ElvalHalcor recorded a solid start to 2026, delivering higher sales volumes, resilient operational profitability and significantly improved bottom-line performance during the first quarter of the year.
Consolidated revenue for Q1 2026 reached EUR 1,036.0 million, up 11.3% compared to EUR 930.9 million in Q1 2025, supported by higher LME metal prices and continued volume growth across the Group. Adjusted EBITDA, which better reflects operational profitability, increased by 3.8% to EUR 66.2 million, compared to EUR 63.7 million in the corresponding period of the previous year. Profit before tax rose significantly to EUR 67.8 million, up 49.6% year-on-year, while profit after tax amounted to EUR 62.4 million, compared to EUR 41.6 million in Q1 2025.
The Group’s performance was achieved against a demanding international backdrop, marked by geopolitical uncertainty, volatility in metal prices, inflationary pressures and ongoing shifts in global trade flows. Despite these challenges, ElvalHalcor maintained its operational momentum, supported by disciplined commercial execution, prudent working capital management and the continued contribution of strategic investments implemented in previous years.
In the aluminium segment, sales volumes increased by 7.8% year-on-year to 111.6 thousand tonnes, driven mainly by strong demand in rigid packaging and transportation products. Revenue rose to EUR 492.9 million, while adjusted EBITDA increased to EUR 40.4 million. The segment continued to benefit from its strong export orientation, diversified product portfolio and investments in capacity, technology and industrial performance, which have strengthened its market position and ability to respond to evolving customer needs.
The copper segment also delivered a robust performance, with revenue increasing to EUR 543.1 million, mainly due to higher average copper prices. Sales volumes rose by 1.0%, supported by growth in industrial and energy-related applications, as well as improved performance in bus bars and flat-rolled products. Adjusted EBITDA reached EUR 25.8 million, reflecting the segment’s continued focus on higher value-added products, operational reliability and long-standing customer partnerships.
At group level, net debt stood at EUR 621.9 million at the end of March 2026, compared to EUR 669.7 million in Q1 2025, marking a year-on-year reduction of EUR 47.8 million. This improvement, together with lower net financial costs, highlights the Group’s disciplined financial management and its ability to preserve flexibility despite increased working capital requirements driven by higher metal prices.
Looking ahead, ElvalHalcor remains cautiously optimistic. While geopolitical and macroeconomic risks continue to shape the operating environment, structural demand drivers remain strong across key end markets, including energy infrastructure, data centres, high-recycled-content packaging, heat pumps, marine and defence applications, and energy-efficient buildings. With a clear focus on cost discipline, selective capital allocation and operational excellence, ElvalHalcor remains well-positioned to navigate uncertainty and continue delivering long-term value.