Strong investment plan and robust dividend policy

IDEAL Holding’s positive performance over the last years dominated the presentation of Lampros Papakonstantinou, chairman of the company.

The head of the listed company stressed that the upward trend in its financial figures reinforces the positive outlook for the full year 2026, laying the foundations for new investment initiatives, albeit in a disciplined manner, with the aim of creating long-term value and pursuing a dynamic dividend policy.

Recognition of internal strengths

Commenting specifically on the decision to acquire OHA’s 25% stake in Kymora Limited,  Papakonstantinou stressed that it “confirms our strategy of investing in opportunities that secure attractive returns, targeting an internal rate of return (IRR) of more than 15% and a cash-on-cash (CoC) return of 2.0x, while strengthening confidence in the investment plan and growth potential of our companies”. He added that “with a strong capital base and a clear investment focus, we remain committed to our strategic goal of continuing to create added value for our shareholders, our people and the Greek economy”.

Kymora Limited owns 100% of Byte Group, 70% of Attica Department Stores and 100% of Barba Stathis. The agreed consideration for OHA’s 25% stake amounts to €118.75 million, comprising €112.75 million in cash and €6.0 million in IDEAL shares (equivalent to 1,000,000 treasury shares at a price of €6.0 per share). The consideration is based on an agreed CV valuation of €475 million.

IDEAL Holdings Chairman Lampros Papakonstantinou said the transaction implies a valuation of approximately €3.3 per share for Attica and approximately €6.7 per share for IDEAL Holdings. Its financing is already covered by IDEAL/Kymora’s available cash. The company is also considering potential borrowing of up to approximately €50 million solely to optimise its capital structure and not because of any funding need for the transaction.

Upon completion of the transaction, IDEAL Holdings will once again own 100% of Byte Group and Barba Stathis and 70% of Attica, gaining greater flexibility both in terms of strategy and potential future exits. Kymora is not expected to remain as a separate vehicle following completion of the transaction. Management intends either to absorb or dissolve it, with its holdings transferred directly under IDEAL Holdings.

According to IDEAL’s management, the transaction is a tangible expression of management’s confidence in the value of its companies, as well as a strategic capital allocation rather than pursuing another acquisition simply to invest available liquidity. The company has opted to allocate significant capital to portfolio companies it knows best, whose business plans it monitors closely and for which it has strong visibility on their growth and value-creation prospects.

OHA will consequently hold approximately 2% of IDEAL and, as Papakonstantinou noted, management views its continued presence as a shareholder and future co-investor positively.

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