Greek Market Watch: Trade balance, ATHEX statistics, Eurobank, National Bank, Alpha Services and Holdings, Titan Cement, QUALCO, AKTOR Group

Market Comment

ATHEX headed south yesterday, underperforming the European stock markets. In more detail, the General Index dropped by 0.36% at 1,721.16 units (FTSE Large Cap: -0.44%, FTSE Mid Cap: +0.04%, Banks Index: -0.42%) and the traded value was shaped at EUR 133.3m, down from Wednesday’s EUR 141.6m. We expect ATHEX to move higher today, with NBG, Eurobank, and ALPHA bank in focus. 

Today’s Headlines

·         Trade balance deficit widens in March (ELSTAT)

·         ATHEX AXIA Numbers-foreign investors net sellers in April/buyers in 4M25.

·         Eurobank Holdings 1Q25 results Review Note | On track to meet FY targets

·         National Bank of Greece 1Q25 results Review Note | 1Q points that NBG is well on track to deliver FY guidance

·         Alpha Services and Holdings | 1Q25 results beat, Mgt upgraded 27 guidance

·         Titan Group 1Q25 Results out- in line at EBITDA line, Bottom line miss; EUR 3.0 DPS; Positive outlook for 2025e

·         Eurobank Holdings commencement of Share Buyback Programme today

·         Principal Global Investors holds a 5.03% stake in National Bank of Greece

·         QUALCO’s IPO subscription period ends today

·         AKTOR Group secures an EUR 53m contract 

Macro Headlines

Trade balance deficit widens in March (ELSTAT)

ELSTAT announced that the trade balance in March 2025 amounted to EUR 3,038m in comparison with EUR 2,424.6m a year ago, recording an 25.3% y-o-y increase, due to the 3.8% y-o-y increase in imports and the 8.4% y-o-y drop in exports. Additionally, the trade balance deficit in the January-March 2025 period amounted to EUR 8,293.5m, up by 3.6% y-o-y, due to the 0.4% y-o-y increase in imports and the 1.7% y-o-y drop in exports.

Comment: The corresponding trade balance deficit in 1Q25 excluding oil products was up by only 1.1%, implying that the deterioration of the total trade balance is mainly attributable to the lower exports of oil products. 

Market Headlines 

ATHEX AXIA Numbers-foreign investors net sellers in April/buyers in 4M25.

According to AXIA Numbers, total trading activity in ATHEX in April 2025 stood at EUR 3.98bn, up by 41% y-o-y and down by 19.7% m-o-m, with foreign investors accounting for 55.9% of total trading activity (from 67.2% in the previous month). Additionally, foreign investors had net outflows of EUR 12m during April 2025 and net inflows of EUR 341m during 4M25. With respect to participation in assets, foreign investors held 68.1% of total assets under custody (from 66.2% in March), and domestic investors the remaining 31.9% (from 33.8% in March). 

Company Headlines 

Eurobank Holdings | 1Q25 results Review Note

CP: EUR 2.4140, Rating: Buy, TP: EUR 3.00

On track to meet FY targets

Optima View | Eurobank Holdings reported a solid set of results that beat Optima and consensus estimates on higher one-offs and lower minorities. Given the solid set of results, we believe that Eurobank is on track to meet FY targets. We reiterate our Buy rating and TP of EUR 3.00/share. 

Bottom line | Adjusted net profit (excluding one-offs) reached EUR 348.5m (+3% q-o-q, -9% y-o-y), 8% above Optima estimate of EUR 322.6m (higher non-recurring income, one-off costs, income from associates and lower minorities) and 4% above consensus estimate of EUR 335.0m. The results were burdened by one-off costs of EUR 34.4m, o/w Hellenic Bank VES cost of EUR 26m.  Thus, reported net profit came in at EUR 314.1m (+0.4% q-o-q, +9% y-o-y). Normalized RoTE stood at 16.2%. Greece accounted for 47% of group adjusted net profit (EUR 165.0m), Cyprus for 35% (EUR 121.0m), Bulgaria for 16% (EUR 55m) and Luxembourg for the remaining 2% (EUR 7m).

Top line | Net interest income came in at EUR 637.9m (-6% q-o-q, +12% y-o-y), broadly in line with estimates. NIM squeezed further by 17bps q-o-q to 2.53%. Fee income was shaped at EUR 169.2m (-21% q-o-q, +25% y-o-y), in line with estimates. Thus, core income landed at EUR 807.1m (-10% q-o-q, +14% y-o-y). Non-recurring revenues stood at EUR 20.0m, 33% higher than estimates. Overall, revenues came in at EUR 827.1m (-7% q-o-q, +10% y-o-y), slightly higher than estimates.

Costs | OpEx reached EUR 304.4m (-4% q-o-q, +33% y-o-y), in one with estimates and cost/income was shaped at 36.8% in 1Q25 vs. 35.6% in 4Q24.

Volumes | NCE at EUR 1.2bn in the quarter of which EUR 800.0m in Greece and EUR 400.0m in SEE, accounting for more than 34% of FY target of EUR 3.5bn. Total
gross loans amounted to EUR 53.1bn, of which EUR 35.2bn in Greece, EUR 8.8bn in Cyprus (€5.9bn Hellenic Bank) and EUR 8.2bn in Bulgaria. Investment securities increased by EUR 294m q-o-q to EUR 22.5bn or 22.4% of assets. Deposits dropped by EUR 1.46bn q-o-q to EUR 77.1bn and L/D ratio widened to .9% from 62.7% in 4Q24. Time depos also decreased by EUR 947m q-o-q to EUR 27.7bn and accounted for 35.9% of depos vs. 36.4% in 4Q24. MREL at 28.8% of RWAs, above final target of 27.8%. Assets stood at EUR 100.4bn.

Asset quality | LLPs reached EUR 76.3m (-16% q-o-q, +8% y-o-y), slightly lower than estimates. Cost of risk narrowed to 59bps. Group NPEs rose by just EUR 2.9m q-o-q to EUR 1.5bn. The NPE ratio narrowed marginally to 2.9% and the NPE cash coverage ratio widened to 89.1% from 88.4% in 4Q24. 

Capital dynamics | Tangible equity rose by EUR 280m q-o-q to EUR 8.76bn and TBV widened to EUR 2.39/share from EUR 2.31/share in 4Q24. FL CET1 ratio at 15.5% from 15.7% in 4Q24, including payout accrual of 33bps.

(EUR m)	1Q25A	4Q24A	QoQ	YoY	vs Optima	vs Cons
Net Interest Income	637.9	677.3	-6%	12%	2%	1%
Fee income	169.2	215.3	-21%	25%	1%	0%
Core income	807.1	892.6	-10%	14%	2%	1%
Non-core Revenues	20.0	-2.3	-957%	-58%	33%	33%
Total revenues	827.1	890.3	-7%	10%	2%	2%
Operating Expenses	(304.4)	(317.2)	-4%	33%	-1%	0%
Pre Provision Profit	522.7	573.1	-9%	-1%	4%	3%
Loan Loss Provisions	(76.3)	(90.5)	-16%	8%	-1%	-1%
Adj. net profit (ex one-offs)	348.5	339.7	3%	-9%	8%	4%

source: Optima bank estimates, Company-Median consensus estimates

CC Highlights

§  Management reiterated RoTBV target of around 15% for the year, NII target of EUR 2.5bn and fee income target of EUR 740m.

§  Acquisition of CNP Insurance in Cyprus completed in April. They expect negative goodwill of EUR 30m in 2H25 and to boost fee income at least by EUR 20m.

§  NII sensitivity for -25bps now at EUR -35m against EUR -40m previously. Reconfirmed NII guidance of EUR 2.5bn even if the terminal rate drops to 1.5% on faster loan growth (might exceed FY target), lower than expected loan spread compression and the investment securities portfolio. They’ll provide guidance for NII in 2026 in 2Q results.

§  Realized synergies in Hellenic Bank at EUR 48m. 

§  They plan to tap the markets to issue up to EUR 1.0bn senior preferred or Tier II notes or a combination to call the legacy Tier II of EUR 950m with a 6.4% coupon.

§  Basel IV impact at 10bps for the year recorded in 1Q. FL impact at 66bps over 2025-2033.

§  The legal merger of Hellenic Bank and Eurobank Cyprus will be competed in 3Q25.

 National Bank of Greece 1Q25 results Review Note

CP: EUR 9.468, Rating: Buy, TP: EUR 10.92

1Q points that NBG is well on track to deliver FY guidance

Optima View | National Bank of Greece reported a solid set of results that beat Optima and consensus estimates on higher fee income and lower LLPs. Given the solid set of results, we believe that NBG is well on track to deliver FY core PAT guidance of EUR ca1.19bn. We reiterate our Buy rating and TP of EUR 10.92/share. 

Bottom line | Normalized net profit (excluding one-offs) reached EUR 381.3m (+6% q-o-q, +1% y-o-y), 5% above Optima estimate of EUR 362.8m and 16% above consensus estimate of EUR 327.7m. The results were burdened by one-off costs of EUR 80.6m (o/w NBG Egypt one-off recycling cost of EUR -70m), above Optima estimate of EUR 70.0m and well above consensus estimate of EUR 12.5m. Thus, reported net profit came in at EUR 300.7m (+73% q-o-q), 3% above Optima estimate of EUR 292.8m and 5% below consensus estimate of EUR 315.2m. Normalized RoTE stood at 16.5% well above guidance of >13.0%. NBG accrued a 60% payout of 2025 earnings, in line with guidance.

Top line | Net interest income reached EUR 548.0m (-5% q-o-q, -9% y-o-y), in line with estimates and NIM squeezed further by 19bps q-o-q to 2.91%. Fee income came in at EUR 106.0m (-7% q-o-q, +6% y-o-y), 4% higher than Optima estimate of EUR 102.0m and 3% higher than consensus estimate of EUR 103.0m. Thus, core income was shaped at EUR 654.0m (-5% q-o-q, -7% y-o-y). Non-recurring revenues reached EUR 94.0m, 2% higher than Optima estimate of EUR 92.5m and 57% above consensus estimate of EUR 60.0m. All in all, revenues came in at EUR 748.0m (+5% q-o-q, -2% y-o-y), slightly higher than Optima and 5% higher than consensus estimate.

Costs | OpEx stood at EUR 227.0m (-8% q-o-q, +8% y-o-y), slightly better than estimates and cost/income was shaped at 30.3% in 1Q25 vs. 34.5% in 4Q24.

Volumes | Performing loans flat q-o-q at EUR 33.6bn, as NCE of EUR 300m was offset by USD depreciation. Net loans stood at EUR 36.1bn and investment securities increased by EUR 29m q-o-q to EUR 20.4bn or 27.1% of assets. Deposits dropped by EUR 1.07bn q-o-q to EUR 56.5bn and L/D ratio widened to 63.9% from 62.7% in 4Q24. Time depos also decreased by EUR 548m q-o-q to EUR 9.3bn and accounted for 17.2% of depos in Greece. MREL at 28.4% of RWAs, above final target of 26.8%. Assets stood at EUR 75.3bn.

Asset quality | LLPs and other impairments reached EUR 42.0m (-34% q-o-q, -24% y-o-y), lower than our estimate of EUR 45.0m and consensus estimate of EUR 47.0m. Cost of risk narrowed to 46bps vs. 49bps in 4Q24. Group NPEs rose by EUR 29.3m q-o-q to EUR 974.5m. The NPE ratio was flattish q-o-q at 2.6% and the NPE cash coverage ratio narrowed slightly to 97.5% from 98.2% in 4Q24. 

Capital dynamics | Tangible equity rose by EUR 361.7m q-o-q to EUR 8.13bn and TBV widened to EUR 8.89/share from EUR 8.49/share in 4Q24. FL CET1 ratio widened by 39bps q-o-q to 18.7%, well above internal CET1 target of 14%, with excess capital at EUR 1.76bn or EUR 1.92/share. 

CC Highlights

§ No comment on inorganic (M&A) opportunities.

§ Strong loan pipeline of EUR >2.0bn, reconfirm NCE guidance of EUR 2.5bn in 25. More optimistic on mortgage loans. Looking for opportunities in international syndicated loans in Europe and Middle East (Saudi Arabia) in energy, infrastructure and hospitality.

§ They expect less pressure on loan spread compression.

§ They feel confident about NIM target of >280bps for the year

§ NII sensitivity -25bps at EUR -35m, linear up to 1.5% terminal rate.

§ Hedging was marginal positive in the quarter (EUR +10m q-o-q) and the benefit is expected to increase in the coming quarters.

§ Shipping loan book at EUR 3.0bn (8.1% of gross loans) mostly tankers and little bit dry bulk.

§ Reconfirmed OpEx guidance of +5% y-o-y in 25.

(EUR m)	1Q25A	4Q24A	QoQ	YoY	vs Optima	vs Cons
Net Interest Income	548.0	574.8	-5%	-9%	1%	0%
Fee income	106.0	114.5	-7%	6%	4%	3%
Core income	654.0	689.3	-5%	-7%	1%	1%
Non-core Revenues	94.0	22.0	327%	57%	2%	57%
Total revenues	748.0	711.3	5%	-2%	1%	5%
Operating Expenses	(227.0)	(245.8)	-8%	8%	-1%	-1%
Pre Provision Profit	522.0	465.6	12%	-6%	3%	9%
Loan Loss Provisions	(42.0)	(63.4)	-34%	-24%	-7%	-11%
Discontinued operations	(80.6)	(185.7)	-57%	282%	15%	545%
Reported Net Profit	300.7	173.5	73%	-16%	3%	-5%
Normalized net profit (ex one-offs)	381.3	359.2	6.2%	1%	5%	16%

source: Optima bank estimates, Company-Median consensus estimates

Alpha Services and Holdings | 1Q25 results beat, Mgt upgraded 27 guidance

CP: EUR 2.269, Rating: Buy, TP: EUR 2.75

Alpha reported a solid set of results that beat estimates primarily on higher non-recurring revenues, marginally higher fee income and slightly better cost containment. Reported net profit came in at EUR 223.3m (+35% q-o-q, +5% y-o-y), 16% above Optima estimate of EUR 193.1m and 14% above consensus estimate of EUR 196.0m. Reported RoaTBV stood at 12.4%. Net interest income was shaped at EUR 395.3m (-3% q-o-q), in line with Optima estimate of EUR 390.3m and consensus estimate of EUR 393.0m. Fee income stood at EUR 107.5m (-6% q-o-q), 2% above Optima estimate of EUR 105.0m and 3% above consensus estimate of EUR 104.0m. Non-recurring revenues amounted to EUR 55.9m, 54% and 55% above Optima and consensus estimates. Loan loss provisions amounted to EUR 51.6m (-18% q-o-q), 3% above Optima estimate of EUR 50.2m and in line with consensus estimate of EUR 52.0m. Group NPEs rose by EUR 18.0m q-o-q to EUR 1.5bn, NPE ratio flat q-o-q and cash coverage at 50% from 53% in 4Q24. FL CET1 ratio at 16.3%, including accrued payout of 50% from 2025 reported net profit, higher than 43% in 2024. All in all, a solid quarter. Management upgraded 2027 profitability target due to the acquisitions of Astrobank and Axia Ventures and guides for net profit of EUR >1.06bn (EPS >0.45) from EUR >988m (EPS >0.42) in March and well above our estimate of EUR 922.0m. We reiterate our Buy rating and TP of EUR 2.75/share, implying a 21% upside potential.

(EUR m)	1Q25	4Q24	QoQ	1Q24	YoY	vs. Optima	vs. Cons
Net Interest Income	395.3	405.7	-2.6%	422.0	-6.3%	1.3%	0.6%
Fee income	107.5	114.4	-6.0%	97.0	10.9%	2.4%	3.4%
Core income	502.9	520.1	-3.3%	519.0	-3.1%	1.5%	1.2%
Non-core Revenues	55.9	57.4	-2.7%	37.0	51.0%	54.1%	55.2%
Total revenues	558.7	577.5	-3.3%	555.0	0.7%	5.1%	5.6%
Operating Expenses	(203.6)	(238.9)	-14.8%	(204.0)	-0.2%	-5.5%	-4.8%
Pre Provision Profit	355.1	338.6	4.9%	351.0	1.2%	12.4%	12.4%
LLPs	(51.6)	(63.2)	-18.3%	(68.0)	-24.1%	2.8%	-0.7%
Net Profit	223.3	164.9	35.4%	212.0	5.3%	15.6%	13.9%

source: Company, Optima bank estimates, Median Consensus estimates-Company 

Titan Cement || BUY | CP EUR 40.15 | TP EUR 50.50

Titan Group 1Q25 Results out- in line at EBITDA line, Bottom line miss; EUR 3.0 DPS; Positive outlook for 2025e

Titan Cement reported earlier 1Q25 Revenue of EUR 638m, up by 2.4% y-o-y, EBITDA of EUR 122.6m (Optima at EUR 124n, Consensus at EUR 114.2m), up by 11.7% y-o-y and Net Profits at EUR 43.7m, down by 16.6% y-o-y on increased financial expenses, depreciation, tax rate and minorities, while Net Debt/EBITDA dropped to 0.5x, strengthened by the US listing proceeds. The company has already declared an EUR 3.00/share dividend (DY: 7.4%, ex-date: 30 June).

1Q25 Group Key P&L Results

EUR m	1Q24	1Q25	y-o-y change	Optima	Actual vs. Optima	Consensus	Actual vs. Consensus
Turnover	623.7	638.4	2.4%	630.7	1.2%	628.0	1.7%
Greece	107.8	124.9	15.9%	110.9	12.6%
USA	370.6	372.5	0.5%	373.1	-0.2%
SEE	90.7	82.6	-8.9%	88.8	-7.0%
E.MED	54.6	58.4	7.0%	57.9	0.9%
EBITDA	109.8	122.6	11.7%	124.0	-1.1%	114.2	7.4%
EBITDA margin	17.60%	19.20%	160	19.66%	46
Greece	12.7	19.4	52.8%	13.5	43.7%
USA	62.2	72.9	17.2%	75.9	-3.9%
SEE	32.0	21.6	-32.5%	27.6	-21.7%
E.MED	2.9	8.8	203.4%	7.0	25.7%
Net income (adj.)	52.4	43.7	-16.6%	53.1	-17.7%	51.0	-14.3%

Source: Optima, Titan Cement

Consensus is based on 13 Covering Analysts

Greece: Market evolution continued strongly in Greece into the 1Q25, with the domestic demand increased by double digits, also reflected in the Group’s volumes, with robust growth across all products. Price increases were successfully implemented in cement in January to offset the higher production and electricity cost environment of the last years. Consequently, 1Q25 sales rose by 15.9% y-o-y to 124.9m, resulting in a jump in the EBITDA by 53% y-o-y to EUR 19.4m from EUR 12.7m a year ago.

US: Titan America released a solid set of Results, which is attributed to its resilient pricing strategies that offset the adverse weather conditions and a downturn in residential market demand. In this context, US sales rose by 0.5% y-o-y to EUR 372.5m in 1Q25, while EBITDA rose by jumped by 17% y-o-y to EUR 72.9m, implying a 280bps margin expansion.

SEE Europe: Extremely adverse weather in the countries in Southeastern Europe and a spike in the electricity costs took their toll on regional performance and profitability during 1Q25. That said, regional turnover was down by 8.9% y-o-y to EUR 82.6m in 1Q25, while increased energy related costs resulted in segmental EBITDA of EUR 21.6m, down by 32.5% y-o-y.

EMED: In the Eastern Mediterranean region, increased market demand in Egypt counterbalanced the weaker demand and exports from Turkey, with the local pricing offsetting the local currency devaluation. Against this backdrop, turnover rose by 7.0% y-o-y to EUR 58.4m, while EBITDA in 1Q25 was up by 3x y-o-y to EUR 8.8m.

Below the EBITDA line: Below EBITDA: Contribution from participations (mainly Brazil JV) in 1Q25 was marginally positive at EUR 0.04m from EUR -0.9m in 1Q24, depreciation expenses stood at EUR 42.8m (+14.1% y-o-y), financial expenses (including FX impact) ended almost doubled y-o-y  to EUR 13.2m (from EUR 6.6m a year ago), minorities (mainly to the Titan America minority shareholders) stood at EUR 2.9m while the effective tax rate shaped at 30.0%. Operating Cash Flow posted inflows of EUR 10m, net capex shaped at EUR 52.5m, while Group net debt closed at EUR 280m (Net Debt/EBITDA at 0.5x.

Conference call highlights:

1. positive outlook for 2025e, with resilient demand and pricing,
2. US IPO proceeds to fund potential acquisitions and also the increased dividend
3. Expects conclusion of the sale of the Turkish subsidiary in 2H25, Turkish operations account for EUR 80m of sales and EUR 15-20m of EBITDA
4. Group Capex for 2025e to exceed EUR 250m in 2025e

Comment: The Group has delivered a positive quarter, despite adverse weather, driven by solid demand and pricing. However, increased depreciation, financial expenses (possibly one-off due to the dollar devaluation) and increased tax rate (which could be reversed in the following quarters), took their toll on bottom line. In our view, the positive 2025e outlook and the generous dividend of EUR 3/share (DY: 7%, ex-date: 30 June) and also the valuation of the US stock (TTAM) will be main short term catalysts for the Group stock. That said, we reiterate our Buy recommendation on the stock with the Target Price unchanged at EUR 50.50/share. 

Eurobank Holdings commencement of Share Buyback Programme today

Eurobank announced that the Share Buyback programme of up to 367,673,632 own shares (up to 10% of share capital) is scheduled to commence today. Recall that the maximum price is set at EUR 10.00/share and the minimum at EUR 0.22/share. 

Principal Global Investors holds a 5.03% stake in National Bank of Greece

National Bank of Greece announced that Principal Global Investors holds a 5.03% stake corresponding to 46,001,609 voting rights. Recall that the Hellenic Corporation of Assets and Participations holds a 8.39% stake and the Capital Group a 5.06% stake respectively.  

QUALCO’s IPO subscription period ends today

Today ends the subscription period for QUALCO’s initial offering of up to 10,500,000 new shares and the sale of up to 7,500,000 existing shares at a EUR 5.04-5.46/share price. The issuance price is also expected to be determined today and the commencement of trading of all shares on 15 May. 

AKTOR Group secures an EUR 53m contract

According to Euro2day.gr, AKTOR Group secured an EUR 53m project in Lasithi, Crete, Greece, which consists of the construction of the Myrtos dam, the construction of the complementary works of the Bramianos dam and the construction of flood prevention works in the area.

Calendar of Events

Macros

09/05/25 | CPI & Harmonized CPI APR (ELSTAT), Industrial Production MAR (ELSTAT)

14/05/25 | Import Price Index in Industry MAR

16/05/25 | Fitch Ratings – Greek sovereign credit review

30/05/25 | Scope Ratings – Greek sovereign credit review

Market

13/05/25 | MSCI Index Review announcement (Effective date: June 02, 2025)

1Q:25 Results Release

09/05/25 | Alpha Services & Holdings (08:00 GR Time)

12/05/25 | Bank of Cyprus (Bef-mkt), Athens Airport (Aft-mkt)

13/05/25 | KRI-KRI (Aft-mkt)

14/05/25 | Optima bank, OTE (Bef-mkt)

15/05/25 | HELLENiQ ENERGY (Aft-mkt), Attica Bank

19/05/25 | Austriacard (Aft-mkt)

20/05/25 | PPC (Aft-mkt), Trade Estates (trading update) (Bef-mkt)

21/05/25 | ElvalHalcor (Aft-mkt), Quest Holding (Aft-mkt)

22/05/25 | Alpha Trust Andromeda (Aft-mkt), IDEAL Holdings (trading update) (Bef-mkt), AS Company (trading update) (Aft-mkt)

23/05/25 | Premia Properties (trading update)

26/05/25 | Hellenic Exchanges (Aft-mkt)

27/05/25 | Cenergy Holdings, Fourlis Holdings (Aft-mkt)

28/05/25 | OPAP (Aft-mkt), LAMDA Development (Aft-mkt)

EGM / AGM

14/05/25 | Thessaloniki Port Authority (AGM)

15/05/25 | Performance Technologies (AGM)

16/05/25 | Bank of Cyprus (AGM)

21/05/25 | Alpha Services & Holdings (AGM), Loulis Food (AGM)

22/05/25 | ElvalHalcor (AGM), Thessaloniki Water Supply (AGM), Alpha Trust Holdings (AGM)

23/05/25 | Coca-Cola HBC (AGM)

27/05/25 | Cenergy Holdings (AGM), Noval Property (AGM), Viohalco (AGM), Fais Group (AGM)

28/05/25 | Thrace Plastics (AGM)

29/05/25 | Profile Systems (AGM)

30/05/25 | National Bank of Greece (AGM)

03/06/25 | METLEN (AGM)

05/06/25 | IDEAL Holdings (AGM)

10/06/25 | EYDAP (AGM)

11/06/25 | Jumbo (AGM), Prodea Investments (AGM)

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

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

16/06/25 | Ble Kedros (AGM)

17/06/25 | Alter Ego Media (AGM)

18/06/25 | Motor Oil (AGM), Biokarpet (AGM)

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

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

23/06/25 | OTE (AGM)

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

25/06/25 | PPC (AGM)

26/06/25 | LAMDA Development (AGM)

01/07/25 | ΚΡΙ–ΚΡΙ (AGM)

02/07/25 | ADMIE Holding (AGM)

03/07/25 | Elinoil (AGM)

07/07/25 | Alumil (AGM)

15/07/25 | AVAX (AGM)

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

28/08/25 | Intralot (AGM)

08/09/25 | Orilina Properties (AGM)

Ex-Capital Return

03/06/25 | Piraeus Financial Holdings (EUR 0.298/share)

Ex-FY24 Dividend

15/05/25 | Premia Properties (EUR 0.03)

16/05/25 | Thessaloniki Port Authority (EUR 2.00)

19/05/25 | Alpha Trust Andromeda (EUR 0.32)

20/05/25 | Aegean Airlines (EUR 0.80)

23/05/25 | Alpha Services & Holdings (EUR 0.03)

26/05/25 | Bank of Cyprus (EUR 0.479), Loulis Food (EUR 0.30)

27/05/25 | Alpha Trust Holdings (EUR 0.578)

03/06/25 | National Bank of Greece (EUR 0.44), Noval Property (EUR 0.043), Performance Technologies

10/06/25 | Thrace Plastics (remaining EUR 0.17)

16/06/25 | Prodea Investments

18/06/25 | EYDAP (EUR 0.07)

19/06/25 | Trade Estates (remaining EUR 0.052)

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 | ElvalHalcor (EUR 0.09)

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

30/06/25 | Titan Cement (EUR 3.00), Euroconsultants (EUR 0.04)

01/07/25 | Profile Systems (EUR 0.064657), Thessaloniki Water Supply, 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

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

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

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

21/08/25 | KRI-KRI (EUR 0.40)

25/08/25 | ADMIE Holding

02/09/25 | AVAX (EUR 0.07)

11/09/25 | Orilina Properties

Share Capital Increase (Evropi Holdings)

02/05/25-13/05/25 | Trading period of rights

02/05/25-16/05/25 | Exercise period of rights

Initial Public Offering (IPO) Period 

07/05/25-09/05/25 | QUALCO GROUP

15/05/25 | Commencement of trading of shares

ATHEX Companies Presentations (Hellenic Fund & Asset Management Association)

13/05/25 | Piraeus Port Authority (09:30 GR time) 

Research Department Equity Research  Τ: 210 8173 383 F: 210 3279 287 E: [email protected] 32 Aigialeias & Paradissou str., 15125, Maroussi optimabank.gr