Alro S.A.

Quarterly Report • Jan 23, 2024

No. 06/23.01.2024

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: 23 January 2024 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 Q4 2023

Slatina, 23 January 2024 – 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 Q4 2023 which provides basic preparatory information on the economic environment of ALRO Group's key performance indicators for the quarter that ended on 31 December 2023 ("Q4 2023").

The Preliminary Financial Results for the period ended on 31 December 2023, will be published on Wednesday, 28 February 2024, and the Company's representatives will hold the Financial Results Conference Call on Wednesday, 27 March 2024.

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 Q4 2023 Report is available in a separate document on the Company website, Investor Relations category, Reports section: https://www.alro.ro/en/reports:

Marian-Daniel NĂSTASE Gheorghe DOBRA

Chairman of the Board of Directors Chief Executive Officer

ALRO S.A. 116 Pitesti Street Phone: +(40) 249 431 901 alro@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, Vimetco Extrusion S.R.L. – extrusion business line, Conef S.A. – holding and management company, Vimetco Trading – aluminium sales and until 1 September 2023 Sierra Mineral Holdings I, Ltd. – bauxite mining, Global Aluminium Ltd. – holding company and Bauxite Marketing Ltd – marketing.

ALRO

ALRO is a subsidiary of Vimetco PLC (Republic of Cyprus), a global, vertically-integrated primary and processed aluminium producer. The structure of ALRO 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 the processing capacity is 140,000 tpa of cold and hot rolled facilities and extrusion division.

The main market for ALRO products is represented by the European Union; the Company exports its products to the USA and to the Asia as well. ALRO is ISO 9001 certified for quality management and has NADCAP and EN 9100 certificates for aerospace production organizations, ALRO 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 have been 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.

ALRO GROUP Q4/2023 Trading Update 22 January 2024

This Trading Update provides basic preparatory information on the economic environment of ALRO Group's key performance indicators for the quarter that ended on 31 December 2023 ("Q4 2023").

The Preliminary Financial Results for the period ended on 31 December 2023 will be published on Wednesday, 28 February 2024, and the Company's representatives will hold the Financial Results Conference Call on Wednesday, 27 March 2024.

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		Q4/22	Q1/23	Q2/23	Q3/23	Q4/23
Average LME 3M	USD/tonne	2,345	2,435	2,281	2,200	2,224
Exchange rate used (average) Exchange rate used (end of period) EUA forward price (average) EUA spot price (average)	RON/USD RON/USD EUR EUR	4.8288 4.6346 54.06 77.38	4.5848 4.5463 - 86.97	4.5451 4.5750 - 86.42	4.5481 4.6864 - 84.39	4.6259 4.4958 83.58 76.14

* EUA = European Union Allowance and means a transferable allowance to emit one tonne of CO ² 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 exchange from 1 January to 31 December of the year preceding the year for which the compensation is granted. The price quoted in Q4 is the one taken into consideration for calculating the indirect emissions compensation for the respective reporting year.

Sources: Bloomberg, Reuters, Platts, NBR

Other information

Production		Q4/22	Q1/23	Q2/23	Q3/23	Q4/23
Liquid aluminium	tonnes	2,815	6,579	11,287	11,811	12,936
Electrolytic aluminium	tonnes	15,339	15,510	16,586	16,573	16,369
Primary aluminium	tonnes	37,116	43,531	52,101	49,775	51,031
Wire rod	tonnes	6,199	8,265	10,224	11,930	12,925
Billets	tonnes	9,927	9,975	11,983	12,217	9,048
Slabs	tonnes	16,321	21,316	26,844	22,529	26,343
Wire rod (processing)*	tonnes	3,103	1,499	-	-	-
Billets (processing)*	tonnes	1,566	2,476	3,050	3,099	2,715
Processed aluminium:	tonnes	16,637	22,286	24,454	23,605	22,213
- Flat-Rolled Products (FRP)	tonnes	10,093	13,722	14,893	14,566	14,853
Plates	tonnes	7,266	9,188	9,835	10,530	10,461
Sheets	tonnes	897	1,919	2,882	2,035	2,389
Coils	tonnes	1,930	2,615	2,176	2,001	2,003
- Extruded Products (VE)	tonnes	6,544	8,564	9,561	9,039	7,360
Standard profiles	tonnes	1,620	3,499	4,621	4,878	4,542
Customised profiles	tonnes	4,924	5,065	4,940	4,161	2,818
Alumina	tonnes	-	-	-	-	-
Bauxite	tonnes	160,587	155,144	335,654	200,671	-

Sales (to 3rd parties)		Q4/22	Q1/23	Q2/23	Q3/23	Q4/23
Primary aluminium	tonnes	11,497	17,068	16,491	16,642	14,541
Wire rod	tonnes	5,643	8,973	10,346	11,991	11,357
Billets	tonnes	2,764	5,883	4,774	3,318	1,854
Slabs	tonnes	-	150	490	390	592
Wire rod (processing)*	tonnes	3,090	1,499	-	-	-
Billets (processing)*	tonnes	-	563	881	943	738
Processed aluminium	tonnes	15,504	22,634	24,444	23,119	21,663
- Flat-Rolled Products (FRP)	tonnes	9,515	14,203	15,118	13,948	14,706
Plates	tonnes	7,425	10,319	9,825	10,034	10,456
Sheets	tonnes	703	1,530	2,924	1,964	2,342
Coils	tonnes	1,387	2,354	2,369	1,950	1,908
- Extruded Products (VE)	tonnes	5,989	8,431	9,326	9,171	6,957
Standard profiles	tonnes	1,402	3,575	4,471	5,043	4,377
Customised profiles	tonnes	4,587	4,856	4,855	4,128	2,580
Alumina	tonnes	721	612	863	1,330	1,398
Bauxite	tonnes	206,835	206,345	276,937	218,975	-

*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 Group/ ALRO, such as planned expansions, investments or other projects, (c) targeted production volumes and costs, capacities or rates, start-up costs, cost reductions, and profit objectives, (d) different expectations about future developments in ALRO Group's/ ALRO's markets, particularly prices, supply and demand and competition, (e) results of operations, (f) margins, (g) growth rates, (h) risk management, as well as (i) statements preceded by "expected", "scheduled", "targeted", "planned", "proposed", "intended" or similar statements. Although we believe that the expectations reflected in such forward-looking statements are reasonable, these forward-looking statements are based on several assumptions and forecasts that, by their nature, involve risk and uncertainty. Various factors could cause our actual results to differ materially from those projected in a forward-looking statement or affect the extent to which a particular projection is realized. We can give no assurance 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.