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Q1’25 Trading update Beyond Metals Shaping Tomorrow
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HIGHLIGHTS Boosted by improved conversion prices and favorable sales mix 148 th. tons +1,5% YoY € 669 M -€ 95M YoY Despite the weak demand, sales volumes increased driven by the aluminium packaging sector. € 64 M +31,0% YoY € 45 M +€ 30M YoY Volumes sold a-EBITDA EBT Positively affected by the increased profitability and the uplift from metal results. Reduced net debt despite pressures in Working Capital due to increased LME prices. Net Debt Net Debt / a - EBITDA 2.7 x -0.9x YoY Positive Impact Downward Trend Upward trend
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Macroeconomic Charts Source: Company information. LME Prices TTF - Gas Increased LME prices during Q1’25 vs Q1’24. Rapid decline of LME in the end of the Quarter. Increased Natural Gas prices during Q1’25 vs Q1’24. Interest rates Inflation rates Interest rates continued their downtrend Inflation stabilises 3 4.000 5.000 6.000 7.000 8.000 9.000 10.000 1.000 1.500 2.000 2.500 3.000 3.500 4.000 4.500 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 10 20 30 40 50 60 70 80 90 100€ / MWh Heren TTF Natural Gas 0,0 1,0 2,0 3,0 4,0 5,0 6,0% Interest Rates Euribor 3M USD Libor 3M * 0,0 2,0 4,0 6,0 8,0 10,0 12,0% Inflation Eurozone inflation US Inflation
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13% 29% 12% 11% 15% 6% 14% Energy Employee benefits Transportation costs Depreciation and amortization Third party fees Maintenance Other operating Consolidated Cost Analysis 17% 28% 13% 10% 16% 5% 11% Energy Employee benefits Transportation costs Depreciation and amortization Third party fees Maintenance Other operating Q1’ 2025Q1’ 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 97 98 97 94 106 108104 Q1 Q2 Q3 Q4 101 100 +3.4% +3.1% +8.3% +11.6% +5.7% 2023 2024 2025 47 47 39 4145 45 40 4144 Q1 Q2 Q3 Q4 -4.1% -2.0% -4.7% +1.1% -0.7% 2023 2024 2025 Source: Company information 5
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a-EBITDA evolution per quarter a-EBITDA (€m) Aluminium Copper 39 36 35 33 21 35 44 3839 Q1 Q2 Q3 Q4 -47.2% +89.9% -2.9% +26.1% +16.8% 2023 2024 2025 31 24 24 17 28 30 22 19 25 Q1 Q2 Q3 Q4 -9.6% -12.5% +22.1% -7.2% +13.4% 2023 2024 2025 Source: Company information 6
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402 204 378 Q1’ 23 Q1’ 24 Q1’ 25 -49% +85% AL a-EBITDA evolution per ton By segment (EUR/ tons) 662 623 554 Q1’ 23 Q1’ 24 Q1’ 25 -6% -11% CU 1. Source: Company information. 7
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Sales volume of Core Products by Market Copper Breakdown (Q1’25) Copper Breakdown (Q1’24) By Market (% of tons) By Market (% of tons) Cu 28% 21% 20% 20% 10% Industrial Applications Building & Construction HVAC&R Energy & Power Networks Transportation 1% Other Industrial Markets 23%20% 20% 9% Industrial Applications Building & Construction HVAC&R Energy & Power Networks Transportation 2% Other Industrial Markets 26% Aluminium breakdown (Q1’24) By Market (% of tons) 11% 3% 4% 65% 4% Building & Construction 1% Energy & Power Networks 12% Transportation Industrial Applications Other Industrial Markets Packaging HVAC&R 15% 11% 4% 61% Building & Construction 1% Energy & Power Networks Transportation Industrial Applications 3% Other Industrial Markets Packaging 5% HVAC&R By Market (% of tons) Aluminium Breakdown (Q1’25) 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 (Q1’25) Al By Geographical Segment (% of €) 5%12% Greece 63% Other European Union countries 3%UK 12%Other European countries 3% Asia Americas 2% Αfrica & Oceania 95% outside Greece 5%13% Greece 64% EU (excl. Greece) 3%UK 11%Other European countries 3% Asia Americas 1% Αfrica & Oceania By Geographical Segment (% of €) By Geographical Segment (% of €) By Geographical Segment (% of €) 96% outside Greece 4% 74% 8% 6% Greece Other European Union countries UK Other European countries 2% Asia 3% Americas 2% Αfrica & Oceania 4% 9% 5% 10% Greece 67% EU (excl. Greece) UK Other European countries 3% Asia Americas 2% Αfrica & Oceania Cu Source: Company information Revenue breakdown (Q1’24) Revenue breakdown (Q1’25) Revenue breakdown (Q1’24) 9 95% outside Greece 96% outside Greece
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Consolidated Key Figures Volumes (kTn) Revenue (€m) a-EBITDA (€m) Strong performance in sales volumes and operational profitability . Positive metal result enhances EBITDA . 1. Adjusted for aluminium and copper price fluctuations and other non recurring items. Source: Company information 97 47 Q1’ 23 101 45 Q1’ 24 104 44 Q1’ 25 144 146 148 +1.0% +1.5% 443 487 Q1’ 23 400 417 Q1’ 24 470 460 Q1’ 25 931 817 930 -12.2% +14.0% 39 31 Q1’ 23 21 28 Q1’ 24 39 25 Q1’ 25 70 49 64 -30.7% +30.8% AL CU -16 2 Q1’ 23 -7 3 Q1’ 24 12 -5 Q1’ 25 -14 -4 7 -70.9% -270.3% Metal Result (€m) EBITDA (€m) 23 33 Q1’ 23 14 31 Q1’ 24 51 20 Q1’ 25 56 45 71 -20.2% +58.3% 10
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Consolidated Key Figures. Resilient profitability & Reduced financial costs . 1. Adjusted for aluminium and copper price fluctuations and other non recurring items. Source: Company information EBIT (€m) 10 27 Q1’ 23 2 25 Q1’ 24 39 15 Q1’ 25 37 27 54 -27.7% +98.9% EBT (€m) 2 23 Q1’ 23 -5 20 Q1’ 24 33 12 Q1’ 25 25 15 45 -41.0% +209.0% Finance result (€m) 8 5 Q1’ 23 8 5 Q1’ 24 6 4 Q1’ 25 13 13 10 -7.3% -22.4% a - EBIT (€m) 26 26 Q1’ 23 9 22 Q1’ 24 27 20 Q1’ 25 52 31 47 -40.0% +50.6% 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. Accounting metal result turns to positive. 31.03.2024 2 Volume effect 16 Price/Cost/Mix 1 SG&A Financial 1 Share of result of Equity accounted investees 1 Other income/expense Metal Result 31.03.2025 15 3 11 45 Amounts in €m Source: Company information 12 Sales mix, with increased conversion prices and improved result from scrap usage in the production process Decrease of net debt (-95 M€ y-ο-y) and lower interest rates. Boosted by the increased sales volumes in Aluminium segment mainly from packaging. Turns positive as metal prices increased.
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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. Increased needs due to uptrend in LME prices Cash and Cash equivalents as at 01.01.2025 71 EBITDA 6 Interest paid 72 Working Capital 2 Other operating 16 Investments 10 Financing activities Cash and Cash Equivalents as at 31.03.2025 80 68
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Evolution of the Consolidated Working Capital & Net Debt Improved Net Debt from 31.03.2024. Increased Working Capital needs due to increased LME prices. Consolidated Net Debt Breakdown (€m) 693 130 -58 31.03.2024 587 136 -80 31.12.2024 572 165 -68 31.03.2025 Long-term Short-term Cash & Cash Equivalents 765 643 669 -14% + 4% 14 Source: Company information and Financial Statements 46% Fixed Rate 30% Variable Rate 24% Fixed through IRS use 7% 15% 78% Short term bank loans Current portion of long term Long term Working Capital 586 538 610 +4% + 12% 31.03.2024 31.12.2024 31.03.2025 ~ 16% Working Capital % of Sales ~ 17%~ 18% 70% of the loans on a fixed rate. The majority of the Debt is on long-term tenure.
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Capex Evolution Minor investments. 38 420 €m 58 144 94 130 160 69 51 13 12 34 20 22 15 12 26 24 2018 2019 2020 2021 2022 2023 2024 92 164 116 145 172 95 75 Q1’24 Q1’25 7 20 16 4 -20% 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. 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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. 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elvalhalcor.com
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Q&A SESSION Beyond Metals Shaping Tomorrow