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Track share performance, shareholder returns, tax information, and AGM voting.

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Dual-listed on the Riga and Frankfurt stock exchanges since October 2024.

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analyst coverage

Enlight Research OÜ 1Research Team-EUR 2.44-
ReportUpdated on 17 August 2026
LHV Pank ASMarek RandmaHead of Baltic Equity ResearchEUR 2.10Buy
Report2Updated on 16 February 2026
Signet Bank ASValters SmiltansInvestment AnalystEUR 2.12Buy3
ReportUpdated on 27 May 2026
Warburg Research GmbHMarius FuhrbergSenior Equity Research AnalystEUR 2.60Buy
Report4Updated on 31 March 2025
  1. 1.The report was commissioned by Eleving Group which means Enlight Research OÜ received compensation to write research on the company.
  2. 2.The report is available for the LHV Baltic Analyses subscribers.
  3. 3.The research company does not provide an explicit buy/sell rating. However, according to its internal guidelines, the implied recommendation is "Buy," indicating an expected total return (including dividends) of over 10% within the next 12 to 18 months.
  4. 4.The report is available for the Warburg Research Portal subscribers.
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dividend payout and taxation guide

901bis form instruction

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Four original copies of the form should be prepared. Each copy is pre-labelled on the form as follows:

1st sheet: Tax administration of the country of residence2nd sheet: Luxembourg Tax Administration3rd sheet: Payer of the dividends4th sheet: Beneficial owner

The same information should be filled in all four copies.

please notePlease pay attention to the additional descriptions included in the form. If needed, gather the required attachments.

901bis - applicable DTT information
1.Specify the article of the applicable Double Tax Treaty (DTT) between Luxembourg and the beneficiary’s (you) country of residence. In the vast majority of cases, this will be Article 10 (Dividends).Article 10
2.Specify the country of residence of the beneficial owner (you), i.e. the other country under the treaty. For example: The Republic of Latvia.

901bis - beneficial owner of the dividends

Complete the owner of the dividend information:

1.Enter the individual's name or the company name that is receiving the dividends from Eleving Group S.A. exactly as in official records.

If no legal representative is applicable, fill in the remaining information about the recipient of the dividends:

2.Address (Street and number)
3.City and postal code
4.Email

Complete the legal representative details (if applicable):

5.Name
6.Function [e.g. “Member of the Board” or “CEO”]
901bis - attorney / tax agent

If an attorney / tax agent signs on behalf of the beneficial owner, complete:

7.Name
8.Name of a representative (if applicable)
9.Function (e.g. “Tax adviser”)
10.Address (Street and number)
11.City and postal code
12.Email

If no representative is used → leave this block empty.

901bis - payer of the dividends

Complete using the Luxembourg company’s data, which is distributing the dividends:

1.Company name (payer)Eleving Group S.A.
2.RCSL numberB174.457
3.Address8-10, Avenue de la Gare, L-1610 Luxembourg

901bis - dividends

Choose ONE of the two boxes:

1.Reduction at source Tick this box if you are applying for the reduced treaty rate before receiving the dividend. This option is used if you want WHT to be withheld at the lower treaty rate from the start. Use this box if reduction at source is intended. Where Option 1 (reduction at source) is selected, the fields numbered 3 to 7 below relating to the refund payment details are not required to be completed.
2.Refund of tax* Tick this box if: - The Luxembourg payer already withheld WHT at 15%, but the treaty rate is lower (e.g., 5%, 10%, or 0%), - The beneficial owner of dividends (individual or the company that is filling in this form) is now claiming the refund of the excess withholding tax. *This is the option used in the majority of practical cases. Most foreign investors will tick this box because the dividend is usually already paid and tax withheld before the reclaim is filed.
Important mandatory note for Option 2:In this case, you must submit the approved (i.e., residence certified) form to the Luxembourg Tax Administration by post at the address of the competent tax office: Administration des Contributions Directes Bâtiment IKAROS Artemis Bureau d’imposition Sociétés 6 562 rue de Neudorf L-2982 Luxembourg
3.Name and address of the account holder This must be the person or entity who will receive the refund. Write the full legal name / Write the complete address / Must match the bank details in the RIB / supporting documents
4.IBAN of the account
5.BIC (Bank Identification Code) Enter the SWIFT/BIC code of the bank
6.Communication (optional reference)You may include the preferred language, e.g. English
7.Name and address of the bank or CCPProvide the full details of the bank: bank name, street and number, postal code and city, country (if outside Luxembourg)
901bis - the refund of the tax

Complete the following information:

1.Number of sharesYour info
2.Nature and form of sharesOrdinary shares
3.Deposit account numberYour info
4.Name of custodianYour info
5.Dividend per share [€]Use the Eleving published dividend per share information, specify eight digits after the decimal separator
6.Date of attribution of dividendUse the Eleving published date when it will pay out the dividend
7.Gross dividendThe form calculates it automatically
8.Luxembourg WHT withheldGross dividend x 15%
9.Reduced WHT by the Double Tax Treaty (for Latvia and Estonia it is 10%)e.g. Gross dividend x 10%
10.Amount to be refunded= difference between Lux WHT and treaty WHT (e.g. column No. 8 – column No. 9)


Leave this table completely blank:

901bis - blank

901bis - declaration of the beneficial owner of the dividends
1.Country of tax residency of a dividend owner [you]
2.Date and place
3.Stamp [if applicable]
4.Signature of a beneficial owner of the dividends [you] or a representative

901bis - confirmation from the tax administration

This section is completed by the tax authority of the country of your tax residency.

The tax authority must:1. Confirm the beneficial owner's residency 2. Stamp and sign 3. Return three certified copies to you

1) Physical (“wet ink”) signature is mandatory


The form must be signed using a handwritten (“wet ink”) signature. Please note that the Luxembourg Tax Administration (ACD) does not accept the following:

Printed scans of a signatureDigital signatures (e.g. DocuSign, Adobe Sign)Signatures inserted as imagesAny form of electronic or reproduced signature

ACD explicitly rejects forms containing such signatures.

2) Double-sided (recto-verso) printing is mandatory


The form should be printed double-sided (recto-verso). Each copy must include both the front page and the corresponding reverse page. ACD considers one-sided versions as incomplete forms, even when the information is identical.

This instruction is for informational purposes only and does not constitute legal, tax, or financial advice. tax obligations may vary depending on individual circumstances and applicable jurisdictions. Shareholders are strongly advised to consult with qualified tax or legal professionals to obtain advice specific to their situation. Eleving Group is not liable for any errors, omissions, or actions taken based on the information provided in this instruction.

annual general meeting

27 May 202613:00 CEST at Eleving Group office, 8-10 Avenue de la Gare, L-1610, Luxembourg
Voting resultsAGM convening noticeIntegrated annual report 2025Standalone annual report 2025Attendance proxy and voting formTotal number of sharesManagement Board statementObservation report of Supervisory BoardDraft resolutionsAuditors report [consolidated]Auditors report [standalone]Remuneration report 2025Data protection noticeSRD II notice