Elvalhalcor Hellenic Copper and Aluminium Industry (ELHA) H1 2025 earnings summary

Executive summary

• Achieved strong H1 2025 performance with increased profitability and resilience amid volatile economic and geopolitical conditions, leveraging a diversified product portfolio and strategic positioning.

• Sales volumes rose 2.1%–2.8% year-over-year, driven by strong demand in aluminum packaging and transportation.

• Operational profitability (Adjusted EBITDA) reached EUR 134 million, up 18.1%–80% year-over-year, supported by higher sales and improved scrap usage.

• Net debt reduced by EUR 111 million year-over-year, aided by robust free cash flow and lower finance costs.

• Profit after tax rose 45.2% year-over-year, with net profit after tax and non-controlling interests at EUR 70.9 million.

Financial highlights

• Adjusted EBITDA for H1 2025: EUR 134 million, up 18.1%–80% year-over-year.

• Revenue for H1 2025 was EUR 1,862 million–just below EUR 2 billion, up 2.5%–8% year-over-year.

• EBIT increased to EUR 105 million, up 24.1%–27.8% year-over-year.

• Free cash flow reached EUR 15 million after EUR 37 million in investment expenses, though higher working capital needs impacted cash flow.

• Net debt to adjusted EBITDA ratio improved to 2.4 from 3.3 last year.

Outlook and guidance

• H2 2025 expected to be more challenging due to trade disruptions, rising raw material prices, and geopolitical tensions, but global economic growth is anticipated.

• Diversification in products and markets provides resilience; focus on export growth and replacing potential lost US sales in other regions.

• Declining energy prices and stabilized Eurozone inflation may positively impact Q3 and full-year performance.