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olivLaw · European equity research

ΕΛΛΑΚΤΩΡ ΑΝΩΝΥΜΗ ΕΤΑΙΡΕΙΑ ELLAKTOR.AT

Greece · Athens Stock Exchange · ISIN GRS191213008 · Vertical: Listed companies from Greece

1.22EUR−1.94% · 1 dayClose 05 Nov 2026

ΕΛΛΑΚΤΩΡ is a Greek construction and concessions group with a concentrated shareholder structure, where a single shareholder holds more than half the capital. In 2025 and early 2026 the company reorganised its real estate portfolio, selling assets to DIMAND and buying an office building in Athens, and the interim dividend for 2025 was 0.50 euro per share.

At the close of 05 Nov 2026, ΕΛΛΑΚΤΩΡ ΑΝΩΝΥΜΗ ΕΤΑΙΡΕΙΑ (ELLAKTOR.AT) stock was 1.22 EUR (−1.94% on the day), with market capitalisation 421.5 m EUR, P/E 2.7 on diluted EPS of 0.45 EUR over the last 12 months, dividend yield 44.79%, beta 0.78, 52-week range 1.14–1.90 EUR.

Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.

Market cap
421.5 m EUR
shares as of 31 Dec 2025
P/E (TTM)
2.7
Diluted EPS TTM 0.45 · TTM to 31 Dec 2025
E/P (TTM)
37.07%
TTM to 31 Dec 2025
Dividend yield
44.79%
DPS 12m 0.54
Beta (2y)
0.78
Volatility (1y) 43%
52-week range
1.141.90

Price history

Loading chart…

Technical reading

RSI (14)
42.1
weak (30–45)
Bollinger (20, 2)
1.20 – 1.27
in the lower half of the band · %B 0.22 · band width 5.5%
SMA 50 / 200
1.26 / 1.32
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.01 / -0.01
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month−3.3%−0.6%−2.7 pp—
3 months−7.3%−4.2%−3.1 pp—
6 months−10.5%+4.3%−14.8 pp—
Year to date−9.8%+7.5%−17.3 pp—
1 year−24.8%+9.9%−34.8 pp+0.9%
3 years−41.5%+49.8%−91.4 pp+35.3%
5 years−10.5%+42.8%−53.3 pp—
Max drawdown (1y)
−40.3%
17 Dec 2025 → 03 Mar 2026
Max drawdown (5y)
−59.0%
19 Feb 2024 → 03 Mar 2026
Compound annual growth (5y)
−2.2%
EURO STOXX 50 +7.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 0 percentile of its own 2-quarter history (min 3.0, median 13.9, max 24.8; quarters with earnings only).

Fiscal years

Fiscal year20242025
Revenue353.8 m89.2 m
Revenue YoYunavailable−74.8%
Net income31.2 m156.3 m
Net income YoYunavailable+400.2%
Diluted EPS0.090.45
Diluted EPS YoYunavailable+401.4%
net %8.8%175.2%
Free cash flowunavailableunavailable

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
176.3 m EUR
Financial debt
23.1 m EUR
Net debt
-153.1 m EUR
Equity
486.4 m EUR
Total assets
618.9 m EUR
Debt / equity
0.05x
Current ratio
10.37x
ROE
24.7%
ROA
14.7%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (EUR)

Margins

Income statement · EUR

Revenue
2024
353.8 m
2025
89.2 m

esef· 23 Oct 2026verified

Cost of revenue
2024
205.6 m
2025
74.6 m

esef· 23 Oct 2026verified

Gross profit
2024
148.2 m
2025
14.6 m

esef· 23 Oct 2026verified

Operating income
2024
108.1 m
2025
-25.2 m

esef· 23 Oct 2026verified

Interest expense
2024
62.2 m
2025
34.5 m

esef· 23 Oct 2026verified

Pre-tax income
2024
87.8 m
2025
-32.1 m

esef· 23 Oct 2026verified

Income tax
2024
30.4 m
2025
3.1 m

esef· 23 Oct 2026verified

Net income
2024
31.2 m
2025
156.3 m

esef· 23 Oct 2026verified

Diluted EPS
2024
0.09
2025
0.45

esef· 23 Oct 2026verified

Dividend per share
2024
0.09
2025
0.54

esef· 23 Oct 2026derived

Balance sheet · EUR

Cash
2024
172.9 m
2025
176.3 m

esef· 23 Oct 2026verified

Receivables
2024
145.2 m
2025
31.3 m

esef· 23 Oct 2026verified

Inventories
2024
2.1 m
2025
1.0 k

esef· 23 Oct 2026verified

Current assets
2024
626.7 m
2025
391.4 m

esef· 23 Oct 2026verified

Property, plant & equipment, net
2024
24.7 m
2025
23.1 m

esef· 23 Oct 2026verified

Total assets
2024
1.5 bn
2025
618.9 m

esef· 23 Oct 2026verified

Accounts payable
2024
49.1 m
2025
32.6 m

esef· 23 Oct 2026verified

Long-term debt
2024
398.6 m
2025
23.1 m

esef· 23 Oct 2026verified

Current liabilities
2024
161.1 m
2025
37.7 m

esef· 23 Oct 2026verified

Total liabilities
2024
726.5 m
2025
132.5 m

esef· 23 Oct 2026verified

Equity
2024
776.8 m
2025
486.4 m

esef· 23 Oct 2026verified

Shares outstanding at year end
2024
347.5 m
2025
346.6 m

esef· 23 Oct 2026derived

Cash flow · EUR

Operating cash flow
2024
32.2 m
2025
-26.4 m

esef· 23 Oct 2026verified

Investing cash flow
2024
238.5 m
2025
289.0 m

esef· 23 Oct 2026verified

Financing cash flow
2024
-365.8 m
2025
-258.8 m

esef· 23 Oct 2026verified

Dividends paid
2024
32.5 m
2025
188.8 m

esef· 23 Oct 2026verified

Share repurchases
2024
3.5 m
2025
1.6 m

esef· 23 Oct 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-74.8%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
-123.3%
computed by olivLawFY 2025
Net income growth (YoY)
400.2%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
401.4%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
16.3%
computed by olivLawFY 2025
EBITDA margin
unavailable
input data missing
EBIT margin
-28.2%
computed by olivLawFY 2025
Net margin
175.2%
computed by olivLawFY 2025
FCF margin
unavailable
input data missing

Returns

ROE
26.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
14.7%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
-3.2%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROCE
-4.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
120.8%
computed by olivLawFY 2025
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
-153.1 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.1x
computed by olivLawbalance sheet at 31 Dec 2025
Interest coverage
-0.7x
computed by olivLawFY 2025

Liquidity

Current ratio
10.4x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
10.4x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
4.7x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
-26.4 m EUR
computed by olivLawFY 2025
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
361 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days inventory outstanding
5 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days payables outstanding
200 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Cash conversion cycle
166 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

Market and valuation

Market capitalisation
421.5 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
268.4 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
Market cap / net income TTM
2.7x
computed by olivLawFY 2025
P/E (TTM)
2.7x
computed by olivLawFY 2025
Earnings yield
37.1%
computed by olivLawFY 2025
P/B
1.0x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
4.7x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
insufficient data
EV/Sales
3.0x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
44.8%
computed by olivLawFY 2025
Shareholder yield (distributions)
45.2%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 43.8% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

1.22 EUR

05 Nov 2026Source: olivLaw, closing series

Market cap: 421.5 m EUR

Key indicators

Market capitalisation
421.5 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
2.7x
computed by olivLawFY 2025
P/B
1.0x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
26.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
175.2%
computed by olivLawFY 2025
Revenue growth (YoY)
-74.8%
computed by olivLawFY 2025
Dividend yield
44.8%
computed by olivLawFY 2025

Coverage and freshness

27/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: esefpublished 23 Oct 2026
verified 58derived 4

Score by group

44% · Insufficient data

Estimated value range

Low
5.60
EUR per share
Mid
6.82
EUR per share
High
8.14
EUR per share
Price: 1.22 EUR
The price is below the range
Potential to the central value: 461.1% (value / price − 1)
Margin of safety: 82.2% (1 − price / value)
Agreement between methods: low · 2 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 3.80 – 10.10 EUR.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (EUR per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/E3.80 – 6.18 (Mid 5.10)
    26 companies used · median multiple 11.3x · quartiles 8.4x – 13.7x
    AEGN.AT, AEM.AT, ALMY.AT, ASCO.AT, ASTAK.AT, AVAX.AT, BELA.AT, BIOKA.AT, BIOSK.AT, BIOT.AT, BRIQ.AT, BYLOT.AT, CENER.AT, CENTR.AT, DAIOS.AT, DIMAND.AT, EIS.AT, ELBE.AT, ELHA.AT, ELSTR.AT, ELTON.AT, ETE.AT, EUROB.AT, EYAPS.AT, FAIS.AT, FLEXO.AT
  • Dividend discount (DDM)7.41 – 10.10 (Mid 8.55)

Assumptions (illustrative, editorial)

Risk-free rate
3.0%
Equity risk premium
5.5%
Beta (default)
1.00
Cost of equity
8.5%
Terminal growth
2.0%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 43.8% of at least 60%

FactorValueScoreWeight used
ROIC · Quality-3.2%11 (vs peers)24%
Net margin · Quality175.2%97 (vs peers)14%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet-0.7x0 (on a fixed band)14%
Current ratio · Balance sheet10.4x100 (on a fixed band)10%
P/E (TTM) · Valuation2.7x93 (vs peers)24%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returns45.2%100 (on a fixed band)14%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet40/100 · 2/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality43/100 · 2/3 factors with a value
  • Returns· partial100/100 · 1/2 factors with a value
  • Valuation· partial93/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

ΕΛΛΑΚΤΩΡ ΑΝΩΝΥΜΗ ΕΤΑΙΡΕΙΑ (ELLAKTOR.AT). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 89.2 m EUR in 2025; YoY growth -74.8%; net margin 175.2%; ROE 26.1%.

The estimated value range is 5.60–8.14 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 6.82 EUR, the price of 1.22 EUR leaves a potential of 461.1% (value / price − 1) and a margin of safety of 82.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Net margin: 175.2%
  • Current ratio: 10.4x
  • P/E (TTM): 2.7x
  • Shareholder yield (distributions): 45.2%
  • The price is below the estimated value range

What contradicts it

  • ROIC: -3.2%
  • Interest coverage: -0.7x
  • The valuation methods diverge

Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).

Versus the vertical median

Listed companies from Greece · same country · compared with 39 companies

Multiples and returns vs the median

P/E
2.7x
vertical median 12.1x
below median (−77.7%)
EV/EBITDA
—
vertical median 7.7x
P/S
4.7x
vertical median 1.6x
above median (+188.8%)
P/B
1.0x
vertical median 1.4x
below median (−32.2%)
ROE
26.1%
vertical median 9.9%
above median (+164.2%)
Net margin
175.2%
vertical median 7.3%
above median (+2,303.3%)
EBIT margin
-28.2%
vertical median 9.3%
below median (−403.8%)
Revenue YoY
-74.8%
vertical median 7.2%
below median (−1,135.8%)
Net debt/EBITDA
—
vertical median 2.9x
Dividend yield
44.8%
vertical median 2.6%
above median (+1,602.2%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
EUROB.ATΤραπεζα Eurobank Ανωνυμη Eταιρεια17.3 bn12.714.0%39.7%+2.7%+38% / +178%
ETE.ATΕθνικη Τραπεζα Της Ελλαδος Α.ε.15.2 bn13.113.3%42.5%−5.4%+24% / +167%
ELPE.ATHelleniq Energy Ανωνυμη Εταιρεια Συμμετοχων4.9 bn28.56.4%1.5%−9.0%+97% / +114%
CENER.ATCenergy Holdings4.5 bn23.524.3%9.4%+14.7%+45% / +207%
BELA.ATJumbo Ανωνυμη Εμπορικη Εταιρεια3.7 bn11.621.5%26.0%+7.2%+1% / +15%
AKTR.ATΑκtor Ανώνυμη Εταιρεία Συμμετοχών, Τεχνικών Και Ενεργειακών Έργων2.0 bn110.56.7%1.3%+11.2%+7% / +186%
EYDAP.ATΕταιρια Υδρευσεως Και Αποχετευσεως Πρωτευουσης Ανωνυμη Εταιρια1.5 bn—-2.6%-5.9%−2.4%+86% / +136%
ELHA.ATEλβαλχαλκορ Ελληνικη Βιομηχανια Χαλκου Και Αλουμινιου Ανωνυμος Εταιρεια1.3 bn12.49.8%2.9%+5.1%+6% / +83%
AEGN.ATΑεροπορια Αιγαιου Ανωνυμη Αεροπορικη Εταιρεια1.0 bn6.927.7%7.9%+4.6%−21% / −1%
AVAX.ATΑβαξ Ανωνυμη Εταιρεια Εργοληπτικη-Τουριστικη-Εμπορικη-Βιομηχανικη-Οικοδομικων Υλικων & Μηχανηματων505.7 m10.725.9%5.0%+47.1%+40% / +123%
BYLOT.ATBally's Intralot Α.ε.464.8 m15.3-9.3%-12.6%+34.8%+12% / +18%
ELLAKTOR.ATΕλλακτωρ Ανωνυμη Εταιρεια421.5 m2.726.1%175.2%−74.8%−32% / −44%
AEM.ATAlter Ego Media Α.ε.356.1 m18.118.3%14.0%+12.6%−2% / unavailable
ALMY.ATΑλουμυλ Βιομηχανια Αλουμινιου Αε324.0 m10.523.5%6.0%+11.7%+16% / +121%
DIMAND.ATDimand Ανωνυμη Εταιρεια Αξιοποιησης Και Εκμεταλλευσης Ακινητων Και Κατασκευων Υπηρεσιων Και Συμμετοχων266.7 m7.618.5%58.5%+110.6%+42% / +28%
EYAPS.ATΕταιρεια Υδρευσης & Αποχετευσης Θεσσαλονικης Α.ε.169.9 m22.04.1%8.8%+2.4%+24% / +42%
EVR.ATΕυρώπη Holdings Α.ε.168.6 m37.22.9%30.7%+435.3%−32% / +33%
BRIQ.ATBriq Properties Ανωνυμη Εταιρεια Επενδυσεων Σε Ακινητη Περιουσια150.0 m5.915.5%116.9%+37.8%+13% / +70%
FAIS.ATΦαις Συμμετοχων Ανωνυμη Εταιρεια117.2 m8.722.1%6.3%+12.9%−6% / unavailable
DAIOS.ATΔαϊος Πλαστικα Ανωνυμη Βιομηχανικη Εμπορικη Εταιρεια Α.ε.107.2 m10.914.0%15.6%+9.1%0% / +123%
ASTAK.ATAlpha Real Estate Services Ae93.3 m12.410.4%30.3%+22.4%−8% / −8%
FLEXO.ATFlexopack Ανωνυμη Εμπορικη Και Βιομηχανικη Εταιρεια Πλαστικων92.5 m8.38.3%6.8%+4.6%−2% / −2%
ASCO.ATA.s. Εμπορικη-Βιομηχανικη Εταιρια Η/υ & Παιχνιδιων Α.ε.59.8 m10.514.1%15.8%+16.4%+11% / +106%
AVE.ATAve Α.ε.50.9 m—-25.2%-7.4%+8.2%−7% / −12%
ELTON.ATΕλτον Διεθνους Εμποριου Ανωνυμη Εμπορικη Βιομηχανικη Εταιρεια47.3 m13.94.9%1.9%+8.6%−11% / −18%

1- and 3-year price returns: for ELLAKTOR.AT from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (EUR)

Estimated priceBearBaseBull
1 years
0.65
Total return -20% · Per year -20%
1.16
Total return 30% · Per year 30%
1.75
Total return 86% · Per year 86%
3 years
0.52
Total return 13% · Per year 4%
1.04
Total return 86% · Per year 23%
1.75
Total return 172% · Per year 40%
5 years
0.41
Total return 40% · Per year 7%
0.94
Total return 137% · Per year 19%
1.75
Total return 257% · Per year 29%
What moves the 3-year price the most
  • Exit P/E± 0.26
  • Net margin± 0.18
  • Annual revenue growth± 0.16
  • Annual dilution± 0.02

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

ΕΛΛΑΚΤΩΡ is a Greek construction and concessions group with a concentrated shareholder structure, where a single shareholder holds more than half the capital. In 2025 and early 2026 the company reorganised its real estate portfolio, selling assets to DIMAND and buying an office building in Athens, and the interim dividend for 2025 was 0.50 euro per share 1.

SWOT

Strengths

  • Stable shareholding, with a majority shareholder controlling a large part of the capital, which may support continuity of strategic decisions 1.
  • The company paid dividends and returned capital to shareholders in 2025, showing ability to generate or manage liquidity 1.
  • The 2026 property purchase was financed from own funds, indicating a solid financial position 1.

Weaknesses

  • The shareholder structure is highly concentrated, which may limit the liquidity of the shares on the market 1.
  • The annual report focuses on governance and shareholding, while operating data on revenues and segments is limited in the source provided 1.
  • Reliance on one-off real estate transactions can make results harder to anticipate from year to year 1.

Opportunities

  • If the real estate assets are efficiently monetised, the company could convert land and buildings into more stable revenue 1.
  • The treasury share programme could give the company options for staff distribution or capital reduction 1.
  • Buying a central office in Athens could reduce office space costs if used internally 1.

Threats

  • The concentration of shareholding may create a perception of governance risk for minority shareholders 1.
  • Asset sales to affiliated or related entities may draw attention to the terms of those transactions 1.
  • If dividends and capital returns exceed cash generation, the distribution policy could become unsustainable 1.

Risks

  • Shareholder concentrationhigh

    One shareholder holds more than half the capital, which can influence decisions and reduce the free float available to investors 1.

  • Related-party transactionsmedium

    The sale of assets to DIMAND and the property purchase could raise questions about the terms and valuation of these transactions 1.

  • Dependence on property assetsmedium

    If revenues depend on one-off land sales, results could be volatile from year to year 1.

  • Sustainability of distributionsmedium

    Dividends and capital returns in 2025 could reduce available liquidity if operating cash flows decline 1.

  • Lack of operating data in the sourcelow

    The document provided includes no revenue or segment margin figures, which limits the assessment of core performance 1.

Investment thesis

What would need to be true (bull case)

  • If the real estate reorganisation generates recurring revenue, the company could have a steadier cash base for dividends and buybacks 1.
  • The capital return policy shows a commitment to shareholders, which could sustain investor interest over the medium term 1.
  • Acquisitions financed from own funds suggest a balance sheet that could allow further investment 1.

What would break the thesis

  • The concentrated shareholding could limit liquidity and interest from institutional investors 1.
  • If property transactions do not translate into operating revenue, dividends could become hard to sustain 1.
  • The lack of operating detail in the report makes it difficult to directly assess growth in the core business 1.

What to watch

  • Revenue development from the transferred and acquired property assets2026
  • Pace of execution of the treasury share buyback programme2026
  • Changes in the major shareholder structurenext 10-K
  • Dividend policy for the following financial year2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

According to the 2025 annual report, ΕΛΛΑΚΤΩΡ ΑΕ is listed on the Main Market of the Athens Exchange in the 'Construction & Materials' sector 1. Share capital is 13,927,680.20 euro, divided into 348,192,005 ordinary registered voting shares with a nominal value of 0.04 euro 1. In 2025 the company ran a capital reduction that returned 0.85 euro per share to shareholders in cash 1.

Segments

Real estate assets

In February 2026 the transfer of land plots of over 323 thousand square metres in Attica to DIMAND was completed for a price of 45.8 million euro 1. In March 2026 the subsidiary LANDMARK acquired an office building on Vasilissis Sofias Avenue in Athens for 44.00 million euro, financed entirely from the company's own funds 1.

Shareholding and returns to shareholders

The annual report describes the shareholding based on notifications as at 31.12.2025 and shows a concentrated group of majority shareholders, while the company used its funds for dividends and for its share buyback programme 1.

Market context

The report contains no data on the size of the construction market or the company's market share, so these cannot be verified from the source provided 1. The context in the source is limited to shareholding, dividends, the real estate reorganisation and treasury share programmes 1.

Trends

  • Real estate portfolio reorganisationmixed

    The 2026 transactions with DIMAND and the purchase of the Athens headquarters point to a shift of property assets into a different format from before, which could change the revenue structure if these assets continue to be operated 1.

  • Dividend policy and capital returntailwind

    The interim dividend for 2025 and the 2025 capital return show shareholders receiving substantial cash amounts, which could support investor interest if operating results allow it 1.

  • Buyback of own sharestailwind

    The 2025-2027 treasury share programme, with a price band between 0.30 and 3.00 euro, gives the company flexibility for capital reductions or distribution to staff if conditions justify it 1.

  • Concentrated shareholdingheadwind

    One shareholder holds more than half the shares and a second holds a significant part, which may limit the free float and influence corporate governance decisions 1.

Competitive position

The source provided does not explicitly identify the company's competitors, so no comparisons based on document data can be made 1. From the information available, competition could only be assessed using a list of peers indicated by analysts, separate from the annual report.

  • DIMAND

    Buyer of the Attica land plots in February 2026 through its subsidiaries, indicating a direct commercial relationship with ΕΛΛΑΚΤΩΡ in real estate 1.

  • Prodea Investments

    Seller of the Athens office building acquired by LANDMARK in 2026, hence a counterparty in the Greek property market 1.

  • MOTOR OIL (HELLAS)

    Major shareholder with a stake of 22.40%, not a direct competitor but relevant to the control structure 1.

  • ATLAS N.V.

    Shareholder with 9.80% of capital, controlled by a Dutch structure, relevant to the analysis of shareholding 1.

News & filings

In the press

No news in our archive over the last 180 days.

Annual reports (ESEF)

Sources

  1. [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / ΕΛΛΑΚΤΩΡ ΑΝΩΝΥΜΗ ΕΤΑΙΡΕΙΑ · 31 Dec 2025

Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.

ΕΛΛΑΚΤΩΡ ΑΝΩΝΥΜΗ ΕΤΑΙΡΕΙΑ (ELLAKTOR.AT): stock, results, valuation and forecast · olivLaw