ATHEX headed south yesterday after six consecutive sessions with gains, underperforming the European stock markets. In more detail, the General Index dropped by 0.34% to 2,099.80 units (FTSE Large Cap: -0.50%, FTSE Mid Cap: +1.83%, Banks Index: -1.12%) and the traded value was shaped at €131.7m, down from Wednesday’s €309.7m. We expect the market to move in line with the European peers today.
· Greek FinMin presents medium term State Budget Plan
· Greek ESI eases in November
· Total building activity up in August
· Banking System Loans | October 2025
· Banking System Deposits | October 2025
· Piraeus Bank completes the acquisition of Ethniki Insurance
· Alpha Bank – Purchase of Own Shares
· Intralot 9M25 Results Conference Call Highlights
· OPAP and Allwyn Capital Markets Update today
· QUALCO Group to hold an EGM on 18 December
Macro Headlines
Greek FinMin presents medium term State Budget Plan
The Greek Finance Minister Greek presented yesterday Greece’s 2026 Budget and the Medium-Term Financial Planning for 2026-2029, which envisages GDP growth of 1.7% in 2027 (from 2.4% in 2026e), 1.6% in 2028 and 1.3% in 2029, 0.2% Budget deficit/GDP in 2026 and 2027, at 0% in 2028 and at surplus of 0.1% in 2029. Primary budget surplus is seen at 2.7% of GDP in 2027 and it will remain at the same level until 2029 and finally Debt/GDP is expected to drop to 119% of GDP in 2029 from a forecast of 145.9% of GDP in 2025.
Greece’s Economic Sentiment Indicator (ESI) eased to 106.0 in November 2025 from 107.5 in October, remaining well above the EU average (up to 96.8 in November from 96.6 in October).
Total building activity up in August
According to ELSTAT, total building activity (private-public), as this is measured by the number of building permits issued, increased by 7.8% in August 2025 compared with the corresponding month of 2024. In surface and volume terms, total building activity increased by 1.8% and by 13.3% respectively in comparison with August of 2024. In the September 2024- August 2025 period, Greek building activity decreased by 3.4% y-o-y in terms of permits, while also decreased by 7.0% y-o-y in terms of surface and by 2.6% y-o-y in terms of volume.
Banking System Loans | October 2025
|
Aug ’25 |
Sep ’25 |
Oct ’25 |
|||||
|
Total credit |
200,506 |
203,396 |
201,325 |
||||
|
General Government |
75,636 |
76,383 |
76,149 |
||||
|
Private sector |
124,871 |
127,012 |
125,176 |
||||
|
Corporate |
86,698 |
88,686 |
87,041 |
||||
|
Sole Proprietors |
3,763 |
3,785 |
3,692 |
||||
|
Household |
34,410 |
34,542 |
34,443 |
||||
|
Monthly net flow |
-23 |
2,866 |
(1,701) |
||||
|
% y-o-y |
7.4% |
7.8% |
5.4% |
||||
|
Private sector Monthly net flow |
166 |
2,171 |
(1,384) |
||||
|
% y-o-y |
10.6% |
10.7% |
7.8% |
Facts: According to BoG, total credit to the economy (incl. the general government) came in at €201.3bn in October 2025 (+5.4% y-o-y, monthly net outflow of €1,701m), on the back of monthly net outflow by €1,384m of the private sector, whilst the General Government recorded a monthly net outflow of €317m. Loans to the private sector reached c. €125.2bn (+7.8% y-o-y, monthly net outflow of €1,384m), driven by corporate loans that came in at €87.0bn (+11.0% y-o-y, monthly net outflow of €1,377m). Loans to sole proprietors stood at €3.69bn (-0.4% y-o-y, monthly net outflow of €34m). Moreover, household lending was shaped at €34.4bn (1.7% y-o-y, monthly net inflow of €27m). Housing loans came in at €25.4bn (-0.3% y-o-y, monthly net inflow of €41m). Consumer credit reached €8.8bn (+6.6 y-o-y, monthly net outflow of €5m). Corporate loans accounted for 69.5% of private sector loans, household loans for 27.5% and loans to sole proprietors for 2.9% respectively.
Banking System Deposits | October 2025
|
(EUR m) |
Aug ’25 |
Sep ’25 |
Oct ’25 |
||||
|
System Deposits |
213,841 |
216,843 |
214,349 |
||||
|
General Government |
8,440 |
8,849 |
8,402 |
||||
|
Private sector |
205,402 |
207,994 |
205,947 |
||||
|
Corporate |
54,079 |
56,817 |
54,492 |
||||
|
Household |
151,323 |
151,177 |
151,455 |
||||
|
Private Sector Monthly net flow |
2,054 |
2,649 |
(2,129) |
||||
|
Private Sector % y-o-y |
5.4% |
5.5% |
5.6% |
||||
|
Private Sector % y-t-d |
0.8% |
2.1% |
2.1% |
source: BoG
Facts: BoG announced that system deposits came in at €214.3bn (+6.0% y-o-y, monthly net outflow of €2,576m) in October 2025. General Government deposits reached €8.4bn (+18.7% y-o-y, monthly net outflow of €447m) and private sector deposits amounted to c €205.9bn (+5.6% y-o-y, monthly net outflow of €2,129m). Corporate deposits came in at € 54.5bn (+12.3% y-o-y, monthly net outflow of €2,351m) and household deposits reached € 151.5bn (+3.4% y-o-y, monthly net inflow of €222m). Household deposits accounted for 73.5% of private sector deposits and corporation for the remaining 26.5%. The monthly decrease in private sector deposits in October is attributed to corporate deposits. Time deposits recorded a monthly outflow of €72m to €34.2bn and accounted for 16.6% of system depos vs. 16.4% in September. Liquidity remains ample, with the LDR at 60.8% vs. 61.1% in September and the commercial surplus widened to € 80.8bn from 80.9bn in September.
Company Headlines
Piraeus Bank completes the acquisition of Ethniki Insurance
The total consideration paid for the Transaction is €0.6bn in cash. 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. In the first quarter of 2026, Piraeus will present its medium-term ambition for the expanded Group to the investment community, targeting focused growth and enhanced value creation for our shareholders, customers and people.
Alpha Bank – Purchase of Own Shares
Alpha Bank announced that during the period 24/11/2025 – 26/11/2025, it purchased 1,982,536 own shares, with an average purchase price of €3.6221 per share and a total cost of € 7,180,853.68. Following the above purchases, Alpha Bank holds in total 18,152,737own shares, representing 0.7840% of its share capital.
Intralot 9M25 Results Conference Call Highlights
During yesterday’s conference call, Intralot’s management stated the following:
· Will propose a share buyback programme, subject to EGM approval in December
· Bally’s US will also acquire additional Intralot shares
· Expects EBITDA at €423m in 2026e (conservative, assuming no new contracts for Intralot), assuming €50m mitigation measures (€15m lower marketing, generosity to players, synergies and €5m cost cutting) to offset the €96m tax effect
· 2027e: guides for EBITDA at €450m after mitigation measures of €30m and assuming a €95m GGR growth
· Expects consolidation in the UK gaming market as a result of the tax increase, and Intralot looks for opportunistic acquisitions in the country
· Maryland, Minnesota, OPAP monitoring, Ohio contracts to be renewed in the next months
· In bidding process for lottery in Australia, British Columbia Cannada, Latin America and other US States
· Capex in 2026 about €110-€140m, of which €50-€80m expansion capex and €60m maintenance and renewal
· Intends to distribute a dividend from 35% of FY26 net profits
OPAP and Allwyn Capital Markets Update today
OPAP and Allwyn International AG, will host a Capital markets update for the proposed Combined Company today at 1:00pm Athens.
QUALCO Group to hold an EGM on 18 December
QUALCO Group will hold an EGM on 18 December to approve the partial amendment of the use of proceeds raised through the recent SCI, the revised Remuneration Policy and the Pre-approval of the remuneration of the Members of the Board of Directors and the Chairman of the Audit Committee for the year 2025.
28/11/25 | Producer Price Index in Industry OCT (ELSTAT), Turnover Index in Retail Trade SEP (ELSTAT)
01/12/25 | S&P Global Greece Manufacturing PMI NOV
02/12/25 | Unemployment Rate OCT (ELSTAT)
05/12/25 | 3Q:25 GDP (provisional data) (ELSTAT)
10/12/25 | ADMIE Holding (Aft-mkt)
03/12/25 | Eurobank Holdings (EGM), Nakas Music (AGM)
05/12/25 | Piraeus Financial Holdings (EGM), Mediterra (EGM)
18/12/25 | Evropi Holdings (EGM), Qualco Group (EGM)
19/12/25 | ONYX Touristiki (EGM)
01/12/25 | Alpha Bank (interim €0.0481668788/share)
02/12/25 | CNL CAPITAL (interim €0.15/share)
16/12/25 | AS Company (extraordinary cash distribution €0.060/share)
22/12/25 | ELLAKTOR (interim €0.50/share), ΟΤΕ(extraordinary €0.10/share)
23/12/25 | Motor Oil (interim €0.35/share)
30/12/25 | Trade Estates (interim €0.065/share)
19/01/26 | HELLENiQ ENERGY (interim €0.20/share),Thrace Plastics (interim €0.0685848289/share)
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