ElvalHalcor Group continued its upward trend in the period January–September 2024, recording an improvement in working capital and a decrease in net debt.

According to the announcement, the group's main financial data shows:

• Organic profitability (a-EBITDA) at €180.0 million
• High operating cash flow: 180.7 million euros, up from €49.8 million in 9M23, while profit before tax increased to €90.7 million, compared to €49.8 million in 9M23
• Reduction of net debt by €171.0 million and working capital by €121.5 million as of 30/09/2023

In the main operational items there are:

• Increase in sales volume despite the challenges of the economic environment and reduced demand in most sectors of the economy
• Increase in metal prices in the third quarter of the year

Commenting on the results, the General Manager of the Aluminium Division, Nikolaos Karabateas, said:

"In the nine-month period, the strategic investments made in previous years were rewarded. Despite the increasingly challenging geopolitical and economic conditions, the segment's sales volume increased by 7.7%, particularly in the last quarters. Organic profitability remains at strong levels, with the exception of the foil results in the first quarter, which did not favor when compared to the strong first quarter of 2023. Following the successful completion of our investment program, our efforts are now focused on optimizing the working capital of the branch, a goal that was achieved to a significant extent, contributing to the creation of a free cash surplus. Finally, our customer-centric philosophy ensures our continued growth."

Commenting on the results, the General Manager of the Copper Division, Panos Lolos, said:

"The Copper Division continues to demonstrate resilience to changes in the economic environment, maintaining strong performance in Q3 2024. Despite challenges in the construction sector, which negatively impacted demand for respective products, we achieved a marginal increase in organic profitability in the nine months of 2024 compared to the same period last year. Cost containment and cost reduction strategies, as well as production optimization, were key pillars of our efforts. In addition, our subsidiary Sofia Med contributed significantly to the industry results, gaining market share by further leveraging its comparative advantages. With a focus on innovative, high-value-added products, a high level of service, and the implementation of its investment plan, Sofia Med strengthened its position in a competitive market where demand was on the decline."