11/6/2025 – Optima bank Research Department – Greek Market Watch: CPI, Industrial production, GEK TERNA, PPC, Motor Oil, Coca Cola HBC, Ideal Holdings, Sarantis, KRI KRI

Market Comment

ATHEX headed north yesterday, for a 5th consecutive session, outperforming the European stock markets. In more detail, the General Index rose by 0.70% at 1,855.73 units (FTSE Large Cap: +0.64%, FTSE Mid Cap: +0.67%, Banks Index: +0.99%) and the traded value was shaped at EUR 186.9m, up from Friday’s EUR 123.8m. We expect the market to follow the international trends today. 

Today’s Headlines

·         Greek CPI up by 2.5% y-o-y in May (ELSTAT)

·         Industrial production down by 4.3% in April (ELSTAT)

·         Latsco Family office completes the acquisition of 10% stake in Attiki Odos from GEKTERNA

·         PPC launches fiber to the home service to retail clients

·         Motor Oil launches operation of the first Hydrogen fuel station in Greece

·         Coca Cola HBC scrutinizes new acquisitions-Press

·         Ideal Holdings Share capital increase begins today 

·         Sarantis EGM today

·         KRI KRI AGM on 1 July 

Macro Headlines 

Greek CPI up by 2.5% y-o-y in May (ELSTAT)

According to ELSTAT, CPI (national index) increased by +2.5% y-o-y (vs. 2.0% in April) and by +0.2% m-o-m, while the annual average rate of CPI increased by +2.5% over the trailing 12 months. The sectors with the most notable y-o-y movements were Hotels-Cafés-Restaurants (+6.8%) and clothing & footwear (+6.6%). Additionally, the harmonized CPI in May 2025 rose by 3.3% y-o-y (vs. 2.6% in April), in line with the 3.3% flash estimate released earlier this month and increased by 0.4% m-o-m. 

Industrial production down by 4.3% in April (ELSTAT)

According to ELSTAT, the Industrial Production Index (IPI) decreased by 4.3% y-o-y in April 2025, due to the decrease by 19.5% y-o-y in Electricity supply index and by 5.4% decrease in Water supply index. 

Company Headlines 

Latsco Family office completes the acquisition of 10% stake in Attiki Odos from GEKTERNA

The Latsco family office completed as expected the acquisition from GEKTERNA of 10% of the share capital of Nea Attiki Odos for EUR 77.25m, which is at a 15% premium of 15% over the initial committed investment of GEK TERNA in the project (ATTIKI ODOS Enterprise Value was agreed at EUR 3.27bn, of which EUR 670m was equity). In other related news, GEKTERNA will hold its AGM today to approve among others the EUR 0.40/share dividend (DY: 2.1%, ex-date: 25 June). 

PPC launches fiber to the home service to retail clients

PPC launched three fiber-to-the-home services to retail clients, offering 500mbs at EUR 17.90/month, 1gbps at EUR 19.90 and 2.5gbps at EUR 52.50. As a reminder, during the 1Q25 results, PPC’s management said that it targets to expand its fiber to the home service from 948k last March to 1.5million households by 2025-end. 

Motor Oil launches operation of the first Hydrogen fuel station in Greece

Motor Oil announced the commencement of operation of the first Hydrogen fuel station in Greece in the refinery premises in Agioi Theodoroi under the AVIN network. 

Coca Cola HBC scrutinizes new acquisitions-Press

Press reports (newmoney) indicate that the CEO of Coca Cola HBC stated that the company is scrutinizing acquisitions both within and outside the Coca Cola ecosystem. Nonetheless, the CEO said that if we don’t find anything worthwhile, there’s always the option of a special dividend. Recall that the company had a net debt position of EUR ca1.52bn or 0.95x EBITDA24 and generated FCFE of EUR 712.6m in 2024. 

Ideal Holdings Share capital increase begins today 

The share capital increase of Ideal Holdings commences today and will be completed on Friday 13 June. The company aims to raise up to EUR 48.8m through the issue of up to 8.0m new common shares, of which 2.4m will be entitled to existing shareholders, while the remaining 5.6m shares will be allocated pro rata to existing and new shareholders. The price range was set between EUR 5.80/share (26% discount to NAV24) and EUR 6.10/share (22% discount to NAV24). Recall that the new shares will be entitled to the capital return of EUR 0.30/share. The funds will be used for acquisitions in the industrial sector in Greece within 18 months.  

Sarantis EGM today

The company will hold an EGM today to approve among others the reduction of the company’s share capital through the cancellation of own shares. 

KRI KRI AGM on 1 July

KRI KRI will hold its AGM on 1 July, to approve among others the dividend distribution of FY24.  

Calendar of Events

Macros

12/06/25 | Evolution of Turnover of Enterprises APR (ELSTAT)

13/06/25 | Import Price Index in Industry APR (ELSTAT)

EGM / AGM

11/06/25 | GEK TERNA (AGM), Sarantis (EGM), Prodea Investments (AGM)

12/06/25 | Hellenic Exchanges (AGM), Motodynamics (AGM), Euroconsultants (AGM)

13/06/25 | Trade Estates (AGM), Interlife (AGM)

16/06/25 | Ble Kedros (AGM)

17/06/25 | Alter Ego Media (AGM), DIMAND (AGM), Domiki Kritis (AGM), Elton (AGM)

18/06/25 | Motor Oil (AGM), Biokarpet (AGM), IKTINOS (AGM), Vogiatzoglou (AGM), AVE AGM), IDEAL Holdings (rep. AGM)

19/06/25 | HELLENiQ ENERGY (AGM), Quest Holdings (AGM), AS Company (AGM), Mevaco (AGM), Petropoulos (AGM), Alpha Real Estate Services (AGM), Space Hellas (AGM)

20/06/25 | Fourlis Holdings (AGM), Phoenix Vega Mezz Plc (AGM), Sunrise Mezz Plc (AGM)

23/06/25 | OTE (AGM), Alpha Services and Holdings (EGM)

24/06/25 | AUSTRIACARD Holdings (AGM), Galaxy Cosmos Mezz Plc (AGM)

25/06/25 | PPC (AGM)

26/06/25 | LAMDA Development (AGM)

27/06/25 | Real Consulting (AGM)

01/07/25 | KRI-KRI (AGM)

02/07/25 | ADMIE Holding (AGM)

03/07/25 | Elinoil (AGM)

04/07/25 | EKTER (AGM)

07/07/25 | Alumil (AGM)

09/07/25 | Jumbo (AGM)

10/07/25 | Ellaktor (AGM)

15/07/25 | AVAX (AGM)

16/07/25 | EYDAP (AGM), Creta Plastics (AGM)

22/07/25 | Piraeus Port Authority (AGM)

27/08/25 | Evropi Holdings (AGM)

28/08/25 | Intralot (AGM)

08/09/25 | Orilina Properties (AGM)

09/09/25 | Frigoglass (AGM)

Ex-FY24 Dividend

17/06/25 | Gen. Commercial & Ind. (EUR 0.075)

19/06/25 | Trade Estates (remaining EUR 0.052), Fais Group (EUR 0.04395)

23/06/25 | Optima bank (EUR 0.57), Hellenic Exchanges (EUR 0.29), Quest Holdings (EUR 0.30), Ble Kedros

24/06/25 | Cenergy Holdings (EUR 0.14), Viohalco (EUR 0.16), Alpha Real Estate Services (EUR 0.50)

25/06/25 | Motor Oil (remaining EUR 1.10), GEK TERNA (EUR 0.40)

26/06/25 | METLEN (EUR 1.50), ElvalHalcor (EUR 0.0901489503)

27/06/25 | Fourlis Holdings (EUR 0.15)

30/06/25 | Titan Cement (EUR 3.00),

01/07/25 | Profile Systems (EUR 0.064657), Thessaloniki Water Supply (EUR 0.055), AUSTRIACARD Holdings (EUR 0.11)

02/07/25 | HELLENiQ ENERGY (remaining EUR 0.55), Interlife (EUR 0.20)

03/07/25 | OTE (EUR 0.7216)

04/07/25 | Mevaco

07/07/25 | Euroconsultants (EUR 0.04)

10/07/25 | AS Company (EUR 0.17)

14/07/25 | EKTER

21/07/25 | PPC (EUR 0.40), Jumbo (EUR 0.5063), Space Hellas (EUR 0.15)

22/07/25 | EYDAP (EUR 0.07)

28/07/25 | Vogiatzoglou (EUR 0.07))

04/08/25 | Piraeus Port Authority (EUR 1.92)

21/08/25 | KRI-KRI (EUR 0.40)

25/08/25 | ADMIE Holding, Creta Plastics

02/09/25 | AVAX (EUR 0.07)

11/09/25 | Orilina Properties

Share Capital Increase

11/06/25-13/06/25 | IDEAL Holdings – Public Offering