation of USD LIBOR rates. From this date and onwards USD LIBOR is replaced by the SOFR. 0.0 1.0 2.0 3.0 4.0 5.0 6.0% Interest Rates Euribor 3M USD Libor 3M * 0.0 1.0 2.0 3.0 4.0 5.0% Inflation Eurozone inflation US Inflation 0 30 60 0.0 60.0 120.0 180.0 240.0 300.0€ / MWh Heren TTF Natural Gas -DAM DAM Heren TTF Natural Gas (EUR/MWh)
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13% 13% 11% 17% 5% 13% Energy 28% Employee benefits Transportation costs Depreciation and amortization Third party fees Maintenance Other operating Consolidated Cost Analysis 16% 28% 13% 10% 16% 5% 12% Energy Employee benefits Transportation costs Depreciation and amortization Third party fees Maintenance Other operating H1’ 2025H1’ 2024 Increase in energy costs. Source: Company information 4 Excluding Al, Cu, Zn, and other metals costs.
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Sales evolution per quarter Sales volumes (‘000tn) Aluminium Copper Q2 Q4Q3 97 100 104 98 106 109 97 108 94 100 Q1 +3.4% +3.1% +8.3% +2.6% +11.4% +5.9% 2023 2024 2025 Q2 Q4Q3 47 45 44 47 45 46 39 40 41 41 Q1 -4.1% -2.0% -4.7% +3.2% +1.1% -1.2% 2023 2024 2025 Source: Company information 5
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a-EBITDA evolution per quarter a-EBITDA (€m) Aluminium Copper 39 36 35 3335 44 3839 42 Q1 Q2 Q3 Q4 21 -47.2% +89.9% -2.9% +19.8% +26.1% +16.8% 2023 2024 2025 31 24 24 17 28 30 22 19 25 28 Q1 Q2 Q3 Q4 -9.6% -12.5% +22.1% -4.6% -7.2% +13.4% 2023 2024 2025 Source: Company information 6
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386 270 383 H1’ 23 H1’ 24 H1’ 25 -30% +42% AL a-EBITDA evolution per ton By segment (EUR/ tons) 589 641 584 H1’ 23 H1’ 24 H1’ 25 +9% -9% CU 1. Source: Company information. 7
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Sales volume of Core Products by Market Copper Breakdown (Η1’25) Copper Breakdown (Η1’24) By Market (% of tons) By Market (% of tons) Cu 21% 21% 19% 9% 28% Industrial Applications Building & Construction HVAC&R Energy & Power Networks Transportation 2% Other Industrial Markets 26% 21% 21% 21% 9% Industrial Applications Building & Construction HVAC&R Energy & Power Networks Transportation 2% Other Industrial Markets Aluminium breakdown (H1’24) By Market (% of tons) 12% 4% 4% Building & Construction 1% Energy & Power Networks 12% Transportation 2% Industrial Applications Other Industrial Markets 65% Packaging HVAC&R 14% 11% 4% 4% 61% 5% Building & Construction 1% Energy & Power Networks Transportation Industrial Applications Other Industrial Markets Packaging HVAC&R By Market (% of tons) Aluminium Breakdown (Η1’25) Al Source: Company information 8*HVAC&R : Heating, Ventilation, Air conditioning and Refrigeration
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Revenue of Core Products per Geographical Segment Revenue breakdown (Η1’25) Al By Geographical Segment (% of €) 6%11% Greece 63% Other European Union countries 3%UK 12%Other European countries 3% Asia Americas 2% Αfrica & Oceania 94% outside Greece 5% 4% 12% Greece 64% Other European Union countries UK 11%Other European countries 3% Asia Americas 1% Αfrica & Oceania By Geographical Segment (% of €) By Geographical Segment (% of €) By Geographical Segment (% of €) 95% outside Greece 5% 9% 6% Greece 71% Other European Union countries UK Other European countries 2% Asia 5% Americas 2% Αfrica & Oceania 4% 9% 6% 9% Greece 68% Other European Union countries UK Other European countries 3% Asia Americas 1% Αfrica & Oceania Cu Source: Company information Revenue breakdown (Η1’24) Revenue breakdown (Η1’25) Revenue breakdown (Η1’24) 9 95% outside Greece 96% outside Greece
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Consolidated Key Figures Volumes (kTn) Revenue (€m) a-EBITDA (€m) Strong operational profitability and increased sales volume from Aluminium segment. Metal result remained on the same level. 1. Adjusted for aluminium and copper price fluctuations and other non recurring items. Source: Company information 195 94 H1’ 23 207 90 H1’ 24 213 90 H1’ 25 289 297 303 +2.5% +2.1% 864 927 H1’ 23 842 881 H1’ 24 936 926 H1’ 25 1,791 1,723 1,862 -3.8% +8.0% 75 56 H1’ 23 56 58 H1’ 24 81 53 H1’ 25 131 114 134 -13.1% +18.1% AL CU -24 -6 H1’ 23 -9 16 H1’ 24 9 -2 H1’ 25 -30 7 7 -124.1% +0.5% Metal Result (€m) EBITDA (€m) 52 49 H1’ 23 46 69 H1’ 24 91 48 H1’ 25 101 115 139+14.4% +20.8% 10
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Consolidated Key Figures. Strong profitability &reduced financial costs. 1. Adjusted for aluminium and copper price fluctuations and other non recurring items. Source: Company information EBIT (€m) 25 38 H1’ 23 22 60 H1’ 24 67 38 H1’ 25 63 82 105+29.9% +27.8% EBT (€m) 10 28 H1’ 23 9 51 H1’ 24 58 31 H1’ 25 38 60 89 +55.2% +48.0% Finance result (€m) 15 11 H1’ 23 13 10 H1’ 24 11 7 H1’ 25 26 23 18 -11.3% -23.3% a - EBIT (€m) 49 44 H1’ 23 33 48 H1’ 24 57 43 H1’ 25 93 81 100-13.7% +24.1% 11 AL CU
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Deviation analysis on the Consolidated Profit before taxes Increased sales volume, higher conversion prices and favourable sales mix boosted profitability. 30.06.2024 10 Volume effect 14 Price/Cost/Mix 4 SG&A Financial 1 Share of result of Equity accounted investees 3 Other income/expense Metal Result 30.06.2025 60 5 0 89 Amounts in €m Source: Company information 12 Sales mix, with increased conversion prices and improved result from scrap usage in the production process, partially offset by increased energy costs Decrease of net debt (-111 M € y-ο-y) and lower interest rates. Increased demand for flexible packaging products of the Aluminium segment. Due to inflation Increased allowances in H1’24 related to doubtful customers On the same levels vs H1’24
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Analysis on the Consolidated Cash Flows Amounts in €m Increased LME prices affected Working Capital of the Group Source: Company information 13 Significantly increased profitability. De-escalation of LME prices at the end of March, although remained in higher levels than H1’24 Income tax paidCash and Cash equivalents as at 01.01.2025 139 Other investing activities 53 EBITDA Financing activities Cash and Cash Equivalents as at 30.06.2025 18 Interest paid 67* Working Capital 2 Other operating 37 Investments 380 42 3 Repayment of long-term loans On the same levels as in prior year 15 Μ€ FCF * Note : Working Capital as at 30.06.2025 has been adjusted for the unpaid dividend for fiscal year 2024, of EUR 33 million. The dividend paid on July 2nd , 2025
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Evolution of the Consolidated Working Capital & Net Debt Improved Net Debt from 30.06.2025. Increased Working Capital needs due to increased LME prices. Consolidated Net Debt Breakdown (€m) 630 168 -57 30.06.2024 587 136 -80 31.12.2024 544 128 -42 30.06.2025 Long-term Short-term Cash & Cash Equivalents 741 643 630 -111 (-15%) -14 (- 2%) 14 Source: Company information and Financial Statements 3% 16% 81% Short term bank loans Current portion of long term Long term Working Capital 592 538 605 +2% + 11% 30.06.2024 31.12.2024 30.06.2025 ~ 16% Working Capital % of Sales ~ 17%~ 18% The majority of the Debt is on long-term tenure. Note : Working Capital as at 30.06.2025 has been adjusted for the unpaid dividend for fiscal year 2024, of EUR 33 milion. The dividend paid on July 2nd , 2025
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Capex Evolution On the same levels as in prior year 38 420 €m 58 144 94 130 160 69 51 23 24 34 20 22 15 12 26 24 10 13 2018 2019 2020 2021 2022 2023 2024 Η1’24 Η1’25 92 164 116 145 172 95 75 33 37 +12% Cu Al Source: Annual Financial Statements and Company information. 15
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Disclaimer The informationcontained in this corporatepresentation(CP) has been prepared by ElvalHalcorS.A. (the Company). It is based on historical financial data and other information already publicly disclosed by the Company. It also includes informationfrom other sources and third parties. This informationhas not been independently verified and it will not be updated. No representation,warranty or undertaking,express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completenessor correctness of the information or opinions contained herein and nothing in this CP is, or shall be relied upon as, a promise or representation. None of the Company nor any of its shareholders, affiliates, nor their respective employees, officers, directors, advisers, representatives or agents shall have any liability whatsoever(in negligenceor otherwise, whether direct or indirect, in contract,tort or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. This presentationis not a part to any contract, agreementor obligationand cannot be used or construedas such. The informationand opinionsin this CP are provided as at the date hereof and subject to change without notice. It is not the intention of the Company to provide, and you may not rely on these materials as providing, a complete or comprehensiveanalysisof the Company’sfinancialor trading position or prospects. This presentationdoes not constitute investment, legal, accounting, regulatory, taxation or other advice and does not take into account your investment objectives or legal, accounting, regulatory, taxation or financial situation or particular needs. You are solely responsible for forming your own opinions and conclusions on such matters and for making your own independent assessment of the Company. You are solely responsible for seeking independent professional advice in relation to the Company. No responsibilityor liability is accepted by any person for any of the information or for any action taken by you or any of your officers, employees, agents or associates on the basis of such information. This CP contains, inter alia, financial information regarding certain aspects of the business of the Company. Such information may not have been audited, reviewed or verified by any independent auditing firm. 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By their nature, forward looking statements involve a number of risks, uncertainties, assumptions and other factors that are outside the control of the Company and could cause actual results or events to differ materiallyfrom those expressed or implied by the forward-looking statements with respect to the operationaland financial results of the Company, its economic condition,its liquidity, performance, prospectus and opportunities. Such risks include: • Competition; • Legislativeand regulatorydevelopments; • Global macroeconomicand politicaltrends; • Fluctuationsin financialmarketsconditions; • Delay or Inabilityin obtainingapprovalsfrom authorities; • Technicaldevelopments; • Litigation; and • Adversepublicityand news coverage. Statements contained in this presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Based on the above, no assurance can 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, including our financial condition and liquidity and the developmentof the industry in which we operate, are consistentwith the forward- looking statements contained in this presentation, those results or developments may not be indicative of results or developments in subsequent periods. The Companydoes not undertakeany obligationto update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements,which speak only as of the date of this presentation. Any industry and market data and relevant forecasts included in this presentation are included for information purposes only. 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elvalhalcor.com
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Beyond Metals Shaping Tomorrow Q&A SESSION BEYOND METALS SHAPING TOMORROW