19 slides from Elvalhalcor Hellenic Copper And Aluminium Industry's earnings presentation, 2026
Slide 1: Q1'26 Trading Update
Q1’26 TRADING UPDATE BEYOND METALS SHAPING TOMORROW
Slide 2: Highlights
Upward trend Downward Trend Positive Impact Volumes sold Negative Impact 156 th. tons +6% YoY a-EBITDA HIGHLIGHTS € 66 M Aluminium-led growth (+7.8%); copper slight increased; demand resilient across key end markets. 4% YoY EBT Lower energy costs of €6.9M year-on-year partially offset by € 68 M incr
Slide 3: Macroeconomic Charts
Macroeconomic Charts TTF – Gas (€/MWh) Eurozone Inflation • Energy costs eased 60 4,0 significantly year-on-year — 55 -19% -9% both TTF and DAM materially 47 3,5 2.3 50 2.1 lower vs Q1'25 — providing 45 38 3,0 meaningful relief to both 40 2,5 segments; however, both 35 showing an upward trend 2,0 30
Slide 4: Macroeconomic Charts: LME Aluminium and Copper
Macroeconomic Charts LME Aluminium (€/tn) • LME Aluminium rose significantly year-on-year, 3.500 with an accelerating upward trend toward 3.300 3.100 +9% quarter-end driven by Middle East smelter 2.900 2,497 2,734 disruptions and historically low LME inventory 2.700 levels 2.500 2.300 • LME Copper r
Slide 5: Consolidated Cost Analysis
Consolidated Cost Analysis Excluding Al, Cu, Zn, other metals costs and Derivatives result. Current Period of Q1 2026 (Q1 2025) • Total costs broadly stable, increasing 13% (12%) by +1% 13% (17%) Other Operating Energy 6% (5%) • Employee benefits and third-party Maintenance fees recorded increases d
Slide 6: Sales evolution per quarter ('000tn)
Sales evolution per quarter (‘000tn) 2024 2025 2026 Aluminium 8% 3% 5% 3% 3% 112 109 108 114 100 104 106 102 99 Q1 Q2 Q3 Q4 Copper 2024 2025 2026 -2% 1% 3% 4% -3% 45 44 45 45 46 40 42 41 39 Q1 Q2 Q3 Q4 Source: Company information 6
Slide 7: Sales volume of Core Products by Market
Sales volume of Core Products by Market (% of Volume tns) Current Period of Q1 2026 (Period of Q1 2025) Aluminium Copper 3% (3%) 4% (4%) 18% (23%) Industrial Applications Other Industrial 20% (20%) Building & Markets HVAC&R 1% (1%) Construction Energy & Power Networks 4% (4%) HVAC&R 9% (9%) Transpor
Slide 8: Revenue of Core Products per Geographical Segment
Revenue of Core Products per Geographical Segment Current Period of Q1 2026 (Period of Q1 2025) Aluminium Copper 2% (3%) 5% (5%) 4% (2%) 4% (10%) Asia 2% (3%) Αfrica & Oceania Greece Americas 12% (11%) Asia 1% (1%) Other European Αfrica & Oceania 4% (4%) countries Greece 14% (13%) Americas 14% (14%)
Slide 9: a-EBITDA evolution per quarter (€m)
a-EBITDA evolution per quarter (€m) Aluminium 2024 2025 2026 3% 19% -21% 91% 42 44 -16% 39 40 38 35 35 32 20 Q2 Q3 Q4 Copper 2024 2025 2026 -13% -4% 5% 28 30 28 26 -9% 25 -24% 22 20 19 14 Q1 Q2 Q3 Q4 Source: Company information 9
Slide 10: a-EBITDA evolution per ton
a-EBITDA evolution per ton Aluminium +85% -4% 378 362 204 Q1’ 24 Q1’ 25 Q1’ 26 Copper -11% +4% 623 554 574 Q1’ 24 Q1’ 25 Q1’ 26 Source: Company information 10
Slide 11: Consolidated Key Figures
Consolidated Solid operational performance: volumes +5.8%, a-EBITDA resilient across both segments AL Key Figures Metal result surges to €38M from €7M, driving EBITDA up 33% and EBT up 50% year-on-year" CU Volumes (kTn) Revenue (€m) EBITDA (€m) 11% 33% 14% 1,036 58% 94 931 817 71 493 112 470 57 100
Slide 12: Deviation analysis on the EBT (m€)
Deviation analysis on the ΕΒΤ (m€) • Metal result the primary driver 68 contributing +31€ • Volume growth added +€5M • Pricing and mix weighed –€3M 31 • SG&A –€3M from labour and 45 5 3 overhead cost inflation 3 1 1 • Financial costs broadly stable; 8 lower interest rates partially offset 0 by other
Slide 13: Analysis on the Consolidated Cash Flows (m€)
Analysis on the Consolidated Cash Flows (m€) FCF • EBITDA of €94M, up 33% year-on- (14) Μ€ year, driven by strong metal result 94 across both segments 6 • Working capital outflow of €70M reflecting sharply higher LME prices • CAPEX of €27M • Cash and cash equivalents 70 increased by €29M 29 0 5 43 2
Slide 14: Evolution of the Consolidated Working Capital & Net Debt
Evolution of the Consolidated Working Capital & Net Debt (m€) Working Capital % of Sales Net Debt Breakdown (€m) & Leverage 2.7x 2.6x 2.6x ~ 16% ~ 15% ~ 17% 13% -10% 3% -9% 627 670 622 610 605 557 Long-term 572 528 503 Short-term 166 156 176 Cash & Cash Equivalents -67 -54 -82 31.03.2025 31.12.2025
Slide 15: Capex Evolution
Capex Q1 '26 CAPEX of €27M, directed primarily toward aluminium Evolution Cu Al 172 Source: Annual Financial Statements and Company information. 164 12 €m 20 145 15 420 116 22 94 92 90 160 26 75 34 144 29 130 24 38 94 +69% 69 27 58 61 51 16 5 4 22 12 2018 2019 2020 2021 2022 2023 2024 2025 Q1 ’25 Q1
Slide 16: Disclaimer
Disclaimer The information contained in this corporate presentation (CP) has been prepared by ElvalHalcor S.A. (the Company). It is Forward Looking Statements based on historical financial data and other information already publicly disclosed by the Company. It also includes Certain statements in th
Slide 17: elvalhalcor.com
elvalhalcor.com
Slide 18: Q&A Session
Q&A SESSION BEYOND METALS SHAPING TOMORROW
Slide 19: Thank You
THANK YOU BEYOND METALS SHAPING TOMORROW