Earnings release
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1 PRESS RELEASE
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1 Athens, 21st of May 2025 Trading update Q1’25 Increased operational profitability and decrease of net debt. Financial highlights • Increased operational profitability (a-EBITDA) by 31% at EUR 63.8 million compared to Q1 2024 • Decrease in net debt by EUR 95 million from 31.03.2024 Operational highlights • Increase in sales volume of the Aluminium Segment – flexible packaging rebounded. • Metal prices increased, followed by a de-escalation in late March driven by concerns over trade tariffs • Low investment rate 25 28 39 21 64 49 - 20 40 60 80 100 120 CU AL 20 31 51 14 71 45 - 20 40 60 80 100 CU AL 460 417 470 400 930 817 - 200 400 600 800 1.000 1.200 1.400 CU AL Sales (€ million) 44 45 104 101 - 50 100 150 200 CU AL Volume (thousands tons) a-EBITDA (€ million) EBITDA (€ million)
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2 Commenting on the financial results, the General Manager of the Aluminium Segment, Nikolas Carabateas, stated: “In the first quarter of 2025, we demonstrated strong financial performance, despite the challenging market conditions. We managed to increase sales volume catering to the beverages and food packaging sectors and expanded automotive solutions for electric vehicles. Additionally, we rebalanced our foil business, strengthening its performance compared to the first quarter of 2024. By prioritising operational efficiency, maintaining a well-balanced product mix and implementing a disciplined approach to managin g working capital, we enhance the segment’s competitiveness, enabling us to grow alongside our customers.” Commenting on the financial results, the General Manager of the Copper Segment, Panos Lolos, stated: “Our segment has proven once again how, in a highly demanding and fully competitive economic environment , characterized by various challenges and international uncertainty, our business model, through the development of high added value innovative products and industrial applications as well as high quality services to an expanding range of clientele, continues to ensure our steady progress and success. Despite the adverse economic conditions, our segment managed to maintain its operating profitability at high levels, proving its resilience.” Overview The ElvalHalcor Group demonstrated solid financial performance in Q1’25, amidst multiple challenges. Inflation and interest rates declined further, but ongoing geopolitical and economic uncertainty continued to negatively impact the global economic environment. The Group marked an increase in sales volume by 1.5% and its operational profitability, compared to the corresponding period of 2024 . Sales stood at EUR 930.9 million in Q1’2025, up by 14.0%, compared to EUR 816.6 million in Q1’24, mainly affected by the increase in metal prices. In specific, LME metal prices were higher in Q1’25 compared to Q1’24. The average price of aluminium stood at EUR 2,497/tn in Q1’25, compared to EUR 2, 025/tn in Q1’24, i.e. higher by 23.3%. The average price of copper was EUR 8,875/tn versus EUR 8,122/tn in the respective prior period, increased by 9.3%, while the average price of zinc was EUR 2,698/tn in Q1’25 versus EUR 2,547 /tn in Q1’24, increased by 5.9%. Consolidated gross profit amounted to EUR 82.3 million in Q1’25 versus EUR 53.2 million in Q1’24, while consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) stood at EUR 70.8 million compared to EUR 44.8 million in Q1’24, positively affected by the accounting metal result, which amounted to gains of EUR 7.0 million in Q1’25 versus losses of EUR 4.2 million for Q1’24. Consolidated adjusted earnings before interest, taxes, depreciation and amortisation, metal result, and other exceptional items (a-EBITDA), which better reflect the Group's operational profitability, increased by 31.0%, reaching EUR 63.9 million in Q1’2 5 versus EUR 48.7 million in the respective prior period , affected by the increase in sales volume, conversion prices and the increased use of scrap, despite the increase in energy cost. Consolidated net financial result (cost) reached EUR 9.7 million in Q1’2025, declining by 22.4% versus the respective prior period of EUR 1 2.5 million. This is attributed to the decrease in net debt by EUR 95.5 million from Q1 ’24, as a result of increased operational profitability and decrease in interest rates . At the end of the period, 70% of the total debt was at a fixed interest rate. Consolidated profits after tax stood at EUR 41.6 million in Q1’25 versus EUR 14.6 million in Q1’24. Consolidated profit after tax and non-controlling interest amounted to EUR 40.3 million in Q1’25 or (EUR 0.1074 per share), compared to EUR 12.9 million in the respective period of the prior year (or EUR 0.0345 per share).
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3 Key financial figures Group Amounts in €’ 000 For the 3 months until 31.03.2025 For the 3 months until 31.3.2024 Sales 930,932 816,585 Gross profit 82,258 53,230 EBITDA 70,830 44,751 a-EBITDA* 63,850 48,724 ΕΒΙΤ 53,766 27,028 a-EBIT** 46,786 31,001 Net financial result (9,689) (12,480) Profit before tax 45,337 14,672 Profit after tax 41,599 14,587 Profit after tax & non-controlling interests 40,293 12,939 Earnings per share*** 0.1074 0.0345 Net Debt 669,684 765,148 Per segment analysis Aluminium Copper Total €’000 31.03.2025 31.03.2024 31.03.2025 31.03.2024 31.03.2025 31.03.2024 Sales 470,437 399,614 460,495 416,971 930,932 816,585 EBITDA 51,017 13,855 19,812 30,897 70,830 44,751 a-EBITDA* 39,124 20,475 24,725 28,249 63,850 48,724 EBIT 39,047 2,173 14,719 24,855 53,766 27,028 a-EBIT** 27,154 8,794 19,632 22,207 46,786 31,001 EBT 33,240 (5,127) 12,098 19,799 45,337 14,672 * a - EBITDA = EBITDA plus adjustments for + Losses / - Gains for metal result + Losses from fixed assets write offs + Losses / - Gains from sale of fixed assets + / - Other exceptional items ** a-EBIT= a-EBITDA – Depreciation *** Earnings per share are calculated by dividing the profits after taxes attributable to the parent company's common shareholders by the weighted average number of common shares, excluding the average number of treasury shares held by the Group.
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4 Aluminium Segment In the first quarter of 2025, sales volume of the Aluminium Segment increased by 3.1% compared to Q1’24, primarily driven by the packaging sector, despite the international challenges. Aluminium’s Segment revenue increased to EUR 470.4 million compared to EUR 399.6 million in Q1’ 2024 , mainly due to higher average LME metal prices. Despite increased energy prices , the operational profitability of the Segment marked an increase , driven by the improved product mix, increased scrap usage and higher conversion prices, especially for flexible packaging products. a-EBITDA stood at a profit of EUR 39.1 million in Q1’25 versus EUR 20.5 million in Q1’24, up by EUR 18.7 million. Earnings before taxes of the Segment amounted to gains of EUR 33.2 million against losses of EUR 5.1 million in Q1’24 and the accounting metal gains amounting to EUR 11.8 million compared to losses of EUR 6.8 million in Q1’24. The investment program of the segment is in lower levels compared to previous years, with EUR 11.6 million paid in the first quarter of 2025 compared to EUR 13.4 million in the corresponding period last year. Copper Segment Revenue of the Copper Segment reached EUR 460.5 million versus EUR 417.0 million in Q1’24, positively affected by the increased average metal prices in LME. Demand in the construction, transportation and industrial applications sectors remained reduced, affecting the Segment's sales volume, which decreased by 2% in the first quarter of the year compared to the corresponding period last year. Changes in sales volumes across the various product categories showed mixed signs, however , it is worth noting that s ales volume directed to the construction sector increase d. Product mix and increased energy prices negatively affected the Segment’s profitability with the a-EBITDA reached EUR 24.8 million in Q1’25 compared to EUR 28.3 million in Q1’24 which was partially offset by improved results from scrap consumption in production. The accounting metal results for the period amounted to losses of EUR 4.8 million compared to profits of EUR 2.6 million in the respective prior year period, as a result of the de-escalation of average LME prices following the announcements of the imposition of tariffs. Profits before tax, amounted to EUR 12.1 million versus EUR 19.8 million in Q1’24. The investments for Q1’25 amounted to EUR 4.5 million, compared to EUR 6.6 million in the corresponding period last year.
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5 Outlook Disruptions in international trade, increases in raw material and metal prices, ongoing geopolitical crises, supply chain problems and the maintenance of interest rates and inflation at high levels, continue to negatively affect the international economic environment. The Group has so far successfully coped with the challenges, achieving strong performance, having successfully managed its working capital needs and achieving a reduction in its net debt. ElvalHalcor is well -positioned to leverage its broad and diversified product portfolio, as well as its strategic advantages, such as its customer -centric philosophy, innovative technology, and strong international orientation of sales, with no dependency on countries or geographical areas, which provide the ability to capitalize on any future opportunity. To that end, the significant investments which have been completed play an important key role, as they have further increased the production capacity of t he Company in sectors and products with prospects for dynamic growth in the context of the global sustainability megatrends of circular economy, climate neutrality, urbanisation and technological advancements. This fact allows ElvalHalcor to successfully respond to this dynamic and maintain its growth momentum in the long run despite the short-term effects from more cyclical segments in which it is active. Financial Calendar Description DATE Analysts Briefing on Q1'25 Trading Update 22.05.2025 Annual General Meeting of Shareholders 22.05.2025 Ex-Dividend Date 20241 26.06.2025 Dividend 2024 - Record Date1 27.06.2025 Distribution of Dividend 2024 - Payment date1 02.07.2025 Announcement for Publication of H1'25 Financial Results 10.09.2025 Analysts Briefing on H1'25 Financial Results 11.09.2025 Announcement for Trading Update Q3'25 19.11.2025 Analysts briefing on Q3'25 Trading Update 20.11.2025 1 Following the approval of the General Assebly
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6 APPENDIX Consolidated Condensed Statement of Financial Position (€' 000) ASSETS 31.03.2025 31.12.2024 Non-current assets 1,253,064 1,256,791 Inventories 865,614 802,017 Trade receivables 362,888 301,717 Other current assets 3,702 5,693 Cash and cash equivalents 67,496 79,687 TOTAL ASSETS 2,552,764 2,445,906 EQUITY & LIABILITIES EQUITY & LIABILITIES Share Capital 146,344 146,344 Other Company's shareholders equity 916,356 878,632 Company's shareholders equity 1,062,700 1,024,976 Minority rights 28,463 27,042 Total Equity 1,091,163 1,052,018 Long term borrowings liabilities 571,624 586,738 Provisions / Other long-term liabilities 97,422 98,041 Short term borrowings liabilities 165,556 136,384 Other short-term liabilities 626,999 572,725 Total Liabilities 1,461,601 1,393,887 TOTAL EQUITY & LIABILITIES 2,552,764 2,445,906 Condensed Consolidated Statement of Cash Flows (€' 000) 31.03.2025 31.03.2024 Net cash flows from Operating activities (5,851) 69,735 Net cash flows from Investing activities (16,088) (20,101) Net cash flows from Financing activities 9,748 (32,241) Net (reduction)/ increase in cash and cash equivalents (12,191) 17,394