Beta Sec – Daily report 07-04-2026 Market Monitor- Market Comment- In the Spotlight- Buybacks

Markets reacted last Thursday with pessimism to US President Donald Trump’s message about the extension of the war in Iran. Oil rates and bonds rose, while stocks declined, including those in ATHEX. In the absence of any light at the end of the tunnel and given the closure of the bourse both on Friday and on Monday due to holidays in other European markets, investors chose to keep their cards close to their chest and reduced their exposure, as the turnover also reveals. 

The Athens Exchange (ATHEX) general index closed at 2,118.27 points, shedding 0.55% from Wednesday’s 2,130.06 points. The large-cap FTSE-25 index contracted 0.56%, ending at 5,375.69 points. The banks index conceded 1.07%, as Optima parted with 3.34%, Bank of Cyprus diminished 2.55%, National eased 1.43%. Piraeus gave up 0.83% and Eurobank shied 0.77%, while Alpha advanced 0.30%. 

In total 26 stocks reported gains, 89 suffered losses and 12 remained unchanged. Turnover amounted to €261.5 million, down from Wednesday’s €396.2 million. 

ME war beefs volatility and increases risk aversion ahead of President’s Trump ultimatum expiration today. Investors will keep on the sidelines waiting for developments in the ME front.  

Greece/Economy:  Government reshuffle announced last Friday. 

Greece/Supermarket Inflation: Supermarket inflation in Greece rose to 2.4% in March, on an annual basis, according to the Institute of Retail Consumer Goods (IELKA). The March index recorded a slight 0.15% drop compared to 1.38% in February, with the aggregate 12-month index (April 2025-March 2026) posting a +1.62% uptick. The highest prices recorded were observed in appetizers, savory and miscellaneous served items (+12.70%), fresh fruit and vegetables (+10.45%), and fresh meat produce (+9.89%).The highest decreases were recorded in detergents and cleaning products (-4.47%), pet food and pet supplies (-4.07%), grocery food items (-1.96%) and frozen products (-1.67%). 

Greece/GDP: GDP growth for 2025 cut to 1.9% by BoG. 

Greece/PDMA: Greece’s Public Debt Management Agency (PDMA) announced on Friday that on Wednesday, April 8, it will auction 13-week treasury bills in book entry form. The amount to be auctioned is €400mn.  

Greece/Economic Sentiment Index: The Greek economic sentiment index declined to 106.8 points in March from 107.6 points in February, according to the Economic Outlook survey released by the Foundation for Economic and Industrial Research (IOBE) on Thursday. 

Alpha Bank: The Bank entered into a definitive share purchase agreement to acquire 69.61% of Alpha Trust and will launch a voluntary tender offer for the remaining shares at the same price, with completion targeted by end‑Q2 2026. The offer covers all 3,150,744 shares and includes a cash consideration of €20.20 per share, representing a 55.7% premium over the six-month VWAP (€12.97) and a 13.2% premium over the independent valuation (€17.84). Alpha Bank has already signed 10 share purchase agreements for 2,193,345 shares (69.61%), subject to regulatory approvals, and the offer requires a minimum acceptance of 66.67% for completion. If post offer ownership reaches ≥90%, Alpha Bank will exercise a squeeze out, followed by a delisting from Euronext Athens; if it reaches ≥95%, it will proceed with the delisting via shareholder resolution. The deal is expected to be EPS‑accretive by ~1%, deliver RoIC above 15% and have a limited ~17bp CET1 impact.

Prodea: The company announced the initiation of the process to spin off its logistics division, transferring all related assets and liabilities—including warehouses, distribution centers, logistics hubs and associated infrastructure—to its subsidiary Thriasefs S.A. Also, the company FY2025 results will be published on 7 April 2026 after market close. The AGM is scheduled for 10 June 2026, followed by the ex‑dividend date on 16 June, the record date on 17 June, and the dividend payment start on 22 June 2026.

Unibios: The company announced the approval and upcoming listing of 323,887 new common shares on Euronext Athens, following an extraordinary share capital increase of €97.2k via cash contribution and without pre‑emptive rights, aimed at strategic investors. The new shares were issued at €2.47 each, generating €800k in total proceeds, of which €702.8k will be booked as share premium. After the increase, the company’s share capital rises to €5.25mn, divided into 17.51mn shares, with trading of the new shares commencing on 8 April 2026, and the shares eligible for the 2025 dividend.

EL.D. Mouzakis: FY2025 financial statements and the accompanying results commentary will be released on Friday, 21 April 2026 after market close, while the AGM is scheduled for 9 September 2026. The company confirmed no dividend for FY2025 due to accumulated losses, and announced that H1 2026 results will be published on 30 September 2026.

Bank of Greece: The Bank of Greece approved a FY2025 dividend of €0.6720 per share (net dividend of €0.6384 per share). The ex‑dividend date is set for 23 April 2026, the record date for 24 April 2026, and dividend payment will commence on 30 April 2026.

Elton: FY2025 financial statements and the accompanying results commentary will be released on Monday, 20 April 2026 after market close, followed by the AGM on 16 June 2026. The Board intends to propose a dividend for FY2025. The company will also publish its H1 2026 financial report on 23 September 2026.

Foodlink: FY2025 results to be released today after market closing.

CrediaBank: AGM on May 14^th

PPC: The company announced the completion of its 2.13 GW photovoltaic cluster in Western Macedonia, the largest solar project group in Europe, with expected annual production of 3,150 GWh, enough to cover the electricity needs of 750,000 households and avoid over 1.5 million tons of CO₂ emissions each year . The company also completed two battery storage stations in Ptolemaida and Meliti (total 98 MW / 196 MWh) and is rapidly advancing a third 50 MW / 200 MWh BESS in Amyntaio, while progressing licensing for two major pumped‑storage projects in Kardia and Notio Pedio. PPC has additionally launched a €5mn local bond exclusively for residents of Kozani and Florina, offering an 8% annual return and a 40% capital uplift over five years, reinforcing regional participation in the energy transition.

Lavipharm: The company announced the amendment and recodification of its 13.07.2023 stock‑option programme. The programme covers up to 7.22mn shares at an exercise price of €0.34, with vesting tranches in 2026 (25%), 2027 (45%), and 2028 (30%), linked to performance targets including EBITDA milestones (€16m for 2025 and €20m for 2026).

Terna Energy: FY2025 financial report will be published today while H1 2026 financial statements will be released on September 30^th.

OTE: Q1:25 results out on May 8 before market opening. CC to follow later on the same day.  

Allwyn: BOD approved a special distribution of €0.80/share, for which a scrip option will be available. The Special Distribution will be paid from the Company’s share premium account, which includes capital contribution reserves arising from the in-kind contribution by Allwyn International AG to the Company, completed on 16 March 2026. The Special Distribution will not be subject to withholding tax, as it will be distributed out of capital contribution reserves. Cut off date April 8. Date of determination of Special Distribution beneficiaries April 9. Election period April 14 to April 27. Relevant time period for the determination of the reference share price April 20 to April 24 (VWAP Price). Announcement of the reference share price and the issue price April 24. Admission to trading of new Company shares and payment of Special Distribution in cash May 4.  

Premia: €150mn 7-year retail bond oversubscribed 1.4x with total amount offered at €211.5mn. Coupon set at 4.1%, at the low end of the range (4.1% to 4.4%).

Mevaco: FY2025 results will be published on 28 April 2026 after market close, followed by the AGM on 18 June 2026. The company plans to distribute a FY2025 dividend, with the ex‑dividend date on 3 July, record date on 6 July, and payment starting 9 July 2026. MEVACO will also publish its H1 2026 financial report on 29 September 2026.

Quest Holdings (FY:25 results review): The group reported an in lien set of FY:25 financial performance coming inline with our estimates. In more details:

• Consolidated sales settled at €1.47bn, EBITDA at €107mn, EBT at €71mn and net income at €52.4mn. Compared to 2024, Quest Group achieved growth in sales by 10.9%, in EBITDA by 16.6%, in EBT by 9.3%, and in EAT by 5.2%. We expected sales of €1451.23bn, EBITDA €108.10mn and net income €57.9mn.
• The Group’s net debt position amounted to a net cash position of €107.6mn, compared to net cash of €82.1 million as of 31/12/2024. This improvement is attributable to the Group’s strong operating cash flows, combined with the proceeds from the disposal of Quest Energy’s photovoltaic power plants.
• In the commercial activity segment, sales increased by 12.4%, while earnings before taxes (EBT) increased by 23.7% compared to the same period of 2024. This increase is primarily driven by the improved performance of the Apple division, alongside with the consolidation of Benrubi’s results.
• In the IT services area, sales augmented by 11%, and EBT by 30%. Demand for IT services remains strong, driven by the high number of digital transformation projects of the private and public sector. Roughly 50% of sales stem from international activities.
• Postal services sales increased mildly (+3.6%), accompanied by a higher single-digit increase in EBT by +8%, driven by improved company productivity.
• Finally, on the energy frond, sold On December 23, 2025, revenue decreased slightly (-6%), mainly due to curtailments in electricity generation from RES plants imposed by the Independent Power Transmission Operator (IPTO) to ensure the stability of the country’s electricity grid, as well as lower solar irradiation compared to the previous year. EBT was significantly reduced due to accounting entries at the consolidated level related to the transfer of the energy portfolio.
• FY:25 gross dividend €0.40/share (gross), higher than our call of €0.35/share. Total amount to be distributed €42mn.
• CAPEX at €40.155mn.
• 2026 guidance: modest sales growth, mid-single digit in our understanding, while EBITDA and EBT are expected to land at similar or slightly lower levels compared to 2025, due to the sale of the majority of energy segment. In continuing operations, ie ex energy sector, modest growth in both sales and profitability is estimated. The above estimates for 2026 are based on the assumption that there will be no prolonged adverse developments in energy prices, basic goods, and consumption, as a result of the war in ME.

CC details: Tuesday April 7 at 3.30 pm local GR (Athens) time:

• GR: + 30 213 009 6000 or + 30 210 946 0800
• UK: + 44 203 059 5872
• US: +1 516 447 5632
• Web:

AIA (March 2026 traffic stats): During March 2026, and despite the current geopolitical crisis in the Middle East, the airport’s passenger traffic amounted to 2.31 million, i.e. 3.8% higher than March 2025. In specific, the March 2026 traffic development, amidst the critical geopolitical environment, presented a slowdown compared to the previous two months. However, both domestic and international passengers remained above the 2025 levels by 4.8% and 3.4%, respectively. Overall, during the first three months of 2026, the airport’s passenger traffic reached 6.28 million, above the 2025 levels by 8.1%. Analytically, domestic and international passengers surpassed the 2025 levels by 7.1% and 8.5%, respectively. Athens International Airport’s number of flights during the first three months of 2026 amounted to 54,181 i.e. 7.0% above the respective 2025 levels. Domestic and international flights were above the 2025 volumes by 5.9% and 7.6%, respectively.

Performance Technologies: The company delivered strong results in 2025, with revenue rising 20.6% to €89.4mn, adjusted EBITDA up 37.1% to €12.8mn, and net income increasing 44.2% to €7.3mn, supported by strong momentum in cloud, data, AI and cybersecurity projects as well as the continued shift toward recurring Managed Services/XaaS contracts. The balance sheet strengthened further, with current assets up 23.8% to €66.0mn, total assets up 24.1% to €73.3mn, cash rising to €17.6mn, and the Group maintaining a solid net cash position of €11.6mn, reflecting disciplined execution, expanding customer diversification, and growing multi‑year project visibility.

Dimand: The company announced their FY25 results with operating profit rising sharply to €39.4mn from €23.1mn and EBITDA increasing to €44.4mn, while net profit reached €33.9mn. The Group’s Net Asset Value (NAV) strengthened materially to €217.5mn (from €180.3mn), supported by growth in the investment portfolio, higher fair values in both owned properties and joint ventures, and continued expansion of its development pipeline. Liquidity improved with cash rising to €50.1mn, though net debt increased to €45.6mn in line with intensified investment activity, keeping leverage at a moderate Net LTV of 24%. Also, On April 1 CEO Mr. Andriopoulos bought 10K shares for a total amount of €119.755K (€11.9755/share). On March 31 Deputy CEO Mr. Dimtsas bought 1K shares for €12.045K (€12.045/share).

Softweb: FY2025 revenue up 73% to €3.16mn, EBITDA up 2% to €456.6k, and EBIT down 4% to €341.6k due to higher staffing and depreciation. The Group maintained zero bank debt and €996k cash, preserving solid liquidity despite funding investments and acquisitions.

Avax (FY:25 results): The construction firm reported an improved set of 2025 performance with strong construction EBITDA margin beefing profitability. Backlog of €2.8bn (March 2026) reassures a good 2026 financial performance. Leverage ratio at 1.7x (Net Debt/EBITDA). Fy:25 dividend (gross) €0.10/share (from €0.07/share in 2024). AGM on July 2. Ex-dividend date July 21. Dividend record date July 22. Dividend payment July 27. H1:26 results September 30.

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