The company announced a share capital increase of approximately €250 million, explaining that this will enable it to implement its development and investment program, totaling approximately €455 million through 2030, with the aim of increasing production capacity, expand recycling capabilities, and improve operational efficiency.
The announcement
ElvalHalcor Hellenic Copper and Aluminum Industry S.A. (the “Company” or “ElvalHalcor”) announces its intention to raise capital through a share capital increase of approximately €250 million, including any share premium (the “Share Capital Increase”) and a book-building process to determine the offering price of the new shares to be issued (the “New Shares”), with the aim of financing the implementation of ElvalHalcor’s 2026–2030 Business Plan (the “Business Plan”).
It is proposed that the Company offer the New Shares (i) through a public offering in Greece (the “Greek Public Offering”), exempt from the obligation to publish a prospectus pursuant to Article 1(4)(db) and Article 1(5)(ba) of Regulation (EU) 2017/1129 (the “Prospectus Regulation”), in connection with which a document containing the information required under Annex IX of the Prospectus Regulation will be filed with the Hellenic Capital Market Commission, which will subsequently be published in accordance with the law, and (ii) through a private placement to eligible institutional investors outside Greece (the “Institutional Offering” and, together with the Greek Public Offering, the “Combined Offering”).
It is further proposed that the Capital Increase be carried out by waiving the preemptive right; provided, however, that a mechanism will be implemented to allocate the New Shares on a priority basis to existing shareholders participating in the Combined Offering, subject to any additional allocation criteria to be determined by the Board of Directors of ElvalHalcor.
Specifically, eligible existing shareholders of the Company who are registered (based on the electronic records of Euronext Securities Athens) as of the record date to be set by the Company’s Board of Directors, and who participate in the Combined Offer, are proposed to be entitled, on a priority basis, to the allocation of New Shares in proportion to their current shareholding, so as to maintain the same percentage of ownership in the Company’s share capital following the Share Capital Increase, subject to any additional allocation criteria to be determined by the Board of Directors of ElvalHalcor. Rationale for the Capital Increase
The proposed share capital increase of approximately €250 million will enable the Company’s development investment program totaling approximately €455 million through 2030, with the aim of increasing production capacity, expand recycling capabilities, and improve operational efficiency.
• In the Aluminum sector, the Company’s plan is based on two main growth initiatives.
• First, ElvalHalcor plans to construct a new cold rolling mill with an annual production capacity of approximately 300kt. This is a pivotal investment that will allow the Company to capitalize on the benefits of its previous investment program. In 2020, the Company installed a large hot rolling mill, which increased the potential total aluminum production capacity to up to 800 kt per year. This capacity can only be realized once the cold rolling mill is installed.
• Second, ElvalHalcor also plans to develop a new foundry and recycling centers.
This investment will significantly support the expansion of aluminum recycling capabilities, with the recycled content expected to increase from approximately 32% today to approximately 45% of production in the long term.
• In the Copper sector, the Company intends to pursue a diversified investment program:
• Capacity expansion within the existing footprint: targeted investments to scale up production of high-value-added product categories (e.g., pre-insulated copper tubes, extruded products, CuNi tubes), capitalizing on the structurally growing demand driven by key megatrends and specialized end-use applications—without the need for new greenfield capacity.
• Recycling center at Sofia Med: scaling up the sector’s recycling capacity by utilizing underutilized streams of low-quality scrap and structurally reducing dependence on primary cathode. The project ensures a sustained cost and carbon footprint advantage, reducing exposure to raw material volatility and substantially lowering indirect CO₂ emissions.
• Automation and digitization of key production lines, aimed at structurally improving efficiency and cost competitiveness by reducing labor intensity, while simultaneously upgrading Health & Safety standards and freeing up capacity for future growth.