Beta Sec – Daily report 28-11-2025 (Market Comment & In the Spotlight)

Thursday put an end to the six session rising streak, though this was a mixed session, with the majority of stocks closing with growth, as did the mid-caps index. Profit taking focused on banks, following the growth recorded over the previous sessions. Turnover was predictably smaller, owing to the Thanksgiving holiday in the US.

General index closed at 2,099.80 points, shedding 0.34% from Wednesday’s 2,106.90 points. The large-cap FTSE-25 index contracted 0.50%, ending at 5,316.65 points, though mid-caps expanded 1.83%. The banks index declined 1.12%, as Alpha dropped 1.95%, Eurobank parted with 1.50%, Bank of Cyprus gave up 1.23%, Piraeus eased 0.97% and National shied 0.48%. Metlen augmented 2.09%, EYDAP climbed 1.70% and GEK Terna improved 1.55%, while Motor Oil fell 1.79%. In total 59 stocks reported gains, 51 sustained losses and 13 remained unchanged. Turnover was the lowest in almost six months, amounting to €131.5m, down from Wednesday’s €309.5m.

November ends in style, up 5.2% m-o-m. Selective interest and rotation may keep market afloat while investors may re-visit stories (Gaming, Banks) after fresh updates and M&A news-flow.  

Greece/2026 draft budget: Finance Minister Mr. K. Pierrakakis and deputy minister, Mr. T. Petralias, presented Greece’s 2026 Budget and the Multiannual Financial Planning 2026-2029 to the cabinet, outlining budgetary estimates and commitments for the next four years. The plan incorporates European Union budgetary framework requirements into national law. It sets budgetary targets and interventions for 2026-2029, consistent with the Medium-Term Fiscal-Structural Plan 2025-2028 submitted in October 2024. Total intervention costs rise from €3.04 billion in 2025 to €10.1 billion in 2029, covering measures such as pension increases, tax reductions for freelancers and property owners, abolition of the ENFIA property tax for small settlements and growth in the National Public Investment Program from €3.3 billion in 2026 to €4 billion in 2029. Forecasts have been revised upwards, with real GDP growth now expected at 2.4% in 2026, 1.7% in 2027, 1.6% in 2028, and 1.3% in 2029. Inflation is projected at 2.2% to 2.3% and unemployment below 8% by 2029. The primary budget surplus is estimated at 2.8% in 2026 and 2.7% in 2027-2029, while public debt is expected to decline from 145.9% in 2025 to 119% in 2029. The government emphasized that these estimates account for completion of the Recovery and Resilience Fund in 2026 and do not include potential new measures for 2027-2029. 

Greece/Banking Sector: Bank deposits held by businesses recorded a sharp decline of €2.351 billion in October 2025, while households saw an increase of €222 million, according to official data from the Bank of Greece (BoG). In details:

§   Business deposits fell by €2.351 billion in October, compared with an increase of €2.744 billion in the previous month. Household and private nonprofit institution bank deposits increased by €222 million in October, versus a €95 million decline the month before. Their annual growth rate rose to 3.4% from 3.1% in September.

§   The net monthly flow of total deposits was negative by €2.576 billion in October 2025, compared with a positive net flow of €3.058 billion in the previous month. General government deposits dropped by €447 million in October, after rising by €409 million in September. The annual growth rate also fell to 18.7% from 32.4% previously.

§   Private-sector deposits decreased by €2.129 billion in October, compared with an increase of €2.649 billion in September. The annual growth rate remained almost unchanged at 5.6% versus 5.5% a month earlier.

§   Corporate deposits declined by €2.351 billion in October, following a strong €2.744 billion rise in September. The annual growth rate remained nearly stable at 12.3% from 12.2%. Deposits of NFCs (non-financial corporations) decreased by €2.313 billion, after a €2.987 billion increase in the previous month.

§   Deposits held by insurance companies and other financial institutions contracted by €38 million, compared with a €244 million decline in September. 

Briq Properties: As of today, the 743,016 new shares of the company start trading on the ATHEX following the recent share capital increase due to the dividend re-investment program, exercised by 186 shareholders, at an issue price of €2.83 per share. On November 27, 2025, the total number of the company’s listed shares amounts to 47,149,827 shares.

Piraeus Bank: The bank said that concluded the acquisition of the total shares (percentage 100%) of the parent company of Ethniki Insurance, from CVC Capital Partners Fund VII and National Bank of Greece. The total consideration paid for the transaction is €600m in cash. Following the conclusion of the Transaction, the total capital ratio of Piraeus Financial Holdings is expected to be circa 19% at end-2025, translating into a Pillar 2 Guidance buffer of circa 300bps.

Ethniki Insurance is one of Greece’s leading insurance companies, and the oldest insurance company in the country. It services 1.8 million active customers, offering all types of insurance products with a 14.6% market share (18.3% in life / 11.3% in non-life) and 850 million Gross Written Premiums (“GWP”), as of 2024. It has 4.1 billion total assets and 0.4 billion shareholders’ equity. In 2024, it reported a profit before tax of 14.8 million, while based on its unaudited financial data for the 10-month period of 2025, profit before tax exceeded 30 million. Its capital position is strong, with a Solvency II ratio (SCR) of 188% in 2024, above regulatory requirements.

Recall that Piraeus will update the three-year business plan at end February – early March 2026 incorporating Ethniki Insurance contribution.

Intralot: The group held yesterday its Q3:25 conference call providing updates on recently announced UK duty taxes. In details:

• The UK government’s increase in remote gaming duty from 21% to 40% will delay Intralot’s growth plans by one year and impact EBITDA by 4%. However, it was highlighted that the long-term growth prospects remain intact, with expectations to catch up by 2028.
• The company faces FX headwinds, particularly affecting markets in the United States and Turkey, leading to a reported revenue deficit. Revenue for the third quarter declined by 11.8% year-over-year, with slower growth in Turkey and Argentina contributing to this decline. The increased UK gaming tax is expected to result in a €95m impact on EBITDA, necessitating significant cost-cutting measures.
• The company anticipates a challenging competitive environment due to the tax changes, which may lead to market consolidation and pressure on smaller operators.
• Intralot said that plans to implement aggressive mitigation strategies to counteract the impact of increased UK gaming taxes. The company plans to balance reductions in marketing (potential buffer €15m) and generosity spend (another potential buffer of €15m), with each contributing equally to cost savings. FY:26 EBITDA guidance of €480mn revised to €420-€440mn following the increased UK taxation impact.
• The expectation is that competitors with lower margins will have to cut back more, potentially allowing Intralot to acquire more customers.
• Sports betting is a small part of Intralot’s UK revenue, but it is expected to triple next year, driven by sponsorships and market expansion. The company is reviewing its product mix to mitigate tax impacts.
• The company is exploring opportunities for market consolidation, which could enhance its market share and competitive position.
• Finally, management said that is considering a share buyback program, indicating confidence in its financial stability and future growth prospects. EGM most likely in December.  Note also that Bally’s Corporation expressed its intention to increase its stake in Intralot.

Overall, a convincing call as management was well prepared to address the issues of UK taxes with planed actions. Still, it remains how other competitors will response and what will be the impact on GGR margins.

NBG: The bank concluded the sale of its 9.99% minority stake in NBG insurance for €62.4mn with an incremental 10bps contribution in its CET1 ratio.  

Aegean Air: The carrier bought back 88 of its 2026 due notes at 99.95% for a total consideration of €84.604K. Total treasury on the issue now at 0.102% (202 bonds).  

Quest Holdings: On November 25, Quest through its Quest Energy subsidiary, acquired 4.2MWs of solar parks in the Attica region for €3.5mn rising its total capacity to 43.4MWs before the completion of the sale of c.35MWs 

AS Company (9M:25 results): Adjusted results do not account for the sale of investment real estate assets of €3mn. FY:25 guidance calls for FY:25 sales of +10%. EGM on December 12 to approve FY:25 gross interim dividend €0.06/share, net €0.057/share. Chicco brand name acquisition payback time less than 2 years, according to management. Net cash €18.3mn from €20.1mn in FY:24.

OPAP (CMD): OPAP and Allwyn’s management will hold a Capital Markets Day today at 13:00 GR time (via CC and WEB) to provide additional information on OPAP – Allwyn’s transaction. OPAP and Allwyn International AG announced on October 13 that they will merge into a single entity through an all-share deal, then will become the world’s second-largest listed lottery and gaming operator. Under the all-share transaction, OPAP’s corporate structure will undergo hive-down, relocation, and re-domiciliation steps. Upon completion (expected in H1:26), Allwyn will own 78.5% of the combined entity, with OPAP shareholders (excluding Allwyn) holding 21.5%. The combined company will be listed on the Athens Stock Exchange, with plans for an additional international listing

Note that at the upcoming EGM regarding the proposed OPAP–Allwyn merger, shareholders may exercise an exit option at €19.04 per share in cash. However, the proportion of shares tendered must not exceed 5% of total share capital. Although the company reserves the right to adjust this threshold, current indications suggest that exceeding the 5% limit would lead to cancellation of the transaction.. 

The following table summarize 9M/Q3:25 results:

Capital Markets Day CC Details 28/11/2025 13:00 GR-Time:

§   GR +30 211 180 2000

§   UK +44 (0) 800 368 1063

§   US +1 516 447 5632

§   Other +44 (0) 203 0595 872)

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