With a major investment in a plot of land adjacent to its existing facilities marking the next phase of growth in the defense sector, Mevaco concluded its annual General Shareholders’ Meeting, during which all items on the agenda were approved.
Mevaco’s CEO, Spyros Delendas, expressed optimism about the company’s performance in the second half of 2026, despite the slight slowdown recorded in the second half of 2025 that continued into the first part of this year.
Speaking on the sidelines of the Annual General Meeting, he noted that following the particularly strong performance of 2025, it was natural for there to be a slowdown, while clarifying, however, that the company’s outlook is not negative. As he mentioned, Mevaco has a significant volume of projects ahead, with contracts nearly finalized that correspond to approximately 700 MW and exceed 30 million euros in value.
At the same time, the company is engaged in ongoing discussions and bidding for an additional 900 MW, a development that raises expectations for continued growth in its project portfolio. According to management, this fiscal year is not expected to match last year’s levels—which were marked by exceptionally strong performance—but it is estimated that it will still be a good year for the company.
Competition and Quality
Referring to competition, Mr. Delendas emphasized that the company cannot compete with certain products, such as those from China, solely on price, but it can compete with them on quality. As he noted, the market has begun to recognize this difference, as instances of projects that initially opted for cheaper foreign solutions ultimately led customers to return to higher-quality options.
Mevaco’s management estimates that any minor losses that may arise from the photovoltaic market will be offset by other business activities. These include projects with higher specifications, such as the portion the company is undertaking at the Riviera Galleria, as well as further expansion in the defense construction sector.
The 10-million-euro project in Aspropyrgos
A central element of Mevaco’s strategy is the new investment, amounting to approximately 10 million euros, which is currently underway on an adjacent 26-stremma plot of land. The new industrial building will have a floor area of approximately 6,000 square meters and will consist of two wings, significantly boosting the company’s production capacity.
The investment is directly linked to the growth of the defense sector, in which the company has already signed new contracts. As noted, defense manufacturing is a particularly demanding field, as it requires specialized personnel—from welders to inspectors—as well as suitable production facilities.
The first wing of the new building is expected to be ready by the end of August, after which staff training will begin and the new equipment will be gradually integrated into production. Two particularly important machines will be installed at the new facility: a 14-meter machining center—the largest in Greece—and a 14-meter CMM (coordinate measuring machine).
Dividend and Financial Policy
At the same time, the General Meeting approved the distribution of a dividend totaling 2.625 million euros, or 0.25 euros per share. When asked about the dividend amount—which remained the same per share as last year, given the strong results of the previous fiscal year—management emphasized that the company consistently follows a prudent financial policy.
Mr. Delendas noted that Mevaco is a well-managed company that enjoys an excellent reputation in the market and pays its suppliers almost entirely in cash. This approach, he explained, is linked to the company’s overall financial philosophy, which emphasizes stability and a strong balance sheet.