The ElvalHalcor Group continued its upward trend in the nine months of 2024. The sales volume increased by 4.4% compared to the corresponding period of 2023, while excluding the effect of the de-consolidation of ETEM in the first quarter of 2023, this increase was 4.9%, mainly affected by increased sales in the aluminum sector of products for rigid packaging .

THE turnover amounted to 2.59 billion euro in the first nine months of 2024, up 1.4%compared to 2.55 billion euros in the corresponding period of 2023, positively affected by increased metal prices and sales volume and negatively by the product mix of sales between the two branches (aluminum and copper).

According to a related announcement, during the third quarter of 2024, global economic activity continued to be subdued. In Europe, industrial activity remained weak with demand in the construction sector remaining at low levels affected by high benchmark interest rates. Economic uncertainty and geopolitical conflicts negatively affected demand for industrial products. On the contrary, the de-escalation of inflation continued in the third quarter of the year, with energy prices remaining at low levels.

The metal prices on the LME moved at high levels during the nine months of 2024. The average price of aluminum was 2,178 euros per ton in the nine months of 2024 compared to 2,096 euros per ton in the nine months of 2023, i.e. an increase of 3.9%. The average copper price stood at €8,403 per tonne compared to €7,919 per tonne in the corresponding period last year, up 6.1% and the average zinc price stood at €2,473 per tonne in the nine months of 2024 compared to €2,486 per tonne in the nine months of 2023, marking a decrease of 0.5%.

The consolidated gross profit amounted to 210.1 million euros in the nine months of 2024, compared to 165.2 million euros in the corresponding period last year. Adjusted consolidated earnings before taxes, interest, depreciation, metal effect and other extraordinary income and expenses (a-EBITDA), which better reflects the Group’s organic and cash profitability, decreased by 5.1% to 180.0 cm. euros in the nine months of 2024 compared to 189.7 million euros in the corresponding period last year. Accordingly, consolidated earnings before taxes, interest and depreciation (EBITDA) amounted to 173.2 million. euros against 144.8 million euros in the nine months of 2023, as a result of accounting profits of 3.7 million euros, compared to 43.1 million euro of losses in the first nine months of last year.

The consolidated net financial result (cost) of the nine months of 2024, improved by 15.7% to 34.5 million. euros from 40.9 million euro. This change is due to the significant reduction of net borrowing by 171.0 million. euros from the nine months of 2023 as a consequence of the enhanced free cash flows of the Group that came from the successful management of working capital and the slowdown of investments, following the completion of the large investment programs of the aluminum sector. The Group has also taken the necessary actions to limit its financial costs from the significant increase in reference interest rates, achieving, at the end of the period, 62% of the total borrowing to be at a fixed interest rate.

The consolidated profits before taxes amounted to 90.7 million euros for the nine months of 2024, compared to 49.8 million euros in the nine months of 2023, while consolidated profits after taxes and minority rights amounted to 70.9 million. euros for the period (or 0.1891 euros per share) from 33.4 million euros for the corresponding period of 2023 (or 0.0889 euros per share).