ATHEX headed north yesterday, outperforming the European stock markets. In more detail, the General Index jumped by 2.90% to 2,065.04 units (FTSE Large Cap: +3.02%, FTSE Mid Cap: +2.68%, Banks Index: +5.04%) and the traded value was shaped at €337.7m, up from Monday’s €259.4m. We expect the positive momentum to continue today.
· Greek parliamentary budget office trims its GDP growth estimate for 2026e to 2.0%
· Greek HICP up in March (Eurostat)
· Retail Sales up in January (ELSTAT)
· MSCI to reclassify the Greek indices from emerging to developed market status from May 2027
· CrediaBank closed international book in oversubscribed offering
· Alpha Bank – Share Buyback
· Profile FY25 results review: Strong Performance, Sales up 18% y-o-y, EBITDA up by 27%
· Fourlis’ FY25 results out
· BALLY’s INTRALOT to provide a trading Update
· PPA FY25 results out
· ALLWYN – New shares begin trading
Macro Headlines
Greek parliamentary budget office trims its GDP growth estimate for 2026e to 2.0%
In its latest review of the Greek Economy, the Greek parliamentary budget office trimmed its GDP growth estimate for 2026e to 2.0% (from 2.1% under the base case scenario, to 1.7% under the adverse scenario and to 2.4% under the bull case.
Greek HICP up in March (Eurostat)
According to a flash estimate from Eurostat, Greek annual inflation is expected to shape at 3.3% in March, up from 3.1% in the previous month (and up by 2.0% m-o-m), above the respective EU area figure (up to 2.5% from 1.9% in the previous month).
Retail Sales up in January (ELSTAT)
According to the Hellenic Statistical Authority, retail sales (excluding automotive fuel) rose by 10.0% y-o-y in January 2026 (and increased by 6.7% y-o-y in volume terms), while including automotive fuel, retail sales rose by 7.0% y-o-y and by 4.5% in volume terms. Per main store category, the turnover of the Food sector increased by 13.5% y-o-y with sales volume up by 9.8% y-o-y, the turnover of the Non-food sector except automotive fuel increased by 6.8% y-o-y and sales volume were also up (6.5% y-o-y), while Automotive fuel sales decreased by 7.1% y-o-y with sales volume down by 2.3% y-o-y.
Market Headlines
MSCI to reclassify the Greek indices from emerging to developed market status from May 2027
MSCI announced yesterday that the MSCI Greece Indexes will be reclassified from Emerging Market to Developed Market status in one step coinciding with the May 2027 Index Review. During the consultation period, which was launched from 26 January, the majority of market participants favored the proposed reclassification, some market participants however noted considerations around the implementation timeline. This feedback informed MSCI’s decision to implement the reclassification at the May 2027 Index Review rather than the August 2026 Index Review.
As part of the implementation plan:
· The reclassification will be implemented in one step across all MSCI Indexes, including standard, custom and derived indexes, at the May 2027 Index review.
· Once reclassified to Developed Markets, Greece will be added to the Developed Europe single market index construction process for determining the MSCI Greece Indexes.
· Existing constituent rules will be applied to minimize turnover at the time of the reclassification.
· Simulated MSCI Greece and MSCI Greece IMI Indexes, calculated treating Greece as a Developed Market, are available as of the February 2026 Index Review
· Snapshots of the simulated MSCI Europe Indexes, incorporating Greece as a Developed Market, will be provided as part of each Index Review prior to the effective reclassification date in May 2027. This will support market participants planning for the transition.
· MSCI will share additional details on the implementation process as available, in line with the MSCI announcement policy.
Company Headlines
CrediaBank Closed International Book in Oversubscribed Offering
CrediaBank announced that the international book for its offering closed one day earlier than planned, following strong demand that resulted in the Combined Offering being multiple times oversubscribed. The Greek Public Offering remains open today until 2:00 pm Greek time.
Alpha Bank – Share Buyback
Alpha Bank announced that during the period 23/03/2026-27/03/2026, it purchased 2,053,436 own shares, with an average purchase price of €3.1212 per share and a total cost of €6,409,117.22. Following the above purchases, Alpha Bank holds in total 50,291,612 own shares, representing 2.1722% of its share capital.
Profile FY25 results review: Strong Performance, Sales up 18% y-o-y, EBITDA up by 27%
Profile Software reported a strong set of results, with revenue up by 18% y-o-y to €47.5m and a 27% rise in EBITDA, which reached €13m, further boosting its profitability margin to 27.6%. Net profits also increased by 14% to €6.4m, while robust operating cash flows contributed to the company’s decision to propose a 25% higher dividend for 2025 (DPS: €0.08, DY:1.2%). These results were driven by an enhanced solutions portfolio, with a focus on Artificial Intelligence and regulatory compliance, along with new partnerships and implementations across key markets. Management is optimistic for the 2026 backed by high recurring revenues, a solid project backlog and increased demand for AI‑driven fintech solutions. The 2026 financial results are expected to be further boosted by the recently completed acquisition of Algosystems, which enhances the Group’s cybersecurity and ICT capabilities, alongside the acquisition of Contemi in the UK, strengthening its wealth‑management offering. These inorganic moves complement Profile’s ongoing organic expansion through innovation, supporting its ambition to more than double its revenues by the end of its three‑year investment plan through a combined organic and inorganic growth strategy.
|
P&L (€m) |
2024 |
2025 |
YoY% |
BS (€m) |
2024 |
2025 |
YoY% |
|
|
Revenues |
40.1 |
47.5 |
18% |
Total Equity |
36.3 |
40.16 |
11% |
|
|
Gross profit |
17.7 |
19.8 |
11% |
Long term Debt |
3.8 |
10.23 |
166% |
|
|
EBIT |
7.9 |
9.5 |
21% |
Short term Debt |
6.3 |
9.91 |
56% |
|
|
EBITDA |
10.3 |
13.1 |
27% |
Total Debt |
10.2 |
20.13 |
98% |
|
|
EBITDA margin |
25.8% |
27.6% |
7% |
Cash |
16.7 |
25.75 |
54% |
|
|
Net profit |
5.6 |
6.4 |
14% |
Short term investments |
4.5 |
5.45 |
21% |
|
|
Net profit margin |
13.9% |
13.4% |
-4% |
Net Cash |
11.0 |
11.07 |
0% |
Fourlis’ FY25 results out
Fourlis Holdings announced its results with sales of €593.7m in FY25 (+12.1% y-o-y), operating EBITDA of €82.2m (+12.6% y-o-y,), with the respective margin remaining stable at 13,8%, and net profit (after minorities) of €30.3m (52.0% y-o-y). Fourlis Net Debt as of 31/12/2025 was €93.2m with Net Debt / EBITDA adjusted at 2.6x from 2.7x in 2024, whereas capex stood at 26.3m. Management will propose a cash dividend distribution of €0.15/share remaining flat with that of FY24, while total remuneration to shareholders reached c. €9.2m including €1.36m of share buyback program executed in FY25. Regarding groups expansion, a new plan and order studio opened in Bulgaria in March 2025, and a IKEA store began its operations in April in Irakleio, Crete. Management also plans to open a new IKEA store in Helinikon by 2029. In sports wear sector management acquired the Foot Locker in Greece and Romania in April 2025 the Group added six existing stores, then expanded the network with four new stores and launched new e‑shops in Romania and Bulgaria. INTERSPORT also continued to grow, opening eight new stores across Greece, Romania, and Bulgaria in early 2025, along with a full renovation of the Mall Vitan store in Bucharest. Finally, on March 31, 2026, Fourlis partnered with Golden Age Capital/ DrP Group to expand Holland & Barrett in Greece through pharmacies. Fourlis will transfer its local business to DrP and acquire a 15% stake. The deal is expected to close in H1 2026. The outlook for 2026 remains positive, with the Group benefiting from strong demand and solid operational momentum, while management stays cautious amid shifting macroeconomic and geopolitical conditions.
BALLY’s INTRALOT to provide a trading Update
BALLY’s INTRALOT will hold an investor call today at 17.00 local time (Tel nos: Greek participants: +30 213 009 6000, UK participants: +44 (0) 800 368 1063, UK & International: +44 (0) 203 059 5872, USA participants: +1 516 447 5632) to provide an updated outlook for 2026 and an update on the progress of the mitigation plan.
PPA FY25 results out
Piraeus Port Authority announced a positive set of FY25 results yesterday, with revenues up by 8.6% y-o-y to €250.8m, EBITDA at €132.3m, up by 2.2% and net profits down by 1.5% y-o-y at €86.2m. PPA declared DPS of €1.90, from €1.92 a year ago (DY: 5.3%).
ALLWYN – New Shares Begin Trading
Trading begins today for 445.7m. new shares on the Athens Stock Exchange following the absorption of OPAP, bringing the company’s total listed shares to 804.3m. The company’s free‑float has been reduced from 47% to 21%.
01/04/26 | Unemployment Rate FEB (ELSTAT), S&P Global Greece Manufacturing PMI MAR, Bank Deposits & Loans Interest Rates FEB (BoG)
4Q/FY25 Results Release
07/04/26 | ADMIE Holding (Aft-mkt), GEK TERNA (Aft-mkt), AS Company (Aft-mkt)
09/04/26 | METLEN
15/04/26 | Thessaloniki Port Authority (Aft-mkt)
17/04/26 | ELLAKTOR (Aft-mkt)
20/04/26 | Phoenix Vega Mezz Plc, Sunrise Mezz Plc
21/04/26 | Qualco Group (Aft-mkt)
22/04/26 | KRI-KRI (Aft-mkt)
27/04/26 | Loulis Food (Aft-mkt)
28/04/26 | SPACE Hellas (Aft-mkt)
29/04/26 | ELINOIL (Aft-mkt)
30/04/26 | EYDAP (Bef-mkt)
EGM / AGM
01/04/26 | Hellenic Exchanges (EGM)
02/04/26 | Prodea Investments (EGM)
03/04/26 | EYDAP (EGM)
06/04/26 | Bank of Greece (AGM)
07/04/26 | KRI-KRI (EGM)
15/04/26 | Athens International Airport (AGM)
17/04/26 | Papoutsanis (AGM)
20/04/26 | Sarantis (AGM), Biokarpet (EGM)
21/04/26 | Piraeus Bank (AGM), Alpha Trust Andromeda (AGM)
22/04/26 | Autohellas (AGM), Aegean Airlines (AGM)
28/04/26 | Eurobank (AGM), BriQ Properties (AGM)
30/04/26 | National Bank (AGM)
05/05/26 | Optima bank (AGM)
07/05/26 | TITAN (AGM)
11/05/26 | ElvalHalcor (AGM)
12/05/26 | Thessaloniki Port Authority (AGM), Orilina Properties (AGM)
15/05/26 | Bank of Cyprus (AGM)
21/05/26 | METLEN (AGM)
26/05/26 | Cenergy Holdings (AGM), Viohalco (AGM)
28/05/26 | Bally’s Intralot (AGM), Loulis Food (AGM), Profile (AGM)
12/06/26 | Hellenic Exchanges (AGM)
17/06/26 | Motor Oil (AGM), AS Company (AGM)
19/06/26 | EYDAP (AGM)
22/06/26 | PPC (AGM)
26/06/26 | Alpha Bank (AGM)
21/04/26 | Papoutsanis (final €0.0504926174/share)
23/04/26 | Bank of Greece (€0.672/share)
28/04/26 | Aegean Airlines (€0.90/share)
04/05/26 | Sarantis (€0.39/share)
11/05/26 | Eurobank (€0.071/share)
25/05/26 | Bank of Cyprus (final €0.50/share)
05/06/26 | National Bank (€0.33/share)
23/06/26 | Hellenic Exchanges (€0.11/share)
Share Capital Increase – CrediaBank
30/03/26-01/04/26 | Public offering period
08/04/26 | Commencement of trading of new shares from SCI
Share Capital Increase – Y/KNOT Invest
01/04/26 | Ex-rights date
08/04/26-16/04/26 | Trading period of rights
08/04/26-21/04/26 | Subscription period & exercise of rights
29/04/26 | Commencement of trading of new shares from SCI
Corporate Bond Issuance
31/03/26-02/04/26 | Premia Properties – Public offer period
09/04/26 | Premia Properties – Start of trading of new bonds
Initiation of trading of new shares
01/04/26 | Allwyn AG (from the share capital increaseby contribution in kind, allocated entirely to Allwyn International AG)
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