ATHEX headed marginally south on Friday, underperforming the European stock markets. In more detail, the General Index dropped by 0.09% to 2,273.73 units (FTSE Large Cap: -0.10%, FTSE Mid Cap: +0.11%, Banks Index: -0.57%) and the traded value was shaped at €238.4m, down from Thursday’s €245.1m. On a weekly basis, the General Index dropped by 0.66% w-o-w, (FTSE Large Cap: -0.66%, FTSE Mid Cap: -1.06%, Banks index: -1.35%). Ahead this week: Eurobank, (Aft-mkt), Piraeus Bank (Bef-mkt), OTE (Bef-mkt), HELLENiQ ENERGY (Aft-mkt), IDEAL Holdings (trading update) (Bef-mkt) FY25 Results on Thursday, Alpha Bank (Bef-mkt), National Bank (Bef-mkt), Premia Properties (Bef-mkt), Trastor REIC (Aft-mkt) FY25 Results and MSCI Rebalancing on Friday. We expect the geopolitical concerns to negatively affect ATHEX today.
· Current account balance improves in 12M25, despite the weaker December (BoG)
· Slightly higher chance of a rate cut than hike, according to BoG Governor
· Greek Banks earnings in focus this week
· FTSE Russel Rebalancing
· Capital Clean Energy Carriers Corp successfully completes the new retail Bond
· YKNOT proceeds with a €22.8m SCI
· QUEST Holdings increases stake in Foulis
Macro Headlines
Current account balance improves in 12M25, despite the weaker December (BoG)
According to BoG provisional data, Greece’s current account in December 2025 recorded a deficit of €3,861.6m, vs. €3,732.5m in the same period a year ago, mainly due to the deterioration of the secondary balance of Goods account, which more than offset the improvement in the primary income account. Additionally, in 12M25, the current account deficit narrowed by €2,831.0m and stood at €14,112.6m. Finally, travel receipts in December 2025 stood at €623.0m, up by 33.0% y-o-y (non-residents arrivals up by 49.0% y-o-y), while in the 12M25 period, travel receipts rose by 9.4% y-o-y to €23,626.0m.
Slightly higher chance of a rate cut than hike, according to BoG Governor
The European Central Bank’s next policy shift is more likely to be an interest rate reduction than an increase, according to Bank of Greece Governor Yannis Stournaras. Speaking to Politico, Stournaras noted that the risks surrounding both economic growth and inflation are currently fairly balanced. Nevertheless, he suggested that the odds lean “slightly more” toward the ECB lowering rates rather than raising them.
Sector Headlines
Greek Banks earnings in focus this week
Greek systemic banks are set to release results toward the end of the week, with Eurobank reporting after the close and Piraeus before the open on February 26. NBG and Alpha will follow on February 27, both before market open. Eurobank and NBG will also present their 2026–2028 business plans alongside their results. In addition, Piraeus will host its Capital Markets Day on March 5 2026, while Alpha plans to hold its CMD during the second quarter. We expect strong loan expansion, stable net interest income amid continued spread compression and solid fee income. Operating costs are likely to be seasonally higher, while asset quality should remain resilient. Investor focus will be on management guidance regarding loan growth, the integration of recent acquisitions, and forward‑looking dividend policies.
Market Headlines
FTSE Russel Rebalancing
FTSE Russel announced on Friday the addition of Viohalco and Credia Bank in the FTSE Emerging Europe Large Cap index and AVAX and QUALCO in the Europe small cap index. Additionally, Credia bank will be added in the FTSE All-World index and AVAX, QUALCO and Credia Bank in the FTSE All-Cap index. Finally, CREDIA Bank, AVAX, Ilyda, MEVACO, Papoutsanis, QUALCO and Real consulting will be added in the FTSE Total-Cap index. All changes will be effective on 20 March.
Company Headlines
Capital Clean Energy Carriers Corp successfully completes the new retail Bond
Capital Clean Energy Carriers successfully raised €250m through the issuance of the new 7-year bond at 3.75%, with total offers covering demand by 1.75x. As a reminder, the commencement of trading on ATHEX scheduled for 26 February 2026. Optima bank was among the coordinators and leading underwriters of the issuance.
YKNOT proceeds with a €22.8m SCI
YKNOT will hold an EGM on March 16th to approve an up to €22.8m SCI with preemptive rights with the issuance of up to 38m new shares.
QUEST Holdings increases stake in Foulis
QUEST Holdings extended its participation in Fourlis’ share capital above the 5% threshold to 5.05%.
Calendar of Events
26/02/26 | Building Activity NOV (ELSTAT), Economic Sentiment Indicator FEB, Banking System Loans & Deposits JAN (BoG)
27/02/26 | Producer Price Index in Industry JAN (ELSTAT), Turnover Index in Retail Trade DEC (ELSTAT)
Market
27/02/26 | MSCI rebalancing effective date (Aft-mkt)
4Q/FY25 Results Release
26/02/26 | Eurobank (Aft-mkt), Piraeus Bank (Bef-mkt), OTE (Bef-mkt), HELLENiQ ENERGY (Aft-mkt), IDEAL Holdings (trading update) (Bef-mkt)
27/02/26 | Alpha Bank (08:00 GR time), National Bank (Bef-mkt), Premia Properties (Bef-mkt), Trastor REIC (Aft-mkt)
02/03/26 | OPAP (Aft-mkt)
03/03/26 | Optima bank (Bef-mkt)
04/03/26 | Cenergy Holdings, LAMDA Development (Aft-mkt)
05/03/26 | CrediaBank (Aft-mkt), Viohalco
11/03/26 | Sarantis (Aft-mkt)
17/03/26 | Trade Estates REIC (Bef-mkt)
18/03/26 | Autohellas (Bef-mkt)
19/03/26 | PPC (Aft-mkt), TITAN, Motodynamics (Aft-mkt)
23/03/26 | AUSTRIACARD (Aft-mkt)
24/03/26 | Athens International Airport (Aft-mkt)
30/03/26 | BriQ Properties (Aft-mkt)
31/03/26 | METLEN, Orilina Properties (Aft-mkt), Piraeus Port Authority (Aft-mkt)
07/04/26 | AS Company (Aft-mkt)
20/04/26 | Phoenix Vega Mezz Plc, Sunrise Mezz Plc
21/04/26 | Qualco Group (Aft-mkt)
EGM / AGM
02/03/26 | Real Consulting (EGM)
16/03/26 | CrediaBank (EGM)
20/03/26 | Trastor REIC (AGM)
15/04/26 | Athens International Airport (AGM)
21/04/26 | Piraeus Bank (AGM)
22/04/26 | Autohellas (AGM)
28/04/26 | BriQ Properties (AGM)
29/04/26 | Eurobank (AGM)
30/04/26 | National Bank (AGM)
05/05/26 | Optima bank (AGM)
15/05/26 | Bank of Cyprus (AGM)
21/05/26 | METLEN (AGM)
12/06/26 | Hellenic Exchanges (AGM)
26/06/26 | Alpha Bank (AGM)
23/03/26 | JUMBO (extraordinary cash distribution €0.50/share)
25/05/26 | Bank of Cyprus (final €0.50/share)
23/06/26 | Hellenic Exchanges (€ 0.11/share)
Capital Markets Day
05/03/26 | Piraeus Bank
09/03/26 | CrediaBank
Investor Update 2026
03/03/26 | Bank of Cyprus
Corporate Bond Issuance
26/02/26 | Capital Clean Energy Carriers Corp – Start of trading of new bonds
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