ATHEX headed north yesterday, in line with the European stock markets. In more detail, the General Index rose by 0.68% at 2,083.59 units (FTSE Large Cap: +0.72%, FTSE Mid Cap: +0.46%, Banks Index: +1.79%) and the traded value was shaped at €236.6m up from Tuesday’s €196.9m. We expect the international markets to set the tone with Intralot in focus today.
· Trade balance deficit narrows in August (ELSTAT)
· Natural Gas demand up by 16.66% in 9M25
· ATHEX AXIA Numbers-foreign investors net sellers in September/buyers in 9M25.
· Alpha Bank’s stock options plan execution
· Intralot SCI shares commence trading today
· Titan America Earns Key Miami-Dade Approvals, Accelerating Expansion into Precast Lintel Market
Macro Headlines
Trade balance deficit narrows in August (ELSTAT)
ELSTAT announced that the trade balance in August 2025 amounted to EUR 2,100m in comparison with EUR 2,586m a year ago, recording an 18.8% y-o-y drop, due to the 13.0% y-o-y drop in imports which more than offset the 8.9% y-o-y drop in exports. Additionally, the trade balance deficit in the January-August 2025 period amounted to EUR 21,699m, down by 2.0% y-o-y, due to the 4.3% y-o-y drop in imports which more than offset the 5.7% y-o-y drop in exports.
Sector Headlines
Natural Gas demand up by 16.66% in 9M25
According to the domestic Natural Gas System Operator (DESFA), total natural gas demand was up by 16.66% y-o-y in 9M25, driven by exports (+667% y-o-y) and thermal generation demand (up by 10.0% y-o-y), which accounted for 64.7% of total demand.
Market Headlines
ATHEX AXIA Numbers-foreign investors net sellers in September/buyers in 9M25.
According to AXIA Numbers, total trading activity in ATHEX in September 2025 stood at EUR 5.045bn, up by 119.8% y-o-y and marginally down by 0.15% m-o-m, with foreign investors accounting for 66.4% of total trading activity (from 65.4% in the previous month). Additionally, foreign investors had net outflows of EUR 39.06m during September 2025 while had inflows of EUR 313.64m during 9M25. With respect to participation in assets, foreign investors held 69.6% of total assets under custody (from 68.8% in August), and domestic investors the remaining 30.4% (from 31.2% in August).
Company Headlines
Alpha Bank’s stock options plan execution
Alpha Bank has successfully executed the next phase of its Stock Options Plan following the reverse merger with Alpha Services and Holdings S.A., reinforcing its commitment to long-term value alignment with key personnel. During September 2025, 36 eligible employees exercised a total of 137,322 stock options at an exercise price of €0.29, resulting in a capital increase of €39,823.38. This issuance represents a marginal 0.006% of the Bank’s share capital, now totaling €671.4 million. The newly issued shares will be listed and trading on the Athens Stock Exchange.
Intralot SCI shares commence trading today
As of today, 390m new Intralot shares resulted from the €427m Share Capital Increase will commence trading, with an acquisition price at €1.10/share. Additionally, the 873,707,073 new shares contributed in kind to Bally’s shareholders at €1.30/share for the acquisition of the Company by Intralot, will also be admitted for trading on ATHEX. Additionally, Intralot announced that out of the 390m new shares, 100m shares were allocated to Greek Investors or 25.6% of total (of which 66.4% to Qualified investors and 33.6% to retail investors), and the remaining 290m to foreign investors (74.4% of total). In other related news, Intralot proceeds with the early prepayment of a €100m bank loan.
Titan America Earns Key Miami-Dade Approvals, Accelerating Expansion into Precast Lintel Market
Titan America SA (TITAN Cement’s US subsidiary announced that it received Miami-Dade County’s Notice of Acceptance for more than 40 lintel product SKUs, a key certification under the Florida Building Code (including the High Velocity Hurricane Zone). This achievement paves the way for Titan America to expand its precast solutions beyond concrete block by entering into the precast and prestressed lintel market, enhancing its vertical integration model, and accelerating growth through new adjacent channels.
09/10/25 | CPI & Harmonized CPI SEP (ELSTAT)
10/10/25 | Industrial Production Index AUG (ELSTAT)
14/10/25 | Import Price Index in Industry AUG (ELSTAT), Evolution of Turnover of Enterprises AUG (ELSTAT)
16/10/25 | 2024 GDP (provisional data) (ELSTAT)
17/10/25 | Standard & Poor’s – Greek sovereign credit review
30/10/25 | Eurobank, Coca-Cola HBC (7:00 am GMT)
31/10/25 | Piraeus Financial Holdings
03/11/25 | Αthens Ιnternational Αirport (Bef-mkt)
04/11/25 | PPC (Aft-mkt)
06/11/25 | National Bank of Greece, ΤΙΤΑΝ, METLEN
07/11/25 | Alpha Bank (Bef-mkt)
11/11/25 | Optima bank, Bank of Cyprus (Bef-mkt)
13/11/25 | HELLENiQ ENERGY (Aft-mkt)
19/11/25 | OPAP (Aft-mkt), ElvalHalcor (Bef-mkt)
20/11/25 | CrediaBank
24/11/25 | Hellenic Exchanges (Aft-mkt)
25/11/25 | Fourlis Holdings (Aft-mkt)
EGM / AGM
15/10/25 | Noval Property (EGM)
Ex-Dividend
09/10/25 | Attica Publications (€0.01/share)
14/10/25 | Alpha Trust Andromeda (€0.25/share)
20/10/25 | Moda Bagno (€0.0591229665/share)
03/11/25 | OPAP (interim €0.50/share)
05/11/25 | BriQ Properties (interim €0.08/share)
06/11/25 | Eurobank (interim dividend)
10/11/25 | National Bank of Greece (interim dividend)
01/12/25 | Alpha Bank (interim €0.0481668788/share)
02/12/25 | CNL CAPITAL (interim €0.15/share)
Ex-Capital Return
09/10/25 | Unibios (€0.025/share)
Initiation of trading of new shares
09/10/25 | Intralot (new shares from SCI)
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