Viohalco S.A. — Earnings Release 2020

May 21, 2020

REGULATED INFORMATION INSIDE INFORMATION

PRESS RELEASE OF VIOHALCO SA

Brussels, May 21, 2020

The enclosed information constitutes regulated information as defined in the Royal Decree of 14 November 2007 regarding the duties of issuers of financial instruments which have been admitted for trading on a regulated market.

Viohalco's subsidiary, ElvalHalcor submits to the Athens Stock Exchange its trading update for the first quarter ended 31 March 2020

Highlights

• Uninterrupted operation of production facilities despite the COVID-19 pandemic
• Sales volumes and sales revenue slightly down, by 3.7% and 3.9% versus Q1 2019, respectively
• a-EBITDA of EUR 32.7 million for Q1 2020 (Q1 2019: EUR 37.6 million)
• Net financial result improved by 10.0% year-on-year

While the prospects for 2020 in the beginning of the year were positive, with demand and industrial output in most sectors recovering compared to the fourth quarter of 2019, the impact of the current COVID-19 pandemic has had an adverse impact on global economic conditions. ElvalHalcor and its subsidiaries responded swiftly to the pandemic, prioritising the health and safety of its employees, suppliers and customers and social distancing measures were successfully implemented, without disrupting production activity. However, the imposition of restrictions in movement and production in major export destination countries negatively affected exports in March, with a 3.7% reduction in sales volumes for the quarter.

ElvalHalcor's consolidated revenue for Q1 2020 decreased by 3.9% year-on-year to EUR 530.3 million versus EUR 551.9 million for the respective prior year period, a decline primarily attributable to the drop in sales volumes and average metal prices during the period.

Conversion prices remained at broadly satisfactory levels, with the exception of certain markets, and especially the US, where prices remained at the depressed levels recorded in the fourth quarter of 2019, and for some product categories for which the respective comparative period was considerably better.

ElvalHalcor's adjusted consolidated earnings before taxes, interest, depreciation and amortization (a-EBITDA), which better represents the operational profitability and cash flows of the Company, amounted to EUR 32.7 million, versus EUR 37.6 million for the prior year respective period, as a result of the decline in the sales volumes and prices.

As a consequence of the pandemic, metal prices declined significantly during the period, resulting in an accounting metal loss of EUR 11.8 million for the first quarter of 2020, versus a profit of EUR 0.7 million for the first quarter of 2019. This decline in metal prices negatively affected gross profit which amounted to EUR 24.7 million for the first three months of 2020, versus EUR 40.4 million for the first quarter of 2019. Consolidated earnings before taxes, interest, depreciation and amortization (EBITDA) amounted to EUR 20.0 million (Q1 2019: EUR 38.3 million).

Consolidated net financial result saw a significant improvement of 10.0% for the first quarter of 2020, as a result of continued reduction in interest margins. Depreciation amounted to EUR 15.0 million, versus EUR 13.8 million in Q1 2019. The tax charge for the year turns positive to EUR 1.2 million due to the reduction of the deferred tax liability, versus a tax charge of EUR 1 million for the comparable period of prior year, leading to profits after taxes of EUR 0.8 million, versus EUR 16.5 million for the first quarter of 2019.

Amounts in thousands EUR	Q1'20	Q1'19
Revenue	530,300	551,871
Gross profit	24,715	40,421
EBITDA	20,061	38,300
a-EBITDA	32,742	37,614
ΕΒΙΤ	5,046	24,453
Net financial result	(5,917)	(6,573)
Profit before tax	(418)	17,513
Profit after tax	786	16,513
Profit after tax & non controlling interests	937	16,085
Earnings per share	0.0025	0.0429

ElvalHalcor's Q1 2020 Trading Update is available on its corporate website www.elvalhalcor.com

About Viohalco

Viohalco is the Belgium based holding company of a number of leading metal processing companies in Europe. It is listed on Euronext Brussels (VIO) and the Athens Stock Exchange (BIO). Viohalco's subsidiaries specialise in the manufacture of aluminium, copper, cables, steel and steel pipes products, and are committed to the sustainable development of quality, innovative and value added products and solutions for a dynamic global client base. With production facilities in Greece, Bulgaria, Romania, Russia, North Macedonia, Turkey, the Netherlands and the United Kingdom, Viohalco companies collectively generate annual revenue of EUR 4.2 billion. Viohalco's portfolio includes a dedicated R&D&I and technology segment, as well as a segment dedicated to resource recovery. In addition, Viohalco and its companies own real estate investment properties, mainly in Greece, which generate additional income through their commercial development.

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For more information, please visit our website at www.viohalco.com.