IR RELEASE Η1'25

‌BEYOND METALS

SHAPING TOMORROW

H1'25

FINANCIAL RESULTS

‌Volumes sold

+2.1% YoY

Driven by the aluminium packaging sector.

EAT

+45.2% YoY

Increased profitability and reduced finance costs.

Net Debt / a - EBITDA*

-0.9x YoY

a-EBITDA

+18.1% YoY

Increased sales volume and conversion prices in conjunction with improved result from scrap usage in the production process.

Net Debt

- 15.0% YoY

Net Debt reduction thanks to strong operational profitability and successful management of working capital needs.

* Calculated on rolling bases

‌Macroeconomic Charts

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.

10,000

LME

4,000

8,000

3,000

6,000

2,000

4,000

1,000

Aluminium

Copper

300.0

240.0

CU €/tn

AL €/tn

€ / MWh

180.0

120.0

60.0

0.0

Heren TTF Natural Gas -DAM

60

30

DAM

Heren TTF Natural Gas (EUR/MWh)

Interest rates Inflation rates

Interest rates continued their downtrend Inflation stabilizes in Eurozone. Modest increase in US.

6.0

5.0

4.0

%

3.0

2.0

1.0

0.0

Interest Rates

5.0

4.0

%

3.0

2.0

1.0

0.0

Inflation

Source: Company information.

Euribor 3M USD Libor 3M *

Eurozone inflation US Inflation

‌Consolidated Cost Analysis

Increase in energy costs.

Excluding Al, Cu, Zn, and other metals costs.

H1' 2024 H1' 2025

Other operating

13%

Energy

13%

Other operating

12%

Energy

16%

Maintenance

5%

Maintenance 5%

Third party fees

17%

11%

28% Employee benefits

Third party fees

16%

10%

28%

Employee benefits

Depreciation and amortization

13%

Transportation costs

Depreciation and amortization

13%

Transportation costs

Source: Company information

‌Sales evolution per quarter

Sales volumes ('000tn)

Aluminium

2024

+3.4%

+3.1%

+8.3%

+2.6%

+11.4%

2025

97

100

104

98

106

109

+5.9%

97

108

94

100

Q1 Q2

-4.1%

-2.0%

-4.7%

+3.2%

+1.1%

-1.2%

Copper

Q3 Q4

2024

2025

47

45

44

47

45

46

39

40

41

41

Q1 Q2 Q3 Q4

Source: Company information

‌a-EBITDA evolution per quarter a-EBITDA (€m)

‌a-EBITDA evolution per ton

By segment (EUR/ tons)

-30%

+42%

386 383

270

H1' 23 H1' 24 H1' 25

+9%

-9%

589

641

584

1. Source: Company information.

H1' 23 H1' 24 H1' 25

‌Sales volume of Core Products by Market

Aluminium Breakdown (Η1'25) Al

Copper Breakdown (Η1'25) Cu

By Market (% of tons) By Market (% of tons)

HVAC&R

Building & Construction

Transportation Other Industrial Markets

4% 12%

1%

Energy & Power Networks Transportation

Industrial Applications

Energy & Power Networks

21%

2%

9%

26%

Industrial Applications

2%

4%

Other Industrial Markets

Packaging

65%

21%

HVAC&R

21%

Building & Construction

Aluminium breakdown (H1'24)

By Market (% of tons)

Copper Breakdown (Η1'24)

By Market (% of tons)

HVAC&R

5%

Building & Construction

Transportation Other Industrial Markets

2%

14%

1%

Energy & Power Networks

9%

28%

Industrial Applications

11%

Transportation

Energy & Power Networks

19%

Packaging

61%

4% Industrial Applications

4%

Other Industrial Markets

21%

HVAC&R

21%

Building & Construction

*HVAC&R : Heating, Ventilation, Air conditioning and Refrigeration

‌Revenue of Core Products per

Geographical Segment

Revenue breakdown (Η1'25) Al

Revenue breakdown (Η1'25) Cu

By Geographical Segment (% of €) By Geographical Segment (% of €)

Αfrica & Oceania Greece Americas

5%

95% outside Greece

Αfrica & Oceania Greece Americas

4%

96% outside Greece

Asia

12% 1%

Asia

9% 1%

Other European countries

3%

11%

Other European countries 3%

6%

UK 4%

64%

Other European Union countries

UK 9%

68%

Other European Union countries

Revenue breakdown (Η1'24)

By Geographical Segment (% of €)

Revenue breakdown (Η1'24)

By Geographical Segment (% of €)

Αfrica & Oceania Greece Americas

6%

94% outside

Αfrica & Oceania Greece Americas

95% outside Greece

Asia

3%

11% 2%

Greece

Asia 5%

Other European countries 2% 5%

6% 2%

Other European countries

UK

12%

3%

63%

Other European Union countries

UK 9%

71%

Other European Union countries

Source: Company information

‌Consolidated

Key Figures

Strong operational profitability and increased sales volume from Aluminium segment.

Metal result remained on the same level.

H1' 25

H1' 24

H1' 23

53

58

56

81

56

75

114

134

131

a-EBITDA (€m)

+18.1%

-13.1%

90

H1' 25

90

H1' 24

94

H1' 23

213

207

195

303

297

289

+2.1%

+2.5%

Volumes (kTn)

Revenue (€m) EBITDA (€m)

1,862

936

1,723

1,791

-3.8%

+8.0%

864

842

926

881

927

+20.8%

+14.4%

139

115

101

46 91

52

49

69

48

H1' 23

H1' 24

H1' 25

H1' 23

H1' 24

H1' 25

Metal Result (€m)

-124.1%

+0.5%

7

7

9

-2

-6

-30

H1' 23

H1' 24

H1' 25

‌Consolidated

Key Figures.

Strong profitability & reduced financial costs.

a - EBIT (€m) EBIT (€m)

38

38

+27.8%

+29.9%

105

82

44

43

+24.1%

-13.7%

93

100

81

63

H1' 23

H1' 24

H1' 25

H1' 23

H1' 24

H1' 25

Finance result (€m) EBT (€m)

60

+55.2%

89

+48.0%

38

31

28

11

10

-11.3%

26

-23.3%

23

18

H1' 23

H1' 24

H1' 25

H1' 23

H1' 24

H1' 25

1. Adjusted for aluminium and copper price fluctuations and other non recurring items.

‌Deviation analysis on the

Consolidated Profit before taxes

Increased sales volume, higher conversion prices and favourable sales mix boosted profitability.

Amounts in €m

Increased demand for flexible packaging products of the Aluminium segment.

Sales mix, with increased conversion prices and improved result from scrap usage in the production process, partially offset by increased energy costs

Due to inflation

Decrease of net debt

(-111 M € y-ο-y) and lower interest rates.

5 1

Increased allowances in H1'24 related to doubtful customers

3

On the same levels vs H1'24

0 89

4

60

30.06.2024

Volume effect

Price/Cost/Mix

SG&A Financial

Share of result of Equity Other income/expense Metal Result 30.06.2025

accounted investees

Source: Company information

‌Analysis on the

Consolidated Cash Flows

Increased LME prices affected Working Capital of the Group

Amounts in €m

Significantly increased profitability.

139

18

15 Μ€

De-escalation of LME prices at the end of March, although remained in higher levels than H1'24

On the same levels as in prior year

Repayment of long-term loans

67* 2

80 37 3 3

42

53

Cash and Cash equivalents as at 01.01.2025

EBITDA

Interest paid

Working Capital

Other operating

Investments

Income tax paid

Other investing activities

Financing activities Cash and Cash

Equivalents as at 30.06.2025

* 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

Source: Company information 13

‌Evolution of the Consolidated

Working Capital & Net Debt

Improved Net Debt from 30.06.2025. Increased Working Capital needs due to increased LME prices.

~ 16%

~ 17%

~ 18%

Working Capital % of Sales

+2%

+ 11%

592

538

605

31.12.2024

The majority of the Debt is on long-term tenure.

3%

16%

81%

Working Capital

Long-term

-111

(-15%)

741 643

-14

(- 2%)

630

Short-term

Cash & Cash Equivalents

168

136

-80

-42

128

-57

30.06.2024

31.12.2024

30.06.2025

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

14

‌Capex

Evolution

On the same levels as in prior year

€m

92

164

116

145

15

172

12

95

75

Source: Annual Financial Statements and Company information.

+12%

33 37

10 13

23

2018 2019 2020 2021 2022 2023 2024 Η1'24 Η1'25

‌Disclaimer

The information contained in this corporate presentation (CP) has been prepared by ElvalHalcor S.A. (the Company). It is based on historical financial data and other information already publicly disclosed by the Company. It also includes information from other sources and third parties. This information has 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, completeness or 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 negligence or 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 presentation is not a part to any contract, agreement or obligation and cannot be used or construed as such.

The information and opinions in 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 comprehensive analysis of the Company's financial or trading position or prospects. This presentation does 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 responsibility or 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. The inclusion of such information in the CP should not be regarded as a representation or warranty by the Company, its shareholders, affiliates, advisors or representatives or any other person as to the accuracy or completeness of such information's portrayal of the financial condition or results of operations by the Company and should not be relied upon when making an investment decision. This presentation includes non-IFRS financial measures and other metrics which have not been and may not be subject to a financial audit for any period. Certain information in this presentation is based solely on management accounts and estimates of the Company. Certain financial and statistical information in this presentation has been subject to rounding off adjustments.

Forward Looking Statements

Certain statements in the CP are forward-looking. Such information is given only as of this date and the Company is under no obligation to provide any update. 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 materially from those expressed or implied by the forward-looking statements with respect to the operational and financial results of the Company, its economic condition, its liquidity, performance, prospectus and opportunities. Such risks include:

• Competition;

• Legislative and regulatory developments;

• Global macroeconomic and political trends;

• Fluctuations in financial markets conditions;

• Delay or Inability in obtaining approvals from authorities;

• Technical developments;

• Litigation; and

• Adverse publicity and 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 financial condition or results of operations will not be materially different from such information. In addition, even if our results of operations, including our financial condition and liquidity and the development of the industry in which we operate, are consistent with the forward- looking statements contained in this presentation, those results or developments may not be indicative of results or developments in subsequent periods.

The Company does not undertake any obligation to 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. Accordingly, undue reliance should not be placed on any of the industry or market data contained in this presentation.

THIS PRESENTATION DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER FOR SALE OR SOLICITATION OF ANY OFFER TO BUY ANY SECURITIES ISSUED BY THE COMPANY NOR SHALL IT OR ANY PART OF IT FORMS THE BASIS OF OR BE RELIED ON IN CONNECTION WITH ANY CONTRACT OR COMMITMENT TO PURCHASE SECURITIES ISSUED BY THE COMPANY."

By reading or attending this presentation you agree upon complying with the aforementioned conditions and limitations.