Greek Market Watch: OECD, HICP (Eurostat), METLEN, GEKTERNA, CENERGY, Theon International, Alumil

Market Comment

ATHEX headed north yesterday, underperforming the European stock markets. In more detail, the General Index rose marginally by 0.14% at 1,824.48 units (FTSE Large Cap: +0.13%, FTSE Mid Cap: -0.43%, Banks Index: -0.89%) and the traded value was shaped at EUR 179.9m, up from Monday’s EUR 172.2m. We expect the market to try to move higher today. 

Today’s Headlines

·         OECD updates its growth estimates for Greece

·         Greek HICP up in May (Eurostat)

·         METLEN approves EUR 1.50 DPS/Management comments during the AGM

·         GEKTERNA 1Q25 results out

·         CENERGY’s Pipes subsidiary secures major award for HyNet CO2 Pipeline in Liverpool Bay

·         Theon International PLC major shareholder proceeds with a 5% private placement

·         Alumil private placement of 1,620,684 own shares 

Macro Headlines 

OECD updates its growth estimates for Greece

In its latest economic outlook, OECD trimmed its GDP growth for Greece to 2.0% for 2025e (2.2% previously), and to 2.2% for 2026e (from 2.5% previously). With regards to inflation, the organization expects it to shape at 2.5% in 2025e (previous estimate 2.7%) and at 2.0% in 2026e (from 2.1% previously). Finally, OECD expects the state budget to generate primary surpluses of 2.1% and 2.2% in 2025e and 2026e respectively, with the General government debt/GDP ratio dropping to 145.8% and 139.8% in 2025e-26e respectively, supported by improved tax compliance. 

Greek HICP up in May (Eurostat)

According to a flash estimate from Eurostat, Greek annual inflation is expected to shape at 3.3% in May (and up by 0.3% m-o-m), higher compared to 2.6% in April and above the respective EU area figure (down to 1.9% in May from 2.2% y-o-y in April). 

Company Headlines 

METLEN approves EUR 1.50 DPS/Management comments during the AGM

During yesterday’s AGM, METLEN approved among others the distribution of a EUR 1.50/share dividend (DY: 3.3%, ex-date: 26 June). During the AGM, the management a) reiterated the medium-term EBITDA target of EUR 1.9-2.08bn, b) said that the execution of the Group’s investment plan doesn’t require any share capital increase, unless a major M&A opportunity occurs, c) expressed its optimism that the London Listing will further aid the Group’s access to the international markets, d) said that the potential listing of METKA in ATHEX is under consideration and e) sees sizeable passive inflows to Greece after the upgrade of ATHEX to developed market. 

GEKTERNA 1Q25 results out

GEKTERNA reported 1Q25 group turnover of EUR 989bn, up by 49% y-o-y, EBITDA adjusted of EUR 135.4m, up by 55.6% y-o-y, beating consensus by 5%, with construction/concessions/Energy segments contributing EUR 46.9m/74.9m/21.4m respectively and Net profit from continuous operations stood at EUR 26m, down by 3.7% y-o-y albeit above consensus by 4%. Group backlog remained high at EUR 6.7bn, more than 50% of which corresponds to the Group’s own investment projects, forming a particularly high-quality and low-risk portfolio. Recourse Net Debt (Parent Company’s Adjusted Net Debt) amounted to EUR 169m, compared to EUR 153m on 31.12.2024.

The Group’s Total Adjusted Net Debt (including project finance contracts – debt without recourse) amounted to EUR 3,287m, compared to EUR 3,258m on 31.12.2024. The Group’s Total Cash and Cash Equivalents (excluding restricted deposits of EUR 70m) amounted to EUR 1,480m, of which EUR 816m at Parent company level. Outlook for 2025 remains positive, driven by increased traffic and higher toll prices in its concessions, the expected cash distributions of ~EUR  60m to be received from Attiki Odos in 2025, the accelerated execution of projects under construction and the commercial commissioning of the new thermal plant in Komotini (a 50%/50% JV with Motor Oil). Finally, as a reminder, GEKTERNA has declared a EUR 0.40 DPS, up by 60% y-o-y (DY: 2.1%, ex-date: 25 June).

GEKTERNA 1Q25 Key P&L Results

€ m		1Q24		1Q25		y-o-y		Consensus		Actual vs. Consensus
Group Revenues		664,0		989,4		49,0%		976,0		1,4%
Group adj.EBITDA		87,0		135,4		55,6%		129,0		5,0%
Group Net Income (exc. non-operating items)		27,0		26,0		-3,70%		25,0		4,0%

Source: Optima Research, GEKTERNA

Consensus estimates are provided by 5 analysts and compiled by the Company 

CENERGY’s Pipes subsidiary secures major award for HyNet CO2 Pipeline in Liverpool Bay

Cenergy Holdings announced that Corinth Pipeworks, its steel pipes segment, is participating in the Liverpool Bay Carbon Capture and Storage (CCS) project in the United Kingdom. The project is operated by Eni as part of the HyNet industrial cluster and marks a key milestone in the UK’s energy transition and decarbonisation roadmap. Under this contract, Corinth Pipeworks will supply and deliver approximately 41 kilometers of Longitudinal Submerged Arc Welded (LSAW) steel pipes and hot induction bends, in diameters of 20″, 24″ and 36″, complete with external anti-corrosion coating, for the onshore and offshore sections of the CO₂ pipeline system. 

Theon International PLC major shareholder proceeds with a 5% private placement

Theon International Plc (listed in the Euronext Amsterdam Stock Exchange) announced that its major shareholder Venetus Limited (holds c. 70% of total company shares after the transaction) disposed approximately 3.73 million shares in Theon (equal to approximately 5.3% of the share capital of the Company) through a placing to institutional and other qualified investors at EUR 31.1/share (5.1% discount to yesterday’s close).  

Alumil private placement of 1,620,684 own shares

Alumil aluminium industry S.A. announced that it successfully completed on Monday 2 June a private placement, with the disposal of 1,620,684 shares or 5.0% of company’s share capital at the price of EUR 4.90 per share and total value of EUR 7,941,351. Mr. Georgios Mylonas sold 1,134,479 shares for a total consideration of EUR 5.5m, while Mrs. Evangelia Mylona sold 486,205 shares for EUR 2,4m accordingly. Following the completion of the sale, Mr. Georgios Mylonas owns 9,514,497 shares or 29.35% and Mrs. Evangelia Mylona owns 4,260,682 shares or 13.14% of the total share capital. 

Calendar of Events

Macros

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 | Jumbo (AGM), 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)

04/07/25 | EKTER (AGM)

07/07/25 | Alumil (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)

09/09/25 | Frigoglass (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), 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)