¢ Market Comment
Against the backdrop of heightened geopolitical concerns over a potential U.S.–Iran standoff, European markets were further unsettled by the U.S. Supreme Court’s decision to reject President Donald Trump’s tariffs. Volatility dominated Friday’s session in AthEx, where the market ended the week mixed after pronounced intraday swings. Ultimately, the benchmark index and the majority of stocks closed slightly lower, while trading activity fell to its lowest level in the past 33 sessions.
General index closed at 2,273.73 points, shedding 0.09% from Thursday’s 2,275.70 points. On a weekly basis it declined 0.66%. The large-cap FTSE-25 index contracted 0.10%, ending at 5,791.71 points, though mid-caps expanded 0.11%. The banks index dropped 0.57%, as Piraeus fell 1%, Eurobank lost 0.98% and National eased 0.69%, while Alpha advanced 0.59%. In total 49 stocks registered gains, 51 suffered losses and 22 remained unchanged. Turnover amounted to €238.2mn, down from Thursday’s €244.8mn.
As the market approaches the key decision and implementation milestones related to a potential reclassification of Greece from Emerging to Developed Market status by MSCI and FTSE Russell, volatility is expected to remain elevated, as investors seek to gauge the impact of associated passive and active fund flows. At the same time, the Q4:25 earnings season is entering a critical point, with domestic banks set to report results and present updated business plans this week. Their guidance—particularly on profitability trends (NII and fees, future payout policy), and loan growth—is likely to be a key driver of near-term market. Therefore, we expect the market to remain volatile and investors to remain selective ahead of results announcements.
¢ In the Spotlight
Greece/Privatizations: Greece’s Shipping and Island Policy Minister Mr. V. Kikilias said an international tender would be held to upgrade the port of Elefsina. Kikilias added the aim was to boost development and deliver “multiple added value” to western Attica.
Greece/Tourism: Greece’s tourism sector posted a record year in 2025, with travel receipts reaching €23.62bn—up 9.4% from 2024—according to the Bank of Greece. Non-resident arrivals rose 5.6%, while December alone saw a sharp rebound, with arrivals up 49% and receipts up 33% y-o-y. The data indicate a strong increase in average per capita spending, underscoring tourism’s continued role as a key driver of Greece’s economic performance.
Greece/BoG: Bank of Greece Governor Yannis Stournaras said the ECB is now more likely to cut interest rates than raise them, noting that risks to growth and inflation are broadly balanced but tilt slightly toward easing.
AthEx/FTSE Russel: Crediabank and Viohalco will join FTSE Rusell Emerging Europe Large Cap index, Avax and Qualco will enter the Emerging Europe Small Cap index while Ilyda, Mevaco, Papoutsanis and Real Consulting will added to Micro Cap Index as of March 20.
Viokarpet (financial calendar): FY:25 results on April 28. AGM on May 27. H1:26 results on September 25. No dividend will be distributed out for 2025.
Y/Knot: SCI of €22.8mn to be decided on the company’s EGM on March 16. The SCI will be with pre-emption rights for existing shareholders. €8mn will be used to repay existing debt, €11mn for CAPEX in shipping and €2.9mn for WC reasons.
Fourlis/Quest: Quest holdings stake in the company, through its 100% affiliate iQbility surpassed the 5% threshold reaching 5.05%.
PPC: Greece’s leading electricity provider, Public Power Corp. (PPC), is accelerating plans for a major data center investment in Western Macedonia, following high-level talks between Greek and U.S. officials that have brought renewed attention to the €2.3 billion ($2.5 billion) project.
Clean Capital Partners: The new €250mn 7 year retail bond was oversubscribed 1.75x with its coupon set at the lower end of the provided range (3.75% to 4.05%) at 3.75%. Trading starts om February 26.
Quality & Reliability: The company announced that it will not proceed with the planned acquisition of a 51% stake in AlphaCons Intelligent Technology Solutions, following a due diligence review that assessed legal and financial factors. The company stressed that the decision does not alter its strategic direction in SAP solutions, noting that the successful acquisition of Alexander Moore in October 2025 already fulfills its expansion objectives in enterprise software. QNR added that the cancelled transaction has no impact on its financials and that it continues to evaluate investment opportunities aligned with its long term growth strategy.
Akritas: HCMC approved the company’s squeeze out by the major shareholder regarding the 867,851 shares at €1.08/share. Last trading day set March 6.
CrediaBank: The Bank is moving ahead with a €300mn capital increase, aimed at strengthening capital ratios and supporting its three-year growth plan, which will be presented in early March. The fresh capital will fund accelerated loan growth in Greece and Malta—where the bank is acquiring 70% of HSBC Malta—while also enabling further expansion into non interest income activities through potential acquisitions in brokerage, asset management, and bancassurance. The increase is expected to proceed with partial or full waiver of pre emption rights to allow new investors to enter, improving the bank’s free float. Major shareholders Thrivest (51%) and the Hellenic Corporation of Assets & Participations (36.16%) are not expected to participate. CrediaBank will announce FY:25 results on 5 March.
¢ Buybacks
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