Elvalhalcor Hellenic Copper and Aluminium Industry (ELHA) H1 2026 earnings summary

Executive summary

• Delivered strong first-half results with operational profitability up, adjusted EBITDA rising 7% to €143 million, and reported EBITDA up 52% to €212 million, driven by volume growth and a richer product mix.

• Revenue increased 18% year-over-year to approximately €2.2 billion, led by higher sales volumes and elevated metal prices in both aluminium and copper segments.

• Earnings before tax surged 79% year-over-year to €159 million, mainly due to a significant increase in metal results.

• Net debt decreased by €82 million year-over-year to €548 million, with leverage ratio improving to 2.2x.

• Successfully secured raw material supply for the year despite disruptions in the Gulf region.

Financial highlights

• Revenue rose 18% year-over-year to €2,198 million, with both aluminium and copper segments contributing.

• Adjusted EBITDA increased 7% to €143 million; reported EBITDA surged 52% to €212 million.

• Earnings before taxes (EBT) grew 79% to €159 million, mainly due to a €71–78 million increase in metal results.

• Free cash flow reached €97 million in the first semester, with cash and cash equivalents at €53 million at period end.

• Earnings per share rose to €0.3299 from €0.1891.

Outlook and guidance

• Management expects continued growth in aluminium, with resilient demand across key end markets, but notes uncertainty due to ongoing geopolitical tensions and potential long-term impacts on demand and prices.

• Incremental profitability expected from new investments, with major benefits after 2030; some gains anticipated before then.

• No significant impact expected from CBAM on aluminium pricing.

• Rising energy prices and inflation remain challenges for cost competitiveness.