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ADMIEUtilities · Utilities - Regulated Electric · ΧΑ

ADMIE Holding

€4.00
−0.20(−4.76%)
Close 08/10/2026 · end-of-day price, not real-time

ADMIE Holding (ADMIE) closed at €4.00 on 08/10/2026, -4.76% on the day, on 2.7× its 10-day average volume. Market cap €1.5bn, P/E 6.35, dividend yield 0.49%.

My view
Private · MENTOR takes it into account
+39.9%6M
08/10/2026Close 4.00−4.76%+39.9% since start

Valuation

Peers: 4
MetricADMIEPeer median
P/E6.419.5
P/E (forward)12.814.2
P/B0.651.55
P/S20.81.5
EV/EBITDA20.310.3
Dividend yield0.5%2.0%
Payout ratio28.8%35.0%
Gross margin99.8%34.2%
Operating margin26.3%9.8%
Net margin98.8%5.0%
ROE6.9%5.2%
Revenue growth (quarter, y/y)−41.3%12.5%
Net debt−€66.0m€1.4bn
Twelve Data · latest quarter 31/03/2026

Same sector: Utilities

EV/EBITDADay
Public Power CorporationPPC8.7−0.5%MetlenMTLN17.5−2.0%
ADMIE HoldingADMIE20.3−4.8%
EYDAPEYDAP11.8−3.1%Thessaloniki Water & SewageEYAPS6.9−1.9%

The company

AI-drafted

An Athens-listed holding company whose only asset is 51% of IPTO, the sole operator of the Greek electricity transmission system. Its income is its share of IPTO's profits, which the regulator RAAEY sets on IPTO's regulated asset base and collects through transmission charges on electricity suppliers. The Greek State controls 51.12%.

How it makes moneyFY2025 · basis: revenue
  • Transmission system rent3(IPTO Group shares)93.3%
  • Balancing market34.1%
  • Other operations32.6%
It is
  • A single-asset holding company: 51% of IPTO, with 7 staff and no bank debt; lease liabilities are €0.052m.1,2,11
  • State-controlled: DES ADMIE holds 51.12% and subscribed €270.9m in the June 2026 capital increase to keep it.1,7
It is not
  • Not an electricity producer. It owns no generation and earns nothing from power prices.4,5
  • Does not consolidate IPTO: IPTO Group’s €500.3m of net debt at 30 June 2026 is not debt of the listed holding.11,12,13
Recent developmentsAll company events →
  • 23/09/2026H1 2026 results were published; the board approved a €0.05-per-share FY2026 interim dividend.11,12,13
  • Aug 2026Agreement for Meridiam to become majority shareholder of the Great Sea Interconnector, with IPTO staying a strategic shareholder.9
  • Jul 2026The Corinth-Kos HVDC link entered construction and the Southern Cyclades interconnection was completed.4
  • Jun 2026A €530m capital increase of 130,864,197 new shares at €4.05; demand covered the target 6.6 times.7,6
  • Feb 2026IPTO's general meeting approved a €1.0bn share capital increase for the 2026-2029 plan.5
  • Jun 2025Sale of 20% of Ariadne Interconnection to State Grid for €62m, a €20.2m gain for the Group.3
Key figures
  • IPTO regulated asset base €3.27bn FY20255
  • Allowed return (pre-tax WACC) 6.87% 20264
  • Transmission network length 14,513 km FY20255
  • Net debt to RAB 42% FY20254
  • Dividend per share €0.139 FY202510
Key facts
  • At 30 June 2026 the listed holding had €1,354.1m equity, €66.0m cash and no bank debt; IPTO Group separately had €2,555.6m equity and €1,570.2m borrowings.11,12
  • The State, through DES ADMIE, controls 51.12%; shares outstanding are 362,864,197 after the capital increase.1,8
  • IPTO is owned 51% by the company, 25% by DES ADMIE and 24% by State Grid Europe.5
  • A capex programme of about €6bn for 2026-2029, targeting a doubling of RAB to about €7bn by 2029.4
  • IPTO guidance for 2026: EBITDA of €350-380m and net profit of €165-185m.4
Sources
  1. 1.Annual Financial Report 2025ADMIE (IPTO) Holding S.A. · 07/04/2026official
  2. 2.Financial results for the fiscal year 2025ADMIE (IPTO) Holding S.A. · 07/04/2026official
  3. 3.Annual Financial Report 2025 of IPTO GroupIPTO S.A. · 07/04/2026official
  4. 4.Investor presentation, Infrastructure Energy and Defence Conference MilanADMIE (IPTO) Holding S.A. · 02/09/2026official
  5. 5.Information DocumentADMIE (IPTO) Holding S.A. · 16/06/2026official
  6. 6.Announcement regarding the outcome of the combined offeringADMIE (IPTO) Holding S.A. · 23/06/2026official
  7. 7.Offering price and final number of the new sharesADMIE (IPTO) Holding S.A. · 19/06/2026official
  8. 8.Number of voting rights and share capitalADMIE (IPTO) Holding S.A. · 23/06/2026official
  9. 9.Notification regarding the Great Sea Interconnector special purpose vehicleADMIE (IPTO) Holding S.A. · 06/08/2026official
  10. 10.Dividend payment historyADMIE (IPTO) Holding S.A. · 24/09/2026official
  11. 11.Interim Financial Report H1 2026ADMIE Holding · 23/09/2026official
  12. 12.Interim Financial Report H1 2026, IPTO GroupIPTO S.A. · 23/09/2026official
  13. 13.Financial results H1 2026ADMIE Holding · 23/09/2026official
AI-drafted from the cited sources · 24/09/2026 · v2 · ✓ checked by an independent second modelHolding Company ADMIE IPTO S.A.Website ↗
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-4.76% on 2.7× volume
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Asks“Why did ADMIE Holding fall 4.76%?”
Data: Twelve Data · End-of-day prices · Nothing here is investment advice.