Beta Sec – Daily report 09-04-2026 Market Monitor- Market Comment- In the Spotlight- Buybacks

Trader optimism on Tuesday proved justified on Wednesday, as the Greek stock market staged a rare surge, with its benchmark jumping over 6.5% in a single session following the truce between the US and Iran. Should this ceasefire endure—despite the risks surrounding it—markets broadly are poised for further gains, allowing ATHEX to focus on its transition from an emerging to a developed market.

General index closed at 2,285.92 points, adding 6.58% to Tuesday’s 2,144.71 points. The large-cap FTSE-25 index expanded 7.03%, ending at 5,828.97 points. The banks index surged 10.71%, as Alpha jumped 13.06%, Piraeus earned 12%, National grew 10.77%, Optima rose 10.71%, Eurobank improved 9.50% and Bank of Cyprus grabbed 6.14%.  Refineries headed lower, as Hellenic Energy eased 2.02% and Motor Oil slipped 0.36%. In total 114 stocks boasted gains, nine posted losses and eight remained unchanged. Turnover amounted to €524.6mn, up from Tuesday’s €283.3mn.

The upcoming long weekend may foster a wait-and-see sentiment in the market, as geopolitical developments remain finely balanced. The strong rally since the beginning of the week could prompt some portfolios to lock in gains, following the swift and substantial gains recorded over the previous two sessions. 

Greece/PDMA: During the auction of EUR 400 mln of 13W T-Bills conducted today, the total bids reached €946mn and the amount finally accepted was €500mn. No additional non-competitive bids will be accepted today. Settlement date is April 14, 2026. Coverage at 2.37x (vs 2.47x in the previous similar auction on January 28) and coupon at 1.95% 9vs 1.74% previously).  

Greece/Banking: New mortgage lending in Greece recorded its strongest start since 2014, with €314mn in new housing loan contracts in the first two months of 2026, marking a 56% y-o-y increase. According to Bank of Greece data, net flows turned positive for the first time in 14 years as new disbursements outpaced repayments, supported by rising property prices, lower interest rates, and the continued impact of the “Spiti Mou II” subsidized programme, which accounted for roughly 35% of 2025’s net flows. Banks have further reduced fixed rates and spreads to stimulate retail lending, while geopolitical uncertainty and potential ECB tightening remain key risks for demand. 

Greece/Inflation: For 2026, inflation is projected to rise toward 3%, driven mainly by energy costs, before easing temporarily in 2027. 

Alpha Bank: Investors day deferred to H2:26 rather than Q2:26 initially scheduled. The bank reaffirmed its 2026 guidance and its commitment to previously communicated targets, noting that a new date for the Investor Day will be announced in due course. 

Real Consulting: FY:25 results on April 22. AGM on June 16. Ex-dividend date July 3. Dividend record date July 4. Dividend payment July 10. H1:26 results September 29.  

Jumbo (Q1:26 Trading update): The company reported yesterday Q1:26 top line acceleration of 7.3% beating its FY:26 guidance for sales growth of 5%. March was strong with sales up 10% but management expects a normalization during Easter period, thus a deceleration in current month (April). As part of the Group’s strategy to acquire leased stores already in operation, aiming to enhance operational efficiency and long-term sustainability, the acquisition of the leased store located in the Military Shopping Center in Bucharest (Romania) was completed, the 1st in 2026. Jumbo’s external partner in Israel (Fox Group) proceeded with the opening of the 6th JUMBO store, further strengthening Jumbo’s presence in the local market. ME war already, as stated, affects consumer behavior and spending, expecting a deceleration in top line growth in the months to come.

§   Greece was strong in March with sales up 18% and Q1 at +11%, courtesy of Clean Monday and Easter sales boost.

§   Cyprus advanced 4% in March and recorded similar (4%) top line growth in Q1:26.

§   Bulgaria expanded by 12% in March and 11% in Q1.

§   Finally, Romania remained in red, underperforming the remaining group areas, down by 5% in March and at -4% in Q1:26.

§   FY:25 results will be announced on April 28 before market opening.

Jumbo trades at 9.0x FY:26 earnings and 5.5x EV/EBITDA and is on our top pick list.  We attribute the stock’s weakness during this year to factors related to the rebalancing of the market’s major indices, considering the current levels attractive for positioning. 

AthEx/March 2026 Stats: ATHEX announced its market statistics data for March 2026. In detail:

§   Foreign investors during March 2026 had outflows of €61mn. In the two-month period Jan- Mar foreign investors are net sellers by €19.3mn. Foreign Investors accounted for 69.4% of total transactions’ value during March 2026 (compared to 68.3% during the previous month).

§   Transactions Value in March 2026 reached 7,087.68mn, increased by 1.45% since the previous month when transactions value reached €6,986.71mn, while compared to the same month of the previous year when transactions value was €4,956.86mn there was an increase of 42.99%.

§   During March 2026, ,628 new Accounts (individual and omnibus segregated accounts) were created (§compared to 2,524 new accounts in February, while the Omnibus Segregated Accounts in total (Omnibus Accounts & Collateral Accounts) had a Value of Assets Under Custody of €4.96 bil. (4.06% of the total Value of Assets Under Custody).

§   The allocation of the total Value of Assets Under Custody at the end of March 2026 was set foreign investors held 69.38% of the total value, while domestic investors held 30.62%.

§   The countries of tax residency holding the highest Value of Assets Under Custody (individual segregated accounts) were U.S.A. (total value of assets €19.90bn), Cyprus (total value of assets €12.09bn) and the Switzerland (total value of assets €8.86bn.

§   In other news Athex will hold its AGM on 11 June 2026, which in turn adjusts the record date to 24 June and the dividend payment date to 30 June, subject to shareholder approval. The exchange also clarified the timing implications for its equity futures, noting that the ex-dividend date (23 June) falls after the June futures expiry. H1 2026 results will be released on 30 July. 

Frigoglass: FY:25 results on 29 April 2026, the AGM on 31 July 2026, and H1 2026 results on 30 September 2026. The company also stated it does not intend to distribute a dividend. 

Premia Properties: The company successfully completed its €150mn bond public offering, issuing 150,000 senior unsecured notes at €1,000 each, with demand reaching €211.5mn and oversubscription at 1.41x. Private investors received 67% of allocations and special investors 33%, while underwriters collectively took 41,000 bonds without any underwriting guarantee. The final yield and coupon were set at 4.10%. Proceeds will be allocated as follows: €100mn for the early repayment of its 2022 bond, €38mn for property investments over the next 24 months, and €7mn for working capital needs, with any unused investment funds allowed to shift toward liquidity support. The bonds start trading today.  

Mple Kedros: The REIC announced the further expansion of its real estate portfolio with the acquisition of a property located at 43 Ernestou Embrar Street in the Ellinorosson area of Athens, comprising a basement, ground floor and three levels with a total area of 496 sq.m. on a 346 sq.m. plot. The asset was purchased for €695k, fully funded with own capital, bringing the company’s portfolio to 43 properties with a total valuation of €110.9mn. 

Gekterna (FY:25 CC highlights): Management said that addressed price increases with 70% of the group’s projects are shielded from inflationary pressures, thanks to contractual clauses that act as a buffer against rising costs. On the geopolitical front, the recent ceasefire has paved the way for more optimistic expectations. Management emphasized that, should the war come to an end soon, no material impact on the group’s profitability from inflation is anticipated. In key concession projects, namely the Egnatia Odos and Attiki Odos motorways, the year has started on a strong footing. Traffic on Egnatia Odos rose by approximately 4%–5% in the first quarter, while Attiki Odos recorded an increase of 2.5%–3%. The new Oinofyta–Elefsina corridor has also come into focus, progressing with a targeted completion horizon of 2028. At the same time, on the energy front, the Amfilochia pumped-storage project is returning dynamically to the spotlight. The group appears ready to exercise its call option, reacquiring a 50% stake in the project from Masdar for €70 million. 

The following table summarise results.

Metlen (FY:25 results preview): Results out today before the opening followed by a conference call at 11:00 GR-Time. Note that the Group has guided for c €750m EBITDA. Consensus (factset) estimates:

Conference Call details (Thursday, 9th April 2026, 11:00 GR-Time):

• GR: + 30 213 009 6000
• UK: + 44 (0) 800 368 1063
• Int: + 44 (0) 203 0595872
• US: + 1 516 447 5632 

Prodea (FY:25 results): Remaining Dividend at 1.42 eur/share (Total €1.64). NAV at €5.44 eur/share. Net debt sharply down at €793m vs. €1.3bn end 2025 on the back of RE portfolio asset sales. AGM on May 10. Ex-dividend date May 16. Dividend record date May 17. Payment May 22.

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