ElvalHalcor issues €250 m shares to finance €850 m expansion

ElvalHalcor began trading 59.5 million new ordinary shares on Euronext Athens following a €250 million capital increase, which was oversubscribed 2.74 times. The proceeds will fund an €850 million investment programme for 2026‑2030 aimed at expanding aluminium and copper production, including a new cold‑rolling mill, modern casting and recycling facilities, and a new copper‑recycling unit.

The group expects the upgrades to raise production capacity from roughly 761 k tonnes to about 982 k tonnes, increase EBITDA to €236 million by 2025 and target €350‑475 million in the longer term. CEO Giannis Kontopoulos highlighted strong investor demand and the plan’s role in strengthening the company’s international competitiveness and its commitment to circular‑economy practices.

The capital raise represents about 20 % of the total financing needs, with the balance to be covered by the group’s operating cash flow. The expansion is also positioned against possible EU policies on export duties for aluminium and copper scrap.