Q3'23 Trading Update

Financial Highlights.

01

02

03

04

05

Demand remains subdued across

Robust operational profitability

Increased Interest costs were

Slowdown of investments

Drop in Net Debt due to

most markets. Interest rates hikes

with a-EBITDA at EUR 189.7 million.

partially offset by the decrease in

following the completion of

lower working capital needs

have affected growth, investments

Net Debt.

the lacquering line during the

and slowdown of investments.

and consumption.

55% of the loans are on Fixed rate.

first half of the year.

Volumes

a - EBITDA

Net Debt /

Net Debt

426

189.7

a-EBITDA

862

3.7x

EUR million

EUR million

Thousand tons

-17.8% YoY

Decreased by

volume of sales

Improved by 0.4χ. YoY

225.7 M from 9M'22

Reduced benefit from recycling due to

-4.6% YoY

narrower scrap spread. Increased costs

and lower sales volume

4.4

446

231

1,088

414

426

190

4.1

130

3.7

862

730

9M'21

9M'22

9M'23

9M'21

9M'22

9M'23

9M'21

9M'22

9M'23

9M'21

9M'22

9M'23

2

Macroeconomic Charts.

LME Prices

Global demand for metals is affecting prices.

10,000

LME PRICES

4,000

tn

8,000

3,000

CU €/

6,000

€/tn

2,000

AL

4,000

1,000

Aluminium Copper

Interest rates

Rising interest rates to mitigate the increased inflation rates.

Interest rates

7

6

5

%

4

3

2

1

0 -1

€/MWh

TTF - Gas

Improved supply, lower consumption. Europe's NG reserves full.

300.00

TTF DAILY PRICES

250.00

200.00

150.00

100.00

50.00

0.00

TTF daily prices

Inflation rates

Inflation decreasing but still at levels over central banks' targets

Inflation rates

12

10

Source:Company information.

%

8

2

6

4

0

Euribor 3M

USD Libor 3M

EU

USA

3

Consolidated

Cost Analysis.

9Μ'22

Other operating

Energy

14%

18%

Maintenance

5%

Third party fees 12%

26%

11%

Depreciation and amortization

14%

Transportation costs

Stable Energy costs excluding Al, Cu, Zn, and other metals costs.

9Μ'23

Other operating

Energy

13%

18%

Maintenance

6%

Third party fees 13%

Employee benefits

26% Employee benefits

12%

Depreciation and amortization

12%

Transportation costs

Source: Financial Statements

4

Sales evolution per quarter.

Sales Volumes ('000tn)

Aluminium

+12.4%

-4.1%

+9.4%

-6.6%

2021

+10.9%

+2.8%

+0.3%

102

104

97

98

2022

94

91

95

97

91

91

2023

85

Q1Q2Q3Q4

Copper

2021

+5.1%

2022

-8.6%

+5.8%

-6.9%

-3.7%

-9.4%

2023

-9.2%

52

51

49

47

48

47

48

45

43

44

39

Q1

Q2

Q3

Q4

Source: Company information

5

a-EBITDA evolution per quarter.

a-EBITDA (€m)

Aluminium

+106.7%

-26.8%

53

39

26

+117.3%

-44.9%

+98.0%

2021

66

-39.4%

2022

58

2023

36

35

+20.2%

30

29

23

28

Q1

Q2

Q3

Q4

Copper

+45.6%

31

+27.3%

+84.3%

2021

+33.3%

2022

+47.8%

24

24

21

-19.6%

-4.8%

2023

19

16

16

14

13

13

13

Q1

Q2

Q3

Q4

Source: Company information

6

a-EBITDA evolution per ton.

By Segment (EUR/ tons)

CAGR

+10%

AL

590.0

314.8

378.3

9M'219M'229M'23

591.4

CU

+37%

315.4

366.0

9M'21

9M'22

9M'23

1. Source: Financial Statements and Company information.

7

IVA per ton evolution.

By Segment (EUR/ tons)

+38%

-7%

Al

1,600.0

1,161.0

1,481.7

30.09.2021

30.09.2022

30.09.2023

+13%

Cu

+29%

1,606.9

1,419.4

1,103.3

30.09.2021

30.09.2022

30.09.2023

Source: Company information

8

Revenue of Core Products by Market.

Cu

Al

Aluminium Revenue Breakdown (9M'23)

Copper Revenue Breakdown (9M'23)

By Market (% of tons)

By Market (% of tons)

HVAC&R

Building & Construction

Transportation Other Industrial Markets

8%

2%

6%

13% Energy & Power Networks

Industrial Applications

30%

1%

Energy & Power Networks

Transportation

19%

13%

4%

Industrial Applications

4%

Other Industries & Markets

59%

Packaging

21%

20%

HVAC&R

Building & Construction

Aluminium Revenue breakdown (9M'22)

By Market (% of tons)

Copper Revenue Breakdown (9M'22)

By Market (% of tons)

Packaging

HVAC&R

5%

55%

Building & Construction

16%

Energy & Power Networks

1%

14% Transportation

4%

Industrial Applications

5%

Other Industries & Markets

Transportation Other Industrial Markets

7%

2%

Industrial Applications

Energy & Power Networks

27%

16%

25%

23%

HVAC&R

Building & Construction

Source: Company information

9

Revenue of Core Products per

Geographical Segment.

Al

Revenue breakdown (9Μ'23)

Revenue breakdown (9Μ'23)

By Geographical Segment (% of €)

By Geographical Segment (% of €)

Cu

America

9%

UK

4%

Other

Europe

10%

Asia

3%

93% outside Greece

Revenue breakdown (9Μ'22)

By Geographical Segment (% of €)

America

10%

UK

5%

Other

Europe

11%

Asia

4%

90%

outside Greece

Greece

7%

Africa & Oceania

2%

EU (excl. Greece)

65%

Greece

10%

Africa & Oceania

1%

EU (excl.

Greece)

59%

America

4%

Asia

5%

Other

Europe

7%

UK

9%

95% outside Greece

Revenue breakdown (9Μ'22)

By Geographical Segment (% of €)

America

6%

Asia

5%

Other

Europe

7%

UK

9%

96% outside

Greece

Greece

5%

Africa & Oceania

3%

EU (excl. Greece) 67%

Greece

4%

Africa & Oceania

3%

EU (excl.

Greece)

66%

Source: Company information

10

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Elvalhalcor Hellenic Copper and Aluminium Industry SA published this content on 22 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 November 2023 15:26:19 UTC.