In 2024, the Greek economy's growth rate was satisfactory compared to the European average, driven primarily by private consumption and, to a lesser extent, investments. The construction sector, closely tied to the demand for steel products, maintained its momentum, fueled by significant private projects like the Integrated Resort Casino (IRC) in Ellinikon and public infrastructure works such as Crete’s Northern Road Axis (BOAK) and Metro Line 4. Additionally, small-scale building activity saw a 15% increase in building permits in 2024 compared to 2023. Consequently, the domestic steel market showed greater resilience over the past year compared to other European markets.

Simultaneously, the international economic environment remained volatile due to geopolitical tensions and tight monetary policies, creating unfavorable conditions for steel demand, particularly in Europe. The sluggish growth of the Chinese economy, which accounts for half of the global steel market, led to a further decline in international prices during the year.

Within this macroeconomic context, SIDMA Steel, before extraordinary and non-recurring income and expenses, reported:

• A 7.9% decline in turnover at the Group level and a 10.5% decline at the Company level, mainly due to falling international steel prices.
• A 19% increase in operating profitability (EBITDA) at the Group level and a 16% increase at the parent company level.
• A 29% improvement in pre-tax results at the Group level and a 22% improvement at the parent company level.

Specifically, the consolidated turnover of the SIDMA Steel Group for continuing operations was euro186.3 million in 2024, down from euro202.3 million in 2023, reflecting a 7.9% decrease due to lower average selling prices. Including agency sales, turnover reached euro221.6 million in 2024, compared to euro243.1 million in the previous year, an 8.8% decline. However, EBITDA increased by 15.1%, reaching euro6.0 million compared to euro5.2 million in 2023, due to a 24.7% increase in gross profit (euro15.6 million in 2024 vs. euro12.5 million in 2023), following a significant improvement in gross margin. Excluding extraordinary and non-recurring expenses of euro0.4 million related to the sale of the Romanian subsidiary, EBITDA increased by 19%. Pre-tax results recorded a loss of euro3.5 million, compared to a loss of euro3.1 million in 2023. However, excluding the extraordinary income of euro1.3 million from the 2023 sale of a hedging product and the non-recurring expenses of 2024 related to the sale of the Romanian subsidiary, comparable pre-tax results improved to a euro3.2 million loss in 2024 from a euro4.4 million loss in 2023, a 29% improvement.

At the company level, SIDMA Steel's turnover in 2024 was euro141.7 million, down from euro158.3 million in 2023, a 10.5% decrease. Including agency sales, it amounted to euro177.0 million, compared to euro199.0 million, an 11.0% decline. This reduction was solely due to the drop in average selling prices, stemming from the decline in international steel prices during 2024. EBITDA reached euro5.2 million, compared to euro4.6 million in 2023, mainly due to a 13.7% increase in gross profit, while pre-tax results amounted to a loss of euro3.8 million, compared to a loss of euro3.1 million in 2023. Excluding extraordinary and non-recurring income and expenses in both years, EBITDA reached euro5.4 million in 2024, up from euro4.6 million in 2023, a 15.6% increase, while pre-tax losses decreased by 22%, to euro3.4 million in 2024, from euro4.4 million in 2023.

It should be noted that the 2024 results, as well as those of previous years, at both Group and company levels, are burdened by euro1.5 million annually, related to the amortization of the accounting treatment of the Company's 2021 loan refinancing.

Regarding the Balkan subsidiaries, SIDMA Bulgaria in 2024 returned to notable profitability, with pre-tax results at euro286 thousand, compared to an almost zero result in 2023 (euro3 thousand), and EBITDA of euro792.6 thousand, compared to euro555 thousand, an increase of 42.8%, mainly due to a 26% increase in gross profit compared to the previous year. Turnover reached euro44.6 million, showing a slight 1% decrease versus euro45.1 million in 2023, which is solely attributed to a roughly 7% drop in average selling prices.

As for SIDMA Romania, the sale of 100% of the subsidiary to the Turkish-affiliated company AGIR was completed on September 30, 2024, with the final price amounting to euro8.5 million, which was used to repay the subsidiary’s loans and certain parent company loans that were secured by its participation in the subsidiary. The parent company consolidated the Romanian subsidiary until September 30, 2024 (see Discontinued Operations).

Finally, the Company’s equity amounted to euro23.2 million, Group liquidity stood at euro6.4 million, and loan obligations were euro71.3 million, representing 38% of turnover.

The year 2025 began with demand at satisfactory levels and prices facing upward pressure from intensified EU protectionist trade measures, which restrict imports from low-cost countries. The recent sharp escalation of the global trade war is expected to intensify price pressures. However, in the medium term—and until new market balances are formed—it will inevitably have a limiting effect on demand. Nevertheless, the factors shaping demand in the domestic market are not expected to change significantly during the remainder of the year.