A clear change in Tzirakian’s image, after the difficult three-year period of 2022-25, was described by the company’s management during the annual Ordinary General Meeting.
“The image has been completely reversed,” said Lymparet Tzirakian (photo) in response to a question from Euro2day about the course of 2026. As he said, management’s sense is that the first half is “considerably better,” while the improvement is continuing in the third quarter as well.
The recovery and the better half-year
According to Mr. Tzirakian, the company “is essentially getting back on its feet,” after a three-year period during which the sharp drop in steel prices and high interest rates put significant pressure on working capital.
The change began, as he noted, in the summer of 2025, when prices began to recover, while the new European measures on quotas and tariffs gave a further boost to the company’s gross margin as well.
For his part, the company’s CFO, Alexandros Zavras, stressed that: “We expect a significant, even greater improvement in gross profit, a clear improvement in profitability both in the first half and afterwards,” adding that both July and August are showing “quite positive signs.”
Asked whether 2026 could mark a return to net profitability, he avoided giving a specific forecast before the publication of the financial statements, saying that: “I do not want us to say that now. We want to study the numbers carefully. In any case, we are on a positive track”.
The company has also changed its commercial strategy, placing greater weight on the quality of sales and less on volume. As the CFO explained, loss-making partnerships have been limited or discontinued, with management estimating that this strategy is paying off.
Support from construction and steel, pressure from geopolitics
Management appeared optimistic about domestic demand, estimating that activity in construction will begin to be reflected more in volumes toward the end of the year, after the disruptions caused in the market last year by the issue of the New Building Regulation.
At the same time, Zavras stated that steel prices have increased by at least 20% during the current year, while he placed particular emphasis on the new protection measures for the European steel industry and the “melt and pour” rule, which is estimated to limit imports through third countries and dumping phenomena.
As was noted by management, however, attention is also being paid to the pressures caused by the wars in Ukraine and the Middle East on energy and transport. Especially for Tzirakian, the bombing of Ukrainian facilities in early August led to cancellations of lower-cost orders, which were quickly replaced, but with an added cost burden.
Defense also on the radar
Particular interest was also shown by the reference to the opportunities created by defense programs. Lymparet Tzirakian stated that there is “strong” consideration for activity in this specific field and that meetings have already been held with people in the sector.
Alexandros Zavras clarified that the company is looking mainly at the infrastructure that accompanies defense programs. He even cited as an example the projects that will be required for the reception of the F-35s, estimating the relevant scale of the infrastructure at at least €450-500 million.
Tzirakian’s participation may, as he said, be either direct or indirect through its customers, as the company’s products can be used in such projects.
Complete debt restructuring
Another significant development is the completion of the debt restructuring. The CFO stated that, after the settlement of loans of approximately €5 million with Piraeus Bank and doValue, an agreement was completed a few days before the GM also with the National Bank for another €6.5 million.
Management now speaks of a “full and complete restructuring” of the company’s debt, with the agreements having a four-year horizon and the settlement with National providing for balloon payments on 31 December 2029.
Buyback up to 5% and free shares
The General Meeting approved a treasury share purchase program lasting up to 24 months and up to 5% of the share capital, with a price range from 1 to 5 euros per share.
At the same time, a program was approved for the free distribution of up to 5% of the share capital to members of the Board of Directors, executives, and staff. The distribution will take place in two rounds, in 2027 and 2028, depending on the achievement of annual and interim targets.
The GM also ratified the election of Kaspar Batanian as an independent non-executive member of the Board of Directors, while no decision was taken on the matter concerning contracts with related parties.