ATHEX headed north yesterday, in line with the European stock markets. In more detail, the General Index jumped by 3.15% to 2,130.06 units (FTSE Large Cap: +3.29%, FTSE Mid Cap: +2.76%, Banks Index: +3.28%) and the traded value was shaped at €396.5m, up from Tuesday’s €337.7m. We expect risk-off trading again in ATHEX today.
· Greek PMI up in March
· Greek unemployment stood at 8.5% in February
· Banking System Interest Rates | February 2026
· AVAX releases a strong set of 2025 Results; DPS at €0.10
· CrediaBank combined offering attracted strong demand – oversubscribed 3.8x
· Eurobank’s 2026 AGM agenda
· NBG Share Buyback
· BALLY’s Intralot conference call Highlights
· Allwyn AG – Notification of Major Holdings
· PREMIA Properties subscription period for the new bond concludes today
Macro Headlines
Greek PMI up in March
Greek PMI posted 54.5 in March, from 54.4 in the previous month, signaling the strongest upturn in operating conditions since last August. Input buying continued to rise strongly, as firms put resources into stockpiling ahead of further anticipated hikes in input prices and material shortages.
Greek unemployment stood at 8.5% in February
Hellenic Statistical Authority announced that the seasonally adjusted unemployment rate came in at 8.5% in February 2026 up from 7.9% in January 2026 and lower than 9.2% in February 2025. The number of unemployed persons amounted to 410,506, lower by 6.1% y-o-y and higher by 8.6% m-o-m.
Sector Headlines
Banking System Interest Rates | February 2026
|
New Production |
Dec’25 |
Jan‘26 |
Feb‘26 |
MoM |
|
Mortgage loans (floating or fixed up to 1 yr) |
3.44% |
3.41% |
3.36% |
(0.05%) |
|
Consumer loans |
14.62% |
14.72% |
14.72% |
0.00% |
|
Business |
3.66% |
4.21% |
4.12% |
(0.09%) |
|
(a) Average loans |
4.21% |
4.64% |
4.57% |
(0.07%) |
|
Households deposits (Overnight) |
0.03% |
0.03% |
0.03% |
0.00% |
|
Households term deposits (up to 1 year) |
1.09% |
1.14% |
1.11% |
(0.03%) |
|
Corporate term deposits (up to 1 year) |
1.72% |
1.72% |
1.71% |
(0.01%) |
|
(b) Average deposits |
0.30% |
0.31% |
0.31% |
0.00% |
|
Interest Rate Spread [(a) – (b)] |
3.91% |
4.33% |
4.26% |
(0.07%) |
|
Outstanding amounts (Back Book) |
|
|
|
|
|
(a) Loans |
4.60% |
4.60% |
4.58% |
(0.02%) |
|
(b) Deposits |
0.31% |
0.31% |
0.30% |
(0.01%) |
|
Interest Rate Spread [(a) – (b)] |
4.29% |
4.29% |
4.28% |
(0.01%) |
Source: Bank of Greece
Facts: Bank of Greece announced that the average interest rate on new production of loans fell slightly by 7bps m-o-m to 4.57% in February 2026, whilst the average interest rate on new production of deposits remained flat m-o-m. The decrease in the average interest rate on new loan production is attributed to lower rates on new corporate loans (-9bps m-o-m) and new mortgage loans (-5bps m-o-m), while consumer loans remained stable m-o-m. Thus, the interest rate spread for new production decreased slightly by 7bps m-o-m to 4.26%. On outstanding amounts, the interest rate spread remained almost unchanged m-o-m to 4.28%.
Company Headlines
AVAX Group || BUY | CP €3.05 | TP €3.81
AVAX releases a strong set of 2025 Results; DPS at €0.10
AVAX released earlier a strong set of 2025 Results, with strong sales and profitability, while at the same time cash generation further deleveraged the company’s balance sheet. In more detail, Revenue shaped at €958m, up by 47% y-o-y, EBITDA at €120.8m, also up by 15% (of which €99.6m from the construction activity with the respective margin at 11% vs. 9.0% a year ago) and Net Profit at €48m, up by 58%. Free cash Flow turned positive in 2025 at €62m driven by the strong operating profitability of €48m (from operating outflows of €37m in 2024) and the €14m investing inflows. Accounting also for the €19m interest payments and the €11m dividends & share buyback, Net Debt (incl. Leases) dropped by €36m y-t-d, at an implied Net Debt / Run Rate EBITDA ratio of 2.1x on 31/12/2025 versus 2.8x on 31.12.2024. Finally, Backlog stood at €2.6bn on 31 December from €2.9bn at the end of 2024 driven by the faster acceleration of the construction projects, and despite the €400m new orders intake during the period.
Dividend: The management declared a €0.10 DPS (up from €0.07 last year, ex-date:21 July).
Guidance: The management is optimistic for the company performance and profitability in the medium term, expecting Group EBITDA to reach €150m by 2030, driven by increased contribution from concessions (expects €156m income stream from existing concessions by 2030), Marinas, Real Estate and Facility management. Additionally, the management said that it’s considering re-entering the energy solutions sector. Finally, AVAX aims to reward shareholders through the distribution of high dividends.
Conference Call: The Company will hold a conference call today at 16.00 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).
AVAX 2025 Results Review
|
In EUR 000′ |
2024 |
2025 |
y-o-y |
|
Group Sales |
651,496 |
958,198 |
47% |
|
Group EBITDA |
105,311 |
120,800 |
15% |
|
-Construction EBITDA |
64,600 |
99,600 |
54% |
|
mgn |
9.0% |
11.0% |
199 |
|
-Concessions & Others EBITDA |
40,700 |
21,200 |
-48% |
|
Group Net Profit |
30,439 |
48,015 |
58% |
Source: Optima bank, the Company
Comment: AVAX recorded a very strong set of results, driven by the faster execution of the construction backlog and also on improved construction margins. That said, and a) taking also into account the positive outlook for 2026e and b) the c.50% discount vs. EU peers in 2025e P/E terms, we affirm our Buy recommendation and reiterate our TP at €3.81/share.
CrediaBank combined offering attracted strong demand – oversubscribed 3.8x
CrediaBank’s combined offering drew strong interest both from domestic and international investors, resulting in total demand of 1,419m shares, which corresponds to an oversubscription of c. 3.8 times. Next step in the process is the allocation of the 375m new shares, with 80% allocated to international investors and 20% to domestic investors. Settlement is scheduled for 7 April 2026, followed by the commencement of trading on 8 April 2026.
Eurobank’s 2026 AGM agenda
Eurobank announced the agenda for its 2026 AGM, which includes the proposed payout to shareholders. The Board proposes a total cash return of €428.7m, or €0.1180 gross per share, with final gross dividend set at €0.0712 per share (DY: 2.0%, ex-date 11.05.2026), following the €170m interim dividend. In addition, the AGM agenda includes a share buyback program of up to €288m, resulting in a 55% payout from 2025 profits. The AGM will take place on 28 April 2026.
NBG Share Buyback
National Bank of Greece announced that during the period 23/03/2026 – 31/03/2026, it purchased 594,512 own shares, with an average purchase price of €12.7286 per share and a total cost of €7,567,288.35. Following the above purchases, NBG holds in total 15,768,004 own shares, which correspond to 1.72% of its share capital.
BALLY’s Intralot conference call Highlights
· Reiterates 2026e EBITDA Guidance at €422m, c2% lower y-o-y
· €95 impact from the tax regime change, which will be largely offset by €50m opex control and synergies, and c€35m GGR growth
· Strong 1Q26 performance in the UK market, up by 10.5% y-o-y to GBP174m, active players also up 8.6%
· €20 mio share buyback already executed, €30m dividend proposed (c. €0.016/share)
· 2.5x medium-term leverage target (Net Debt/EBITDA by 2029e)
· Screens value added acquisition opportunities without risking leverage, sees further consolidation in the UK market
Allwyn AG – Notification of Major Holdings
Allwyn AG announced a notification of major holdings under Luxembourg’s Transparency Law following a series of intra‑group transactions involving Allwyn International AG. These transactions included the subscription of 445.7m new shares, the contribution of 9.5m shares now held in treasury through Allwyn Greece & Cyprus Holding Ltd, and the transfer of 27.0m shares from Allwyn International AG to J&T in exchange for shares in Allwyn International AG. After netting these movements, Mr. Karel Komárek is reported to indirectly hold 604,392,847 voting rights, representing 75.14% of Allwyn AG’s total voting rights as of 24 March 2026.
PREMIA Properties subscription period for the new bond concludes today
As of today, the three-day subscription period for its new 7-year, up to €150m bond of Premia Properties will conclude. As a reminder, the company has announced a 4.10%-4.40% yield range, and the commence of trading of the new bond is scheduled for 9 April. Optima bank is among the coordinators of the issuance.
07/04/26 | Trade Balance FEB (ELSTAT)
09/04/26 | Industrial Production Index FEB (ELSTAT), Import Price Index in Industry FEB (ELSTAT)
4Q/FY25 Results Release
02/04/26 | AVAX (Bef-mkt)
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
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)
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
Share Capital Increase – Y/KNOT Invest
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
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