Viohalco S.A. Overview
Viohalco is a Brussels-domiciled, Greek-rooted, family-controlled holding company that owns Europe's most diversified metals-processing platform outside the majors. Through listed subsidiaries ElvalHalcor (aluminium and copper rolling and extrusion; 73.17% after July 2026) and Cenergy Holdings (Hellenic Cables and Corinth Pipeworks; c. 66.7% after June 2026), plus wholly controlled steel producers Sidenor, Sovel and Stomana Industry and the listed REIC Noval Property, it converts aluminium, copper, steel and scrap into flat-rolled products, tubes, bus bars, power and submarine cables, large-diameter energy pipes, rebar and special bar quality steel. FY2025 revenue reached EUR 7.23bn with a-EBITDA of EUR 727m; over 85% of sales are generated outside Greece in 100+ countries. Its investment case rests on structural exposure to electrification, grid build-out, offshore wind, gas/CCS pipelines and sustainable packaging, partly diluted by commodity-price pass-through economics, European energy costs and a persistent holding-company discount.
Company's own description (Annual Report 2025 / H1 2026 release boilerplate)
Viohalco describes itself as the Belgium-based holding company of leading metal processing companies in Europe, whose subsidiaries specialise in the manufacture of aluminium, copper, cables, steel and steel pipes products with a focus on quality, innovative and value-added solutions for a global client base. It cites production facilities in Greece, Bulgaria, Romania, the United Kingdom and North Macedonia, participations in companies with production facilities in Turkey and the Netherlands, an R&D and technology segment, and real estate investment properties, mainly in Greece, developed commercially.
Independent characterisation
Viohalco is best understood as a metals conversion and engineered-products conglomerate wrapped in a holding structure. Economically, the group earns a conversion margin (the premium over LME/raw-material cost) rather than a commodity margin: metal costs are largely passed through to customers via back-to-back pricing and derivatives, with residual exposure appearing as "metal price lag" (strip-out item between EBITDA and a-EBITDA). Reported revenue therefore inflates and deflates with LME prices (e.g. 2023 revenue fell 10% largely on metal prices while a-EBITDA fell only 17%), and margin analysis should focus on a-EBITDA per tonne/project rather than revenue growth.
The portfolio has bifurcated into two economic models:
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Project/engineered businesses (cables projects, steel pipes) — order-backlog-driven, tender-won contracts for transmission system operators (TSOs), offshore wind developers and gas/CCS pipeline operators. These carry the highest margins (17–20% a-EBITDA margin in 2025–H1 2026) and the strongest structural growth. Group backlog in cables reached a record EUR 3.4bn at 30 June 2026 and steel pipes c. EUR 0.5bn.
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Flow/volume businesses (aluminium rolling, copper tubes/strip/bus bars, cable products, long steel) — sold to converters, distributors, OEMs and construction customers on conversion-price contracts, with margins of 5–8% a-EBITDA on metal-inclusive revenue.
The real estate division (Noval Property REIC plus construction contractor Ergosteel and service entities) monetises the group's legacy land and industrial property portfolio in Greece; it contributes c. 1% of revenue but c. 4% of a-EBITDA.
Revenue model mix
| Revenue type | Approx. weight (FY2025) | Comment |
|---|---|---|
| Product sales (semi-finished and finished metal products) | c. 85–88% | Aluminium, copper, cable products, steel pipes (partly project-based), steel |
| Project/contract revenue (turnkey cable systems recognised over time) | c. 11–12% of group (cables projects ≈ EUR 0.8–0.9bn; H1 2026 projects revenue EUR 448m) | Interconnectors, offshore wind export/inter-array cables, includes installation scope in some contracts |
| Rental and real estate services/construction | c. 1% | Noval rental income (gross rental revenue EUR 21m in H1 2026); Ergosteel construction EUR 26m in H1 2026 |
| Subscription / licensing | Nil / not material | Technology subsidiaries (e.g. Teka Systems) provide IT services largely intra-group |
The project vs. product split is an analyst estimate built from disclosed cables-segment splits; Viohalco does not publish a group-wide revenue-type table in the sources reviewed.
Value-chain position
Viohalco sits mid-stream: it does not mine or smelt primary aluminium or copper (it buys primary metal, billets, slabs, cathode and scrap), but it does operate electric arc furnace (EAF) steelmaking from scrap (Sidenor/Sovel in Greece, Stomana Industry in Bulgaria) and casting/remelting for aluminium and copper (including recycling). Downstream, it reaches into fabricated parts (Etem Gestamp automotive extrusions), insulated cable systems, coated line pipe, and real estate development.
Customer types and end-markets
| End-market | Segments serving it | Representative customers / applications |
|---|---|---|
| Power transmission and distribution (grids, interconnectors) | Cables, Copper (bus bars), Aluminium | TSOs such as IPTO/ADMIE (Greece), Elia (Princess Elisabeth Zone, Belgium), 50Hertz-type German grid connections |
| Offshore wind | Cables, Steel pipes (selectively) | Baltyk II/III, Baltica 2 (Poland), Hornsea 3 (UK), Gennaker (Germany) |
| Oil and gas, CCS, hydrogen pipelines | Steel pipes | Snam (Italy), Trion (Gulf of Mexico), HyNet CO2 (UK), Greece–North Macedonia interconnector |
| Packaging (rigid can-stock, flexible foil) | Aluminium (Elval, Symetal, Bridgnorth) | Beverage-can makers, flexible packaging converters |
| Transportation / automotive / EV | Aluminium (Etem Gestamp, Elval), Copper | Automotive OEMs and Tier-1s, EV battery applications |
| Building and construction | Steel (rebar, mesh), Aluminium (architectural), Copper (tubes, sanitary) | Greek and Balkan construction, European distributors |
| HVAC&R, heat pumps, industrial | Copper (Halcor tubes, Sofia Med strip) | HVAC OEMs, heat-pump manufacturers |
| Data centres | Copper (bus bars), Cables | US and European data centre build-outs (bus bar demand noted by Sofia Med) |
| Defence | Aluminium | Cited by ElvalHalcor as a growth market |
| Real estate tenants | Real estate | Office, retail, logistics, residential and hospitality tenants in Greece and Bulgaria |
Strategy
Stated strategy themes (FY2025 results / Annual Report 2025 / H1 2026)
Management's recurring strategic themes are: (1) continuous operational optimisation and cost discipline; (2) innovation in the product offering and a shift to higher value-added, higher-margin product categories; (3) targeted expansion into attractive market segments aligned with megatrends — energy transition, electrification, grid investment, data centres, circular economy and sustainable packaging; (4) disciplined capital allocation and working-capital management to keep leverage around or below 2x; (5) decarbonisation and responsible sourcing under the group sustainability strategy; and (6) in real estate, converting the internal development pipeline into income-producing, sustainable assets and selective acquisitions.
Strategic initiatives (last 24 months)
| Initiative | Segment | Timing | Scale / target | Status |
|---|---|---|---|---|
| Hellenic Cables capacity expansion (Corinth submarine, Thiva, Eleonas onshore, Bucharest) | Cables | 2023–2026 | Multi-year programme; EUR 232m capex in 2025, EUR 136m in H1 2026 | Largely complete; new capacity substantially booked |
| Hellenic Cables Americas, Baltimore | Cables | FID 2024–25; operations 2027 | Phase 1 c. USD 200m (land cables); up to USD 58m 48C tax credit; c. 120 jobs | Under construction; phase 2 (submarine) contingent on offtake |
| Hartlepool LSAW mill (UK) | Steel pipes | Acquired Mar 2026; full operations early 2027 | GBP 10m price; EUR 17m spent in H1 2026 | Reactivation/modernisation under way |
| ElvalHalcor 2026–2030 business plan | Aluminium, Copper | 2026–2030 | c. EUR 855m: new cold rolling mill, new cast house, recycling hubs incl. Sofia Med | Funded partly by EUR 250m SCI (July 2026) |
| Sovel spooler lines and octagon billets | Steel | Q4 2026 | Spooled coils up to 8t; hot-charging route | On track |
| Stomana spooler, NRM upgrade, SBQ inspection line | Steel | 2026–2027 | — | Planned |
| Aspropyrgos mesh and downstream facility | Steel | Completed H1 2026 | — | Completed |
| Corinth Pipeworks concrete weight coating line | Steel pipes | Completed 2025 | — | Completed |
| Thisvi port expansion (Diavipethiv) | Other | 2,025 | Part of EUR 5m "other" capex | Ongoing |
| Noval development pipeline (Kifissias 199, The Grid, Mets) | Real estate | 2025–2026 | GAV EUR 707m (H1 2026) | Kifissias 199 delivered Feb 2026; The Grid due 2026 |
| Long-term renewable PPAs across subsidiaries | All | 2024–2026 | Cables segment -34.1% and steel pipes -65.5% operational emissions (per AR 2025) | Implemented |
| Responsible Sourcing programme via EcoVadis IQ | All | 2024–2026 | >9,000 suppliers risk-classified | Ongoing |
| Portfolio monetisation (Cenergy secondary sales) | Holding | 2025–2026 | c. 5% of Cenergy sold in two blocks; c. EUR 152m from June 2026 ABB alone | Completed |
Guidance and medium-term targets
| Entity | Guidance | Source |
|---|---|---|
| Cenergy Holdings | FY2026 adjusted EBITDA EUR 390–420m (raised in Aug 2026 from EUR 370–400m) | Cenergy H1 2026 release |
| ElvalHalcor | EUR 855m investment plan 2026–2030; no public EBITDA target identified | ElvalHalcor announcements, June–July 2026 |
| Viohalco (qualitative) | Positive outlook across segments; steel at a "favourable inflection point"; real estate growth to accelerate in 2026; aluminium market "difficult" short term | FY2025 and H1 2026 releases |
Viohalco does not publish group-level numerical guidance or medium-term financial targets. Listed subsidiaries do:
Products & Services
Pricing is generally LME (or scrap index) metal price pass-through plus a negotiated conversion premium for flow products, and fixed-price or metal-indexed EPC/supply contracts for cable and pipe projects. Specific prices are not publicly disclosed.
Aluminium (ElvalHalcor aluminium division, Bridgnorth Aluminium, Etem Gestamp)
| Product line / brand | Description and key capabilities | Target customers | Flagship / recent developments |
|---|---|---|---|
| Elval rolled products — rigid packaging | Can-body and can-end stock, closure stock from the Oinofyta rolling plant | Beverage-can makers in Europe, Americas | Strong 2025–H1 2026 demand; new cold rolling mill and cast house in 2026–2030 plan to make ElvalHalcor (per its chairman) the second-largest aluminium rolling plant in Europe |
| Elval rolled products — transportation | Sheet and plate for automotive, marine, rail, commercial vehicles; heat-exchanger materials | Automotive OEMs/Tier-1s, shipyards, trailer builders | Increased exposure cited as margin driver in H1 2026 |
| Elval rolled products — building and construction | Coils and sheets, painted aluminium, roofing | Façade, roofing and building-products customers | Weaker demand in H1 2026 |
| Elval Colour (architectural composite panels and painted products) | Aluminium composite panels and coil-coated products (brand etalbond® historically) | Architects, façade installers | Not separately disclosed in 2025–26 releases |
| Symetal (foil) | Household foil, flexible packaging foil, lacquered/laminated foil from two foil facilities | Flexible packaging converters (food, pharma) | 2025 equipment upgrades for value-added flexible packaging |
| Bridgnorth Aluminium (UK) | Lithographic sheet heritage, now diversified to EV battery, packaging and construction coil | UK/EU/US customers | Leveraged lower US tariffs on UK-origin coil in H2 2025; expanding US customer base in 2026 |
| Etem Gestamp (Bulgaria; JV with Gestamp) | Aluminium extrusions and fabricated automotive components (crash-management systems, structural parts), industrial and architectural extrusions | Automotive OEMs, industrial customers | Press enhancements in Bulgaria for automotive parts (2025 capex); ramp-up of auto programmes |
| Recycling / cast house | Scrap-based remelting and casting supporting low-carbon aluminium | Internal | New cast house and recycling hubs in ElvalHalcor 2026–2030 plan |
FY2025 aluminium sales volume (ElvalHalcor aluminium segment): 428 thousand tonnes.
Copper (ElvalHalcor copper division, Sofia Med, Fitco)
| Product line / brand | Description | Target customers | Notes |
|---|---|---|---|
| Halcor copper tubes (incl. brands such as Talos®, Cusmart®, Cusmart heat-pump/HVAC ranges) | Plumbing, heating, HVAC&R, medical-gas, industrial tubes; pre-insulated and inner-grooved tubes | Wholesalers, HVAC and heat-pump OEMs | Tube volumes broadly stable in H1 2026; heat-pump market cited as positive |
| Sofia Med (Bulgaria) rolled products | Copper and copper-alloy strip, sheet, plate; zinc rolled products | Electrical/electronics, connectors, roofing, automotive | Flat-rolled volumes -4.7% in 2025 due to competition and ramp-up issues; recovered in H1 2026 |
| Bus bars and rods (Sofia Med, Halcor) | Copper bus bars, profiles and rods for power distribution | Switchgear makers, data centres, power networks (incl. US) | Volumes +10.9% in 2025 driven by data centres; US tariffs from Aug 2025 hit H2 volumes |
| Brass rods and extruded brass (Fitco) | Brass rods, sections and hollows | Fittings, valves, machining | Lower-margin extruded brass deliberately reduced (H1 2026) |
| Recycling hub (Sofia Med) | Scrap-based copper processing | Internal | In ElvalHalcor 2026–2030 plan |
FY2025: copper segment sales volumes +0.5%; copper tubes +4.8%; bus bars/rods +10.9%; flat-rolled -4.7%; average LME copper EUR 8,801/t (2024: 8,454); H1 2026 average EUR 11,212/t, record EUR 12,035/t in May 2026.
Cables (Hellenic Cables group within Cenergy)
| Product line | Description and capabilities | Target customers | Flagship projects (2025–2026) |
|---|---|---|---|
| Submarine power cables and turnkey systems | HVAC and HVDC submarine export cables, interconnectors; three-core and single-core; produced at the Fulgor plant (Corinth, Greece) with deep-water port | TSOs, offshore wind developers | Ionian Islands interconnection (Greece); Baltyk II, Baltyk III, Baltica 2 export cables (Poland); Princess Elisabeth Zone interconnection (Belgium); IPTO Lot A framework (Greek islands, production from late 2027) |
| Inter-array cables | 66kV (and higher) dynamic/static array cables for offshore wind | Offshore wind developers | Hornsea 3 (UK) inter-array |
| Onshore HV/EHV underground cables | Up to extra-high voltage land cables from Thiva and Eleonas (Greece) | TSOs, DSOs, wind/solar developers | Land and submarine cables for Gennaker offshore wind grid connection (Germany) |
| Cable products (MV/LV, building wire, telecom, fibre optic, enamelled wire, conductors) | Standard power and telecom cables from Greek and Romanian (Icme Ecab, Bucharest) plants | Distributors, utilities, installers, telecoms | Cable products revenue EUR 376m in H1 2026 (+17%) |
| Hellenic Cables Americas (Baltimore, Maryland, USA) | Phase 1: onshore (land) cable plant, c. USD 200m incl. land; Phase 2 submarine expansion subject to offtake agreements; up to USD 58m 48C tax credit | US transmission and distribution utilities | Construction under way; operations expected in 2027 |
Cables backlog: EUR 2.5bn (end-2023), EUR 2.9bn (end-2025), EUR 3.4bn (30 June 2026).
Steel pipes (Corinth Pipeworks within Cenergy)
| Product line | Description | Target customers | Notes |
|---|---|---|---|
| LSAW pipes | Longitudinal submerged-arc-welded large-diameter pipes for offshore/onshore pipelines, deep-water and demanding dimensional specs | Gas and oil majors, pipeline operators, CCS developers | Thisvi (Greece); Hartlepool UK LSAW mill acquired March 2026 for GBP 10m (EUR 17m capex incl. reactivation in H1 2026) |
| HSAW pipes | Helical-seam large-diameter pipes for onshore transmission and water | Pipeline operators | Additional HSAW capacity utilised in 2025 |
| HFIW/ERW pipes | High-frequency induction welded pipes for gas, oil, water | Pipeline operators, distributors | — |
| Coatings | Anti-corrosion external/internal coatings and concrete weight coating (new line in Thisvi completed 2025) | Offshore pipeline projects | Value-added differentiation |
| Hydrogen-ready and CO2 pipes | Pipes certified for hydrogen and CO2 transport | CCS and hydrogen projects | HyNet CO2 (UK); US Gulf of Mexico and inland CCS projects |
| Hollow structural sections | Structural tubes | Construction | Minor |
Steel pipes backlog: EUR 491m (end-2025, +15% YoY); c. EUR 500m (30 June 2026), covering c. 15 months.
Steel (Sidenor, Sovel, Stomana Industry, Erlikon, Dojran Steel)
| Product line | Description | Target customers | Notes |
|---|---|---|---|
| Reinforcing steel (rebar, incl. high-ductility grades) | EAF rebar bars and coils; spooled coils of up to 8 tonnes from new Sovel spooler lines (commissioning Q4 2026) | Greek/Balkan construction, export | Rebar sales growth in 2025 on Greek construction |
| Reinforcing mesh and downstream products | Welded mesh, cut-and-bend | Construction contractors | New mesh production and downstream facility in Aspropyrgos completed H1 2026 |
| Merchant bars and wire rod | Long products | Fabricators, wire drawers | — |
| Special Bar Quality (SBQ) steel (Stomana Industry) | Engineering steels for automotive, mechanical engineering | European automotive and machinery supply chain | High-speed SBQ inspection line and NRM rolling mill upgrade planned 2026–2027 |
| Wire products (Erlikon) | Drawn wire products | Industrial customers | 2025 structural transformation referenced |
| Billets (incl. octagon billets at Sovel) | Semi-finished steel for hot-charging route | Internal | Octagon billets introduced H1 2026 |
Real estate (Noval Property, Ergosteel)
| Asset class / service | Description | Notes |
|---|---|---|
| Offices | Prime LEED-certified offices in Maroussi/Athens | Kifissias 199 delivered Feb 2026; "The Grid" office development due 2026 |
| Retail | Shopping centres and retail parks | Strong footfall and tenant sales in 2025–H1 2026 |
| Logistics | Warehousing assets | — |
| Residential and mixed use | High-end residential (e.g. Mets, Athens; Ardittos House) | Mets mixed-use completed 2025 (LEED Gold) |
| Hospitality | Hotel assets | — |
| Construction services (Ergosteel) | Construction contracting incl. third-party projects | EUR 26m revenue in H1 2026 |
Portfolio: 61 properties (end-2025), GLA c. 362,000 sqm (end-2025, company) / c. 339,000 sqm leasable (H1 2026 release — definitional difference, not reconciled by the company); occupancy 98.0% (2025); fair value EUR 694m (end-2025), EUR 707m (30 June 2026); NAV EUR 555m (end-2025).
Technology and R&D (Other activities)
Includes Teka Systems (IT, ERP and digital solutions, mainly intra-group), Elkeme (Hellenic Research Centre for Metals — metallurgical R&D and testing), and service entities such as Diavipethiv (Thisvi port, expanded in 2025). Revenue EUR 79m in 2025; a-EBITDA EUR -8m.
Financial Narrative
Consolidated income statement: notes and sources
Sources: Viohalco FY2021 presentation; FY2022 results release (9 Mar 2023); FY2023 results release (7 Mar 2024); FY2024 results release (Mar 2025); FY2025 results release (5 Mar 2026). Notes: FY2021 revenue as rounded in company boilerplate ("EUR 5.37 billion"); FY2021 and FY2022 EPS derived (attributable profit / 259.19m shares); FY2023 EPS EUR 0.19 per company summary. FY2022 attributable profit (EUR 266m) is as stated in the FY2022 release and appears high relative to PBT of EUR 375m; it should be checked against the FY2022 audited statements before use.
Industrial division: notes and sources
Sources: annual results releases FY2022–FY2025.
Margins and growth (%)
Revenue CAGR FY2021–FY2025: c. 7.7% (EUR 5.37bn to EUR 7.23bn). a-EBITDA CAGR: c. 14.3% (EUR 426m to EUR 727m). Profit-before-tax CAGR c. 9.6%, but with a 2023 trough.
Commentary. The five-year record has three phases. (1) 2021–2022 reflation: LME prices and post-COVID demand lifted revenue 30% in 2022 and a-EBITDA 52%, with positive metal-lag gains boosting PBT to EUR 375m. (2) 2023 metal-price reversal: revenue fell 10% and PBT collapsed 76% to EUR 91m as metal results turned negative (industrial EBITDA EUR 411m vs a-EBITDA EUR 519m) and finance costs rose with rates; net debt/EBITDA peaked at 4.2x. (3) 2024–2026 structural re-rating: a-EBITDA margins expanded from 8.5% to 10.1% (FY2025) and 10.5% (H1 2026) as mix shifted towards cables and pipes, steel recovered on regulation, and net finance costs fell (EUR 167m to EUR 143m) on lower spreads and base rates. The gap between EBITDA and a-EBITDA (metal lag) is the single largest source of reported-earnings volatility and should be stripped out in any valuation.
H1 2026 vs H1 2025 snapshot
Notes: H1 2026 includes a new EUR 16.1m "tax on securities account" charge (Belgian tax) below EBIT. H1 2025 capex derived from H1 2026 EUR 237m and +24% growth.
LTM to 30 June 2026 (derived): revenue c. EUR 7.76bn; a-EBITDA c. EUR 795m; attributable net profit c. EUR 319m; LTM EPS c. EUR 1.23.
Balance sheet: notes and sources
Notes: FY2023 consolidated net debt derived from FY2024 figure plus disclosed EUR 360m reduction. Trade working capital = inventories + current trade receivables + current contract assets − current trade payables − current contract liabilities (derived). At 30 June 2026: total assets EUR 7,924m; cash EUR 720m; total debt EUR 2,225m (short-term EUR 975m, long-term EUR 1,250m); net debt EUR 1,505m; total equity EUR 3,009m; inventories EUR 2,289m (sharp build on record copper prices).
Cash flow
Notes: FY2025 OCF per ESEF annual report data (financialfilings.com aggregation of Annual Report filed 2 April 2026). Dividends = DPS × 259.19m shares (derived; declared in respect of each fiscal year, paid the following June). No Viohalco buyback programme identified. FY2025 capex by segment: aluminium 66, copper 30, cables 232, steel pipes 29, steel 41, real estate 26, other 5.
Commentary. Viohalco is in a heavy-investment phase: capex of EUR 428–434m in 2024–2025 (vs a-EBITDA of EUR 604–727m) left FY2025 free cash flow close to break-even, with deleveraging driven mainly by EBITDA growth and working-capital discipline rather than surplus cash. Capex accelerated again to EUR 237m in H1 2026 (+24%), and the ElvalHalcor EUR 855m 2026–2030 plan plus the Baltimore plant mean group capex is likely to stay at or above EUR 450m per year. Funding has therefore shifted to subsidiary equity issuance (Cenergy EUR 200m in 2024; ElvalHalcor EUR 250m in 2026) and secondary sales of Cenergy shares (c. EUR 152m in June 2026 plus an earlier block), which strengthen group liquidity but dilute Viohalco's economic interest.
Key ratios
ROA = total net profit / average (FY2025) or year-end (FY2024) total assets. ROIC = a-EBIT × (1 − effective tax rate) / (total equity + net debt) at year-end. Net debt/EBITDA ratios for FY2022–FY2025 as reported by the company (FY2023 4.2x is on reported EBITDA; company also cited 2.5x for 2024 and 2.1x for 2025; H1 2026: 1.9x). Cash conversion cycle FY2025: DIO c. 113 days (inventory/COGS), DSO c. 46 days (trade receivables + contract assets / revenue), DPO c. 100 days (current trade and other payables / COGS) — payables include non-trade items so DPO is overstated. MarketInOut aggregator data (Aug 2026) shows ROE 11.75%, ROIC 9.22%, ROA 3.42%, interest cover 3.56x, debt/equity 1.05 — broadly consistent given definitional differences.
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Group Entities
| Entity | Listing | Viohalco stake | Segment(s) | Key operating companies |
|---|---|---|---|---|
ElvalHalcor S.A. | Euronext Athens (ELHA) | 73.17% (post-July 2026 SCI; 84.78% before) | Aluminium, Copper | Elval (rolling), Symetal (foil), Bridgnorth Aluminium (UK), Etem Gestamp (extrusions/auto, JV), Halcor (copper tubes), Sofia Med (Bulgaria: copper/zinc rolled products, bus bars), Fitco (brass), associates incl. NedZink (Netherlands) |
Cenergy Holdings S.A. | Euronext Brussels & Euronext Athens (CENER) | c. 66.7% (after June 2026 placement) | Cables, Steel pipes | Hellenic Cables (incl. Fulgor submarine plant in Corinth, Thiva and Eleonas onshore plants, Icme Ecab in Bucharest, Hellenic Cables Americas), Corinth Pipeworks (Thisvi; Hartlepool UK) |
Steel subsidiaries | Unlisted | — | Steel | Sidenor, Sovel (Almyros, Greece), Stomana Industry (Pernik, Bulgaria), Erlikon (wire), Dojran Steel (North Macedonia) and downstream units |
Noval Property REIC | Euronext Athens | — | Real estate | Investment property portfolio in Greece and Bulgaria |
Other real estate entities | Unlisted | Controlled | Real estate | Ergosteel (construction), Steelmet Property Services |
Technology and R&D | Unlisted | Controlled | Other activities | Teka Systems (IT/ERP), Elkeme (Hellenic Research Centre for Metals), Diavipethiv (Thisvi port), other services |
Segment Overview
| Segment | Contents | Main products/services |
|---|---|---|
Aluminium | ElvalHalcor aluminium division, Bridgnorth Aluminium, Etem Gestamp | Flat-rolled coils and sheets (can-body, can-end, foil stock), foil (flexible packaging), painted/architectural products, extrusions, automotive parts |
Copper | ElvalHalcor copper division incl. Sofia Med, Fitco | Copper tubes (plumbing, HVAC&R), copper and copper-alloy strip/sheet/plate, bus bars and rods, brass rods (being de-emphasised), zinc rolled products |
Cables | Hellenic Cables group (within Cenergy) | Submarine HV/EHV cables and turnkey systems, onshore HV/EHV underground cables, MV/LV power cables, telecom/fibre cables, enamelled wire, overhead conductors |
Steel pipes | Corinth Pipeworks (within Cenergy) | LSAW, HSAW and HFIW/ERW line pipe, coated pipes (incl. concrete weight coating), hollow structural sections |
Steel | Sidenor, Sovel, Stomana Industry, Erlikon, Dojran Steel and others | Rebar (incl. spooled coils), reinforcing mesh, merchant bars, wire rod, special bar quality (SBQ) steels, wire products |
Other activities | Technology, R&D and services companies, holding costs | IT, engineering, research, port services |
Real estate (division) | Noval Property, Ergosteel, other property entities | Offices, retail parks and shopping centres, logistics, residential, hospitality; construction services |
Aluminium | EU (Germany, Italy, France, Greece), UK, US | Bridgnorth redirected volumes to the US (UK-origin coil faced lower tariffs than other origins after US 50% aluminium duties in 2025) |
Copper | EU, Balkans, US (bus bars) | US bus bar sales hit by tariffs from August 2025; sanitary sales shifted outside Europe in H1 2026 |
Cables | Greece, Poland, Belgium, UK, Germany, Netherlands/Denmark (offshore wind), US from 2027 | Project-driven; Greek IPTO interconnections are the anchor |
Steel pipes | US (Gulf of Mexico, inland CCS/gas), Italy, UK, Israel, Iraq, Azerbaijan, Germany, Austria, Trinidad, North Sea/Norway | Highly export-oriented |
Steel | Greece, Bulgaria, Balkans, EU | Domestic construction-led |
Real estate | Greece (Athens), Bulgaria | — |
Segment revenue (EUR Mn)
| Segment revenue (EUR Mn) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Aluminium | — | 2,020 | 2,249 |
Copper | — | 1,749 | 1,796 |
Cables | — | 1,163 | 1,443 |
Steel pipes | — | 568 | 592 |
Steel | — | 1,008 | 1,000 |
Other activities | — | 77 | 79 |
Real estate | — | 43 | 72 |
Consolidated total | 6,300 | 6,627 | 7,229 |
Segment a-EBITDA (EUR Mn)
| Segment a-EBITDA (EUR Mn) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Aluminium | — | 159 | 180 |
Copper | — | 110 | 96 |
Cables | — | 183 | 246 |
Steel pipes | — | 94 | 108 |
Steel | — | 39 | 77 |
Other activities | — | -1 | -8 |
Real estate | — | 21 | 29 |
Consolidated total | 537 | 604 | 727 |
Revenue by Segment
| Segment PBT (EUR Mn) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Aluminium | — | 63 | 78 |
Copper | — | 67 | 61 |
Cables | — | 118 | 170 |
Steel pipes | — | 63 | 86 |
Steel | — | -46 | -1 |
Other activities | — | -5 | -15 |
Real estate | — | 14 | 20 |
Consolidated total | 91 | 274 | 398 |
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View Subscription PlansSegment a-EBITDA margin (%)
| Segment a-EBITDA margin (%) | FY2024 | FY2025 |
|---|---|---|
Aluminium | 7.9 | 8.0 |
Copper | 6.3 | 5.4 |
Cables | 15.7 | 17.0 |
Steel pipes | 16.6 | 18.2 |
Steel | 3.8 | 7.7 |
Real estate | 48.8 | 40.3 |
Consolidated | 9.1 | 10.1 |
Segment share of consolidated revenue (%)
| Segment share of consolidated revenue (%) | FY2024 | FY2025 |
|---|---|---|
Aluminium | 30.5 | 31.1 |
Copper | 26.4 | 24.8 |
Cables | 17.5 | 20.0 |
Steel pipes | 8.6 | 8.2 |
Steel | 15.2 | 13.8 |
Other activities | 1.2 | 1.1 |
Real estate | 0.6 | 1.0 |
Segment revenue growth YoY (%) | FY2025 | — |
Aluminium | 11.3 | — |
Copper | 2.7 | — |
Cables | 24.1 | — |
Steel pipes | 4.3 | — |
Steel | -0.9 | — |
Other activities | 1.9 | — |
Real estate | 69.1 | — |
Segment revenue (EUR Mn) (Half-Yearly)
| Segment revenue (EUR Mn) | H1 2025 | H1 2026 |
|---|---|---|
Aluminium | 1,149 | 1,333 |
Copper | 945 | 1,139 |
Cables | 729 | 824 |
Steel pipes | 277 | 309 |
Steel | 552 | 559 |
Real estate | 23 | 47 |
Consolidated total | 3,722 | 4,257 |
Segment a-EBITDA (EUR Mn) (Half-Yearly)
| Segment a-EBITDA (EUR Mn) | H1 2025 | H1 2026 |
|---|---|---|
Aluminium | 98.0 | 109.3 |
Copper | 58.0 | 55.0 |
Cables | 123.2 | 166.0 |
Steel pipes | 50.7 | 52.3 |
Steel | 43.8 | 49.7 |
Other activities | -6.6 | -2.4 |
Real estate | 11.3 | 15.9 |
Consolidated total | 378.4 | 445.9 |
Revenue by Segment (Half-Yearly)
| Segment PBT (EUR Mn) | H1 2025 | H1 2026 |
|---|---|---|
Aluminium | 61.1 | 114.6 |
Copper | 37.8 | 67.6 |
Cables | 89.9 | 134.4 |
Steel pipes | 40.3 | 41.1 |
Steel | 6.2 | 19.7 |
Other activities | -13.2 | -17.8 |
Real estate | 6.9 | 10.5 |
Consolidated total | 229.0 | 370.2 |
Income Statement and Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue (EUR Mn) | 5,370 | 6,986 | 6,300 | 6,627 | 7,229 |
Gross profit (EUR Mn) | — | — | — | 732 | 861 |
Operating income EBIT (EUR Mn) | — | — | — | 446 | 538 |
a-EBIT (EUR Mn) | — | — | — | 457 | 569 |
EBITDA reported (EUR Mn) | — | — | — | 593 | 696 |
a-EBITDA (EUR Mn) | 426 | 649 | 537 | 604 | 727 |
Depreciation and amortisation (EUR Mn) | — | — | — | 147 | 158 |
Net finance cost (EUR Mn) | — | — | — | -167 | -143 |
Profit before tax (EUR Mn) | 276 | 375 | 91 | 274 | 398 |
Income tax (EUR Mn) | — | — | — | -63 | -86 |
Net profit total (EUR Mn) | — | — | — | 211 | 312 |
Net profit attributable to owners (EUR Mn) | 195 | 266 | 48 | 161 | 235 |
EPS basic and diluted (EUR) | 0.75 | 1.03 | 0.19 | 0.62 | 0.91 |
Dividend per share gross (EUR) | 0.12 | 0.12 | 0.12 | 0.16 | 0.27 |
Income Statement
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue industrial (EUR Mn) | 5,356 | 6,955 | 6,264 | 6,585 | 7,157 |
Gross profit industrial (EUR Mn) | 587 | 760 | 559 | 707 | 831 |
EBITDA industrial (EUR Mn) | 486 | 634 | 411 | 570 | 666 |
a-EBITDA industrial (EUR Mn) | 419 | 636 | 519 | 583 | 698 |
Net finance cost industrial (EUR Mn) | -92 | -116 | — | -165 | -140 |
Profit before tax industrial (EUR Mn) | 261 | 377 | 80 | 260 | 379 |
Net debt industrial (EUR Mn) | 1,569 | 1,923 | 1,720 | 1,378 | 1,348 |
Capex industrial (EUR Mn) | — | 317 | — | 398 | 402 |
Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross margin industrial (%) | 11.0 | 10.9 | 8.9 | 10.7 | 11.6 |
a-EBITDA margin consolidated (%) | 7.9 | 9.3 | 8.5 | 9.1 | 10.1 |
EBIT margin consolidated (%) | — | — | — | 6.7 | 7.4 |
PBT margin consolidated (%) | 5.1 | 5.4 | 1.4 | 4.1 | 5.5 |
Net margin attributable (%) | 3.6 | 3.8 | 0.8 | 2.4 | 3.3 |
Revenue growth YoY (%) | — | 30.1 | -9.8 | 5.2 | 9.1 |
a-EBITDA growth YoY (%) | — | 52.3 | -17.3 | 12.6 | 20.2 |
Income Statement and Per-Share Data (Half-Yearly)
| Metric | H1 2025 | H1 2026 |
|---|---|---|
Revenue (EUR Mn) | 3,722 | 4,257 |
Gross profit (EUR Mn) | 453 | 631 |
EBIT (EUR Mn) | 304 | 454 |
EBITDA (EUR Mn) | 380 | 542 |
a-EBITDA (EUR Mn) | 378 | 446 |
Net finance cost (EUR Mn) | -78 | -68 |
Profit before tax (EUR Mn) | 229 | 370 |
Net profit attributable (EUR Mn) | 135 | 219 |
EPS (EUR) | 0.520 | 0.844 |
Capex (EUR Mn) | 191 | 237 |
Net debt (EUR Mn) | 1,708 | 1,505 |
Balance Sheet
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Total assets (EUR Mn) | — | 6,571 | 7,163 |
Cash and equivalents (EUR Mn) | — | 697 | 730 |
Short-term debt incl. leases (EUR Mn) | — | 855 | 974 |
Long-term debt incl. leases (EUR Mn) | — | 1,355 | 1,252 |
Total debt (EUR Mn) | — | 2,210 | 2,226 |
Net debt consolidated (EUR Mn) | 1,873 | 1,513 | 1,496 |
Total equity (EUR Mn) | — | 2,364 | 2,663 |
Equity attributable to owners (EUR Mn) | — | 1,898 | 2,122 |
Non-controlling interests (EUR Mn) | — | 466 | 541 |
Goodwill and intangibles (EUR Mn) | — | 57 | 76 |
Inventories (EUR Mn) | — | 1,763 | 1,966 |
Trade working capital (EUR Mn) | — | 870 | 884 |
Cash Flow
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Operating cash flow (EUR Mn) | — | — | — | — | 461 |
Capex consolidated (EUR Mn) | — | — | — | 434 | 428 |
Free cash flow OCF minus capex (EUR Mn) | — | — | — | — | 33 |
Dividends declared to Viohalco shareholders (EUR Mn) | 31 | 31 | 31 | 41 | 70 |
Share buybacks (EUR Mn) | 0 | 0 | 0 | 0 | 0 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
ROE attributable (%) | — | — | 8.5 | 11.7 |
ROA (%) | — | — | 3.2 | 4.5 |
ROIC after tax (%) | — | — | 9.2 | 10.7 |
Current ratio (x) | — | — | 1.26 | 1.20 |
Debt to equity (x) | — | — | 0.93 | 0.84 |
Net debt to a-EBITDA (x) | 3.0 | 4.2 | 2.5 | 2.1 |
Interest coverage EBIT to net finance cost (x) | — | — | 2.7 | 3.8 |
a-EBITDA to net finance cost (x) | — | — | 3.6 | 5.1 |
Asset turnover (x) | — | — | 1.01 | 1.05 |
Cash conversion cycle (days) | — | — | — | 58 |
Effective tax rate (%) | — | — | 23.0 | 21.6 |
Region revenue (EUR Mn)
| Region revenue (EUR Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Greece | 780 | 1,030 | 1,010 | 939 | — |
Other EU countries (derived) | 3,101 | 3,952 | 3,508 | 3,740 | — |
European Union incl. Greece | 3,881 | 4,982 | 4,518 | 4,679 | 5,220 |
Other European countries | 794 | 1,000 | 920 | 879 | 1,020 |
America | 321 | 644 | 483 | 455 | 617 |
Asia | 314 | 307 | 309 | 544 | 267 |
Africa | 60 | 53 | 70 | 70 | 66 |
Region growth YoY (%)
| Region growth YoY (%) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
European Union incl. Greece | -9.3 | 3.6 | 11.6 |
Other European countries | -8.0 | -4.5 | 16.0 |
America | -25.0 | -5.8 | 35.6 |
Asia | 0.7 | 76.1 | -50.9 |
Africa | 32.1 | 0.0 | -5.7 |
Market Valuation and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Market cap year-end (USD Bn) | 1.34 | 1.11 | 1.53 | 1.43 | 3.59 |
Market cap change YoY (%) | 13.9 | -17.6 | 37.9 | -6.3 | 150.5 |
Performance Details
| Performance (approx., USD market-cap basis) | Value |
|---|---|
1-year | c. +120% (companiesmarketcap, Oct 2026); MarketInOut showed +224% as of 5 Aug 2026 |
3-year (end-2023 to Oct 2026) | c. +240% |
5-year (end-2021 to Oct 2026) | c. +290% |
52-week range (Brussels) | c. EUR 6.25 – 22.80 (Halo, Aug 2026) |
All-time high | EUR 21.35, 2 June 2026 (Athens, TradingView) |
Valuation Multiples
| Multiple | Viohalco (LTM Jun 2026) | Viohalco (FY2025) | Comment |
|---|---|---|---|
P/E | c. 14x | c. 19x | LTM EPS c. EUR 1.23; FY2025 EPS EUR 0.91 (aggregators show 13–19.5x depending on date) |
EV/a-EBITDA | c. 8.3x | c. 9.1x | EV ≈ market cap + net debt EUR 1.5bn + book NCI c. EUR 0.6bn; aggregators quote 7.4–8.1x |
EV/Sales | c. 0.85x | c. 0.91x | Metal-inclusive revenue depresses this multiple |
P/B (owners' equity) | c. 2.1x | c. 2.1x | Owners' equity EUR 2.12bn at end-2025 |
Dividend yield | c. 1.5% | — | EUR 0.27 gross |
Holding Details
| Holding | Basis | Implied 100% value | Viohalco stake | Attributable value |
|---|---|---|---|---|
Cenergy Holdings | June 2026 ABB price EUR 24.20 × c. 212.4m shares | c. EUR 5.1bn | c. 66.7% | c. EUR 3.4bn |
ElvalHalcor | July 2026 SCI price EUR 4.20 × 434.8m shares | c. EUR 1.8bn | 73.17% | c. EUR 1.3bn |
Subtotal listed industrial stakes | — | — | — | c. EUR 4.8bn |
Plus: steel segment, Noval stake, other real estate, technology | Not valued here | — | — | Positive |
Per-Share Data and Returns & Leverage Ratios (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross DPS (EUR) | 0.12 | 0.12 | 0.12 | 0.16 | 0.27 |
Payout ratio on attributable profit (%) | 16 | 12 | 65 | 26 | 30 |
Capital Markets
| Item | Detail |
|---|---|
Credit ratings (Moody's / S&P / Fitch) | None identified — Viohalco and its subsidiaries are not publicly rated by the three major agencies |
Total debt (30 Jun 2026) | EUR 2,225m consolidated (loans EUR 2,169m; leases EUR 56m) |
Maturity split (30 Jun 2026) | Short-term (<1 year) EUR 975m (44%); long-term EUR 1,250m (56%) |
Net debt / a-EBITDA | 1.9x (30 Jun 2026) |
Analyst Conclusions
Management guidance and consensus
Viohalco provides qualitative segment outlooks only: cables entering "a new growth phase" with US operations from 2027; steel pipes momentum supported by backlog covering c. 15 months; steel at a "favourable inflection point" on EU regulation and Greek construction; aluminium short-term "difficult" but long-term positive with new capacity; copper demand supported by energy infrastructure, data centres and power networks; real estate growth accelerating in 2026. Subsidiary guidance: Cenergy FY2026 adjusted EBITDA EUR 390–420m (raised). Consensus EPS/EBITDA expectations for Viohalco: not publicly available in reviewed sources. A mechanical run-rate (H2 2025 a-EBITDA EUR 349m plus H1 2026 EUR 446m) implies LTM a-EBITDA of c. EUR 795m; if H2 2026 merely matches H2 2025, FY2026 a-EBITDA would be c. EUR 795m (+9%), with upside from cables mix and steel safeguards.
Bull case
-
Structural earnings upgrade in energy infrastructure: Cenergy guidance raised to EUR 390–420m with a EUR 3.9bn backlog and 18.7–20% margins; IPTO Lot A and US plant extend growth into 2028+.
-
Steel turnaround is regulatory, not cyclical: CBAM plus a c. 47% cut in tariff-free import quotas from July 2026 lifts spreads; steel a-EBITDA already doubled to EUR 77m in 2025 and rose 13% in H1 2026, with large operating leverage on EUR 1bn revenue.
-
Holdco discount and balance sheet optionality: listed stakes alone ≈ market cap at mid-2026 prices; leverage at 1.9x; demonstrated ability to monetise Cenergy shares at premium valuations.
Bear case
-
Cash conversion is weak: FY2025 FCF c. EUR 33m against EUR 727m a-EBITDA; capex intensity rising (H1 2026 +24%) and copper-price working capital (+EUR 322m inventory in H1 2026) may stall deleveraging.
-
Dilution of look-through economics: Viohalco's share of Cenergy and ElvalHalcor earnings has fallen (from 79.78% and 84.78% to c. 66.7% and 73.17%), and NCI already took EUR 67m of H1 2026 profit (23%).
-
Exogenous shocks: energy costs, Middle East/Hormuz disruptions, US tariffs and offshore wind project volatility could compress conversion margins and delay US plant utilisation.
Catalysts and monitorables (next 12 months)
| Catalyst / monitorable | Expected timing |
|---|---|
| Cenergy and ElvalHalcor 9M 2026 trading updates | Nov 2026 |
| Sovel spooler line commissioning | Q4 2026 |
| Hartlepool mill restart and first orders | Late 2026 – early 2027 |
| New cables awards (US first contract targeted in 2026; further European interconnectors) | Ongoing |
| EU steel safeguard implementation effects on spreads | H2 2026 – 2027 |
| FY2026 results and dividend proposal | 4 Mar 2027 |
| Baltimore plant start-up | 2,027 |
| Further subsidiary stake sales or holding restructuring | Unscheduled |
| Copper price trajectory and working-capital release | Continuous |
Analyst verdict
Viohalco has quietly transformed from a leveraged, metal-price-driven Greek conglomerate into a credible play on European and, increasingly, transatlantic energy infrastructure. The numbers support the narrative: a-EBITDA rose from EUR 537m in 2023 to EUR 727m in 2025 and EUR 795m on an LTM basis, margins expanded by roughly two percentage points, leverage nearly halved to 1.9x, and the cables business now carries a EUR 3.4bn backlog at 20% margins. Regulatory tailwinds in steel (CBAM and tighter safeguards) and the ElvalHalcor capacity plan add further, less-appreciated levers. The share price has responded — the stock roughly tripled in USD terms over three years — but at c. 8x EV/a-EBITDA and c. 14x LTM earnings, the group still trades at a discount to pure-play cable peers and, at mid-2026 transaction prices, at or below the value of its two listed stakes.
Against that, investors must accept three structural frictions. First, cash generation lags EBITDA: capex of EUR 430m+ per year and copper-driven working capital absorb almost all operating cash flow, so value creation depends on growth projects earning their cost of capital. Second, the multi-tier listed structure leaks value to minorities, and recent monetisations — though accretive at the price — steadily reduce Viohalco's economic share of its best assets. Third, governance remains firmly family-controlled with limited independence, minimal guidance and patchy disclosure (no consolidated R&D, ESG ratings or detailed geographic data in releases).
On balance, the evidence supports a constructive, quality-improving but discount-bound view: earnings momentum and regulatory support should sustain growth into 2027, while the holdco discount is unlikely to close without a structural catalyst (further simplification, a clear capital-return policy, or explicit NAV-based targets). Key swing factors to monitor are FY2026 cash conversion, Baltimore execution, and whether steel's recovery translates into positive segment PBT.
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View Subscription PlansExecutive Leadership
Board of Directors
| Name | Role | Category | Notes |
|---|---|---|---|
Michail Stassinopoulos | Chairman (since 22 Jan 2026) | Non-executive | Long-standing director; MarketScreener records him with a 7.01% direct stake (18,169,202 shares, Dec 2025); prior executive roles in the group; board member of SEV (Hellenic Federation of Enterprises) and Council on Competitiveness of Greece |
Ippokratis Ioannis Stassinopoulos | Executive Vice-Chairman (since 22 Jan 2026) and CEO (since Nov 2020 per MarketScreener) | Executive | Educated at City University London / Bayes Business School (undergraduate and graduate); Endeavor Greece board; SEV General Council; YPO Belgium |
Evangelos Moustakas | Director (resigned as Vice-Chairman Jan 2026) | Executive | Long-serving group executive (board member since at least 2013) |
Jean Charles Faulx | Director | Executive | — |
Thanasis Molokotos | Director | Executive | — |
Xavier Bedoret | Director | Executive | — |
Patrick Kron | Director | Non-executive | Former Chairman and CEO of Alstom |
Marion Jenny Steiner Stassinopoulos | Director | Non-executive | Family-related director |
Margaret Zakos | Director | Non-executive | — |
Efthimios Christodoulou | Director | Independent non-executive | Former Governor of the Bank of Greece (historical role) |
Kay Breeden | Director | Independent non-executive | — |
Bernadette Christine Blampain | Director | Independent non-executive | — |
Astrid de Launoit | Director | Independent non-executive | — |
Marina Sarkisian Ochanesoglou | Director | Independent non-executive | Appointed/renewed at 2026 AGM |
Executive Leadership Team
| Name | Title | Notes |
|---|---|---|
Ippokratis Ioannis Stassinopoulos | CEO and Executive Vice-Chairman | See above |
Sofia Zairi | Chief Investor Relations Officer | IR contact |
Group CFO | Not identified in reviewed 2026 releases | Name not publicly disclosed in sources reviewed |
Alexis Alexiou | CEO, Cenergy Holdings | Subsidiary leadership |
Alexandros Benos | CFO, Cenergy Holdings | Subsidiary leadership |
Konstantinos Katsaros | Chairman, ElvalHalcor | Subsidiary leadership (2026) |
Kontopoulos (first name not confirmed) | Senior executive, ElvalHalcor (quoted on 2026–2030 plan) | Subsidiary leadership |
Board & Management Changes
| Date | Change | Context |
|---|---|---|
17 Jan 2026 | Death of Chairman Nikolaos Stassinopoulos (aged 93) | Led Viohalco for decades from 1964 |
22 Jan 2026 | Michail Stassinopoulos Chairman; Ippokratis Ioannis Stassinopoulos Executive Vice-Chairman (remains CEO); Evangelos Moustakas steps down as Vice-Chairman | Orderly succession within the family |
26 May 2026 | AGM renews all mandates for one year; dividend EUR 0.27 approved | — |
Major Shareholders
| Holder | Stake | Source / note |
|---|---|---|
Michail Stassinopoulos | 7.01% (18.17m shares) | MarketScreener, Dec 2025 |
Institutional investors (top 10) | Not publicly disclosed in reviewed sources | Free float is small; institutional holdings individually below disclosure thresholds |
Insider ownership | Majority (family) | — |
Competitive Landscape
Competitors by Segment
| Segment | Named competitors | Viohalco relative position |
|---|---|---|
Aluminium rolling and foil | Novelis (Hindalco), Constellium, Speira, Norsk Hydro (rolling divested to Speira; extrusions via Hydro Extrusions), AMAG, Gränges, Hulamin, Assan Alüminyum (Turkey) | Mid-sized European roller; strong in can-stock and foil in Southern Europe; Bridgnorth adds UK/US access; capacity expansion targets #2 rolling plant in Europe |
Aluminium extrusions / auto parts | Hydro Extrusions, Constellium AS&I, Benteler, Kuhne | Niche via Etem Gestamp |
Copper semis | Aurubis, KME, Wieland, Mueller Industries, Cupori, Mehta/other Asian tube makers | Strong regional player in tubes and bus bars; smaller than Aurubis/Wieland |
Cables (submarine and HV) | Prysmian, Nexans, NKT, LS Cable & System, Sumitomo Electric, Furukawa, JDR (TFKable), Taihan, ZTT, Orient Cable | Fifth/sixth-tier global HV submarine supplier by capacity but growing fast; competitive on interconnectors and Baltic/North Sea wind |
Cables (MV/LV products) | Prysmian, Nexans, TKF, regional Balkan producers, Turkish producers | Regional leader in Greece/Romania |
Large-diameter steel pipes | Tenaris, Europipe (Dillinger/Salzgitter), Vallourec, Welspun Corp, EEW, Borusan Mannesmann, Jindal SAW, JFE | Specialist in offshore, CCS/hydrogen-qualified pipe; small vs Tenaris but high margin |
Long steel / rebar / SBQ | Celsa, Riva, Feralpi, Megasa, Hellenic Halyvourgia, Turkish rebar exporters (Kocaer, Habaş, İçdaş), ArcelorMittal long products | Dominant in Greece/Bulgaria; exposed to Turkish and Asian imports |
Greek real estate | Lamda Development, Prodea REIC, Trade Estates, BriQ Properties | Mid-sized REIC with prime Maroussi office exposure |
Peer Comparison FY2025
| Company | Revenue | a-EBITDA / adj. EBITDA | EBITDA margin | Revenue growth | R&D intensity | Note |
|---|---|---|---|---|---|---|
Viohalco (FY2025) | EUR 7.23bn | EUR 727m | 10.1% | +9.1% | — | Company filings |
Prysmian (FY2024) | c. EUR 17.0bn | c. EUR 2.0bn | c. 11.7% | Strong growth incl. Encore Wire | c. 1% (approx.) | — |
Nexans (FY2024) | c. EUR 8.5bn (current metal) | c. EUR 0.76bn | c. 9% (on current-metal sales) | Moderate | c. 1% (approx.) | — |
Aurubis (FY2023/24) | c. EUR 17bn | Operating EBT c. EUR 0.4bn | Low single digit on metal-inclusive sales | Down on metal prices | Low | — |
“—” = not publicly disclosed.
