Elvalhalcor Hellenic Copper and Aluminium Industry (ELHA) Q1 2025 TU earnings summary

Executive summary

• Achieved strong financial performance in Q1 2025, with sales volumes up 1.5% year-over-year, led by robust demand in the aluminum packaging sector and improved profitability despite ongoing macroeconomic and geopolitical pressures.

• Operational profitability (adjusted EBITDA) increased 31% to EUR 64 million, and consolidated EBITDA rose to EUR 71 million, supported by favorable sales mix and higher metal prices.

• Net debt declined by EUR 95 million year-over-year to EUR 669 million, with a net debt to adjusted EBITDA ratio of 2.7.

• Inflation and interest rates declined, but the macroeconomic environment remains complex, with persistent geopolitical tensions and supply chain disruptions.

Financial highlights

• Sales revenue increased 14% year-over-year to EUR 930.9 million, driven by higher volumes and favorable metal prices.

• EBITDA rose 58.3% to EUR 71 million, while adjusted EBITDA grew 31% to EUR 64 million; EBT surged to EUR 45 million, benefiting from lower financial costs and positive metal results.

• Net profit after tax reached EUR 41.6 million, up from EUR 14.6 million in Q1 2024.

• Net debt at the end of Q1 2025 was EUR 669 million, down 14% year-over-year but up EUR 26 million from year-end 2024 due to higher working capital needs.

• Aluminium segment revenue grew 14% year-over-year, while copper revenue declined 12.2%.

Outlook and guidance

• No formal guidance for Q2 2025; management remains cautious but optimistic, expecting continued strong performance barring significant market changes.

• The group is positioned to leverage its diversified portfolio and strategic advantages for long-term growth, supported by investments in capacity and sustainability.

• Management expects to further decrease net debt during the year.

• Company remains open to strategic opportunities while maintaining a cautious approach to large investments.