ElvalHalcor is launching one of the largest capital increases in recent years in Greek industry, with the aim of raising approximately 250 million euros. The funds will finance a broader investment program totaling approximately 455 million euros through 2030. To this end, the board of directors has convened an Extraordinary General Meeting on July 9, 2026, so that shareholders may approve the authorization to carry out the capital increase and the waiver of existing shareholders’ preemptive rights.
It should be noted that the capital increase covers only part of the program: approximately 250 million euros will be raised for investments totaling approximately 455 million euros, with the difference to be covered by the company’s own resources and borrowing.
How the capital increase will take place
The board of directors is seeking authorization to proceed, until July 31, 2027, with a cash capital increase through the issuance of new common registered shares. The maximum amount of the authorization is 300 million euros, including any share premium, while the stated goal is to raise approximately 250 million euros. The Board of Directors may exercise this authorization only once during the aforementioned period.
The new shares are expected to be offered through a combined offering: a public offering in Greece to retail and qualified investors, and a private placement abroad via an international book-building process to institutional investors. The two processes will run in parallel, and the final offering price will be the same for all investors, determined by the results of the international book-building process. By law, the price cannot be lower than the par value of the share, i.e., 0.39 euros.
Goldman Sachs Bank Europe SE and UBS Europe SE will serve as Joint Global Coordinators and Joint Bookrunners for the institutional offering.
Why the Preemptive Right Is Being Waived
The company proposes waiving the preemptive rights of existing shareholders, arguing that this structure is the most appropriate for maximizing the success of the transaction. According to the Board of Directors’ special report, there are three main reasons.
First, faster completion. The process can be finalized at least one month earlier than a traditional rights offering. This allows the company to take advantage of favorable market conditions and limit its exposure to geopolitical or macroeconomic risks.
Second, better pricing through a book-building process. Management believes that a fully competitive book-building process can only function without preemptive rights, attracting strong interest from international institutional investors. The increased demand is expected to lead to a higher offering price and greater value for shareholders.
Third, the broadening of the shareholder base. The company aims to attract new investors and improve the distribution of its shares, which is expected to enhance their liquidity and tradability on the stock exchange.
What this means for existing shareholders
Although the formal preemptive right is being eliminated, ElvalHalcor has provided for a mechanism to allocate the new shares on a priority basis to existing shareholders. However, this protection is subject to conditions: it applies only to those who participate in the combined offering by contributing funds, and is subject to any additional criteria set by the Board of Directors. For those who express interest, the goal is to maintain at least the same percentage of ownership they held prior to the capital increase, based on the record date to be set by the Board of Directors.
Where the funds will be allocated
The funds will finance part of the 2026–2030 business plan, which calls for investments of approximately 455 million euros. Key objectives include increasing production capacity, strengthening recycling efforts, and improving the group’s efficiency.
Aluminum Sector. The plan’s most significant investment is a new cold rolling mill with an annual capacity of approximately 300,000 metric tons. It will enable the company to fully utilize the large hot rolling mill installed in 2020 — an investment that increased the potential total aluminum capacity to 800,000 metric tons per year, a capacity that cannot be utilized without the cold rolling mill. At the same time, plans are underway for a new foundry and an expansion of recycling infrastructure, with the goal of increasing the share of recycled metal in aluminum production from approximately 32% today to approximately 45% in the long term.
Copper Sector. Targeted investments are planned to increase the production of specialized, high-value-added products—such as pre-insulated copper tubes, extruded products, and CuNi tubes—within the existing footprint, without the need for new greenfield capacity. The subsidiary Sofia Med in Bulgaria will acquire a new recycling center, which will increase the use of lower-grade scrap, reduce dependence on primary copper cathode, and lower production costs and the carbon footprint. Investments in the automation and digitization of key production lines are also planned.
Goals by 2030
Upon completion of the program, ElvalHalcor estimates that production capacity will reach 679 thousand metric tons of aluminum and 303 thousand metric tons of copper annually. At the same time, the company has set a long-term target of adjusted EBITDA of 425–475 million euros.
The capital increase is expected, subject to shareholder approval and market conditions permitting, to commence and be completed by July 2026.