Ladies and gentlemen, welcome. Thank you for joining the live webcast of ElvalHalcor for the first quarter of 2026 trading update.

Mr. Angelos Giazitzoglou, Deputy Chief Financial Officer of the Group, and I, Dimitrios Theodorakatos, Consolidation and IR Manager of the Group, we are going to provide you with insights on our performance.

After the end of the presentation, we will conduct a Q&A session where you are welcome to ask any question regarding our Group and its performance. Now, let's move on the presentation and the key highlights for the period.

ElvalHalcor marked a solid start amid a challenging, volatile economic environment. The Group managed to increase sales volume by 6% to 156,000 tonnes, driven by the increased demand from aluminium segment and mostly for packaging and transportation-related products.

Increased operational profitability, adjusted EBITDA, was supported by lower energy costs and higher sales volume, which partially offset by inflationary pressures, raised to €66 million, up by 4% compared to prior year respective period. Earnings before taxes surged to €68 million, mostly affected by the positive accounting metal results, which rose by €31 million year on year.

The significant increase in LME prices during the first quarter of 2026 led to increased working capital and debt needs. Despite that, net debt stood at €622 million, down by €48 million from the first quarter of 2025, thanks to robust operational profitability.

However, the sharp rise in LME prices at the last quarter of 2025, which continued during the first quarter of 2026, resulted to €70 million increase from the year end. Deleveraging continued for one more quarter, with net debt to adjusted EBITDA ratio improved to 2.6 from 2.7 in first quarter of 2025 and remained stable from the first from the 31st December 2025.

Now, I will turn the floor over to Mr. Giazitzoglou for his comments.

Thank you, Dimitrios. Welcome.

Before diving into the numbers, let's look at the operating environment in the first quarter of '26. TTF prices trended lower in the first quarter compared to Q1 of '25.

The average price was down by 19% to €38 per megawatt-hour. Electricity prices moved in the same direction, with the average price ending 28% lower than the same period of '25 at €95 per megawatt-hour.

Inflation was slightly lower at 2.1%, when interest rates declined significantly by 20%. As a result of all these trends, energy and financial costs reduced compared to the first quarter of '25, creating a tailwind for margins.

Let's look at metal prices. LME prices had a totally different trajectory in both metals.

After the imposition of tariffs in '25 and disruptions caused by the shortage in raw materials, as well as the uptrend in prices, another geopolitical tension arose this time and rocked the boat. Aluminium prices rose significantly in first quarter of '26 by 9% compared to '25, and copper prices skyrocketed by 24%.

The effects of the elevated prices were inevitable in our working capital and metal results. Let's move now to our cost structure.

In Q1 of '26, consolidated costs were broadly flat year on year at €177 million versus €175 million in Q1 of '25, a €2 million increase or roughly 1%. Employee benefits increased to 29% from 28%, while third-party fees rose to 17% from 15%, consistent with inflationary pressures and external service costs.

Energy fell to 13% from 17%, a reduction of approximately €7 million, driven by lower average TTF and dam prices, as we discussed earlier. Transportation was stable at 12%, depreciation dropped to 10% from 11%, and maintenance and other operating remained broadly flat.

As a takeaway, lower energy costs partially offset increases in labor and service costs. Now let's see the volumes quarter by quarter.

The first quarter started from a stronger base in the aluminium segment than in copper. Aluminium sales rose to 112,000 tonnes from 104 in Q1 '25, a strong increase of 8%.

Copper moved to 45 from 44, up by 1%, indicating a much flatter demand. In both segments, it is clear that the sales slowdown we experienced during the second half of '25 has now rebounded to a more positive trajectory.

Now let's move to markets. The first quarter of '26 versus '25 shows a shift in mix across specific markets in both segments.

In the aluminium segment, rigid packaging remains the dominant market with 56% in total sales, while flexible packaging declines to 13% from 15%. Transportation also climbed to 14% from 12%.

Building and construction, on the other hand, declined slightly to 10% from 11%, while all other markets remained broadly stable. Packaging and transportation are fueling the increase in volumes in the aluminium segment.

In the copper segment, industrial applications increased to 29% from 26%, and energy and power networks rose to 22% from 20%, indicating stronger demand. Building and construction down to 18% from 23%, reflecting weaker activity in '26.

Other markets moved in a more stable direction. Now take a picture about geographical areas.

During the first quarter, we saw a clear shift in the geographical revenue mix in both segments. In the aluminium segment, the revenue mix is broadly stable year on year.

The EU remains dominant at 66% versus 68%. The Americas increased modestly to 14% from 13%, and Greece moves to 5% from 4%.

Overall, aluminium indicates only limited mix reallocation, with small offsets across regions rather than a structural shift. In the copper segment, the change is more pronounced.

EU share expands to 71% from 67%, while the Americas falls sharply from four to four from 10%. This resulted from the imposition of tariffs by the US administration in the second half of '25.

However, as we saw in the slide with volumes, the segment managed to weather this headwind and replaced those quantities in other markets. In addition, the segment delivered an overall increase.

The key takeaway from the copper chart is a clear shift in sales mix away from the Americas and towards to EU, while aluminium remained more balanced with a stable regional profile. Now let's move to our financials.

On this slide, the graphs depict a clear and positive start for the first quarter of '26 for both metals. Aluminium adjusted EBITDA rises from 39 in first quarter of '25 to 40 in '26, a gain of 3%, while copper increases from 25 to 26, a 5% growth.

Both segments demonstrated a significant rebound from the last two quarters of '25, when we experienced a decline due to disruptions from the implication of US tariffs. Now let's go to see the profit per tonne.

Year on year, earnings performance varied across the two segments. Aluminium adjusted EBITDA per tonne moved from €378 in '25 to €362 in '26, a decline of 4%, indicating more normalization after the prior year peak.

Of course, we have to say that the environment in which we operate in after the imposition of tariffs is very different from what it used to be, especially in the raw material market. The scrap shortage along with the increase in prices that began in the second half of '25 squeezed margins.

Even though the situation is now closer to normal levels, the pressure is still evident and erodes part of our profits. Copper, on the other hand, rose from €554 to €574, an improvement of 4%.

A strategic reduction in lower-margin products, along with segment's ongoing focus on value-added markets, enhanced profitability. Now moving on.

Q1 shows a clear year-on-year improvement versus '25 across the consolidated P&L figures. Volumes increased in both segments, supporting performance.

Adjusted EBITDA is above the previous year's level at €66 million, rebounding significantly from the results of the second half of '25 and remaining higher than the corresponding period of the previous year. Revenue was boosted by the elevated LME prices to €1 billion.

EBITDA skyrocketed to €94 million from €71, a gain of €23 million or 33%, fueled by the uptrend in metal prices. That is confirmed by metal results moving to €38 from €7, a €31 million uplift, while earnings before taxes improves to €68 from €45, up by 50%.

Now let's see the EBT evolution. EBT in Q1 '26 increased to €68 million from €45 in the corresponding period of '25, a year-on-year improvement of €23 million.

Volume added €5 million, led by the aluminium segment mostly. On the other hand, competitive pricing pressure in parts of the portfolio and a less favorable mix weighed on margins by €3 million.

SG&A also reduced EBT by €3 million due to wage inflation. Of course, the main driver of this strong EBT result is the metal result, which contributed €31 million.

Now from profits, let's see the cash. EBITDA of €94 million was up 33% year on year, indicating a stronger earnings base supported by a better metal result across both segments.

Despite the improvement, free cash flow did not fully reflect the gain and remained negative at €40 million. Main driver of this is the change of working capital by €70 million, driven by sharply higher LME prices.

CapEx of €27 million added a further drain, while financing activities provided a €43 million inflow, helping offset the net cash impact. Now let's see how the working capital shaped during the first quarter of '26.

First quarter of '26 shows a clear impact on working capital, as we said, from elevated LME prices in aluminium and copper. Working capital rose 13% to €627 million from €557 million at the end of '25, an increase of €70 million.

I want to reiterate that this increase also resulted from higher inventories. That decision was made at the end of the previous year to prevent any disruption to our production due to a shortage of raw materials.

Working capital as a percentage of sales increased to roughly 17% from 15% in December of '25. Despite that headwind, net debt improved significantly versus Q1 of '25 and slightly increased from the end of '25.

At €622 million at the end of the first quarter of the year, we are still on track to meet our objectives to keep our leverage ratio lower than 3 times. At 2.6, we remain in line with our targets.

Financial costs declined to €9 million from €10 million, down about 9%, consistent with lower average debt and a more favorable rate environment. Main takeaway from this performance is that higher metal-driven working capital remains a cash flow headwind, but margin resilience and disciplined financing continue to support balance sheet quality and financial credibility.

Last but not least, let's see our CapEx. The company takes a very concentrated investment profile.

Following a period in which we invested heavily, especially in the aluminium segment, we have now entered a phase of capitalizing on those investments. Developments in the global trade environment and the ongoing geopolitical tensions require a more prudent approach.

Strategically, we prioritize future growth and competitive positioning. Now before we take your questions, let me summarize the company's performance.

The first quarter of '26 started with positive momentum, despite the challenging environment that had shaped the previous year. The company delivered a robust performance, achieving higher sales volumes and improved operational profitability.

Despite the pressures in working capital, we managed to keep net debt lower than the respective period of '25 and slightly above the end of the year. The Group has demonstrated resilience and remains vigilant for the upcoming developments.

Now, we are ready to take your questions.

Thank you all for your attention. Thank you, Angelos.

Now we may proceed to the Q&A session, and you may place your questions either by raising your hand or by submitting in the Q&A tab at the bottom of your screen. We have one question from Mr.

Kavais.

It's for you, but I don't see anything on my screen. Maybe I have to wait.

It's—

Can you hear me now? Yes, yes,

yes.

Hi everyone. Congrats on a good set of results.

Thanks for taking my question. I have a good one on the CapEx on aluminium.

Can you give us some color on exactly where does it go, which areas are you investing currently? Thank you.

As I said, in the past, we heavily invested in specific markets that had to do with packaging. Packaging is a market that shows a steady growth in Europe and in US.

As I said, right now we are capitalizing on these investments, and under these conditions shaped from the ongoing geopolitical tensions, selective capital allocation is a priority for the company. We always make plans.

We are constantly working on different scenarios, but nothing is final or approved yet. As I said, we have now entered a phase of capitalizing on previous investments, and we examine all potential opportunities to push the button for the next step of our investment plan.

Thank you.

We have one more question from Mr. Chatzidakis Manos.

Hello. Thank you for taking my question, and congratulation for the good set of results.

If you can give us an indication of your capacity utilization, at what rate are we moving in the first 5 months of the year, and if you have witnessed any shift in demand from geographies that are under tensions? Maybe this demand has shifted to other locations and this counterbalanced maybe a deficit from the Middle East or whenever this reduction came.

Thank you.

I will start from the second part of your question about markets. Definitely the imposition of tariffs created a lot of disruptions in the US market.

As you saw in our presentation, we managed to keep and increase our share in this market. We have long-term relationships with our clients.

We are a very trusted supplier for them, and we managed to keep these quantities in this market, this very profitable market. No one can dispute that, of course, we have a reallocation from this market to EU from countries and producers from Asia and India.

This creates an additional pressure for us, but again, as you saw, share that we lost in US, especially in the copper segment, were gained in EU from the copper segment of our company. We managed to weather all these difficult situations without losing any quantities, but achieving to increase them also.

Demand is here. We see that there is demand.

Still we don't see at the same direction some increases in prices, but demand is there, and we are ready to capitalize any opportunity. The capacity of— Excuse me?

No, please. Go on.

Okay.

The free capacity for the aluminium segment is around, let's say, no more than 10%. In the copper segment is a little bit higher.

We have a potential to increase even more our share in the copper segment and less ability to increase quantities in the aluminium segment if we don't decide to reinvest in this direction.

That's clear. Thank you very much.

Aggelos, you want to see the question? Yes.

Ioannis Stratoglou:

"Could you give us some insight for the energy cost impact on the company? It is electricity, petrol products, or natural gas prices that impact more?

Is there hedging or fixed contracts in place?" Okay.

I would say for another time that energy is not a game changer for ElvalHalcor. Of course, it's a very critical cost driver.

Fortunately, for first quarter of '26, the trend for both TTF electricity and natural gas, we saw prices going down. Of course, the persistence in geopolitical tension in the Gulf is expected to increase prices in the upcoming months.

Yes, we expect to see some pressure from the energy price during the rest of the year. Now, if we use some hedging instruments to mitigate the risks from the volatility of prices, yes, we do have some hedging instruments for the natural gas.

We try to cover all the contracts, long-term contracts that we have with our customers in order to avoid any increase cost from the volatility of price. In the electricity part of our energy cost, we don't have any hedging instruments to use.

Of course, we have some contracts for renewable sources of energy, and this is the way that we are trying to mitigate any risk again from the volatility of prices in electricity. Definitely we expect to see some actions from the Greek government or from the EU in order to have a more regulated playing field so the industries like us who are operating in an environment with elevated prices like the prices in Greece are not losing any of our competitiveness against other companies that are operating in areas with lower electricity prices.

We have one question from Thomas Renault.

Can you hear me?

Yes.

Hello. Thank you for the presentation.

Just a quick one on scrap availability. You mentioned some disruptions in H2 and during full-year results.

There is no mention of scrap availability on this Q1 press release. Is it still an issue for you, and the situation is stabilizing or deteriorating or improving a bit?

Can you give us some color on that? Thank you.

Scrap remains a complicated issue, but not at the levels that we experienced last year. The imposition of tariffs created significant challenges for the European scrap market in both metals, leading to market distortions, as you said, and scrap shortages for the European companies.

There is no doubt that this difficult environment did not come without a cost to our profitability. The increased prices squeezed part of our margins.

Fortunately, the situation right now is more stable. It's not what we used to have, let's say, during '24, but prices are significantly lower than it was in '25, at least the second semester of '25.

We are covered at least for our supplies in scrap. We don't experience any issues from shortages in EU market.

Of course, again, this is an area that we expect some actions from the EU to protect from the scrap to going out from Europe. We have to say that this is not an issue of raw material supply, it is an issue for the energy also.

The scrap that goes out from Europe means that energy is going out from Europe, and this is a very critical issue for industries like us. That's why we are taking so many initiatives to, let's say, push the European Union to take some measures in order to protect this scrap leakage.

For the first quarter of '26, and I must say that even for the first semester of '26, we are covered for the needs of our raw materials in order not to have any disruptions in our production.

Yep. Thank you.

It seems that we don't have any more questions. Okay.

Thank you all for joining, and thank you also for your questions. I hope to see you again on our webcast on the 4th of August for the first semester financial results.

Thank you very much. Bye-bye.