IR release q1'25

Trading update

Beyond Metals

Shaping Tomorrow

‌Volumes sold

148 th. tons

+1,5% YoY

Despite the weak demand, sales volumes increased driven by the aluminium packaging sector.

EBT

€ 45 M

+€ 30M YoY

Positively affected by the increased profitability and the uplift from metal results.

Net Debt / a - EBITDA

2.7 x

-0.9x YoY

a-EBITDA

€ 64 M

+31,0% YoY

Boosted by improved conversion prices and favorable sales mix

Net Debt

€ 669 M

-€ 95M YoY

Reduced net debt despite pressures in Working Capital due to increased LME prices.

‌Macroeconomic Charts

LME Prices TTF - Gas

Increased LME prices during Q1'25 vs Q1'24. Rapid decline of LME in the

end of the Quarter.

LME

4.500

Increased Natural Gas prices during Q1'25 vs Q1'24.

Heren TTF Natural Gas

10.000

9.000

CU €/tn

8.000

7.000

6.000

5.000

4.000

4.000

3.500

AL €/tn

3.000

2.500

2.000

1.500

1.000

100

90

80

€ / MWh

70

60

50

40

30

20

10

0

Aluminium Copper

Interest rates Inflation rates

Interest rates continued their downtrend Inflation stabilises

Interest Rates

Inflation

6,0

5,0

4,0

%

3,0

2,0

1,0

0,0

12,0

10,0

Source: Company information.

8,0

%

6,0

4,0

2,0

0,0

Euribor 3M USD Libor 3M *

Eurozone inflation US Inflation

‌Consolidated Cost Analysis

Increase in energy costs

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

Q1' 2024 Q1' 2025

Other operating

Energy

Other operating

Energy

Maintenance

6%

14%

13%

Maintenance

11%

5%

17%

Third party fees

15%

11%

29%

Employee benefits

Third party fees

16%

10%

28%

Employee benefits

Depreciation and amortization

12%

Depreciation and amortization

13%

Transportation costs Transportation costs

Source: Company information

Sales volumes ('000tn)

Aluminium

2024

+3.4%

+3.1%

+8.3%

2025

+5.7%

97

101

104

+11.6%

106

97

108

94

100

98

Q1 Q2 Q3 Q4

-4.1%

-2.0%

-4.7%

+1.1%

-0.7%

Copper

2024

2025

47

45

44

47

45

39

40

41

41

Q1 Q2 Q3 Q4

Source: Company information

a-EBITDA (€m)

Aluminium

+26.1%

-47.2%

+89.9%

2023

2024

2025

39

39

+16.8%

-2.9%

44

38

33

21

36

35

35

Q1 Q2 Q3 Q4

Copper

-9.6%

+22.1%

2025

31

-12.5%

28

30

-7.2%

24

+13.4%

22

17

19

24

25

Q1 Q2 Q3 Q4

Source: Company information

By segment (EUR/ tons)

-49%

+85%

402

378

204

Q1' 23 Q1' 24 Q1' 25

-6% -11%

554

662 623

1. Source: Company information.

Q1' 23 Q1' 24 Q1' 25

Aluminium Breakdown (Q1'25) Al Copper Breakdown (Q1'25) Cu

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

HVAC&R

Building & Construction

Transportation Other Industrial Markets

4% 11%

Energy & Power Networks

1%

Transportation

2%

9%

26%

Industrial Applications

12%

3%

4%

Industrial Applications Other Industrial Markets

Energy & Power Networks

20%

Packaging

65%

20%

HVAC&R

23%

Building & Construction

Aluminium breakdown (Q1'24)

By Market (% of tons)

Copper Breakdown (Q1'24)

By Market (% of tons)

HVAC&R

5%

Building & Construction

Transportation Other Industrial Markets

1%

15%

Energy & Power Networks

1%

10% Industrial Applications

28%

11%

4%

Transportation

Industrial Applications

Energy & Power Networks

20%

Packaging

61%

3%

Other Industrial Markets

20%

HVAC&R

21%

Building & Construction

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

Revenue breakdown (Q1'25) Al Revenue breakdown (Q1'25) Cu

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

Αfrica & Oceania Greece Americas

5%

95% outside Greece

Αfrica & Oceania Greece Americas

96% outside Greece

Asia

13% 1%

Asia

10% 4%

2%

Other European countries

3%

11%

Other European countries 3%

5%

UK 3%

64%

EU (excl. Greece)

UK 9%

67%

EU (excl. Greece)

Revenue breakdown (Q1'24)

By Geographical Segment (% of €)

Αfrica & Oceania Greece

Revenue breakdown (Q1'24)

By Geographical Segment (% of €)

96%

Americas

95%

Americas Αfrica & Oceania

outside Greece

Asia

5%

12% 2%

3%

outside

Greece

Other European countries

UK

Asia

4%

6% 2%

3%

Greece

Other European countries

UK

Source: Company information

12%

3%

63%

Other European Union countries

8% 2%

74%

Other European Union countries

‌Consolidated Key Figures

Strong performance in sales volumes and

operational profitability. AL

Positive metal result enhances EBITDA. CU

Volumes (kTn)

+1.0%

+1.5%

144

146

148

97

101

104

47

Q1' 23

45

Q1' 24

44

Q1' 25

a-EBITDA (€m)

-30.7%

70

+30.8%

64

39

49

21

39

31

28

25

Q1' 23

Q1' 24

Q1' 25

Revenue (€m) EBITDA (€m)

-12.2%

+14.0%

931

930

817

443

400

470

487

417

460

+58.3%

-20.2%

71

56

23

45

14

51

33

31

20

Q1' 23

Q1' 24

Q1' 25

Q1' 23

Q1' 24

Q1' 25

Metal Result (€m)

-270.3%

7

-70.9%

2

-14

Q1' 23

-4

Q1' 24

-5

Q1' 25

‌Consolidated Key Figures.

Resilient profitability &

Reduced financial costs.

a - EBIT (€m) EBIT (€m)

+98.9%

54

-27.7%

37

-40.0%

52

+50.6%

47

31 27

2

Q1' 23

Q1' 24

Q1' 25

Q1' 23

Q1' 24

Q1' 25

EBT (€m)

+209.0%

45

-41.0%

25

2

23

15

5

5

Finance result (€m)

-7.3%

13 13

-22.4%

10

Q1' 23

Q1' 24

Q1' 25

Q1' 23

Q1' 24

Q1' 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.

Accounting metal result turns to positive.

Amounts in €m

Boosted by the increased sales volumes in Aluminium segment mainly from packaging.

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.

Turns positive as metal prices increased.

11 45

3

1 1

1

16

2

15

31.03.2024

Volume effect

Price/Cost/Mix

SG&A Financial

Share of result of Equity accounted investees

Other income/expense Metal Result 31.03.2025

Source: Company information

‌Analysis on the Consolidated Cash Flows

Amounts in €m

Increased LME prices affected Working Capital of the Group

Significantly increased profitability.

Increased needs due to uptrend in LME prices

71

6

80

72

2

68

16

10

Cash and Cash equivalents as at 01.01.2025

EBITDA

Interest paid

Working Capital

Other operating

Investments

Financing activities Cash and Cash Equivalents

as at 31.03.2025

Source: Company information

‌Evolution of the Consolidated Working Capital & Net Debt

Improved Net Debt from 31.03.2024. Increased Working Capital needs due to increased LME prices.

~ 16%

~ 17%

~ 18%

Working Capital % of Sales

The majority of the Debt is on long-term

tenure.

+4%

+ 12%

586

538

610

31.12.2024

Short term bank loans Current portion of long term Long term

7%

15%

78%

Working Capital

Consolidated Net Debt Breakdown (€m)

70% of the loans on a fixed rate.

165

-14%

765

+ 4%

643

669

Long-term

Fixed through IRS use

24%

30%

46% Fixed Rate

Short-term

Cash & Cash Equivalents

130

31.03.2024

31.12.2024

31.03.2025

Variable Rate

Source: Company information and Financial Statements

‌Capex Evolution

Minor investments.

164

€m 20

92

34 144

58

116

22

94

145

15

172

12

95

26 75

24

69

51

-20%

Source: Annual Financial Statements and Company information.

20 16

7 4

13 12

2018 2019 2020 2021 2022 2023 2024 Q1'24 Q1'25

‌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.

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‌elvalhalcor.com

Beyond Metals

Shaping Tomorrow