Elvalhalcor S.A.

Investor Presentation • Nov 18, 2025

BEYOND METALS SHAPING TOMORROW

Volumes sold

458 th. tons +3.0% YoY

EAT

€ 98 M

+29.4% YoY

Increased profitability, positive accounting metal result and reduced finance costs.

Net Debt / a – EBITDA*

2.6 x -0.4x YoY

Increased a-EBITDA, decreased Net Debt

a-EBITDA

Strong demand from the aluminium packaging sector. € 189 M

+5.1% YoY

Solid Nine-Month Performance with strong operational profitability

Net Debt

€ 643 M

- 7.0% YoY

Net Debt reduction supported by strong free cash flows.

Upward trend

Downward Trend

Positive Impact

Macroeconomic Charts LME Prices TTF - Gas

Higher average LME prices in 9Μ'25 vs 9Μ'24. Increased Natural Gas and DAM prices during 9M'25 vs 9M'24.

Interest rates continued their downtrend Inflation stabilizes in Eurozone. Modest increase in US.

^*30 September 2024 marks the complete cessation of USD LIBOR rates. From this date and onwards USD LIBOR is replaced by the SOFR. 3

Consolidated Cost Analysis

Increase in energy costs.

Excluding Al, Cu, Zn, and other metals costs.

Sales evolution per quarter

Sales volumes ('000tn)

a-EBITDA evolution per quarter

a-EBITDA evolution per ton

Source: Company information.

7

Sales volume of Core Products by Market

Aluminium Breakdown (9M'25) Al

Aluminium breakdown (9M'24)

By Market (% of tons)

Copper Breakdown (9M'25)

By Market (% of tons)

8

Source: Company information *HVAC&R : Heating, Ventilation, Air conditioning and Refrigeration

Revenue of Core Products per

Geographical Segment

Revenue breakdown (9M'24)

Revenue breakdown (9M'24)

Consolidated Key Figures

Strong operational profitability and increased sales volume. Metal result slightly increased.

Consolidated Key Figures. Strong operational profitability and reduced finance costs

Deviation analysis on theConsolidated Profit before taxes

Increased sales volume, higher conversion prices and favourable sales mix boosted profitability.

Analysis on the Consolidated Cash Flows

Robust free cash flows and higher dividend payments

Evolution of the Consolidated

Working Capital & Net Debt

Improved Net Debt from 30.09.2024 supported by the strong Free Cash Flows. Sustainable working capital % sales, despite increased LME prices.

14 Source: Company information and Financial Statements

Capex Evolution

Investments marginally higher than the prior period level

Disclaimer

The information contained in this corporate presentation (CP) has been prepared by ElvalHalcor S.A. (the Company). It is based on historical financial data and other information already publicly disclosed by the Company. It also includes information from other sources and third parties. This information has not been independently verified and it will not be updated. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein and nothing in this CP is, or shall be relied upon as, a promise or representation. None of the Company nor any of its shareholders, affiliates, nor their respective employees, officers, directors, advisers, representatives or agents shall have any liability whatsoever (in negligence or otherwise, whether direct or indirect, in contract, tort or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. This presentation is not a part to any contract, agreement or obligation and cannot be used or construed as such.

The information and opinions in this CP are provided as at the date hereof and subject to change without notice. It is not the intention of the Company to provide, and you may not rely on these materials as providing, a complete or comprehensive analysis of the Company's financial or trading position or prospects. This presentation does not constitute investment, legal, accounting, regulatory, taxation or other advice and does not take into account your investment objectives or legal, accounting, regulatory, taxation or financial situation or particular needs. You are solely responsible for forming your own opinions and conclusions on such matters and for making your own independent assessment of the Company. You are solely responsible for seeking independent professional advice in relation to the Company. No responsibility or liability is accepted by any person for any of the information or for any action taken by you or any of your officers, employees, agents or associates on the basis of such information. This CP contains, inter alia, financial information regarding certain aspects of the business of the Company. Such information may not have been audited, reviewed or verified by any independent auditing firm. The inclusion of such information in the CP should not be regarded as a representation or warranty by the Company, its shareholders, affiliates, advisors or representatives or any other person as to the accuracy or completeness of such information's portrayal of the financial condition or results of operations by the Company and should not be relied upon when making an investment decision. This presentation includes non-IFRS financial measures and other metrics which have not been and may not be subject to a financial audit for any period. Certain information in this presentation is based solely on management accounts and estimates of the Company. Certain financial and statistical information in this presentation has been subject to rounding off adjustments.

Forward Looking Statements

Certain statements in the CP are forward-looking. Such information is given only as of this date and the Company is under no obligation to provide any update. By their nature, forward looking statements involve a number of risks, uncertainties, assumptions and other factors that are outside the control of the Company and could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements with respect to the operational and financial results of the Company, its economic condition, its liquidity, performance, prospectus and opportunities. Such risks include:

• Competition;
• Legislative and regulatory developments;
• Global macroeconomic and political trends;
• Fluctuations in financial markets conditions;
• Delay or Inability in obtaining approvals from authorities;
• Technical developments;
• Litigation; and
• Adverse publicity and news coverage.

Statements contained in this presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Based on the above, no assurance can be given that we will be able to reach our targets or that our financial condition or results of operations will not be materially different from such information. In addition, even if our results of operations, including our financial condition and liquidity and the development of the industry in which we operate, are consistent with the forward- looking statements contained in this presentation, those results or developments may not be indicative of results or developments in subsequent periods. The Company does not undertake any obligation to update or revise

any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements, which speak only as of the date of this presentation. Any industry and market data and relevant forecasts included in this presentation are included for information purposes only. Accordingly, undue reliance should not be placed on any of the industry or market data contained in this presentation.

THIS PRESENTATION DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER FOR SALE OR SOLICITATION OF ANY OFFER TO BUY ANY SECURITIES ISSUED BY THE COMPANY NOR SHALL IT OR ANY PART OF IT FORMS THE BASIS OF OR BE RELIED ON IN CONNECTION WITH ANY CONTRACT OR COMMITMENT TO PURCHASE SECURITIES ISSUED BY THE COMPANY."

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