At Elton Blends—the new name for N. Lekos Chemicals—ELTON’s investment focus is shifting, with the result that the plan for the new facilities in Oinofyta is being reconsidered, at least for the time being.
Speaking to Euro2day on the sidelines of the company’s Annual General Meeting, ELTON’s CEO, Alkistis Papathanassiou, stated that management is now prioritizing the company acquired in 2024, as it is considered one of the group’s key pillars of growth for the coming years.
As she explained, the goal is not only to increase production but also to expand storage capacity, upgrade the team, and implement the new ERP system so that Elton Blends can gain the necessary momentum. The acquisition took place in 2024; the transition from the previous owner was completed in 2025, and the company has now entered a new management phase under Yiannis Petrogiannis.
“We need to get what we’re expecting. It’s a very important investment for us, and we need to focus our efforts there,” noted Ms. Papathanassiou, explaining that the investment in Oinofyta is on hold until the best way to develop the site is evaluated. She added, however, that the area has gained significant value due to plans for road and rail infrastructure.
Romania, Hungary, and Subsidiaries
Regarding Romania, Ms. Papathanassiou noted that the company is monitoring developments, not because it perceives a substantial risk from the political and economic turmoil, but because a decline in purchasing power has been observed. She emphasized, however, that ELTON still has significant room for growth in the country, with the goal of increasing its market share. Regarding Hungary, she noted that it is a “very important plan,” while regarding Romania, she noted that there is nothing to announce yet.
During the General Meeting, management also reported that the first phase of streamlining the subsidiary in Bulgaria had been completed, following the sale of a property that had a positive impact on the group’s pre-tax results. The company now operates in Bulgaria under a leaner model, utilizing external partners for warehousing, distribution, and accounting, while focusing on sales growth.
Placement, Acquisitions, and Outlook for 2026
At the General Meeting, special mention was also made of the placement, through which the company met the Stock Exchange’s prerequisite for a 25% public float. The company noted that this was a difficult undertaking, in which ELTON did not receive the support it had expected from institutional investors but was backed by major market players.
At the same time, company executives noted that while the strategic plan drawn up in 2024 may not be progressing at the pace initially desired by management, the company continues to modernize. The new ERP system has been installed across nearly the entire group, though it remains to be seen whether Bulgaria and Ukraine will be included, due to cost considerations.
Regarding international markets, it was noted that Turkey posted very positive results in 2025 and remains positive in 2026; Bulgaria is performing slightly below budget but with expectations of improvement in the second half of the year, while Romania is maintaining a steady positive trajectory. Regarding Serbia, it was noted that it continues to grow, while Ukraine remains profitable despite the difficulties caused by the intensity of the war.
ELTON is exploring growth opportunities in Hungary, either by establishing its own team or through an acquisition, while acquisitions are also being considered in Greece and Poland. Management estimates that 2026 will be a good year for the group.
Dividend, Grant Thornton, and Financial Figures
The General Meeting approved all items on the agenda, including the financial statements for the 2025 fiscal year, the appropriation of profits and dividend distribution, the remuneration of the Board of Directors, the compensation report, guarantees to subsidiaries, and the election of an auditing firm. Grant Thornton was selected to audit the 2026 fiscal year.
The dividend for the 2025 fiscal year amounts to 0.065 euros per share, a gross amount before 5% tax. The ex-dividend date is July 6, and payment will begin on July 10 through the National Bank of Greece.
In terms of financial figures, the parent company’s sales in 2025 totaled 89.3 million euros, up 2.3%, while group sales amounted to 175 million euros, an increase of 8.6%. The group’s pre-tax profit amounted to 4.5 million euros, an increase of 21.8% compared to 2024.