Elvalhalcor Hellenic Copper and Aluminium Industry (ELHA) H2 2024 earnings summary

Executive summary

• Sales volumes increased to 585,000 tons in 2024, up 4.3% year-over-year, driven by expanded aluminum rolling capacity despite subdued demand.

• Profitability remained robust with earnings before taxes at EUR 126 million, up 193.3% year-over-year, and adjusted EBITDA at €238 million.

• Net debt reduced to EUR 643 million, supported by strong operating cash flows and reduced investments, with a year-over-year drop of €170 million.

• Dividend payout more than doubled, distributing 30% of EPS for 2024, with a proposed €0.09 per share.

Financial highlights

• Turnover reached EUR 3.4 billion in 2024, a 4.4% increase from EUR 3.3 billion in 2023, while consolidated revenue was €3,293 million, down 4.2% year-over-year.

• Operational profitability (EBITDA) was EUR 243 million, up nearly 38% from the previous year, with adjusted EBITDA at €238 million, nearly flat year-over-year.

• Earnings before interest and taxes (EBIT) rose to EUR 177 million, a 71% increase from 2023, while adjusted EBIT was €177 million, up 3.2% year-over-year.

• Profit before taxes surged to EUR 126 million, mainly due to lower financial costs, and increased 27.5% to €172 million.

Outlook and guidance

• Market conditions in 2025 are expected to be similar to 2024, with ongoing efforts to gain market share and prioritize operational resilience.

• No significant CapEx increases planned for 2025; investment levels to remain close to 2024.

• Working capital management will be more challenging due to rising LME prices, but further improvements are targeted.

• Positive impact anticipated from changes in Chinese export policies and U.S. tariffs, with no expected negative effect on U.S. sales.