Elvalhalcor Hellenic Copper and Aluminium Industry (ELHA) Q1 2026 TU earnings summary

Executive summary

• Sales volume increased 6% year-over-year to 156,000 tons, led by strong aluminum demand and resilient performance across key end markets.

• Operational profitability improved, with adjusted EBITDA up 4% to EUR 66 million, supported by lower energy costs and higher sales volumes.

• Earnings before taxes surged 50% to EUR 68 million, mainly due to positive metal results and higher LME prices.

• Net debt decreased 8% year-over-year to EUR 622 million, with leverage improving to 2.6x adjusted EBITDA.

• The group demonstrated resilience amid volatile economic and geopolitical conditions, maintaining robust performance and financial discipline.

Financial highlights

• Revenue rose 14% year-over-year to EUR 1,036 million, with EBITDA up 33% to EUR 94 million.

• Adjusted EBITDA reached EUR 66 million, up 4% year-over-year; metal result jumped to EUR 38 million from EUR 7 million in Q1 2025.

• Working capital increased to EUR 627 million, about 17% of sales, mainly due to higher LME prices.

• Financial costs declined 9% to EUR 9 million, reflecting lower debt and favorable rates.

• Net debt stood at EUR 622 million, down EUR 48 million year-over-year but slightly up from year-end 2025.

Outlook and guidance

• The company expects continued pressure on energy costs due to geopolitical tensions, with some hedging in place for natural gas but not electricity.

• Strategic focus is on capitalizing on previous investments, with selective future CapEx considered amid ongoing market uncertainties.

• Management remains cautiously optimistic, citing robust structural demand but highlighting risks from ongoing geopolitical instability, especially in the Middle East.

• The group remains vigilant and ready to capitalize on demand opportunities as they arise.

• The company is actively pursuing alternative raw material sourcing and monitoring regulatory changes, including CBAM and potential EU scrap export measures.