ATHEX headed north yesterday, in line with the European stock markets. In more detail, the General Index rose by 0.57% at 1,834.94 units (FTSE Large Cap: +0.72%, FTSE Mid Cap: +0.33%, Banks Index: +0.45%) and the traded value was shaped at EUR 298.7m, up from Tuesday’s EUR 179.9m. We expect the market to try to move higher today, with focus on the ECB meeting.
· EC approves the Greek medium-term stability plan
· Greek 12-month T-bill raises EUR 600m at 1.84%
· Banking System Interest Rates | April 2025
· Alpha Services and Holdings in talks to acquire Altius Insurance in Cyprus-Press
· Draft merger agreement between Piraeus Financial Holdings and Piraeus Bank
· Piraeus partners with Qualco for the development of a digital solutions platform for mortgage loans
· National Bank of Greece Commencement of share buyback
· Jumbo sales Update May 2025
· METLEN acquires a Bulgarian energy trading company
· AVAX and METLEN’s METKA receive the downpayments for the rail works (press)
· HELLENiQ ENERGY close to acquire a solar park in Bulgaria (press)
· Aegean Airlines to issue a new bond loan
· Attica bank to issue AT1 note-Press
· GEK TERNA – Credit Rating Update/private placement of 5.06% of company shares
Macro Headlines
EC approves the Greek medium-term stability plan
The European Commission assessed yesterday that the implementation of the Greek medium-term plan is among the 12 compliant member states with the recommended maximum net expenditure growth, considering the flexibility under the national escape clause. Commenting on the EC review, the Greek FinMin Mr Pierrakakis said that the activation of the defense-related escape clause will create additional fiscal room of EUR 500m in 2026, on top of the recently announced support measures of EUR 1.1bn.
Greek 12-month T-bill raises EUR 600m at 1.84%
The Greek State raised EUR 600m yesterday from the issuance of 52-week T-bills. In more detail, the total amount auctioned was EUR 500m, while total bids reached EUR 854m (1.71x coverage ratio vs. 1.87x in the previous auction) for an interest rate of 1.84% (vs. 2.15% in the previous auction).
Sector Headlines
Facts: Bank of Greece announced that the average interest rate on new production of loans widened by 4bps m-o-m to 4.80% in April 2025, whilst the average interest rate on new production of deposits narrowed by 1bp m-o-m to 0.38%. The increase in the average interest rate on new loan production is attributed to higher interest rates on new business loans (+3bps m-o-m) and on new housing loans (+2bps m-o-m). Thus, the interest rate spread for new production rose by 5bps m-o-m to 4.42%. On outstanding amounts, the interest rate spread squeezed by 8bps m-o-m to 4.62%.
Company Headlines
Alpha Services and Holdings in talks to acquire Altius Insurance in Cyprus-Press
Reportedly (Kathimerini), Alpha Services and Holdings scrutinizes the acquisition of
Altius Insurance in Cyprus. Alpha Bank Cyprus and Altius have already a bancassurance agreement. The same reports indicate that Altius generated a net profit of EUR 8.4m in 2024.
Draft merger agreement between Piraeus Financial Holdings and Piraeus Bank
Piraeus Financial Holdings announced that the BoD of the company and of its wholly owned subsidiary Piraeus Bank, approved the draft merger agreement regarding the absorption of Piraeus Financial Holdings by Piraeus Bank. Upon completion of the merger, Piraeus Bank will become the parent company of the Piraeus group of companies and will apply for the listing of its existing shares on the Main Market of the ATHEX prior to the completion of the Merger. The proposed share exchange ratio is one (1) new registered common voting share of Piraeus Bank, with a nominal value of EUR 0.93, for one (1) registered common voting share of Piraeus Financial Holdings, with a nominal value of EUR 0.93.
Piraeus partners with Qualco for the development of a digital solutions platform for mortgage loans
Piraeus Financial Holdings announced that its subsidiary, Piraeus Bank has entered into a Shareholders’ Agreement with the technological provider, Qualco to establish an operational digitalization solutions platform initially focused on mortgage loans. The platform will be developed and operated through a newly formed company, controlled by Piraeus (51%), while Qualco retains a minority stake (49%). Τhe platform will serve both as a processor of loans originated by Piraeus, as well as a source of new loan opportunities. Qualco holds a direct vested interest in the platform’s ongoing development, maintenance and product evolution to ensure optimal performance and profitability.
National Bank of Greece Commencement of share buyback
NBG announced the commencement of the implementation of the first tranche of a share buyback program. The maximum number of shares to be acquired under Tranche I is 34.8m shares, which corresponds to 3.80% of the share capital, with an aggregate value up to EUR 174.0m. Tranche I will continue for a period of up to 12 months, from 4 June 2025 to 28 May 2026. The purpose of Tranche I is to enhance the return of the bank’s shares to its shareholders and to enhance the “Earnings per share” and “Dividend per share” ratios and subsequently cancel the shares purchased.
Jumbo sales Update May 2025
Jumbo released a strong sales update for May, with group sales up by 12% y-o-y. In more detail, Greek sales were up by 14%, Cyprus followed with sales up by 14.5%, Romania also recorded higher sales of 8%, while Bulgaria recorded sales growth of 7% y-o-y in May 2025. In 5M25 terms, Jumbo recorded increased by 8% group sales, driven by Greek sales (up by 9.6%), followed by Cyprus up by 8% and Romania also up by 7%, while sales in Bulgaria were up by 3% y-o-y. Management now appears more positive about market conditions and a possible and of the trade war, however it stills remind the market uncertainty. Jumbo declared an ordinary DPS of EUR 0.5063, excluding the owns shares held by the company, (DY: 1.75%, ex-date 21 July, subject to the AGM to be held on 9 July), while at the same time will suspend the current share buyback programme.
Comment: The management will provide full year guidance next month, which could match or even beat our sales growth estimate of c. 8% y-o-y for 2025e. Recall that Jumbo had an easy comparable in 1H25 as the company operates 5 more hyper store vs. 1H24 (2 in Greece and 3 in Romania). Moreover, we highlight that the current market condition with the dollar weakening also supports margins due to dollar denominated imports. Having said that, we reiterate our buy rating with target price of EUR 33.5 per share.
METLEN acquires a Bulgarian energy trading company
METLEN announced that it has signed a non-binding agreement to enter the process of the acquisition of a 75% stake in the energy trading business of Most Energy JSC for €6.8m. Through this acquisition, METLEN aims to obtain a reliable operational platform in Bulgaria, which will facilitate an expansion of the Company’s current customer base, while enhancing its physical presence in the country. The agreement is part of METLEN’s wider strategic plan, which aims to the expansion of its high-consuming industrial and commercial customers (B2B) portfolio, as well as of the supply of energy in SE Europe.
AVAX and METLEN’s METKA receive the downpayments for the rail works (press)
According to Euro2day.gr, the ministry for infrastructure approved the first down payments to METLEN’s METKA and AVAX for the restoration works in the railroads in Thessaly, with a total budget of EUR 173.6m and EUR 57.6m respectively.
HELLENiQ ENERGY close to acquire a solar park in Bulgaria (press)
According to Energypress.gr, HELLENiQ ENERGY is close to enter the Bulgarian RES market, with the acquisition of a 100MW Solar Park in Bulgaria, which is at mature development stage.
Aegean Airlines to issue a new bond loan
According to euro2day.gr, Aegean Arilines plans to tap the markets with the issuance of a new retail bond, aiming to raise up to EUR 300m with yield up to 4%. It is noted that in FY26 the seven-year retail bond issued in 2019, with a nominal value of EUR 200m, matures.
Attica bank to issue AT1 note-Press
Press reports (newmoney) suggest that Attica Bank will issue an AT1 note of EUR 100.0m within the week.
GEK TERNA – Credit Rating Update/private placement of 5.06% of company shares
GEK TERNA announced that the credit rating of the two Corporate Bond Loans (CBL 2020 and CBL 2021) has been reevaluated by ICAP CRIF S.A. as stable at the rating AA. In other news, during yesterday’s session a private placement took place of 5,229,848 shares or 5.06% of share capital at EUR 19.00 /share.
The AGM of the company is taking place today. Shareholders will approve among others a capital return of EUR 0.30/share and a new buyback program with 24 months duration of up to 10% of share capital at a price range of EUR 4.00 to EUR 9.00 per share.
06/06/25 | GDP 1Q:25 (provisional data), Commercial Transactions of Greece APR (ELSTAT)
10/06/25 | CPI & Harmonized CPI MAY (ELSTAT), Industrial Production Index APR (ELSTAT)
EGM / AGM
05/06/25 | IDEAL Holdings (AGM)
06/06/25 | Kekrops (AGM)
11/06/25 | Prodea Investments (AGM), Sarantis (EGM), GEK TERNA (AGM)
12/06/25 | Hellenic Exchanges (AGM), Motodynamics (AGM), Euroconsultants (AGM)
13/06/25 | Trade Estates (AGM), Interlife (AGM)
16/06/25 | Ble Kedros (AGM)
17/06/25 | Alter Ego Media (AGM), DIMAND (AGM), Domiki Kritis (AGM), Elton (AGM)
18/06/25 | Motor Oil (AGM), Biokarpet (AGM), IKTINOS (AGM), Vogiatzoglou (AGM), AVE AGM)
19/06/25 | HELLENiQ ENERGY (AGM), Quest Holdings (AGM), AS Company (AGM), Mevaco (AGM), Petropoulos (AGM), Alpha Real Estate Services (AGM), Space Hellas (AGM)
20/06/25 | Fourlis Holdings (AGM), Phoenix Vega Mezz Plc (AGM), Sunrise Mezz Plc (AGM)
23/06/25 | OTE (AGM), Alpha Services and Holdings (EGM)
24/06/25 | AUSTRIACARD Holdings (AGM), Galaxy Cosmos Mezz Plc (AGM)
25/06/25 | PPC (AGM)
26/06/25 | LAMDA Development (AGM), Ellaktor (AGM)
01/07/25 | ΚΡΙ–ΚΡΙ (AGM)
02/07/25 | ADMIE Holding (AGM)
03/07/25 | Elinoil (AGM)
07/07/25 | Alumil (AGM)
09/07/25 | Jumbo (AGM)
15/07/25 | AVAX (AGM)
16/07/25 | EYDAP (AGM), Creta Plastics (AGM)
22/07/25 | Piraeus Port Authority (AGM)
27/08/25 | Evropi Holdings (AGM)
28/08/25 | Intralot (AGM)
08/09/25 | Orilina Properties (AGM)
Ex-FY24 Dividend
10/06/25 | Thrace Plastics (remaining EUR 0.17)
17/06/25 | Gen. Commercial & Ind. (EUR 0.075)
19/06/25 | Trade Estates (remaining EUR 0.052), Fais Group (EUR 0.04395)
23/06/25 | Optima bank (EUR 0.57), Hellenic Exchanges (EUR 0.29), Quest Holdings (EUR 0.30), Ble Kedros
24/06/25 | Cenergy Holdings (EUR 0.14), Viohalco (EUR 0.16), Alpha Real Estate Services (EUR 0.50)
25/06/25 | Motor Oil (remaining EUR 1.10), GEK TERNA (EUR 0.40)
26/06/25 | METLEN (EUR 1.50), ElvalHalcor (EUR 0.0901489503)
27/06/25 | Fourlis Holdings (EUR 0.15)
30/06/25 | Titan Cement (EUR 3.00),
01/07/25 | Profile Systems (EUR 0.064657), Thessaloniki Water Supply (EUR 0.055), AUSTRIACARD Holdings (EUR 0.11)
02/07/25 | HELLENiQ ENERGY (remaining EUR 0.55), Interlife (EUR 0.20)
03/07/25 | OTE (EUR 0.7216)
04/07/25 | Mevaco
07/07/25 | Euroconsultants (EUR 0.04)
10/07/25 | AS Company (EUR 0.17)
14/07/25 | EKTER
21/07/25 | PPC (EUR 0.40), Jumbo (EUR 0.5063), Space Hellas (EUR 0.15)
22/07/25 | EYDAP (EUR 0.07)
28/07/25 | Vogiatzoglou (EUR 0.07))
04/08/25 | Piraeus Port Authority (EUR 1.92)
21/08/25 | KRI-KRI (EUR 0.40)
25/08/25 | ADMIE Holding, Creta Plastics
02/09/25 | AVAX (EUR 0.07)
11/09/25 | Orilina Properties
Share Capital Increase
11/06/25-13/06/25 | IDEAL Holdings – Public Offering
ATHEX Companies Presentations (Hellenic Fund & Asset Management Association)
04/06/25 | Papoutsanis (09:30 GR time)
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