ATHEX headed north yesterday for a third consecutive session, marking new multi-year high and outperforming the European stock markets. In more detail, the General Index rose by 1.56% to 2,407.07 units (FTSE Large Cap: +1.61%, FTSE Mid Cap: 0.90%, Banks Index: +1.32) and the traded value was shaped at €396.9m, down from Tuesday’s €435.2m. We expect ATHEX to move in line with the international markets today.
· Greek HICP down in January (Eurostat)
· Banking System Interest Rates | December 2025
· Energy Sector || Greek retail electricity market (EnexGroup) – January 2026
· Bloomberg: Heidelberg, Holcim Shares Falter on Reports of EU Carbon Regulations Weakening
· NBG’s financial calendar update
· METLEN enters into Agreement with Schroders Greencoat for the sale of a 283 MW solar portfolio in the UK
· Jumbo approves €0.50 DPS
· PPC launches a VRS
· Galaxy Cosmos Mezz receipt of €1.2m coupon & financial calendar update
Macro Headlines
Greek HICP down in January (Eurostat)
According to a flash estimate from Eurostat, Greek annual inflation is expected to shape at 2.8% in January, down from 2.9% in the previous month (and down by 0.8% m-o-m), above the respective EU area figure (down to 1.7% from 2.0% in the previous month).
Facts: Bank of Greece announced that the average interest rate on new production of loans decreased by 41bps m-o-m to 4.24% in December 2025, whilst the average interest rate on new production of deposits remained stable m-o-m to 0.31%. The drop in the average interest rate on new loan production is attributed to lower rates on new corporate loans (-54bps m-o-m) and new consumer loans (-4bps m-o-m), while mortgage loans increased by +4bps m-o-m. Thus, the interest rate spread for new production decreased m-o-m to 3.93%. On outstanding amounts, the interest rate spread decreased slightly m-o-m to 4.29%.
Comment: By combining the Bank of Greece data on credit expansion and interest rate spreads for December, we observe that the strong credit growth—driven mainly by corporate lending—was accompanied by a notable decline in new loan interest rates.
Energy Sector || Greek retail electricity market (EnexGroup) – January 2026
Greek retail electricity market: IPPs market share dropped to 49.36% in January 2026 (according to data from Greek Energy Exchange – EnEx). Other key statistics: a) monthly average clearing Price at €108.67/MWh, down by €2.4/MWh m-o-m and by €26.4/MWh y-o-y, b) total Electricity demand at 6,337GWh, up 15.5% y-o-y, driven by increased exports volumes. In more detail, Metlen’s Protergia ranks first with 20.80%, GEKTERNA’s Heronfollows with 8.97%, HELLENiQ ENERGY’s Enerwave with 6.11% and MOH’s NRG with 3.95%. As a result, PPC’sretail market share in January 2026 was up by 0.79% m-o-m to 50.64%, slightly above the EU-mandated 50% mark.
Bloomberg: Heidelberg, Holcim Shares Falter on Reports of EU Carbon Regulations Weakening
According to Bloomberg, the EU will extend the issuance of free carbon allowances for industry beyond an agreed cut-off period, German business daily Handelsblatt reports, citing senior EU officials. The reported delays will slow carbon-price increases, eating into the elative advantage the two companies were set to enjoy. Heidelberg and Holcim have aggressively focused on decarbonization, and their shares had a sharp drop yesterday.
Comment: Titan has also some exposure on the extension of the free carbon allowances and consequently lower CO2 allowance prices post 2030, a) as it is also focused on lower CO2 emissions and lower CO2 cementitious products, which offer higher margins and b) it develops a Carbon Capture and Storage unit in Kamari (project Hephaestus).
Company Headlines
NBG’s financial calendar update
The bank announced that it will publish its FY25 results on Friday 27th of February 2026 and the AGM will take place on the 30th of April 2026. It is noted that the ex-dividend and payment dates will be announced at a later date.
METLEN enters into Agreement with Schroders Greencoat for the sale of a 283 MW solar portfolio in the UK
Schroders Greencoat entered into an agreement with METLEN to acquire a portfolio of seven solar projects in the UK on behalf of its clients, all located in England and Scotland, which have been developed by METLEN. Of the 283MWp portfolio, 143 MW are in operation and mechanically complete, while 140 MW are under construction with expected completion within 2Q26. No pricing details on the transaction was provided by the company.
Jumbo approves €0.50 DPS
During yesterday’s EGM, Jumbo approved the distribution of €0.50/share dividend share (DY: 1.9%, ex-date: 23 March) and also the amendment of the company’s article of association, so as to sell cigarettes and tobacco products. During the EGM, the management reportedly claimed that it has confidence in the longer term positive prospects of the Romanian market, adding that the current headwinds are stemming from the war in Ukraine and the VAT increase and not from competitors. The management also stated that Jumbo is a long term dividend play, and didn’t rule out the potential market in the Turkish market, which has strong demographics.
PPC launches a VRS
According to Euro2day.gr, PPC launched a wide VRS, targeting 1,300 employees, c16% of total Group.
Galaxy Cosmos Mezz receipt of €1.2m coupon & financial calendar update
Galaxy Cosmos Mezz Plc announced that received coupon totaling €1.2mn from the mezzanine notes issued by Galaxy IV Funding DAC. The company also announced that will publish its FY25 results on the 30th of April 2026 and the AGM will take place on the 8th of June 2026.
06/02/26 | Trade Balance DEC (ELSTAT)
10/02/26 | Industrial Production Index DEC (ELSTAT)
Market
10/02/26 | MSCI Index Review announcement (Effective date: March 02, 2026)
4Q/FY25 Results Release
10/02/26 | Coca-Cola HBC AG (7:00 am GMT)
18/02/26 | Bank of Cyprus (Bef-mkt), Hellenic Exchanges (Aft-mkt)
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), National Bank, Premia Properties (Bef-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)
19/03/26 | PPC (Aft-mkt), TITAN, Motodynamics (Aft-mkt)
23/03/26 | AUSTRIACARD (Aft-mkt)
24/03/26 | Athens International Airport (Aft-mkt)
31/03/26 | Orilina Properties (Aft-mkt)
EGM / AGM
15/04/26 | Athens International Airport (AGM)
21/04/26 | Piraeus Bank (AGM)
29/04/26 | Eurobank (AGM)
30/04/26 | National Bank (AGM)
05/05/26 | Optima bank (AGM)
26/06/26 | Alpha Bank (AGM)
23/03/26 | JUMBO (extraordinary cash distribution €0.50/share)
Capital Markets Day
05/03/26 | Piraeus Bank
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