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

Executive summary

• Delivered strong first-half results amid geopolitical volatility and inflationary pressures, with robust operational execution and improved profitability; volumes sold reached 319,000 tons, up 5% year-over-year, led by aluminium growth of 7%.

• Revenue rose 18% year-over-year to approximately €2.2 billion, driven by higher volumes and metal prices.

• Net profit attributable to shareholders increased to €123.6 million from €70.9 million in H1 2025.

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

• Completed a €250 million share capital increase in July 2026 to fund expansion and recycling capacity.

Financial highlights

• Adjusted EBITDA increased 7% to €143.3 million; reported EBITDA surged 52% to €211.5 million.

• Earnings before taxes (EBT) grew 79% year-over-year to €159 million, mainly due to a significant increase in metal results.

• Free cash flow reached €97 million in the first semester.

• Net debt reduced to €547.9 million, down €81.6 million year-over-year.

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

Outlook and guidance

• July performance remained strong, but management notes uncertainty due to ongoing geopolitical tensions, supply chain disruptions, 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.

• Proceeds from the capital increase will support a €455 million capex program focused on aluminium capacity and recycling.

• The group is positioned to absorb further disruption, with flexibility to redirect volumes and benefit from potential regulatory changes.