Alro S.A.

Earnings Release • Jul 20, 2023

No.62/20.07.2023

Current Report

To: Financial Supervisory Authority Bucharest Stock Exchange

Current report in compliance with the stipulations of the Law no. 24/2017 (republished) and of the FSA Regulation no. 5/2018 (subsequently amended and updated) regarding the Issuers of financial instruments and market operations

Date of report: 20 July 2023 Name of issuer: Alro S.A. Headquarters: Slatina, 116 Pitesti Street, Olt County Telephone/ fax number: +40 249 431 901 / +40 249 437 500 Sole registration number at the Trade Register Office: RO 1515374 Trade Register Number: J28/8/1991 The European Unique Identifier (EUID): ROONRCJ28/8/1991 Legal Entity Identifier (LEI): 5493008G6W6SORM2JG98 Subscribed and paid-in share capital: 356,889,567.5 RON Regulated market on which the issued shares are traded: Bucharest Stock Exchange - Premium Tier Category (market symbol: ALR)

We hereby inform all persons who may be interested about the following important event to be reported:

ALRO Group publishes its Trading Update Q2 2023

Slatina, 20 July 2023 - ALRO S.A. (BSE: ALR, "the Company" or "ALRO"), one of the largest vertically integrated aluminium producers in Europe, measured by production capacity, publishes today the Trading Update Report for Q2 2023 which provides basic preparatory information on the economic environment of ALRO Group's key performance indicators for the quarter that ended on 30 June 2023 ("Q2 2023").

The Half-Year Report for the six-month period ending 30 June 2023 i.e. 1 January - 30 June 2023 ("2023 Half-Year") will be published on Wednesday, 09 August 2023, and the Company's representatives will hold the Financial Results Conference Call on Friday, 11 August 2023.

The information contained in this trading update may be subject to change and may differ from the numbers of the quarterly/ half-year/ annual report.

The Trading Update Q2 2023 Report is available in a separate document on the Company's website, Investor Relations category, Reports section: https://www.alro.ro/en/reports and at the below link:

Marian-Daniel NÄSTASE

Chairman of the Board of Directors

Gheorghe DOBRA

Chief Executive Officer

ALRO S.A. 116 Pitesti Street Slatina, Romania

Phone: +(40) 249 431 901 Fax: +(40) 249 437 500

alro@alro.ro www.alro.ro

For further information, please contact:

Florenta Ghita

Bucuresti

Phone: +40 744 644 004

E-mail: investor.relations@alro.ro

Notes to the Editor:

ALRO Group

The companies' part of ALRO Group are: ALRO S.A. - manufacturer of aluminium, ALUM S.A. - producer of alumina, Sierra Mineral Holdings I, Ltd. - bauxite mining, Vimetco Extrusion S.R.L. - extrusion business line, Conef S.A. - holding and management company, Global Aluminium Ltd. - holding company and Bauxite Marketing Ltd - marketing, Vimetco Trading - aluminium sales. Having this structure, the Group created an integrated production chain assuring the raw materials for ALRO.

ALRO

ALRO is subsidiary of Vimetco PLC (Republic of Cyprus), a global, vertically-integrated primary and processed aluminium producer. The structure of ALRO's shareholders is: Vimetco PLC (54.19%), Paval Holding (23.21%), Fondul Proprietatea (10.21%) and others (12.39%).

ALRO is one of the largest vertically integrated aluminium producers in Europe, by production capacity, with a production capacity of 265,000 tpa of electrolytic aluminium, an Eco-Recycling capacity that will reach 100,000 tpa by the end of 2023, resulting in a production of recycled liquid aluminium of 94,000 tpa. The capacity of the Aluminium Cast House is 315,000 tpa and a processing facilities of 140,000 tpa of cold and hot rolled facilities and extrusion division.

The main markets for ALRO products is represented by the European Union; the Company exports its products to the USA and Asia, as well. ALRO is ISO 9001 certified for quality management and has NADCAP and EN 9100 certificates for aerospace production organizations, ALRO's products adhere to the quality standards for primary aluminium on the LME, as well as international standards for flat rolled products.

Since 2020, ALRO and Vimetco Extrusion are members of ASI (Aluminium Stewardship Initiative), an international association that contributes to enhancing sustainability in the global aluminium sector. In January 2023, ALRO achieved the first certification in Europe under ASI's Third version of Performance Standards.

Phone: +(40) 249 431 901 Fax: +(40) 249 437 500

$\overline{2}$

ALRO GROUP Q2/2023 Trading Update 20 July 2023

This Trading Update provides basic preparatory information on the economic environment of ALRO Group's key performance indicators for
the quarter that ended on 30 June 2023 ("Q2 2023").

The Half-Year Report for the six-month period ending 30 June 2023 i.e. 1 January - 30 June 2023 ("2023 Half-Year") will be published on Wednesday, 09 August 2023, and the Company's representatives will hold the Financial Results Conference Call on Friday, 11 August 2023

The information contained in this trading update may be subject to change and may differ from the numbers of the quarterly/ half-year/ annual report.

Economic Environment Indicators

Indicator		Q2/22	Q3/22	Q4/22	Q1/23	Q2/23
Average LME 3M	USD/tonne	2.898	2.358	2.345	2.435	2.281
Exchange rate used (average)	RON/USD	4,6390	4.8794	4,8288	4.5848	4.5451
Exchange rate used (end of period)	RON/USD	4.7424	5.0469	4.6346	4.5463	4,5750
EUA forward price* (average)	EUR			54.06
EUA spot price* (average)	EUR	83.43	79.65	77.38	86.97	86.42

* EUA = European Union Allowance and means a transferable allowance to emit one tonne of CO₂ equivalent during a specified period.

EUA forward price means the simple average of the daily one-year forward EUA prices (closing offer prices) for delivery in December of the year for which
the compensation is granted, as observed in a given EU carbon exchan compensation is granted. The price quoted in Q4 is the one taken into consideration for calculating the indirect envissions compensation for the respective reporting year.

Sources: Bloomberg. Reuters, Platts, NBR

Other information

Indirect emissions compensation for 2022 - ALRO Group has submitted the file for receiving the compensation for 2022 in March 2023.

Impairment tests - Considering the current market conditions with the existing challenges faced by the industry, the impairment tests for cash generating units will be performed by the Group for the purpose of its interim financial reporting as at 30 June 2023. Special attention to SMHL cash generating unit, for which un unsolicited offer for sale has been received and approval of the transaction from General
Shareholders Meeting of Alum is in place to fairly assess the carrying value of assets an period ending 30 June 2023.

Production & Sales

Production		Q2/22	Q3/22	Q4/22	Q1/23	Q2/23
Liquid aluminium	tonnes	7,610	1,606	2,815	6,579	11,287
Electrolytic aluminium	tonnes	17,805	16,945	15,339	15,510	16,586
Primary aluminium	tonnes	55,093	35,700	37,116	43,531	52,101
Wire rod	tonnes	4.787	6,947	6.199	8.265	10,224
Billets	tonnes	10.955	11,989	9.927	9,975	11.983
Slabs	tonnes	32,627	11,919	16,321	21,316	26,844
Wire rod (processing)*	tonnes	5.039	3.129	3,103	1,499
Billets (processing)*	tonnes	1,685	1,716	1,566	2,476	3,050
Processed aluminium:	tonnes	27.554	15.048	16,637	22,286	24,454
- Flat-Rolled Products (FRP)	tonnes	20.645	8.131	10.093	13,722	14,893
Plates	tonnes	18,206	6,908	7,266	9,188	9,835
Sheets	tonnes	964	385	897	1,919	2,882
Coils	tonnes	1,475	838	1,930	2,615	2,176
- Extruded Products (VE)	tonnes	6,909	6.917	6,544	8,564	9.561
Standard profiles	tonnes	2,439	2,083	1,620	3,499	4.621
Customised profiles	tonnes	4,470	4,835	4,924	5,065	4,940
Alumina	tonnes	40,940	8,918			۰
Bauxite	tonnes	294,428	268,187	160,587	155,144	335,654

	Q2/22	Q3/22	Q4/22	Q1/23	Q2/23
tonnes	15,540	13,033	11,497	17,068	16,491
tonnes	4.551	6.241	5,643	8,973	10,346
tonnes	5,929	3,662	2,764	5,883	4,774
tonnes				150	490
tonnes	5,060	3.130	3.090	1.499
tonnes				563	881
tonnes	24,592	18,383	15,504	22,634	24,444
tonnes	17,891	11,778	9.515	14.203	15.118
tonnes	14,912	9.544	7.425	10,319	9,825
tonnes	1,431	871	703	1.530	2,924
tonnes	1.548	1,363	1.387	2,354	2,369
tonnes	6.702	6.605	5.989	8.431	9,326
tonnes	2,333	2,114	1,402	3.575	4,471
tonnes	4,369	4,491	4,587	4,856	4,855
tonnes	3.072	1,405	721	612	863
tonnes	171,167	362,790	206,835	206,345	276,937

*ALRO Group entered into tolling contracts with a few clients and agreed to process the metal brought in by these clients by charging a smelting and
processing fee and rendering them back a specifically ordered product.

Contact Details

For further information, please contact:

Florenta Ghita, Bucharest Tel.: +40 744 644 004 E-Mail: investor.relations@alro.ro

Disclaimer regarding forward looking statements

This report may contain forward-looking information, including, without limitation, those relating to (a) forecasts, projections, and estimates, (b) statements
of management's plans, objectives, and strategies for ALRO Gro that such expectations will prove to have been correct

ALRO Group/ ALRO disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise