ELHAIndustrials · Metal Fabrication · ΧΑ

ElvalHalcor

€3.40

+0.00(+0.00%)

Close 26/10/2026 · end-of-day price, not real-time

ElvalHalcor (ELHA) closed at €3.40 on 26/10/2026, +0.00% on the day. Market cap €1.3bn, P/E 8.2, dividend yield 3.24%.

Announcements to the exchange

13/10/2026 17:45Announcement – Notification of transaction by person discharging managerial responsibilities, on corporate bonds

My view

Private · MENTOR takes it into account

−14.7%6M

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26/10/2026Close 3.40+0.00%Vol 463.4k−14.7% since start

Key statistics

12 months to Jun 2026 unless a figure says otherwise

Profile

At the 26 Oct close

Market value: €1.3bn
Enterprise valueJun 2026est.: €1.9bn
Shares outstandingJun 2026: 374.7m
Revenue12 months to Jun 2026: €4bn
Employees: 3,675
Free floatest.: 26.5%
Traded a day, 3-month average: €3.4m

Valuation

12 months to Jun 2026

P/E: 8.2×
P/B: 1.1×
EV/Salesest.: 0.47×
EV/EBITDAest.: 6.2×
P/FCF: 7.9×
Dividend yield: 3.2%

Margins

12 months to Jun 2026

GrossFY2025: 7.9%
EBITDA: 7.6%
Operating (EBIT): 5.7%
Pre-taxFY2025: 3.5%
Net: 4.0%
Free cash flow: 4.1%

Net margin = the shareholders' profit ÷ group revenue.

Returns

12 months to Jun 2026

ROE: 13.3%
ROCE: 12.9%
ROICest.: 11.3%
ROAFY2025: 4.2%
ROE, 5-year averageFY2021–25: 11.2%
Tax rateFY2025: 12.2%
Profit to minority holdersFY2025: 5.6%

Financial health

Jun 2026

CashDec 2025: €53.8m
Net debt: €547.9m
Net debt ÷ EBITDA: 1.8×
Debt ÷ equityDec 2025: 59.5%
Interest cover12 months to Jun 2026: 6.4×

Growth

Revenue, last yearFY2025: +5.1%
Revenue, last halfH1 2026: +18.0%
EPS, last yearFY2025: +0.3%
EPS, last halfH1 2026: +74.5%
Revenue, 3 yearsFY2022–25, a year: −0.9%
Revenue, 5 yearsFY2020–25, a year: +12.2%
EPS, 3 yearsFY2022–25, a year: −13.4%
Shares, 3 yearsFY2022–25: −0.2%

Dividends

FY2025

Yield, last 12 months: 3.2%
Per share: €0.110
Payout: 39.8%
Covered by free cash flow: 1.9×
Years paid, last fiveFY2021–25: 5

Trading and risk

From our closes, dividends reinvested

Total return, 1 year: +13.3%
3 years, a year: +31.3%
5 years, a year: +20.6%
10 years, a year: +33.3%
Volatility, 1 year: 49.4%
Beta to the General Index: 1.27×
Deepest fall, 1 year / 5 years: −41.4% / −41.4%
52-week range: €3.09–€5.72

est.worked out by usread with care: tap for why

Where the figures come from: the company's reports, reviewed by us · annual accounts filed in ESEF format · results announcements on the exchange · our own closing prices. No forecasts or target prices are stored.

Financial charts

From the stored figures: the reviewed dossier first, then the annual reports (ESEF) and results announcements

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Valuation

2 companies

Metric	ELHA	Peer median	Peer range
P/Eone-off	8.2	8.6	6.4 10.9
P/Bnew shares	1.08	0.91	0.70 1.11
P/Snew shares	0.32	—
EV/EBITDAone-off	6.2	—
Dividend yield	3.2%	1.3%	0.5% 2.0%
Payout ratio	39.8%	2.8%	0.0% 5.6%
Gross margin	7.9%	21.8%	15.9% 27.7%
Operating margin	5.7%	7.4%	4.1% 10.6%
Net margin	4.0%	3.3%	1.5% 5.1%
ROE	13.3%	12.1%	6.6% 17.5%
Revenue growth (last full year)	5.1%	7.7%	3.7% 11.7%
Net debt	€547.9m	€124.6m	€101.3m €147.9m

Twelve Data · latest quarter 30/06/2026

Peers: Aluminium & copper

EV/EBITDADay

ElvalHalcorELHA6.2+0.0%

Alumil Aluminium IndustryALMY5.1+3.0%

BiokarpetBIOKA8.7+0.3%

Compare in depth

The company

AI-drafted

ElvalHalcor processes aluminium and copper. It casts, rolls, extrudes and draws metal into coil, sheet, foil, tube, bar and bus bar at 15 production plants in Greece, Bulgaria, Turkey and the Netherlands, and sells to industrial customers in more than 90 countries. About 95% of sales are outside Greece. It is controlled by Viohalco.

How it makes moneyH1 2026 · basis: revenue

Copper¹(revenue includes the metal cost, so the split moves with LME prices)51.7%
Aluminium^1,3(the larger segment in FY2025 at 51.2%)48.3%

It is

A metal converter: it buys primary aluminium, copper cathode and scrap, casts, rolls and extrudes them, and earns a conversion premium per tonne on top of a metal cost that passes through to the customer.^1,2
An exporter with a Greek cost base: 95% of FY2025 sales went outside Greece, while EUR 909.9m of the group's EUR 1,069.6m of property, plant and equipment sat in Greece at end-2025.¹¹
Controlled by Viohalco, which held 73.17% of the voting rights from 22 July 2026 and is the only holder above 5%.⁵

It is not

Not a miner or a primary smelter: it does not extract ore and does not produce primary aluminium — it melts scrap and purchased metal into slabs and billets.¹¹
Not a holding company: the listed entity itself runs the Elval rolling and Halcor copper divisions at Oinofyta and booked EUR 1,508.9m of standalone sales in H1 2026.¹
Not a way to own Cenergy Holdings: ElvalHalcor distributed its 25.16% stake to its own shareholders in kind in April 2021 and retains 0.002%.⁸

Recent developmentsAll company events →

Sep 2026A draft merger to absorb wholly owned aluminium recycler Anoxal was filed, with completion expected in Q4 2026.¹²
Jul 2026A EUR 250m share capital increase of 59,523,810 new shares at EUR 4.20 was completed, 2.75 times covered, trading from 22 July.⁴
Jul 2026A buyback programme was launched for up to 2,899,380 shares (0.67%) and EUR 12m, expiring 11 May 2028.⁷
Jun 2026The FY2025 dividend of EUR 0.11017 gross per share was paid from 26 June 2026.⁶
Mar 2026An EUR 8m five-year common bond loan was issued with CrediaBank.¹⁰
Jun 2024Turkey's Ministry of Trade kept the import duty on Greek copper tube, 5% for ElvalHalcor, partially in force for a further five years.⁹

Key figures

Aluminium sales volume 227k t H1 2026²
Copper sales volume 91k t H1 2026²
Adjusted EBITDA €143.3m H1 2026²
Net debt to a-EBITDA 2.24x 30 June 2026¹
Capital expenditure €56m H1 2026²

Key facts

Viohalco holds 73.17% of the voting rights from 22 July 2026, down from 84.78% before the capital increase.⁵
A gross dividend of EUR 0.11017 per share for FY2025, EUR 0.10466 net of 5% withholding tax, paid from 26 June 2026.⁶
Net debt of EUR 547.9m at 30 June 2026, down from EUR 605.3m at end-2025.^1,2
No single customer exceeds 10% of sales per the credit-risk note, but the affiliate International Trade bought EUR 389.0m, 17.7% of group revenue, as distributor in H1 2026.¹
EUR 455m of growth projects sit within more than EUR 850m of total 2026–2030 capital spending, including maintenance.¹³

Sources

1.Interim Financial Report, 30 June 2026ElvalHalcor · 04/09/2026official
2.H1 2026 results press releaseElvalHalcor · 28/07/2026official
3.FY2025 results press releaseElvalHalcor · 03/03/2026official
4.Outcome of the Combined OfferingElvalHalcor · 21/07/2026official
5.Change in Viohalco S.A.'s shareholdingElvalHalcor · 24/07/2026official
6.Adjusted gross dividend per shareElvalHalcor · 12/06/2026official
7.Commencement of the own shares buy-back programmeElvalHalcor · 29/07/2026official
8.Annual Financial Report 2021ElvalHalcor · 16/03/2022official
9.Expiry review of Turkish import duties on copper tubeElvalHalcor · 25/06/2024official
10.Issuance of a common bond loanElvalHalcor · 05/03/2026official
11.Annual Report 2025 with the Annual Financial ReportElvalHalcor · 30/03/2026official
12.Draft merger to absorb AnoxalElvalHalcor · 24/09/2026official
13.Strategic Update 2026–2030, current version accessed 30 SeptemberElvalHalcor · 30/09/2026official

AI-drafted from the cited sources · 30/09/2026 · v3 · ✓ checked by an independent second modelElvalHalcor S.A.Website ↗

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Peers

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Results

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