17 slides from Elvalhalcor Hellenic Copper And Aluminium Industry's earnings presentation, 2026
Slide 1: H1'26 Financial Results - Beyond Metals Shaping Tomorrow
Η1’26 FINANCIAL RESULTS BEYOND METALS SHAPING TOMORROW
Slide 2: Highlights
Upward trend Downward Trend Volumes sold Positive Impact Negative Impact 319 th. tons +5% YoY a-EBITDA HIGHLIGHTS Aluminium-led growth (+7%); copper slightly increased; demand resilient across key end markets. € 143 M +7% YoY EBT €8.9M increase driven mainly by higher volumes € 159 M +79% YoY Surge
Slide 3: Macroeconomic Charts
Macroeconomic Charts TTF – Gas (€/MWh) Eurozone Inflation Natural gas prices (TTF) stayed 60 fairly high in the first half of 2026, 4 55 +2% +18% fluctuating between €40–50/MWh 50 41,8 42,5 3,5 2.6 in the second quarter. 2.2 45 3 40 2,5 Rising energy prices have kept 35 2 electricity costs high and
Slide 4: Macroeconomic Charts: LME Aluminium and Copper
Macroeconomic Charts LME Aluminium (€/tn) Copper and aluminum held high prices in H1 2026, with 3.500 increased volatility driven by geopolitical 3.000 +24% developments, trade constraints, and global supply 2,898 concerns. 2.500 2,331 Copper moved to historically high levels of around 2.000 €11,213
Slide 5: Consolidated Cost Analysis
Consolidated Cost Analysis Excluding Al, Cu, Zn, other metals, costs, and related derivatives result. Current Period of Η1 2026 (Η1 2025) • Total costs broadly stable, increasing 13% (12%) by +5% 13% (16%) Other Operating Energy 6% (5%) • Employee benefits and third-party Maintenance fees recorded i
Slide 6: Sales volume of Core Products per quarter & by Market: Aluminium
Sales volume of Core Products per quarter (‘000tn) & by Market (% of Volume tns) Current Period of Η1 2026 (Period of Η1 2025) Aluminium 2024 2025 2026 8% 3% 6% 5% 3% 3% 112 109 116 108 114 100 104 106 99 102 Q1 Q2 Q3 Q4 2% (2%) 4% (4%) Industrial Applications HVAC&R • Aluminium sales rose, with Q1
Slide 7: Sales volume of Core Products per quarter & by Market: Copper
Sales volume of Core Products per quarter (‘000tn) & by Market (% of Volume tns) Current Period of Η1 2026 (Period of Η1 2025) Copper 2024 2025 2026 -2% 1% 3% 0% 4% -3% 45 44 45 45 46 46 40 42 41 39 Q1 Q2 Q3 Q4 22% (21%) 28% (26%) • Copper volumes broadly stable with mixed Energy & Industrial Applic
Slide 8: Revenue of Core Products per Geographical Segment
Revenue of Core Products per Geographical Segment Current Period of Η1 2026 (Period of Η1 2025) Aluminium Copper 2% (3%) 5% (5%) 4% (1%) 4% (4%) Asia 2% (3%) Αfrica & Oceania Greece Greece 11% (15%) Asia 1% (1%) Other European 5% (9%) Αfrica & Oceania countries Americas 13% (12%) Americas 15% (15%)
Slide 9: a-EBITDA evolution per quarter & per ton: Aluminium
a-EBITDA evolution per quarter (€m) & per ton Aluminium 2024 2025 2026 20% 3% 19% 51 -21% 91% 44 -16% 40 42 39 38 35 35 32 20 Q1 Q2 Q3 Q4 a-EBITDA per ton IVA per ton +42% +5% 0% +3% 383 401 1,330 1,332 1,372 270 H1’ 24 H1’ 25 H1’ 26 H1’ 24 H1’ 25 H1’ 26 Source: Company information 9
Slide 10: a-EBITDA evolution per quarter & per ton: Copper
a-EBITDA evolution per quarter (€m) & per ton Copper 2024 2025 2026 -13% -4% 5% -7% 28 30 28 26 26 -9% 25 -24% 22 20 19 14 Q1 Q2 Q3 Q4 a-EBITDA per ton IVA per ton -9% -2% -8% +5% 641 1,738 1,667 584 572 1,591 H1’ 24 H1’ 25 H1’ 26 H1’ 24 H1’ 25 H1’ 26 Source: Company information 10
Slide 11: Consolidated Key Figures
Consolidated Increased operational profitability (a-EBITDA) up 7% - Volumes up 5% AL Key Figures Metal result surges to €78M, driving EBITDA up 52% and EBT up 79% year-over-year CU Volumes (kTn) Revenue (€m) a-EBITDA (€m)1 18% 7% 18% 8% 2,198 143 134 1,862 114 1,723 1,062 227 936 81 91 207 213 842 5
Slide 12: Deviation analysis on the EBT (m€)
Deviation analysis on the ΕΒΤ (m€) 159 • Metal result the primary driver contributing +€71m • Volume growth added +€11m 71 • Pricing and mix weighed –€4m 11 4 89 4 1 1 • SG&A –€4m from labour and 5 0 overhead cost inflation • Financial costs broadly stable; lower interest rates partially offset by o
Slide 13: Analysis on the Consolidated Cash Flows (m€)
Analysis on the Consolidated Cash Flows (m€) FCF • EBITDA of €212m, up 52% year-on- 97 Μ€ year, driven by strong metal result 212 across both segments 18 • Working capital outflow of €39m 39 reflecting sharply higher LME prices 3 • CAPEX of €56m 56 • Dividend of €41m 4 4 • Cash and cash equivalents
Slide 14: Evolution of the Consolidated Working Capital & Net Debt (m€)
Evolution of the Consolidated Working Capital & Net Debt (m€) Working Capital % of Sales Long-term Net Debt Breakdown (€m) & Leverage Ratio Short-term Cash & Cash Equivalents ~ 17% ~ 15% ~ 15% 2.4x 2.6x 2.2x -8% 7% -4% 605 596 -9% 557 630 605 548 544 503 496 128 156 105 -42 -54 -53 30.06.2025 31.12.
Slide 15: Capex Evolution
Capex Η1 '26 CAPEX of €56M, 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 56 38 94 11 37 69 61 13 58 51 45 24 2018 2019 2020 2021 2022 2023 2024 2025 H1 ’25 H1 ’2
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