ElvalHalcor delivers robust 2024 financial results, with higher profitability, and a sharp reduction in net debt — showcasing resilience and strategic growth in a challenging economic environment. Aluminium sales rose by 7.3%, driven by increased demand for packaging products, while copper sales declined by 2.4% due to weaker market conditions. Rising metal prices supported performance, with aluminium averaging EUR 2,236/tn (+7.4%), copper EUR 8,454/tn (+7.8%), and zinc EUR 2,569/tn (+4.9%). As a result, consolidated turnover reached EUR 3,438.5 million, up 4.4%, though impacted by the sales mix between segments. Gross profit increased to EUR 283.9 million from EUR 213.3 million, and EBITDA climbed to EUR 242.7 million from EUR 176.4 million, driven by a EUR 6.2 million positive metal result compared to a EUR 47.4 million loss in 2023. Adjusted EBITDA (a-EBITDA) edged down 0.8% to EUR 237.5 million. Notably, net financial costs improved by 17.0%, reaching EUR 44.9 million, as net debt decreased by EUR 169.9 million, thanks to effective cash flow management and reduced investments after completing the aluminium segment’s investment programme. Additionally, the Group took measures to curb rising borrowing costs, securing 66% of its total debt at a fixed interest rate.
Commenting on the financial results, the General Manager of the Aluminium Segment, Nikolas Carabateas, stated:
“The Company’s reinforced competitiveness through implementing the investment plan to increase production capacity of the aluminium rolling segment was confirmed once again. Optimising the production mix in combination with high productivity resulted in an increase in sales volume in 2024, with a focus on high-tech aluminium products for the rigid packaging and automotive markets. Reduced sales in the flexible packaging segment in the first quarter of the fiscal year affected operational results, which marked a decrease compared to 2023. However, the segment recovered fully, maintaining high sales volumes, confirming the resilience to shifting international conditions and our customer-centric approach. The investment plan remained at low levels in 2024, allowing recent investments to mature while working capital optimisation programmes were implemented to strengthen free cash flows. Existing state-of-the-art technologies and human resources know-how are constantly expanding the range of aluminium applications, making it even more important for a sustainable future and laying a strong foundation for further segment development.”
Commenting on the financial results, the General Manager of the Copper Segment, Panos Lolos, stated:
“The strong operational profitability of the Copper Segment confirms for another year our resilience in the face of changes in the economic environment and challenges in the sectors of construction, automotive and various industrial applications, despite the reduced demand for our related products. During the year, we managed to achieve sales volume growth in specific product categories and to strengthen our market shares in our core products. The main pillars of our efforts are developing innovative products with high added value, optimising our industrial production, and increasing the level of our services. In addition, cost-controlling and cost-reduction strategies contributed to maintaining the Segment's operational profitability at high levels. The investment programme in Sofia Med continues successfully and is expected to strengthen its position in a competitive market, while our most important future strategic moves have been identified to increase the competitiveness and position of the Copper Segment in the international markets."