Elis (AO) | Buy | Another bolt-on acquisition in Spain

Research evidence excerpt

Elis (AO) | Buy | Another bolt-on acquisition in Spain

News comment

Release date: 09 June 2026

David Cerdan

Head of French Small/Mid Cap

+33 1 70 81 57 43

dcerdan@keplercheuvreux.com

BuyElis

France | Support services MCap: EUR6.0bn

Target Price: EUR30.00 Bloomberg: ELIS FP Reuters: ELIS.PA

Current Price: EUR25.80 Free float 73%

Up/downside: 16.3% Avg. daily volume (EURm) 21.8

YTD abs performance 6.3% Market data: 08 June 2026

52-week high/low (EUR) 27.68/22.94

Another bolt-on acquisition in Spain

Key points:

Bolt-on acquisition in Spain, reinforcing Elis' leading position.

Bolt-on M&A is part of group's strategy and value accretive

Spain's Summer season could benefit from a reallocation of tourism flows within Europe.

Bolt-on M&A in Spain, secured value creation, and Summer season

Elis has announced the acquisition of RS10, a Spanish laundry operator located near Barcelona, generating EUR5.5m of revenue

in 2025 and employing around 90 people.

The company serves mainly healthcare customers, alongside selected hospitality clients, and operates a modern laundry facility.

The transaction will strengthen Elis’ position in the local healthcare market while increasing its industrial capacity in the

Catalonia region. The acquisition is small in size and therefore financially immaterial at Group level, but it is fully consistent with

Elis’ long-standing bolt-on M&A strategy.

Rather than pursuing large and risky transformational deals, the Group focuses on acquiring local operators in fragmented

markets in order to strengthen its network density, increase route efficiency and improve plant utilisation. Such transactions

typically generate synergies through better logistics optimisation, higher customer density and the integration of volumes into a

broader industrial footprint.