ATHEX headed north yesterday, outperforming the European stock markets. In more detail, the General Index jumped by 1.87% to 2,204.24 units (FTSE Large Cap: +2.07%, FTSE Mid Cap: -0.69%, Banks Index: +4.07%) and the traded value was shaped at €660.7m, down from Wednesday’s €820.4m. We expect ATHEX the positive momentum to continue albeit at a milder pace today.
· OPAP EGM approves the merger with ALLWYN
· Jumbo sales update December 2025
· Titan America Announces Agreement to Acquire Keystone Cement Company
· IPTO’s increased system charges published in the Government Gazette
· Cairo Mezz finalises agreement for c. €5bn Loan Portfolio Sale
Greek ESI jumps in December
Greece’s Economic Sentiment Indicator (ESI) jumped to 107.4 in December 2025 from 105.9 in November, remaining well above the EU average (down to 96.8 in December from 96.9 in November).
Company Headlines
OPAP EGM approves the merger with ALLWYN
During Wednesday’s EGM, OPAP shareholders approved among others the already announced merger with ALLWYN, the new corporate name (ALLWYN), the cancellation of 11,459,263 treasury shares of OPAP and the election of new BoD of the converted company. Completion of the transaction is expected in 2Q26e, circa 3 months after the EGM; Payment of €0.80/share will take place shortly after the completion of the transaction, only to those shareholders who will not choose the exit right. With regards to shareholders who have exercised the cash exit right (€19.04/share), their shares will be blocked until the payment which is expected 3-4 months.
Comment: with regards to the critical item 5 of the EGM agenda, shareholders holding 50,154,474 voting rights of OPAP voted against the merger with ALLWYN, corresponding to 14% of total, almost 3x the maximum acceptable abstention rate set by the management in order to proceed with the transaction (it is noted that those shareholders who voted against the transaction are entitled to the cash exit option, provided that they also submit an exit statement to both the company and their ATHEX member by 9 February). In our view, the management will waive the 5% approval threshold and will procced with the transaction; however beyond the corporate governance concerns, it will demand significant liquidity of up to 950m, further leveraging the new entity to ~3x in Net Debt/EBITDA terms and also will effectively lower the free float of the stock and challenge its representativeness in the various stock indices .
Jumbo sales update December 2025
Jumbo released a soft sales update for the December period, with group sales growth decelerating to 4.14% y-o-y, owing to the supply chain disruption during the festive season, while sales growth in FY25 shaped at 7.22%. In more detail, in December 2025 Greek sales were up by 6%, Cyprus followed with sales up by 5%, Bulgaria sales increased by 8% while Romania recorded a marginal 0.1% sales drop. In FY25 terms, Jumbo recorded increased by 7.22% group sales, driven by healthy Greek sales (up by 9.0%), followed by Cyprus, up by 8% and Bulgaria up by 5%, while sales in Romania were up by 4% y-o-y. The company declared an extraordinary dividend of €0.50/share (DY: 1.8%, ex-date: 23 March), subject to the shareholder approval on 4 February. Additionally, during 2025, Jumbo rolled out the new Company-owned hyperstore in the city of Timișoara (Romania) and the e-shop in Bulgaria, and in line with the exclusive JUMBO franchise agreement for Israel and Canada, the Group plans to expand its store network in Israel by 5–6 stores in 2026.
Comment: Solid performance in FY25 in terms of sales, slightly below company guidance of ~+8% in 2025 and in line with our numbers of +7%, despite the underperformance of the Romanian market which was the key growth driver for the Group in the previous years. The Group now focuses on acquisition of the leased properties it operates in order to minimize its opex, instead of expanding its own store network. Hefty shareholder remuneration will most likely continue this year, which should provide support to the stock.
Titan America Announces Agreement to Acquire Keystone Cement Company
Titan America SA announced that it has entered into an agreement to acquire Keystone Cement Company, a Pennsylvania-based cement manufacturer and aggregates producer, from the Fortaleza, Uniland and Tritadura groups. This transaction represents a significant expansion of Titan America’s footprint in the strategically important Mid-Atlantic region. The acquisition is expected to capture significant operational and commercial synergies through integration with the Company’s existing Essex Cement and Roanoke Cement operations as well as the Company’s existing fly ash processing plants across Pennsylvania and Ohio. Keystone operates one of the most efficient cement kilns in Pennsylvania’s Lehigh Valley, with 990,000 short tons per year of current clinker production capacity, is at an attractive Location, well-positioned to serve a 6.2 million short ton per year addressable market across Pennsylvania, Maryland, Delaware and Ohio, and offers significant network synergies, unlocking substantial value through enhanced logistics, geographic reach and supply. Finally, it permits for alternative fuels utilization with opportunity for further expansion to improve cost structure and reduce carbon intensity.
IPTO’s increased system charges published in the Government Gazette
ADMIE HOLDING S.A.” announced that the decision of R.A.E.W.W., was published in the Government Gazette, by which the Charges for the Use of the Hellenic Electricity Transmission System (HETS) was adjusted upwards, in order to recover the cost of the projects implemented by the IPTO Group, with the new unit prices to be applied on the first day of the second month following the publication of the aforementioned decision in the Government Gazette. Also, according to the relevant decision, the required revenue of the Operator for 2025 was approved and amounts to €411.1m.
Cairo Mezz finalises agreement for c. €5bn Loan Portfolio Sale
Cairo Mezz Plc announced that Cairo III Finance has agreed to sell a substantial portion of its loan portfolio—primarily non‑performing secured corporate loans with a total claim of €5.7 billion as of December 2024—under a signed sale and purchase agreement. Following completion, approximately €740 million in legal claims will remain. The transaction is expected to close around 9 February 2026, subject to conditions precedent. Net proceeds from the sale will be treated as collections and allocated according to the established priority of payments, including distributions to the senior noteholder, Eurobank, enhancing visibility on future cash flows.
09/01/26 | Industrial Production Index NOV (ELSTAT), Trade Balance NOV (ELSTAT)
13/01/26 | CPI DEC & Harmonized CPI DEC (ELSTAT)
14/01/26 | Import Price Index in Industry NOV (ELSTAT)
15/01/26 | Evolution of Turnover of Enterprises NOV (ELSTAT)
12/01/26 | IDEAL Holdings (ΕGM)
19/01/26 | Coca-Cola HBC AG (ΕGM)
20/01/26 | Hellenic Exchanges (ΕGM)
04/02/26 | Jumbo (ΕGM)
19/01/26 | HELLENiQ ENERGY (interim €0.20/share),Thrace Plastics (interim €0.0685848289/share)
23/03/26 | Jumbo (extraordinary cash distribution €0.50/share)
Share Capital Increase – Quality & Reliability
22/12/25 | Ex-rights issue date
30/12/25-09/01/26 | Trading period of rights
30/12/25-14/01/26 | Exercise period of rights
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