Good afternoon, and welcome, everybody. During the second quarter, we operated in a far from stable environment.

The war in the Gulf, which began at the end of February, caused significant disruption to the global supply chains of oil, gas, and aluminium, among other things. Our first concern was to secure our supply of aluminium, and especially slabs, as a large part of our current contracts were for material produced in this area.

As we said on the first quarter call, we had already secured our quantities throughout August. We can now safely say that we are well supplied for the whole year and beyond.

On the side of copper, we had two things affecting copper. Although no primary copper is produced in the region, a lot of sulphuric acid is, and this is necessary for the production of copper concentrate.

In addition, the expected decision on US tariff on copper cathodes, expected to come out on June 30th, created again a modest arbitrage window between prices in the LME and Comex. We threw some more cathodes to the US.

However, at no point did we face issues with our copper supply. Of course, the situation in the Gulf has yet to be resolved, and its duration may have broader implications on energy prices, on inflation, on interest rates, and the situation still seems to be very volatile, as we all know, and there can be no certainty about when it will end and what will the long-term effects be.

Before I pass the floor to my colleagues to give you a full view of our results for the period, allow me to take this opportunity to both thank and congratulate everyone in the financial department of the company, but also of the group. This year, the group decided to improve closing procedures and to publish results for all companies in the beginning of August rather than September, without losing any accuracy, which is very important to us.

Despite the extra pressure our recent share capital increase has put on the financial department, they were so effective with these new procedures that we were able to bring the results announcements date even earlier. Again, thanks and well done, and now pass the floor to Nikos.

Thank you, Mr. Kokkolis.

Now, let me walk you through the presentation and the highlights of the semester. ElvalHalcor delivered a strong first half amid a challenging and volatile economic environment.

The aluminium segment grew sales volume by 7% to 227,000 tonnes, led by packaging and transportation, while copper volumes held steady at 91,000 tonnes. Higher sales volumes, partially offset by inflationary pressures, resulted in increased operational profitability, with adjusted EBITDA reaching €143 million, up by 7% compared to the prior year respective period.

Earnings before taxes surged to €159 million, mostly affected by the positive accounting metal results, which rose by €71 million million year-on-year. Net debt stood at €548 million, down by €82 million from the first half of 2025, thanks to a robust operational profitability and strong cash generation, which more than covered working capital needs, capital expenditure, and the increased dividend of €41 million.

Compared to the year-end, net debt decreased by €57 million, despite the sharp rise in LME prices that drove higher working capital needs during the period. Deleveraging continued, with the net debt-to-adjusted EBITDA ratio improving to 2.2 from 2.4 in the first half of 2025.

At this point, I will hand over to Mr. Aizologlu, who will cover details of our performance.

Thank you, Nikos. Now, before we see numbers and performance, let me present the macro environment in which we operated in during the first half of the year.

From the graphs for natural gas and electricity prices, it is evident that during the second quarter, geopolitical developments in the Middle East contributed to upward pressure in energy markets. However, the first semester had no material impact, with energy costs remaining at lower levels than the corresponding period of '25.

Electricity costs were lower year-over-year, with DAM prices down 15% versus '25, and TTF broadly stable. Eurozone inflation increased from 2.2% to 2.6%, meaning labor, third-party services, and other production costs remained under pressure.

Euribor stayed stable until June, reducing net financial costs. The cost environment was mixed.

Energy and rates were supportive, but inflationary pressures remained visible, and energy trends turned upward toward period-end. Moving on the next slide about the LME prices.

Both metals followed the same trend that started in '25. Aluminium price is up 24% year-over-year, while copper is up 30%.

Copper hit historic highs in May. Higher metal prices supported revenue and metal results, but also increased working capital intensity and underpinned market volatility.

The next question is how these external conditions affected the group's cost base. Total costs, excluding metal costs, increased by 5% to €367 million versus €349 million in '25.

Employee benefits remained the largest cost category at 28%, and third-party fees increased to 17%, both reflecting inflationary pressures. Energy declined from 16% to 13%, helped by lower electricity prices.

The message is balanced. Inflation was visible, but lower energy costs and operating discipline limited the impact on adjusted profitability.

Now let's look at where the operational growth came from, starting with the aluminium volumes and market mix. Starting from the graph at the top of the slide, we see that for a second consecutive quarter, aluminium volumes stood higher than the respective quarters of the previous year, up 8% and 6%.

The momentum remained positive, with volumes rising to 227,000 tonnes in '26, up 7% year-over-year. Transportation increased strongly by 34%, reaching 15% of segment volumes, while rigid packaging remained the largest market at 51% of volumes, and grew approximately 9%.

Flexible packaging, HVAC&R, and industrial applications were stable, while building and construction moved lower. Now, aluminium growth is not only volume-driven, but also tied to attractive end markets linked to megatrends such as circularity and lightweighting.

Now, moving to copper volumes. The copper segment demonstrated resilient performance during the second quarter, focused on shifting to higher-value products and markets rather than increasing volumes in lower-profitability markets.

Volumes reached 91,000 tonnes, up 0.6% year-over-year. Energy and power networks grew by 8%, supported by grid investment across Europe, industrial applications by 9%, and HVAC&R by 4%, underpinned by heat pumps installation, air conditioning, and data centers projects.

This was offset by a 20% decline in building and construction and a 5% decline in transportation, mirroring reduced output from European automotive manufacturers. Now, with the end market picture covered, let's move to the geographical revenue mix across both segments.

Starting with the aluminium segment on the left-hand side, we see that geographic mix remained stable. Europe continues to be the dominant market, while the Americas remain significant at 13% despite duties.

Now, moving to the copper segment, Europe stands out as the dominant market, with our presence in other areas remaining stable. It is evident that the group has a diversified international footprint, with the EU providing the core revenue bases.

Excuse me. Okay.

Having reviewed now volume and revenue mix, let's move to profitability. The second quarter was particularly strong for the aluminium segment, at €51 million, up 20% year-over-year, following an equal positive first quarter.

Adjusted EBITDA reached €91 million in the first semester, compared to €81 million in '25, and the adjusted EBITDA per tonne increased from €383 per tonne to €401, up by 5%. The drivers for this performance were volume growth, improved margins, and lower energy costs.

The segment benefits from previous investments, operational improvement, and favorable product mix. Now, on this slide, we have a graph showing EVA per tonne, which is a very useful indicator of value creation in both segments.

Before discussing the trend, let me briefly explain the metric. EVA, or industrial value added, represents the value created by our industrial transformation processes and excludes the direct impact of metal prices.

When adjusted EBITDA per tonne tell us how much profitability we retain from each tonne, EVA per tonne tell us how the quality and the value we generate from every tonne sold. Aluminium EVA per tonne increased by 3% compared to the previous year, and is moving at the same positive direction as adjusted EBITDA per tonne.

Now, moving for the copper segment. During the second quarter, the copper segment experienced a more competitive environment, with pricing pressures and cost inflation.

However, it maintained operational profitability of €52 million in '26, slightly below €53 million in '25. Adjusted EBITDA per tonne eased from €584 to €572.

On this slide, I will emphasize EVA, which is likely more engaging and insightful. Despite the challenging pricing environment and margin pressure in some product categories, EVA increased by 5%.

The increase in EVA per tonne indicates that our product mix and value-added positioning improved, which underpins the strategic shift toward higher value-added products, like energy, infrastructure, industrial applications, and data centers. Now, let's bring all these developments together into a consolidate financial picture.

This slide provides the best summary of the group's overall performance. Volumes increased by approximately 5% to 390,000 tonnes, reflecting continued momentum in aluminium and resilient performance in copper.

Revenue increased by 18% to approximately €2.2 billion, supported by higher volumes and significantly higher aluminium and copper prices. Most importantly, adjusted EBITDA increased to €143 million, up approximately 7% year-over-year.

Despite inflationary pressure on labor, services, and products costs, the group delivered higher adjusted profitability through volume growth, improved product mix, and continued operational discipline. In addition, the metal result increased significantly, reaching approximately €78 million versus €7 million last year.

As a result, EBITDA increased by approximately 52% to €212 million, and EBT increased by approximately 70% to €159 million. The next slide illustrates the EBT increase and shows which factors drove the year-over-year bridge.

The EBT bridge demonstrates that the first semester of '26 earnings growth was driven by both stronger operating performance and highly supportive metal price environment, resulting in a significant increase in reported profitability. EBT increased from approximately €89 million in '25 to €159 million in '26, a very strong year-over-year improvement.

The largest contributor was the metal result, which added approximately €71 million. This reflects the significantly higher aluminium and copper price environment during the first half and explains most of the increase in reported profitability.

Volumes contributed approximately €11 million, demonstrating underlying demand resilience and good operating execution, particularly in aluminium. Offsetting factors included €4 million from pricing, cost, and mix, €4 million from SG&A, and €5 million from other income expenses, while financial costs were broadly stable.

Now, having explained the P&L bridge, let's show how this translated into cash flow. Now, while adjusted EBITDA, EBT, and EVA evaluate performance, free cash flow reveals the actual cash generated for shareholder value.

During the first semester, the group posted a very strong free cash flow of €97 million. EBITDA was €212 million.

The main cash outflows were interest paid of €18 million, working capital at €39 million, affected by higher metal prices, and investments of €56 million. Moreover, we repaid €61 million in debt, and paid a higher dividend of €41 million.

Moving to the balance sheet. This slide illustrates how strong cash flow generation and disciplined working capital management enabled the group to reduce net debt and improve leverage despite higher metal prices, increased capex, and dividend payments.

Working capital was €596 million in June '26, up 7% versus year-end, reflecting elevated LME prices. However, it remained materially lower year-over-year, despite much higher metal prices, demonstrating tight inventory and receivables control.

Net debt was €548 million, down €57 million from year-end and €82 million year-over-year. Leverage improved to 2.2 times, while financial costs declined to €17 million, reflecting lower rates and lower debt levels.

Now, finally, let's look at our capex. We recently completed €250 million share capital increase to finance a €455 million capex program.

These new investments will enable us to increase final capacity in the aluminium segment and increase the usage of recyclable materials in both segments. For the first semester, capex is targeted to support future growth, efficiency, and operational flexibility.

Now, before we move to the Q&A session, let me summarize the group's performance during the first semester of '26. The group delivered a strong first half, combining volume growth, strong adjusted profitability, and a much stronger EBT.

Volumes increased, indicating continued momentum in key markets, despite a challenging macroeconomic and geopolitical environment. The 7% increase in adjusted EBITDA shows that operating execution remains strong, and that we successfully navigated cost inflation.

Despite working capital needs, capex, and dividends, the financial position continues to strengthen, with the group further reducing net debt and improving leverage. Most importantly, all the above were achieved in a very demanding environment, due to geopolitical tensions, inflationary pressures, and metal price volatility.

I think now we can take your questions.

Thank you for your attention, and now we can proceed to the Q&A session. We would like to inform you that you can place your questions in two different ways: either by raising your hand or by submitting in the Q&A tab.

Both options are available at the bottom of the screen. We have a question by Mr.

Athanasakis. Mr.

Athanasakis?

Hear me now? Hello?

We can hear you.

Okay. I noticed that the management of working capital this quarter was very well.

Can you elaborate on what actions you took to take care of working capital? That's one.

Two, if you can discuss what is driving the increase in industrial value added per tonne in the copper segment, and whether we should be expecting that to hold or even increase going forward? Thank you.

I will start with the working capital. No, I think it's indisputable that the elevated LME prices put some pressure in our working capital.

Of course, we have to say that working capital is always rising in the first months of the year, and improves as the year progresses toward the end. In order to mitigate the risk from the volatility of the LME prices and the increased working capital, we are optimizing our inventory monitoring to better control the price impact.

We had some issues during '25 with the disruptions that we experienced in raw material market with the imposition of tariffs. As Spyros said at the beginning of the presentations, we managed to secure our raw materials for '26 during first quarter until August.

Now we are secured for the whole year, and we believe that the way that we control our inventories during the year will give us the opportunity to improve our working capital for the future months. Now, about the EVA, I think that your question was what the improvement of EVA in copper suggests, and if we can further improve EVA per tonne, am I correct?

Yes, sorry, I was muted, and I didn't manage to speak before. Evangelos, I will cover that.

The question was about the increase in the industrial value added of the copper segment. Also, I have to add that 2024, which shows a larger EVA, was just seasonal.

The average EVA for the year was lower. Our target is definitely to improve and increase EVA.

What we're actively doing at the moment is decreasing the quantities of extruded brass products. One reason why we had a very small increase overall for the semester in copper volumes was that we cut down 2,500 tonnes of brass rod production.

This helps improve the industrial value added of the segment. Also, we are generally turning even in the sectors that we're increasing in quantities to even higher value-added products all the time.

I believe that covers your question. The target is for it to go higher.

I will add also for the working capital what Evangelos said, that we can definitely go for the end of the year to even better figures than we had in the end of 2025. Of course, working capital, and especially inventory, is something that we target.

We do not always guarantee that we will do it because it's also affected by external factors like supply chain disruptions, like metal price spikes, that have various direct or indirect effects that are beyond our immediate and easy control.

We have a written question by Mr. Arkoulis: "Which export markets are showing the strongest growth momentum..."

Nikos, sorry, before we have a question from Vassilis Roumantzis, a lot of questions, I think. I believe that the first one about the working capital is already addressed.

The second is about was the volume growth in rigid packaging driven by market growth or by market share gains? What is the driver?

How pricing in rigid packaging compares to other end markets? I will start with the growth in rigid packaging.

Growth in rigid packaging comes from market growth. The market is experiencing steady growth, and because it is fully aligned with future megatrends such as sustainability and green transition, we expect it to maintain that growth and likely accelerate.

The market is undersupplied by domestic producers, creating for us a market opportunity in the next year. Now, about pricing.

In the market, there are products like beverages whose prices are not at the upper end, but they give us a lot of quantities, we benefit from this to increase our profitability. In this sector, we have products like food products where prices are very profitable.

What has been the benefit on the results from the recent high premia through the recycling activity? On this flip side, what has been the cost impact of the Middle East disruption on the supply of ingots and slabs?

I will start with premiums. The reason we are trying in both segments to increase our consumption of recyclable materials is because the profit from the premium is significant.

Yes, during the second quarter, higher premiums boosted our profitability. It is evident.

After all, that is one of the reasons we are planning to further invest in scrap consumption in aluminium and copper also. Now, about the impact of the Middle East disruption on the supply of ingots, I think Spyros has already addressed this issue.

We already...

I think it addresses the cost side, Evangelos, which has not been significant, because we had new contracts for new quantities. There's no significant difference between the old contracts and the new.

Moving on to the next question. This is regarding the copper segment.

Can you please elaborate on the competitive pricing pressure and cost inflation, and how do you see them affecting performance over the next quarters? Okay.

I will start with the extruded products, where imports from lower-cost countries, such as China, Mexico, Vietnam, and others, account for almost 23% of European imports. It is evident that pricing pressure is material.

Now, this is one of the reasons an anti-dumping investigation is already underway against those countries. We expect to be concluded positively in the end of the year.

I must say that we already seeing the first ripple effects from customers that are placing orders to avoid retrospective duties. Now, regarding inflationary pressure, okay, inflation impacts labor, but as a group, we are trying through our selective investments not only to unlock extra capacity, but also to achieve efficiencies that will enable us to capitalize on our advantages over competitors, such as quality and trustfulness.

This is also relates with a question of room for further growth. Of course, there is room for growth, especially in markets like heat pumps, where we expect to see growth in the future.

Because we are in a stronger position relative to our competitors, we are well positioned to gain this extra volume.

We have the capacity to add.

We have the capacity. Let's move to the next question.

Dimitrios Arkoulis...

Yes. Mr.

Arkoulis asks: "Which export markets are showing the strongest growth momentum, and how is geopolitical uncertainty affecting demand?"

I will say that, as you see from the chart, our export markets are the EU and European countries. However, we managed to retain a good presence in the US.

Long-term, with 50% duties, it's something that's perhaps not sustainable. Now, geopolitical uncertainty is affecting demand both ways.

In one sense, it's decreasing demand; in another sense, it might be creating some panic buying. We believe that this has not happened significantly, and we expect no change in demand.

Of course, it yet remains to be seen. As I said in my opening statement, nobody knows yet what the long-term implications are going to be.

If this continues for long, I'm sure there're going to be significant long-term implications like decreased global growth rates and long-term higher energy prices, which, of course, nobody wishes for. Everybody wishes for the fast resolution of this issue.

On the other hand, we go through a Scottish shower every day. It starts again.

It stops. I don't know if it stopped again even since we started the call.

We'll have to see. Let's go to the next.

Yes. Moving on to Mr.

Morfidis' question: "Could you please comment on how the third quarter has started? Are you seeing the strong momentum of the first half continuing in terms of demand and order intake, or have recent geopolitical developments and tariffs changed the picture in any way?"

I think I already covered that in my previous answer. It's too early to say, because we're doing our call earlier than usual.

We've seen July. July is doing great, nothing to comment, not out of line.

What will happen is yet to be seen.

Mr. Mahmutoglu asks: "How is the adjusted EBITDA per type, both for aluminium and copper, going to be affected if the geopolitical tensions rise even more?

Say the price of these commodities get plus 15% more in average price for the rest of the year."

Not much. As we said, our adjusted EBITDA, and I've said it a lot of times, which is the most representative metric of our operational profitability, is not directly affected by the prices of the commodities, because we pass through everything.

There are indirect effects, and like what Evangelos said before, we get a better benefit from scrap prices, because the discount that we buy our scrap, if it's 10%, it's different if it's 10% on €10,000 or 10% on €20,000. It's a different discount.

There are other indirect effects, like, for example, higher interest rates. Of course, this does not affect the EBITDA.

Maybe customers get scared and short-term decrease their orders, but if they are skittish from the price movements. Long-term, there is substitution, which has been done a lot in copper.

We don't expect anymore. We don't expect substitution in aluminium at reasonable prices, of course.

It's not going to affect the adjusted EBITDA.

Moving on to Mr. Varalas' question regarding CBAM: "You mentioned the press release that CBAM already in place, but with no tangible benefits as of yet.

Can you please discuss what the benefits would be for you, the potential financial impact, and the likely timing they could accrue? Thank you."

We don't expect significant effects from CBAM. CBAM will mean that all imports of aluminium products will be more costly, because they will pay the CBAM for the aluminium, which will make it a level playing ground, because we already have a cost of carbon that the imported material does not have.

However, it's not so huge, big, in comparison to the whole price of aluminium, and to the whole conversion price, to really affect the pricing of the competition. It's not like if we go to the steel segment, where we're talking about a very higher value cost of CBAM in comparison to the whole price, then they cannot absorb it, the prices have a reason for all European producers.

We do not expect to have some significant or visible change in a whole total price of an aluminium product being at around €3,000, €4,000, €50 or €20 or €30, whatever the CBAM is going to be depending on the country, is not going to affect the whole situation.

Mr. Renaud has two questions.

The first one is: "Copper profitability remained under pressure despite stable volumes. Should we expect an improvement in the second half?"

It depends. It depends a lot on how this action will affect the demand for European products, because one big part of the price pressure has been the rising imports in the last years of Mexican, Vietnamese, etc., etc., products.

This will affect things. The other is what competition is doing.

However, we are increasing quantities, we are improving our operational efficiency after having done investments to increase capacity in the rolled products, and we'll have to see. We don't want to foresee the future, or give any guidance on it.

However, we can say that it's strong profitability. We've reached significantly high levels after 2023, and we're maintaining a very good profitability, and this is the target.

Gaining market share, because we can gradually reach number two in rolled products, and number one in brass bars, and of course, maintain our number one in copper tubes in Europe.

His second question: "You have medium- and long-term targets for volumes and adjusted EBITDA. When do you expect to reach these milestones?

Is it reasonable to expect the medium-term targets to be achieved before the investment program is completed in 2030?"

I think Thomas is referring to our new investment program that we have announced, and with the share capital increase. We said during this presentation about the share capital increase that about the investments in aluminium segment, we expect to have our new casthouse operational by 2029, and the new cold rolling mill in 2030.

For the investments in the copper segment, we expect to have them operational at '27, late '27, early '28 and '29. We expect to see an incremental profitability from these years onwards.

It will be lower than the profitability that we expect to have through the increase of capacity in the aluminium segment, and the increased in recyclable usage with the new casthouse. Yes, we expect to have some incremental benefits before 2030, but the biggest portion of that will be after 2030.

Mr. Morfidis returns with a question: "You announced a share a share buyback program today, only a few weeks after completing your capital increase.

What message are you trying to send to the market? Do you believe the current valuation does not fully reflect the company's medium-term growth prospects?"

We always have, for the last 3 years, a share buyback program starting at this period or thereabouts. This is one of the reasons that we started it.

Generally, we believe that a lot of long-term investors entered our share capital increase, looking at our business plan and our prospects. Of course, it's probably an opportunity to get the shares that we need for our future needs for the incentive program of the company.

I have nothing more to say. You can understand whatever you can understand.

It's quite clear.

Mr. Arkoulis asks: "Which part of the EBITDA increase is structural, and which is cyclical?"

It's quite clear where the difference between adjusted EBITDA and EBITDA is. We always stress our adjusted EBITDA because the metal results, which is the effect of valuation of the metal price, is something that's depends on the method of valuation.

You can look at the metal result, and assume, depending on where metal prices will be in the future, that it will either be zero, or be negative, or continue to be positive. This is the part that's beyond our control, because we do not affect metal prices.

Our risk profile is fixed. We do not speculate, we do not gamble, we do not buy low to sell cheap, or sell high to buy low.

Metal result is the difference on the EBITDA that is cyclical or beyond our control and our operational actual

profitability. Moving on to Mr.

Athanasakis' question: "In the longer term, how much do you think your operating costs would have to grow as a result of the planned significant capacity increase in aluminium?"

Not significantly, because we're operating it in the same plant, actually. We're not building a new facility, which would not require a lot of extra new things.

Evangelos, I don't know if you have to add something to that.

We already said that this is one of the main drivers of the incremental profitability through our new investments. We will not have to increase our fixed costs, because we already have the infrastructure, we already have adding capacity from our previous investments.

We will increase our final capacity. We will increase, of course, our variable costs, but per tonne this is stable.

We will not have to increase our fixed costs at the same levels, the incremental profitability will be as a result of this reality that we will not have to increase fixed costs. Then, the allocation of the existing fixed costs will be in much higher volumes.

We have one last question from Mr. Morfidis: "Following the successful capital raise and the strong first half performance, are there any projects within your €450 million investment plan that you are now considering accelerating or bringing forward?

Also, would you consider inorganic growth opportunities, or does your capital allocation remain fully focused on executing the current investment plan?"

I wouldn't say that we change our plans every 2 weeks regarding our investments and bringing them forward, because, okay, or 1 month, because we did the presentations and prepared the latest business plan and updated it not more than 2 months ago. It's not like we bring something forward.

The main investments will go ahead in that they can't go, because, of course, they are big investments, and they cannot be accelerated. You cannot press a button and have a new cold mill, unfortunately.

It takes time. Now, regarding inorganic growth opportunities, we're always looking into them.

It's not our preference, but we always have our eyes open, and may do something. It's not our number one focus.

Our number one focus is organic growth. This does not mean, again, that we are blind and may not take a good opportunity.

We have two people thanking us for our effort, and Mr. Athanasakis and Mr.

Arkoulis.

We thank you for your interest.

Another one. Yes.

Mr. Athanasakis asks: "Can you please remind us what is the level of maintenance capex, and how this could be affected after the new investments?"

Evangelos? It would be around

if we talk about only maintenance, because we have some operational capex also. If we talk about maintenance, no more than €4 million €40 million per year, €40 to €50 million per year will be the maintenance capex that we will have for the next years.

If this will be affected by the new investments, not so much, because at the beginning, the need for maintenance capex is not so high, we don't expect to see a significant increase in maintenance. We have our operational capex also, you can consider that around €80 to €90 million per year will be the capex excluding any investments.

We think we have no further questions. We'd like to thank you for your participation in our webcast, and we trust in your long-term belief in our business plan and prospects.

Thank you very much.

Thank you.

Thank you.