ElvalHalcor delivered increased profitability and volume growth during the first half of 2026, despite a demanding operating environment marked by geopolitical uncertainty, elevated metal prices and continued cost pressures.
Consolidated revenue increased by 18.0% to EUR 2,197.6 million, compared with EUR 1,862.0 million in the first half of 2025. This development reflected both volume growth across the Group’s two business segments and higher metal prices.
Operational profitability also improved, with adjusted EBITDA increasing by 6.6% to EUR 143.3 million, from EUR 134.4 million in the corresponding period of 2025. The improvement was supported by increased sales volumes and a richer product mix, partly offset by production cost inflation and competitive pricing pressures in specific product lines.
Reported EBITDA increased by 52.1% to EUR 211.6 million, compared with EUR 139.1 million in the first half of 2025, mainly reflecting an accounting metal gain of EUR 78.0 million, versus EUR 7.1 million in the prior-year period. Profit before tax rose by 78.6% to EUR 158.5 million, while consolidated profit after tax reached EUR 128.9 million, compared with EUR 74.0 million a year earlier.
The aluminium segment maintained its operational momentum, with sales volumes increasing by 7.0% to 227 thousand tones. Growth was mainly driven by rigid packaging, where volumes increased by 8.8%, and transportation applications, which recorded an increase of 34.2%. Adjusted EBITDA for the segment rose by 11.9% to EUR 91.1 million, from EUR 81.4 million.
In the copper segment, sales volumes remained resilient at 91 thousand tones, increasing by 0.6%. Higher demand in energy and power networks, industrial applications and HVAC&R offset weaker demand in building and construction. Adjusted EBITDA stood at EUR 52.2 million, compared with EUR 53.0 million in the first half of 2025, as competitive pricing pressures and cost inflation absorbed the benefit of higher volumes and an increased contribution from higher value-added products.
Strong cash generation and disciplined working capital management supported a further reduction in net debt. Net debt declined to EUR 547.9 million on 30 June 2026, from EUR 605.3 million at year-end 2025 and EUR 629.5 million a year earlier. This reduction was achieved despite capital expenditure of EUR 56 million and the payment of an increased dividend of EUR 41 million.
Following the completion of its EUR 250 million share capital increase in July, ElvalHalcor enters the second half of 2026 with a strengthened capital position. The proceeds will support the Group’s EUR 455 million investment program, focused on increasing aluminium cold-rolling capacity and expanding recycling capacity across both business segments.
Read our Press Release for H1'26 Financial Results, here.