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Annual Report 2025

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ELVALHALCOR HELLENIC COPPER

AND ALUMINIUM INDUSTRY S.A.

G.C. Registry: 303401000

LEI: 213800EYWS2GY56AWP42

S.A. Registry No.: 2836/06/Β/86/48

Seat: Athens Tower, Building B, 2-4 Mesogeion Ave.,

11527 Athens

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Statements by members

of the Board of Directors

Pursuant to Article 4 par. 2 of Law 3556/2007

The undersigned, in our capacity as members of the Board of Directors of the company with the name ELVALHALCOR HELLENIC COPPER AND ALUMINIUM INDUSTRY S.A, trading as ELVALHALCOR S.A., whose registered offices are located in Athens, at 2-4 Mesogeion Avenue, do hereby declare and confirm that as far as we know:

(a) the attached annual Separate and consolidated financial statements of the company ELVALHALCOR S.A. for the fiscal year from 1st January to 31st December 2025, which have been prepared in accordance with the applicable set of accounting standards, present fairly and accurately the assets, liabilities, equity and results for the period ended on 31 December 2025 for ELVALHALCOR S.A. and the entities included in the consolidation taken as a whole and

(b) the attached Management Report of the Board of Directors, fairly presents the development, performance and position of ELVALHALCOR S.A. and the entities included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they confront, and that it has been prepared in accordance with the standards for sustainability reports referred to in Article 154A of Law No. 4548/2018 (A' 104) and with the specifications approved pursuant to par. 4 of Article 8 of Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 establishing a framework for the facilitation of sustainable investments and amending Regulation (EU) 2019/2088 (L 198).

Athens, 30th of March 2026

Confirmed by

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Board of Directors Annual Report

This report of the Board of Directors of the ELVALHALCOR HELLENIC COPPER AND ALUMINIUM INDUSTRY S.A (hereinafter referred to as “Company” or the “ELVALHALCOR”) has been published on the Company’s website under the European Single Electronic For- mat – «ESEF», in accordance with the provisions of Law 3556/2007. The content of this report has been prepared in accordance with the provisions of Articles 150-154 of Law 4548/2018, Article 4 of Law 3556/2007 of articles 1-24 of Law 4706/2020 and Article 2 of Decision 8/754/14.04.2016 of the Board of Directors of the Hellenic Capital Market Commission and refers to the Annual Financial Statements (Consolidated and Separate) as of December 31, 2025, and the year then ended.

This report details financial information on the Group and the Company for the year 2025, important events that took place during the said year and their effect on the annual financial statements. It also points out the main risks and uncertainties that the Group’s companies faced, the Sustainability Statement, the Corporate Governance statement, and finally sets out the important transactions between the issuer and its affiliated parties. The principal activities of the Group lie in the production and trade of rolling and extrusion products made of copper, aluminium and their alloys, as well as zinc rolling products.

1. Financials - Business report - Major events

Α. Financials - Business Report

The year 2025 was marked by heightened geopolitical uncertainty, the imposition of tariffs on aluminium and copper product imports into the U.S., disruptions in the scrap and raw materials markets, persistently high energy prices, and overall inflationary cost pressures. Nevertheless, the Group’s operating profitability remained resilient and at the same level as the previous year.

Consolidated turnover for 2025 amounted to €3,614.5 million, an increase of 5.1% compared to €3,438.5 million in 2024, driven by higher sales volumes and increased LME prices.

Metal prices on the LME reached higher levels throughout the year compared to 2024. Specifically, LME prices recorded a notable increase during the first quarter of the fiscal year, followed by a decline at the end of March and then a rapid rise in December, driven by renewed optimistic expectations. The average price of aluminium reached EUR 2,333/tn in 2025 compared to EUR 2,236/tn in 2024, increased by 4.3%, The average price of copper stood at EUR 8,801/tn versus EUR 8,454/tn the respective prior year, increased by 4.1% while the average price for of Zinc was EUR 2,543/tn versus EUR 2,569/tn in 2024, decreased by 1.0%.

In terms of volume, sales of aluminium products reached 428 thousand tons, up from 414 thousand tons in the corresponding period last year. Although the second half of 2025 was marked by market turbulence-following the imposition of 50% tariffs on U.S. imports, which affected global trade flows and aluminum demand-the sales volume was successfully redistributed across alternative geographical regions and end markets. The increased demand for packaging products in the Aluminium Segment contributed to a 2.6% increase in sales volume. The sales volume of the Aluminum segment increased by 3.4%, with 64% of sales directed to the food packaging sector (rigid and flexible), 12% to the transportation sector, 12% to the building and construction sector, and the remaining 12% distributed among other industrial applications.

Sales volume of the Copper segment increased by 0.5% for the fiscal year 2025, reaching 172 thousand tons, supported by the expanding activity of data centres and applications in power networks, particularly in the United States. Despite subdued demand across all sectors of the economy, sales volumes of extruded copper products (bus bars/rods) and copper tubes increased by 10.9% and 4.8%, respectively. It is worth noting that although the trade tariffs affected sales to the United States during the second half of the year, the annual sales volume for copper bus bars remained higher compared to 2024.Conversely, copper rolling products recorded a decrease of 4.7% due to intensifying competition. As regards the product mix, copper tube sales accounted for 38% of total sales volume, followed by copper and copper alloy rolled products for industrial uses, which represented 33%. Copper strips accounted for 22%, brass rods and tubes for 6%, and products of of Epirus Metalworks for 1%.

Consolidated adjusted earnings before interest, tax, depreciation and amortisation (a-EBIDTA) reached Euro 236.0 million for 2025 compared to Euro 237.5 million thein the respective prior year, marginally decreased by 0.6%, affected by the high energy costs, the overall inflationary cost pressures, and the adverse sales mix. Consolidated earnings before interest, taxes, depreciation and amor- tisation (EBITDA) amounted to Euro 226.1 million in 2025, compared to Euro 242.7 million in 2024, representing a decrease of Euro 16.7 million. The decline was mainly driven by lower metal results, which stood at profits of Euro 5.8 million versus Euro 11.4 million in 2024, as well as by losses arising from the fair value measurement of financial assets.

Consolidated profit before tax reached Euro 125.0 million in 2025 compared to Euro 126.0 million in 2024, having been positively affected by the reduced financial result, which improved by €9 million. Finally, consolidated profit after tax and minority interests, was maintained at the same level as in the prior year, amounted to Euro 109.6 million and Euro 0.27615 per share.

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On a standalone basis, turnover amounted to Euro 2,525 million compared to Euro 2,376 million for 2024 and marked an increase by 6,3 %. Earnings before interest and tax, depreciation, and amortisation, (EBIDTA) amounted to Euro 123.4 million versus Euro 133.4 million in the respective prior year, with accounting metal result amounting to Euro 2.8 million losses compared to Euro 0.02 million losses in prior year, therefore decreased by Euro 2.8 million. Adjusted earnings before tax, interest, depreciation and amor- tisation (a-EBITDA), which reflect the operational profitability of the Company, which amounted to Euro 138.7 million compared to Euro 133.8million for 2024, an increase by 3.6%. Finally, profit after tax amounted to Euro 100.9 million compared to gains of Euro 69.9 million in the prior year.

In the fiscal year 2025, ELVALHALCOR Group carried out investments amounting in total to Euro 89.3 million, out of which the amount of Euro 56.0 million was related with the upgrading of production facilities of the parent Company in Oinofyta, allocated to Euro 45.7 million for the Aluminium Rolling rolling of the Company, mainly relating to the hot rolling investment and Euro 10.3 million for the copper and copper alloys extrusion segment of the Company, aimed at improving production flexibility and the utilization of more cost efficient materials.

Finally, the subsidiaries of the Copper segment invested Euro 18.6 million while the subsidiaries of the Aluminium segment invested Euro 14.8 million, with the aim to improvements to the production process.

Total Debt amounted to Euro 659.2 million, compared to Euro 723.1 million as of 31 December 2024, while Net Debt decreased to Euro 605.3 million from Euro 643.5 million over the same period. Although working capital management remains a key priority for both segments, the increase in LME prices and the challenges in the raw materials market led to higher working capital levels.

B. Major Events

Own Share Acquisition Program and Own Share Distribution Plan

As of 31 December 2025, a free share offer plan was in effect for executive members of the Board of Directors, General Managers, and other senior or higher-level executives and employees of the Company and its affiliated companies within the meaning of Article 32 of Law 4308/2014, in accordance with Article 114 of Law 4548/2018. The establishment of this program was approved pursuant to the resolution of the Annual General Meeting of the Company’s shareholders held on 23 May 2024, while its terms were amended pursuant to the resolution of the Annual General Meeting of shareholders held on 22 May 2025 and were further specified by the Company’s Board of Directors at its meeting on 20 June 2025, under the relevant authorization granted by the aforementioned Annual General Meetings.

On 23.06.2025, the Company granted free of charge, through over the counter transfers, a total of 266,965 own common registered shares, at an average cost of acquisition of €1.82 per share, to five (5) executive officers of the Company and affiliated companies with it within the meaning of Article 32 of Law 4308/2014, due to the achievement of targets for the 2024 financial year. The total value of the above shares amounted to Euro 627,367.75, based on the closing price of Euro 2.35 per share of the Company on 23.06.2025.

On 07.07.2025, the Company’s Board of Directors decided to resume the share buyback program for the acquisition of up to 500,000 of the Company's own shares, corresponding to approximately 0.13% of the Company's paid-up share capital. The maximum amount to be allocated for the acquisition of the own shares, up to the aforementioned maximum number, was set at Euro 2,000,000.00. On 22 September 2025, the aforementioned purchases of own shares were completed, at a total cost of €1.3 million and an average acquisition price of €2.65 per share. As of 31.12.2025, the Company held 853,035 own shares, with a total cost of Euro 1.9 million, representing 0.2273% of ELVALHALCOR's total shares and share capital. The Company's current intention is to retain the acquired shares as own shares to allow the granting of share-based compensation based on predetermined performance criteria, as defined in the Company's approved remuneration policy. The program is executed in accordance with the authorities granted at the General Meeting of Shareholders on May 23, 2024, and Article 7a of the Articles of Association.

Shareholder remuneration

On 02.07.2025 the Company distributed a dividend of Euro 33.8 million from previous-year profits, or Euro 0.09 per share.

On 03.03.2026, the Board of Directors decided to propose to the General Assembly which will take place on 11.05.2026 a dividend distribution of Euro 0.11 per share.

Other major events

During 2025, the parent Company concluded an electricity swap contract to hedge against energy price volatility.

By the decision of 05.06.2025 of the Extraordinary General Meeting of the company " EPIRUS METALWORKS S.A.", the share capital was increased by the amount of one million euros (€1,000,000.00) through cash contribution and the issuance of one hundred thousand (100,000) new shares, with a nominal value of ten euros (€10.00) each and a share premium of ten euros (€10.00) per share, resulting in an issue (offer) price of twenty euros (€20.00) per share, and a total subscription amount for all newly issued shares of two million euros (€2,000,000.00). The share premium amount, i.e., ten euros (€10.00) per share and one million euros (€1,000,000.00) in total, was transferred to the ‘Special reserve from share premium.

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note 23). Moreover, the Group communicates with the banks to secure proper refinancing of loans that expire.

In order to avoid liquidity risk, the Group and the Company examine a cash flow projection for one year while preparing the annual budget as well as a monthly rolling projection for three months to ensure that it has adequate cash to cover its operating needs, including the fulfilment of its financial obligations. This policy does not take into account any impact of extreme conditions which cannot be foreseen.

Market risk

Market risk consists of the risk arising from changes in interest rates, exchange rates, and the prices of key raw materials and energy, which affect the results of the Group and the Company. The purpose of the market risk management policy is to monitor and control the Group’s and the Company’s exposure to such risks within acceptable parameters, while simultaneously optimizing returns.

The Group and the Company enter into derivative financial instrument transactions in order to hedge part of these risks.

(a)Exchange rate risk

The Group is exposed to foreign exchange risk in relation to the sales and purchases carried out and the loans issued in a currency other than the functional currency of Group companies, which is mainly the Euro. The currencies in which these transactions are held are mainly the USD and the GBP.

Over time, the Group and the Company hedge part of their estimated exposure to foreign currencies in relation to the antic- ipated sales and purchases and the greatest part of receivables and liabilities in foreign currency. The Group enters mainly into currency forward contracts with external counterparties so as to deal with the risk of the exchange rates variation, which mainly expire within less than a year from the balance sheet date. When deemed necessary, these contracts are renewed upon expiry. As the case may be, foreign exchange risk may be hedged by taking out loans in the respective currencies.

Loan interest is denominated in the same currency with that of cash flows, which arises from the Group’s operating ac- tivities and is mostly the Euro.

The investments of the Group in other subsidiaries are not hedged because these exchange positions are considered to be long-term.

(b)Interest rate risk

The Group finances its investments and its needs in working capital through bank and bond loans, thus interest charges burden its results. Rising interest rates have a negative impact on results since borrowing costs for the Group rise. The high benchmark interest rates applied to control inflation and bring it down to the desired levels have affected the Group’s borrowing costs in recent years. To the extent feasible and effective, the Group and the Company may obtain fixed-rate loans and/or enter into interest rate hedging transactions through interest rate swap agreements in order to reduce their exposure to interest rate risk.

The Group and the Company have entered into fixed rate loan agreements for a portion of their long term debt as a meas- ure to hedge the risk arising from interest rate fluctuations. In addition, the Group and the Company carry out interest rate hedging transactions through interest rate swap agreements, converting variable interest rates to fixed rates for part of their long term debt.

The Group and the Company document the existence of an economic relationship between the hedged item and the hedging instrument based on reference interest rates, time periods, maturity dates and nominal values.

(c)Risk from the fluctuation of metal prices (aluminium, copper, zinc, other metals), gas & electric energy-Cash flow Hedging

The Group and the Company base both their purchases and their sales on exchange-traded prices for copper, aluminium, and the other metals used and contained in their products. They are able to price these metals separately to customers, as well as to conduct purchases from suppliers for the quantities of metal required for their operations. In cases where daily purchases and sales cannot be immediately offset (back-to-back), the Group and the Company apply cash-flow hedging transactions. Accordingly, for every sale of a product or any other form of inventory containing metals, at the moment the LME price is agreed with the customer, they take a long position on the LME for the corresponding embedded quantity, using derivatives. For every new order of physical raw-material inventory placed with suppliers, at the moment the LME

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price is agreed with the suppliers, they take a short position on the LME for the corresponding quantity, also using deriv- atives, if these daily purchases and sales cannot be offset against each other (back-to-back).In this way, fluctuations in international metal prices do not affect operating cash flows, ensuring the smooth, sustainable, and efficient operation of the Group and the Company. However, the Group does not hedge the entirety of its core operating inventory; therefore, a potential decline in metal prices may negatively affect results through the impairment of inventories.

The Group and the Company engage in derivative financial instrument transactions (Commodity Swaps) in order to hedge the risk arising from fluctuations in natural gas prices linked to the Title Transfer Facility (TTF) index, and in electricity prices linked to the Day-Ahead Market (DAM), which are embedded in certain future purchases of these commodities. Specifically, the Company has entered into agreements with counterparties to exchange a fixed price for a floating market price for predetermined quantities of natural gas and electricity that will be consumed in future production of products for which a sales commitment exists at a fixed price. Upon initiation of the hedging transaction, the Group and the Company document the relationship between the hedged item and the hedging instrument with respect to risk management and the strategy for entering future natural gas and electricity transactions. The Group and the Company document the assessment of hedge effectiveness in terms of offsetting changes in the fair value or cash flows of the hedged items, both at the inception of the hedging relationship and on an ongoing basis. The Group does not hedge all of its future requirements for natural gas and electricity; therefore, any increase in their prices may negatively affect a portion of its cost base. Finally, to mitigate the risk of rising electricity prices, the Group and the Company have entered into a long-term power purchase agreement (PPA) with a producer, which will be supported by renewable energy sources.

Capital management

The Groups’ policy is to maintain a strong capital base to ensure investors’, creditors’ and market’s trust in the Group and to allow Group activities to expand in the future.

The Board of Directors tries to maintain equilibrium between higher returns that would be feasible through higher bor- rowing levels and the advantages and security offered by a strong and robust capital structure. For this reason, the Group monitors the efficiency of the capital employed, which the Group defines as Profit before tax and finance results divided by total capital employed, as well as the Net Debt to a-EBITDA ratio and the dividends paid to holders of common shares.

In addition, within the framework of the obligations of the listed bond loan issued by the Group, it monitors the following ratios:

• a-EBITDA / Net finance expenses

• Total liabilities / Equity

There were no changes in the approach adopted by the Group in how capital was managed during the financial year.

Inflation pressures

Recent data indicate that inflation in Europe, as well as globally, remains volatile while maintaining a downward trend— slow but steady. Inflationary pressures may increase the Group’s operating costs, including expenses related to energy, supplies, and payroll. Despite the overall stabilization of the core price index, the prices of key metals (such as copper and aluminium) remained at elevated levels throughout 2025—reaching historical highs in many cases—thereby limiting the extent of the decline reflected in raw material costs.

At the same time, energy costs continue to be a critical factor for the competitiveness of domestic production: in terms of final (‘all-in’) energy costs for energy-intensive industries, Greece records significantly higher levels compared with countries that apply mechanisms similar to the ‘Italian model’ (Energy Release 2.0). Consequently, although the easing of inflation offers some support, the net impact on production costs remains highly sensitive primarily to energy and metal prices, as well as to geopolitical and trade developments. In this context, the Group and the Company are implementing measures to mitigate these pressures, such as operational cost control, procurement optimization, operational excellence and production-efficiency programs, as well as financial hedging instruments for energy and metals.

B. Strategic Risks

Duties

The imposition of trade duties continues to constitute a significant source of economic uncertainty, as their introduction and/or increase intensifies volatility in raw material prices, affects their availability and procurement cost, disrupts the smooth operation of the supply chain, and burdens inventory and purchasing planning. Accordingly, the Group system-

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atically monitors developments, evaluates potential impacts and possible costs, and seeks to safeguard its cash flows through strategic adjustments, risk-hedging policies, and production planning, in order to ensure business continuity and maintain competitiveness.

With respect to the Group’s sales in the United States, these represent approximately 8% of its revenue for 2025, primarily affecting sales during the second half of 2025. Management is closely monitoring developments and is examining the expansion of the Group’s presence into new markets, with the aim of gradually substituting markets where trade restrictions are applied.

Country Risk & Geopolitical Developments

Adverse political and geopolitical conditions may negatively affect the resources, financial position, and future cash flows of both the Group and the Company in countries where they operate production facilities, hold investments, or have entered into contracts governed by the legislation of those countries. The Company continuously monitors developments in the international and domestic environment and promptly adjusts its business strategy and risk-management policies in order to mitigate the impact of macroeconomic and geopolitical disruptions.

Ongoing geopolitical tensions—particularly the recent developments in the Middle East—have led to increased volatility and upward pressure on international energy prices, including oil and natural gas. Given the energy-intensive nature of the Group’s activities, any prolonged increases in energy costs may affect the Group’s production cost.

At the same time, geopolitical uncertainties beyond the energy sector influence global markets for key raw materials and metals, causing fluctuations or increases in their prices, which may further burden the overall production cost. These developments, combined with broader inflationary pressures and higher compliance costs stemming from international sanctions and regulatory constraints, may create an environment of uncertainty for the Group’s business operations.