Greek Market Watch: PMI, Greek banks, Piraeus Bank, Athens International Airport, Aktor Group, GEKTERNA, AVAX

Market Comment

ATHEX north yesterday, outperforming the European stock markets. In more detail, the General Index rose by 0.78% to 2,099.35 units (FTSE Large Cap: +0.80%, FTSE Mid Cap: +0.71%, Banks Index: +1.24%) and the traded value was shaped at €159.8m, up from Friday’s €152.9m. We expect the market to move in line with the European peers today. 

Today’s Headlines

·         Greek PMI eases in November

·         Greek banks are attracting strong investment interest in the Greek Investment Conference in London

·         Piraeus Bank EGM to approve the merger by absorption of Piraeus Holdings on Wednesday

·         Piraeus Bank Evaluates Partnership with Euroxx (press)

·         Athens International Airport initiates share buyback programme

·         Aktor Group to issue a new retail Bond

·         GEKTERNA and AVAX submit offers for two PPP road projects of €700m (press)

 Macro Headlines 

Greek PMI eases in November

Greek PMI posted 52.7 in November, from 53.5 in the previous month, signaling a modest improvement in operating conditions, with the manufacturing sector recording growth on a consistent monthly basis for almost three years. 

Sector Headlines 

Greek banks are attracting strong investment interest in the Greek Investment Conference in London

According to press articles, the interest from asset managers at the 4^th Greek Investment Conference for Greek Banks is described as particularly strong, as the Management of Greek banks participated in more than 120 meetings yesterday.

Eurobank’s Management discussed the new growth drivers coming from the acquisition of the insurance company Eurolife, the completion of the merger in Cyprus, and the significant credit expansion and development in Bulgaria, which is entering the eurozone. In addition, the bank is implementing its new growth plan in asset management through the creation of hubs in Cyprus and Luxembourg.

For Piraeus Bank’s Management, the new growth driver is the acquisition of Ethniki Insurance, marking the bank’s entry into the insurance sector and forecast for 100m in fees by 2026. As per its Management, the Bank will close 2025 with a 10% credit expansion, and the business plan foresees 8–10% credit expansion in 2026.

In the case of the National Bank of Greece, the interest revolved around its next moves to develop partnerships in the insurance sector, which are expected to be accompanied by an acquisition. NBG’s Management expects to benefit significantly in 2026 from the full digitalization of its core banking operations.

At Alpha Bank, Management stated that loans increased by 13% this year compared to the previous year, while fee income grew even faster, by more than 20%. Growth was particularly strong in transactions and wealth management, while the partnership with UniCredit is expected to further enhance product capabilities and cross-border flows. The bank aims to increase earnings per share by around 10% in the coming years. 

 Company Headlines 

Piraeus Bank EGM to approve the merger by absorption of Piraeus Holdings on Wednesday

On Wednesday December 5^th, 2025 Extraordinary General Meetings will be held by Piraeus Holdings and Piraeus Bank to approve the reverse merger by absorption of Holdings by the Bank. Based on the timeline published, the new shares will be available for trading on ATHEX on December 22^nd, 2025 and last trading of Holdings shares will be December 16^th, 2025. 

Piraeus Bank Evaluates Partnership with Euroxx (press)

According to newmoney.gr, Piraeus Bank is currently engaged in constructive discussions with Euroxx, the non‑bank brokerage firm in Greece. 

Athens International Airport initiates share buyback programme

Athens International Airport announced the initiation of a share buyback programme for the acquisition of up to 1% of company shares at a price range of €1-€15/share, effective from today and with expiration date on 31 March 2027. 

Aktor Group to issue a new retail Bond

Aktor Group announced its intention to issue a new 5-year Bond of up to €140m, which will be traded on ATHEX. Timetable of the issuance will be determined in the near future, subject to market conditions. 

GEKTERNA and AVAX submit offers for two PPP road projects of €700m (press)

According to Euro2day.gr, GEKTERNA and AVAX submitted yesterday their offers for the 2^nd stage of the tender offer for two Public-Private partnership road projects in Northern Greece (Drama Amphipoli and Thessaloniki-Edessa), budgeted €700m. As per the same press report, the unsealing and evaluation of the two offers is expected in 1Q26, and the signing of the contracts by 2026-end.

Calendar of Events

Macros

02/12/25 | Unemployment Rate OCT (ELSTAT)

03/12/25 | Bank Deposits & Loans Interest Rates OCT (BoG)

05/12/25 | 3Q:25 GDP (provisional data) (ELSTAT)

08/12/25 | Trade Balance OCT (ELSTAT)

09/12/25 | CPI & Harmonized CPI NOV (ELSTAT)

3Q/9M25 Results Release

10/12/25 | ADMIE Holding (Aft-mkt)

EGM / AGM

03/12/25 | Eurobank Holdings (EGM), Nakas Music (AGM)

05/12/25 | Piraeus Financial Holdings (EGM), Mediterra (EGM)

12/12/25 | AS Company (EGM)

18/12/25 | Evropi Holdings (EGM), Qualco Group (EGM)

19/12/25 | INTRALOT (EGM), ONYX Touristiki (EGM)

Ex-Dividend

02/12/25 | CNL CAPITAL (interim €0.15/share)

09/12/25 | Nakas Music

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)

Merger by absorption of Eurobank Holdings by Eurobank

09/12/25 | Eurobank Holdings (last trading day)

15/12/25 | Eurobank (commencement of trading of new shares issued in the context of merger)