Sidma Steel S.A.

Earnings Release • Sep 25, 2025

Press release

FINANCIAL RESULTS FOR THE FIRST SEMESTER OF 2025

SIDMA STEEL S.A. announced its financial results for the first half of 2025, during which the company achieved a significant improvement in operating profitability, despite a small decline in turnover. This occurred in a business environment characterized by stabilizing steel prices and continued satisfactory domestic demand.

Specifically, for the first half of 2025—before extraordinary and non-recurring expenses—the company reported:

• Turnover: A marginal decrease of 2.0% at the group level and 1.3% at the company level. This was attributed to a drop of approximately 5.0% in international steel prices.
• Operating Profitability (EBITDA): An increase of 26.8% at the group level and 20.1% for the parent company.
• Profit before Tax: A 79% improvement at the group level and 60% for the parent company. Notably, the adjusted profit before tax for both the group and the parent company was positive for the first time since 2022.

The consolidated turnover for the SIDMA STEEL Group in the first half of 2025 amounted to €90.6 million, a 2.0% decrease from €92.4 million in the first half of 2024. This decrease was almost entirely due to the drop in the average selling price. Including agency sales, turnover reached €107.4 million, down 4.2% from €112.1 million the previous year. Despite the lower turnover, Gross Profit increased by 15.1% to €8.18 million, as the Gross Profit Margin improved to 9.0% from 7.7%. EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) increased by 20.9% to €3.6 million from €3.0 million in 2024. Finally, Profit Before Tax showed a loss of €0.5 million, a 68.5% improvement from the €1.7 million loss in 2024. Excluding non-recurring expenses of €0.2 million related to the sale of the Romanian subsidiary, the comparable profit before tax for the group was a loss of €0.3 million, and EBITDA was €3.8 million.

At the company level, SIDMA STEEL's SA turnover in the first half of 2025 amounted to €69.6 million, a marginal decrease of 1.3% from €70.5 million in June 2024. Including agency sales, turnover reached €86.4 million, down 4.2% from €90.2 million. EBITDA for the company reached €3.05 million, marking an increase from €2.7 million in June 2024, primarily due to a 14.5% increase in gross profit. Profit Before Tax resulted in a loss of €0.9 million, representing an improvement from the €1.8 million loss in the comparative period. Excluding non-recurring expenses of €0.2 million from the sale of the Romanian subsidiary and a €0.7 million write-off related to the 2021 refinancing of company loans, the adjusted profit before tax for both the group and the parent company was positive at €0.4 million and €0.02 million, respectively.

The subsidiary SIDMA Bulgaria saw its Profit Before Tax rise to €364 thousand, up from €90 thousand in 2024. EBITDA increased by 67.4% to €576 thousand from €344 thousand, mainly due to a 57.6% increase in gross profit. Turnover for the subsidiary was €21.2 million, a slight 3.3% decrease from €21.9 million in 2024, which was exclusively due to an approximate 4% drop in the average selling price.

As for the key balance sheet figures, the company's equity was €22.3 million, while the group's liquidity was €4.0 million, and its loan obligations were €69.8 million, a decrease of 2.2% or €1.5 million.

While conditions in the international and particularly the European steel market continue to be shaped by tensions in international trade relations, energy costs, and high interest rates —factors that increase production costs and reduce demand— the two elements that, to a large extent, determine the

performance of Greek steel trading companies, i.e. domestic demand and the trend in import prices for steel products, are evolving favorably.

The demand for steel in Greece is strong and is expected to continue that way, mainly because of robust public and private construction activity. This is backed by the fact that major construction firms have a project backlog valued at over €16 billion.

Regarding prices, the European Union's trade protectionist measures continue to restrict the penetration of products from low-cost countries, reinforcing upward pressure on steel prices in the domestic market and helping to decompress profit margins.

Under these circumstances, the company's trend of increasing profitability, which was reflected in the H1 results, is estimated to continue throughout the current year, with the prospect of strengthening in 2026, when a recovery of the European market is also expected.