Annual Financial Report of 31.12.2025
1
Annual Financial Report 31.12.2025
S.A. REG. NO. 7365/06/Β/86/32 – GEMI NO. 121572960000
“ELASTRON S.A. – STEEL SERVICE CENTERS” GROUP
April 2026
Annual Financial Report of 31.12.2025
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CONTENTS
STATEMENT BY REPRESENTATIVES OF THE BOARD OF DIRECTORS ....................................... 4
ANNUAL MANAGEMENT REPORT OF THE BOARD OF DIRECTORS ............................................ 5
OF “ELASTRON S.A. – STEEL SERVICE CENTERS” ......................................................................... 5
Independent Auditor’s Report .............................................................................................................. 63
1. Statement of Financial Position ................................................................................................ 71
2. Statement of Income and Other Comprehensive Income ........................................................ 72
3. Statement of Changes in Equity ............................................................................................... 73
4. Statement of Cash Flows .......................................................................................................... 74
Notes on the Financial Statements ...................................................................................................... 75
1. General Information .................................................................................................................. 75
2. Significant accounting principles used by the Group ................................................................ 75
2.1.1 New Standards, Interpretations, Revisions and Amendments to existing Standards that have
entered into force and have been adopted by the European Union .................................................... 75
2.1.2 New Standards, Interpretations, Revisions and Amendments to existing Standards that have
not entered into force or have not been adopted by the European Union ........................................... 75
2.2 Basis for Preparation of the Financial Statements.................................................................... 77
2.3 Consolidation ............................................................................................................................ 78
2.4 Foreign Exchange translations ................................................................................................. 80
2.5 Consolidated Financial Statements .......................................................................................... 80
2.6 Tangible Fixed Assets ............................................................................................................... 81
2.7 Intangible Assets ....................................................................................................................... 81
2.8 Investment property .................................................................................................................. 82
2.9 Non-current assets held for sale and discontinued activities .................................................... 82
2.10 Impairment review of tangible and intangible assets ................................................................ 82
2.11 Segment reporting .................................................................................................................... 82
2.12 Borrowing Cost ......................................................................................................................... 83
2.13 Financial Assets (instruments) .................................................................................................. 83
2.14 Inventories................................................................................................................................. 85
2.15 Trade receivables ..................................................................................................................... 86
2.16 Cash and cash equivalents ....................................................................................................... 86
2.17 Share capital and reserves ....................................................................................................... 86
2.18 Loans ........................................................................................................................................ 86
2.19 Income Tax – Deferred Income Tax ......................................................................................... 87
2.20 Employee benefits .................................................................................................................... 87
2.21 Provisions .................................................................................................................................. 88
2.22 De-recognition of financial assets and liabilities ....................................................................... 89
2.23 Recognition of income .............................................................................................................. 89
2.24 Leases ....................................................................................................................................... 90
2.25 Reclassification of Items ........................................................................................................... 92
2.26 Dividend distribution .................................................................................................................. 92
2.27 Government Grants .................................................................................................................. 92
2.28 Earnings per share .................................................................................................................... 92
Annual Financial Report of 31.12.2025
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2.29 Long-term Receivables / Liabilities ........................................................................................... 92
2.30 Related parties .......................................................................................................................... 92
2.31 Capital management ................................................................................................................. 92
3 Financial risk management ....................................................................................................... 93
4 Fair value of financial assets..................................................................................................... 98
5 Significant accounting estimations and judgments by management ........................................ 99
6 Analysis of tangible fixed assets ............................................................................................. 100
7 Investment Property ................................................................................................................ 102
8 Analysis of receivables ........................................................................................................... 102
9 Analysis of inventories ............................................................................................................ 105
10 Investments ............................................................................................................................. 105
11 Derivatives .............................................................................................................................. 106
12 Analysis of cash reserves ....................................................................................................... 106
13 Analysis of all equity accounts ................................................................................................ 107
14 Analysis of suppliers and other liabilities ................................................................................ 109
15 Analysis of loans ..................................................................................................................... 109
16 Analysis of deferred taxes ....................................................................................................... 110
17 Analysis of post-employment benefits .................................................................................... 111
18 Analysis of tax liabilities .......................................................................................................... 112
19 Segment Reporting ................................................................................................................. 113
20 Analysis of other results .......................................................................................................... 115
21 Investment Results ................................................................................................................. 118
22 Analysis of earnings per share................................................................................................ 119
23 Transactions with related parties ............................................................................................ 119
24 Contingent Liabilities - Receivables ........................................................................................ 122
25 Dividend Policy ....................................................................................................................... 123
26 Personnel information ............................................................................................................. 123
27 Government Grants ................................................................................................................ 124
28 Liabilities from Leases ............................................................................................................ 124
29 Exchange Rates ...................................................................................................................... 126
30 Online Availability of Financial Reports .................................................................................. 126
31 Events after the end of the reporting period of Financial Statements .................................... 126
Annual Financial Report of 31.12.2025
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STATEMENT BY REPRESENTATIVES OF THE BOARD OF DIRECTORS
We hereby certify and declare that, to the best of our knowledge:
a) The annual financial statements of the societe anonyme company ‘ELASTRON S.A. – STEEL
SERVICE CENTERS’ for the financial year 01.01.2025 – 31.12.2025, which were prepared in accordance
with the applicable International Financial Reporting Standards, truly reflect the assets and liabilities, the
equity and the Company’s results, as well as those of the companies included in the consolidation, which
are considered aggregately as a whole,
b) The Annual Report of the Board of Directors of the Company accurately reflects the significant events
of the year 2025 and their impact on the annual financial statements, the significant transactions made
between the Company and its related parties, the development of activities, the performance and position
of the Company, as well as the companies included in the consolidation depicted as a whole, including a
description of the main risks and uncertainties in relation to their activities.
Aspropyrgos, 16 April 2026
The signatories
Panagiotis Simos-Kaldis Athanasios Kalpinis Vasileios Manesis
Chairman of the Board Chief Executive Officer Chief Financial Officer
Executive Member
Annual Financial Report of 31.12.2025
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ANNUAL MANAGEMENT REPORT OF THE BOARD OF DIRECTORS
OF “ELASTRON S.A. – STEEL SERVICE CENTERS”
For the period from January 1st to December 31st 2025
The Annual Financial Report of the fiscal year 2025 was prepared according to the provisions of L.
4548/2018, L. 3556/2007 and the executive Decisions issued by the Board of Directors of the Hellenic
Capital Market Commission. ELASTRON S.A. – STEEL SERVICE CENTERS is headquartered at Agios
Ioannis Avenue, in the Municipality of Aspropyrgos, Attiki (PC 19300), Greece.
The companies which are included in the consolidation, besides the parent company, are as follows:
Amounts in €
COMPANY
DOMICI
LE
BUSINESS
ACTIVITY
PARTICIPATION
STAKE
PARTICIPATION
COST
CUMULATIVE
IMPAIRMENT
UNTIL
31.12.2024
BALANCE OF
PARTICIPATION
CONSOLI
DATION
METHOD
NORTHERN
GREECE
METAL
PRODUCTS
S.A.
Thessalo
niki
Commerce and
processing of steel
products
100.00%
11,507,000.00
(3,888,650.00)
7,618,350.00
Full
BALKAN IRON
GROUP S.R.L.
Buchare
st,
Romania
Commerce and
processing of steel
products
33.33%
800,000.00
(350,000.00)
450,000.00
Equity
PHOTOANAPT
YXI S.A.
Aspropyr
gos
Production of electric
energy from
Photovoltaic stations
98.64%
26,040.00
0.00
26,040.00
Full
PHOTOENER
GIA S.A.
Aspropyr
gos
Production of electric
energy from
Photovoltaic stations
97.50%
25,740.00
0.00
25,740.00
Full
ILIOSKOPIO
S.A.
Aspropyr
gos
Production of electric
energy from
Photovoltaic stations
97.50%
25,740.00
0.00
25,740.00
Full
PHOTOKYPSE
LI S.A.
Aspropyr
gos
Production of electric
energy from
Photovoltaic stations
97.50%
25,740.00
0.00
25,740.00
Full
PHOTOISHIS
S.A.
Aspropyr
gos
Production of electric
energy from
Photovoltaic stations
100.00%
80,000.00
0.00
80,000.00
Full
THRACE
GREENHOUS
ES S.A.
Xanthi
Production of
agricultural products
from glasshouse
cultivations
49.09%
3,485,000.00
0.00
3,485,000.00
Equity
GAURA Ltd
Cyprus
Holding Company
100.00%
8,650.00
(8,650.00)
0.00
Full
ELASTRON
LOGISTICS
SINGLE
PERSON ΙΚΕ
Thessalo
niki
Transportation and
supply management
services (logistics)
100.00%
10,000.00
(10,000.00)
0.00
Full
Total
15,993,910.00
(4,257,300.00)
11,736,610.00
Annual Financial Report of 31.12.2025
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Investments in associates, subsidiaries and joint ventures (including the implemented impairment) are
analyzed as follows.
GROUP
COMPANY
Amounts in €
31.12.2025
31.12.2024
31.12.2025
31.12.2024
KALPINIS SIMOS BULGARIA EOOD
0.00
0.00
0.00
10,000.00
NORTHERN GREECE METAL
PRODUCTS S.A.
0.00
0.00
7,618,350.00
7,618,350.00
GAURA LIMITED (Cyprus)
0.00
0.00
0.00
0.00
COMPANIES OF PHOTOVOLTAIC
STATIONS
0.00
0.00
183,260.00
183,260.00
BALKAN IRON GROUP S.R.L.
268,748.95
286,995.10
450,000.00
450,000.00
THRACE GREENHOUSES SA
4,904,295.74
4,971,017.79
3,485,000.00
3,485,000.00
ELASTRON LOGISTICS SINGLE
MEMBER ΙΚΕ
0.00
0.00
0.00
0.00
Total
5,173,044.69
5,258,012.89
11,736,610.00
11,746,610.00
Cross-company transactions, balances and unrealized profit from transactions between the companies
of the Group are written-off. The unrealized losses are also written-off, unless the transaction provides
indications of impairment of the transferred asset. During the acquisition of a company, the assets,
liabilities as well as contingent obligations acquired are estimated at fair value on the acquisition date.
The acquisition cost, by the amount that exceeds the fair value of the acquired net assets (assets –
liabilities – contingent obligations), is recorded as goodwill in the financial year when the acquisition took
place.
In the event that the acquisition cost is less than the above fair value, the difference is recorded in the
results of the financial year when the acquisition took place. Minority interest is recorded according to its
proportion on fair value. In subsequent financial years, any losses are proportionally distributed to the
minority, in addition to minority interest.
The results of the acquired or sold subsidiaries within the financial year are included in the consolidated
statement of results from or until the date of acquisition or sale, respectively. The accounting principles of
the Group’s companies have been amended so as to conform to those adopted by the Group. In the
separate financial statements of ELASTRON S.A., the participation in the above companies is valued
according to the acquisition value, minus any provision for impairment of their value.
a) The company NORTHERN GREECE METAL PRODUCTS S.A., which is fully owned (100%) by our
Company, has its headquarters in the Industrial Area of Sindos in Thessaloniki, Greece and has not been
active in recent years. The only important asset of the company is a modern property with industrial and
storage areas of 19,000 square meters on a land plot of 3.2 hectares. The Company's Management has
performed an impairment test and estimates that the recoverable amount of this property is its fair value.
Within the fiscal year 2025, the company leased the property for a period of 12 years at an annual rent
which is considered reasonable based on market data and the rental value of the property.
b) ELASTRON’s percentage in the joint venture "BALKAN IRON GROUP SRL" based in Bucharest,
Romania and which has no activity, is 33.33%. The company's only asset is two land plots with a total
area of 6.9 hectares in the industrial area of Bucharest of significant commercial value. Following an
impairment test, the Company's Management believes that the recoverable amount is the fair value of
this asset. The shareholder of 66.67% of the company is negotiating the sale of the property at a price
higher than its book value.
The following table presents a summary financial information for the related company, THRACE
GREENHOUSES S.A. where the Group has a participation rate of 49.09%.
Annual Financial Report of 31.12.2025
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31.12.2025
31.12.2024
Statement of Financial Position
Non-current assets
15,722,707.78
15,155,496.55
Current assets
5,496,181.19
6,210,677.70
Long-term liabilities
(6,792,732.27)
(7.531,562.09)
Short-term liabilities
(4,723,821.23)
(3,994,136.89)
Equity
9,702,335.47
9,840,475.27
Statement of Results and Other Comprehensive Income
Sales
11,627,000.02
12,020,750.80
Gross profit
1,362,647.99
2,226,770.41
Earnings / (losses) before interest, taxes, depreciation and
amortization (EBITDA)
2,031,655.59
2,334,908.09
Earnings / (losses) before taxes
(221,561.78)
13,626.18
Earnings / (losses) after taxes
(135,917.80)
109,268.26
Total comprehensive income / (expenses) after taxes
(135,917.80)
109,268.26
Group’s percentage in the total comprehensive income /
(expenses)
(66,722.05)
53,639.79
Α. Financial Developments and Performance
The Group's turnover decreased by 5%, reaching €167.6 million from €176.8 million in year 2024. Gross
profit amounted to €22.5 million or 13.5% of sales, compared to €18.1 million or 10.2% of sales in 2024.
Earnings before interest and taxes (EBIT) amounted to €9.7 million compared to €4.2 million in the
previous year, while the results before interest, taxes, depreciation and amortization (EBITDA) amounted
to €12.6 million compared to €7.0 million in 2024. Finally, the results before taxes amounted to earnings
of €6.8 million compared to losses of €0.4 million in the previous year.
On the parent company level, turnover decreased by 5.3% and amounted to € 166.5 million compared to
€ 175.9 million in the previous year, while gross profit amounted to € 22.0 million or 13.2% of sales,
compared to € 17.5 million or 9.9% of sales in 2024. Earnings before interest and taxes (EBIT) amounted
to € 9.4 million compared to € 4.2 million in the previous year, while the results before interest, taxes,
depreciation and amortization (EBITDA) amounted to € 11.8 million compared to € 6.6 million in 2024.
Finally, the results before taxes amounted to earnings of € 6.7 million compared to losses of € 0.4 million
in the previous year.
Following and with the objective to provide additional information, the Group’s and the Company’s
financial ratios with regard to major financial figures are presented below:
Group
Company
(a) FINANCIAL STRUCTURE
2025
2024
2025
2024
Non-current assets / Total assets
0.36
0.36
0.35
0.35
Current assets / Total assets
0.64
0.64
0.65
0.65
Equity / Total Liabilities
0.82
0.71
0.81
0.70
Current assets / Short-term liabilities
2.47
1.58
2.47
1.57
(b) EFFICIENCY AND PERFORMANCE
Net earnings / (losses) before taxes / Sales
0.04
Ν/Α
0.04
N/A
Net earnings / (losses) before taxes / Equity
0.08
Ν/Α
0.08
N/A
Sales / Equity
1.93
2.17
1.96
2.21
(c) CAPITAL STRUCTURE
Net liabilities / Equity
0.74
0.95
0.74
0.94
Net bank liabilities / Equity
0.26
0.30
0.27
0.32
Net bank liabilities / EBITDA
1.81
3.50
1.97
3.79
Annual Financial Report of 31.12.2025
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Β. Alternative Performance Measures
The European Securities and Markets Authority (ESMA) issued guidance with regard to the application
of the Alternative Performance Measures. The aim of the guidance is to promote the usefulness and
transparency of the financial ratios included in the published financial statements as well as in other
reports referring to the figures of the financial statements. Alternative Performance Measures (henceforth
APM) are financial ratios and indicators which are used for the measurement of the performance and
financial position of the Company, ratios which however are not required and analyzed in the provisions
of the International Financial Reporting Standards.
The Management of the Company and the Group use APM in the context of monitoring their financial
performance, decision making and compliance with the terms of the financing agreements. Some of the
APM used by the Management are the following:
Results before interest, taxes, depreciation and amortization and investment results (EBITDA). It
depicts the operating results of the Company and the Group that derive from their business activity as
well as the ability to repay their debt and tax obligations. It is calculated as follows: Turnover plus operating
income minus operating expenses with the exception of the depreciation of fixed assets and the
amortization of grants. EBITDA margin (%) derives from the division of EBITDA by the turnover.
EBITDA is being analyzed as follows:
Calculation of EBITDA
GROUP
COMPANY
Amounts in €
01.01 -
31.12.2025
01.01 -
31.12.2024
01.01 -
31.12.2025
01.01 -
31.12.2024
Earnings / (losses) before interest and
taxes (EBIT)
9,702,011.50
4,159,006.96
9,384,947.62
4,189,651.40
(PLUS) Depreciation / Amortization
(Note 6 of Financial Statements)
3,253,934.63
3,076,195.62
2,753,460.94
2,584,566.48
(LESS) Amortization of Grants (Note 27
of Financial Statements)
(404,160.47)
(189,999.52)
(297,532.55)
(160,261.11)
EBITDA
12,551,785.66
7,045,203.06
11,840,876.01
6,613,956.77
Net Debt. It depicts the total bank debt obligation of the Company and the Group. It is calculated as
follows: Total (short-term and long-term) debt minus total cash and cash equivalents. When the calculation
extracts a negative result, it means that the Company and the Group are able to fulfill in excess their debt
obligations.
C. Information on Environmental and Labor Issues
a) Information on Environmental Issues
The environmental policy of the Company demonstrates the Management’s commitment to operate with
absolute respect to the environment whereas it promotes the environmental conscience and also aims at
promoting the environmental responsibility in both its human resources and the other stakeholders.
The Group recognizes its obligations against the environment and the need towards continuously
improving its environmental performance. This in turn allows the Group to attain a balanced economic
growth aligned with the environmental protection.
Therefore, the Group aims to:
The use of environmentally friendly technologies
In the circular economy with steel recycling and waste
management resulting from the production process.
Annual Financial Report of 31.12.2025
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Controlling the consumption of raw materials and energy.
In the prevention of possible risks of pollution.
In the recycling of materials resulting from its business activity.
To minimize emissions of CO2 and pollutants that harm the environment.
In the identification and monitoring of environmental and energy indicators.
In compliance with applicable laws and regulations governing energy consumption and energy
performance.
Raising awareness of stakeholders (employees, suppliers, customers, etc.) by providing
appropriate information and training.
In the investment of energy efficient installations and projects with short schedule of return.
Selecting suppliers committed to their energy footprint (wherever possible).
An integral part of the circular economy has to do with the selection of raw materials used in the production
process. The Company, paying special attention to ensuring the quality of its products, monitors on a daily
basis the various materials as well as raw materials used by carrying out frequent inspections at all stages
of production. In addition, there is a continuous evaluation of the raw materials supplied on the basis of
additional criteria other than costs, while the Company has managed to maintain long-term relationships
of trust with its suppliers.
In the context of monitoring the impact of the Company's operation on the environment, the Company
monitors on a daily basis the above materials, in order to have a complete view and be able to mainly
take preventive actions and not so corrective ones. By this way the Company achieves compliance with
the legal requirements regarding the management and proper storage of chemicals and other substances
that it uses for the production of its products.
The main categories of raw and auxiliary materials are the following:
Steel in the form of a coil.
Lubricants.
Metal beads for the alteration process.
Annual Financial Report of 31.12.2025
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Fuels (oil, LPG).
Filtering means.
Industrial gases.
Chemicals for the production of polyurethane foam.
Water-based paint for the alteration process.
Wood for loading goods.
Packaging materials.
The Group's priority in the field of environmental and energy policy is the following:
a. the protection of biodiversity,
b. reducing the effects of pollution on workers' health and
c. the rational management of natural resources.
The Group aims:
✓ In the protection of the natural environment.
✓ In waste management and recycling.
✓ In the protection of the aquatic environment and in the rational management of water resources.
✓ In protection against gaseous pollution.
✓ In protection against noise pollution.
✓ In protection against industrial pollution.
✓ In monitoring the implementation of environmental programs.
✓ In the determination of environmental and energy indicators.
✓ In controlling the consumption of raw materials and energy.
✓ In the investment of energy efficient installations and projects with short schedule of return.
The Group operates PV stations on the roofs of its production facilities in Aspropyrgos with a total capacity
of 5.05 MWh. These stations increase the share of renewable energy sources in the energy mix of the
Group, while also helping to reduce carbon dioxide emissions.
The Group applies procedures for monitoring and recording measurements and controls of the
consumption of its production facilities as shown in the following table:
Energy Consumption
Energy
2025
2024
Oil for distribution
78,631 lt
92,054 lt
Oil for production
68,380 lt
55,778 lt
LPG for production
54,359 lt
41,854 lt
Power consumption
5,174 MWh
5,694 MWh
Energy offset from PV
2,985 MWh
2,194 MWh
Annual Financial Report of 31.12.2025
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The percentages of electricity consumption that come either from a provider in the market or from
renewable energy sources for the years 2025 and 2024 are as follows:
Electricity Consumption
Electric Energy
2025
2024
Electricity from a provider
31 %
48 %
Energy coming from
Renewable sources (RES) of the Installation
43 %
30 %
The Group received a Certificate of Origin Guarantee - Green Certificate - from the cooperating electricity
provider.
The Group implements a specific waste management procedure in order to reduce the respective volume
of waste materials. The Company cooperates exclusively with the appropriately licensed partners for the
management of all types of waste materials. The quantities of waste resulting from the Company’s
operation for the year 2025 are described in the following table:
Waste Management
Waste Materials
2025
2024
Quantities of total waste (kg)
3,109,227
3,353,110
Recycling (%)
Dangerous wastes
3.41 %
3.24 %
Non-hazardous waste
96.59 %
96.76 %
The Company has been certified and implements an integrated environmental management system as
defined according to the international standard of environmental management system EN ISO 14001 &
50001 aiming at the protection of the environment and the saving of the respective natural resources.
An important criterion for the selection of suppliers is their compliance with environmental policies. For
this reason the following certifications are required:
• ISO 14001
• ISO 50001
• ISO 14021
• EPD - Environmental Product Declaration
The Group cares about the continuous update as well as education of the personnel in environmental
issues and takes care for the training of its employees in environmental protection issues.
b) Information on Labor Issues
Despite the fact that the Company seeks equal participation of the two genders, the percentage of women
in the total human resources for the year 2025 accounted for only 8.0%.
This is due to the heavy manual labor that is usually required in the iron processing and production
process which is the main activity of the Company. The allocation of the Company's employees by gender
is presented in the table below:
Total number of employees - Gender segregation
31.12.2025
31.12.2024
Male
212
231
Female
19
21
Total
231
252
Annual Financial Report of 31.12.2025
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According to the tables below, the largest percentage of age at work does not exceed 50 years, which
means that the particular age group is dominated by the characteristics of productivity and creativity.
The number of people over 50 years old who add the required experience is also significant and most of
these employees are expected to retire from the Company. The National General Collective Labor
Agreement (NGCLA - EGSSE) sets the minimum fees, salaries and day-wages in the private sector. The
Group observes the terms of the above Agreement and as a result the vast majority of its employees
receive higher remuneration than the minimum level of wages.
The breakdown of employees by age group is presented in the table below:
Total number of employees - Breakdown by age group
2025
2024
<30 years
17
30
30 - 50 years
128
140
>50 years
86
82
Total
231
252
The respect to the human being and safety constitute an indispensable part of the Group’s policy. For this
reason the minimization of the probability of accidents and the creation of a work environment that
respects the health, the integrity and the personality of the employees constitute fundamental values and
principles for the Group.
The Group complies fully with the effective legislation and regulations whereas at the same time it applies
a detailed framework of rules, safety, professional behavior, prevention and management of accidents,
which is constantly being revised and reviewed so that it responds to its current operating needs and is
aligned with the international best practices of the sector which it activates in.
At the same time, the Group places strong emphasis on the training of personnel in the issues of hygiene,
safety and prevention, whereas systematic audits and inspections take place in order to ensure the
application and compliance of the relevant safety rules. The Company in 2024 implemented an
educational program ensuring the participation of all personnel mainly in the educational fields of health
and safety.
More specifically, the education and training program was indicatively related to the following:
✓ Evacuation exercises
✓ Fire and explosion drills
✓ First aid seminars
✓ Training for working at height.
Also, within the year 2025, training seminars were implemented regarding the development of skills and
knowledge of the personnel with most indicative ones being the following:
✓ Human Resources Management Training.
✓ “Lean Manufacturing” Seminar.
✓ Excel for Business, Level II Training.
✓ OpenAI Seminar for Financial Services Operations.
✓ “Customs Procedures” Seminar (D.D.E.S.).
✓ Investor Relations Training from ATHEX ACADEMY
✓ “Internal Audit and Corporate Governance” Seminar.
✓ “Safe Lifting, Loading and Securing of Loads” Seminars.
✓ “Principles of Structural Fire Protection of Buildings” Seminar
✓ “Information Systems and Networks” Seminars.
✓ CSRD & Omnibus Insights Seminar: A Guide to Modern Sustainability Reporting.
The promotion of the principle of equal opportunities and the protection of diversity constitute top priorities
for the Group. The Management does not make any discrimination in hiring, the selection, the
remuneration, the assignment of duties or in any other labor activity. The factors exclusively taken into
consideration comprise the experience, the personality, the educational background, the efficiency and
the skills of the individuals.
Annual Financial Report of 31.12.2025
13
The Group encourages and recommends to all employees to respect the diversity of each employee or
partner, and also not to accept any kind of behavior which may be associated with discrimination of any
type.
c) Contribution to the society
The contribution and the responsible stance of the Group towards the society as a whole is an integral
part of its culture and strategy. The Corporate Social Responsibility program implemented a series of
actions related to society, culture and health. The constant presence close to the local community resulted
not only in the creation of a favorable climate of collaboration but also in the recognition of all these efforts
by those involved.
Some of the actions implemented by the Company in 2025 were the following:
✓ Feeding and promoting healthy nutrition at the 4th Kindergarten of Aspropyrgos (75 pupils) through
the “NUTRITION” program implemented by the PROLEPSIS INSTITUTE.
✓ Donation of five fire protection uniforms to the Volunteer Firefighters of Agios Stefanos.
✓ Sponsoring the panhellenic association of women with breast cancer "Alma Zois" and participation in
the symbolic race "Race for the Cure" for the 4
th
consecutive year.
✓ Financial support for the Day Care Center for People with Disabilities "ALL OF US" for the
materialization of their new venture, i.e. a cafeteria with the distinctive title "Poikili Stoa" where 10
people with disabilities from the structure will be employed, after receiving the necessary training.
✓ Support for the summer event at the 2nd High School of Aspropyrgos which also includes children of
our employees
✓ Donation of sixteen (16) hydroponic channels constructed on site with the Company's mechanical
equipment, in combination with all accompanying equipment and their accessories, to the Agricultural
University of Athens.
✓ Donation of steel products for the construction of shelters at the premises of the "Child's Smile"
foundation in Athens and Corfu.
✓ Granting of gift vouchers of a well-known chain of technological equipment to the 2
nd
Primary School
of Magoula, County of Attiki, with the aim of facilitating the education process via technology.
✓ Granting of gift vouchers of a well-known supermarket chain to the "social grocery store" of the
Municipality of Aspropyrgos, County of Attiki.
✓ Sponsoring the TEDxEleusis Event with the theme “Echoes”. The event hosted 9 inspiring talks,
performances and workshops, promoting dialogue, innovation and the power of community.
✓ Support for the annual event "Thriasia" of the Cultural Center of the Municipality of Aspropyrgos.
✓ Support for the insurance plan of the Panhellenic Heart Transplant Association.
✓ Support for the mission of martial arts athletes via their participation in a world event in China.
✓ Donation of sports equipment and support for four sports organizations of the Thriasio Pedio, County
of Attiki.
In addition to the above, for more than twenty (25) years, in collaboration with the Thriasio General
Hospital of Elefsina, voluntary blood donation is carried out at the Company's premises. The goal is to
create and strengthen the blood bank maintained by the Company.
D. Significant Events during the Financial Year 2025
Developments in the Group’s Sectors
The Group's turnover declined by 5% in FY 2025, mainly reflecting the drop in demand from the European
market, as well as non-recurring international sales from the previous year related to specific projects. At
the same time, the above trend reflected the Group's strategic decision to further focus on the
enhancement of its operating profitability by limiting its business activity in the international market
whenever it didn’t generate acceptable profit margins. On the contrary, the turnover in the Greek market
increased for the third consecutive year, indicating the Group's ability to expand its share in the domestic
market amid conditions of rising competition. It is noted that the policy of geographical dispersion of sales
and diversification of activities provides the Group with the necessary flexibility, allowing it to adapt its
strategy accordingly, attaining the best possible performance under the prevailing conditions each time.
In this context, the Group's turnover amounted to € 167.6 million versus € 176.8 million in the previous
year, mainly due to the lower exports, which accounted for 20% compared to 25% of the total turnover in
2024, as well as due to the slight drop in the sale price of certain products, as a result of the declining
Annual Financial Report of 31.12.2025
14
activity observed in specific sectors absorbing steel products in the European market. On the contrary,
despite the decline in sales, the gross profit strengthened significantly and settled at € 22.5 million or
13.5% of sales, compared to € 18.1 million or 10.2% of sales in 2024. The above development resulted
from the Group’s policy to reduce production costs as well as from the efficient management of inventories
and targeted timing of purchases, allowing the Group to capitalize on the upward movement in prices that
followed during the year, along with the adoption of a flexible pricing policy. Earnings before interest and
taxes (EBIT) amounted to € 9.7 million compared to € 4.2 million in the previous year, while the results
before interest, taxes, depreciation and amortization (EBITDA) recorded a strong growth by 78% and
amounted to € 12.6 million or 7.5% of sales compared to € 7.0 million or 4.0% of sales in 2024, reflecting
both the improvement in gross profit margin and the reduction in operating expenses by 7.7% compared
to 2024. Finally, the results before taxes fully recovered from the previous year amounting to earnings of
€ 6.8 million compared to losses of € 0.4 million in 2024, as apart from the reduction of operating costs,
the Group managed to reduce its financial costs by 43% or € 2.4 million compared to the fiscal year 2024.
Despite the challenges, the Group's performance in year 2025 recorded a strong improvement compared
to the previous year of 2024, with the main factors affecting the financial results being summarized as
follows:
• A 5% drop in turnover as a result of reduced demand from the international markets.
• Reduction in operating costs arising from the restructuring of business operations.
• Improved profit margins via efficient inventory management, as well as through reduced
production and operating costs.
• Lower financial cost due to a further reduction in borrowing spread, average loan balance and
Euribor.
It is noted that during 2025, the Group's trade payables decreased by 32%, while the net debt / ebitda
and net debt / equity ratios also improved to 1.8x and 0.26x from 3.5x and 0.3x respectively, corroborating
the Group's strong fundamental performance. Also, during 2025, an investment in production facilities of
€2.3 million was placed into operation, which concerned a modernized production line, thus expanding
the range of products and contributing to the reduction of production cost.
With regard to the course of activities of the other companies within the Group, Thrace Greenhouses joint
venture is implementing an already approved investment plan of €14.7 million, aiming to expand its
production facilities by an additional 13 hectares. To date, the company has completed the construction
of 6.5 hectares, i.e. 50% of the investment, while upon full completion of the investment plan, its total
production facilities will amount to 30.4 hectares of modern hydroponic greenhouses. The company's
financial results for the fiscal year 2025 posted a slight decline compared to 2024, mainly affected by the
implementation of its investment plan.
The results of the Group's energy sector, i.e. through installed photovoltaics of 2.7 MWp capacity
operating under the feed-in tariff format, recorded a decline compared to the year 2024, as the cuts
applied to the injection of generated electricity into the grid had an unfavorable impact on turnover.
Implementation of Investment Plans
The Company submitted in June 2013 to the Ministry of Development and Competitiveness a new
subsidized investment program under the auspices of L. 3908/2011 for the modernization of the
mechanical and building machinery, amounting to € 3.4 million. The rate of subsidy in this program is set
at 15%. In May 2014, the parent Company’s investment plan was approved and included in the category
of General Entrepreneurship of the General Business Plans of article 6 of Law 3908/2011. In November
2017, the Company filled an audit request with regard to the completion and certification of the
commencement of the production activity in relation to the particular investment, whereas in February
2018, the Company collected an amount of 146.5 thousand Euros which corresponds to 2/7 of the
respective grant. Within fiscal year 2019, the certification audit concerning the completion of the
investment’s financial and physical objective was completed. The decision under no. 34708/26-04-2024
of the Deputy Head of General Directorate of Development Laws and Foreign Direct Investments, certified
the completion - finalization of the cost of the company's investment along with the commencement of the
operating production phase. The completion date was set on 14/10/2016 and the balance of the respective
grant of approximately € 274 thousand was collected.
Annual Financial Report of 31.12.2025
15
The affiliated company THRACE GREENHOUSES SA implements a new investment plan that was
subject to the provisions of Law 4399/2016 (Decision of submission: 6204/22.12.2021, Government
Gazette 6288/29.12.2021, Issue #2) of the Ministry of Macedonia-Thrace, with a total budget of €14.7
million. The investment plan commenced within the year 2022. The approved nominal value of the above
subsidized investment plan amounts to € 14.7 million and the value of the grant settles at € 3.6 million.
It is also noted that the decision under protocol number 5272, File No. DPA/7/00122/C (4/12/2024)
certified a 50% part of the physical and financial objective of the Company's investment plan. According
to the decision under protocol number 5460/2024 (4/2/2025) the payment of an amount of € 1.8 million,
i.e. fifty percent (50%) of the previously approved grant, was validated in accordance with the article 20
of Law 4339/2016 (Government Gazette A’ 117), as amended and as in force, in relation to the Company's
investment plan.
Annual Ordinary General Meeting
On 26/06/2025, the Annual Ordinary General Meeting of the shareholders was held at the offices and
headquarters of the Company at Agios Ioannis Avenue, PC 19300, Aspropyrgos, Attiki, Greece. The
Annual Ordinary General Meeting provided all participants with the option to participate and vote by
teleconference in accordance with the Article 8 of the Company's Articles of Association.
19 shareholders attended the Annual General Meeting (either in person or via a legal representative),
who owned 13,053,728 shares or 71.94% of the paid up share capital.
The head of the Company's Internal Control Unit was also present at the Annual Ordinary General
Meeting.
The General Meeting proceeded with the following resolutions:
1. The Separate and Consolidated Financial Statements for the year 2024 (01.01.2024 -
31.12.2024) were approved along with the relevant Management Reports of the Board of
Directors and the Certified Public Accountants.
In favor: 10,764,323 votes (82.46%). Against 2,289,405 votes (17.54%). Blank/Abstention: 0
votes (0%)
2. It was decided not to distribute any dividend for the fiscal year 2024 due to loss-making financial
results. The Meeting approved the financial results of the corporate fiscal year 2024 (01.01.2024
– 31.12.2024).
In favor: 10,764,323 votes (82.46%). Against 2,289,405 votes (17.54%). Blank/Abstention: 0
votes (0%)
3. The Meeting approved in accordance with the article 108 of Law 4548/2018, the overall
administration performed by the Board of Directors for the financial year 2024 (01.01.2024 –
31.12.2024) and also released the Certified Auditor - Accountant from any liability for
compensation with regard to the audit of the financial year 2024 (01.01.2024 – 31.12.2024).
In favor: 10,764,323 votes (82.46%). Against 2,289,405 votes (17.54%). Blank/Abstention: 0
votes (0%)
4. The fees - remuneration of the members of Board of Directors for the financial year 2024
(01.01.2024 – 31.12.2024) were also approved and the fees - remuneration for the financial year
2025 (01.01.2025 – 31.12.2025) were pre-approved.
In favor: 10,764,323 votes (82.46%). Against 2,289,405 votes (17.54%). Blank/Abstention: 0
votes (0%)
5. The Meeting approved the Remuneration Report of the members of Board of Directors of the
Company for the financial year 2024 (01.01.2024 – 31.12.2024) according to the article 112 of
Law 4548/2018.
Annual Financial Report of 31.12.2025
16
In favor: 10,764,323 votes (82.46%). Against 2,289,405 votes (17.54%). Blank/Abstention: 0
votes (0%)
6. The Meeting approved the election of Mr. Konstantinos Stamelos as Regular Auditor with SOEL
Reg. Number 26841 and Mr. Vasileios Petinis as Deputy Auditor with SOEL Reg. Number 68581
from the auditing company RSM GREECE SA CERTIFIED AUDITORS ACCOUNTANTS AND
BUSINESS CONSULTANTS for the financial year 2025, whereas the Meeting also determined
and approved their remuneration.
In favor: 10,764,323 Votes (82.46%). Against 2,289,405 Votes (17.54%). Blank/Abstention: 0
Votes (0%)
7. The Meeting approved (a) the reduction of the Company's share capital by two hundred and sixty-
four thousand eight hundred and thirty-two (264,832.00) euros, due to the cancellation of two
hundred and sixty-four thousand eight hundred and thirty-two (264,832) shares with a nominal
value of one (1.00) euros per share, in accordance with the articles 29 and 49 of Law 4548/2018
as in force, as well as (b) the amendment of article 5 of the Articles of Association. The relevant
authorizations for the enforcement of the above Decision were also granted to the Board of
Directors.
In favor: 10,764,323 votes (82.46%). Against 2,289,405 votes (17.54%). Blank/Abstention: 0
votes (0%)
8. The company's stock repurchase program was approved in accordance with the article 49 of Law
4548/2018, for the purchase of shares up to 10% of the paid-up share capital, i.e. up to 1,814,600
shares with a purchase price range from one Euro (1.00) to four Euros and fifty cents (4.50) and
within a period of 24 months from the day following the approval of the General Meeting of
Shareholders.
In favor: 10,764,323 Votes (82.46%). Against 2,289,405 votes (17.54%). Blank/Abstention: 0
votes (0%)
9. A new eleven-member Board of Directors was elected for a three-year term, of which 4 members
are independent. The recommendation for the election of the candidate members was made by
the Remuneration and Nominations Committee, after it was determined that the Suitability Policy
criteria for all members were met, as well as the independence criteria of article 9 of Law
4706/2020 for independent non-executive members. The CVs of the elected members were made
available to the shareholders via the Company's website prior to the Ordinary General Meeting.
In favor: 10,764,323 Votes (82.46%). Against 2,289,405 votes (17.54%). Blanks/Abstentions: 0
votes (0%)
10. A new Audit Committee was elected and its type, term of office, as well as the number and
qualifications of its members were accordingly determined. Specifically, the Meeting decided that
the Audit Committee will operate as an independent joint committee, consisting of three (3)
members, two of which will be independent non-executive members of the Board of Directors and
the third member will not possess any relationship with the Company and will meet the
independence criteria of article 9 of Law 4706/2020. The term of office of the Audit Committee
will be equivalent to that of the Board of Directors, automatically extended until the first Ordinary
General Meeting after the end of its term. Subsequently, the following were elected as members
of the Audit Committee, with a three-year term: a) Ms. Eleni Gianniri, independent non-executive
member of the Board of Directors, b) Mr. Nikolaos Georgiadis, independent non-executive
member of the Board of Directors, and c) Mr. Panagiotis Konstantopoulos, who is not a member
of the Board of Directors. All members of the Audit Committee meet the independence
requirements set out in article 9 of Law 4706/2020, while at the same time they meet the criteria
and suitability requirements of article 44, paragraph 1 of Law 4449/2017, as applicable. All
members of the Audit Committee have sufficient knowledge of the steel industry in which the
Company operates, while all members of the Audit Committee have sufficient knowledge and
experience in auditing and accounting.
In favor: 10,764,323 votes (82.46%). Against 2,289,405 votes (17.54%). Blank/Abstention: 0
votes (0%)
Annual Financial Report of 31.12.2025
17
11. The Meeting also approved, according to article 98, paragraph 1 of Law 4548/2018, the
participation of the members of the Board of Directors and the Directors of the Company in the
Management of the companies of the Group and the affiliated companies.
In favor: 10,764,323 votes (82.46%). Against 2,289,405 votes (17.54%). Blank/Abstention: 0
votes (0%)
12. During the Meeting, the Annual Report of the Audit Committee for the year 2024 (01.01.2024 -
31.12.2024) was read.
13. The report of the independent non-executive members of the Board of Directors, according to
article 9, par. 5 of Law 4706/2020, for the financial year 2024 (01.01.2024 – 31.12.2024) was
read.
14. The General Meeting announced that the company intends to harmonize gradually and in any
case before the deadline of 30.06.2026 with the provisions of articles 3a, 3b and 3c of Law
4706/2020 for balanced gender representation on the Board of Directors and, by a similar manner
in management positions.
15. No other announcement was made.
Treasury shares
As of 31 December 2025, the Company did not hold any treasury shares.
Tax audit
Since the fiscal year 2011, the companies ELASTRON SA and METAL-PRO SA, and also since the year
2014 all Group companies, have been included in the tax audit of the Certified Auditors as it is provided
by the clauses of article 65A of Law 4174/2013, as they were amended by the article 37 of Law 4646/2019.
For the companies and the fiscal years which were not included in the tax audit of the Certified Auditors,
it is estimated that there is no reason for the formation of any provision. As result, on 31.12.2025 the
Company and the Group have formed no provisions regarding tax-unaudited fiscal years.
For the financial year 2025, ELASTRON SA, METAL-PRO SA, THRACE GREENHOUSES SA and the
photovoltaic companies of the Group have been subject to the tax audit by the Certified Auditors as
stipulated by the provisions of article 78, L. 5104/2024. This audit is in progress and the relevant tax
certificate is expected to be issued after the publication of the financial statements for the year 2025. If
additional tax liabilities arise until the completion of the tax audit, these are not expected to have a material
impact on the financial statements.
Ε. Risks and Uncertainties
The risks are managed by the Risk Management Unit, in collaboration with the other departments of the
Group and in accordance with the guidelines and approvals of the Company's Board of Directors.
Compliance with risk management policies and procedures is reviewed by the Internal Control Unit, which
carries out regular and extraordinary audits on the implementation of the procedures, the findings of which
are communicated to the Board of Directors.
In the context of its ordinary activity, the Group is exposed to two (2) main categories of risks which are
further subdivided into:
Annual Financial Report of 31.12.2025
18
1) Business risk and operational risk
i. Risk of business & production interruption
The risk of business interruption refers to the Company’s inability to continue the production process either
due to a lack of specialized personnel or due to a defect or damage of the mechanical production
equipment. In order to deal with such phenomena, the responsible maintenance unit of the Company
carries out scheduled regular audits on all technical and mechanical equipment, monitoring the availability
of the necessary spare parts, as well as preserving the maintenance contracts with the main suppliers of
the equipment. By this way the Company is always capable of immediately restoring the flow of the
production process in the event of malfunction or damage.
ii. Risk of defective or unsuitable product
The risk of a defective or unsuitable product refers to a product that does not meet specific specifications
either based on international regulations and requirements, or based on the technical specifications of a
specific project. From this risk, the Group is exposed to potential damages and financial claims for refunds
which may have an impact on its reputation and financial results. In order to deal with the particular risk,
the Group carries out both quality controls in the production process and sample quality control of the
produced products. At the same time, the Group assigns to well-known international organizations the
necessary audits and also the certification of the production processes whenever applicable.
iii. Risk of lack of raw materials
The Group is exposed to the risk of not being able to supply the appropriate raw materials to ensure the
smooth flow of the production process and operation. The risk stems both from the international uncertain
geopolitical conditions (wars, strikes, disasters) and from policies that increase costs and make difficult
the attainment of the budgeted profitability.
In order to reduce the impact of this risk, the Group implements a policy of geographical dispersion of
suppliers with regard to important raw materials, while at the same time it maintains the appropriate safety
inventory of materials in order to reduce the exposure to the risk of lack of raw materials.
iv. Country risk
The headquarters, the production activity and the main commercial activity of the Group are located in
Greece. Therefore, political and economic factors affecting the country may also have an impact on the
operation and results of the Group. It is noted, however, that the prices of the Group's raw materials are
determined by the international markets and therefore they are affected by the international geopolitical
conditions outside the Greek territory. To reduce the risk from factors related to the country, as well as to
reduce dependence on the Greek market, the Groups generates more than 30% of its sales in the
international markets.
v. Risk of competition
The commercial activity of Elastron Group is mostly performed in the Greek market, while an increasing
percentage of sales, currently around 30%, is also generated in the international markets. The competition
risk refers to a potential reduction of market share, as well as the reduction of selling prices due to
competition from similar companies in the markets where the Group operates, with an impact on the
financial results. In order to reduce the risk of competition, the management of the Group closely monitors
the developments in the markets in which it operates with the aim of analyzing the competition and
adjusting the commercial and pricing policy whenever possible. At the same time, the Group through the
process of quality control closely monitors the observance of quality specifications as well as the provision
of the appropriate after-sales service with the aim of maintaining and also expanding its customer base.
vi. Regulatory compliance risk
The Group is obliged to comply with a multitude of Regulations and Laws such as environmental and
labor legislation, regulations regarding installation, operation and production, personal data protection,
etc. In order to avoid risks and penalties from the non-observance or from the partial observance of laws
and regulations, the Group's legal department, in collaboration with the Company’s other departments,
monitors the timely and regular briefing of the competent officials regarding the obligations arising from
the legislation.
Annual Financial Report of 31.12.2025
19
vii. Information technology risk
The Group is exposed to risks related to the security of information systems which may include loss of
business data, information, files, processes or damage caused to information storage equipment and
operating systems which may be due to malware, incorrect use, insufficient maintenance and
obsolescence of equipment. In order to reduce the risk of data loss and equipment damage, the
Company's IT department takes adequate security measures that include the application of specialized
protection software, maintenance of backup copies, as well as the performance of checks by certified
partners on the information systems in order to identify and resolve risks from potential security gaps.
2) Financial Risk
The financial risk management policy of the Group is focused on the volatility of financial markets with the
objective of minimizing the factors that may negatively affect its financial performance.
The risk management policy is applied in order to recognize and analyze risks which the Group faces, to
set limits on risks assumed and to apply controls to such limits. The systems and policies applied are
periodically reviewed to incorporate changes observed in market conditions and the Group’s activities.
The risk management is performed by the employees charged with the responsibilities of the Risk
Management Unit, in cooperation with the other departments of the Group and in accordance with the
guidelines and approvals of the Company's Board of Directors.
Adherence to risk management policies and procedures is controlled by the Internal Audit Department,
which performs ordinary and extraordinary audits on the application of procedures, the findings of which
are disclosed to the Board of Directors.
The financial risk of the Group consists of the following types of risk:
i. Credit risk
Due to the great dispersion of its clientele (no client exceeds 10% of total sales), the Group does not have
a significant concentration of credit risk. Based on the credit policy approved by the Group companies’
Board of Directors, all new clients are examined on an individual basis in terms of their creditworthiness
prior to the proposal of the standard payment terms. Credit limits are set for each client; these are
reviewed depending on ongoing conditions and, if necessary, the sales and collection terms are adjusted.
As a rule, customer credit limits are determined on the basis of the insurance limits set for them by the
insurance companies. While monitoring credit risk of customers, such are grouped according to their credit
profile, the maturity of their receivables and any prior collection problems that may have emerged.
Customer receivables mainly include the Group’s wholesale clients.
Clients characterized as “high risk” are placed in a special client list and future sales are to be pre-collected
and approved by the Board of Directors. At the same time, the Group makes impairment provisions which
reflect its estimation on losses related to clients and other receivables. This provision mainly consists of
impairment loss of specific receivables which are estimated on the basis of given conditions that such will
be collected, but have not yet been finalized.
The amount of the impairment loss is estimated as the difference between the book value of receivables
and the present value of estimated future cash flows, discounted by the initial effective interest rate. The
impairment loss amount is accounted for as an expense in the results. Receivables which are assessed
as bad debts are written off.
Annual Financial Report of 31.12.2025
20
The credit risk is limited to 10% of the total trade receivables, on the basis of the Group’s insurance
policies. The margin of this risk is limited even further as tangible or other guarantees (such as letters of
guarantee) are requested wherever deemed necessary.
Maturity of Trade Receivables
Group
Company
Up to 30 days
15,092,606.08
15,092,606.08
31 to 90 days
11,893,929.34
11,758,699.90
91 to 180 days
3,880,359.56
3,880,359.56
Over 180 days
4,552,712.43
4,384,667.28
Intragroup Transactions
(569.80)
0.00
Total
35,419,037.61
35,116,332.82
Provisions – impairments for doubtful receivables
(3,275,124.59)
(3,106,374.85)
Total
32,143,913.02
32,009,957.97
Liquidity risk
Liquidity risk is the risk that the Group might be unable to meet its financial liabilities when these become
due. The approach adopted by the Group to manage liquidity is to secure the necessary cash and
sufficient credit limits from the banks with which it cooperates, so that there is the appropriate liquidity for
the fulfillment of the financial liabilities, under standard as well as unfavorable conditions without incurring
unacceptable loss or risking its reputation. In order to minimize the liquidity risks, the finance division of
the Group makes an annual provision for cash flows for the fiscal year when preparing its annual budget
and a monthly rolling three-month provision so as to secure that it has sufficient cash to meet its operating
needs, including its financial liabilities. This policy does not take into account the impact of extreme
conditions, which cannot be foreseen. For this reason, the Management of the Group, by assessing the
market conditions each time, maintains a certain amount of cash reserves for defensive purposes, in order
to face any extreme or extraordinary situations.
It is noted that for the entire debt obligations of the Group no tangible asset has been placed as collateral
in favor of the banks, an element which indicates the especially high creditworthiness of the Group.
The following table presents an analysis of the Group’s and the Company’s liabilities, based on their
remaining duration as at 31.12.2025.
Amounts in €
Group
1 to 6 months
6 to 12 months
> 1 year
Total
Loans
14,656,623.82
656,623.82
48,880,000.00
64,193,247.64
Suppliers and other liabilities
33,945,839.87
953,097.52
4,505,862.51
39,404,799.90
Grants (deferred income)
202,080.23
202,080.24
2,046,962.11
2,451,122.58
Total
48,804,543.92
1,811,801.58
55,432,824.62
106,049,170.12
Amounts in €
Company
1 to 6 months
6 to 12 months
> 1 year
Total
Loans
14,656,623.82
656,623.82
48,880,000.00
64,193,247.64
Suppliers and other liabilities
33,456,942.47
891,164.03
3,291,452.62
37,639,559.12
Grants (deferred income)
148,766.27
148,766.28
1,428,458.81
1,725,991.36
Total
48,262,332.56
1,696,554.13
53,599,911.43
103,558,798.12
On 31.12.2025, the Company and the Group recorded cash and cash equivalents of € 40.9 million and €
41.5 million respectively.
Annual Financial Report of 31.12.2025
21
ii. Market risk
Market risk is the risk of change in prices of raw materials procured by the Group, the risk of change in
the foreign exchange rates that the Group conducts transactions in and the risk of change in interest rates
that the Group borrows at and which can affect the Group’s results. The purpose of risk management
against market conditions is to determine and control the Group’s exposure to those risks, within the
context of acceptable parameters while at the same time optimizing its performance.
a) Metal (iron, steel, etc.) Raw Material Price Volatility Risk
The Group conducts its purchases mainly in the global steel market under normal market terms. Each
change in the market price of raw materials is discounted for in the sales price, resulting in changes in the
Group’s profit margin during periods of big price fluctuations for raw materials in the world market.
More specifically, in periods during which prices follow an upward trend, the Group’s profit margins
improve, as the upward trend is transferred to the sales prices. Accordingly, when raw material prices
follow a declining trend, the Group’s profit margins decrease.
The Group does not apply hedging to cover its basic operating reserve, which means that any
increase/decrease of metal prices may affect its results accordingly through depreciation or appreciation
of inventories.
b) Foreign exchange risk
The Group is exposed to foreign exchange risk from the purchase of inventories it makes in $ (US Dollar),
from the deposits denominated in $ (US Dollar) as well as from the associate company BALKAN IRON
GROUP SRL, based in Romania, whose operating currency unit is the RON.
The Group’s borrowings are euro denominated in their entirety while there are no receivables
denominated in foreign currency.
Foreign currency is purchased in advance in order for the Company to limit its foreign exchange risk
emerging from inventory purchase. The total liabilities of the Group as of 31.12.2025, as well as the
liabilities that will arise from the agreements signed until 31.12.2025, are covered by equivalent purchases
in advance of foreign currency and as a result there is no foreign exchange risk associated with the
fluctuations of the US Dollar.
An increase by 10% of the Euro versus the US$ and of the Euro versus the RON on 31 December would
affect the equity and the results by negligible amounts for the Group and the Company.
c) Interest rate risk
Interest rate risk arises mainly from long-term and short-term bank loans in Euro (€) at the floating rate of
Euribor.
The Group finances its investments, as well as its need for working capital, through equity, short-term
bank loans, long-term and bond loans and as a result is burdened by interest expenses. Increasing trends
in interest rates shall negatively affect results, as the Group incurs the additional borrowing cost.
The impact on the Results and Equity of the Group and Company would be as follows, if the interest rates
of loans (Euribor) would be 1% higher/lower on average during the year 2025:
Amounts in € million
Loans 31.12.2025
Effect on
results before tax ( + / - )
Group
64.19
0.64
Company
64.19
0.64
Annual Financial Report of 31.12.2025
22
This would occur due to the higher/lower financial cost of bank borrowing with a floating rate in euro.
A smaller effect results from interest income related to time deposits in euro.
The impact on the Results and Equity of the Group and Company would be as follows, if the interest rate
on term deposits would be 1% higher/lower on average during the year 2025:
Amounts in € million
Sight and term deposits
31.12.2025
Effect on
results before tax ( + / - )
Group
41.49
0.41
Company
40.91
0.41
This would occur due to the higher/lower financial income from term deposits.
d) Risk of Capital
The purpose of the management in relation to capital management is to ensure the smooth and
uninterrupted operation of activities with the objective of providing satisfactory returns to shareholders,
and to maintain as much as possible an ideal capital structure, thus reducing the cost of capital. For this
reason, the management, according to the prevailing conditions, may adjust its dividend policy, increase
its share capital or sell assets in order to reduce debt.
Amounts in €
Company Data
31.12.2025
31.12.2024
Total debt
64,193,247.64
63,080,477.21
Minus: Cash and cash equivalents
40,912,657.62
38,002,536.22
Net debt
23,280,590.02
25,077,940.99
Total equity
85,145,606.39
79,540,780.66
EBITDA
11,840,876.01
6,613,956.77
Equity / Net debt
3.66
3.17
Net debt / EBITDA
1.97
3.79
Amounts in €
Group Data
31.12.2025
31.12.2024
Total debt
64,193,247.64
63,080,477.21
Minus: Cash and cash equivalents
41,487,931.47
38,380,058.12
Net debt
22,705,316.17
24,700,419.08
Total equity
86,957,529.27
81,381,475.49
EBITDA
12,551,785.66
7,045,203.06
Equity / Net debt
3.83
3.29
Net debt / EBITDA
1.81
3.51
F. Future Outlook
Regarding the Group's outlook for the year 2026, it is especially difficult for the management to provide
any reliable guidance, given the high level of uncertainty, both in terms of the regulatory framework with
regard to the conditions of the steel market and in terms of the volatile international geopolitical and
economic developments. In particular, the "Coal Border Adjustment Mechanism" (CBAM), although
established with the aim to strengthen the competitiveness of the European steel industry, is expected to
impose additional costs on the sector’s companies. These costs will be payable within the year 2027,
whereas the precise framework on the basis of which the relevant charges will be calculated has not been
clarified to date. The above uncertainty creates considerable difficulty in properly planning supplies and
sales.
Annual Financial Report of 31.12.2025
23
At the same time it also creates in principle a comparative advantage for companies that may decide to
circumvent transparency and disclosure obligations, thus cultivating conditions of unfair competition. The
issue for the European market becomes even more problematic, when considering that excess supply
mainly from Asian markets is channeled into the EU even at prices below cost, following government
subsidies and tax exemptions on exports, therefore intensifying the pressure on European producers. In
this context, the expected implementation of the revised EU safeguard measures from 1
st
July 2026 is
viewed as a positive development, as it might contribute to the contraction of imported quantities from
third countries within the European market. In addition to the above factors, the recent military conflicts in
the Middle East intensifies the market uncertainty, making it difficult to forecast the future performance of
the Group and its financial results. Elastron Group does not have any direct exposure to the Middle East
market, neither in terms of supplies nor in terms of sales. However, the continuation of the war conflicts
and the turmoil in the energy markets is expected to increase the cost of production and transportation
internationally, affecting the final prices of raw materials and inventories consumed by the Group.
Provided and to the extent that the relevant higher costs are effectively transferred into the final selling
price, the Group's operating margins are expected to strengthen in the short term horizon. However, the
higher costs of materials and the inflationary pressures in the economy as a whole might have an
especially negative impact on the sectors absorbing steel products and therefore on the level of demand.
Taking into account the above, the Group's Management remains cautiously optimistic, monitoring both
the developments in the regulatory environment of the steel market and the intensity of the impact of the
ongoing war on the real economy. In any case, Elastron Group processes a strong capital base, high
liquidity and in-depth knowhow of the steel market, which provides the ability to adapt its strategy to the
prevailing market conditions. At the same time, with an aim to diversify its business activities, the Group
is planning a new investment initiative in order to expand into new products outside the existing range of
its product offerings.
G. Transactions with Related Parties
The amounts of the Group’s and Company’s sales and purchases, from and towards related parties, as
well as the balances of receivables and liabilities, are analyzed as follows:
(a) Intra-company sales / purchases on 31.12.2025 and 31.12.2024 respectively:
Financial Year 2025:
Amounts in €
SALES
PURCHASES
ELASTRON
S.A.
THRACE
GREENHOUSES
SA
NORTHERN
GREECE
METAL
PRODUCTS
S.A.
TOTAL
ELASTRON S.A.
0.00
0.00
0.00
0.00
THRACE GREENHOUSES S.A.
61,049.73
0.00
0.00
61,049.73
PHOTOENERGIA S.A.
39,600.00
0.00
0.00
39,600.00
PHOTOANAPTYXI S.A.
86,400.00
0.00
0.00
86,400.00
PHOTOKYPSELI S.A.
28,800.00
0.00
0.00
28,800.00
ILIOSKOPIO S.A.
37,200.00
0.00
0.00
37,200.00
PHOTOISHIS LTD
0.00
0.00
0.00
0.00
NORTHERN GREECE METAL
PRODUCTS S.A.
550.00
0.00
0.00
550.00
TOTAL
253,599.73
0.00
0.00
253,599.73
Annual Financial Report of 31.12.2025
24
Financial Year 2024:
Amounts in €
SALES
PURCHASES
ELASTRON
S.A.
THRACE
GREENHOUSES
SA
NORTHERN
GREECE
METAL
PRODUCTS
S.A.
TOTAL
ELASTRON S.A.
0.00
0.00
50,000.00
50,000.00
THRACE GREENHOUSES S.A.
59,469.05
0.00
0.00
59,469.05
PHOTOENERGIA S.A.
39,600.00
0.00
0.00
39,600.00
PHOTOANAPTYXI S.A.
86,400.00
0.00
0.00
86,400.00
PHOTOKYPSELI S.A.
28,800.00
0.00
0.00
28,800.00
ILIOSKOPIO S.A.
37,200.00
0.00
0.00
37,200.00
PHOTOISHIS LTD
0.00
0.00
0.00
0.00
NORTHERN GREECE METAL
PRODUCTS S.A.
0.00
0.00
0.00
0.00
TOTAL
251,469.05
0.00
50,000.00
301,469,05
(b) Intra-company receivables / liabilities on 31.12.2025 and 31.12.2024 respectively:
Balances of 31.12.2025:
Amounts in €
RECEIVABLES
LIABILITIES
ELASTRON
S.A.
NORTHERN
GREECE
METAL
PRODUCTS
S.A.
COMPANIES OF
PHOTOVOLTAIC
STATIONS
TOTAL
ELASTRON S.A.
0.00
0.00
0.00
0.00
THRACE GREENHOUSES S.A.
31,544.36
0.00
0.00
31,544.36
PHOTOENERGIA S.A.
0.00
0.00
0.00
0.00
PHOTOANAPTYXI S.A.
0.00
0.00
0.00
0.00
PHOTOKYPSELI S.A.
0.00
0.00
0.00
0.00
ILIOSKOPIO S.A.
0.00
0.00
0.00
0.00
PHOTOISHIS LTD
0.00
0.00
0.00
0.00
NORTHERN GREECE METAL
PRODUCTS S.A.
569.80
0.00
0.00
569.80
BALKAN IRON GROUP SRL
169,939.33
0.00
0.00
169,939.33
GAURA LTD
0.00
0.00
0.00
0.00
ELASTRON LOGISTICS SM IKE
0.00
0.00
0.00
0.00
TOTAL
202,053.49
0.00
0.00
202,053.49
Annual Financial Report of 31.12.2025
25
Balances of 31.12.2024:
Amounts in €
RECEIVABLES
LIABILITIES
ELASTRON
S.A.
NORTHERN
GREECE
METAL
PRODUCTS
S.A.
COMPANIES OF
PHOTOVOLTAIC
STATIONS
TOTAL
ELASTRON S.A.
0.00
0.00
0.00
0.00
THRACE GREENHOUSES S.A.
(38,469.24)
0.00
0.00
(38,469.24)
PHOTOENERGIA S.A.
0.00
0.00
0.00
0.00
PHOTOANAPTYXI S.A.
0.00
0.00
0.00
0.00
PHOTOKYPSELI S.A.
0.00
0.00
0.00
0.00
ILIOSKOPIO S.A.
0.00
0.00
0.00
0.00
PHOTOISHIS LTD
0.00
0.00
0.00
0.00
NORTHERN GREECE METAL
PRODUCTS S.A.
23,000.00
0.00
0.00
23,000.00
BALKAN IRON GROUP SRL
162,787.96
0.00
0.00
162,787.96
KALPINIS SIMOS BULGARIA
EOOD
815,771.50
0.00
0.00
815,771.50
GAURA LTD
113,714.36
0.00
0.00
113,714.36
ELASTRON LOGISTICS SM IKE
34,651.78
0.00
0.00
34,651.78
TOTAL
1,111,456.36
0.00
0.00
1,111,456.36
h) Transactions and remuneration of members of the Board of Directors and executives
The transactions and remuneration of members of the Board of Directors and executives are analyzed as
follows:
GROUP
COMPANY
1.1-31.12
1.1-31.12
Amounts in €
2025
2024
2025
2024
Remuneration of Board
Members and
Administrators
518,099.59
587,946.62
518,099.59
587,946.62
Remuneration of Senior
Executives
267,072.09
226,422.56
186,672.09
146,022.56
Remuneration of other
related entities
75,234.33
74,146.26
75,234.33
74,146.26
Other benefits granted
to members of the
Board of Directors &
Senior Executives
59,134.23
48,682.22
59,134.23
48,682.22
Receivables from senior
executives and Board
members
0.00
0.00
0.00
0.00
Liabilities to senior
executives and Board
members
0.00
0.00
0.00
0.00
Note: The Remuneration Report of the Board of Directors for the year 2025 has been posted on the Company's website
www.elastron.gr.
Senior executives according to IAS 24 are those individuals that have the authority and responsibility for
the planning, Management and control of the entity’s activities, directly or indirectly, and include all
members of the Board of Directors (executive and non-executive) of the entity, as well as all other senior
executives according to the above definition.
Annual Financial Report of 31.12.2025
26
6. EXPLANATORY REPORT (Article 4, par. 7 & 8, L.3556/2007)
a) Structure of the Company’s share capital
On 31.12.2025, the Company’s share capital amounted to € 18,146,007.00 and was divided into
18,146,007 common registered shares with a nominal value of 1.00 euro each.
The total shares are listed and traded freely on the Athens Exchange.
Each Company share incorporates all the rights and obligations stipulated by Law and the Company’s
Memorandum of Association, which however does not include provisions that limit those provided by the
Law.
Ownership of a share implies ipso jure acceptance by the owner of such of the Company’s Memorandum
of Association and the legal decisions made by the General Meeting of shareholders.
The responsibility of shareholders is limited to the nominal value of shares owned. Shareholders
participate in the Company’s Management and earnings according to the Law and provisions of the
Memorandum of Association. The rights and obligations that emanate from each share follow such to any
universal or special beneficiary of the shareholders.
Shareholders exercise their rights in relation to the Company’s Management only through the General
Meetings. Shareholders have a pre-emptive right to each future increase of the Company’s Share Capital,
according to their participation in the existing share capital, as stipulated by the provisions of law
4548/2018.
Lenders of shareholders and their beneficiaries cannot in any case cause confiscation or sealing of any
asset or the books of the Company, nor can they request the sale or liquidation of the Company, or be
involved in any way in the Company’s Management or administration.
All shareholders, regardless of where such reside, are considered to have the Company’s domicile as
their legal residence and are subject to Greek Law. All cases which according to the provisions of Law
4548/2018 are subject to court, as well as any other dispute arising from the partnership between
shareholders or between the shareholders and the company, are subject to mediation for resolution in
accordance with the Mediation Regulation of the European Organization for Mediation and Arbitration
(EODID). In the event that the dispute is not resolved entirely or partially via mediation within thirty days
from the start of the mediation phase, the dispute or the unresolved part is being resolved exclusively by
the single-member court of first instance of the Company's domicile. Any difference between the Company
on the one hand and any third party on the other, is subject to the exclusive jurisdiction of ordinary courts,
while the Company can be prosecuted only before courts of its domicile.
Each share provides one voting right. Co-owners of a share, in order to exercise their voting right, must
submit to the Company in written one joint representative for the share, which will represent them in the
General Meeting, while the exercise of their right is postponed until such a representative is assigned.
Each shareholder is entitled to participate in the General Meeting of the Company’s shareholders, either
in person or through a representative. All shareholders have the right to participate and vote in the
General Meeting. The exercise of such rights does not require the blockage of the beneficiary’s shares
nor any other corresponding procedure, which limits the ability to sell and transfer shares during the period
from the record date of beneficiaries and the date of the General Meeting. The individual or entity which
has the capacity of shareholder at the beginning of the fifth (5
th
) day prior to the initial General Meeting
date (record date) is entitled to participate in the General Meeting (first and repetitive meeting). The above
record date is valid even in the case of a previously postponed or repetitive meeting provided that this
previously postponed or repetitive meeting takes place no later than thirty (30) days from the record date.
If such a condition does not occur or if, for the case of the repetitive general meeting, there is release of
a new invitation according to the provisions of article 130, Law 4548/2018, then the individual or entity
which has the capacity of shareholder at the beginning of the third (3
rd
) day prior to the previously
postponed or repetitive general meeting date is entitled to participate in this general meeting.
Shareholder of the company is considered to be the person registered in the central securities depository
registry or in the respective registry of the Securities Exchange or the person identified as shareholder
through intermediaries, as the case may be.
Annual Financial Report of 31.12.2025
27
Only those who carry the shareholder capacity during the record date are considered from the Company
to have the right to participate and vote in the General Meeting.
The General Meeting of shareholders is also held by teleconference. The teleconference takes place
online using a computer via a secure teleconferencing application and / or by telephone. In any case, the
method to be followed will be notified to the shareholders by the relevant invitation.
The invitation must include a reference to the stated manner of conducting the teleconference and the
Company must take sufficient measures to comply with the conditions set forth in article 125, par. 1 of
Law 4548/2018.
There is also provision of participating in the voting procedure by distance, by mail or by electronic means,
held before the time of the General Meeting. The items of the agenda and the ballot papers can be
available and their completion can be done electronically via internet or in printed form at the Company's
headquarters. Shareholders who vote by mail or electronic means are counted for the formation of the
quorum and the majority, provided that the relevant votes have been received by the Company no later
than twenty-four (24) hours before the start of the General Meeting.
From the date the invitation to convene the General Meeting is released and until the General Meeting
date, at least the following information is posted on the Company’s website:
• The invitation to convene the General Meeting.
• The total number of shares outstanding and voting rights during the date of the invitation, including
subtotals per category of shares, if the Company’s share capital is allocated into more than one share
category.
• The documents to be submitted to the General Meeting.
• The draft resolution on each issue on the daily agenda that is proposed or, if no decision is proposed
for approval, then a commentary by the Board of Directors on each issue of the agenda and possible
draft resolution proposed by shareholders, immediately following the receipt of such by the Company.
• The documents that must be used to exercise voting rights via a delegate or proxy, or by mail or with
electronic means, unless such documents are sent directly to each shareholder.
The method, location as well as payment date of dividends are announced by the Company through the
Press, as defined by Law 3556/2007 and the relevant decisions issued by the Hellenic Capital Market
Commission. The right to receive dividend is cancelled in favor of the Greek State after five (5) years from
the end of the year during which the General Meeting approved its distribution.
b) Limits on transfer of Company shares
There are no limitations on the transfer of Company shares.
c) Significant direct or indirect holdings according to the definition of L. 3556/2007
The following table presents the Company’s shareholders with significant holdings of its share capital,
according to data from the annual General Meeting of 26/06/2025 and the most recently published data:
SHAREHOLDER
TOTAL NUMBER OF
SHARES 18,146,007
PERCENTAGE OF
SHARE CAPITAL
Athanasios Kalpinis
3,104,250
17.11%
Elvira Kalpini
2,070,500
11.41%
Panagiotis Sarmas
1,448,350
7.98%
Nikolaos Simos
1,350,000
7.44%
Dominiki Natalia Simou
1,350,000
7.44%
Kamelia Holdings S.M.S.A.
1,144,703
6.31%
Kalysta Holdings S.M.S.A.
1,144,702
6.31%
Panagiotis Simos - Kaldis
683,687
3.77%
Annual Financial Report of 31.12.2025
28
Mr. Panagiotis Simos, in addition to his participation in the company (percentage of 3.77%), retains the
status of usufructuary and the voting rights for an additional 900,000 shares (percentage of 4.96%) after
the transfer on 08/02/2024 of the bare ownership of 450,000 shares to Mr. Nikolaos Simos and of 450,000
shares to Ms. Dominiki Natalia Simou.
d) Shares providing special control rights
There are not such shares.
e) Limitations on voting rights
There are no limitations on voting rights.
f) Agreements among Company shareholders
The Company is not aware of any agreements among shareholders entailing limitations on the transfer
of shares or limitations on voting rights.
g) Rules for the appointment and replacement of members of the Board of Directors and the
amendment of the Memorandum of Association
There are no relevant rules that other than those stated by Law 4548/2018.
h) Responsibility of the Board of Directors or its members a) for the issue of new shares or b) the
acquisition of treasury shares
a) According to article 24, paragraph 1b of L. 4548/2018, the Board of Directors has the right, following a
relevant decision by the General Shareholder’s Meeting that is subject to the disclosure requirements of
L. 4548/2018, to increase the Company’s share capital with the issue of new shares, through a decision
by the Board of Directors that is made with a majority of at least 2/3 of its total members. In this case, the
Company’s share capital may be increased up to three times the share capital amount paid up on the
date when the Board of Directors was granted such power by the General Meeting. This power of the
Board of Directors has a 5-year effect and may be renewed. There is currently no such decision in effect.
According to article 113 of L. 4548/2018, by means of a decision by the General Meeting, a stock option
plan can be issued to members of the Board of Directors and to staff, with the form of stock options
according to the specific terms of such a decision. The General Meeting decision defines the maximum
number of shares that may be issued, which according to law cannot exceed 1/10 of existing shares. Also,
the price and sale terms towards beneficiaries are set as well as the maximum number of shares that can
be acquired if beneficiaries exercise their rights.
The Board of Directors, by means of a relevant decision, defines any other relevant detail not provided
for by the General Meeting. There is currently no such decision in effect.
b) According to article 49 of L. 4548/2018, the Board of Directors may convene a General Meeting of
shareholders, with the objective to decide on the purchase of treasury shares. In case of any relevant
decision approved, the General Meeting will define the terms and conditions of the stock repurchases in
accordance with the legislation in effect.
i) Important agreements which are put into effect, amended or terminated in case of a change in
the Company’s control following a public offer
There are no such agreements.
j) Agreements with members of the Board of Directors or employees of the Company
There are no agreements made between the Company and members of its Board of Directors or its
employees, which define the payment of indemnity in the case of resignation or dismissal without
reasonable cause or termination of their period of office or employment due to a public offer.
Annual Financial Report of 31.12.2025
29
CORPORATE GOVERNANCE
Introduction
The Board of Directors of the Company declares that the Company has adopted and fully complies with
the existing legal framework on corporate governance as in force in Greece and in particular with the
provisions of articles 1 to 24 of Law 4706/2020, Law 4548/2018, the provisions of article 44 of Law
4449/2017 (Audit Committee) as amended by article 74 of Law 4706/2020 and is valid, in combination
with the relevant decisions, circulars and guidelines of the Hellenic Capital Market Commission.
In this context, the Company, with the decision of the Board of Directors of July 16, 2021, approved the
Operating Regulation which was drafted in accordance with the provisions of article 14 of Law 4706/2020.
The Company's Operating Regulation includes, among other things, the organizational structure of the
Company, the objectives of the Company's units and committees, the characteristics of the Company's
Internal Control System (ICS) as well as the procedures and policies adopted and implemented by the
Company. A summary of the Company's Operating Regulation has been published on the Company's
website www.elastron.gr , in accordance with article 14, par. 2, section b’ of Law 4706/2020.
In addition, the Company with the decision of its Board of Directors of July 16, 2021, has adopted and
implements the new Greek Code of Corporate Governance, issued in June 2021 (GCCG), which has
been prepared by the Hellenic Corporate Governance Council (ESED) which is a recognized body
according to article 17 of Law 4706/2020 and no. 916/7.6.2021 decision of the Board of Directors of the
Hellenic Capital Market Commission (hereinafter referred to as the "Code").
The Code is posted on the website of Hellenic Corporate Governance Council (ESED)
https://www.esed.org.gr/web/guest/code-listed, as well as on the website of the Company
www.elastron.gr .
The deviations of the Company in relation to the special practices provided in the Code, are listed in the
table below:
Deviations from the Greek Code of Corporate Governance
Provision in the Greek
Code of Corporate
Governance
Explanation / Justification of deviation from the special practices of the
Greek Code of Corporate Governance
Special Practice 2.2.21 and
2.2.22
✓ The Board of Directors has not appointed one of its independent non-
executive members as an independent non-executive Vice-Chairman, as this
special practice presupposes that the Chairman of the Board is a non-
executive member.
✓ The Board of Directors, pursuant to the provision of article 8, par. 2 of Law
4706/2020 has appointed as its Chairman one of the executive members of
the Board of Directors and according to this provision the appointment of a
Vice Chairman from the non-executive members is required. In this context,
the Board of Directors has appointed a Vice-Chairman from among the non-
executive members of the Board of Directors.
✓ The Chairman, in cases of absence or any other hindrance, is being replaced
in full extent in terms of responsibilities, in accordance with the law and the
Articles of Association, by the Vice-Chairman and when the latter is absent or
disabled to participate for any reason, by the director appointed by decision of
the Board of Directors. Regarding the specific exercise of the Chairman’s
executive duties, the Chairman when hindered, due to the capacity of Vice
Chairman being a Non-Executive Member, is being replaced by the CEO of
the Company.
✓ With the above option, the Company considers that the efficient and effective
operation of the Board of Directors has been ensured. After the end of the term
of the current Board of Directors, the Company will review whether it is
appropriate and under what conditions it is possible to comply with the above
Special Practice.
Special Practice 2.2.15
✓ Apart from the members of the Board of Directors for the selection of whom
the Company applies the criteria provided in the Suitability Policy of the
Members of the Board of Directors, there are no defined diversity criteria with
specific representation objectives by gender and specific timetables for
achieving such objectives, when it comes to the selection of senior executives
of the Company.
Annual Financial Report of 31.12.2025
30
✓ The Company has set as a long-term goal to increase the participation of
women in the managerial positions within the Company. However, the
Company already maintains long-term and beneficial cooperation with the
existing executives, a fact that has been further solidified by its successful
course for many years. The appointment of Senior Managers is based on
meritocracy, and candidates are evaluated based on objective criteria in order
to safeguard the Company’s assets, plan the appropriate development
strategy and increase the value of the Company.
✓ Therefore, the Company estimates that additional time will be required to
enable the establishment and implementation of diversity criteria for senior and
high ranking management, taking into account the nature of the Company's
activity. However, it is estimated that there is no risk of such a deviation for as
long as it exists.
Evaluation of Internal Control System
The provisions of section 1 of paragraph 3 and paragraph 4 of article 14 of Law 4706/2020 and the
decision 1/891/30.09.2020 of the Board of Directors of the Hellenic Capital Market Commission, as
applicable, define the procedure for carrying out periodic evaluation of the Company's Internal Control
System by an Independent Evaluator, as well as the drafting of an Internal Control System Evaluation
Report.
The Evaluation (Assessment) Report on the Adequacy and Effectiveness of the Internal Control System
(Summary) was issued on 27
th
March 2026 following the above evaluation that was performed on 31
st
December 2025.
In addition, it is noted that according to paragraph 1 of article 4 of Law 4706/2020 "the Board of Directors
defines and supervises the implementation of the corporate governance system of provisions 1 to 24,
monitors and evaluates periodically every three (3) financial years at least the implementation and its
effectiveness, taking appropriate actions to address deficiencies."
Based on the above and given that the evaluation of the Corporate Governance System is carried out
periodically every three (3) financial years at least, the second evaluation was completed on 27 March
2026, with a reporting period of 31/12/2025.
Results of the Corporate Governance System assessment process
The Board of Directors, within the framework of its obligations arising from paragraph 1 of article 4 of Law
4706/2020, assessed the implementation and effectiveness of the Company's Corporate Governance
System, with reporting date December 31, 2024. No material weaknesses emerged from this assessment.
In the context of this procedure, the Board of Directors assigned, among others, the firm "CHARTERED
ACCOUNTANTS ASSOCIATES SA", with the distinctive title "SOL SA" or "SOL Crowe" the assessment
of the adequacy and effectiveness of the Corporate Governance System. The assessment was carried out
in accordance with the assurance procedures plan set out in decision Ι’ 73/08b/14.02.2024 of the
Supervisory Board of the Hellenic Institute of Certified Public Accountants, based on the International
Standard on Assurance Engagements 3000 (Revised), "Assurance Engagements Other than an Audit or
Review of Historical Financial Information". The work of the Certified Public Accountants did not reveal any
material weaknesses in the Company's Corporate Governance System.
This result confirms that the Company continuously complies with the applicable legislative and regulatory
framework governing the Corporate Governance System, ensuring its lawful and orderly operation, with
the aim of its sustainable strategic development.
Internal Control Unit
The Company has an Internal Control Unit, hereinafter "ICU", which constitutes an independent, objective
and consulting function, designed to add value and improve its business operations. This Unit supports
the Company in achieving its goals, offering at the same time a systematic approach to assessing and
improving the effectiveness of risk management, internal control systems and corporate governance.
Annual Financial Report of 31.12.2025
31
The Internal Control Unit is governed by an operating regulation which was approved in accordance with
the meeting of the Company’s Board of Directors on July 16, 2021 and is posted on the Company's
website www.elastron.gr .
The Internal Control Unit of the Company constitutes an independent organizational unit within the
Company according to article 15 of Law 4706/2020.
Purpose
The purpose of the ICU is the monitoring and improvement of the Company's operations and policies
regarding its Internal Control System, the control of the consistent implementation of legislation, the
observance of the Company's Articles of Association along with all its policies and procedures.
Head of the Internal Control Unit
The head of ICU has been appointed by the Board of Directors of the Company, following a proposal of
the Audit Committee and meets the following criteria:
i. is an exclusive and full-time employee,
ii. is personally and functionally independent,
iii. is objective in the performance of his/her duties,
iv. possesses the appropriate knowledge and relevant professional experience,
v. reports administratively to the Chief Executive Officer and operationally to the Audit Committee,
vi. cannot be member of the Board of Directors or member with the right to vote in standing committees
of the Company, and
vii. cannot have close relations with anyone who holds one of the above capacities in the Company or
in a company of the Group.
The Company informs the Hellenic Capital Market Commission of any change of the head of the ICU,
submitting the minutes of the relevant meeting of the Board of Directors, within a period of twenty (20)
days from any particular alteration.
The head of ICU provides in writing any information requested by the Hellenic Capital Market Commission,
cooperates with the authorities and facilitates the latter in every possible way along their task of
monitoring, controlling and supervising the ICU.
The head of the ICU attends the General Meetings of shareholders.
For the exercise of the duties of the ICU, its head has access to any organizational unit of the Company
and becomes aware of any element required for the exercise of the respective tasks and duties.
The head of ICU submits to the Audit Committee an annual control plan and the requirements of the
necessary resources, as well as the repercussions deriving from limiting the resources or the audit work
of the ICU in general. The annual control plan is prepared based on the risk assessment of the Company,
after taking into account the opinion of the Audit Committee.
Responsibilities and obligations of the Internal Control Unit
The responsibilities and obligations of the ICU are presented below:
a. The implementation of the operating regulation and the Internal Control System, in particular with
respect to the adequacy and validity of the provided financial and non-financial information, risk
management, regulatory compliance and the corporate governance code adopted by the Company,
b. The implementation of quality assurance mechanisms,
c. The implementation of the corporate governance mechanism, and
d. Compliance with the commitments contained in newsletters and business plans of the Company
regarding the use of funds raised from the regulated market.
e. Preparation of reports to the audited units with findings, the risks arising and suggestions for
improvement, if any.
f. Attendance of the meetings of the Audit Committee, performance of secretary duties and preparation
of the minutes of the meetings of the Audit Committee.
g. Attending the general meetings of the Company’s shareholders.
Annual Financial Report of 31.12.2025
32
h. Providing an effective contribution in shaping and monitoring the implementation of the Suitability
Policy of the members of the Board of Directors (circular 60, section III, par. 4 of the Hellenic Capital
Market Commission).
i. Carries out an audit of the legality of the remuneration and all kinds of benefits granted to the
members of the Management regarding the decisions of the competent bodies of the Company (article
4, paragraph 3c’, circular EU 5/204/14.11.2000).
j. Carries out an audit of the Shareholders Service and Corporate Announcements Department
(articles 5 & 6 of the circular 5/204/14.11.2000 of the Hellenic Capital Market Commission).
k. Audits the Company's transactions with affiliated companies as well as the Company's relations with
the companies in the capital of which the members of the Company's Board of Directors or its
Shareholders participate via a percentage of at least 10% (articles 4, paragraph 3d’ of the circular
5/204/14.11.2000 of the Hellenic Capital Market Commission).
l. The reports of ICU after incorporating the relevant views of the audited entities, the agreed actions,
if any, or the acceptance of the risk of taking no action, the limitations on its scope of control, if any,
the final internal audit proposals and the results from the respective response of the audited units of
the Company to its proposals, are submitted quarterly to the audit committee.
m. ICU submits every three (3) months to the audit committee reports, which include its most important
findings and proposals and which in turn the Audit Committee presents and submits along with its
comments to the Board of Directors (article 16, paragraph 1c’ of Law 4706/2020).
Information of article 10, par. 1, items c), d), f), h), i) of EU directive 2004/25/EC
c) The significant direct or indirect holdings of the Company are the following:
• NORTHERN GREECE METAL PRODUCTS S.A. (subsidiary). The Company participates by 100%.
• BALKAN IRON GROUP SRL (joint venture). The Company participates by 33.33%.
• PHOTOANAPTYXI SA (subsidiary). The Company participates by 98.64%
• PHOTOENERGIA SA (subsidiary). The Company participates by 97.50%
• ILIOSKOPIO SA (subsidiary). The Company participates by 97.50%
• PHOTOKYPSELI SA (subsidiary). The Company participates by 97.50%
• PHOTOISHIS MEPE (subsidiary). The Company participates by 100.00%
• ELASTRON LOGISTICS SINGLE PERSON IKE (subsidiary). The Company participates with
100.00%.
• THRACE GREENHOUSES SA (joint venture). The Company participates by 49.09%
Moreover, according to article 4 par. 7 of L. 3556/2007 the direct or indirect participations in the
Company’s share capital (number of shares at 18,146,007 according to the decision of 26.06.2025 by the
Ordinary General Meeting of shareholders) are the following:
• Athanasios Kalpinis with 3,104,250 shares (17.11% - direct participation)
• Elvira Kalpini with 2,070,500 shares (11.41% - direct participation)
• Sarmas Panagiotis with 1,448,350 shares (7.98% - direct participation)
• Nikolaos Simos with 1,350,000 shares (7.44% - direct participation)
• Dominiki Natalia Simou with 1,350,000 shares (7.44% - direct participation)
• Kamelia Holdings S.P.S.A. with 1,144,703 shares (6.31% - direct participation)
• Kalysta Holdings S.P.S.A. with 1,144,702 shares (6.31% - direct participation)
• Panagiotis Simos-Kaldis with 683,687 shares (3.77% - direct participation)
Mr. Panagiotis Simos, in addition to his participation in the company (percentage of 3.77%), retains the
status of usufructuary and the voting rights for an additional 900,000 shares (percentage of 4.96%) after
the transfer on 08/02/2024 of the bare ownership of 450,000 shares to Mr. Nikolaos Simos and of 450,000
shares to Ms. Dominiki Natalia Simou.
There are no significant indirect participations.
d) There are no securities and therefore owners that provide special control rights.
Annual Financial Report of 31.12.2025
33
e) There are no limitations on voting rights or systems through which with the cooperation of the Company,
financial rights emanating from securities are distinguished from the ownership of the securities. The time-
frames for exercise of voting rights are mentioned in detail in the section “Shareholders’ rights and their
exercise”.
f) The rules for appointment and replacement of Board members are those mentioned in L. 4548/2018
and are described in detail in the following section.
g) There are no authorities of Board members regarding the ability to issue of buy back shares.
General Meeting of Shareholders
The General Meeting of shareholders is the highest-level body of the Company and is entitled to decide
on any affair related to the Company. Its legal decision also binds shareholders that are not present or
who disagree. The General Meeting is the only one responsible to also decide on issues of article 117 of
L. 4548/2018.
The General Meeting of shareholders of the Company is convened by the Board of Directors and meets
regularly at least once each financial year and always until the 10
th
day of the 9
th
month, at the latest, from
the end of each financial year and as an Extraordinary meeting whenever deemed necessary by
Company’s needs. The Meeting takes place at the Company’s domicile or at any other location within the
Attica periphery.
The General Meeting of shareholders is also held by teleconference. The teleconference takes place
online using a computer via a secure teleconferencing application and / or by telephone. In any case, the
method to be followed will be notified to the shareholders by the relevant invitation. The invitation must
include a reference to the stated manner of conducting the teleconference and the Company must take
sufficient measures to comply with the conditions set forth in article 125, par. 1 of Law 4548/2018.
The Chairman of the Board temporarily acts a Chairman of the General Meeting, or if he is unavailable
his deputy or an individual appointed by such. Whoever is appointed by the temporary Chairman serves
as secretary temporarily.
After the list of shareholders’ that have a voting right in the meeting is approved, then the General Meeting
proceeds with electing the formal Chairman and formal secretary of the meeting. Shareholders with the
right to participate in the General Meeting may be represented in such by a proxy.
The General Meeting, with the exception of the repeated General Meetings and equivalent to the latter
meetings, is convened at least twenty (20) days prior to the general meeting date. The invitation includes
at least the location with the exact address, date and time of the meeting, the daily agenda issues clearly,
the shareholders that have the right to participate, as well as exact information on the manner in which
shareholders will be able to participate in the meeting and exercise their rights. Also the invitation includes
information provided by article 121, paragraph 4, Law 4548/2018. Apart from the release of invitation in
GEMI, the full text of the invitation is published in the Company’s website and is released in a manner
that ensures the immediate and without any discretion access to it, via means which according to the
judgment of the Board of Directors are deemed as reliable for the dissemination of the above information
towards to the investor community, such as via printed or electronic means of a national or Pan-European
range.
The General Meeting is at quorum and meets in a valid manner on the daily agenda issues when
shareholders that represent at least 1/5 of the paid up share capital are present or being represented at
the meeting. If this quorum is not achieved during the first meeting, then a repeated meeting is convened
in twenty (20) days from the day of the cancelled meeting, with a release of the invitation at least ten (10)
full days prior to the new meeting.
The repeated General Meeting is at quorum and meets validly on the issues of the initial daily agenda
regardless of the portion of the paid up share capital represented in such. Furthermore a new invitation is
not required if the initial invitation includes information about the place and the time of the repeated
meeting, under the condition that the time period between the cancelled meeting and the repeated
meeting is no shorter than five (5) days. The decisions of the General Meeting are made with absolute
majority of the votes represented in such.
Annual Financial Report of 31.12.2025
34
Exceptionally, the General Meeting is at quorum and meets validly on the issues of the daily agenda if
shareholders representing one half (1/2) of the paid up share capital are present or represented, when
referring to decisions defined in article 130, paragraph 3, Law 4548/2018.
If the quorum of the previous paragraph is not achieved during the first meeting, then the first repeated
General Meeting is convened according to paragraph 2 of the previous article, while the repeated meeting
is at quorum and meets validly on the issues of the initial daily agenda when shareholders representing
one fifth (1/5) of the paid up share capital are present or represented. Furthermore a new invitation is not
required if the initial invitation includes information about the place and the time of the repeated meeting,
under the condition that the time period between the cancelled meeting and the repeated meeting is no
shorter than five (5) days.
Shareholders’ rights and their exercise
Any shareholder has the right to participate and vote at the Company’s General Meeting. The exercise of
such rights does not require the blockage of the beneficiary’s shares or any other process, which limits
the ability to sell and transfer shares during the period between the record date of beneficiaries and the
date of the General Meeting. The individual or entity which has the capacity of shareholder at the
beginning of the fifth (5
th
) day prior to the initial General Meeting date (record date) is entitled to participate
in the General Meeting. The above record date is valid even in the case of a previously postponed or
repetitive meeting provided that this previously postponed or repetitive meeting takes place no later than
thirty (30) days from the record date. If such a condition does not occur or if, for the case of the repetitive
general meeting, there is release of a new invitation according to the provisions of article 130, Law
4548/2018, then the individual or entity which has the capacity of shareholder at the beginning of the third
(3
rd
) day prior to the previously postponed or repetitive general meeting date (record date) is entitled to
participate in this general meeting. Shareholder of the company is considered to be the person registered
in the central securities depository registry or in the market’s registry or the person identified as
shareholder through intermediaries, as the case may be, in accordance with article 124, paragraph 9 of
Law 4548/2018, as the paragraph was added by article 45 of Law 5113/2024.
Against the Company, only the individual or entity which has the capacity of shareholder at the particular
record date (article 121, paragraph 4b’ of Law 4548/2018) is entitled to participate in the General Meeting
and vote on the daily agenda’s items.
The shareholder participates in the General Meeting and votes either in person or through a proxy. Proxies
that act on behalf of more than one shareholders may vote separately for each shareholder. Shareholders
may appoint a proxy either for one or for as many meetings that may take place within a defined time
period. Legal entities participate in the General Meeting through their representatives. The shareholder
proxy is obliged to disclose to the Company, prior to the beginning of the General Meeting, any specific
event that may be useful to shareholders in assessing the risk of the proxy serving other interests than
those of the represented shareholder. According to the definition of the present paragraph, there might
be conflict of interests specifically when the proxy:
a) is a shareholder that exercises control on the Company or is another legal entity controlled by the
shareholder,
b) is a member of the Board of Directors or generally the management of the Company or of a shareholder
that exercises control on the Company, or another legal entity that is controlled by a shareholder who
exercises control on the Company,
c) is an employee or certified public accountant of the Company or shareholder that exercises control on
the Company, or another legal entity controlled by the shareholder who exercises control on the Company,
d) is a spouse or first degree relative with one of the persons mentioned above in cases (a) through (c).
The appointment and revocation or replacement of a proxy or the shareholder’s delegate is applied in
written or through electronic mail and disclosed to the Company at least forty eight (48) hours prior to the
date of the General Meeting.
Ten (10) days prior to the Ordinary General Meeting, the Company releases the annual financial
statements and reports by the Board of Directors and auditor on its website.
Annual Financial Report of 31.12.2025
35
With the request of shareholders that represent one twentieth (1/20) of the paid up share capital, the
Board of Directors of the Company is obliged to convene an Extraordinary General Meeting of
shareholders, setting the date of such, which cannot be more than forty five (45) days from the day the
request was delivered to the Chairman of the Board of Directors. If a General Meeting is not convened by
the Board of Directors within twenty (20) days from the delivery of the relevant request, then the meeting
takes place by the requesting shareholders, at the expense of the Company, by means of a decision by
the court, which is issued during the injunction process. This decision states the place and time of the
meeting, as well as the daily agenda.
With the request of shareholders that represent one twentieth (1/20) of the paid up share capital, the
Board of Directors of the Company is obliged to list additional issues on the daily agenda of the General
Meeting that has already been set, if the relevant request is received by the Board at least fifteen (15)
days prior to the General Meeting. This request must be accompanied by a justification or by a draft
resolution to be approved by the General Meeting and the revised daily agenda is published thirteen (13)
days prior to the date of the General Meeting and at the same time provided to shareholders electronically
on the Company’s website, together with the justification or draft resolution submitted by the shareholders,
according to those stated in article 123 par. 4 of L. 4548/2018.
The Board of Directors provides shareholders, according to those stated by article 123, paragraph 3 of
Law 4548/2018, at least six (6) days prior to the date of the General Meeting, access to the draft
resolutions submitted by shareholders representing one twentieth (1/20) of the paid up share capital, on
issues that have been included in the initial or revised daily agenda, if the relevant request is received by
the Board of Directors at least seven (7) days prior to the date of the General Meeting.
The Board of Directors is not obliged to enlist the issues on the daily agenda or publish or disclose such
together with the justification and draft resolutions submitted by shareholders according to the above
paragraphs, if the content of such is apparently against the law or moral ethics.
With the request of shareholders that represent one twentieth (1/20) of the paid up share capital, the
Chairman of the General Meeting is obliged to postpone the decision making process only once, for all or
specific issues, by General Meeting, defining the day when the meeting will re-convene for decision
making that is stated on the shareholders’ request, which however cannot be more than twenty (20) days
from the day of the postponement. The General Meeting that follows the postponement is considered a
continuance of the previous and thus the disclosure requirements of the shareholders’ invitation are not
repeated and new shareholders cannot take part in the Meeting, according to the provisions of articles
124 paragraph 6 of L. 4548/2018.
Following a request of any shareholder that is submitted to the Company at least five (5) full days prior to
the General Meeting, the Board of Directors is obliged to provide to the General Meeting the specifically
required information on the Company’s affairs, to the extent that such are relevant to the daily agenda
issues.
The Board of Directors may respond collectively to shareholders’ requests that include the same content.
There is no obligation to provide information when the relevant information is available on the Company’s
website, especially in the form of questions and answers. Also, with the request of shareholders that
represent one twentieth (1/20) of the paid up share capital, the Board of Directors is obliged to announce
to the Ordinary General Meeting the amounts paid during the past two-years for any cause by the
Company to Board Members or Managers or other employees, as well as any other benefits paid towards
such individuals for any cause or for any contract of between the Company and such. In all the above
cases, The Board of Directors may decline the provision of such information for reasonable cause, stating
the relevant justification in the minutes. Such a cause may consist according to the circumstances the
representation of requesting shareholders in the Board of Directors, according to articles 79 or 80 of L.
4548/2018, provided that the respective Board members have received the relevant information in an
adequate manner.
Following a request by shareholders that represent one tenth (1/10) of the paid up share capital, which is
submitted to the Company within the time limit of the previous paragraph, the Board of Directors is obliged
to provide to the General Meeting information on the development of corporate affairs and the financial
position of the Company.
Annual Financial Report of 31.12.2025
36
Following a request by shareholders that represent one twentieth (1/20) of the paid of share capital, the
voting process concerning any issue of the daily agenda is conducted by open voting.
Company Shareholders, that represent at least one twentieth (1/20) of the paid up share capital, have the
right to request an audit of the Company by the Court. The audit is ordered if actions that violate the
provisions of law or the Articles of Association of the Company or decisions by the General Meeting, are
assumed. In any case, the audit request must be submitted within three (3) years from the approval of the
financial statements of the year when the alleged actions took place.
Company Shareholders, that represent one fifth (1/5) of the paid up share capital, have the right to request
audit of the Company by the relevant court, given that the overall developments of corporate affairs as
well as certain evidence indicate in a plausible manner that Management of corporate affairs is not
conducted as according to proper and prudent management. The Articles of Association may define the
reduction, but not more than half, of the percentage of the paid up share capital required to exercise the
right of the present paragraph.
Board of Directors
The Board of Directors consists of 3 to 15 members. The exact number of members is defined by the
General Meeting. The term of the members of Board of Directors is three-years (without excluding their
re-election) and is extended automatically until the end of the term, during which the immediately next
Ordinary General Meeting must convene and until the relevant decision is taken, which however cannot
exceed four years. Following its election, the Board of Directors convenes and is formed into a body by
electing the Chairman, one or two Vice- Chairmen and one or two Chief Executive Officers of the
Company.
The Chairman is substituted, when absent or unable, for all his responsibilities by the A’ Vice-Chairman
and the latter is substituted, when absent or unable, by a member that is appointed as such by a Board
of Directors decision. Regarding the exercise of his/her executive duties, the Chairman of the Board in
cases of absence or any hindrance, due to the capacity of Vice Chairman being a Non-Executive Member,
is replaced by the Chief Executive Officer (CEO) of the Company. Finally, the Chief Executive Officer,
when absent or hindered, is being replaced for the full extent of responsibilities by the General Manager
of the Company.
In case of resignation, death or in any other way loss of the capacity of Board member or members, the
remaining Board members may continue the management and representation of the Company without
replacing the members absent, with the condition that the number of the remaining members is at least
three (3) and is over half of total members, as such were numbered before the realization of the above
events.
The remaining members of the Board of Directors, given that such are at least three (3), may elect
members in replacement of those resigned, deceased or who lost their member capacity in any other
way. The above election is effective for the remaining period of the term of the member that is replaced,
while the decision of the election is submitted to the disclosure requirements and is announced by the
Board of Directors at the immediately forthcoming General Meeting, which can replace the elected
members, even if the issue has not been listed on the daily agenda. In any case, the remaining Board
members, regardless of their number, may convene a General Meeting with the exclusive objective of
electing a new Board of Directors.
Duties of the Members of the Board of Directors
Chairman
The Chairman of the Board is a non-executive member. In case the Board of Directors, by way of
derogation, appoints one of the executive members of the Board of Directors as Chairman, then it
obligatorily appoints a vice-chairman from among the non-executive members.
Annual Financial Report of 31.12.2025
37
The role of the Chairman lies in the organization and coordination of the entire work of the Board of
Directors. The Chairman presides over the Board of Directors and is responsible for the overall efficient
and effective operation and organization of its meetings. At the same time, it promotes a culture of open-
mindedness and constructive dialogue in the conduct of its work, facilitates and promotes the
establishment of good and constructive relations between the members of the Board of Directors and the
effective contribution of all non-executive members to the work of the Board of Directors, by ensuring the
provision of a timely, complete and correct information towards its members.
The Chairman ensures that the Board of Directors as a whole has a satisfactory understanding of the
views of the shareholders. The Chairman of the Board of Directors ensures the effective communication
with the shareholders with the objective of preserving the fair and equal treatment of their interests and
the development of a constructive dialogue with them, in order to better and fully understand their
positions.
The Chairman cooperates closely with the Chief Executive Officer and the Corporate Secretary for the
preparation of the Board of Directors and the provision of full information to its members.
Regarding the exercise of his/her executive duties, the Chairman of the Board in cases of absence or any
hindrance, due to the capacity of Vice Chairman being a Non-Executive Member, is replaced by the Chief
Executive Officer (CEO) of the Company.
Non-Executive Vice Chairman of the Board of Directors
The non-executive Vice Chairman of the Board of Directors is responsible, in addition to the statutory
responsibilities, for the coordination and effective communication of the executive and non-executive
members of the Board of Directors. In this context, it may convene a special meeting of the executive and
non-executive members every quarter, in order for all members to be informed about the work of the
Company and current affairs.
In addition, the non-executive Vice Chairman presides over the evaluation of the Chairman of the Board
of Directors, which is conducted by the members of the Board of Directors, as well as the meetings of the
non-executive members of the Board of Directors for the evaluation of its executive members. Finally, the
non-executive Vice Chairman is obliged to be available and to attend the General Meetings of the
Company's Shareholders, in order to inform and discuss the issues of Corporate Governance of the
Company, when and if they arise.
Chief Executive Officer (CEO)
The CEO draws up the corporate strategy, the corporate identity and the long-term investment plan of the
Company, monitors and controls the implementation of the strategic goals of the Company and the daily
management of its affairs and draws up the guidelines to the Company's executives who are reporting to
the CEO and also being supervised and guided by the latter. The CEO also supervises and ensures the
smooth, orderly and effective operation of the Company, in accordance with the strategic objectives,
business plans, policies adopted and the respective action plan, as determined by decisions of the Board
of Directors. The Chief Executive Officer also supervises the communication strategy of the Company,
represents the Company in its communication and relations with the external investors and financial
institutions at the highest level and is responsible for the Company's Directorates related to the strategic
development as well as the general regulatory and financial affairs of the Company.
The CEO, as an indication, draws up the annual business plan of the Company and the annual budget,
which are then submitted to the Board of Directors of the Company for approval. The CEO prepares, in
collaboration with the Executive Chairman and the Board of Directors, the organizational structure of the
Company, its strategic goals and objectives and supervises and ensures their full implementation. The
CEO guides the Company towards the achievement of the corporate goals and objectives, informs the
Board of Directors about all the essential issues that mainly relate to the strategic goals, the business
activity of the Company as well as its overall performance and promotion. Ensures the full compliance of
the Company's operations with the current legal and regulatory framework, evaluates the risks and
ensures that they are effectively controlled, supervised, addressed and ultimately streamlined and
minimized, strengthens, advises, inspires and guides the Company’s executives so they demonstrate
maximum efficiency, effectiveness and integrity in order to achieve the respective corporate goals.
Annual Financial Report of 31.12.2025
38
The CEO represents the Company and actively and continuously supports the Executive Chairman, in
order for the latter to develop and achieve profitable business agreements, which will maximize the
economic value of the Company.
The CEO participates and reports to the Board of Directors of the Company and implements its strategic
choices and important decisions. The CEO is also responsible for the overall operation, development and
performance of the Company.
General Manager
The Board of Directors may appoint a General Manager, either from the Members of the Board or outside
the Board, who may attend the meetings of the Board without the right to vote, following permission of the
Board of Directors.
The General Manager is considered to be a permanent representative of the Board of Directors and
performs every service of the Company, ensures the execution of agreements and contracts approved by
the Board, ensures the execution of any other decisions of the Board, and also makes every regular
collection and payment. In order for the General Manager to have the power to represent the Company,
when he/she is not an executive member of the Board of Directors, this should be explicitly defined during
the formation of the Board of Directors into a body and during the allocation of the relevant responsibilities.
Moreover, the General Manager carries out any necessary management act in accordance with the
respective decisions of the Board, makes upon approval of the Board of Directors the required each time
appointments and dismissals of personnel, except for the persons who are administrators of the
Company, who are appointed and dismissed by the Board. The General Manager exercises all types of
control and makes proposals to the Board regarding all affairs of the Company.
Meetings of the Board of Directors
The Board of Directors meets at the Company's headquarters whenever the needs of the Company
require so, at the invitation of its Chairman. The meeting can be held by teleconference with some or all
of its members, subject to the applicable legal conditions.
During the year 2025, the Board of Directors of the Company met twenty two (22) times. The frequency
of members' participation in the meetings of the Board of Directors is presented in the following table:
From 01/01/2025 to 31/12/2025
No.
Full name of
Member of the Board
Capacity of
Member of the Board
Participation in the meetings of
the Board of Directors
1
Panagiotis Simos - Kaldis
Chairman - Executive Member
22/22
2
Athanasios Kalpinis
Chief Executive Officer -
Executive Member
22/22
3
Elvira Kalpini
Vice Chairman - Non-Executive
Member
22/22
4
Irene Simou - Kaldi
Non-Executive Member (until
26.06.2025)
9/22
5
Domniki – Natalia Simou – Kaldi
Non-Executive Member (since
26/06/2025)
13/22
6
Andreas Kalpinis
Executive Member
22/22
7
Anastasios Binioris
Executive Member
22/22
8
Vasileios Manesis
Executive Member
22/22
9
Smaragdi Athanasakou
Independent Non-Executive
Member
22/22
10
Nikolaos Georgiadis
Independent Non-Executive
Member
22/22
11
Zisimos Daniel Mantas
Independent Non-Executive
Member
22/22
12
Eleni Gianniri
Independent Non-Executive
Member
22/22
Annual Financial Report of 31.12.2025
39
Notes:
1. The denominator of the fraction in the above tables, refers to the total number of meetings of the
Board of Directors held within the year 2025.
2. Ms. Irini Simou – Kaldi participated in all meetings of the Board of Directors until June 26, 2025 (9),
the date on which the new Board of Directors was formed.
3. Ms. Domniki – Natalia Simou – Kaldi participated in all meetings of the Board of Directors from June
26, 2025 onwards (13), the date on which the new Board of Directors was formed.
The Board of Directors is at quorum and convenes validly, when half plus one member are present or
represented at the meeting, however the total number of members present cannot be less than three (3).
To establish quorum possible fractions are omitted. A member that is absent may be represented by
another member. Each member can represent only one member absent. The decisions by the Board of
Directors are made validly with absolute majority of the present and represented members, excluding the
case of article 5 par. 2 of the Company’s Articles of Association, but also the cases when stated otherwise
by law.
The signatures of Board members or their representatives may be replaced by the exchange of messages
by e-mail or other electronic means.
The members of the Company’s Board of Directors that participate in any way in the management of the
Company, as well as its managers, are not permitted to act without the permission of the General Meeting
on their own behalf or on behalf of third parties, on actions that are subject to one of the objectives aimed
by the Company and to participate as general partners or single partners or shareholders in companies
that aim at such objectives.
Exceptionally, the Company’s Board members that participate in any way in the management of the
Company, as well as its managers are permitted to participate in the board of directors and management
of companies that are related to the Company, according to the provisions of law. In case of violation of
the above limitation, the provisions of par. 2 and 3 of article 98 of L. 4548/2018, as currently in effect,
apply.
Information about the Members of the Board of Directors
According to the Decision of the Ordinary General Meeting of Shareholders on 26.06.2025 and the
Minutes of the Board of Directors dated 26.06.2025, the new eleven-member Board of Directors was
elected with the following composition:
No.
Full name of
Member of the Board
Capacity of
Member of the Board
Start of term
End of term
1
Panagiotis Simos - Kaldis
Chairman - Executive Member of the
Board of Directors
26/6/2025
25/6/2028
2
Athanasios Kalpinis
Chief Executive Officer - Executive
Member of the Board of Directors
26/6/2025
25/6/2028
3
Elvira Kalpini
Vice Chairman - Non-Executive
Member of the Board of Directors
26/6/2025
25/6/2028
4
Domniki – Natalia Simou –
Kaldi
Non-Executive Member of the Board
of Directors
26/6/2025
25/6/2028
5
Andreas Kalpinis
Executive Member of the Board of
Directors
26/6/2025
25/6/2028
6
Anastasios Mpinioris
Executive Member of the Board of
Directors
26/6/2025
25/6/2028
7
Vasileios Manesis
Executive Member of the Board of
Directors
26/6/2025
25/6/2028
8
Eleni Gianniri
Independent Non-Executive Member
of the Board of Directors
26/6/2025
25/6/2028
Annual Financial Report of 31.12.2025
40
No.
Full name of
Member of the Board
Capacity of
Member of the Board
Start of term
End of term
9
Zisimos Daniel Mantas
Independent Non-Executive Member
of the Board of Directors
26/6/2025
25/6/2028
10
Smaragdi Athanasakou
Independent Non-Executive Member
of the Board of Directors
26/6/2025
25/6/2028
11
Nikolaos Georgiadis
Independent Non-Executive Member
of the Board of Directors
26/6/2025
25/6/2028
The term of the Board of Directors commenced on 30.06.2025, is a three-year one, whereas it is
automatically extended until the end of the deadline, during which the next Ordinary General Meeting
must convene. The above deadline cannot however exceed the period of four years.
CVs of the Members of the Board of Directors
Andreas Kalpinis
Executive member of the Board of Directors and one of the two founders of the Company. He possesses
many years of experience and knowledge of the international and domestic steel market.
Athanasios Kalpinis
Executive Member of the Board of Directors. A graduate of the Economic Department of University of
Piraeus. He has served as plant manager and head of the supervision and coordination of the production
process, while from 2000 he holds the position of Chief Executive Officer.
Panagiotis Simos-Kaldis
He has served as commercial director of the Group, responsible for the planning and implementation of
the commercial policy. From 2000 he is Chairman and Executive Member of the Board of Directors.
Elvira Kalpini
She is head of the company’s Public Relations and Administrative Services, whereas she also serves as
Vice-Chairman of the Board of Directors – non-executive member of the Board.
Vasileios Manesis
Executive Member of the Board of Directors of the Company, Chief Financial Officer and Head of Investor
Relations. Graduate in Economics (BSc) from the University of Piraeus and holder of the postgraduate
degree MSc in International Business and Finance from the University of Reading, England. He has been
working for the Company since 2001 where he has served as Accounting Manager, Financial Controller
and Investor Relations Manager. Since the year 2012 he holds the position of Chief Financial Officer of
the Group. He is also an Executive Member of the Board of Directors of THRACE GREENHOUSES SA,
while he is also an Executive Member of the Board of Directors of METAL PRO MON SA.
Anastasios Mpinioris
He holds the position of General Manager of the Company. An executive with many years of experience
and knowledge of the steel product market. He is a graduate of the University of Piraeus with a Master
degree in Business Administration. He has served as head of Sales and Marketing Divisions and as an
advisor on Commercial and Administration organization issues for various companies.
Domniki Natalia Simou-Kaldi
Executive with significant experience in the industry. She has been working at the company since 2012
and is responsible for planning and monitoring the company's credit policy.
Annual Financial Report of 31.12.2025
41
Eleni Gianniri
Independent non-executive member of the Board of Directors, member of the Audit Committee. She has
studied Economics at the University of Piraeus, Greece. She holds a postgraduate degree in Management
from Lancaster University, UK and has the "Corporate Banking for Account Officers" certification of the
Hellenic Bank Association. Finally, she has significant professional experience in the financial industry
and in business financing. From 2008 to date, he has been working at Alpha Bank and currently holds the
position of Assistant Business Center Manager.
Zesimos Daniel Mantas
Independent non-executive member of the Company's Board of Directors. He is a graduate of the
Department of Mechanical Engineering of the Technical University of Athens and holds an MBA with
honors from the joint program of the Athens University of Economics and Business and the Technical
University of Athens. He speaks the English language fluently and the German language at a good level.
He is member of the Technical Chamber of Greece, member of the Greek Association of Mechanical and
Electrical Engineers and member of the Board of Directors of the Hellenic Wind Energy Association. He
currently holds the position of Director of Licensing Division of PPC Renewables Group, while in the recent
past he served as Market Manager Greece at the DNV office in Greece in the Energy Systems sector. He
has been previously employed as Head of Project Development & Licensing at Motor Oil Renewable
Energy (MORE), as Senior Sales Manager at the company ENERCON GmbH and as Chief Business
Development Officer at EUNICE Energy Group. He has occasionally participated as speaker or panel
member in international and domestic conferences of technological and scientific nature, such as the
Renewable Energy & Storage Forum, the annual conference of the Hellenic Entrepreneurs' Association,
etc. He has published articles in the official journal of Mechanical and Electrical Engineers and has
received the "Renewable Energy" award at the Hellenic Energy Forum.
Nikolaos Georgiadis
Independent Non-Executive Member of the Board and Chairman of the Remuneration and Nomination
Committee of the Company. He studied economics at the Athens University of Economics and Business
(formerly ASOEE). He completed his postgraduate studies first in the USA, where he received the
Certificate of Special Studies (CSS) in Administration & Management -graduate level- from the Extension
School of Harvard University and immediately afterwards in Great Britain where he was awarded a Master
of Science in International Securities, Investment & Banking from the ICMA (International Capital Market
Association) Center, Henley Business School, University of Reading. He holds a PhD from the
Department of Finance & Accounting of the University of Macedonia, with a thesis entitled "Corporate
Valuation Approaches’ Weighting Methodology". He has significant work experience in the financial
sector, is a certified financial analyst by the Hellenic Capital Market Commission and is involved in
providing advisory services and conducting fundamental analysis and valuations of companies for the
account of institutional investors and asset managers internationally, as well as in providing advisory
services for acquisitions, mergers, IPOs and other corporate transactions.
Smaragdi Athanasakou
Independent Non-Executive Member of the Board of Directors. He was born in 1980 in Athens, Greece.
He graduated from the Law School of the National and Kapodistrian University of Athens and has been
member of the Athens Bar Association since 2007. From 2007 until today she is a senior associate of
DRYLLERAKIS & ASSOCIATES Law Firm. She has many years of specialization in the Capital Market
Law and Corporate Law as well as extensive experience in matters of corporate governance, privileged
information, acquisition/disposal of significant holdings, public offerings, etc. She has been a member of
the Board of Directors of the Hellenic Financial Law Association.
Regarding the CVs of the senior Executives of the Company, these are the following:
Nektarios Myzithras: Raw Materials Purchasing Manager. Executive with experience in import, export,
international trade and in the International Steel Market. He has been working for the Company since
2003.
Antonis Kapnias: Commercial Manager of the Company. An executive with many years of experience
in the field of sales who has been working for the Company since 1983.
Annual Financial Report of 31.12.2025
42
Vasileios Manesis: Executive Member of the Board of Directors of the Company, Chief Financial Officer
and Head of Investor Relations. Graduate in Economics (BSc) from the University of Piraeus and holder
of the postgraduate degree MSc in International Business and Finance from the University of Reading,
England. He has been working for the Company since 2001 where he has served as Accounting Manager,
Financial Controller and Investor Relations Manager. Since the year 2012 he holds the position of Chief
Financial Officer of the Group. He is also an Executive Member of the Board of Directors of THRACE
GREENHOUSES SA, while he is also an Executive Member of the Board of Directors of METAL PRO
MON SA.
Anastasios Mpinioris: Holds the position of General Manager of the Company. Executive with many
years of experience and knowledge of the steel products market. He is a graduate of the University of
Piraeus with a master's degree in Business Administration. He has served as Head of Sales and
Marketing Divisions and as an advisor in matters of Commercial and Administrative organization in various
companies.
Stefanos Aaron: Personnel Manager. Graduate in Business Administration (Athens University of
Economics and Business) with postgraduate studies in Business Administration (Hellenic Society of
Business Administration - EEDE) and Auditing (Body of Certified Auditors). Executive with previous
employment and experience in the auditing company Ernst & Young. He has been working for the
Company since 2004.
Grigorios Rizos: Director of Credit Control and head of the Risk Management Unit. He graduated from
the Department of Economics of the National and Kapodistrian University of Athens, Greece. He has
worked for a number of years as a practicing Chartered Accountant at Deloitte and PWC. He has been
working at the Company since 2021.
Kamarinos Papamichalopoulos: Head of Accounting Department. Graduate in Business Administration
(Athens University of Economics & Business). He is member of the Hellenic Economic Chamber. He
possesses knowledge of International Financial Reporting Standards as well as experience in tax matters.
He has also significant experience in regular auditing, tax auditing and has participated in due diligence
projects in the context of mergers and acquisitions, preparation of financial statements as well as in the
evaluation process of bank portfolios (AQR). He has worked for a number of years as Certified Public
Accountant trainee at Ernst & Young and RSM Greece. He has been working at the Company since 2024.
Dimitris Papagiannaros: Head of the Internal Audit Unit. He holds a degree in Economics from National
and Kapodistrian University of Athens, a master's degree in Information Systems from University of
Aegean, and is also registered as an internal auditor in the Hellenic Economic Chamber. He has
significant professional experience as an internal auditor in companies listed on the Athens Exchange,
Greece.
Annual Financial Report of 31.12.2025
43
The following table includes the external professional commitments of the members of Board of Directors:
Number of shares held by members of the Board of Directors and Key Executives
The number of Company’s shares held by the members of the Board of Directors is shown in the table below:
Members of the Board of Directors
S/N
Full Name
Capacity
Number of Shares of
the Company on
31.12.2025
1
Panagiotis Simos - Kaldis
Chairman - Executive Member of the Board of
Directors
683,687
2
Athanasios Kalpinis
Chief Executive Officer - Executive Member of
the Board of Directors
3,104,250
3
Elvira Kalpini
Vice Chairman - Non-Executive Member of the
Board of Directors
2,070,500
4
Natalia Domniki Simou –
Kaldi
Non-Executive Member of the Board of Directors
1,350,000
5
Andreas Kalpinis
Executive Member of the Board of Directors
338,855
6
Anastasios Mpinioris
Executive Member of the Board of Directors
-
7
Vasileios Manesis
Executive Member of the Board of Directors
-
8
Eleni Gianniri
Independent Non-Executive Member of the
Board of Directors
-
9
Zisimos Daniel Mantas
Independent Non-Executive Member of the
Board of Directors
-
10
Smaragdi Athanasakou
Independent Non-Executive Member of the
Board of Directors
-
11
Nikolaos Georgiadis
Independent Non-Executive Member of the
Board of Directors
-
Full Name
Participation in
Companies apart from
the Parent
Participation of
ELASTRON SA –
STEEL SERVICE
CENTERS
Position in the Company
Anastasios Mpinioris
BALKAN IRON GROUP
SRL
33.33%
Manager
METAL-PRO SA
100.00%
Chairman and CEO
Vasileios Manesis
PHOTOKYPSELI SA
97.50%
Chairman of BoD
PHOTOANAPTYXI SA
98.60%
BoD Member
PHOTOISHIS LTD
100.00%
Manager
PHOTOENERGIA SA
97.50%
BoD Member
METAL-PRO SA
100.00%
Vice Chairman of BoD
ELASTRON LOGISTICS
SINGLE MEMBER IKE
100.00%
Manager
THRACE GREENHOUSES
SA
49.09%
Vice Chairman of BoD
Nikolaos Georgiadis
THISVI S.A.
-
BoD Member
VRS INTERNATIONAL
S.A.
-
CEO
Zisimos Daniel Mantas
HELLENIC WIND
ENERGY ASSOCIATION
(ELETAEN)
-
BoD Member
Annual Financial Report of 31.12.2025
44
The number of shares of the Company held by its Key Executives is shown in the table below:
Key Executives
S/N
Full Name
Capacity
Number of Shares
of the Company on
31.12.2025
1
Stefanos Aaron
Director of Personnel
-
2
Grigorios Rizos
Director of Credit Control
-
3
Vasileios Manesis
Chief Financial Officer
-
4
Anastasios Binioris
General Manager
-
5
Nektarios Myzithras
Director of Raw Material Purchases
-
6
Antonios Kapnias
Commercial Manager
80,000
7
Grigorios Bouzakis
Technical Manager
-
8
Dimitris Papagiannaros
Head of the Internal Control Unit
-
9
Kamarinos Papamichalopoulos
Head Accountant
-
Corporate Secretary
The Board of Directors is supported by a competent, specialized and experienced Corporate Secretary
to comply with internal procedures and policies, relevant laws and regulations and to operate efficiently
and effectively. The Corporate Secretary is responsible, in consultation with the Chairman, for ensuring
immediate, clear and complete information of the Board of Directors, the inclusion of new members, the
organization of General Meetings of Shareholders, the facilitation of shareholders' communication with
the Board of Directors and the facilitation of communication of the Board of Directors with senior
executives.
According to the decision of the Board of Directors dated 01.07.2022, Mr. Vasileios Manesis has been
appointed as the Corporate Secretary of the Company. Mr. Manesis’ CV is mentioned above.
Diversity and Gender Representation of the Board of Directors
The Company has established a gender representation of at least 25% of all members of the Board of
Directors. In case of a decimal then this percentage is rounded to the previous whole. The Company
ensures equal treatment and equal opportunities between the genders. This aspect extends beyond the
selection of members for the Board of Directors and to the provision of training to the members of the
Board of Directors.
The Company encourages diversity in the composition of its Board of Directors, so there is in place an
appropriate level of differentiation and a diverse group of members to ensure the utilization of a variety of
views and experiences with the ultimate goal of making the right decisions.
The selection of the members of the Board of Directors will not be excluded due to discrimination based
on gender, race, color, national or social origin, religion or belief, wealth, birth, disability, age or sexual
orientation.
Annual Financial Report of 31.12.2025
45
The gender representation of the Board of Directors is presented in the following chart:
The Company has set as a long-term goal to increase the participation of women in the managerial
positions within the Company. However, the Company already maintains long-term and beneficial
cooperation with the existing executives, a fact that has been further solidified by its successful course
for many years. The appointment of Senior Managers is based on meritocracy, and candidates are
evaluated based on objective criteria in order to safeguard the Company’s assets, plan the appropriate
development strategy and increase the value of the Company.
Evaluation of Members of the Board of Directors
The Company monitors on an ongoing basis the suitability of the members of the Board of Directors, in
particular to identify, in the light of any relevant new event, cases in which it is deemed necessary to re-
evaluate their suitability.
The Board of Directors ensures that the appropriate succession plan is in place for the Company, in order
to facilitate the smooth continuation of the management of the Company's affairs and decision-making
process after the departure of its members, especially executive and members of committees. The Board
of Directors annually evaluates its effectiveness, the fulfilment of its duties, as well as the operation of its
committees.
The Board of Directors collectively, and also the Chairman, the Chief Executive Officer and the other
members of the Board of Directors are being evaluated annually for the effective fulfilment of their duties.
At least every three years this evaluation is being provided by an external consultant.
The evaluation process is chaired by the Chairman in collaboration with the Remuneration and
Nomination Committee. The Board of Directors also evaluates the performance of its Chairman, a process
chaired by the Remuneration and Nomination Committee. The chairmen of the committees of the Board
of Directors are responsible for organizing the evaluation of their committees.
During the collective evaluation, the composition, the diversity and the effective cooperation of the
members of the Board of Directors for the fulfilment of their duties are taken into consideration.
During the individual evaluation, the status of the member (executive, non-executive, independent), the
participation in the relevant committees, the assumption of special responsibilities / performance of
projects, the time dedicated to the above duties, the behavior as well as the utilization of knowledge and
experience are also taken into account.
The results of the evaluation of the Board of Directors are communicated and discussed to the Board of
Directors and are taken into consideration along the process for the composition, the plan for the inclusion
of new members, the development of action programs and other related issues of the Board of Directors.
Following the evaluation, the Board of Directors takes measures to address the identified weaknesses.
Annual Financial Report of 31.12.2025
46
The evaluation process is carried out in the form of questionnaires and interviews.
The evaluation process of the members of the Board of Directors for the year 2025 is in progress and will
be completed within the first half of the year 2026.
Suitability Policy of the Members of the Board of Directors
The Ordinary General Meeting of 24.06.2021 approved the Suitability Policy of the members of the Board
of Directors of the Company, which was prepared in accordance with the provisions of article 3 of Law
4706/2020, taking into account no. 60/18.09.2020 circular of the Hellenic Capital Market Commission,
was approved by the decision of the Board of Directors dated 28.05.2021, according to article 3, par. 1 of
Law 4706/2020 and is available on the Company's website: www.elastron.gr .
Each of the members of the Board of Directors meets the eligibility and suitability criteria provided in the
Suitability Policy of the Company's Board of Directors. Specifically, the members:
(a) possess the respective guarantees in terms of ethics, reputation, knowledge, experience, judgment
independence and skills required to perform the tasks assigned to them. In addition, it is noted that there
is an adequate representation by gender of at least twenty-five percent (25%) of all members of the Board
of Directors,
b) there are no obstacles or incompatibilities in the persons of the members of the Board of Directors, as
defined by the provisions of Law 4706/2020, the applicable Corporate Governance Code and the Rules
of Operation of the Company,
c) the composition of the new Board of Directors of the Company on 31/12/2025 fully meets the
requirements of Law 4706/2020, regarding the number of independent non-executive members of the
Board of Directors, and
d) each of the independent members of the Board of Directors meets the conditions of independence of
the article 9 of Law 4706/2020.
The General Meeting of Shareholders of 26.06.2025 announced that the company intends to harmonize
gradually and in any case before the deadline of 30.06.2026 with the provisions of articles 31, 3b and 3c
of Law 4706/2020 for balanced gender representation on the Board of Directors and, by a similar manner
in management positions.
Fulfilment of independence criteria of article 9 of Law 4706/2020.
Before the appointment, but also at least once a year, the Company carries out an assessment of
compliance with the independence criteria of the independent members of the Board of Directors and the
Audit Committee. The process of verifying the fulfilment of the independence criteria of the independent
members is carried out by the Remuneration and Nomination Committee and then by the Board of
Directors. Therefore in the above context, the fulfilment of the criteria has been confirmed by the following
actions:
a) A responsible declaration was received from the candidate members that they are independent in
relation to the Company based on the provisions of article 9 of Law 4706/2020.
b) An audit was carried out on the Company's share register and it was found that they do not own any
shares of the Company.
c) An audit was carried out in the Company's accounting books and contracts and it was found that none
of the prospective members is a significant customer or supplier of the Company.
d) Due to the long-term knowledge of corporate affairs, the members of the Remuneration and Nomination
Committee and the members of the Board of Directors have confirmed that for the existing members,
cases ca, cb, cc, cd, ce, cf and cg of paragraph 2, article 9 of Law 4706/2020 are not applicable.
Annual Financial Report of 31.12.2025
47
Audit Committee
The Company’s Audit Committee, hereafter the “Committee”, operates within the regulatory framework
set by Law 3016/2002, Law 4706/2020 and Law 4449/2017, as amended, as well as the relevant circulars
of the Hellenic Capital Market Commission with protocol numbers 1302 / 28.04 .2017 and 1508 /
17.07.2020.
The Committee is established by a decision of the General Meeting of Shareholders or is appointed by
the Board of Directors, when it is a committee of the Board and has as its main objective the support and
assistance of the Board of Directors to fulfill its mission regarding the Financial Information process,
Internal Audit Systems and Risk Management, the Internal Control Unit and the External Control
Supervision.
The Committee consists of at least three (3) members and may comprise the following:
• a committee of the Board of Directors of the Company, which consists of non-executive members,
or
• an independent committee, consisting of non-executive members of the Board of Directors and
third parties, or
• an independent committee, which consists only of third parties.
The type of Audit Committee, the term of office, the number and the capacities of its members are decided
and approved by the General Meeting of Shareholders. Third party means any person who is not a
member of the Board of Directors, while a capacity means the one that they have either as members of
the Board of Directors, i.e. non-executive member or independent non-executive member, or the one that
they have as a third party.
Regarding the election of the members of the Audit Committee, in case it is decided by the General
Meeting of Shareholders that the Audit Committee is to become a committee of the Board of Directors,
then the members of the Audit Committee are appointed by the Board. In the event that it is decided by
the General Meeting of Shareholders that the Audit Committee is to become an independent joint
committee, consisting of at least one member of the Board of Directors and third parties, the same General
Meeting, as the Company’s supreme body, either appoints all members of the Audit Committee or
appoints as members of the Audit Committee only third parties and authorizes the Board of Directors to
elect the other members from among its members, who meet the requirements of the law.
In case it is decided by the General Meeting of Shareholders that the Audit Committee is to become an
independent joint committee and the General Meeting appoints all the members of the Audit Committee,
then the Board of Directors undertakes to assign the status of non-executive member to the specific
person or persons previously appointed by the General Meeting.
In any case, the majority of the members of the Audit Committee consist of members who meet the
conditions of independence determined by the provisions of article 9, paragraph 1 & 2 of Law 4706/2020.
The members of the Audit Committee have sufficient knowledge in the field in which the Company
operates, while at least one independent member who has sufficient knowledge and experience in
auditing and accounting is required to attend the meetings of the Audit Committee, which approve the
financial statements.
The General Meeting of Shareholders of the Company decides the term of office of the Audit Committee.
The General Meeting may determine the term of office of the Audit Committee with the possibility of
extension until the next Ordinary General Meeting at the latest, and in any case within the same calendar
year of the end of its term.
In the event that the Board of Directors decides to replace a member of the Board of Directors, who is
also a member of the Audit Committee, the next General Meeting of Shareholders:
i) if the Audit Committee is a committee of the Board of Directors, it is not required to take a decision on
the appointment of a new person as member of the Audit Committee, as this will be made by a decision
of the Board of Directors.
Annual Financial Report of 31.12.2025
48
(ii) if the Audit Committee is an independent joint committee, it is required either to take a decision on the
appointment of a new person as member of the Audit Committee or to authorize the Board of Directors to
take the decision on the above appointment.
In case of replacement of a member of the Audit Committee by the Board of Directors, the Audit
Committee is required to reconstitute itself into a body, by appointing its Chairman. When the Audit
Committee is a committee of the Board of Directors, the Board of Directors is not allowed to replace a
member of the Audit Committee with the election of a third person as this differentiates the type and
composition decided and approved by the General Meeting of Shareholders.
The Chairman of the Audit Committee is appointed by its members and is independent of the Company,
within the meaning of article 9, par.1 & 2 of Law 4706/2020.
According to the decisions of the Ordinary General Meeting of Shareholders of the Company of
26/06/2025, the Audit Committee consists of the following members as shown in the table below:
Composition of the Audit Committee
Α/Α
Full Name
Capacity
Start of Term
End of Term
1
Panagiotis
Konstantopoulos
Chairman of the Audit
Committee with proven
experience in accounting and
auditing matters - Independent
third party in relation to the
Company
26/06/2025
25/06/2028
2
Nikolaos Georgiadis
Member of the Audit Committee
- Independent Non-Executive
Member of the Board of
Directors of the Company.
26/06/2025
25/06/2028
3
Eleni Gianniri
Member of the Audit Committee
- Independent Non-Executive
Member of the Board of
Directors of the Company.
26/06/2025
25/06/2028
CVs of the Members of the Audit Committee
Panagiotis Konstantopoulos
Mr. Panagiotis Konstantopoulos studied economics at the University of Piraeus, Greece. He completed
his postgraduate studies at the National and Kapodistrian University of Athens, Greece with a
specialization in “Applied Economics and Finance” and a specialization in “Applied Accounting and
Auditing”. He holds a postgraduate qualification in professional training for Auditors and Accountants from
the S.O.E.L. Training Institute. He has been Executive with many years of experience in a multinational
firm of Certified Auditors and in a company listed on the Athens Stock Exchange (1999 - 2024). Since
March 2024, he has been engaged in the provision of consulting services to businesses and also in
recruiting members for boards of directors of public limited companies.
Mr. Panagiotis Konstantopoulos has proven sufficient knowledge in accounting and auditing matters and
meets the independence conditions set out in article 9, paragraphs 1 and 2 of Law 4706/2020.
The CVs of the members of the Audit Committee of Mr. Nikolaos Georgiadis and Ms. Eleni Gianniri are
mentioned above in the section of the CVs of the members of the Board of Directors of the Company.
Obligations and Responsibilities of the Audit Committee
Without prejudice to the responsibility of the members of the Board of Directors of the Company, the Audit
Committee, according to par. 3 of article 44 of Law 4449/2017, among other things:
- informs the Board of Directors of the Company about the outcome of the statutory audit and explains
how the statutory audit contributed to the integrity of the financial information and what was the role of the
Audit Committee in this process,
Annual Financial Report of 31.12.2025
49
- monitors the financial information process and makes recommendations or proposals to ensure its
integrity,
- monitors the effectiveness of the internal control systems, quality assurance and risk management of
the company and, where appropriate, the effectiveness of its internal control department, regarding the
financial information of the Company without violating the independence of the latter,
- monitors the statutory audit of the annual and consolidated financial statements and in particular its
performance, taking into account any findings and conclusions of the Accounting Standardization and
Audit Committee in accordance with the paragraph 6 of article 26 of Regulation (EU) no. 537/2014 and
par. 5 of article 44 of Law 4449/2017,
- oversees and monitors the independence of chartered accountants or auditing firms in accordance with
articles 21, 22, 23, 26 and 27, and article 6 of Regulation (EU) no. 537/2014 and in particular the adequacy
of the provision of non-audit services to the audited entity in accordance with article 5 of Regulation (EU)
no. 537/2014,
- is responsible for the selection process of chartered accountants or auditing firms and proposes the
chartered accountants or auditing firms to be appointed in accordance with article 16 of Regulation (EU)
no. 537/2014, unless the par. 8 of article 16 of Regulation (EU) no. 537/2014 is being applied.
- prepares operating regulations that are posted on the Company's website.
The updated version of the operating regulations of the Audit Committee was approved by the Board of
Directors of the Company on 19.07.2021 and has been posted on the Company's website
www.elastron.gr .
- submits an annual report of the proceedings to the ordinary General Meeting of the Company. This
report includes the description of the sustainable development policy followed by the Company.
- proposes improvements and changes in the Operating Regulation of the Company, regarding the issues
that concern its responsibilities.
External Control - Audit
i. Monitors and evaluates the performance of Certified Auditors Accountants and receives a report from
the Certified Auditor Accountant on the audit findings. Conducts meetings with the Certified Auditor
Accountant of the Company, without the presence of the members of the Management at least twice a
year. It is responsible for the process of selection and revocation of External Auditors or audit companies
and proposes through the Board of Directors to the General Meeting of shareholders the External Auditors
or the auditing companies that will be appointed, the terms of cooperation, as well as their remuneration
(according to article 16 of Regulation (EU) no. 537/2014, unless the par. 8 of article 16 of Regulation (EU)
No 537/2014) is being applied.
ii. Ensures the independence of the Certified Auditor Accountant and the objectivity and efficiency of the
audit process.
iii. Examines the possibility of providing non-audit services by Certified Auditors Accountants.
iv. It is informed by the Certified Auditor Accountant on the annual mandatory audit plan before its
implementation. It conducts its evaluation and ensures that the annual mandatory audit plan covers the
most important areas of audit, taking into account the main areas of business and financial risk of the
Company.
v. It monitors the statutory audit of the annual and consolidated financial statements and in particular its
progress, taking into account any findings and conclusions of the competent authority, in accordance with
paragraph 6 of Article 26 of EU Regulation no. 537/2014. In this context, it informs the Board of Directors
by submitting a relevant report on the issues that arose from the implementation of the mandatory audit,
explaining in detail:
Annual Financial Report of 31.12.2025
50
i. the contribution of statutory audit to the quality and integrity of financial information, i.e. the accuracy,
completeness and correctness of financial information, including the relevant disclosures, approved
by the Board of Directors which are then made public,
ii. the role of the Committee in the procedure under (i) above, i.e. recording the actions taken by the
Committee during the statutory audit process.
vi. It shall take into account the content of the supplementary report submitted by the Certified Auditor
Accountant, which shall contain the results of the statutory audit carried out and shall meet at least the
specific requirements in accordance with the relevant regulatory framework (Article 11 of Regulation (EC)
No 537 / 2014 of the European Parliament and of the Council as of 16 April 2014) and informs the Board
of Directors of the Company.
vii. Finally the Committee, whenever it deems appropriate, submits proposals for other important issues.
Financial Information Process
1. The Audit Committee is informed about the procedure and the schedule of preparation of the financial
information and other published information (e.g. stock exchange related announcements, press releases,
etc.) by the Management and monitors, examines and evaluates the process of preparation of the financial
information, i.e. the mechanisms and the production systems, the flow and dissemination of the financial
information produced by the involved organizational units of the Company.
2. Informs the Board of Directors of its findings on essential issues in its areas of responsibility, submits
proposals for improving the process, if deemed appropriate and monitors the response of Company's
Management on these issues.
3. Takes into account and examines the most important issues and risks that may have an impact on the
financial statements of the Company, as well as the important judgments and estimates of the
Management during their preparation.
4. The following are indicative issues that are being examined and evaluated in detail by the Audit
Committee to the extent that they are important for the Company, indicating specific actions on the
respective issues along the briefing process towards the Board of Directors:
➢ Evaluation of the use of the assumption of the going concern principle.
➢ Significant judgments and estimates in the preparation of the financial statements.
➢ Valuation of assets at fair value.
➢ Assessment of asset recoverability.
➢ Accounting for acquisitions.
➢ Adequacy of disclosures about the significant risks faced by the Company.
➢ Significant transactions with related parties.
➢ Significant unusual transactions.
5. The communication of the Committee with the Certified Auditor Accountant in view of the preparation
of the audit report and the supplementary report of the latter to the Committee must be essential or
material.
6. In addition, the Committee reviews the financial reports (Annual and Semi-Annual) before their approval
by the Board of Directors, in order to assess their completeness and consistency in relation to the
information required by its own knowledge, as well as the accounting principles implemented by the
Company and informs the Board of Directors accordingly.
Procedures of Internal Control Systems, Risk Management and Internal Control Unit Regarding
the operation of the Internal Control System, the Committee:
a. Examines and notifies to the Board of Directors cases of conflicts of interest.
b. Monitors, examines and evaluates the adequacy and effectiveness of all policies, procedures and
internal controls of the Company regarding on the one hand the internal control system and on the other
hand the quality assurance and risk assessment and management, in relation to financial information.
Annual Financial Report of 31.12.2025
51
c. Monitors the effectiveness of internal control systems mainly through the work of the internal control
unit and the work of the Certified Auditor Accountant.
d. Submits to the Board of Directors proposals regarding the appointment as well as the remuneration, in
accordance with the current legal and regulatory framework, on a three-year basis, of the evaluator
selected for the assessment of the Company's Internal Control System.
e. Examines the policy and procedure for conducting periodic evaluation of the internal control system, in
particular as to the adequacy and effectiveness of financial information by persons who have proven
relevant professional experience and do not have dependent relationships according to the article 9, par.
1 of Law 4706/2020.
f. Acquires knowledge of the evaluation report of the internal control system, which is prepared in
accordance with the article 14, par. 3, section (J), and par. 4 of Law 4706/2020 and the decision number
1/891/30.9.2020 of the BoD decision of the Hellenic Capital Market Commission and suggests to the
Board of Directors to take measures to deal with any findings.
g. The Committee reviews the management of the main risks and uncertainties of the Company and their
periodic revision. In this context, it evaluates the methods applied by the Company for the identification
and monitoring of risks, the treatment of the main risks through the internal control system and the internal
control unit as well as their proper disclosure in the published financial information.
Finally, it informs the Board of Directors with its findings and submits proposals for improvement.
h. Monitors the effectiveness of the regulatory compliance system that includes the establishment and
implementation of appropriate procedures, in order to achieve in a timely manner the full and continuous
compliance of the Company with the applicable legal and regulatory framework.
i. Monitors cases of non-compliance by examining the corrective actions required to be taken by the
Management. It also reviews any audit findings of the Supervisory Authorities by examining the degree
of compliance of the Company.
j. Examines the existence and content of those procedures, according to which the Company's personnel
will be able, on the basis of confidence, to express their concerns about possible illegalities and
irregularities in matters of financial information or other issues related to the operation of the company.
The Committee must ensure that procedures are in place to effectively and independently investigate
such issues and to address them appropriately.
Regarding the operation of the Internal Control Unit, the Committee:
a. Evaluates the staffing and organizational structure of the Internal Control Unit and identifies any
weaknesses. It also monitors and inspects the proper functioning of the Internal Control Unit in
accordance with professional standards as well as the current legal and regulatory framework and
evaluates the delivered outcome, its adequacy and effectiveness, without however affecting its
independence. If appropriate, the Committee shall submit proposals to the Board of Directors, so that the
Internal Control Unit has the necessary means, is adequately staffed with sufficient knowledge,
experience and training, has no restrictions on its work and has the required independence. Therefore,
the appointment and dismissal of the head of the internal control unit is proposed by the Audit Committee
to the Board of Directors. In the same context, the Committee determines and examines the operating
regulations of the Company's internal control unit.
b. Approves the annual audit plan that is submitted by the Internal Control Unit and is prepared based on
the risk assessment and the results of the previous audits. Renders an opinion on the preparation of the
annual audit plan and suggests the conduct of extraordinary audits. Guides the Internal Control Unit so
that it operates in accordance with current legislation and relevant circulars as well as in accordance with
International Standards on Internal Audit, ensuring the independence and efficiency of its operation. The
Audit Committee considers that the audit plan (in conjunction with any corresponding medium-term plans)
covers the most important areas of the audit field and systems related to financial information.
Annual Financial Report of 31.12.2025
52
c. Evaluates the performance of the Internal Control Unit and receives at least every quarter a report with
the results of the audits performed and presents it together with its own observations to the Board of
Directors.
d. Evaluates the requirements of the necessary resources submitted by the Internal Control Unit, as well
as the consequences of limiting the resources or the audit process in general.
e. Holds regular meetings with the Internal Controllers to discuss issues of their competence, as well as
problems arising from internal audits.
f. Takes note of the work of the internal control unit and its reports (regular and extraordinary) and monitors
the briefing of the Board of Directors with regard to the respective content, in relation to the financial
information of the Company.
g. Reviews the disclosed information regarding the internal control and the main risks and uncertainties
of the Company, in relation to the financial information.
h. Submits a proposal to the Board of Directors of the Company regarding the approval of the Rules of
Operation of the Internal Control Unit of the Company.
i. It reviews the reports of article 16 par. 1, section (b) of Law 4706/2020, which are submitted to it every
quarter by the Internal Control Unit.
j. It reviews the reports of article 16 par. 1 section (c) of Law 4706/2020 that are submitted to it every
quarter by the Internal Control Unit and presents / submits these reports along with its observations to the
Board of Directors of the Company.
k. Recommends to the Board of Directors of the Company the appointment of the Head of the Internal
Control Unit, and any required replacement along the way, who must be a full-time and exclusive
employee and be also functionally independent and with objective judgment, along with appropriate
knowledge and professional experience and be reporting to the Chief Executive Officer and functionally
to the Audit Committee.
l. The Audit Committee holds regular meetings with the head of the Internal Control Unit and in any case
at least once a quarter to discuss issues within its competence as well as problems that may arise from
the internal audits.
m. For the results of all the above actions, the Committee informs the Board of Directors of its findings
and submits proposals for the implementation of corrective actions, if deemed appropriate.
It is emphasized that the following applies to the above paragraphs a, b & c:
➢ The Committee has unhindered and full access to the information, records and data needed in the
exercise of its responsibilities and has the resources necessary to carry out its work, including the
use of external consultants.
➢ It is necessary to keep all the necessary information, including minutes of the meetings of the
Committee, in which its actions and their results are recorded, regarding the implementation of its
work.
➢ It is necessary to submit reports of the Committee towards the Board of Directors regarding its areas
of responsibility with reference to the areas that the Audit Committee, after the completion of its work,
considers that there are essential issues in relation to the financial information provided, and
monitoring the response of the Management on the above issues.
➢ Submits an annual Activity Report to the Ordinary General Meeting of the Company and the
Chairman of the Committee informs the shareholders at the annual Ordinary General Meeting about
the activities of the Committee based on the aforementioned responsibilities, through the submission
of the above Activity Report.
➢ For the implementation of all the above, the Audit Committee is expected to hold meetings with the
Management and the competent executives during the preparation of the financial reports, as well
as with the Certified Public Accountant during the planning stage of the audit, during its execution
and also during the stage of preparation of audit reports.
Annual Financial Report of 31.12.2025
53
➢ The Board of Directors ensures the provision of assistance from an external consultant to the Audit
Committee, if the Audit Committee requests so, making available the necessary resources towards
this purpose.
➢ Participates in the investigation and evaluation of reports in the context of the reporting
(whistleblowing) process.
Meeting and Decision-Making Process of the Audit Committee
➢ The Committee meets regularly six (6) times at least annually or extraordinarily, and as many times
as deemed necessary, in order to carry out its duties effectively and also keeps minutes of its
meetings. It meets the regular auditor of the Company at least five (5) times a year, without the
presence of the members of the Management. The Committee may also meet on its own initiative,
provided that all its members are present. The discussions and decisions of the Audit Committee are
recorded in minutes, which are signed by the present members, in accordance with article 93 of Law
4548/2018. Copies and extracts of the minutes of the relevant decisions will be officially issued by
the Chairman of the Audit Committee, who will sign them accordingly, without requiring any further
ratification.
➢ The secretary of each meeting is appointed by the Chairman of the Audit Committee.
➢ A member of the Committee may be represented at its meetings by written authorization only from
another member of the same Committee. In this case, the Committee meets in appropriate manner
if at least two of its members are present in person and the third is represented as per above. In any
case, all its members participate or are represented in the meetings of the Committee.
➢ The decisions of the Audit Committee are taken by an absolute majority of its members.
➢ Invites to its meetings any person who considers that can contribute to its work.
➢ The Committee reports via its Chairman to the Board of Directors preparing regular or extraordinary
reports and is in constant collaboration with the Internal Control Unit of the Company.
➢ The Chairman of the Audit Committee convenes its members by invitation, which is notified to them
at least five (5) working days before the meeting. The invitation mentions the items on the agenda,
the date, time and place of the meeting of the Audit Committee. Other items on the agenda that will
be sent to the members of the Audit Committee in less than five working days before the scheduled
date of its meeting, will be accepted for discussion at the forthcoming meeting only after a unanimous
decision made by the members of the Audit Committee. Relevant documents can also be circulated
via e-mail.
➢ The Audit Committee may also meet without an invitation, provided that all its members are present
at the meeting and none of them object to holding the particular meeting and proceeding with
decision-making.
➢ The Audit Committee meets at the Company's headquarters or wherever else the latter’s Articles of
Association provide, in accordance with the article 90 of Law 4548/2018. The Committee may, by
decision of its Chairman, meet by video conference or telephone conference, in whole or in part. The
participation of a member of the Audit Committee in a meeting through visual or audio connection
will be considered valid for this purpose. The Chairman may also request the Audit Committee to
take decisions by exchanging e-mails, faxes or letters.
➢ The preparation and signing of minutes by all members of the Committee is equivalent to a meeting
and a decision, even if no meeting has preceded. The minutes are available to all members of the
Audit Committee and the Board of Directors.
➢ The Audit Committee immediately informs the Board of Directors about events that have come to its
knowledge and are likely to significantly affect the Company's business activities or the adequacy
and effectiveness of the Internal Control and Risk Management System.
Evaluation of Members of the Audit Committee
The evaluation of the candidate members of the Audit Committee is carried out by the Remuneration and
Nomination Committee of the Company and the competent corporate body (General Meeting or Board of
Directors, depending on the type of the Committee) during the election / appointment of its members. The
participation in the Audit Committee of persons who simultaneously hold positions or capacities or who
carry out transactions incompatible with the purpose of the Committee is prohibited. Without prejudice to
the preceding subparagraph, the participation of a person in the Audit Committee does not preclude
his/her participation in another Committee of the Board of Directors, as long as this does not affect the
proper performance of this person's duties as a member of the Audit Committee.
Annual Financial Report of 31.12.2025
54
For the implementation of all the above, the Audit Committee is expected to hold meetings with the
Management and the competent executives during the preparation of the financial reports, as well as with
the Certified Auditor Accountant during the planning phase of the audit, during the implementation as well
as during the stage of preparation of audit reports.
During the year 2025, the Audit Committee met nineteen (19) times. The participation in the meetings of
each member is presented in the following table:
Audit Committee Meetings from 01.01.2025 to 31.12.2025
No.
Full Name
Capacity
Participation in
the meetings of
the Audit
Committee
1
Georgios Valettas
Chairman of the Audit Committee - Independent third
party in relation to the Company (until 26/06/2025)
10/19
2
Panagiotis Konstantopoulos
Chairman of the Audit Committee - Independent third
party in relation to the Company (since 26/06/2025)
9/19
3
Eleni Gianniri
Member of the Audit Committee - Independent Non-
Executive Member of the Board of Directors
19/19
4
Nikolaos Georgiadis
Member of the Audit Committee - Independent Non-
Executive Member of the Board of Directors
19/19
Notes:
1. The denominator of the fraction in the above tables, refers to the total number of meetings of the Audit
Committee within the year 2025.
2. Mr. Valettas Georgios participated in all meetings of the Audit Committee until 26 June 2025 (10), the
date on which the new Audit Committee was established.
3. Mr. Konstantopoulos Panagiotis participated in all meetings of the Board of Directors from 26 June
2025 onwards (9), the date on which the new Audit Committee was established.
Proceedings of the Audit Committee
The topics and activities of the Audit Committee for 2025 are summarized in the following table:
Proceedings of the Audit Committee in Year 2025
⚫ Monitored the process and time schedule of preparation of financial information and other publicized information.
⚫ Reviewed the financial statements (Annual and Semi-Annual) prior to their approval by the Board of Directors,
in order to evaluate their completeness and consistency in relation to the information required, as well as the
accounting principles applied by the Company.
⚫ The Committee was in constant communication with the Certified Auditor Accountant on the matters of the
mandatory audit and took into consideration the content of the supplementary audit report submitted by the
Certified Auditor Accountant.
⚫ The Committee held meetings with the Company's Certified Auditor Accountant, without the presence of
members of the Management.
⚫ Submitted to the Board of Directors proposals regarding the appointment of Certified Auditors Accountants and
for purposes of approval of their remuneration.
⚫ Ensured the independence of the Certified Auditor Accountant and the objectivity and effectiveness of the audit
process.
⚫ Was informed by the Certified Auditor Accountant about the annual statutory audit plan prior to its
implementation. The Committee evaluated the relevant plan and ensured that the annual statutory audit plan
covers the most important areas of audit, taking into account the main business and financial risk areas of the
Company.
⚫ Monitored the mandatory audit of the annual and semi-annual consolidated financial statements and in particular
its performance, taking into account any findings and conclusions of the competent authority, in accordance with
par. 6, article 26 of EU Regulation no. 537/2014.
Annual Financial Report of 31.12.2025
55
Proceedings of the Audit Committee in Year 2025
⚫ Informed the Board of Directors, by submitting a relevant report, about the matters arising from the performance
of the statutory audit, explaining the contribution of the statutory audit to the quality and integrity of financial
information, i.e. to the accuracy, completeness and correctness of the financial information reporting.
⚫ Examined the Sustainable Development Policy followed by the Company.
⚫ Monitored, reviewed and evaluated the adequacy and effectiveness of all the Company's policies, procedures
and control measures regarding the internal control system, quality assurance and risk assessment / management.
⚫ Monitored the effectiveness of the internal control systems mainly through the work of the Internal Control Unit,
the Risk Management Unit and the Regulatory Compliance Unit.
⚫ Through the reports of the Internal Control Unit and the Regulatory Compliance Unit, the Committee verified the
non-existence of cases of conflict of interest during the Company's transactions with related parties or any
transactions that have not been carried out under normal market conditions.
⚫ Carried out self-assessment and evaluation of the Internal Control Unit, Risk Management Unit and Regulatory
Compliance Unit as well as the heads of these units.
⚫ Through the Audit Committee's quarterly reports to the Board of Directors, it provided information on the work
carried out by the Audit Committee and on the results of the internal audits carried out by the Internal Control Unit.
⚫ Verified the independence of the Internal Control Unit, its proper operation in accordance with international
standards for the professional application of internal audit, but also with the current legal framework (indicative
Law 4706/2020, as applicable).
⚫ Examined the existence and content of those procedures, according to which the Company's personnel can, on
strictly confidential basis, express their concerns about potential illegalities and irregularities in matters of financial
information or about other issues related to the operation of the company.
Remuneration and Nomination Committee
The Company has assigned the duties of the Remuneration Committee and the Nomination Committee
of articles 11 and 12 of Law 4706/2020 to a committee in accordance with the possibility provided by
paragraph 2 of article 10 of Law 4706/2020, named "Remuneration and Nomination Committee",
hereinafter referred to as "Committee", to which all the responsibilities of the Remuneration Committee
and the Nomination Committee were assigned in accordance with article 10, par. 2 of Law 4706/2020.
The members and the term of office of the members of the Remuneration and Nomination Committee are
as follows:
Composition of the Remuneration and Nomination Committee
Α/Α
Full Name
Capacity
Start of Term
End of Term
1
Eleni Gianniri
Chairman of the Remuneration and
Nomination Committee - Independent
Non-Executive Member of the Board of
Directors of the Company
27/06/2025
30/6/2028
2
Nikolaos Georgiadis
Member of the Remuneration and
Nomination Committee – Independent
Non-Executive Member of the Board of
Directors of the Company
27/06/2025
30/6/2028
3
Elvira Kalpini
Member of the Remuneration and
Nomination Committee – Non-Executive
Member of the Board of Directors of the
Company
27/06/2025
30/6/2028
Purpose of the Remuneration and Nomination Committee:
a) to make proposals to the Board of Directors regarding the Remuneration Policy that is submitted for
approval to the General Meeting of shareholders, in accordance with the paragraph 2 of article 110 of
Law 4548/2018.
Annual Financial Report of 31.12.2025
56
b) to make proposals to the Board of Directors regarding the remuneration of persons falling within the
scope of the remuneration policy, in accordance with article 110 of Law 4548/2018, and regarding the
remuneration of the Company's executives, especially of the head of the internal control unit.
c) to examine the information included in the final draft of the annual remuneration report, providing its
opinion to the Board of Directors, before submitting the report to the general meeting of shareholders, in
accordance with the article 112 of Law 4548/2018.
d) to identify and propose to the Board of Directors individuals suitable for the assumption of the status of
member of the Board of Directors, based on a procedure provided for in this regulation.
e) to make the selection of the candidate members, after taking into consideration the factors and criteria
that have been defined in the Suitability Policy of the Members of the Board of Directors hereinafter
"Suitability Policy" that the Company possesses.
f) to assist in monitoring the implementation of the Suitability Policy.
Members and Term
➢ The members of the Committee are elected and appointed by the Board of Directors.
➢ The Committee consists of three members and as Chairman of the Committee is appointed an
independent non-executive member of the Board of Directors. All members of the Committee are non-
executive members of the Board of Directors, while at least two (2) members are independent non-
executive members.
➢ The term of office of the members of the Committee is proportional to the term of office of the Board
of Directors.
Obligations and Responsibilities
The Committee is responsible for drafting the Remuneration Policy, as well as for submitting proposals
and improvements on the Policy.
➢ Submits proposals to the Board of Directors for the remuneration of the following:
✓ the Executive Members of the Board of Directors,
✓ the non-Executive Members of the Board of Directors and the Independent Non-Executive
Members,
✓ the Senior Executives and Managers and finally,
✓ the head of the Internal Control Unit.
➢ The validity of the Remuneration Policy may not exceed four years and is approved by the General
Meeting of the Company's shareholders.
➢ Prior to the approval by the General Meeting of Shareholders, the Committee submits the
Remuneration Policy for approval by the Board of Directors of the Company.
➢ Each year the Committee evaluates whether the approved Remuneration Policy contributes to the
business strategy, the long-term interests and the viability of the Company.
➢ In case the Remuneration Policy needs to be revised, the Committee submits the revised
Remuneration Policy to the Board of Directors for approval and then for a vote by the General
Meeting of Shareholders.
➢ The Committee proposes the executive levels of the Company that will be included in the
Remuneration Policy.
➢ The Committee monitors the market developments and ensures that the remuneration and fees it
proposes remain at a level that facilitate the retention of executives and the attraction of young
people.
Annual Financial Report of 31.12.2025
57
➢ Prepares the content of the Annual Remuneration Report and submits the report for approval by the
Board of Directors.
➢ Selection of Candidate Members of the Board of Directors
➢ In case of election of a new member of the Board of Directors, replacement of a member or renewal
of term of office of the members of the Board of Directors, the Committee is responsible for assessing
the suitability of the available candidates in order to achieve both individual and collective suitability
for the selected members.
➢ The Committee is responsible for the development of a succession plan of the members in order to
ensure the smooth operation of the Board of Directors after departures / resignations of members.
The succession plan is part of and developed in the Company’s Suitability Policy.
➢ The identification of the candidate members of the Board of Directors is performed mainly after
proposals of specific candidates by the other members of the Board of Directors. The members of
the Board of Directors who are aware of the needs of the Company propose the candidate who will
meet these needs in the best possible way. This recommendation shall be made to the Committee
in writing by letter.
➢ Examines the qualifications and experience of the candidate members and invites to a meeting-
interview with the members of the Committee the most prevalent candidates.
➢ Carries out a thorough examination of the candidates for the existence of cases of conflict of interest.
➢ Carries out an audit for the observance of the guarantees of ethics and reputation based on what is
defined in section f. 3 of the Suitability Policy of the members of the Board of Directors that is applied
by the Company.
➢ Carries out research on other recommendations in order to ascertain the qualifications and the ethics
of the candidate.
➢ Convenes its meetings and decides on the candidate member who will be proposed to the Board of
Directors of the Company for election.
➢ In case of renewal of the term of office of the members of the Board of Directors, the Committee re-
evaluates all the members and proposes the renewal or not of their term of office.
➢ Examines on an annual basis the fulfilment of the independence criteria as mentioned in article 9 of
Law 4706/2020 and informs the Board of Directors accordingly.
Functioning of the Remuneration and Nomination Committee
➢ The Committee meets regularly and in each case at least two (2) times a year, as well as whenever
it is required.
➢ The Chairman of the Committee convenes its members by invitation, which is notified to them at
least five (5) working days before the meeting. The invitation shall state the items on the agenda, the
date, as well as the time and place of the meeting of the Committee. Other items on the agenda, which
will be sent to the members of the Committee less than five working days before the scheduled date
of the meeting, will be accepted for discussion at the forthcoming meeting only after a unanimous
decision of the members of the Committee. Relevant documents can also be circulated via e-mail.
➢ The Committee may meet without invitation, provided that all its members are present at the
meeting and none of them object to its holding and decision-making.
➢ A member of the Committee may be represented at its meetings by written authorization only from
another member of the same Committee. In this case the Committee meets validly, if at least two of
its members are present in person and the third is represented as above. In any case, all its members
should participate or be represented in the meetings of the Committee.
Annual Financial Report of 31.12.2025
58
➢ The Committee may, by decision of its Chairman, meet by teleconference or telephone conference,
in whole or in part. The participation of a member of the Committee in a meeting by video or audio
connection will be considered valid for this purpose. The Chairman may also ask the Committee to
take decisions by exchanging e-mails, faxes or letters.
➢ The preparation and signing of minutes by all members of the Committee is equivalent to a decision,
even if no meeting has taken place. The minutes are available to all members of the Committee and
the Board of Directors.
➢ The Secretary of the Committee is appointed by its Chairman.
➢ The Committee works closely with the Company's Human Resources Department.
➢ The Rules of Procedure of the Committee are posted on the website of the Company.
During the year 2025, the Remuneration & Nomination Committee held seven (7) meetings. The
participation in the meetings of each member is presented in the following table:
Meetings of the Remuneration & Nomination Committee from 01.01.2025 to 31.12.2025
No.
Full Name
Capacity
Participation in the
meetings of the
Audit Committee
1
Eleni Gianniri
Chairman of the Committee on 26/06/2025 -
Independent Non-Executive Member of the
Board of Directors
2/7
2
Nikolaos Georgiadis
Member of the Committee - Independent Non-
Executive Member of the Board of Directors
7/7
3
Elvira Kalpini
Member of the Committee – Vice Chairman and
Non-Executive Member of the Board of
Directors
7/7
4
Smaragdi Athanasakou
Member of the Committee until 26/06/2025 -
Independent Non-Executive Member of the
Board of Directors
5/7
Notes:
1. The denominator of the fraction in the above table refers to all meetings of the Remuneration and
Nomination Committee within the year 2025.
2. Ms. Athanasakou Smaragdi participated in all meetings of the Remuneration and Nomination
Committee until 26 June 2025 (5), the date on which the new composition of the Committee was
elected.
3. Ms. Gianniri Eleni participated in all meetings of the Remuneration and Nomination Committee from
26 June 2025 onwards (2), the date on which the new composition of the Committee was elected.
The issues and activities of the Nomination and Remuneration Committee for 2025 are summarized in
the following table:
Proceedings of the Remuneration and Nomination Committee and Meetings
• Approval of the calendar of meetings of the members of the Nomination & Remuneration Committee and the
budget concerning the training of the members of Board of Directors and Senior Managers.
• Preparation and approval of the remuneration report of the members of Board of Directors and submission for
approval by the Board of Directors.
• Re-evaluation of criteria of independence and Suitability of members of the Board of Directors, the Audit
Committee as well as of the Nomination & Remuneration Committee.
Annual Financial Report of 31.12.2025
59
Proceedings of the Remuneration and Nomination Committee and Meetings
• Audit of fulfilment of the independence criteria of Law 4706/2020 with regard to the Independent Members of the
Board of Directors.
• Proposal to the Board of Directors for the members of the new Board of Directors of the Company.
• Submission of proposal to the Board of Directors with regard to the remuneration of the Executive Members of
the Board of Directors, the Independent Non-Executive Members, the members of the Audit Committee, the Internal
Controller, and the executives of the Company.
Other management or supervisory bodies or committees of the Company
There are no other management and supervisory bodies.
Internal control and risk management systems
Particularly large emphasis is given by the Board of Directors to the internal control system. Through the
latter, the Board ensures the protection of the Company’s assets, reliability of financial statements and
reports, handling of significant risks, as well as the adherence to laws and policies applied by the
Company.
The Company’s internal control system is based on processes and policies that are described in detail in
the Internal Operation Regulation. Such processes and policies refer to monitoring deviations from the
corporate policy, the correctness and completeness of financial statements, as well as maintaining
financial and in general corporate data as confidential.
In this context, the Board of Directors implements regular audits and reviews on the internal control
systems with the objective:
• to audit and evaluate the strategy, both on the Company level as well as on the level of individual
departments, in the context of the approval of the Company’s annual budget.
• to identify, assess, measure and manage risks to which the Company is exposed.
• to monitor the Company’s financial performance and analyze, interpret and clarify deviations from the
annual budget.
• to evaluate and improve the Internal Operation Regulation, which also constitutes the basis for
applying internal control systems.
At the same time, with the objective of ensuring the correctness and accuracy of financial data, based on
which the financial statements are prepared, the Company develops the appropriate systems and safety
nets. Such include:
• The use of specialized, accounting and financial software and applications, which ensure the prompt
and accurate provision of information relating to the Company’s financial data. A limited and authorized
number of users have access to such systems.
• The regular review of accounting policies and procedures and ensuring that such are applied fully.
• The existence of closing processes for the financial statements and informing the relevant individuals
as regards to the obligations of the Company that emanate from tax, labor, commercial and stock
exchange legislation.
• The existence and adherence to policies on any significant corporate process, such as supplies, sales,
payments, receipts, inventory etc.
• Applying reconciliation and audits on a regular basis as regards to customer, supplier, bank, cash
balances, taxes etc.
Annual Financial Report of 31.12.2025
60
• Monitoring and ensuring that the Group’s subsidiaries apply the same accounting policies and
procedures as the parent company.
• Ensuring the correctness and accuracy of the financial statements of subsidiaries, as well as their
prompt submission for purposes of preparing and publishing consolidated financial reports and
statements.
• The monthly evaluation of deviations between real, comparative and estimated results, with the
objective of providing the Management with information relating to possible extraordinary and unusual
expenses and the development of results.
To achieve and apply the above, the Company uses, ensures and maintains computer and IT systems
that are customized to its needs and to the modern organization, administration and IT requirements> to
protect both the systems and the data kept in such, the Company applies strict audit processes, which
are described in detail in the Internal Operation Regulation. Specifically the following are noted:
• On a daily basis, the IT service creates back-ups of all computer files and software in the central
computer system and peripheral computers, thus ensuring that business data is kept classified as well
as the smooth operation of the company.
• Back-up files are kept in a specially formed space, covering thus the case of theft and natural disaster.
• Access to the area where the central computer system is located is provided only to authorized
individuals from the IT service.
• The IT service audits and prints interventions – changes on the central computer and informs the head
of the service as well as the internal auditor.
• Both the central and the peripheral computers are secured from external threats by using several
modern methods, such as antivirus software, e-mail security and firewall.
Sustainable Development Policy
In 2025, the Group released its fifth corporate report for the year 2023, establishing and implementing a
Sustainable Development Policy in accordance with the International Sustainable Development
Standards (GRI Standards) in order to strengthen its social, environmental and economic framework of
operation.
For a number of years, the Group has been implementing a specific Sustainable Development strategy,
which is characterized by the principles of integrity, environmental protection, the strengthening of local
community and the protection of the human resources employed by the Group. The transition from the
model of linear economy to a circular one was the springboard for creative response to new opportunities
and challenges.
Page 13 summarizes the Group's actions towards society in the context of the social responsibility culture.
In December 2024, Law 5164/2024 of the Ministry of Development was passed on the incorporation of
the CSRD Directive and the submission of Sustainability Reports. Sustainability Reports must be
published in accordance with the European Sustainability Reporting Standards (hereinafter “ESRS”)
adopted by the European Commission’s Delegated Regulation (EU) 2023/2772 as of 31 July 2023. The
above supplement the Directive 2013/34/EU of the European Parliament and of the Council (Article 154A
which was added to Law 4548/2018 and Articles 29b and 29c of Directive 2013/34/EU).
Law 5164/2024 revises Law 4308/2014 by adjusting the size criteria for micro, small, medium and large
enterprises or corporate groups by extending the obligation to publish Sustainability Reports to large and
small and medium-sized companies of public interest, and to non-EU companies that have subsidiaries
with significant activities in the EU.
Annual Financial Report of 31.12.2025
61
According to the Directive (EU) 2026/470 of the European Parliament and of the Council, and in order to
reduce the burden of reporting for companies and to achieve the reporting objectives in a more
proportionate manner, the obligation to prepare and publish a sustainability report on individual level
should be limited to companies with a net turnover exceeding €450,000,000 and with an average number
of more than 1,000 employees during the financial year, as defined in the national level of construing the
Directive 2013/34/EU.
Given that the Group's turnover and average number of employees as of 31.12.2025 did not exceed the
prescribed limits, the Group is not required to publish a Sustainability Report within this Annual Financial
Report.
Operating with transparency and integrity
We operate with transparency and business integrity in all our activities.
Acting with respect for the environment
We assess and manage the risks related to our activities that may affect the natural environment.
Employees are our greatest investment
We contribute towards employment and create value for our people by ensuring their health, safety and
development with respect to the human rights, and by taking into account the principles of diversity and
equal opportunities.
Contributing to the local community
We respond to the needs of the local community by selecting human resources from the local community
and always in accordance with the applicable policies of the Company.
Contributing to the circular economy
The environmental policy of the Group represents the commitment of the Management to operate with
absolute respect for the environment, while promoting environmental awareness and aiming at
strengthening environmental responsibility, both in its human resources and other stakeholders.
The Group recognizes its obligations towards the environment and the need for continuous improvement
of its environmental performance, in order to achieve a balanced economic growth in harmony with the
environmental protection.
The report on the sustainable development of the Group was prepared in accordance with the revised
GRI - Standards as well as the Environmental, Social, Governance (ESG) Information Disclosure Guide
of the Athens Exchange (2024).
Annual Financial Report of 31.12.2025
62
Non-Financial Risks
The economic and social environment in which the Company and Group operate is characterized by
various non-financial risks, the main of which are environmental and also risks in relation to safety and
health at work. For this reason, the Company and the Group have established procedures for their control
and effective management. The main non-financial risks along with the respective actions taken are
presented in the table below:
Non-Financial Risks
No.
Risk Description
Potential impact due to the risk
Main Ways of Dealing with it
1
Climate Change
• Negative impact on the climate
and the environment.
• Negative impact on the local
community.
• Negative impact on the Group's
reputation.
✓ Monitoring of trends and
relevant legislation at National
and European level.
✓ Investment plan in fixed
equipment of low energy
efficiency and reduced carbon
dioxide emissions.
✓ Supply of electricity from
alternative sources of energy.
2
Health and Safety at
Work
• Accidents and injuries of
employees.
• Negative impact on the Group's
reputation.
✓ Continuous training and briefing
of personnel on health and
safety at work.
✓ Regular meetings between the
safety technician and the
production managers to find
solutions for health and safety
issues.
✓ Implementation of a certified
management system for health and
safety.
3
Fight against Bribery
and Corruption
• Increasing the probability of
fraud in the Company's
transactions.
• Financing of illegal activities.
• Negative impact on the Group's
reputation.
✓ Establishment of a code of
business ethics.
✓ Report management and
investigation policy and process.
Finally, the issues of sustainable development are discussed during the meetings of the Board of Directors
so that the priorities and the respective goals are set.
The present Corporate Governance Statement forms an integral part of the Annual Management Report
by the Board of Directors.
Aspropyrgos, 16 April 2026
The Chairman of the Board of Directors
Panagiotis Simos-Kaldis
RSM Greece SA
Patroklou 1 & Paradissou
15125 Athens
T
210 6717733
F
210 6726099
63
To the Shareholders of the company «ELASTRON S.A. STEEL SERVICE CENTERS»
Report on the audit of the separate and consolidated financial statements
Opinion
We have audited the separate and consolidated financial statements of the company «ELASTRON S.A. STEEL
SERVICE CENTERS» (the Company) which comprise the separate and consolidated statement of financial
position as of 31 December 2025 and the separate and consolidated statements of comprehensive income,
changes in equity and cash flows for the year then ended, and the notes to the financial statements, including
material accounting policy information.
In our opinion, the accompanying separate and consolidated financial statements present fairly, in all material
respects, the financial position of the Company and its subsidiaries (the Group) as of 31 December 2025, and of
their financial performance and their cash flows for the year then ended in accordance with International Financial
Reporting Standards (IFRS) as endorsed by the European Union.
Basis for opinion
We conducted our audit in accordance with the International Standards on Auditing (ISAs) as they have been
responsibilities for the audit of the sep
our audit, we remained independent of the Company and the Group, in accordance with the International Ethics
ants (IESBA Code) as transposed in
Greek legislation and the ethical requirements relevant to the audit of the separate and consolidated financial
statements in Greece. We have fulfilled our responsibilities in accordance with the provisions of the currently
enacted law and the requirements of the IESBA Code. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of
the separate and the consolidated financial statements of the current annual period. These matters and the related
risks of material misstatements were addressed in the context of our audit of the separate and the consolidated
financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on
these matters.
64
Key Audit Matters of the Group and the Company How our audit addressed the Key Audit Matter
Inventory (valuation)
48,680 thousand respectively representing approximately
25% of total assets.
Our auditing approach included among others the
following audit procedures:
Evaluating the assessment of the design and
application of the basic safeguards for the
management of inventories in the course of following
the natural stock counting at specific warehouses and
the conduct of sample counting of inventories.
The Group values the inventories at the lowest value
between the acquisition cost or the production cost and their
net realizable value. The net realizable value is estimated
according to the current sale prices of inventories.
Analytical procedures with regard to the movement of
inventories and reconciliation of the accounting
balance with the analytical warehouse balance.
The Group does not utilize any hedging strategies with
regard to its main operating inventory. As a result, any
changes in the prices of metals may correspondingly affect
the results via the depreciation or appreciation of
inventories.
Examining a sample of inventories in order to confirm
the correct calculation of the acquisition cost,
according to the purchase invoices and the correct
allocation of the production expenses
Evaluating, on a sample basis, the assessment of the
valuation by comparing the net realizable value of the
acquisition cost.
applied for the valuation of inventories are included in notes
2.14 and 9 of the separate and consolidated financial
statements.
Checking the warehouse balance to trace unmoved
and slow-moving inventories.
Confirming the adequacy and appropriateness of
disclosures in notes 2.14 and 9 of the
separate and
consolidated financial statements.
65
Trade receivables (Recoverability)
The trade receivables of the Group on 31 December 2025
31.12.2024). The above balances include a provision for
31.12.2024).
Our auditing approach included among others the
following audit procedures:
Understanding and examining the credit control
procedures of the Group as well as the examination
of the basic safeguards in relation to granting credit
to clients.
The Management evaluates the required impairment where
it is considered that there is a case. In addition, according to
IFRS 9, the Management makes an estimate of the required
provision for impairment regarding expected, and not with
regard to realized, credit losses. The assessment is based
on significant judgments and estimates the Management
characteristics, the history of collectability concerning the
receivables under consideration, the market conditions and
the insurances or guarantees that have been granted
against the particular receivables.
Assessing whether the methodology for the
estimation of the recoverable amount has been
appropriately applied in accordance with IFRS 9.
On a sample basis, we verified the accuracy and
completeness of the data utilized by the Group in the
calculation model as well as the maturity of the
balances of receivables.
Given the significance of the above trade receivables and
the important estimates and judgments made by the
Management for determining the recoverable amount, we
view the assessment of the provision impairment regarding
the above trade receivables as one of the key audit matters.
We collected and evaluated other elements such as
the minutes of the Board of Directors and the letters
from the lawyers supporting the judgment and
estimates of the Group regarding the recoverability of
the receivables.
Evaluating the recoverability of the balances of
receivables comparing the amount at 31 December
2025 to subsequent receivables / settlements.
and the other information concerning the impairment test of
the above trade receivables are included in notes 2.13, 2.15
and 8 of the parent and consolidated financial statements.
Confirming the adequacy and appropriateness of
disclosures in notes 2.13, 2.15 and 8 of the
separate
and consolidated financial statements.
66
Other information
Management is responsible for the other information. The other information comprises the information included in
ents of the Members of the Board of Directors, but does not include the
Our opinion on the separate and consolidated financial statements does not cover the other information and we
do not express any form of assurance conclusion thereon.
In connection with our audit of the separate and consolidated financial statements, our responsibility is to read
the other information and, in doing so, consider whether the other information is materially inconsistent with the
separate and consolidated financial statements or our knowledge obtained in the audit or otherwise appears to
be materially misstated. If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of Management and Those Charged with Governance for the Separate and Consolidated
Financial Statements
Management is responsible for the preparation and fair presentation of the separate and consolidated financial
statements in accordance with IFRSs, as adopted by the European Union, and for such internal control as the
Management determines is necessary to enable the preparation of separate and consolidated financial
statements that are free from material misstatement, whether due to fraud or error.
In preparing the separate and consolidated financial statements, management is responsible for assessing the
going concern and using the going concern principle of accounting unless management either intends to liquidate
the Company and the Group or to cease operations, or has no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the separate and consolidated financial
statements as a whole are
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with ISAs, as incorporated into the Greek Legislation, will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these separate and consolidated financial statements.
As part of an audit in accordance with ISAs as incorporated into the Greek Legislation, we exercise professional
judgment and maintain professional skepticism throughout the audit.
67
(continued)
We also:
Identify and assess the risks of material misstatement of the separate and consolidated financial
statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting
a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the management.
based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that
may cast significant doubt on the Company
that a material
in the separate and consolidated financial statements or, if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the
events or conditions may cause the Company and the Group to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the separate and consolidated financial
statements, including the disclosures, and whether the separate and consolidated financial statements represent
the underlying transactions and events in a manner that achieves fair presentation.
We plan and perform the audit of the Group with the aim of obtaining sufficient appropriate audit evidence
regarding the financial information of the entities or business units within the Group as a basis for forming an
opinion on the financial statements of the Group. We are responsible for guiding, supervising and reviewing the
audit work performed for the purposes of the Group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that
may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of
most significance in the audit of the separate and consolidated financial statements of the audited year and are
therefore the key audit matters.
68
Report on other Legal and Regulatory Requirements
1. Management Report of Board of Directors
Taking into consideration that the Management is responsible for the preparation of the Management Report of
the Board of Directors and the attached Corporate Governance Statement in application with the provisions of
paragraph 1, cases aa, ab and b of article 154C of Law 4548/2018, we note the following:
a)
provides the information stipulated by the article 152 of L. 4548/2018
b) In our opinion the Management Report of the Board of Directors has been compiled according to the
effective legal requirements of articles 150 and 153 of Law 4548/2018, excluding the requirement to submit a
sustainability report of paragraph 5A of article 150 of the same law, and its content corresponds to the attached
financial statements for the year ended 31 December 2025.
STEEL SERVICE
of its Board of Directors.
2. Additional Report to the Audit Committee
Our audit opinion on the accompanying separate and consolidated financial statements is consistent with the
537/2014.
3. Non-Audit services
We have not provided to the Company and its subsidiary the prohibited non-audit services referred to in Article 5
of E.U. Regulation 537/2014.
4.
We were appointed as statutory auditors for the first time by the General Assembly of shareholders of the
Company on 24 June 2021. Since then our appointment has been renewed for a total period of four (4) years
based on the annual resolutions of the ordinary general meeting of shareholders.
5. Operating Regulation
The Company has an Operating Regulation in accordance with the content provided by the provisions of article
14 of Law 4706/2020.
69
6. Assurance Report on the European Single Electronic Format
Subject Matter
We undertook the assignment of reasonable assurance in order to examine the digital files of the Company
(hereinafter called as the Company and/or Group), which were
compiled in accordance with the European Single Electronic Format (ESEF), and which include the separate and
consolidated financial statements of the Company and the Group for the year ended 31 December 2025 in XHTML
format, as well as the required XBRL file ("2138001KV6MII4TOA973-2025-12-31-1-en.xbri") with the appropriate
mark-up on the aforementioned consolidated financial statements, including the other explanatory information
(Notes to the financial statements), (hereinafter called as the "Subject Matter"), in order to determine that it was
prepared in accordance with the requirements set out in the Applicable Criteria section.
Regulatory framework
The Applicable Criteria for the European Single Electronic Format (ESEF) are defined by the European Commission
Delegated Regulation (EU) 2019/815, as amended by Regulation (EU) 2020/1989 (hereinafter ESEF Regulation)
and the Interpretation under no. 2020/C 379/01 of the European Commission of 10 November 2020, as provided
for by Law 3556/2007 and the relevant announcements of the Hellenic Capital Market Commission and the Athens
Exchange, Greece. In summary these criteria provide, inter alia, that:
All annual financial reports should be prepared in XHTML format.
For consolidated financial statements in accordance with International Financial Reporting Standards, the
financial information stated in the Income Statement, Statement of Comprehensive Income, the Statement of
Financial Position, the Statement of Changes in Equity and the Statement of Cash Flows, as well as the financial
information included in the other explanatory information, should be marked-up with XBRL 'tags', according to the
ESEF Taxonomy, as in force. The technical specifications for ESEF, including the relevant classification, are set
out in the ESEF Regulatory Technical Standards.
Responsibilities of the management and those charged with governance
The Management is responsible for the preparation and submission of the separate and consolidated financial
statements of the Company and the Group, for the year ended 31 December 2025, in accordance with the Applicable
Criteria, as well as for those internal controls that the Management identifies as necessary, to enable the compilation
of digital files free of material error due to either fraud or error.
Our responsibility is to issue this Report regarding the evaluation of the Subject Matter, based on our work performed,
which is described below in the «Scope of Work Performed» section. Our work was carried out in accordance with
International Standard on Assurance Engagements 3000 (Revised) «Assurance Engagements Other than Audits or
Reviews of Historical Financial Information» (hereinafter «ISAE 3000»). ISAE 3000 requires that we plan and perform
our work to obtain reasonable assurance about the evaluation of the Subject Matter in accordance with the Applicable
Criteria. In the context of the procedures performed, we assess the risk of material misstatement of the information
related to the Subject Matter. We believe that the evidence we have obtained is sufficient and appropriate and supports
the conclusion expressed in this assurance report.
70
Code of Conduct and quality management
We are independent of the Company and the Group, throughout the duration of this engagement and have complied
with the requirements of the International Code of Ethics for Professional Accountants issued by the International
Ethics Standards Boards of Accountants (IESBA Code) that has been transposed into Greek Law, and the ethical
requirements of Law 4449/2017 and of Regulation (EU) 537/2014.
Our audit firm applies International Standard on Quality Management (ISQM) 1 «Quality Management for Firms that
Perform Audits or Reviews of Financial Statements or Other Assurance or Relates Services Engagements» and
consequently maintains a comprehensive quality management system that includes documented policies and
procedures regarding compliance with ethical requirements, professional standards and applicable legal and
regulatory requirements.
Scope of work performed
The assurance work we performed covers the subjects included in the No. 214/4/11-02-2022 Decision of the Hellenic
assurance report of Certified Public Accountants on the European Single Electronic Format (ESEF) of issuers with
on 14/02/2022, so as to obtain reasonable assurance that the financial statements of the Company prepared by the
management comply, in all material respects, with the Applicable Criteria.
Inherent limitations
Our work covered the items listed in the «Scope of work performed» section to obtain reasonable assurance based
on the procedures described. In this context, the work we performed could not absolutely ensure that all matters that
could be considered material weaknesses would be revealed.
Conclusion
Based on the procedures performed and the evidence obtained, we conclude that the separate and consolidated
financial statements of the Company and the Group for the year ended 31 December 2025 in XHTML , as well as
the provided XBRL «2138001KV6MII4TOA973-2025-12-31-1-en.xbri» with the appropriate marking up, on the
aforementioned consolidated financial statements, including the explanatory notes, have been prepared, in all
material respects, in accordance with the requirements of the Applicable Criteria.
Athens, 17 April 2026
The Certified Public Accountant
Konstantinos Stamelos
Reg. Number SOEL 2684
For RSM GREECE S.A. (Reg. Num. SOEL 104)
Independent Member of RSM
Patroklou 1 & Paradissou, 151 25 Marousi
Annual Financial Report of 31.12.2025
71
1. Statement of Financial Position
G R O U P
C O M P A N Y
Amounts in €
Note
31 . 1 2 . 2 0 2 5
31 . 1 2 . 2 0 2 4
31 . 1 2 . 2 0 2 5
31 . 1 2 . 2 0 2 4
ASSETS
Non-Current Assets
Self-used tangible assets
6
55,581,990.82
64,459,391.57
53,674,204.42
53,581,706.06
Investment property
6.7
7,821,407.25
0.08
0.08
0.08
Intangible assets
6
456,697.51
390,156.36
456,697.51
390,156.35
Investment in associates, subsidiaries and joint
ventures
2,3.
21
5,173,058.01
5,258,012.89
11,736,610.00
11,746,610.00
Long term receivables
8
194,973.45
205,993.13
187,373.45
1,047,911.21
Total Non-Current Assets
69,228,127.04
70,313,554.03
66,054,885,46
66,766,383.70
Current Assets
Inventories
9
48,173,201.88
48,680,242.67
48,173,201.88
48,680,242.67
Customers
8
32,143,913.02
33,701,147.13
32,009,957.97
33,665,683.32
Other receivables
8
1,719,325.98
4,871,076.25
1,299,501.58
4,670,085.03
Investments
10
254,200.00
820,512.00
254,200.00
820,512.00
Cash and cash equivalents
12
41,487,931.47
38,380,058.12
40,912,657.62
38,002,536.22
Total Current Assets
123,778,572.35
126,453,036.17
122,649,519.05
125,839,059.24
Current Assets
193,006,699.39
196,766,590.20
188,704,404.51
192,605,442.94
EQUITY
Shareholders' equity
Share capital
13
18,146,007.00
18,410,839.00
18,146,007.00
18,410,839.00
Share premium
13
11,171,177.70
11,171,177.70
11,171,177.70
11,171,177.70
Treasury shares
13
0.00
(648,862.59)
0.00
(648,862.59)
Other reserves
13
22,699,437.35
22,691,669.55
22,652,265.36
22,652,265.36
Retained earnings
13
34,912,707.14
29,731,610.05
33,176,156.33
27,955,361.19
Total shareholders' equity
86,929,329.19
81,356,433.71
85,145,606.39
79,540,780.66
Minority interest
13
28,200.08
25,041.78
0.00
0.00
Total Equity
86,957,529.27
81,381,475.49
85,145,606.39
79,540,780.66
LIABILITIES
Long-Term liabilities
Loans
15
48,880,000.00
27,860,000.00
48,880,000.00
27,860,000.00
Provisions for employee benefits
17
519,479.92
503,235.05
519,479.92
503,235.05
Grants (deferred income)
27
2,451,122.58
2,855,283.05
1,725,991.36
2,023,523.91
Liabilities from leases
28
612,278.74
669,294.51
374,815.08
406,800.83
Deferred income tax
16
3,374,103.85
3,147,161.98
2,397,157.62
2,139,961.12
Provisions
0.00
114,000.00
0.00
72,000.00
Total Long-term Liabilities
55,836,985.09
35,148,974.59
53,897,443.98
33,005,520.91
Short-Term Liabilities
Suppliers
14
28,679,504.87
42,246,823.67
28,661,234.33
42,214,859.90
Other liabilities
14
5,123,729.89
2,522,153.25
4,670,221.15
2,433,239.51
Income tax payable
18
810,492.40
25,485.33
765,677.03
0.00
Liabilities from leases
28
285,210.23
221,200.66
250,973.99
190,564.75
Derivatives
11
0.00
0.00
0.00
0.00
Short-Term Loans
15
15,313,247.64
35,220,477.21
15,313,247.64
35,220,477.21
Total Short-Term Liabilities
50,212,185.03
80,236,140.12
49,661,354.14
80,059,141.37
Total Liabilities
106,049,170.12
115,385,114.71
103,558,798.12
113,064,662.28
Total Equity and Liabilities
193,006,699.39
196,766,590.20
188,704,404.51
192,605,442.94
Annual Financial Report of 31.12.2025
72
2. Statement of Income and Other Comprehensive Income
GROUP
COMPANY
Amounts in €
Note
1.1 – 31.12.25
1.1 – 31.12.24
1.1 – 31.12.25
1.1 – 31.12.24
Sales
19
167,609,365.02
176,835,639.76
166,489,314.10
175,851,795.54
Cost of sales
20
(145,060,971.29)
(158,756,042.39)
(144,498,514.79)
(158,369,802.98)
Gross profit / (loss)
22,548,393.73
18,079,597.37
21,990,799.31
17,481,992.56
Other income
20
3,428,793.96
3,543,588.84
3,472,678.87
3,663,321.17
Distribution expenses
20
(11,817,788.24)
(13,346,618.42)
(11,817,788.24)
(13,346,618.42)
Administration expenses
20
(3,802,559.09)
(3,584,088.15)
(3,568,107.47)
(3,307,330.83)
Other expenses
20
(654,828.86)
(533,472.68)
(692,634.85)
(301,713.08)
Earnings / (losses) before interest and
taxes (EBIT)
9,702,011.50
4,159,006.96
9,384,947.62
4,189,651.40
Financial income
20
178,688.98
775,272.91
281,668.87
775,272.85
Financial cost
20
(3,177,851.61)
(5,591,118.18)
(3,167,400.99)
(5,576,076.30)
Investment results
21
149,170.36
236,913.02
216,958.90
218,263.02
Income/(expenses) of companies
consolidated with the equity method
20
(87,219.84)
47,997.00
0.00
0.00
Earnings / (losses) before taxes (EBT)
6,764,799.39
(371,928.30)
6,716,174.40
(392,889.03)
Income Tax
20
(1,205,299.27)
(160,032.34)
(1,125,637.61)
(78,792.39)
Earnings / (losses) after taxes (ΕΑΤ)
(a)
5,559,500.12
(531,960.63)
5,590,536.79
(471,681.42)
Attributed to:
Shareholders of the parent
5,556,341.82
(535,212.27)
5,590,536.79
(471,681.42)
Minority interest
3,158.30
3,251.63
0.00
0.00
Other comprehensive income /
(expenses) after taxes (b)
20
(39,869,89)
9,599.70
(37,605.15)
0.00
Total comprehensive income/
expenses after taxes (a) + (b)
5,519,630.23
(522,360.93)
5,552,931.64
(471,681.42)
Attributed to:
Shareholders of the parent
5,516,471.93
(525,612.56)
5,552,931.64
(471,681.42)
Minority interest
3,158.30
3,251.63
0.00
0.00
Earnings / (losses) after taxes per share
– basic (in €)
22
0.3062
(0.0294)
0.3080
(0.0259)
Earnings / (losses) before interest, tax,
depreciation and amortization
(EBITDA)
12,551,785.66
7,045,203.06
11,840,876.01
6,613,956.77
Annual Financial Report of 31.12.2025
73
3. Statement of Changes in Equity
(Α) STATEMENT OF CHANGES IN GROUP’S EQUITY
Corresponding to shareholders of the parent
Minority
interest
Total Equity
Amounts in €
Note
Share Capital
Share
Premium
Reserves &
Retained earnings
Balance on 31.12.2023
13
18,410,839.00
11,171,177.70
52,663,994.63
26,125.53
82,272,136.86
Net Profit / (Loss) for the
period recorded in total
13
0.00
0.00
(535,212.26)
3,251.63
(531,960.63)
Reduction of Share
Capital of subsidiary
companies
13
0.00
0.00
0.00
(4,335.38)
(4,335.38)
Purchase of treasury
shares
13
0.00
0.00
(363,965.06)
0.00
(363,965.06)
Foreign exchange
differences from
consolidation
13
0.00
0.00
9,599.70
0.00
9,599.70
Balance on 31.12.2024
13
18,410,839.00
11,171,177.70
51,774,417.01
25,041.78
81,381,475.49
Net Profit / (Loss) for the
period recorded in total
13
0.00
0.00
5,556,341.82
3,158.30
5,559,500.12
Correction of minority
interest from previous
years
13
0.00
0.00
(0.01)
0.00
(0.01)
Purchase of treasury
shares
13
0.00
0.00
(23,316.22)
0.00
(23,316.22)
Cancellation of treasury
shares
13
(264,832.00)
0.00
672,178.81
0.00
407,346.81
Loss from cancellation of
treasury shares
13
0.00
0.00
(407,346.81)
0.00
(407,346.81)
Actuarial results
13
0.00
0.00
37,605.15
0.00
37,605.15
Foreign exchange
differences from
consolidation
13
0.00
0.00
2,264.74
0.00
2,264.74
Balance on 31.12.2025
13
18,146,007.00
11,171,177.70
57,612,144.49
28,200.08
86,957,529.27
(Β) STATEMENT OF CHANGES IN COMPANY’S EQUITY
Corresponding to shareholders of the parent
Total Equity
Amounts in €
Note
Share Capital
Share
Premium
Reserves &
Retained
earnings
Balance on 31.12.2023
13
18,410,839.00
11,171,177.70
50,794,410.44
80,376,427.14
Net Profit / (Loss) for the period
recorded in total
13
0.00
0.00
(471,681.41)
(471,681.41)
Purchase of treasury shares
0.00
0.00
(363,965.07)
(363,965.07)
Balance on 31.12.2024
13
18,410,839.00
11,171,177.70
49,958,763.96
79,540,780.66
Net Profit / (Loss) for the period
recorded in total
13
0.00
0.00
5,590,536.79
5,590,536.79
Actuarial results
0.00
0.00
37,605.15
37,605.15
Purchase of treasury shares
13
0.00
0.00
(23,316.21)
(23,316.21)
Cancellation of treasury shares
(264,832.00)
0.00
672,178.81
407,346.81
Loss from cancellation of treasury
shares
0.00
0.00
(407,346.81)
(407,346.81)
Balance on 31.12.2025
13
18,146,007.00
11,171,177.70
55,828,421.69
85,145,606.39
Annual Financial Report of 31.12.2025
74
4. Statement of Cash Flows
GROUP
COMPANY
Amounts in €
1.1-31.12.2025
1.1-31.12.2024
1.1-31.12.2025
1.1-31.12.2024
Operating Activities
Earnings before Tax (EBT)
6,764,799.39
(371,928.30)
6,716,174.40
(392,889.02)
Plus / minus adjustments for:
Depreciation & amortization
3,253,934.60
3,076,195.62
2,753,460.94
2,584,566.48
Amortization of grants
(404,160.47)
(189,999.52)
(297,532.55)
(160,261.11)
Provisions
64,456.60
10,444.35
64,456.60
10,444.35
Foreign exchange differences
13,646.53
0.00
13,646.53
0.00
Impairment of assets
345,020.26
49,293.76
391,078.52
67,943.76
Results (income, expenses, profit and loss) from
investment activity
(161,815.47)
(1,068,421.36)
(376,298.65)
(1,020,424.30)
Debit interest and related expenses
3,177,851.61
5,591,118.18
3,167,400.99
5,576,076.30
Plus/minus adjustments for changes in working capital
accounts or those related to operating activities
Decrease / (increase) of inventories
507,040.79
14,559,549.07
507,040.79
14,559,549.07
Decrease / (increase) of receivables
4,373,456.32
(1,219,529.69)
4,730,469.05
(1,120,939.37)
(Decrease) / increase of liabilities (apart from banks)
(11,089,654.00)
15,562,163.68
(11,382,274.96)
15,366,571.83
Minus:
Debit interest and related expenses paid
(3,235,081.18)
(6,223,020.20)
(3,224,630.56)
(6,208,315.57)
Taxes paid
(34,303.89)
(146,011.57)
0.00
0.00
Total inflows/(outflows) from operating activities (a)
3,575,191.09
29,629,854.02
3,062,991.10
29,262,322.42
Investment Activities
Acquisition of subsidiaries, associates, joint ventures and
other investments
0.00
0.00
0.00
0.00
Purchase of treasury shares
(23,316.21)
(363,965.06)
(23,316.21)
(363,965.06)
Reduction of Share Capital of subsidiary companies
0.00
0.00
0.00
231,480.00
Proceeds from sale of subsidiaries, associates and joint
ventures
500,000.00
0.00
500,000.00
0.00
Purchase – Sale of Securities
837,461.26
365,982.43
837,461.36
365,982.43
Purchase of tangible and intangible fixed assets
(2,858,096.68)
(2,348,209.65)
(2,830,853.03)
(2,345,464.65)
Proceeds from sales of tangible and intangible assets
42,873.32
24,000.00
42,873.32
24,000.00
Interest received
123,230.85
187,391.46
123,230.85
187,391.40
Dividends received
17,437,05
0.00
271,581.05
0.00
Total cash inflows/(outflows) from investment
activities (b)
(1,360,410.31)
(2,134,800.82)
(1,079,022.66)
(1,900,575.88)
Financial Activities
Proceeds from issued / undertaken loans
105,100,000.00
124,280,000.00
105,100,000.00
124,280,000.00
Loan repayments
(103,930,000.00)
(126,155,625.50)
(103,930,000.00)
(126,155,625.50)
Repayment of leases
(276,907.43)
(728,914.34)
(243,847.04)
(705,253.83)
Dividends payable
0.00
0.00
0.00
0.00
Total cash inflows/(outflows) from financial activities
(c)
893,092.57
(2,604,539.84)
926,152.96
(2,580,879.33)
Net increase / (decrease) in cash and cash equivalents
for the period (a) + (b) + (c)
3,107,873.35
24,890,513.36
2,910,121.40
24,780,867.21
Cash and cash equivalents at the beginning of the period
38,380,058.12
13,489,544.77
38,002,536.22
13,221,669.01
Cash and cash equivalents at the end of the period
41,487,931.47
38,380,058.12
40,912,657.62
38,002,536.22
Annual Financial Report of 31.12.2025
75
Notes on the Financial Statements
1. General Information
The company “ELASTRON S.A.- STEEL SERVICE CENTERS” was founded in 1958 as a Limited Liability
Company and in 1965 was converted to an S.A. Company. It has its headquarters in Greece, Aspropyrgos
Municipality (Ag. Ioannou venue, Stefani, PC 19300) and it is registered with the Ministry of Development,
General Secretariat of Commerce, Corporations and Credit Directorate, under S.A. Company Registration
Number 7365/06/B/86/32.
The Company’s main activity is the import, processing, and trade of steel, steel plates, iron and metal
goods, and similar goods.
The Company’s shares are listed and traded on the Athens Exchange since 1990.
The Company has no disputes in litigation or in arbitration, nor are there any decisions by judicial or
arbitration bodies that may have a significant impact on its financial position situation or operation.
The Company’s website is http://www.elastron.gr.
The Annual Financial Report of 31.12.2025 was approved by the Company’s Board of Directors on 16
April 2026.
2. Significant accounting principles used by the Group
2.1.1 New Standards, Interpretations, Revisions and Amendments to existing Standards that are
effective and have been adopted by the European Union
The following new Standards, Interpretations and amendments of IFRSs have been issued by the
International Accounting Standards Board (IASB), are adopted by the European Union, and their
application is mandatory from or after 01/01/2025.
Amendments to IAS 21 “The Effects of Changes in Foreign Exchange Rates: Lack of
Exchangeability” (effective for annual periods starting on or after 01/01/2025)
In August 2023, the International Accounting Standards Board (IASB) issued amendments to IAS 21. The
Effects of Changes in Foreign Exchange Rates that require entities to provide more useful information in
their financial statements when a currency cannot be exchanged into another currency. The amendments
introduce a definition of currency exchangeability and the process by which an entity should assess this
exchangeability. In addition, the amendments provide guidance on how an entity should estimate a spot
exchange rate in cases where a currency is not exchangeable and require additional disclosures in cases
where an entity has estimated a spot exchange rate due to a lack of exchangeability. The above have
been adopted by the European Union with effective date of 01/01/2025.
The amendments do not affect the consolidated Financial Statements.
2.1.2 New Standards, Interpretations, Revisions and Amendments to existing Standards that
have not been applied yet or have not been adopted by the European Union
The following new Standards, Interpretations and amendments of IFRSs have been issued by the
International Accounting Standards Board (IASB), but their application has not started yet or they have
not been adopted by the European Union.
IFRS 9 & IFRS 7 “Amendments to the Classification and Measurement of Financial Instruments”
(effective for annual periods starting on or after 01/01/2026)
In May 2024, the International Accounting Standards Board (IASB) issued amendments to the
Classification and Measurement of Financial Instruments which amended IFRS 9 “Financial Instruments”
and IFRS 7 “Financial Instruments: Disclosures”.
Annual Financial Report of 31.12.2025
76
Specifically, the new amendments clarify when a financial liability should be derecognised when it is
settled by electronic payment. Also, the amendments provide additional guidance for assessing
contractual cash flow characteristics to financial assets with features related to ESG-linked feuatures
(environmental, social, and governance). IASB amended disclosure requirements relating to investments
in equity instruments designated at fair value through other comprehensive income and added disclosure
requirements for financial instruments with contingent features that do not relate directly to basic lending
risks and costs. The Group will examine the impact of the above on its Financial Statements.
The above have been adopted by the European Union with effective date of 01/01/2026.
Amendments to IFRS 9 and IFRS 7 “Contracts Referencing Nature-dependent Electricity”
(effective for annual periods starting on or after 01/01/2026)
On 18 December 2024 the International Accounting Standards Board (IASB) issued amendments to IFRS
9 “Financial Instruments” and IFRS 7 “Financial Instruments: Disclosures” to help companies better report
the financial effects of nature-dependent electricity contracts, which are often structured as power
purchase agreements (PPAs). Nature-dependent electricity contracts help companies to secure their
electricity supply from sources such as wind and solar power. The amount of electricity generated under
these contracts can vary based on uncontrollable factors such as weather conditions. The amendments
allow companies to better reflect these contracts in the financial statements, by a) clarifying the application
of the ‘own-use’ requirements, b) permitting hedge accounting if these contracts are used as hedging
instruments and c) adding new disclosure requirements to enable investors to understand the effect of
these contracts on a company’s financial performance and cash flows. The amendments are effective for
accounting periods on or after 1 January 2026, with early application permitted. The Group will examine
the impact of the above on its Financial Statements.
The above have been adopted by the European Union with effective date of 01/01/2026.
Annual Improvements to IFRS Standards-Volume 11 (effective for annual periods starting on or
after 01/01/2026)
In July 2024, the IASB issued the Annual Improvements to IFRS Accounting Standards-Volume 11
addressing minor amendments to the following Standards: IFRS 1 ‘First-time Adoption of International
Financial Reporting Standards’, IFRS 7 ‘Financial Instruments: Disclosures’, IFRS 9 ‘Financial
Instruments’: IFRS 10 ‘Consolidated Financial Statements’, and IAS 7 ‘Statement of Cash Flows’. The
Group will examine the impact of the above on its Financial Statements.
The above have been adopted by the European Union with effective date of 01/01/2026.
IFRS 18 “Presentation and Disclosure in Financial Statements” (effective for annual periods
starting on or after 01/01/2027)
In April 2024 the International Accounting Standards Board (IASB) issued a new standard, IFRS 18, which
replaces IAS 1 ‘Presentation of Financial Statements’. The objective of the Standard is to improve how
information is communicated in an entity’s financial statements, particularly in the statement of profit or
loss and in its notes to the financial statements. Specifically, the Standard will improve the quality of
financial reporting due to a) the requirement of defined subtotals in the statement of profit or loss, b) the
requirement of the disclosure about management-defined performance measures and c) the new
principles for aggregation and disaggregation of information. The Group will examine the impact of the
above on its Financial Statements.
The above have been adopted by the European Union with effective date of 01/01/2027.
Annual Financial Report of 31.12.2025
77
IFRS 19 “Subsidiaries without Public Accountability: Disclosures” (effective for annual periods
starting on or after 01/01/2027)
In May 2024 the International Accounting Standards Board issued a new standard, IFRS 19 “Subsidiaries
without Public Accountability: Disclosures”. The new standard allows eligible entities to elect to apply
IFRS 19 reduced disclosure requirements instead of the disclosure requirements set out in other IFRS.
IFRS 19 works alongside other IFRS, with eligible subsidiaries applying the measurement, recognition
and presentation requirements set out in other IFRS and the reduced disclosures outlined in IFRS 19.
This simplifies the preparation of IFRS financial statements for the subsidiaries that are in-scope of this
standard while maintaining at the same time the usefulness of those financial statements for their users.
IFRS 19 is effective from annual reporting periods beginning on or after 1 January 2027, with early
adoption permitted. The Group will examine the impact of the above on its Financial Statements.
The above have not been adopted by the European Union.
Amendments to IFRS 19 “Subsidiaries without Public Accountability: Disclosures” (effective for
annual periods starting on or after 01/01/2027)
IFRS 19 Subsidiaries without Public Accountability: Disclosures was developed based on the disclosure
requirements in other IFRS Accounting Standards as at 28 February 2021. At the time of its issuance,
IFRS 19 did not include reduced disclosure requirements introduced or amended after that date. In August
2025, the IASB amended IFRS 19 to incorporate reduced disclosure requirements for new and amended
IFRS Accounting Standards issued between February 2021 and May 2024. IFRS 19 will continue to be
updated when new or amended IFRS Accounting Standards are issued. The Group will examine the
impact of the above on its Financial Statements.
The above have not been adopted by the European Union.
Amendments to IAS 21 “The Effects of Changes in Foreign Exchange Rates: Translation to a
Hyperinflationary Presentation Currency” (effective for annual periods starting on or after
01/01/2027)
In November 2025, the International Accounting Standards Board (IASB) issued amendments to IAS 21
“The Effects of Changes in Foreign Exchange Rates” to clarify how entities should translate financial
statements from a non-hyperinflationary functional currency into a hyperinflationary presentation
currency. Under the amendments, all amounts in the financial statements (assets, liabilities, equity,
income, expenses, including comparatives) shall be translated at the closing rate at the date of the most
recent statement of financial position. Previously, assets and liabilities were translated at the closing rate,
but income and expenses were translated at transaction rates. In addition, when an entity applies IAS 29
“Financial Reporting in Hyperinflationary Economies” to a foreign operation whose functional currency is
not hyperinflationary, comparative amounts for that foreign operation are restated using a general price
index rather than the closing rate. The amendments also introduce additional disclosure requirements,
including disclosures regarding the application of the new translation requirements, instances where the
presentation currency ceases to be hyperinflationary, and the provision of summarised financial
information for affected foreign operations. The amendments are effective for annual reporting periods
beginning on or after 1 January 2027, with early application permitted. The Group will examine the impact
of the above on its Financial Statements.
The above have not been adopted by the European Union.
2.2 Basis for Preparation of the Financial Statements
ELASTRON S.A Company and Group financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS) and Interpretations, as such have been adopted by
the European Union. The transition date of the Group to IFRS was set as January 1
st
2004, during which
the Opening Balance Sheet was prepared.
Annual Financial Report of 31.12.2025
78
The preparation of the financial statements in accordance with generally accepted accounting principles
requires the use of evaluations and assumptions that affect the balances of asset and liabilities accounts,
the disclosure of contingent receivables and payables on the preparation date of the financial statements,
as well as the reported income during the financial periods in question. Even though these specific
evaluations are based on the Management’s (the Group’s) best knowledge, the actual results may
eventually differ from such estimates.
2.3 Consolidation
The consolidated financial statements consist of the financial statements of the parent Company
ELASTRON S.A. STEEL SERVICE CENTERS and the other Group companies, which are the following:
CUMULATIVE IMPAIRMENT CONSOLIDOMIBUSINESS PARTICIPATION PARTICIPATION IMPAIRMENT BALANCE OF COMPANY 01.01 - DATION CILE ACTIVITY STAKE COST UNTIL PARTICIPATION 31.12.2025 METHOD 31.12.2024 NORTHERN GREECE Commerce and ThessMETAL processing of steel 100.00% 11,507,000.00 (3,888,650.00) 0.00 7,618,350.00 Full aloniki PRODUCTS products S.A. BuchaBALKAN Commerce and rest, IRON GROUP processing of steel 33.33% 800,000.00 (350,000.00) 0.00 450,000.00 Equity RomaS.R.L. products nia AsproProduction of electric PHOTOANAPpyrgoenergy from 98.64% 26,040.00 0.00 0.00 26,040.00 Full TYXI S.A. s Photovoltaic stations AsproProduction of electric PHOTOENERpyrgoenergy from 97.50% 25,740.00 0.00 0.00 25,740.00 Full GIA S.A. s Photovoltaic stations AsproProduction of electric ILIOSKOPIO pyrgoenergy from 97.50% 25,740.00 0.00 0.00 25,740.00 Full S.A. s Photovoltaic stations AsproProduction of electric PHOTOKYPSpyrgoenergy from 97.50% 25,740.00 0.00 0.00 25,740.00 Full ELI S.A. s Photovoltaic stations AsproProduction of electric PHOTOANAPpyrgoenergy from 100.00% 80,000.00 0.00 0.00 80,000.00 Full TYXI S.A. s Photovoltaic stations Production of THRACE agricultural products GREENHOUSXanthi 49.09% 3,485,000.00 0.00 0.00 3,485,000.00 Equity from glasshouse ES S.A. cultivations CypruGAURA Ltd Holding Company 100.00% 8,650.00 (8,650.00) 0.00 0.00 Full s ELASTRON Transportation and LOGISTICS Thesssupply management 100.00% 10,000.00 (10,000.00) 0.00 0.00 Full SINGLE aloniki services (logistics) PERSON ΙΚΕ Total 15,993,910.00 (4,257,300.00) 0.00 11,736,610.00
It is noted that in December 2025, the Group proceeded with the sale of its subsidiary KALPINIS SIMOS
BULGARIA EOOD.
Annual Financial Report of 31.12.2025
79
Investments in associates, subsidiaries and joint ventures (including the implemented impairment) are
analyzed as follows.
GROUP COMPANY Amounts in € 31.12.2025 31.12.2024 31.12.2025 31.12.2024 KALPINIS SIMOS BULGARIA EOOD 0.00 0.00 0.00 10,000.00 NORTHERN GREECE METAL 0.00 0.00 7,618,350.00 7,618,350.00 PRODUCTS S.A. GAURA LIMITED (Cyprus) 0.00 0.00 0.00 0.00 COMPANIES OF PHOTOVOLTAIC 0.00 0.00 183,260.00 183,260.00 STATIONS BALKAN IRON GROUP S.R.L. 268,748.95 286,995.10 450,000.00 450,000.00 THRACE GREENHOUSES SA 4,904,309.06 4,971,017.79 3,485,000.00 3,485,000.00 ELASTRON LOGISTICS SINGLE 0.00 0.00 0.00 0.00 PERSON ΙΚΕ Total 5,173,058,01 5,258,012,89 11,736,610.00 11,746,610.00
Cross-company transactions, balances and unrealized profit from transactions between the companies
of the Group are written-off. The unrealized losses are also written-off, unless the transaction provides
indications of impairment of the transferred asset.
During the acquisition of a company, the assets, liabilities as well as contingent obligations acquired are
estimated at fair value on the acquisition date.
The acquisition cost, by the amount that exceeds the fair value of the acquired net assets (assets –
liabilities – contingent obligations), is recorded as goodwill in the financial year when the acquisition took
place.
In the event that the acquisition cost is less than the above fair value, the difference is recorded in the
results of the financial year when the acquisition took place. Minority interest is recorded according to its
proportion on fair value. In subsequent financial years, any losses are proportionally distributed to the
minority, in addition to minority interest.
The results of the acquired or sold subsidiaries within the financial year are included in the consolidated
statement of results from or until the date of acquisition or sale, respectively. The accounting principles of
the Group’s companies have been amended so as to conform to those adopted by the Group. The
participation of the above companies in the ELASTRON S.A. Company financial statements is measured
at acquisition cost, minus any provision for impairment of their value.
a) The company NORTHERN GREECE METAL PRODUCTS S.A., which is fully owned (100%) by our
Company, has its headquarters in the Industrial Area of Sindos in Thessaloniki, Greece and has not been
active over the recent years. The only important asset of the company is a modern property with industrial
and storage areas of 19,000 square meters on a land plot of 3.2 hectares. The Company's Management
performed an impairment test and estimates that the recoverable amount of this property is its fair value.
Within the fiscal year 2025, the Company leased the property for a period of twelve (12) years at an annual
rent which is considered reasonable based on the market standards and the rental value of the property.
b) ELASTRON’s percentage in the joint venture "BALKAN IRON GROUP SRL" based in Bucharest,
Romania and which has no activity, is 33.33%. The company's only asset is two land plots with a total
area of 6.9 hectares in the industrial area of Bucharest of significant commercial value. The Company's
Management believes that the recoverable amount is the fair value of this asset. The shareholder of
66.67% of the company is negotiating the sale of the property at a price higher than its book value.
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The following table presents a summary financial information for the related company, THRACE
GREENHOUSES S.A. where the Group has a participation rate of 49.09%.
31.12.2025 31.12.2024 Statement of Financial Position Non-current assets 15,722,707.78 15,155,496.55 Current assets 5,496,181.19 6,210,677.70 Long-term liabilities (6,792,732.27) (7,531,562.09) Short-term liabilities (4,723,821.23) (3,994,136.89) Equity 9,702,335.47 9,840,475.27 Statement of Results and Other Comprehensive Income Sales 11,627,000.02 12,020,750.80 Gross profit 1,362,647.99 2,226,770.41 Earnings / (losses) before interest, taxes, depreciation and amortization 2,031,655.59 2,334,908.09 (EBITDA) Earnings / (losses) before taxes (221,561.78) 13,626.15 Earnings / (losses) after taxes (135,917.80) 109,268.26 Total comprehensive income / (expenses) after taxes (135,917,80) 109,268.26 Group’s percentage in the total comprehensive income / (expenses) (66,722.05) 53,639.79
2.4 Foreign Exchange translations
The reference currency of the Group is the Euro (€) and therefore the financial statements are presented
in Euro (€). Transactions in foreign currency are translated to Euro using the applicable exchange rates
on the date of the transactions. Receivables and liabilities in foreign currency on the date the financial
statements were prepared are adjusted so as to reflect the exchange rates prevailing during the
preparation date. The profits and losses that arise from such transactions are recorded in the results.
The operating currency of foreign subsidiaries is the official currency of the country where each respective
company operates. As regards to foreign subsidiaries which operate in a country with a currency other
than the Euro, all balance sheet figures of such during the preparation of the Financial Statements, are
translated to Euro using the spot exchange rate as at the financial statements date, while the revenues
and expenses are translated using the average exchange rate during the reporting period. The cumulative
difference that results from the aforementioned conversion is registered directly in equity until the sale,
write-off or de-recognition of a subsidiary, in which case such are transferred to the results.
2.5 Consolidated Financial Statements
(a) Subsidiaries
Subsidiaries are companies over which the parent Company exercises control. The subsidiaries are fully
consolidated using the full consolidation method from the date whereupon control over them is acquired
and they stop being consolidated from the date upon which such control ceases to exist. The inter-
company balances between the Group’s companies, transactions between the Group’s companies, as
well as the unrealized profits are fully written-off in the consolidated financial statements. The consolidated
financial statements are prepared using the same accounting principles, while necessary adjustments are
made whenever deemed necessary. Investments in subsidiaries are registered at acquisition cost minus
any impairment.
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(b) Related – Associate companies
Associated companies are those over which the parent Company exercises substantial influence and
which are not considered subsidiaries or joint ventures. In general, ownership of 20% to 50% of voting
rights indicates the existence of substantial influence. Investments in related companies are accounted
for using the net equity method and are initially registered at acquisition cost.
(c) Joint Ventures (Entities under joint control)
The entity under joint control is a joint venture that consists of the incorporation of a company in which
each participant receives a share. It operates like any other entity except that there is a contractual
arrangement between the participants that determines the joint control of the entity’s financial activities.
From 01.01.2013, the Company consolidates its stake in joint ventures using the equity consolidation
method.
2.6 Tangible Fixed Assets
Tangible assets are recorded in the financial statements at their acquisition cost (historical cost) minus
accumulated depreciation and any impairment in value. The acquisition cost of land plots and buildings/
building installations was determined on the transition date to market value. The Group assigned the
appraisal of its properties to an independent appraiser in order to record such at fair value on the transition
date. The acquisition cost includes all the expenses directly attributable to the acquisition of the assets.
Subsequent additions and improvements are recorded as an increase in the cost of related assets, given
that such increase the useful life or production capacity of the asset or decrease its operating cost. Repairs
and maintenance are recorded as expenses in the period during which such were carried out.
Depreciation of tangible assets (apart from land plots, which are not depreciated) is calculated based on
the straight-line method over their estimated useful (economic) life. The economic life is reviewed on
annual basis. The Group's Management regularly reviews and updates the economic life of the tangible
fixed assets.
The estimated useful life per class of fixed assets is as follows:
Fixed asset category Economic Life Buildings / Building Installations etc. 25 - 50 years Mechanical Equipment etc. 10 - 33 years Vehicles 6 - 20 years Other Equipment 3 - 20 years
When the book value of tangible assets exceeds their recoverable value, the difference (impairment) is
recorded as an expense in the results. The related cost and accumulated depreciations of assets that are
sold or withdrawn are written off from the corresponding accounts at the time of withdrawal or sale, and
corresponding profits or losses are recorded in the period’s results.
2.7 Intangible Assets
Intangible assets include software, which is valued at acquisition cost minus amortization. The
amortization is estimated using the straight line method throughout the useful life of such assets, which is
approximately up to ten (10) years. The expenditures required for the maintenance of software are
recorded as expenses when they occur. The expenditures made for the development of certain software
products that are controlled by the Group (in-house developments) are recorded as intangible assets
when the following conditions are fulfilled: a) a certain asset is generated; b) it is likely that the generated
asset will result into future economic benefits; and c) the development cost can be reliably estimated.
Such expenditures include personnel fees and proportional general expenses. In case of software
replacement from a new product, if the old one is not being used any longer then it is deleted from the
Registry of Fixed Assets and its net book value affects the results for the year. In case of software
upgrade, the particular cost is added to the acquisition cost and the amortization is calculated in the new
acquisition cost. The economic life is reviewed on annual basis.
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2.8 Investment property
Investments property corresponds to property (land plots or buildings or part of a building or both) that
are owned (by the owner or by the lessee with financial leasing) in order to yield rents or an increase in
their value or both, and not for:
• Use in production (plants) or procurement of goods (warehouses) or for administrative purposes
(office buildings);
• Sale in the regular course of the Company’s business.
Investments property is valued according to the acquisition cost method (in the exact manner as
operational property) and is recorded in the balance sheet at acquisition cost minus accumulated
amortization and accumulated impairment losses.
2.9 Non-current assets held for sale and discontinued activities
Accounting treatment of the assets that are held for sale and presentation and disclosure of the
discontinued activities:
The non-current assets held for sale are classified as held for sale if their net book value is going to be
recovered through their sale and not through their continuous use. This condition is considered to be valid
only if the sale is very likely to occur and the asset is readily available for sale in its existing condition. The
Management must be willing to make the sale which is expected to occur either based on the time period
defined in the contractual commitment or within a year from the above classification.
a) assets that fulfill the classification criteria of being held for sale should be valued at the lowest value
between the book value and the fair market value minus the sales cost, while the amortization of these
assets should cease, and
b) The assets that fulfill the classification criteria of being held for sale should be separately presented in
the statement of financial position and the results of the discontinued operations should be separately
presented in the results.
A discontinued activity comprises part of an economic entity that has been either allocated or classified
as held for sale and:
a) Represents a separate and significant part of business activities or a geographic area of business
operations,
b) Comprises part of a unified and coordinated program in the liquidation (sale) of a large part of activities
or a geographic area of operations or
c) It is a subsidiary which was acquired exclusively with the prospect to be resold.
2.10 Impairment review of tangible and intangible assets
Assets that are depreciated are subject to an impairment review when there are indications that their book
value is not recoverable. Recoverable value is the larger value between the net sale value (selling price
less selling expenses) and value in use. Loss due to impairment of assets is recognized when the book
value of these items or the cash-flow generating units is greater than their recoverable amount.
2.11 Segment reporting
The Management adopts the approach of presenting segment information, based on the manner in which
such is presented internally to those that make decisions for the allocation of resources and the audit of
the effectiveness of the company’s operations. The segments constitute parts of an entity that are
reviewed regularly by the entity’s CEO / Board of Directors and are presented in the financial statements
according to this internal categorization.
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A business segment is defined as a group of assets and operations which include products and services
that are subject to different risks and returns than those of other business segments. A geographic
segment is defined as a geographic area where products and services are provided and which is subject
to different risks and returns than other areas.
2.12 Borrowing Cost
The underwriting, legal, and other direct costs incurred related to the issue of a loan, readjust the
borrowing amount recorded in the Results based on the effective interest rate method for the duration of
the loan agreement. The borrowing costs are recorded in the results on the date they are incurred. The
amount of the borrowing cost that corresponds to the construction period of tangible fixed assets is
recognized as an increase to the latter’s value.
2.13 Financial Assets (instruments)
A financial instrument constitutes any contract which generates a financial asset in a company and a
financial liability or an equity participation in another company.
Initial Recognition
The Group measures the financial assets and financial liabilities during the initial recognition at fair value
plus/minus the transaction costs which are related to the acquisition of financial assets or the issuance of
financial liabilities respectively. The Group initially recognizes the trade receivables which do not
incorporate any significant financing part in their transaction price.
The financial assets are being classified according to the business model of the economic entity
concerning the management of the financial assets and their contractual cash flows.
The Group has a business model via which it manages the financial assets whereas this model reflects
the manner by which the Group manages the assets in order to generate cash flows. In order for a financial
asset to be classified and valued at the net book value or at the fair value via the comprehensive income,
cash flows should emanate from them and be “solely payments of interest and principal” (SPPI) on the
initial capital. This assessment is referred to as SPPI test and is reviewed at the level of financial items.
The business model defines whether the cash flows will derive from the collection of contractual cash
flows, sale of financial assets or from both. The Group reassesses the business model at each reporting
period in order to determine if the business model has changed in comparison with the previous reporting
period. For the current reporting periods of the current fiscal year, the Group did not detect any change in
its business model.
Subsequent Measurement
The financial assets are being classified in one of the following three categories, which in turn determine
their subsequent measurement:
• The net depreciated cost
• The fair value via the other comprehensive income and
• The fair value via the results
A financial asset is measured at the amortized or net depreciated cost whenever the following two
conditions are simultaneously in effect:
• The financial asset is owned for holding purposes and for the collection of the contractual cash flows
embedded in the asset, and
• The contractual terms of the asset lead, in certain dates, into cash flows which are exclusively
payments of capital and interest on the outstanding balance of the capital.
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A financial asset is measured at fair value via the other comprehensive income whenever the following
two conditions are simultaneously in effect:
• The asset is being held for both the collection of the contractual cash flows embedded in this and its
sale, and
• The contractual terms of the asset lead in certain dates into cash flows which are exclusively payments
of capital and interest on the outstanding balance of the capital.
A financial asset is measured at fair value via the results when it is not classified under the two previous
categories. However upon the initial recognition, an economic entity may select irrevocably for certain
investments in participating securities to depict subsequent changes in their fair value through the other
comprehensive income. Otherwise, these would have been measured at fair value and would have been
accounted for via the results.
There is also the option, upon the initial recognition, for the economic entity to determine irrevocably a
financial asset as being measured at fair value through the results if by this manner the entity is in position
to either reduce notably or to eliminate an inconsistency in the measurement or the recognition
(sometimes referred to as “accounting inconsistency”) which otherwise would have emerged from the
measurement of the financial assets or liabilities, or from the recognition of the profits or losses on these
according to different bases.
The economic entity reclassifies financial assets whenever it modifies the business model it applies for
their management.
Embedded Derivatives
According to IFRS 9, if the host contract in a financial item that also includes embedded derivatives is a
financial asset, then the principles of classification and measurement described above are being applied
for the entire hybrid contract. In other words, there is no requirement for separating the derivative from
the host contract as it was the case by IAS 39.
A separation may be required under certain conditions when the host contract is not a financial asset.
Impairment of Financial Assets
IFRS 9 introduces a new impairment model for financial assets, which is the one of the expected credit
losses.
A loss allowance or provision against the expected credit losses is recognized in the financial assets
which are measured at the net amortized cost or at fair value through the other comprehensive income.
The economic entity should recognize a loss provision equal with the expected credit losses of the 12-
month period. If the credit risk of a financial instrument significantly increases as compared to the initial
recognition, then the economic entity recognizes a loss provision at an amount equal to the expected
credit losses during the entire life of the financial instrument (lifetime expected credit losses).
The Group and the Company for the purposes of measuring the expected credit losses of trade
receivables throughout their lifetime applies a statistical method that evaluates the maturity of other
customers, the frequency of delays (probability of default PD) and the occurrence of permanent damage
(delay beyond 12 months - Loss Given Default - LGD). At each balance sheet date, the Group performs
an impairment test of receivables by using a table for the calculation of expected credit losses (ECL). As
result, the Group recognizes a percentage loss based on the ECL during the entire life, at each reporting
period. This percentage is calculated on the basis of historic data, current market conditions as well as
future estimates at the end of each reporting period taking into account the terms of the credit insurance
of trade receivables as well as other insurances (pledges written on the ownership of debtors, personal
guarantees and bank letters of guarantee).
In order to measure the expected credit losses, customers have been evaluated individually and at the
level of their transaction with the Company, assessing at a depth of four years the cases in which
payments are made with a delay of more than 90 days beyond the agreed payment terms. From this
assessment, the possibility of delays (PD) is obtained, which is converted into a provision for default over
the next 12 months (PD), and then the percentage of the overdue balance is accurately measured, which
is finally collected within 12 months from the time of the delay.
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On the one hand, these two measurements give the possibility of delay (PD), on the other hand they also
assess the severity of damage during failure (LGD), allowing the calculation of ECL in a reliable statistical
way. At the same time, a third econometric model for estimating the default balance (EAD – Exposure at
Default) is applied, which on the one hand takes into account at the balance sheet date the part of the
receivables that is already in default state and the serviced part of the balance which has a specific
probability of becoming overdue in the future.
Before a new customer is accepted, the Group uses external credit information to assess the new
customer's creditworthiness and solvency and thus set its credit limit. Credit limits are reviewed and, if
necessary, revised periodically.
Termination of recognition of financial assets and liabilities
The de-recognition model of IFRS 9 remains the same with the one of IAS 39. If the contractual rights of
the economic entity on the cash flows of an asset cease to exist or its contractual obligations have been
fully repaid, then the economic entity will de-recognize the financial instrument or the financial liability from
the statement of financial position.
Hedge Accounting
The new hedge accounting model offered by IFRS 9 relates the hedge accounting (which continues to be
optional as in the case of IAS 39) with the risk management activities undertaken by the companies during
the hedging process of the financial and non-financial risks.
IFRS 9 offers more options regarding the hedging instruments as it includes the use of non-derivative
financial assets or financial liabilities, which are being measured at fair value through results.
IFRS 9 allows for the hedging of a component item of a financial instrument if this item is distinctly
recognizable and the changes in the cash flows or the fair value can be reliably measured and estimated.
With regard to the hedge effectiveness control, IFRS 9 introduces principle-based criteria without certain
arithmetic limits. According to the new standard, a hedging relation should cover the entire requirements
of effectiveness as per below:
- There is economic relation between the hedged item and the hedging instrument,
- The effect of the credit risk does not exceed the changes in the value arising from the above relation,
and
- The hedging coefficient is determined according to the actual quantities of the hedged item and the
hedging instrument.
The rebalancing of the hedging relation (adjustments made in predefined quantities of the hedged item or
the hedging instrument within an existing hedging relation) according to IFRS 9 is being treated on an
accounting basis as continuation of the hedging relation.
2.14 Inventories
Inventories are measured at the lower value between acquisition or production cost and their net
liquidation value.
The cost is determined by the weighted average cost method and includes expenses for acquiring the
inventories or expenses for their production and the expenses for transporting them to their storage
location. Borrowing cost is not included in the acquisition cost of inventories.
The net liquidation value is estimated based on the current selling price of inventories in the context of
normal activity, minus the given distribution cost, where applicable.
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2.15 Trade receivables
The trade receivables are initially recognized at fair value and then are being valued at the net cost minus
provisions from impairments, by utilizing the effective (real) interest rate method.
The Group initially recognizes the trade receivables when the part of financing incorporated in their
transaction price is not significant.
The trade receivables include bills of exchange and notes receivables from the customers.
The Group and the Company for the purposes of measuring the expected credit losses of trade
receivables throughout their lifetime apply a statistical method that evaluates the maturity of other
customers, the frequency of delays (probability of default PD) and the occurrence of permanent damage
(delay beyond 12 months - Loss Given Default - LGD). At each balance sheet date, the Group performs
an impairment test of receivables by using a table for the calculation of expected credit losses (ECL). As
result, the Group recognizes a percentage loss based on the ECL during the entire life of the trade
receivables at each reporting period. This percentage is calculated on the basis of historic data, current
market conditions as well as future estimates at the end of each reporting period taking into account the
terms of the credit insurance of trade receivables as well as other insurances (pledges written on the
ownership of debtors, personal guarantees and bank letters of guarantee).
In order to measure the expected credit losses, customers have been evaluated individually and at the
level of their transaction with the Company, assessing at a depth of three years the cases in which
payments are made with a delay of more than 90 days beyond the agreed payment terms. From this
assessment, the possibility of delays (PD) is obtained, which is converted into a provision for default over
the next 12 months (PD), and then the percentage of the overdue balance is accurately measured, which
is finally collected within 12 months from the time of the delay. On the one hand, these two measurements
give the possibility of delay (PD), on the other hand they also assess the severity of damage during failure
(LGD), allowing the calculation of ECL in a reliable statistical way. At the same time, a third econometric
model for estimating the default balance (EAD – Exposure at Default) is applied, which on the one hand
takes into account at the balance sheet date the part of the receivables that is already in default state and
the serviced part of the balance which has a specific probability of becoming overdue in the future. Before
a new customer is accepted, the Group uses external credit information to assess the new customer's
creditworthiness and solvency and thus set its credit limit. Credit limits are reviewed and, if necessary,
revised periodically.
2.16 Cash and cash equivalents
Cash and cash equivalents include cash in hand as well as sight and term deposits.
2.17 Share capital and reserves
Share capital includes common registered shares of the Company and reserves from the issue of shares
above par (share premium). Expenses that were made for the issue of shares are recorded following the
deduction of the relevant income tax, minus the issue product, in the share premium. The costs realized
on the issue of shares, appear after deducting the related income tax in reduction of the issue proceeds,
in the share premium. Each profit or loss from the sale of treasury shares, net of any transaction related
costs and income tax, if provided by such a case, is recorded as reserve in the equity.
2.18 Loans
Loans are initially recorded at fair value minus by any direct costs for the implementation of the
transaction. They are subsequently measured at the net book cost, using the effective interest rate
method. Loans for which the Company is entitled to defer repayment for more than 12 months are
considered long term.
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2.19 Income Tax – Deferred Income Tax
The burden of the financial year with income tax includes current taxes and deferred taxes, namely taxes
or tax deductions related to the economic benefits arising in the current period but which have already
been accounted for or will be accounted for by the tax authorities in different periods.
Deferred tax is calculated upon all the temporary differences of the balance sheet (the difference between
the book value of each asset and its corresponding recognized tax value).
Concerning readjustment for non-depreciated fixed assets (sports fields, etc.) at their fair value, the
deferred tax is calculated upon their liquidation (selling) value.
The cost of deferred taxes burdens the results of the financial year in which such are accounted. However,
in the event that the temporary differences have been recorded in equity, the corresponding deferred tax
is directly recorded in equity.
Deferred tax is not recorded for a tax liability that may be created solely pursuant to a decision made by
the Company.
Deferred tax assets and liabilities are valued based on the expected tax rates to be applied during the
fiscal period when the asset or liability will be settled, after considering the tax rates (and tax laws) in
effect up to the Balance Sheet date. In case where the reversal time of the temporary differences cannot
be determined, the tax rate to be applied is the tax rate in effect as of the date following the Balance Sheet
date.
The recording of an asset for deferred income tax occurs only when there is certainty that the Company
will achieve profits in the future, in order to offset the present asset with the future tax liability.
The loss during a financial year that is carried forward to the next financial year in order to offset the
taxable profits of a following financial year contains a tax asset equal to the income tax that will be to the
benefit of the Company in the next financial year in which the offsetting will occur. This asset is recorded
when it is deemed certain that the Company will achieve profits in the future in order for it to be possible
to offset the liability.
When there is a change in tax legislation, the tax liabilities and assets recorded in the books are adjusted
accordingly. The adjustment differences are accounted for in the financial year results.
The tax rates in the countries where the Group activates are the following:
Tax Rates / Deferred Country Tax Rates Greece 22.00% Romania 16.00% Bulgaria 10.00%
Note 24 in the present report lists the Company's and its Subsidiaries’ unaudited fiscal years from a
taxation perspective.
2.20 Employee benefits
(a) Short-Term Benefits:
Short-term employee benefits in cash and in goods are recorded as expenses when such become
accrued.
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(b) Post-employment benefits
According to the clauses of L. 2112/1920, as it was amended by the article 74, paragraph 2, Law
3863/2010 and complemented by Law 3899/17–12–10, article 17, paragraph 5a and Law 4093/2012, the
Greek companies of the Group pay indemnities to the pensioners, whereas the respective amount of
these indemnities depends on the years of prior service and the level of remuneration. The program is
viewed as a defined benefit plan. Post-employment benefits include both defined contribution plans as
well as defined benefit plans.
The accrued cost of the defined contribution plans is recorded as expense in the period it refers to.
The liabilities emerging from the defined benefit plans to employees are calculated in the discounted value
of the future benefits granted to the personnel and have been defined as accrued at the balance sheet
date. The commitment for the defined benefit is calculated annually from independent actuarial
professional with the use of the projected unit credit method.
The actuarial gains and losses emerging from empirical adjustments and from changes in the actuarial
assumptions, are recognized in the other comprehensive income of the period they refer to.
The prior service cost is directly recognized in the results.
(c) Benefits of service termination
The benefits of service termination are payable when the Group either terminates the employment of
employees prior to retirement, or following a decision made by employees to accept the benefits offered
from the Group in exchange for their employment termination. The Group recognizes the benefits for
employment termination as liability and expense during the earliest of the following dates: a) when the
economic entity is not able any longer to withdraw the offer of these benefits and b) when the economic
entity recognizes the restructuring cost which relates to the field of IAS 37 and results into the payment
of benefits for service termination. Benefits for service termination which are due for 12 months after the
balance sheet date are discounted.
(d) State Pension Plans
The human resources of the Group’s Greek companies are mainly covered by the primary State Pension
Fund which concerns the private sector (EFKA) and grants pension and healthcare benefits. Each
employee is obliged to contribute part of the monthly salary into the state pension fund, whereas another
part of the insurance contribution is covered by the employer. At the time of retirement, the pension fund
is responsible for granting the pension benefits to the employees. As result, the Group has no legal or
implied obligation for the payment of the future benefits based on this program. The accrued cost of the
contributions is recorded as an expense in the corresponding period. This program is considered and is
accounted for as a defined contribution plan.
2.21 Provisions
Conditions for recording provisions:
• Legal Commitment
Contract, Legislation, or other application of the Law.
• or Constructive Obligation
This is an obligation that arises from past Company practice, published practices or a specific public
statement.
• Reliable estimate of the amount
• Arises from past events (present obligation)
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• Possible outflow of economic resources is possible from the settlement of the obligation.
The conditions for registration of provisions must apply cumulatively. A provision shall only be registered
where the obligation exists, regardless of future Company actions. Where the Company can avoid the
expense, no obligation exists and no provision is registered. A Board decision does not suffice for the
registration of a provision, since the Board of Directors may revoke its decision.
A provision may also represent future expenses necessary for the acquisition of future economic benefits.
In these cases, the amount of the provision is capitalized as an asset.
Provisions are reviewed at the end of each period and are adjusted in order to reflect the best possible
estimates and, where necessary, are discounted at a pre-tax discount rate.
2.22 De-recognition of financial assets and liabilities
Financial assets
The financial assets (or depending on the case, the part of a financial asset or the part of a group of
financial assets) are being de-recognized when:
• The rights for the cash inflows have expired,
• The Group and the Company have transferred the right for the cash inflows emanating from the
particular asset or they have undertaken at the same time a liability towards third parties to fully repay
and without significant delay in the form of a transfer contract, while at the same time (a) they have either
transferred essentially all related risks and benefits or (b) they have not transferred essentially all the risks
and benefits but they have transferred to control of the particular asset.
Whenever the Group or the Company has transferred the rights for the cash inflows from the particular
asset but at the same time has not essentially transferred all risks and benefits or the control of the
particular asset, then this asset is recognized to the degree of the Group’s or Company’s continuing
participation in the particular asset. The continuing participation which has the form of a guarantee on the
transferred asset is being valued at the lowest value between the initial balance of the asset and the
maximum amount which the Group or Company may be called to pay.
Financial liabilities
The financial liabilities are being de-recognized when the liability is being suspended, cancelled or
expired. In the case of an existing liability being replaced by another one from the same lender but in
essence with different terms, or in the case of material changes in the terms of an existing liability, then
the initial liability is being de-recognized and a new liability is recognized, whereas the difference that may
arise in the balances is recognized in the results.
2.23 Recognition of income
Income includes the fair value of sales of goods and the provision of services, net of VAT, custom duties
and discounts and refunds.
Inter-Company income within the Group is written-off entirely.
Income recognition is carried out as follows:
(a) Income from sale of goods
The Group recognizes an income when it fulfills a contract-based obligation to a customer each time with
the delivery of the good or the provision of the service (which coincides with the time where the control of
the good or service is being transferred to the customer). If a contract includes more than one contractual
obligation, the total value of the contract is allocated into the separate obligations based on the separate
values of sale.
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The amount of the income which is being recognized is the amount that has been allocated into the
respective contractual obligation which has been fulfilled, on the basis of the price consideration which
the Group expects to receive based on the terms of the contract. Any variable price consideration is
included in the amount of the revenue that is being recognized, to the extent that the particular amount
will not be probably offset in the future.
The rights for future discounts based on the sales volume, are assessed by the Company, in order to be
determined whether they comprise essential or material rights which the customer would not have
obtained if the customer had not previously signed a particular contractual agreement. For all these rights
the Company assesses the probability of their exercise and later on, the part of income which corresponds
to the particular right is recognized when the right is either exercised or expires.
According to requirements of the new standard, the Company concluded that the future discounts on the
sales volume generate a right for which a relevant provision must be made and recognized at the time of
its exercise or expiration. The Company provides its customers with discounts on the sales volume
depending on the limits defined in contracts signed between the two parties. All these discounts are
accounted for within the financial year and therefore the application of the new standard has zero effect
on the annual consolidated financial statements.
(b) Income from provision of services
Income from provision of services is recognized during the period when the service is rendered, during
the period of the provision of service to the customer, always in relation with the completion rate of the
service provided.
(c) Revenue from electricity generation
The revenue from the sale of electricity is recognized according to the monthly electricity production
provided to the Greek grid network and is confirmed by LAGIE (Operator of Electricity Market) and ADMIE
(Independent Power Transmission Operator) and which is considered to be the date on which the relevant
risks are incurred. Revenue also includes revenue for ancillary services received by ADMIE.
(d) Interest income
Interest income is recognized proportionally on time basis (accruals principle) and with the use of the
effective tax rate. Whenever there is an impairment of receivables, the book value of these receivables is
reduced to their recoverable amount which is the present value of the expected future cash flows
discounted with the initial effective tax rate where the discount is allocated as interest income.
(e) Income from dividends
Dividends are recognized as income whenever the right of the shareholders to collect them is being
finalized (meaning after the approval granted by the General Meeting).
2.24 Leases
The Group as a Lessor has only operating leases while as a Lessee it has both operating and financial
leases.
The Group has implemented IFRS 16 using the modified retroactive approach by recording the cumulative
effect of the initial application of this Standard as an adjustment to the balance of profit carried forward on
the first application date.
The Group as Lessee
The Group recognizes a right to use an asset and a liability to lease at the beginning of the lease. The
right of use is initially valued at the cost, which includes the amount of the initial recognition of the lease
liability, any lease payments made at the beginning or before the start of the lease minus any lease
incentives received, any initial direct costs and the valuation of the liability for any costs of restoring the
right to use an asset.
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After initial recognition, the right of use is valued at the cost of acquisition reduced by any cumulative
depreciation and impairment losses and adjusted in the event of a reassessment of the lease liability.
The right of use is amortized by the straight line depreciation method until the end of the lease period,
unless the contract provides for the transfer of ownership of the underlying asset to the Group at the end
of the lease period. In this case, the right of use is amortized during the useful life of the underlying asset.
In addition, the right of use is tested for impairment losses, if any, and is adjusted in cases where there is
an adjustment of the lease liability.
The obligation to lease at initial recognition consists of the present value of future residual lease payments.
The Group uses the imputed rental interest rate to discount the remaining future leases and, where this
cannot be determined, uses the incremental borrowing rate (IBR).
Lease payments included in the valuation of lease liability comprise the following:
- fixed payments,
- variable payments depending on an indicator or an interest rate,
- amounts expected to be paid on the basis of residual value guarantees,
- the price of the exercise of the purchase right that the Company considers that it will also exercise, as
well as penalties for termination of the lease, if the determination of the duration of the lease has taken
into account the exercise of the right of complaint (renouncement) by the Company.
After the start date of the lease period, the liability to lease decreases with the payment of the leases,
while it increases with the financial expense and is reassessed for any reassessments or modifications of
the lease.
A revaluation is made when there is a change in future lease payments that may result from a change in
an indicator or if there is a change in the Group's estimate of the amount expected to be paid for a residual
value guarantee, a change in the lease and a change in the estimate of exercising the right to purchase
the underlying item, if any. When the lease obligation is adjusted, a corresponding adjustment is made to
the book value of the right of use or is recorded in the results when the book value of the right of use is
reduced to zero.
According to the policy adopted by the Group, the right of use is recognized in the "Self-used fixed assets"
and the liability to lease separately from the other liabilities in the items "Long-term lease liabilities" and
"Short-term lease liabilities". In cases where the Company or the Group operates as a sub-lessor with an
operating lease, the right of use concerning the main contract is included in the category "Investment
Property".
The Group chose to use the exception provided by IFRS 16 and not to recognize the right to use and the
lease liability for leases whose duration does not exceed twelve (12) months or for leases in which the
underlying asset is of low value (less than € 5,000 when new).
The Group as a Lessor
Financial Leases
In the case of financial leases, in which the Group operates as a lessor, the total amount of leases
provided for in the lease is entered into the category of loans and receivables against customers. The
difference between the present value (net investment) of leases and the total amount of leases is
recognized as non-accrued interest and is recorded as subtraction of the receivables. Receipts of leases
reduce the total receivables from leases, while financial income is recognized by the accrued method.
Receivables from financial leases are being tested for any value impairment, according to IFRS 9.
Operating leases
In the case of operating leases, the Group classifies the leased fixed asset as an asset, performing an
amortization charge based on its useful (economic) life. The amounts of leases, corresponding to the use
of the leased fixed asset, are recognized as income, in the category of other income, according to the
accrued method.
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When the Company is an intermediate lessor, it evaluates the classification of the sublease by referring
to the right to use of main lease, i.e. the Company compares the terms of the main lease with those of the
sublease. Conversely, if the main lease is a short-term lease in which the Company applies the exception
described above, then it classifies the sublease as an operating lease. In this case, the Company
recognizes the amounts of the lease, corresponding to the sublease of the leased fixed asset as income,
in the category of other income, by the accrued method.
2.25 Reclassification of Items
No reclassifications have been made in the current year.
2.26 Dividend distribution
Distribution of dividends to the parent Company’s shareholders is recorded as a liability in the financial
statements when distribution is approved by the shareholders’ General Meeting.
2.27 Government Grants
Government grants are initially recognized in the Balance Sheet as deferred income, when the collection
of the grant is fairly certain and the Group is expected to comply with all required conditions. Grants that
concern the Group’s expenses are recognized as other operating income on a regular base in periods
when the respective expenses are recognized. Grants that concern the acquisition cost of the Group’s
assets are recognized as other operating income on a regular base according to the useful life of the
corresponding assets.
2.28 Earnings per share
Basic earnings per share are calculated by dividing the net earnings after taxes with the weighted average
number of shares during each financial year.
2.29 Long-term Receivables / Liabilities
Long term receivables and liabilities, which are without interest or bear an interest lower than the given
market rates, appear at their net present value. The discount differences are presented as financial
income / expenses in the Results of the given year in which they occur.
2.30 Related parties
Transactions and balances with related parties appear separately in the financial statements Such related
parties basically concern the major shareholders and the management of a business and/or its subsidiary
companies, companies with a joint ownership status and/or management with the business and the
consolidated subsidiaries or subsidiaries of these companies.
2.31 Capital management
It is the Group’s policy to maintain a strong capital base in order to retain investors’ and creditors’
confidence and so that its future development will be supported. Management monitors equity, which it
considers aggregately, with the exception of minority interest, so that the debt equity ratio (except for
Company deposits) will amount to less than between 2 and 2.5 to 1. In accordance with Codified Law
4548/2018, regarding society anonyms (SAs), limitations are imposed in relation to equity, as follows:
The acquisition of treasury shares, with the exception of acquisition with the intent of distribution to
employees, cannot exceed 10% of the paid share capital and cannot result in the decrease of equity to
an amount less than the amount of the share capital augmented by (a) the reserves for which distribution
is prohibited by Law or the Articles of Association, (b) the other credit items of the equity, which are not
allowed to be distributed and (c) the amounts of the credit items in the statement of income which are not
realized earnings.
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In the event where the Company’s total equity amounts to less than ½ of share capital, the Board of
Directors is obligated to convene a General Meeting, within a period of six months from the end of the
financial year, which will decide on the dissolution of the Company or the adoption of another measure.
At least 1/20 of net earnings are deducted annually in order to form a statutory reserve, which is used
exclusively to counterbalance, before any dividend distribution, any debit balance of the statement of
income. The formation of this reserve is rendered optional when its amount reaches at least 1/3 of the
share capital.
The payment of annual dividends to shareholders in cash, to an amount at least 35% of net earnings,
after the deduction of the statutory reserve and the other credit items of the statement of income, which
are not due to realized gains, is mandatory. Non dividend distribution is applicable if decided by a General
Shareholders’ Meeting with increased quorum and by a majority of at least 80% of the fully paid share
capital represented in the meeting.
With the decision of the General Meeting which is based on increased quorum and by majority, earnings
which are distributable as a minimum dividend may be capitalized and allocated to all shareholders in the
form of shares calculated at their nominal value.
3 Financial risk management
Risks and Uncertainties
The risks are managed by the Risk Management Unit, in collaboration with the other departments of the
Group and in accordance with the guidelines and approvals of the Company's Board of Directors.
Compliance with risk management policies and procedures is reviewed by the Internal Control Unit, which
carries out regular and extraordinary audits on the implementation of the procedures, the findings of which
are communicated to the Board of Directors.
In the context of its ordinary activity, the Group is exposed to two (2) main categories of risks which are
further subdivided into:
Business risk and operational risk
i. Risk of business & production interruption
The risk of business interruption refers to the Company’s inability to continue the production process either
due to a lack of specialized personnel or due to a defect or damage of the mechanical production
equipment. In order to deal with such phenomena, the responsible maintenance unit of the Company
carries out scheduled regular audits on all technical and mechanical equipment, monitoring the availability
of the necessary spare parts, as well as preserving the maintenance contracts with the main suppliers of
the equipment. By this way the Company is always capable of immediately restoring the flow of the
production process in the event of malfunction or damage.
ii. Risk of defective or unsuitable product
The risk of a defective or unsuitable product refers to a product that does not meet specific specifications
either based on international regulations and requirements, or based on the technical specifications of a
specific project. From this risk, the Group is exposed to potential damages and financial claims for refunds
which may have an impact on its reputation and financial results. In order to deal with the particular risk,
the Group carries out both quality controls in the production process and sample quality control of the
produced products. At the same time, the Group assigns to well-known international organizations the
necessary audits and also the certification of the production processes whenever applicable.
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iii. Risk of lack of raw materials
The Group is exposed to the risk of not being able to supply the appropriate raw materials to ensure the
smooth flow of the production process and operation. The risk stems both from the international uncertain
geopolitical conditions (wars, strikes, disasters) and from policies that increase costs and make difficult
the attainment of the budgeted profitability. In order to reduce the impact of this risk, the Group implements
a policy of geographical dispersion of suppliers with regard to important raw materials, while at the same
time it maintains the appropriate safety inventory of materials in order to reduce the exposure to the risk
of lack of raw materials.
iv. Country risk
The headquarters, the production activity and the main commercial activity of the Group are located in
Greece. Therefore, political and economic factors affecting the country may also have an impact on the
operation and results of the Group. It is noted, however, that the prices of the Group's raw materials are
determined by the international markets and therefore they are affected by the international geopolitical
conditions outside the Greek territory. To reduce the risk from factors related to the country, as well as to
reduce dependence on the Greek market, the Groups generates more than 30% of its sales in the
international markets.
v. Risk of competition
The commercial activity of Elastron Group is mostly performed in the Greek market, while an increasing
percentage of sales, currently more than 30%, is also generated in the international markets. The
competition risk refers to a potential reduction of market share, as well as the reduction of selling prices
due to competition from similar companies in the markets where the Group operates, with an impact on
the financial results. In order to reduce the risk of competition, the management of the Group closely
monitors the developments in the markets in which it operates with the aim of analyzing the competition
and adjusting the commercial and pricing policy whenever possible. At the same time, the Group through
the process of quality control closely monitors the observance of quality specifications as well as the
provision of the appropriate after-sales service with the aim of maintaining and also expanding its
customer base.
vi. Regulatory compliance risk
The Group is obliged to comply with a multitude of Regulations and Laws such as environmental and
labor legislation, regulations regarding installation, operation and production, personal data protection,
etc. In order to avoid risks and penalties from the non-observance or from the partial observance of laws
and regulations, the Group's legal department, in collaboration with the Company’s other departments,
monitors the timely and regular briefing of the competent officials regarding the obligations arising from
the legislation.
vii. Information technology risk
The Group is exposed to risks related to the security of information systems which may include loss of
business data, information, files, processes or damage caused to information storage equipment and
operating systems which may be due to malware, incorrect use, insufficient maintenance and
obsolescence of equipment. In order to reduce the risk of data loss and equipment damage, the
Company's IT department takes adequate security measures that include the application of specialized
protection software, maintenance of backup copies, as well as the performance of checks by certified
partners on the information systems in order to identify and resolve risks from potential security gaps.
Financial Risk
The financial risk management policy of the Group is focused on the volatility of financial markets with the
objective of minimizing the factors that may negatively affect its financial performance.
The risk management policy is applied in order to recognize and analyze risks which the Group faces, to
set limits on risks assumed and to apply controls to such limits. The systems and policies applied are
periodically reviewed to incorporate changes observed in market conditions and the Group’s activities.
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The risk management is performed by the employees charged with the responsibilities of the Risk
Management Unit, in cooperation with the other departments of the Group and in accordance with the
guidelines and approvals of the Company's Board of Directors.
Adherence to risk management policies and procedures is controlled by the Internal Audit Department,
which performs ordinary and extraordinary audits on the application of procedures, the findings of which
are disclosed to the Board of Directors.
The financial risk of the Group consists of the following types of risk:
i. Credit risk
Due to the great dispersion of its clientele (no client exceeds 10% of total sales), the Group does not have
a significant concentration of credit risk. Based on the credit policy approved by the Group companies’
Board of Directors, all new clients are examined on an individual basis in terms of their creditworthiness
prior to the proposal of the standard payment terms. Credit limits are set for each client; these are
reviewed depending on ongoing conditions and, if necessary, the sales and collection terms are adjusted.
As a rule, customer credit limits are determined on the basis of the insurance limits set for them by the
insurance companies. While monitoring credit risk of customers, such are grouped according to their credit
profile, the maturity of their receivables and any prior collection problems that may have emerged.
Customer receivables mainly include the Group’s wholesale clients.
Clients characterized as “high risk” are placed in a special client list and future sales are to be pre-collected
and approved by the Board of Directors. At the same time, the Group makes impairment provisions which
reflect its estimation on losses related to clients and other receivables.
This provision mainly consists of impairment loss of specific receivables which are estimated on the basis
of given conditions that such will be collected, but have not yet been finalized.
The amount of the impairment loss is estimated as the difference between the book value of receivables
and the present value of estimated future cash flows, discounted by the initial effective interest rate. The
impairment loss amount is accounted for as an expense in the results. Receivables which are assessed
as bad debts are written off.
The credit risk is limited to 10% of the total trade receivables, on the basis of the Group’s insurance
policies. The margin of this risk is limited even further as tangible or other guarantees (such as letters of
guarantee) are requested wherever deemed necessary.
Maturity of Trade Receivables Group Company Up to 30 days 15,092,606.08 15,092,606.08 31 to 90 days 11,893,929.34 11,758,699.90 91 to 180 days 3,880,359.56 3,880,359.56 Over 180 days 4,552,712.43 4,384,667.28 Intra-group transactions (569.80) 0.00 Total 35,419,037.61 35,116,332.82 Provisions – impairment of doubtful receivables (3,275,124.59) (3,106,374.85) Total 32,143,913.02 32,009,957.97
ii. Liquidity Risk
Liquidity risk is the risk that the Group might be unable to meet its financial liabilities when these become
due. The approach adopted by the Group to manage liquidity is to secure the necessary cash and
sufficient credit limits from the banks with which it cooperates, so that there is the appropriate liquidity for
the fulfillment of the financial liabilities, under standard as well as unfavorable conditions without incurring
unacceptable loss or risking its reputation.
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In order to minimize the liquidity risks, the finance division of the Group makes an annual provision for
cash flows for the fiscal year when preparing its annual budget and a monthly rolling three-month provision
so as to secure that it has sufficient cash to meet its operating needs, including its financial liabilities. This
policy does not take into account the impact of extreme conditions, which cannot be foreseen. For this
reason, the Management of the Group, by assessing the market conditions each time, maintains a certain
amount of cash reserves for defensive purposes, in order to face any extreme or extraordinary situations.
It is noted that for the entire debt obligations of the Group no tangible asset has been placed as collateral
in favor of the banks, an element which indicates the especially high creditworthiness of the Group.
The following table presents an analysis of the Company’s and Group’s liabilities, based on their
remaining duration as at 31.12.2025.
Amounts in € Group 1 to 6 months 6 to 12 months > 1 year Total Loans 14,656,623.82 656,623.82 48,880,000.00 64,193,247.64 Suppliers and other liabilities 33,945,839.87 953,097.52 4,505,862.51 39,404,799.90 Grants (deferred income) 202,080.23 202,080.24 2,046,962.11 2,451,122.58 Total 48,804,543.92 1,811,801.58 55,432,824.62 106,049,170.12 Amounts in € Company 1 to 6 months 6 to 12 months > 1 year Total Loans 14,656,623.82 656,623.82 48,880,000.00 64,193,247.64 Suppliers and other liabilities 33,456,942.47 891,164.03 3,291,452.62 37,639,559.12 Grants (deferred income) 148,766.27 148,766.28 1,428,458.81 1,725,991.36 Total 48,262,332.56 1,696,554.13 53,599,911.43 103,558,798.12
On 31.12.2025, the Company and the Group recorded cash and cash equivalents of € 40.91 million and
€ 41.49 million respectively.
iii. Market risk
Market risk is the risk of change in prices of raw materials procured by the Group, the risk of change in
the foreign exchange rates that the Group conducts transactions in and the risk of change in interest rates
that the Group borrows at and which can affect the Group’s results. The purpose of risk management
against market conditions is to determine and control the Group’s exposure to those risks, within the
context of acceptable parameters while at the same time optimizing its performance.
a) Metal (iron, steel, etc.) Raw Material Price Volatility Risk
The Group conducts its purchases mainly in the global steel market under normal market terms. Each
change in the market price of raw materials is discounted for in the sales price, resulting in changes in the
Group’s profit margin during periods of big price fluctuations for raw materials in the world market. More
specifically, in periods during which prices follow an upward trend, the Group’s profit margins improve, as
the upward trend is transferred to the sales prices. Accordingly, when raw material prices follow a
declining trend, the Group’s profit margins decrease.
The Group does not apply hedging to cover its basic operating reserve, which means that any
increase/decrease of metal prices may affect its results accordingly through depreciation or appreciation
of inventories.
b) Foreign exchange risk
The Group is exposed to foreign exchange risk from the purchase of inventories it makes in $ (US Dollar),
from the deposits denominated in $ (US Dollar) as well as from the associate company BALKAN IRON
GROUP SRL, based in Romania, whose operating currency unit is the RON.
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The Group’s borrowings are euro denominated in their entirety while there are no receivables
denominated in foreign currency.
Foreign currency is purchased in advance in order for the Company to limit its foreign exchange risk
emerging from inventory purchase. The total liabilities of the Group as of 31.12.2025, as well as the
liabilities that will arise from the agreements signed until 31.12.2025, are covered by equivalent purchases
in advance of foreign currency and as a result there is no foreign exchange risk associated with the
fluctuations of the US Dollar.
An increase by 10% of the Euro (€) versus the US$ and of the Euro versus the RON on 31 December
would affect the equity and the results by negligible amounts for the Company.
c) Interest rate risk
Interest rate risk arises mainly from long-term and short-term bank loans in € at the floating rate of Euribor.
The Group finances its investments, as well as its need for working capital, through equity, short-term
bank loans, long-term loans and bond loans and as a result is burdened by interest expenses. Increasing
trends in interest rates shall negatively affect results, which will be burdened by the additional borrowing
cost.
The impact on the Results and Equity of the Group and Company would be as follows, if the interest rates
of loans (Euribor) would be 1% higher/lower on average during the year 2025:
Effect on Amounts in € million Loans 31.12.2025 results before tax ( + / - ) ( + / - ) 64.19 0.64 Group 64.19 0.64 Company This would occur due to the higher/lower financial cost of bank borrowing with a floating rate in euro. A smaller effect results from interest income related to time deposits in euro. The impact on the Results and Equity of the Group and Company would be as follows, if the interest rate on term deposits would be 1% higher/lower on average during the year 2025: Sight and term deposits Effect on Amounts in € million 31.12.2025 results before tax ( + / - ) Group 41.49 0.41 Company 40.91 0.41
This would occur due to the higher/lower financial income from term deposits.
d) Risk of capital
The purpose of the Management in relation to capital management is to ensure the smooth and
uninterrupted operation of activities with the objective of providing satisfactory returns to shareholders,
and to maintain as much as possible an ideal capital structure, thus reducing the cost of capital. For this
reason, the Management, according to the prevailing conditions, may adjust its dividend policy, increase
its share capital or sell assets in order to reduce debt.
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Amounts in € Company Data 31.12.2025 31.12.2024 Total debt 64,193,247.64 63,080,477.21 Minus: Cash and cash equivalents 40,912,657.62 38,002,536.22 Net debt 23,280,590.02 25,077,940.99 Total equity 85,145,606.39 79,540,780.66 EBITDA 11,840,876.01 6,613,956.77 Equity / Net debt 3.66 3.17 Net debt / EBITDA 1.97 3.79 Amounts in € Group Data 31.12.2025 31.12.2024 Total debt 64,193,247.64 63,080,477.21 Minus: Cash and cash equivalents 41,487,931.47 38,380,058.12 Net debt 22,705,316.17 24,700,419.08 Total equity 86,957,529.27 81,381,475.49 EBITDA 12,551,785.66 7,045,203.06 Equity / Net debt 3.83 3.29 Net debt / EBITDA 1.81 3.51
4 Fair value of financial assets
There is no difference between the fair values and the respective book values of the financial items of
assets and liabilities, namely the trade and other receivables, the cash equivalents, the suppliers and
other liabilities, the derivatives financial products and the loans.
Fair value of a financial item is the amount which is received from the sale of a financial item or paid for
the settlement of an obligation in a transaction under normal conditions between two trading parties at the
date of its valuation. The fair value of the financial items on 31.12.2025 was based on the best possible
estimate on behalf of the Company’s Management.
The ranking levels of fair value are the following:
a) official stock exchange prices (without adjustment) in markets with significant trading volumes for
similar assets or liabilities (Level 1)
b) inflows, other than stock exchange prices which are included in Level 1, which can be observed for the
financial asset or the liability, either directly (for example prices) or indirectly (as derivative of prices) (Level
2), and
c) inflows for the financial asset or the liability which are not based on observable market data (non
observable inflows) (Level 3).
The levels in the ranking scale of fair value, within which the measurement of fair value is fully classified,
is defined by the inflow of the lowest level which is deemed as significant for the measurement of the
entire fair value.
The methods and assumptions which were utilized for the estimation of the fair value are the following:
Cash and cash equivalents, trade and other receivables, suppliers and other liabilities: The accounting
value is especially close to the fair value as the maturity of these financial items is in short-term and
because there is no foreign exchange risk affecting the fair value.
Loans: The book value is the same with the fair value as these loans are in local currency and with the
Euribor as floating interest rate.
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5 Significant accounting estimations and judgments by management
The preparation of the Financial Statements based on IFRS requires the Management to make
assessments, assumptions and judgments. The Management of the Group makes assessments and
assumptions about the evolution of future events which are based on past experience and other factors
such as expectations for future events that are considered reasonable in the current circumstances, while
constantly being re-evaluated based on available information. Assessments and assumptions that involve
a risk of adjusting to the book values of assets and liabilities over the next twelve (12) months are mainly:
i. Litigation cases and tax unaudited fiscal years, as presented in note 24.
ii. Employee benefits after leaving the service, as presented in notes 2.20 and 17. The liability for staff
compensation is calculated on the basis of actuarial methods whose application requires the
Management to estimate specific parameters such as discount rates, future salary increase rates, the
future rate of employee departure and other factors such as the inflation rate.
iii. Deferred tax receivables on tax losses, as presented in Note 16. Deferred tax receivable is recognized
for all unused tax losses to the extent that it is likely that there will be sufficient taxable profits to be
offset against those tax losses. Determining the amount of deferred tax receivables that can be
recognized requires significant judgments and estimates by the Group and Company Management,
which are based on future taxable profits in conjunction with future tax strategies to be followed.
iv. Recovery of receivables, as presented in note 8. The Group and the Company for the purpose of
measuring the expected credit losses of trade receivables throughout their lifetime applies a statistical
method which evaluates the maturity of other customers, the frequency of delays (Probability of Default
PD) but also the occurrence of final damages (delay beyond 12 months - Loss Given Default - LGD).
At each balance sheet date, the Group performs an impairment test on receivables by using a table
based on which the expected credit losses (ECL) are calculated. It then recognizes a percentage of
losses based on ECL throughout the life of assets in each reporting period. This percentage is
calculated on the basis of historical data, current market conditions as well as future estimates at the
end of each reporting period, taking into account the terms of credit insurance of trade receivables and
any other collateral (encumbrances on debtor's property, personal guarantees and bank letters of
guarantee).
v. The estimated impairment of participations, as presented in note 21. The parent Company on each
balance sheet date examines the existence or non-existence of indications of impairment of
investments in subsidiaries. Determining the existence of impairment indications requires the
Management to make judgments regarding external and internal factors as well as the extent to which
they affect the recoverability of such assets. If it is assessed that there are signs of impairment, the
Company calculates the recoverable amount.
Due to the nature and activities of the companies concerning investments in associates and joint
ventures, the parent Company, after evaluation of external factors, did not find any evidence of
impairment in relation to the geopolitical developments.
vi. The useful (economic) life of the tangible fixed assets as mentioned in note 2.6. The Management
makes estimates regarding the useful (economic) life of the depreciable fixed assets which represent
the expected use of the assets and are subject to periodic review.
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6 Analysis of tangible fixed assets
The Group’s fixed assets are analyzed as follows:
Investment Vehicles & Land-plots & Furniture & other Assets under property & Rights-of-use of MOVEMENT OF FIXED ASSETS Mechanical Intangible assets Total buildings equipment construction fixed assets for Tangible Assets Equipment sale Book value 1.1.2024 49,328,106.41 54,761,728.54 1,500,315.28 1,318,797.51 710,050.12 29,473.68 1,383,988.10 109,032,459.64 Additions 0.00 510,761.39 0.00 1,823,925.05 0.00 0.00 395,118.25 2,729,804.69 Transfers 0.00 1,793,099.60 0.00 (2,134,430.10) 341,330.50 0.00 0.00 0.00 Sales - write-offs 0.00 (1,360,725.91) (592,657.08) 0.00 (261,184.65) 0.00 (326,594.70) (2,541,162.34) Book value 31.12.2024 49,328,106.41 55,704,863.62 907,658.20 1,008,292.46 790,195.97 29,473.68 1,452,511.65 109,221,101.99 Additions 56,541.00 804,150.45 5,816.94 1,990,157.63 79,941.66 0.00 294,708.71 3,231,316.39 Transfers (11,888,468.73) 2,061,228.11 0.00 (2,693,721.51) 87,424.05 12,355,027.08 0.00 (78,511.00) Sales - write-offs (682,970.21) (571,801.99) (248,655.88) 0.00 (131,240.16) 0.00 (76,668.85) (1,711,337.09) Book value 31.12.2025 36,813,208.47 57,998,440.19 664,819.26 304,728.58 826,321.52 12,384,500.76 1,670,551.51 110,662,570.29 Accumulated depreciation 1.1.2024 (13,606,599.11) (27,332,783.21) (1,449,381.50) 0.00 (638,883.68) (29,473.60) (741,815.63) (43,798,936.72) Additions (646,821.97) (2,158,114.93) (24,682.16) 0.00 (20,823.47) 0.00 (225,753.09) (3,076,195.62) Sales - write-offs 0.00 1,332,687.02 589,727.89 0.00 259,667.53 0.00 321,495.93 2,503,578.37 Accumulated depreciation 31.12.2024 (14,253,421.08) (28,158,211.12) (884,335.77) 0.00 (400,039.62) (29,473.60) (646,072.79) (44,371,553.97) Additions (647,381.56) (2,274,590.81) (23,831.27) 0.00 (29,438.41) 0.00 (278,692.55) (3,253,934.60) Transfers 4,341,227.60 192,392.30 0.00 0.00 (71,386.14) (4,533,619.90) 0.00 (71,386.15) Sales - write-offs 0.00 452,565.00 244,733.53 0.00 131,240.16 0.00 65,861.32 894,400.01 Accumulated depreciation 31.12.2025 (10,559,575.04) (29,787,844.63) (663,433.51) 0.00 (369,624.01) (4,563,093.50) (858,904.02) (46,802,474.71) Net book value 31.12.2024 35,074,685.34 27,546,652.50 23,322.43 1,008,292.46 390,156.35 0.08 806,438.86 64,849,548.01 Net book value 31.12.2025 26,253,633.43 28,210,595.56 1,385.75 304,728.58 456,697.51 7,821,407.25 811,647.49 63,860,095.58
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The Company’s fixed assets are analyzed as follows:
Investment Vehicles & Land-plots & Furniture & other Assets under property & Rights-of-use of MOVEMENT OF FIXED ASSETS Mechanical Intangible assets Total buildings equipment construction fixed assets for Tangible Assets Equipment sale Book value 31.12.2023 36,500,658.32 49,034,276.37 1,256,250.99 1,318,797.61 578,809.96 29,473.68 887,762.50 89,606,029.43 Additions 0.00 521,539.60 0.00 1,823,925.05 0.00 0.00 374,379.29 2,719,843.94 Transfers 0.00 1,793,099.60 0.00 (2,134,430.10) 341,330.50 0.00 0.00 0.00 Sales - write-offs 0.00 (1,307,571.97) (589,728.87) 0.00 (261,184.65) 0.00 (326,594.70) (2,485,080.19) Book value 31.12.2024 36,500,658.32 50,041,343.60 666,522.12 1,008,292.56 658,955.81 29,473.68 935,547.09 89,840,793.18 Additions 56,541.00 782,723.74 0.00 1,990,157.63 79,941.66 0.00 283,078.00 3,192,442.03 Transfers 169,149.50 2,358,636.96 0.00 (2,693,721.51) 87,424.05 0.00 0.00 (78,511.00) Sales - write-offs 0.00 (571,801.99) 0.00 0.00 0.00 0.00 (76,668.80) (648,470.79) Book value 31.12.2025 36,726,348.82 52,610,902.31 666,522.12 304,728.68 826,321.52 29,473.68 1,141,956.29 92,306,253.42 Accumulated depreciation 31.12.2023 (9,574,409.55) (23,971,578.44) (1,200,753.71) 0.00 (507,643.52) (29,473.60) (464,615.70) (35,748,474.52) Additions (462,505.15) (1,875,938.41) (23,214.92) 0.00 (20,823.47) 0.00 (202,084.53) (2,584,566.48) Sales - write-offs 0.00 1,293,218.90 589,727.89 0.00 259,667.52 0.00 321,496.00 2,464,110.31 Accumulated depreciation 31.12.2024 (10,036,914.70) (24,554,297.95) (634,240.74) 0.00 (268,799.47) (29,473.60) (345,204.23) (35,868,930.69) Additions (463,063.72) (1,993,733.20) (16,547.14) 0.00 (29,438.40) 0.00 (250,678.48) (2,753,460.94) Transfers 0.00 0.00 0.00 0.00 (71,386.14) 0.00 0.00 (71,386.14) Sales - write-offs 0.00 452,565.04 0.00 0.00 0.00 0.00 65,861.32 518,426.36 Accumulated depreciation 31.12.2025 (10,499,978.42) (26,095,466.11) (650,787.88) 0.00 (369,624.01) (29,473.60) (530,021.39) (38,175,351.41) Net book value 31.12.2024 26,463,743.62 25,487,045.65 32,281.38 1,008,292.56 390,156.34 0.08 590,342.86 53,971,862.49 Net book value 31.12.2025 26,226,370.40 26,515,436.20 15,734.24 304,728.68 456,697.51 0.08 611,934.90 54,130,902.01
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There are no liens, collateral or other commitments on fixed assets of the Company and the Group’s
companies. Intangible assets mainly include acquired software and licenses for use of software.
7 Investment Property
The Group’s and Company’s investment property is analyzed as follows:
In fiscal year 2025, the Group's subsidiary "Northern Greece Metal Products S.A." leased the property it
owns and therefore the expected reclassification of the asset was carried out accordingly.
8 Analysis of receivables
The Group’s and Company’s trade receivables are analyzed as follows:
GROUP COMPANY Amounts in € 31.12.2025 31.12.2024 31.12.2025 31.12.2024 31,848,614.15 28,635,854.03 31,557,837.97 28,443,549.92 Customers Notes 2,933.11 2,933.11 0.00 0.00 Post-dated cheques 3,567,490.35 8,976,120.80 3,558,494.85 8,967,125.30 Provisions for bad debt - (3,275,124.59) (3,913,760.81) (3,106,374.85) (3,744,991.90) impairments Total trade receivables 32,143,913.02 33,701,147.13 32,009,957.97 33,665,683.32
The Group and the Company for the purposes of measuring the expected credit losses of trade
receivables throughout their entire life applies a statistical method that evaluates the maturity of the
balances of customers, the frequency of delays (probability of default - PD) and the occurrence of
permanent losses (delay beyond 12 months - Loss Given Default - LGD). For trade receivables classified
as financial instruments, the lifetime is governed by formal payment terms. In the case of the Group,
collection payment terms vary from 30 to 120 days. As a result, the life of these receivables is shorter
than the recovery horizon which is typically 12 months or longer for financial instruments. Therefore, it is
appropriate to interpret expected credit losses (ECL) as lifetime ECL of trade receivables. At each balance
sheet date, the Group performs an impairment test of receivables by using a table for the calculation of
expected credit losses (ECL). As result, the Group recognizes a percentage loss based on the ECL during
the entire life of the receivables under consideration, at each reporting period. This percentage is
calculated on the basis of historic data, current market conditions as well as future estimates at the end
of each reporting period taking into account the terms of the credit insurance of trade receivables as well
as other insurances (pledges written on the ownership of debtors, personal guarantees and bank letters
of guarantee).
In order to measure the expected credit losses, customers have been evaluated individually and at the
level of their transaction with the Company, assessing at a depth of three years the cases in which
payments are made with a delay of more than 90 days beyond the agreed payment terms. From this
assessment, the possibility of delays (PD) is obtained, which is converted into a provision for default over
the next 12 months (PD), and then the percentage of the overdue balance is accurately measured, which
is finally collected within 12 months from the time of the delay.
COMPANY & GROUP Amounts in € 31 .12 . 20 2 5 31 .12 . 2024 Apartment at Filippiados Str. 29,473.68 29,473.68 Building facilities of Thessaloniki 12,355,027.09 0.00 Total Value 12,384,500.77 29,473.68 Amortized (4,563,093.52) (29,473.60) Net book value 7,821,407.25 0.08
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On the one hand, these two measurements give the possibility of delay (PD), on the other hand they also
assess the severity of damage during failure (LGD), allowing the calculation of ECL in a reliable statistical
way. At the same time, a third econometric model for estimating the default balance (EAD – Exposure at
Default) is applied, which on the one hand takes into account at the balance sheet date the part of the
receivables that is already in default state and the serviced part of the balance which has a specific
probability of becoming overdue in the future. Before a new customer is accepted, the Group uses external
credit information to assess the new customer's creditworthiness and solvency and thus set its credit limit.
Credit limits are reviewed and, if necessary, revised periodically.
The following tables depict the credit risk profile of the customers based on the relevant provisions table
of the Group and the Company. Given the fact that the Group’s experience in credit losses indicates that
the credibility of its customers does not differentiate due to each customer’s business activity, the
provision for the expected credit losses is based on the statistical measurement presented above, which
takes into account the maturity of receivables and is not classified by any additional level.
GROUP Amounts in € Balance of trade receivables – Balances’ time delay No time 91 – 180 31.12.2025 1 – 90 days >181 days Total delay days Trade receivables 29,497,916.67 1,713,781.32 648,118.69 3,559,790.73 35,419,607.41 Expected % of credit loss 1.08% 5.39% 2.89% 79.96% 9.25% Expected credit loss 317,674.25 92,293.89 18,713.58 2,846,442.86 3,275,124.59 Net balance 29,180,242.42 1,621,487.43 629,405.11 713,347.87 32,144,482.82 Amounts in € Balance of trade receivables – Balances’ time delay No time 91 – 180 31.12.2024 1 – 90 days >181 days Total delay days Trade receivables 28,446,070.96 2,681,974.93 2,595,759.17 3,891,102.48 37,614,907.54 Expected % of credit loss 0.06% 0.14% 1.02% 99.38% 10.40% Expected credit loss 16,541.64 3,746.48 26,413.62 3,867,058.67 3,913,760.41 Net balance 28,429,529.32 2,678,228.45 2,569,345.55 24,043.81 33,701,147.13 COMPANY Amounts in € Balance of trade receivables – Balances’ time delay No time 91 – 180 31.12.2025 1 – 90 days >181 days Total delay days Trade receivables 29,362,687.23 1,713,781.32 648,118.69 3,391,745.58 35,116,332.82 1.08% 5.39% 2.89% 78.97% 8.85% Expected % of credit loss Expected credit loss 316,969.66 92,293.89 18,713.58 2,678,397.71 3,106,374.85 Net balance 29,045,717.57 1,621,487.43 629,405.11 713,347.87 32,009,957.97 Amounts in € Balance of trade receivables – Balances’ time delay No time 91 – 180 31.12.2024 1 – 90 days >181 days Total delay days Trade receivables 28,409,883.39 2,681,974.93 2,595,759.17 3,723,057.33 37,410,674.82 Expected % of credit loss 0.06% 0.14% 1.02% 99.35% 10.01% Expected credit loss 15,818.28 3,746.48 26,413.62 3,699,013.52 3,744,991.90 Net balance 28,394,065.11 2,678,228.45 2,569,345.55 24,043.81 33,665,682.92
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The movement of the provision - impairments for doubtful trade receivables is analyzed in the following
table:
GROUP COMPANY Amounts in € 31.12.2025 31.12.2024 31.12.2025 31.12.2024 Opening balance 3,913,760.81 3,852,879.99 3,744,991.90 3,680,655.98 Additional provision - impairment (638,636.22) 60,880.82 (638,617.05) 64,335.92 (results) Total 3,275,124.59 3,913,760.81 3,106,374.85 3,744,991.90
The amortized receivables are monitored in transitory accounts and the probability for collection is
reviewed.
The Group’s and Company’s other receivables are analyzed as follows:
GROUP COMPANY Amounts in € 31.12.2025 31.12.2024 31.12.2025 31.12.2024 Receivables from employees 44,199.46 71,484.65 44,074.46 71,359.65 Receivables from other partners - third 1,539,978.68 1,408,947.50 1,300,619.96 1,357,427.96 parties Greek State – income tax receivable 37,810.71 2,195,086.96 37,810.71 2,195,086.96 Greek State – receivable of other taxes 108,301.66 108,301.66 108,301.66 108,301.66 Grants receivable 582.58 582.58 582.58 582.58 Debit balance - VAT 186,500.22 1,427,069.48 0.00 1,271,960.36 Provision - impairment for doubtful (198,047.33) (340,396.58) (191,887.79) (334,634.14) receivables Total 1,719,325.98 4,871,076.25 1,299,501.58 4,670,085.03
The movement of the provision - impairments for doubtful other receivables is analyzed in the following
table:
GROUP COMPANY Amounts in € 31.12.2025 31.12.2024 31.12.2025 31.12.2024 Opening balance 340,396.58 339,703.62 334,634.14 331,497.29 Additional provision - impairment (142,349.25) 692.96 (142,746.35) 3,136.85 (results) Total 198,047.33 340,396.58 191,887.79 334,634.14 The long-term receivables of the Group and Company are analyzed as follows: GROUP COMPANY Amounts in € 31.12.2025 31.12.2024 31.12.2025 31.12.2024 Given guarantees 49,800.62 53,207.00 42,184.94 39,607.00 Receivables from associates 194,747.37 177,438.32 194,763.05 1,104,621.98 Provisions for impairment (49,574.54) (24,652.19) (49,574.54) (96,317.77) Total 194,973.45 205,993.13 187,373.45 1,047,911.21
The given guarantees presented in long-term receivables concern guarantees and receivables that will
be received in a period over twelve (12) months from the end of the reporting period. The fair value of
such receivables does not differ substantially from that presented in the financial statements and is subject
to a review annually. The given guarantees that will be received in the next year, are presented in other
short-term receivables.
Receivables from affiliated companies concern loans granted from the parent Company to the affiliated
companies of the Group. The balances that appear on the Group level concern the companies of the
Group that are being consolidated via the equity method.
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The movement of forecasting - impairment of long-term receivables is analyzed as follows:
GROUP 9 Analysis of inventories COMPANY The Group’s and Company’s inventories are analyzed as follows: Amounts in € GROUP 31.12.2025 COMPANY 31.12.2024 Amounts in € 31.12.2025 31.12.2025 31.12.2024 31.12.2024 Initial balance 31.12.2025 24,652.19 31.12.2024 6,151.78 Merchandise 96,317.77 37,429,609.18 114,496.78 33,832,764.98 Additional provision - impairment 37,429,609.18 24,922.35 33,832,764.98 18,500.41 Products (46,743.23) 7,940,896.45 (18,179.01) 8,693,455.67 (results) 7,940,896.45 Total 8,693,455.67 49,574.54 Orders 24,652.19 0.00 49,574.54 1,145.40 96,317.770.00 1,145.40 Purchases under collection 449,141.23 3,274,446.80 449,141.23 3,274,446.80 Advances for purchases 324,910.04 709,493.51 324,910.04 709,493.51 Raw materials – 2,028,644.98 2,168,936.31 2,028,644.98 2,168,936.31 consumables Total 48,173,201.88 48,680,242.67 48,173,201.88 48,680,242.67
The risk due to loss of inventory from natural disasters, theft etc., is extremely low due to the nature of
inventories. There is however risk of impairment due to the volatility of prices globally. The Management
of the Group continuously reviews the net liquidation value of inventories and makes the appropriate
provisions in order to ensure that the value of inventory in the financial statements coincides with the real
value.
10 Investments
The securities consist of portfolio of shares of companies listed and traded on the Athens Exchange and
have been purchased with the objective to realize capital gains from the short-term price fluctuations of
their prices. According to the principles of IFRS 9, the particular securities are recorded in the financial
statements at fair value via the results (Level 1).
GROUP COMPANY Amounts in € 31.12.2025 31.12.2024 31.12.2025 31.12.2024 Value of securities 820,512.00 950,389.21 820,512.00 950,389.21 Additions for the period 0.00 0.00 0.00 0.00 Sales for the period (323,497.95) (337,924.80) (323,497.95) (337,924.80) Revaluation difference in the (242,814.05) 208,047.59 (242,814.05) 208,047.59 results Balance 254,200.00 820,512.00 254,200.00 820,512.00
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11 Derivatives
Derivatives concern forward foreign exchange contracts.
GROUP COMPANY Amounts in € 31.12.2025 31.12.2024 31.12.2025 31.12.2024 Forward foreign exchange contracts 0.00 0.00 0.00 0.00 Current assets / (short-term liabilities) Amounts registered in the 0.00 (39,723.50) 0.00 (39,723.50) results (Losses)-Profits Amounts registered in the equity through the statement 0.00 0.00 0.00 0.00 of comprehensive income (Losses) - Profit
12 Analysis of cash reserves
The Group’s and Company’s cash & cash equivalents are analyzed as follows:
GROUP COMPANY Amounts in € 31.12.2025 31.12.2024 31.12.2025 31.12.2024 Cash in hand 9,819.55 10,919.35 3,366.53 5,042.34 Sight & term deposits 41,478,111.92 38,369,138.77 40,909,291.09 37,997,493.88 Total 41,487,931.47 38,380,058.12 40,912,657.62 38,002,536.22
Term (or time) deposits refer to short-term placements, usually 3-month and monthly, at the banks which
the Company and the Group co-operate with.
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13 Analysis of all equity accounts
The Group’s and Company’s equity are analyzed as follows:
GROUP COMPANY Amounts in € 31.12.2025 31.12.2024 31.12.2025 31.12.2024 Share Capital 18,146,007.00 18,410,839.00 18,146,007.00 18,410,839.00 Share premium 11,171,177.70 11,171,177.70 11,171,177.70 11,171,177.70 Statutory reserve 4,938,235.83 4,930,927.81 4,891,523.62 4,891,523.62 Extraordinary reserves 866,308.15 866,308.15 866,308.15 866,308.15 Tax-exempt reserves 12,086,025.87 12,086,025.87 12,086,025.87 12,086,025.87 Reserves of tax-exempt income 404,315.87 404,315.87 404,315.87 404,315.87 Special reserves 4,404,551.63 4,404,091.85 4,404,091.85 4,404,091.85 Total Reserves 22,699,437.35 22,691,669.55 22,652,265.36 22,652,265.36 Treasury shares 0.00 (648,862.59) 0.00 (648,862.59) Retained earnings 29,391,705.73 30,268,047.97 27,623,224.69 28,427,042.60 Correction of minority rights 0.00 0.00 0.00 0.00 Results for the year 5,556,341.82 (535,212.27) 5,590,536.79 (471,681.41) Formation of statutory reserve 0.00 (10,825.35) 0.00 0.00 Hedging result 0.00 0.00 0.00 0.00 Actuarial gains / (losses) (48,211.73) 0.00 (48,211.73) 0.00 Distribution of earnings for the 0.00 0.00 0.00 0.00 year 2022 Proportional deferred taxation 10,606.58 0.00 10,606.58 0.00 Foreign exchange differences 2,264.74 9,599.70 0.00 0.00 from consolidation Accumulated Earnings 34,912,707.14 29,731,610.05 33,176,156.33 27,955,361.19 Total equity without minority 86,929,329.19 81,356,433.71 85,145,606.39 79,540,780.66 interest Minority interest 28,200.07 25,041.78 0.00 0.00 Total Equity 86,957,529.27 81,381,475.49 85,145,606.39 79,540,780.66
The share capital of the Company on 31/12/2025 amounted to € 18,146,007.00, divided into 18,146,007
common registered shares with a nominal value of € 1.00 per share.
All shares are listed and freely traded on the Athens Exchange, Greece.
Each share of the Company incorporates all the rights and obligations defined by the Law and the Articles
of Association of the Company, which, however, does not contain provisions more restrictive than those
provided by Law. The possession of the share security automatically implies the acceptance by its owner
of the Company's Articles of Association and the legal decisions of the General Meetings of the
shareholders.
Purchase of own shares
As of December 31, 2025, the Company did not hold any treasury shares.
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Analysis of accumulated results of the Group and the Company:
GROUP COMPANY Amounts in € 31.12.2025 31.12.2024 31.12.2025 31.12.2024 Tax free income from grants of L. 5,262,598.38 4,858,437.91 3,270,266.79 2,972,734.24 3299/04 & 3908/11 Foreign exchange difference due to (239,349.70) (241,614.44) 0.00 0.00 consolidation Hedging result 0.00 (0.01) 0.00 (0.01) Actuarial gains (losses) from provision (37,605.15) (37,145.37) (37,605.15) (37,145.37) for personnel indemnities Other accumulated (retained) 29,927,063.61 25,151,931.96 29,943,034.91 25,019,772.33 earnings Total accumulated (retained) 34,912,707.14 29,731,610.05 33,175,696.55 27,955,361.19 earnings
The grants of L. 3299/2004 & L. 3908/2011 according to the provisions of the above laws are not
distributed. The Company monitors grant income on a separate account of accumulated results.
Government grants concerning expenditures are being deferred and recorded in the income statement
when the subsidized expenditure is also recorded so that there is a correspondence between the income
and the expenditure.
Pursuant to IAS 21, at the appropriation of the operations abroad, the accumulated amount of foreign
exchange differences transferred to the separate equity account relating to that operation is recognized
in the results when the profit or loss is also recognized.
The Company according to the Greek tax law, proceeded into the creation of tax exempt reserves in the
past.
The Company has not recognized any provision for potential income tax obligation in case of future
distribution of such reserves to the shareholders, since such obligation is recognized at the same time
with the dividend obligation corresponding to such distributions.
The purpose of the Company’s and Group’s Management in relation to capital management is to ensure
the smooth operation of activities with the objective of providing satisfactory returns to shareholders, and
to maintain as much as possible an ideal capital structure, thus reducing the cost of capital. For this
reason, the Management, according to the prevailing conditions, may adjust its dividend policy, increase
its capital by cash or sell assets in order to reduce debt.
The monitoring of the above is performed on the basis of the ratio “Equity to net bank debt” as well as of
the ratio “Net bank debt to operating earnings (EBITDA).
Amounts in € Company Data 31.12.2025 31.12.2024 Total debt 64,193,247.64 63,080,477.21 Minus: Cash and cash equivalents 40,912,657.62 38,380,058.12 Net debt 23,280,590.02 24,700,419.09 Total equity 85,145,606.39 81,381,475.49 EBITDA 11,840,876.01 7,045,203.06 Equity / Net debt 3.66 3.29 Net debt / EBITDA 1.97 3.51 Amounts in € Group Data 31.12.2025 31.12.2024 Total debt 64,193,247.64 80,143,750.00 Minus: Cash and cash equivalents 41,487,931.47 17,851,069.86 Net debt 22,705,316.17 62,292,680.14 Total equity 86,957,529.27 81,327,854.99 EBITDA 12,551,785.66 3,772,630.11 Equity / Net debt 3.83 1.31 Net debt / EBITDA 1.81 16.51
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14 Analysis of suppliers and other liabilities
The Group’s and Company’s trade payables (suppliers) are analyzed as follows:
GROUP COMPANY Amounts in € 31.12.2025 31.12.2024 31.12.2025 31.12.2024 Domestic suppliers 8,303,656.82 19,494,154.78 8,285,386.28 19,462,427.45 Foreign suppliers 20,375,848.05 22,752,432.45 20,375,848.05 22,752,432.45 Accrued expenses for the year 0.00 236.44 0.00 0.00 Total 28,679,504.87 42,246,823.67 28,661,234.33 42,214,859.90 The Group’s and Company’s other liabilities are analyzed as follows: GROUP COMPANY Amounts in € 31.12.2025 31.12.2024 31.12.2025 31.12.2024 Insurance accounts & 2,068,920.55 918,638.85 2,067,036.62 938,412.74 other taxes Customer prepayments 2,761,267.07 1,481,364.63 2,359,897.51 1,476,052.45 Other liabilities / provisions 293,542.27 122,149.77 243,287.02 18,774.32 Total other liabilities 5,123,729.89 2,522,153.25 4,670,221.15 2,433,239.51
All the above liabilities are of short-term nature and there is no need to discount such to present value
during the balance sheet date.
15 Analysis of loans
The Group’s and Company’s loan liabilities are analyzed as follows:
Long-term loans
GROUP COMPANY Amounts in € 31.12.2025 31.12.2024 31.12.2025 31.12.2024 Bank loans 48,880,000.00 27,860,000.00 48,880,000.00 27,860,000.00 Short-term loans GROUP COMPANY Amounts in € 31.12.2025 31.12.2024 31.12.2025 31.12.2024 Bank loans 14,333,247.64 14,390,477.21 14,333,247.64 14,390,477.21 Short-term part of long-term 980,000.00 20,830,000.00 980,000.00 20,830,000.00 loans Total 15,313,247.64 35,220,477.21 15,313,247.64 35,220,477.21 TOTAL LOANS 64,193,247.64 63,080,477.21 64,193,247.64 63,080,477.21 GROUP Amounts in € < 1 y e a r Fr o m 1 t o 5 y e a r s > 5 y e a r s Bank Loans 31.12.2025 15,313,247.64 48,880,000.00 0.00 GROUP Amounts in € < 1 y e a r Fr o m 1 t o 5 y e a r s > 5 y e a r s Bank Loans 31.12.2024 35,220,477.21 27,860,000.00 0.00 COMPANY Amounts in € < 1 y e a r Fr o m 1 t o 5 y e a r s > 5 y e a r s Bank Loans 31.12.2025 15,313,247.64 48,880,000.00 0.00
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COMPANY Amounts in € < 1 y e a r Fr o m 1 t o 5 y e a r s > 5 y e a r s Bank Loans 31.12.2024 35,220,477.21 27,860,000.00 0.00 The changes in the Company’s and Group’s loans are analyzed in the following table: GROUP COMPANY Amounts in € 31.12.2025 31.12.2024 31.12.2025 31.12.2024 Loans outstanding at 63,080,477.21 65,588,341.98 63,080,477.21 65,588,341.98 beginning of the period Loans received 105,100,000.00 124,280,000.00 105,100,000.00 124,280,000.00 Interest for the period 2,311,344.30 4,107,050.03 2,311,344.30 4,107,050.03 Total 170,491,821.51 193,975,392.01 170,491,821.51 193,975,392.01 Loans repaid (103,930,000.00) (126,155,625.50) (103,930,000.00) (126,155,625.50) Interest paid (2,368,573.87) (4,739,289.30) (2,368,573.87) (4,739,289.30) Balance of Loans 64,193,247.64 63,080,477.21 64,193,247.64 63,080,477.21
There were no defaults regarding the loans of the Group and the Company during the financial year 2025.
16 Analysis of deferred taxes
Deferred tax assets and liabilities are calculated at the level of each individual company of the Group. If
both assets and liabilities arise, such are offset against one another at the individual company level.
Deferred taxes are as follows:
a) For the Group
Amounts in € 01.01.2024 1.1 - 31.12.2024 31.12.2024 1.1-31.12.2025 31.12.2025 Intangible assets (612.77) 1,601.92 989.15 (978.51) 10.64 Tangible assets (4,856,334.59) (134,141.07) (4,990,475.66) (15,878.57) (5,006,354.23) Inventories 0.00 0.00 0.00 0.00 0.00 Impairment of interest 932,503.00 4,103.00 936,606.00 0.00 936,606.00 Trade and other 587,253.95 (11,341.11) 575,912.84 (190,987.90) 384,924.94 receivables Employee benefits 108,413.95 2,297.76 110,711.71 3,573.87 114,285.58 Suppliers and other 155,638.88 63,455.10 219,093.98 (7,402.78) 211,691.20 liabilities Other (Derivatives & (33,835.06) 33,835.06 0.00 (15,267.97) (15,267.97) Securities) Total (3,106,972.64) (40,189.34) (3,147,161.98) (226,941.87) (3,374,103.85) Directly to equity 0.00 (10,606.58) In the results (40,189.34) (216,335.29) Total (40,189.34) (226,941.87)
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b) For the Company
Amounts in € 01.01.2024 1.1 - 31.12.2024 31.12.2024 1.1-31.12.2025 31.12.2025 Intangible assets (623.41) 1,601.92 978.51 (978.51) (0.00) Tangible assets (3,713,485.81) (151,185.39) (3,864,671.20) (54,955.75) (3,919,626.95) Inventories 0.00 0.00 0.00 0.00 0.00 Impairment of interest 932,503.00 4,103.00 936,606.00 0.00 936,606.00 Trade and other 555,413.20 (10,043.34) 545,369.86 (191,071.03) 354,298.83 receivables Employee benefits 108,413.96 2,297.76 110,711.72 3,573.87 114,285.59 Suppliers and other 90,445.39 40,598.60 131,043.99 1,502.92 132,546.91 liabilities Other (Derivatives & (33,835.06) 33,835.06 0.00 (15,268.00) (15,268.00) Securities) Total (2,061,168.73) (78,792.39) (2,139,961.12) (257,196.50) (2,397,157.62) Directly to equity 0.00 (10,606.58) In the results (78,792.39) (246,589.92) Total (78,792.39) (257,196.50)
Deferred tax assets and liabilities are offset when there is an applicable legal right to offset current tax
assets against current tax liabilities and when deferred income tax refers to the same tax authority.
Regarding the rates which will be the basis for the calculation of the deferred taxation, we note that in the
paragraph of IAS 12 "Income Taxes" it is stipulated that: “Deferred tax assets and liabilities will be
measured with the tax rates expected to be applied during the period in which the asset or liability will be
settled, taking into account the tax rates (and tax laws) established or materially established until the
balance sheet date”.
17 Analysis of post-employment benefits
The Group has assigned an actuary to conduct a study in order to investigate and calculate the actuarial
figures, based on the specifications set by International Accounting Standards (IAS 19), which must be
recorded on the balance sheet and the statement of comprehensive income. When performing the
actuarial estimate, all economic and population parameters related to the employees of the Group were
taken into account.
GROUP COMPANY Amounts in € 31.12.2025 31.12.2024 31.12.2025 31.12.2024 Balance Sheet liabilities 519,479.92 503,235.05 519,479.92 503,235.05 Charges to the Results 169,663.65 90,859.43 169,663.65 90,859.43 Actuarial gains / (losses 0.00 0.00 0.00 0.00 Present value of financed liabilities 0.00 0.00 0.00 0.00 Present value of non-financed liabilities 519,479.92 503,235.05 519,479.92 503,235.05 Balance Sheet Liability 519,479.92 503,235.05 519,479.92 503,235.05 Changes in the net liability recognized in the Balance Sheet Net liability at beginning of year 503,235.05 492,790.70 503,235.05 492,790.70 Contributions payable (124,551.51) (140,535.08) (124,551.51) (140,535.08) Total expense recognized in the results 189,008.11 150,979.43 189,008.11 150,979.43 Actuarial gains / (losses) (48,211.73) 0.00 (48,211.73) 0.00 Net liability at end of year 519,479.92 503,235.05 519,479.92 503,235.05
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Analysis of expenses recognized in the results Cost of current employment 75,061.74 121,827.97 75,061.74 121,827.97 Financial cost 19,344.46 29,151.46 19,344.46 29,151.46 Prior service cost 94,601.91 0.00 94,601.91 0.00 Total expense recognized in the results 189,008.11 150,979.43 189,008.11 150,979.43 Allocation of Expense Cost of sales 72,193.69 60,913.99 72,193.69 60,913.99 Distribution expenses 69,931.30 36,548.40 69,931.30 36,548.40 Administrative expenses 27,538.65 24,365.59 27,538.65 24,365.59 Financial cost 19,344.46 29,151.46 19,344.46 29,151.46 Total 189,008.11 150,979.44 189,008.11 150,979.44 31.12.2025 Fr o m 2 Fr o m 1 t o Amounts in € < 1 y e a r to 5 > 5 y e a r s T ot al 2 y e a rs ye a r s Expected average expiration of the liability for employee benefits of 0.00 0.00 0.00 519,479.92 519,479.92 Company Expected average expiration of the 0.00 0.00 0.00 519,479.92 519,479.92 liability for employee benefits of Group 31.12.2024 Fr o m 1 Fr o m 2 Amounts in € < 1 y e a r to 2 to 5 > 5 y e a r s T ot al ye a r s ye a r s Expected average expiration of the liability for employee benefits of 0.00 0.00 0.00 503,235.05 503,235.05 Company Expected average expiration of the 0.00 0.00 0.00 503,235.05 503,235.05 liability for employee benefits of Group
18 Analysis of tax liabilities
GROUP COMPANY Amounts in € 31.12.2025 31.12.2024 31.12.2025 31.12.2024 Taxable result of the year 6,590,777.78 (1,568,258.14) 6,310,576.40 (1,753,614.21) Plus Tax related revisions 769,219.20 751,499.41 750,222.52 423,394.57 Transferred tax loss of previous years (4,412,478.84) (2,822,329.19) (3,580,448.79) (2,175,685.10) Losses carried forward to the next fiscal 0.00 (3,639,087.92) 0.00 (3,505,904.74) year Taxable result of the year 3,979,969.65 550,926.49 3,480,350.13 0.00 Tax rate 0.22 0.22 0.22 0.22 Corresponding tax for the year 875,593.32 121,203.83 765,677.03 0.00 Advance tax payment of previous year (96,963.06) (95,718.50) 0.00 0.00 Total 778,630.26 25,485.33 765,677.03 0.00 Previous year’s tax balance 31,862.14 0.00 0.00 0.00 Total Tax Payable 810,492.40 25,485.33 765,677.03 0.00
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19 Segment Reporting
The Group is organized in two business segments, according to the manner in which such are presented
internally to those that make decisions for the allocation of resources and the audit of the effectiveness of
the Group’s operations.
The three business segments are as follows:
• Segment of steel products
• Segment of production & trade of electric energy from Photovoltaic stations
01.01.2025 – 31.12.2025 CONSOLIDATION CONSOLIDATED Amounts in STEEL ENERGY CO NS O LI DAT I O N & STATEMENT OF € PRODUCTS SEGMENT IN T H E E Q UI T Y ARRANGEMENT INCOME ENTRIES Income from sales to 166,703,548.45 905,816.57 0.00 0.00 167,609,365.02 external customers Total 166,703,548.45 905,816.57 0.00 0.00 167,609,365.02 revenue Other 4,437,096.29 19.17 0.00 (1,008,321.50) 3,428,793.96 revenue Total 171,140,644.74 905,835.74 0.00 (1,008,321.50) 171,038,158.98 EBITDA 12,772,120.45 741,531.32 87,219.84 (1,049,085.95) 12,551,785.66 Financial 281,668.97 0.00 0.00 (102,979.99) 178,688.98 income Financial (3,270,510.43) (75,900.69) 0.00 168,559.52 (3,177,851.61) expenses Depreciation / (2,945,386.56) (428,307.33) 0.00 119,759.29 (3,253,934.60) Amortization Grants 404,160.47 0.00 0.00 0.00 404,160.47 Investment 216,958.91 0.00 0.00 (67,788.55) 149,170.36 results Results of companies 0.00 0.00 (87,219.84) 0.00 (87,219.84) consolidated into equity Earnings / (losses) 7,459,011.81 237,323.30 0.00 (931,535.72) 6,764,799.39 before taxes Income tax (1,153,335.60) (53,429.13) 0.00 1,465.46 (1,205,299.27) Earnings / (losses) 6,305,676.21 183,894.17 0.00 (930,070.26) 5,559,500.12 after taxes Material items: Total assets 197,748,940.61 3,964,344.91 0.00 (8,706,586.13) 193,006,699.39 Total 105,610,028.59 2,382,050.73 0.00 (1,942,909.20) 106,049,170.12 liabilities
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01.01.2024 – 31.12.2024 CONSOLIDATIOCO NS O LI DAT I OCONSOLIDATEAmounts in STEEL ENERGY N & N IN THE D STATEMENT € PRODUCTS SEGMENT ARRANGEMENT EQ UI T Y OF INCOME ENTRIES Income from sales 175,851,795.54 983,844.22 0.00 0.00 176,835,639.76 to external customers Total 175,851,795.54 983,844.22 0.00 0.00 176,835,639.76 revenue Other 3,771,038.70 1,229.55 0.00 (228,679.42) 3,543,588.84 revenue Total 179,622,834.24 985,073.77 0.00 (228,679.42) 180,379,228.60 EBITDA 6,487,988.92 777,392.61 0.00 (220,178.47) 7,045,203.06 Financial 775,272.91 0.00 0.00 0.00 775,272.91 income Financial (5,576,901.85) (98,925.36) 0.00 84,709.03 (5,591,118.18) expenses Depreciation / (2,779,015.89) (411,103.26) 0.00 113,923.54 (3,076,195.62) Amortization Grants 189,999.52 0.00 0.00 0.00 189,999.52 Investment 236,913.02 0.00 0.00 0.00 236,913.02 results Results of companies consolidate0.00 0.00 47,997.00 0.00 47,997.00 d into equity Earnings / (losses) (665,743.37) 267,363.98 47,997.00 (21,545.90) (371,928.30) before taxes Income tax (99,271.41) (59,920.29) 0.00 (840.64) (160,032.34) Earnings / (losses) (765,014.78) 207,443.70 47,997.00 (22,386.54) (531,960.63) after taxes Material items: Total 201,345,670.74 4,120,791.88 0.00 (8,699,872.42) 196,766,590.20 assets Total 115,522,141.92 2,464,151.88 0.00 (2,601,179.09) 115,385,114.71 liabilities
The geographic segment may be considered as the secondary reporting segment, and includes the
following reporting sectors:
- Domestic Sales (approximately 75%)
- Foreign Sales (approximately 25%)
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The Group’s and Company’s sales are analyzed as follows:
GROUP COMPANY 01.01-31.12 01.01-31.12 Amounts in € 2025 2024 2025 2024 Sales of Merchandise 53,301,656.01 54,068,072.40 53,301,656.01 54,068,072.40 Sales of Products 114,066,117.16 122,727,866.96 113,160,300.59 121,744,022.74 Other Sales 241,591.85 39,700.40 27,357.50 39,700.40 Total Sales 167,609,365.02 176,835,639.76 166,489,314.10 175,851,795.54 GROUP COMPANY 01.01-31.12 01.01-31.12 Amounts in € 2025 2024 2025 2024 Domestic Sales 134,548,030.67 133,320,225.54 133,427,979.75 132,336,381.32 Foreign Sales 33,061,334.35 43,515,414.22 33,061,334.35 43,515,414.22 Total Sales 167,609,365.02 176,835,639.76 166,489,314.10 175,851,795.54
20 Analysis of other results
(1) Other income
The Group’s and Company’s other income are analyzed as follows:
GROUP COMPANY 01.01-31.12 01.01-31.12 Amounts in € 2025 2024 2025 2024 Income from transport & 2,565,070.58 2,146,785.11 2,565,070.58 2,146,785.11 delivery expenses Rental Income 0.00 550.00 192,550.00 192,550.00 Income from provision of 62,911.79 137,815.57 62,911.79 137,815.57 services Income from Grants 404,160.47 189,999.52 297,532.55 160,261.11 Income from previous years 69,635.77 5,906.73 69,635.77 33.66 Profit from sale of non-0.00 300,000.00 0.00 300,000.00 current assets Other income 327,015.35 762,531.91 284,978.18 725,875.72 Total 3,428,793.96 3,543,588.84 3,472,678.87 3,663,321.17 (2) Other expenses The Group’s and Company’s other expenses are analyzed as follows: GROUP COMPANY 01.01-31.12 01.01-31.12 Amounts in € 2025 2024 2025 2024 Doubtful trade and other 345,020.26 49,293.77 391,078.52 49,293.77 receivables Losses / (profit) from sale of 76,363.63 5,284.78 76,363.63 (8,238.43) fixed assets Previous years’ expenses 144,277.04 78,484.63 144,277.04 78,464.63 Other expenses 89,167.93 207,320.53 80,915.66 182,193.11 Amortization (non-operating) 0.00 193,088.97 0.00 0.00 Total 654,828.86 533,472.68 692,634.85 301,713.08
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(3) Expenses
The Group’s and Company’s expenses are analyzed as follows:
GROUP 01.01-31.12.2025 COST OF DISTRIBUTION ADMINISTRATIVE Amounts in € SALES EXPENSES EXPENSES Employee fees & expenses 3,769,231.98 3,651,112.58 1,447,332.77 Third party fees & expenses 759,289.41 877,757.15 1,333,329.89 Third party benefits 1,036,382.30 534,395.24 536,435.60 Taxes - duties 146,152.59 83,494.75 72,504.02 Sundry expenses 1,153,339.83 6,028,262.51 245,291.10 Depreciation 2,443,502.91 642,766.01 167,665.71 Cost of inventories 135,753,072.27 0.00 0.00 Total 145,060,971.29 11,817,788.24 3,802,559.09 GROUP 01.01-31.12.24 COST OF DISTRIBUTION ADMINISTRATIVE Amounts in € SALES EXPENSES EXPENSES Employee fees & expenses 3,606,979.90 3,970,909.04 1,353,256.32 Third party fees & expenses 875,621.78 1,151,227.10 1,264,114.01 Third party benefits 1,227,311.65 587,181.30 520,343.39 Taxes - duties 137,187.81 92,970.53 59,967.74 Sundry expenses 1,223,522.05 6,915,182.58 234,265.43 Depreciation 2,104,629.48 629,147.87 152,141.26 Cost of inventories 149,580,789.72 0 0 Total 158,756,042.39 13,346,618.42 3,584,088.15 COMPANY 01.01-31.12.2025 COST OF DISTRIBUTION ADMINISTRATIVE Amounts in € SALES EXPENSES EXPENSES Employee fees & expenses 3,769,231.98 3,651,112.58 1,437,792.73 Third party fees & expenses 734,189.41 877,757.15 1,169,360.20 Third party benefits 1,011,356.07 534,395.24 526,536.46 Taxes - duties 127,392.38 83,494.75 57,232.14 Sundry expenses 1,153,285.00 6,028,262.51 216,478.69 Depreciation 1,949,987.68 642,766.01 160,707.25 Cost of inventories 135,753,072.27 0.00 0.00 Total 144,498,514.79 11,817,788.24 3,568,107.47 COMPANY 01.01-31.12.24 COST OF DISTRIBUTION ADMINISTRATIVE Amounts in € SALES EXPENSES EXPENSES Employee fees & expenses 3,606,979.90 3,970,909.04 1,331,095.65 Third party fees & expenses 815,951.78 1,151,227.10 1,119,303.43 Third party benefits 1,206,263.66 587,181.30 479,399.40 Taxes - duties 135,587.09 92,970.53 44,533.04 Sundry expenses 1,223,522.05 6,915,182.58 178,289.49 Depreciation 1,800,708.78 629,147.87 154,709.82 Cost of inventories 149,580,789.72 0.00 0.00 Total 158,369,802.98 13,346,618.42 3,307,330.83
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(4) Financial expenses – income
The Group’s and Company’s financial expenses are analyzed as follows:
GROUP COMPANY 01.01-31.12 01.01-31.12 Amounts in € 2025 2024 2025 2024 Debit interest 2,659,986.67 3,950,243.17 2,649,847.05 3,936,221.94 Other bank expenses 449,394.63 1,258,050.78 449,083.63 1,257,030.13 and fees Foreign exchange 68,470.31 382,824.23 68,470.31 382,824.23 differences Losses from derivatives 0.00 0.00 0.00 0.00 Total 3,177,851.61 5,591,118.18 3,167,400.99 5,576,076.30 The Group’s and Company’s financial income is analyzed as follows: GROUP COMPANY 01.01-31.12 01.01-31.12 Amounts in € 2025 2024 2025 2024 Receivable interest from customers and 132,723.48 399,220.57 235,703.37 399,220.51 other credit interest Income from securities 0.00 0.00 0.00 0.00 Foreign exchange 45,965.50 336,328.84 45,965.50 336,328.84 differences Cash flow hedging results (Earnings from 0.00 39,723.50 0.00 39,723.50 derivatives) Total 178,688.98 775,272.91 281,668.87 775,272.85
(5) Income / expenses of companies consolidated via the equity method
01.01-31.12.2025 (6) Income / expense of income tax Other GROUP Results for the COMPANY comprehensive 01.01-31.12 Total 01.01-31.12 period Amounts in € income 2025 Amounts in € 2024 THRACE GREENHOUSES SA 2025 (66,722.05) 2024 0.00 Income tax of current year / (66,722.05) (988,963.98) BALKAN IRON GROUP SRL (141,682.84) (20,497.79) (879,047.69) 0.00 0.00 (20,497.79) provision Total Deferred taxation (87,219.84) (216,335.28) 0.00 (18,349.50) (87,219.84) (246,589.92) 01.01-31.12.2024 (78,792.39) Other Total Results for the (1,205,299.27) Amounts in € (160,032.34) comprehensive (1,125,637.61) Total (78,792.39)period income THRACE GREENHOUSES SA 53,639.79 0.00 53,639.79 BALKAN IRON GROUP SRL (5,642.79) 0.00 (5,642.79) Total 47,997.00 0.00 47,997.00
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(7) Other comprehensive income / expenses after taxes
GROUP COMPANY 01.01-31.12 01.01-31.12 Amounts in € 2025 2024 2025 2024 Amounts which are reclassified in the Statement of Results in subsequent periods Results from cash flow hedging 0.00 0.00 0.00 0.00 minus the corresponding tax Foreign exchange differences from (2,264.74) 9,599.70 0.00 0.00 consolidation Actuarial gains / losses (48,211.73) 0.00 (48,211.73) 0.00 Deferred tax 10,606.58 0.00 10,606.58 0.00 Total (39,869.89) 9,599.70 (37,605.15) 0.00 Minority rights 0.00 0.00 0.00 0.00 Total of shareholders of parent (39,869.89) 9,599.70 (37,605.15) 0.00 company
21 Investment Results
The Investment Results of the Company concern the sale and valuation of securities, as well as the
impairments of participation in subsidiaries and joint ventures, and are analyzed in the following table:
GROUP COMPANY Amounts in € 01.01 - 31.12 01.01 - 31.12 Description 2025 2024 2025 2024 SALE AND VALUATION OF SECURITIES Profit / (Loss) from sale of 219,186.40 (102.77) 219,186.40 (102.77) securities Profit / (Loss) from sale of (139,416.04) 0.00 (325,771.50) 0.00 participations Profit / (Loss) from sale of 0.00 807.79 0.00 807.79 financial instruments Dividend receivable 0.00 0.00 254,144.00 0.00 Profit / (Loss) from the valuation of 69,400.00 236,208.00 69,400.00 236,208.00 securities Total 149,170.36 236,913.02 216,958.90 236,913.02 IMPAIRMENT OF PARTICIPATIONS GAURA Ltd (8,650.00) ELASTRON LOGISTICS SINGLE 0.00 0.00 0.00 (10,000.00) MEMBER ΙΚΕ Total 0.00 0.00 0.00 (18,650.00) Total 149,170.36 236,913.02 216,958.90 218,263.02
The securities that are traded on the Athens Exchange, Greece, and have been acquired with the main
objective of realizing capital gains from short-term fluctuations of their prices, according to the principles
of IFRS 9 appear in the financial statements at their fair value through profit or loss (Level 1) and are
presented in the note. 10.
In December 2025, the Group proceeded with the sale of its full, by 100%, participation in the company
“KALPINIS SIMOS BULGARIA EOOD”, with the above transaction resulting into the loss of control.
There is no part of this capital loss attributable to the recognition of any investment held in the former
subsidiary at its fair value on the date of loss of control.
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Result of sale of Company GROUP KALPINIS - SIMOS BULGARIA EOOD 31.12.2025 Equity from consolidation of KALPINIS - SIMOS BULGARIA EOOD (176,355.46) Balance of liability to ELASTRON SA 815,771.50 Cost of participation 639,416.04 Value of sale 500,000.00 Sale’s loss in the Group Financial Statements (139,416.04)
It is noted that the balance of the receivable / liability between ELASTRON S.A. and KALPINIS – SIMOS
BULGARIA EOOD is eliminated on the Group level.
22 Analysis of earnings per share
GROUP COMPANY 01.01-31.12 01.01-31.12 Amounts in € 2025 2024 2025 2024 Net earnings corresponding to 5,556,341.82 (535,212.26) 5,590,536.79 (471,681.42) shareholders Number of shares 18,148,885 18,186,037 18,148,885 18,186,037 (Weighted Average) Earnings / (losses) 0.3062 (0.0294) 0.3080 (0.0259) per share (€)
23 Transactions with related parties
The amounts of the Group’s and Company’s sales and purchases, from and towards related parties, as
well as the balances of receivables and liabilities, are analyzed as follows:
(a) Intra-company sales / purchases on 31.12.2025 and 31.12.2024 respectively
Financial Year 2025:
Amounts in € SALES THRACE NORTHERN GREECE ELASTRON PURCHASES GREENHOUSES METAL PRODUCTS TOTAL S.A. SA S.A. ELASTRON S.A. 0.00 0.00 0.00 0.00 THRACE 61,049.73 0.00 0.00 61,049.73 GREENHOUSES S.A. PHOTOENERGIA S.A. 39,600.00 0.00 0.00 39,600.00 PHOTOANAPTYXI S.A. 86,400.00 0.00 0.00 86,400.00 PHOTOKYPSELI S.A. 28,800.00 0.00 0.00 28,800.00 ILIOSKOPIO S.A. 37,200.00 0.00 0.00 37,200.00 PHOTOISHIS LTD 0.00 0.00 0.00 0.00 NORTHERN GREECE METAL PRODUCTS 550.00 0.00 0.00 550.00 S.A. TOTAL 253,599.73 0.00 0.00 253,599.73
Annual Financial Report of 31.12.2025
120
Financial Year 2024:
Amounts in € SALES THRACE NORTHERN GREECE ELASTRON PURCHASES GREENHOUSES METAL PRODUCTS TOTAL S.A. SA S.A. ELASTRON S.A. 0.00 0.00 50,000.00 50,00.00 THRACE 59,469.05 0.00 0.00 59,469,05 GREENHOUSES S.A. PHOTOENERGIA S.A. 39,600.00 0.00 0.00 39,600.00 PHOTOANAPTYXI 86,400.00 0.00 0.00 86,400.00 S.A. PHOTOKYPSELI S.A. 28,800.00 0.00 0.00 28,800.00 ILIOSKOPIO S.A. 37,200.00 0.00 0.00 37,200.00 PHOTOISHIS LTD 0.00 0.00 0.00 0.00 NORTHERN GREECE METAL PRODUCTS 0.00 0.00 0.00 0.00 S.A. TOTAL 251,469.05 0.00 50,000.00 301,469,05
(b) Intra-company receivables / liabilities on 31.12.2025 and 31.12.2024 respectively:
Balances of 31.12.2025:
Amounts in € RECEIVABLES NORTHERN COMPANIES OF ELASTRON GREECE LIABILITIES PHOTOVOLTAIC TOTAL S.A. METAL STATIONS PRODUCTS S.A. ELASTRON S.A. 0.00 0.00 0.00 0.00 THRACE 31,544.36 0.00 0.00 31,544.36 GREENHOUSES S.A. PHOTOENERGIA S.A. 0.00 0.00 0.00 0.00 PHOTOANAPTYXI S.A. 0.00 0.00 0.00 0.00 PHOTOKYPSELI S.A. 0.00 0.00 0.00 0.00 ILIOSKOPIO S.A. 0.00 0.00 0.00 0.00 PHOTOISHIS LTD 0.00 0.00 0.00 0.00 NORTHERN GREECE METAL PRODUCTS 569.80 0.00 0.00 569.80 S.A. BALKAN IRON GROUP 169,939.33 0.00 0.00 169,939.33 SRL GAURA LTD 0.00 0.00 0.00 0.00 ELASTRON LOGISTICS 0.00 0.00 0.00 0.00 SM IKE TOTAL 202,053.49 0.00 0.00 202,053.49
Annual Financial Report of 31.12.2025
121
Balances of 31.12.2024:
Amounts in € RECEIVABLES NORTHERN GREECE COMPANIES OF LIABILITIES ELASTRON S.A. METAL PHOTOVOLTAIC TOTAL PRODUCTS STATIONS S.A. ELASTRON S.A. 0.00 0.00 0.00 0.00 THRACE (38,469.24) 0.00 0.00 (38,469.24) GREENHOUSES S.A. PHOTOENERGIA S.A. 0.00 0.00 0.00 0.00 PHOTOANAPTYXI S.A. 0.00 0.00 0.00 0.00 PHOTOKYPSELI S.A. 0.00 0.00 0.00 0.00 ILIOSKOPIO S.A. 0.00 0.00 0.00 0.00 PHOTOISHIS LTD 0.00 0.00 0.00 0.00 NORTHERN GREECE METAL PRODUCTS 23,000.00 0.00 0.00 23,000.00 S.A. BALKAN IRON GROUP 162,787.96 0.00 0.00 162,787.96 SRL KALPINIS SIMOS 815,771.50 0.00 0.00 815,771.50 BULGARIA EOOD GAURA LTD 113,714.36 0.00 0.00 113,714.36 ELASTRON LOGISTICS 34,651.78 0.00 0.00 34,651.78 SM IKE TOTAL 1,111,456.36 0.00 0.00 1,111,456.36
No related party debt provision has been recognized. Balances with related parties are unsecured and no
guarantees have been given or received for such amounts. All transactions with related parties were made
on terms equivalent to those prevailing in transactions on an arm's length basis.
The receivables / liabilities from and towards the affiliated companies operating photovoltaic systems
mainly concern rents, regarding Thrace Greenhouses S.A. they concern management fees, while with
regard to the other companies they mainly concern operating costs of their headquarters. The above
receivables / liabilities from and towards the related parties are settled on the basis of the usual terms of
commercial transactions and there have never been any breaches of the agreed terms.
GROUP COMPANY 1.1-31.12 1.1-31.12 Amounts in € 2025 2024 2025 2024 Remuneration of Board 518,099.59 587,946.62 518,099.59 587,946.62 Members and Administrators Remuneration of senior 267,072.09 226,422.56 186,672.09 146,022.56 executives Remuneration of other related 75,234.33 74,146.26 75,234.33 74,146.26 entities Other benefits granted to members of the Board of 60,000.88 48,682.22 60,000.88 48,682.22 Directors & Senior Executives Receivables from senior 0.00 0.00 0.00 0.00 executives and Board members Liabilities to senior executives 0.00 0.00 0.00 0.00 and Board members
Senior executives according to IAS 24 are those individuals that have the authority and responsibility for
the planning, management and control of the entity’s activities, directly or indirectly, and include all
members of the Board of Directors (executive and non-executive) of the entity, as well as all other senior
executives according to the above definition.
Annual Financial Report of 31.12.2025
122
24 Contingent Liabilities - Receivables
Guarantees
The Group and the Company have contingent liabilities and receivables in relation to banks, suppliers,
other guarantees and other issues which emerge from their ordinary activity as follows:
31.12.2025 Amounts in € GROUP COMPANY Guarantees to secure trade receivables 4,704,282.07 4,704,282.07 Guarantees to secure obligations to suppliers 27,269,110.90 27,269,110.90 Other Guarantees 4,412,291.18 4,412,291.18 Total 36,385,684.15 36,385,684.15 31.12.2024 Amounts in € GROUP COMPANY Guarantees to secure trade receivables 4,704,282.07 4,704,282.07 Guarantees to secure obligations to suppliers 27,939,947.99 27,939,947.99 Other Guarantees 3,858,670.36 3,858,670.36 Total 36,502,900.42 36,502,900.42
Operating Leases
The Company and the Group as Lessor:
The future receivable leases collected by the Group as lessor of properties are presented in the table
below and the future receivable leases collected by the Company as lessor of properties mainly relate to
the Group's PV (photovoltaic) companies and are as follows:
GROUP COMPANY Amounts in € 31.12.2054 31.12.2024 31.12.2025 31.12.2024 Until 1 year 0.00 0.00 130,916.86 112,219.90 From 2-5 years 0.00 0.00 571,916.36 643,332.88 After 5 years 0.00 0.00 1,102,024.18 1,068,355.41 Total 0.00 0.00 1,804,857.41 1,823,908.18
Tax unaudited financial years
The Company and its subsidiaries have not been audited for the following years and therefore their tax
liabilities for those years have not been finalized:
TAX COMPANY DOMICILE BUSINESS ACTIVITY UNAUDITED YEARS ELASTRON SA Aspropyrgos, Greece Trading and processing of steel products 2025 NORTHERN GREECE METAL PRODUCTS Thessaloniki, Greece Trading and processing of steel products 2025 S.A. BALKAN IRON Bucharest, Romania Trading and processing of steel products 2011-2025 GROUP S.R.L. PHOTOANAPTYXI SA Aspropyrgos, Greece Production of solar energy from PV stations 2025 PHOTOENERGIA SA Aspropyrgos, Greece Production of solar energy from PV stations 2025 ILIOSKOPIO SA Aspropyrgos, Greece Production of solar energy from PV stations 2025 PHOTOKYPSELI SA Aspropyrgos, Greece Production of solar energy from PV stations 2025 PHOTOISHIS LTD Aspropyrgos, Greece Production of solar energy from PV stations 2025 THRACE Production of agricultural products from Xanthi, Greece 2025 GREENHOUSES SA glasshouse cultivations
Annual Financial Report of 31.12.2025
123
For the years 2020 to 2024, ELASTRON SA, METAL-PRO SA and THRACE GREENHOUSES SA have
been subject to the tax audit of the Certified Public Accountants in accordance with the provisions of
article 65A of Law 4174/2013 as applicable. For these companies the relevant Compliance Reports have
been issued. Since 2017, the photovoltaic (P/V) companies of the Group have also been subject to the
tax audit of the Certified Public Accountants according to the provisions of article 65A of Law 4174/2013.
For the fiscal year 2025, ELASTRON SA, METAL-PRO SA, THRACE GREENHOUSES SA and the
Photovoltaic companies of the Group have been subject to the tax audit by the Certified Auditors as
stipulated by the provisions of article 78, L. 5104/2024. This audit is in progress and the relevant tax
certificates are expected to be granted after the release of the financial statements for year 2025. If new
additional tax liabilities emerge up until the completion of the tax audit, then we estimate that these will
not have any material effect on the financial statements of the Group and the Company.
Legal cases
There are no disputes in court or in arbitration, nor are there any decisions by judicial or arbitration bodies
that may have a significant impact on the Company’s and Group’s financial position or operation.
25 Dividend Policy
According to Greek commercial law, companies are obligated to distribute at least 35% of earnings after
the deduction of taxes and the statutory reserve, to shareholders. For the financial year 2025, the Group’s
Management intends to propose to the next Ordinary General Meeting of shareholders the distribution of
a dividend.
26 Personnel information
(a) Number of personnel
The number of employees working for the Group and the Company is presented in the following table:
GROUP COMPANY 01.01-31.12 01.01-31.12 2025 2024 2025 2024 Regular staff 102 105 102 104 Staff on day-132 148 132 148 wage basis Total staff 234 253 234 252
(b) Personnel’s remuneration
The remuneration of the Group’s and Company’s employees is presented in the following table:
GROUP COMPANY 01.01-31.12 01.01-31.12 Amounts in € 2025 2024 2025 2024 Employee remuneration 6,531,164.38 6,768,583.73 6,522,487.08 6,750,933.34 Employer contributions 1,481,736.95 1,562,161.18 1,480,874.21 1,557,650.90 Other benefits 685,112.36 589,955.98 685,112.36 589,955.88 Total 8,698,013.69 8,920,700.89 8,688,473.65 8,898,540.12
Annual Financial Report of 31.12.2025
124
27 Government Grants
GROUP COMPANY Amounts in € 31.12.2025 31/12/2024 31.12.2025 31/12/2024 Grants on completed investments 7,881,762.14 7,881,762.14 4,996,258.14 4,996,258.14 Grants on the income of the year 2025 / (404,160.47) (189,999.52) (297,532.55) (160,261.11) 2024 Grants on revenue from previous financial (5,026,479.09) (4,836,479.57) (2,972,734.23) (2,812,473.12) years Balance on deferred income 2,451,122.58 2,855,283.05 1,725,991.36 2,023,523.91 Received Prepayment 7,881,762.14 7,881,762.14 4,996,258.14 4,996,258.14 Receivable from Grant 0.00 0.00 0.00 0.00
In June 2013, a new subsidized investment plan of Law 3908/2011 was submitted to the Ministry of
Development and Competitiveness, for the modernization of mechanical and building equipment totaling
€ 3.4 million. The investment grant percentage is 15%. In May 2014, the inclusion of this investment plan
of the company in the category of General Entrepreneurship of the General Business Plans of article 6 of
Law 3908/2011 was approved. In November 2017, the Company submitted a request for the audit of the
completion of the plan and for the certification of commencement of the production operation of the
investment, while in February 2018 it received an amount of € 146.5 thousand, which corresponds to 2/7
of the corresponding grant. Within the fiscal year of 2019, the certification audit concerning the completion
of the financial and physical objective of the investment was completed. The decision under no. 34708/26-
04-2024 of the Deputy Head of General Directorate of Development Laws and Foreign Direct Investments,
certified the completion - finalization of the cost of the company's investment along with the
commencement of the operating production phase. The completion date was set on 14/10/2016 and the
balance of the respective grant of approximately € 274 thousand was collected.
The affiliated company THRACE GREENHOUSES SA implements a new investment plan that was
subject to the provisions of Law 4399/2016 (Decision of submission: 6204/22.12.2021, Government
Gazette 6288/29.12.2021, Issue #2) of the Ministry of Macedonia-Thrace, with a total budget of €14.7
million. The investment plan commenced within the year 2022. The approved nominal value of the above
subsidized investment plan amounts to € 14.7 million and the value of the grant settles at € 3.6 million.
It is also noted that the decision under protocol number 5272, File No. DPA/7/00122/C (4/12/2024)
certified a 50% part of the physical and financial objective of the Company's investment plan. According
to the decision under protocol number 5460/2024 (4/2/2025) the payment of an amount of € 1.8 million,
i.e. fifty percent (50%) of the previously approved grant, was validated in accordance with the article 20
of Law 4339/2016 (Government Gazette A’ 117), as amended and as in force, in relation to the Company's
investment plan.
The investment cost grant is subject to limitations and conditions that are reasonably expected to be
implemented in whole. For this reason the Company and Group account for grant receivables against
completed investments. The government grants that refer to expenses are deferred and registered in the
results when the granted expense is registered, in order to match the income with the expense.
28 Liabilities from Leases
According to IFRS 16 which in turn replaced IAS 17 and the Interpretations 4, 15 and 27, all leasing
contracts with duration longer than 12 months, unless the underlying asset is of insignificant value, are
being recognized as an asset along with a respective liability at the date when the leased asset is available
for use by the Group. There were no changes or modifications to the Group’s and Company’s leases as
a direct consequence of the Covid-19 pandemic.
Annual Financial Report of 31.12.2025
125
The time allocation of the leasing liabilities on 31/12/2025 and 31/12/2024 for the Company and the Group
are as following:
th
th
GROUP Amounts in € 31.12.2025 Liabilities of Financial Minus: Future financial debits of Amounts in € Total and Operating Leases financial and operating leases Within the following year 312,690.52 (27,480.29) 285,210.23 nd until the 5From the 2566,561.74 (42,184.06) 524,377.68 year thAfter the 5 year 91,699.98 (3,798.92) 87,901.06 Total 970,952.24 (73,463.27) 897,488.97 Amounts in € 31.12.2024 Liabilities of Financial Minus: Future financial debits of Amounts in € Total and Operating Leases financial and operating leases Within the following year 256,593.94 (35,393.28) 221,200.66 nd until the 5thFrom the 2 year 644,657.36 (62,227.37) 582,429.99 thAfter the 5 year 96,550.10 (9,685.58) 86,864.52 Total 997,801.40 (107,306.23) 890,495.17 COMPANY Amounts in € 31.12.2025 Liabilities of Financial Minus: Future financial debits of Amounts in € Total and Operating Leases financial and operating leases Within the following year 269,490.52 (18,516.53) 250,973.99 nd until the 5From the 2393,761.76 (18,946.68) 374,815.08 year thAfter the 5 year 0.00 0.00 0.00 Total 663,252.28 (37,463.21) 625,789.07 Amounts in € 31.12.2024 Liabilities of Financial Minus: Future financial debits of Amounts in € Total and Operating Leases financial and operating leases Within the following year 213,393.94 (22,829.19) 190,564.75 nd until the 5thFrom the 2 year 433,507.46 (26,706.63) 406,800.83 thAfter the 5 year 0.00 0.00 0.00 Total 646,901.40 (49,535.82) 597,365.58
Annual Financial Report of 31.12.2025
126
29 Exchange Rates
The exchange rates used to translate the financial statements of the company “BALKAN IRON GROUP
SRL”, from foreign currency to € are the following:
31.12.2025
1 € = 5.0968 RON (Exchange rate used in the Statement of Financial Position)
1 € = 5.0424 RON (Exchange rate used in the Statement of Comprehensive Income)
31.12.2024
1 € = 4.9743 RON (Exchange rate used in the Statement of Financial Position)
1 € = 4.9746 RON (Exchange rate used in the Statement of Comprehensive Income)
30 Online Availability of Financial Reports
The Annual Financial Report of “ELASTRON S.A. – STEEL SERVICE CENTERS” Group and its
subsidiaries, including the Management Report by the Board of Directors as an inseparable part of such,
as well as the Audit Report by the Certified Auditor for the financial year ended on 31.12.2025, have been
posted on the Company’s website www.elastron.gr.
31 Events after the end of the reporting period of Financial Statements
Recent geopolitical developments in the Middle East and the war conflicts taking place in the wider region
are generating greater uncertainty in the market. Elastron Group does not have any direct exposure to
these geographic markets, neither in terms of supplies nor in terms of sales. However, the continuation
of the war conflicts and the turmoil in the energy markets is expected to increase the cost of production
and transportation internationally, affecting the final prices of raw materials and inventories consumed by
the Group.
The Management is constantly monitoring developments in the steel market and the potential impact of
the ongoing war on the business activities as well as the financial position and performance of the Group
and the Company.
There are no other events after 31
st
December 2025 which may materially and significantly affect the
financial position and performance of the Group and the Company.
Aspropyrgos, 14 April 2026
The Chairman of the Board of
Directors
The Chief Executive Officer
The Chief Financial Officer
Panagiotis Simos
ID No. Α00971286
Athanasios Kalpinis
ID No. Α02300072
Vasileios Manesis
ID No. Α00785029
Prof. License No. 0072242
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