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VIOIndustrials · Metal Fabrication · ΧΑ

Viohalco

€15.28
+0.28(+1.87%)
Close 26/10/2026 · end-of-day price, not real-time

Viohalco (VIO) closed at €15.28 on 26/10/2026, +1.87% on the day. Market cap €4bn, P/E 12.4, dividend yield 1.77%.

My view
Private · MENTOR takes it into account
+7.2%6M
Drag sideways across the chart to pick a period, or click an event's dot below it, then ask MENTOR about it.
26/10/2026Close 15.28+1.87%+7.2% since start

Key statistics

12 months to Jun 2026 unless a figure says otherwise

Profile

At the 26 Oct close
Market value
€4bn
Enterprise valueJun 2026est.
€6.1bn
Shares outstandingJun 2026
259.2m
Revenue12 months to Jun 2026
€7.8bn
Employees
11,454
Traded a day, 3-month average
€2m

Valuation

12 months to Jun 2026
P/E
12.4×

a holding company's consolidated figures

P/B
1.6×

a holding company's consolidated figures

EV/Salesest.
0.78×

a holding company's consolidated figures

EV/EBITDAest.
7.1×

a holding company's consolidated figures

5 years, on reported full years: 5.4–10.7×, median 6.3×. Today 8.6×, higher than 81% of months.

P/FCF
39.2×

a holding company's consolidated figures

Dividend yield
1.8%

Margins

12 months to Jun 2026
GrossFY2025
11.9%
EBITDA
11.1%
Operating (EBIT)
8.9%
Pre-taxFY2025
5.5%
Net
4.1%
Free cash flow
1.3%

Net margin = the shareholders' profit ÷ group revenue.

Returns

12 months to Jun 2026
ROE
13.3%
ROCE
15.2%
ROICest.
12.0%
ROAFY2025
4.4%
ROE, 5-year averageFY2021–25
11.1%
Tax rateFY2025
21.6%
Profit to minority holdersFY2025
24.7%

Financial health

Jun 2026
CashDec 2025
€729.8m
Net debt
€1.5bn
Net debt ÷ EBITDA
1.8×
Debt ÷ equityDec 2025
83.6%

leases included

Interest cover12 months to Jun 2026
5.2×

Growth

Revenue, last yearFY2025
+9.1%
Revenue, last halfH1 2026
+14.4%
EPS, last yearFY2025
+46.0%
EPS, last halfH1 2026
+62.3%
Revenue, 3 yearsFY2022–25, a year
+1.1%
Revenue, 5 yearsFY2020–25, a year
+13.4%
EPS, 3 yearsFY2022–25, a year
−4.0%
Shares, 3 yearsFY2022–25
+0.0%

Dividends

FY2025
Yield, last 12 months
1.8%
Per share
€0.270
Payout
29.7%
Covered by free cash flow
0.47×
Years paid, last fiveFY2021–25
5

Trading and risk

From our closes, dividends reinvested
Total return, 1 year
+88.9%
3 years, a year
+51.4%
5 years, a year
+30.3%
10 years, a year
+28.1%
Volatility, 1 year
42.7%
Beta to the General Index
1.35×
Deepest fall, 1 year / 5 years
−31.5% / −35.9%
52-week range
€8.18–€21.85
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

no like-for-like peer
MetricVIO
P/Eone-off12.4
P/B1.6
P/S0.51
EV/EBITDAone-off7.1
Dividend yield1.8%
Payout ratio29.7%
Gross margin11.9%
Operating margin8.9%
Net margin4.1%
ROE13.3%
Revenue growth (last full year)9.1%
Net debt€1.5bn
Twelve Data · latest quarter 30/06/2026

Peers: Metals holding

No other company listed in Athens runs this business; related ones can be ticked in.

P/BDay
ViohalcoVIO1.6+1.9%
MetlenMTLN2.3+2.0%
CenergyCENER5.1+0.8%
ElvalHalcorELHA1.1+0.0%

The company

AI-drafted

Viohalco is a Belgian-registered holding company for metal-processing businesses operating mainly in Greece and the Balkans. Its subsidiaries roll aluminium and copper, make power and submarine cables, weld steel pipes and run steel mini-mills, and it owns Greek investment property through Noval Property. Revenue was 4.257 billion euro in H1 2026. Shares trade in Brussels and Athens.

How it makes moneyH1 2026 · basis: revenue
  • Aluminium1131.3%
  • Copper1126.8%
  • Cables1119.4%
  • Steel1113.1%
  • Steel pipes117.2%
  • Other activities111.1%
  • Real estate111.1%
It is
  • A holding company with no plants or customers of its own: all revenue comes from its industrial subsidiaries and property assets.1
  • Controlled by the Stassinopoulos family, which holds 83.95% of the voting rights; the free float is about 16%.3,7
It is not
  • Not legally a Greek company: it is based in Brussels, primary-listed on Euronext Brussels with a secondary Athens listing since February 2014, and withholds 30% Belgian tax on dividends.1,5,7
  • Not a miner or primary smelter: it buys metal and scrap and sells processed products at a conversion premium per tonne.1
  • Not a cables company: cables were 20.0% of FY2025 revenue while aluminium and copper together were 55.9%.1
Recent developmentsAll company events →
  • Sep 2026Corinth Pipeworks was awarded DESFA's Karperi-Komotini duplication, supplying more than 200 km of 30-inch line pipe.10
  • Aug 2026Corinth Pipeworks won a USD 200m–250m order for about 250 km of line pipe for Mozambique’s Rovuma LNG project.11
  • Aug 2026Hellenic Cables was awarded IPTO's Corinth-Kos HVDC turnkey interconnection contract, worth about 1.5 billion euro.9
  • Jul 2026ElvalHalcor raised 250 million euro by issuing 59.5 million new shares at 4.20 euro; Viohalco's stake fell from 84.78% to 73.17%.2
  • Jun 2026Viohalco sold 6.3 million Cenergy Holdings shares, about 3.0%, at 24.20 euro in an accelerated bookbuild, cutting its stake to about 66.7%.4
  • May 2026The AGM approved a gross FY2025 dividend of 0.27 euro per share, payable from 29 June 2026.5,6
Key figures
  • Adjusted EBITDA €446m H1 20262
  • Net debt to EBITDA 1.9x H1 20262
  • Cables order backlog €3.4bn H1 20262
  • Aluminium sales volumes 430k t FY20258
  • Capital expenditure €237m H1 20262
Key facts
  • Three listed subsidiaries: Cenergy Holdings (about 66.7% after the June 2026 placement), ElvalHalcor (73.17% after the July 2026 capital increase) and Noval Property (68.74%).1,2,4
  • FY2025 dividend of 0.27 euro per share gross, subject to 30% Belgian withholding tax, payable from 29 June 2026. There is no fixed payout commitment.1,5
  • At 31 December 2025 three subsidiaries breached financial covenants on 248 million euro of loans and obtained waivers before the reporting date; the auditor made this its first key audit matter.1
  • It employed 12,140 direct staff at end-2025, or 13,260 including indirect workers, of whom 9,316 in Greece.1
Sources
  1. 1.Annual Report 2025Viohalco · 02/04/2026official
  2. 2.Financial Results First Half 2026 press releaseViohalco · 05/08/2026official
  3. 3.Publication of transparency notificationsViohalco · 22/01/2026official
  4. 4.Accelerated bookbuilt offering of 6.3 million existing ordinary shares in Cenergy HoldingsViohalco · 23/06/2026official
  5. 5.Approval of distribution of dividendViohalco · 26/05/2026official
  6. 6.Results of the ordinary shareholders meeting of 26 May 2026Viohalco · 26/05/2026official
  7. 7.VIOHALCO SA/NV issuer profileEuronext Athens · 10/09/2026official
  8. 8.Financial Results FY 2025 investor presentationViohalco · 05/03/2026official
  9. 9.Hellenic Cables is awarded the turnkey contract by IPTO for the Corinth-Kos HVDC electrical interconnectionCenergy Holdings · 13/08/2026official
  10. 10.Corinth Pipeworks to supply the DESFA Karperi to Komotini high pressure branch duplication projectCenergy Holdings · 08/09/2026official
  11. 11.Interim report H1 2026Viohalco · 17/09/2026official
AI-drafted from the cited sources · 30/09/2026 · v4 · ✓ checked by an independent second modelViohalco S.A.Website ↗
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Why it moved
+1.87% · volume 0.6×
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Results
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Data: Twelve Data · End-of-day prices · Nothing here is investment advice.