AFARAK GROUP: INTERIM REPORT H1 2024

FINANCIAL INTERIM RELEASE H1 2024    H1/24H1/232023 RevenueEUR million71.495.4153.7EBITDAEUR million4.215.116.6EBITEUR million3.114.415.0Earnings before taxesEUR million1.912.112.0ProfitEUR million0.510.510.0Earnings per shareEUR0.00.040.04EBITDA margin%5.915.810.8EBIT margin%4.315.19.8Earnings margin%0.012.77.8Personnel (end of period) 588610595 ...

10:15 London, 16/08/2024 (informazione.it - comunicati stampa - industria)

FINANCIAL INTERIM RELEASE H1 2024

FIRST HALF 2024 HIGHLIGHTS

OUTLOOK FOR THE SECOND HALF OF 2024

On the low carbon ferro-chrome side, the sanctions against Russian material will only be fully implemented by end of 2024. Increased demand in aeronautics and defense applications should also start to show some positive impact on the supply and demand balances. Domestic price levels in China seem to have bottomed out as well. We expect further improvements in our cost structure during the second half-year and continue to develop new revenue streams in Europe. The market for low carbon ferro-chrome will be continuously competitive throughout the year.

The chrome ore market, on the other hand, is expected to remain strong. We have been finalizing investment decisions that will enable us to swiftly increase the output of chrome ore concentrates in South Africa.

CEO Mr. Guy Konsbruck

Afarak achieved a positive EBITDA of €4.2 Million for the six months ended 30 June 2024. This is no small achievement in a very difficult business environment. Higher realized chrome ore prices helped counterbalancing Low Carbon Ferrochrome prices that remained under pressure, mainly due to the presence of massive inventory of Russian material and low-cost imports, especially from India. The efficiency of our operations provided some buffer to protect our profitability. Afarak has been for many years now the only Western producer of low carbon ferro-chrome, a critical material for the production of the Aerospace, Defense, Automotive, Green energies, and various other industries.

Helsinki, August 16, 2024

Afarak Group SE

Board of Directors

For additional information, please contact:

Guy Konsbruck, CEO, +356 2122 1566, guy.konsbruck@afarak.com

Financial reports and other investor information are available on the Company's website: www.afarak.com.

Afarak Group is a specialist alloy producer focused on delivering sustainable growth with a Speciality Alloys business in southern Europe and a FerroAlloys business in South Africa. The Company is listed on NASDAQ Helsinki (AFAGR) and the Main Market of the London Stock Exchange (AFRK).

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London Stock Exchange
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www.afarak.com

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