Raiffeisen Raises Stake in Addiko Bank to 95.74% as Brunel Results Show Regional Growth
Key Facts
This distinguishes the shareholding tendered into the offer from the bank’s expected stake after settlement. Raiffeisen’s announcement said completion of the transaction remains subject to conditions precedent. The offer has received competition approvals in all the jurisdictions mentioned except Albania and Bosnia and Herzegovina, while the regulatory process in Serbia has been completed. All closing conditions must be satisfied by May 14, 2027, at the latest.
In its results announcement, Raiffeisen said it expects to retain all of Addiko’s subsidiaries. This follows the National Bank of Serbia’s withdrawal of Alta Banka’s licence. Raiffeisen said the separation of Addiko’s units in Serbia, Bosnia and Herzegovina, and Montenegro appears unlikely in light of this development. According to the announcement, the expectation covers the retention of all subsidiaries in the group. The offer itself remains contingent on its conditions precedent being met.
In separate results published by Brunel International on November 6, the company reported third-quarter revenue of 301.2 million euros, down 1% year on year and 2% organically. Gross profit was stable at 56.6 million euros. Underlying EBIT fell 5% to 11.4 million euros, or 4% on an organic basis. By contrast, reported EBIT rose 43% to 8.9 million euros, as one-off costs declined to 2.4 million euros from 5.7 million in the third quarter of 2025. The figures reflect an improvement in reported profit alongside a decline in the underlying performance measure.
Brunel’s chief executive said profit growth in Germany, Austria and Switzerland, Australasia and the Americas was partly offset by weaker results in the Netherlands, the Middle East, India and Asia. He added: "We saw strong profit growth in Germany, Austria and Switzerland, Australasia and the Americas, partly offset by weaker results in the Netherlands, the Middle East, India and Asia." EBIT for Global Businesses was stable, but that stability did not prevent a decline in group underlying EBIT. In Asia, the company attributed lower revenue mainly to project completions, the timing of new project starts and changes in the business mix. It said revenue in the Netherlands and Belgium continued to decline at a slower pace, and that it was completing transformation initiatives to return the business’s contribution to a healthy EBIT level in the following year.
For the first nine months of 2026, Brunel recorded revenue of 897.8 million euros, down 2% year on year and 1% organically. Underlying EBIT was 25.5 million euros, down 4% year on year and 1% organically. However, earnings per share rose to 0.19 euros, compared with 0.05 euros in the same period of 2025. Free cash flow was 8.0 million euros in the third quarter, versus 10.6 million euros in the same period a year earlier. The nine-month figures show higher earnings per share coinciding with lower revenue and underlying EBIT.
Looking ahead, Brunel expects projects in the conventional energy sector to start in the first half of 2027 and said this supports promising prospects. It expects renewable energy project activity to increase in the second half of 2027, after describing the market as currently slower. In mining, the company said rising demand for minerals continues to drive the launch of new projects. It said energy projects include Papua New Guinea, Guyana, Brazil, Mozambique and the United States. The company scheduled a results call for November 6, 2026, at 10:30 a.m. Central European Time, with a live audio webcast and a replay including the question-and-answer session.