ATHEX headed south on Friday, outperforming the European stock markets. In more detail, the General Index dropped by 0.79% to 2,083.15 units (FTSE Large Cap: -0.87%, FTSE Mid Cap: +0.22%, Banks Index: -0.99%) and the traded value was shaped at €152.9m, up from Thursday’s €131.7m. On a weekly basis, the General Index rose by 1.04% w-o-w, (FTSE Large Cap: +1.05%, FTSE Mid Cap: -1.10%, Banks index: +0.72%). Week ahead: Alpha Bank ex-dividend today, Greek 3Q25 GDP and Piraeus Bank EGM on Friday. We expect ATHEX to move in line with international markets today.
· Retail sales slightly down in September (ELSTAT)
· PPI in Industry down in October (ELSTAT)
· 4th Greek Investment Conference organized by Morgan Stanley in cooperation with the Athens Stock Exchange
· Alpha Bank trades ex-dividend today (DY: 1.3%)
· Strong credit expansion of Eurobank’s subsidiary in Bulgaria
· Eurobank Holdings’s shares last trading day on December 9th, 2025
· OPAP-ALLWYN capital markets update key highlights
· INTRALOT to hold an EGM on 19 December
Retail sales slightly down in September (ELSTAT)
According to the Hellenic Statistical Authority, retail sales decreased by 0.7% y-o-y in September 2025 (also decreased by 1.7% y-o-y in volume terms), while excluding automotive fuel, retail sales increased by 0.4% y-o-y. Per main store category, the turnover of the Food sector decreased by 2.8% y-o-y, with sales volume down by (3.6% y-o-y), while Non-food sector (except automotive fuel) sales increased by 3.3% y-o-y with sales volume up by 2.7% y-o-y. Finally, the turnover of the Automotive fuel sector decreased by 6.9% y-o-y, with sales volume also down by 7.2% y-o-y.
PPI in industry down in October (ELSTAT)
According to ELSTAT, Producer Price Index in Industry (PPI) decreased by 1.4% y-o-y in October 2025, driven by a decrease in Energy cost (-2.7% y-o-y), while higher producer prices were gauged in Durable consumer goods (+3.1% y-o-y). In the November 2024 – October 2025 period, Producer Price Index in Industry (PPI) remained unchanged in comparison with the corresponding index for the period from November 2023 to October 2024, while the decrease recorded between the previous twelve-month periods amounted to 3.4%.
Market Headlines
4th Greek Investment Conference organized by Morgan Stanley in cooperation with the Athens Stock Exchange
The Conference will take place in London on Monday and Tuesday with Prime Minister Mr. Mitsotakis attending – an indication of the importance the government assigns to it. Forty two large and mid-cap listed companies from the Athens Stock Exchange will participate, presenting foreign investors with opportunities in Greece’s evolving investment landscape.
Company Headlines
Alpha Bank trades ex-dividend today (DY: 1.3%)
Alpha Bank will trade today ex-interim net dividend of € 0.0460660169 per share (DY: 1.3%), including withholding tax and own shares held by the Bank.
Strong credit expansion of Eurobank’s subsidiary in Bulgaria
According to Euro2day.gr, Postbank, Eurobank’s subsidiary in Bulgaria, posted significant credit expansion in the nine month results (c.€1bn). The induction of Bulgaria in Eurozone from the 1st of January 2026, is expected to be a major driver for the economic expansion in the country, benefiting the banks operating in the area.
Eurobank Holdings’s shares last trading day on December 9th, 2025
In the context of the reverse merger by absorption of Eurobank Holdings by Eurobank SA, the last trading day of Eurobank Holdings will be December 9th, 2025 and the new shares will be available for trading on ATHEX on December 15th, 2025. As a way of reminder, the Extraordinary General Meeting will take place on Wednesday December 3rd, 2025.
OPAP-ALLWYN capital markets update key highlights
During the presentation, the management of OPAP and ALLWYN stated the following:
· New combined entity to benefit from better access to capital and debt markets
· To grow at mid-teens from low single digit currently for OPAP
· Better positioned for M&A activity
· 50% of revenue stream from on-line, from 30% currently for OPAP
· Increased in-house capabilities for technology infrastructure
· EPS accretive from one year after the completion of the merger
· Well diversified across geographies
· Prizepicks acquisition to be completed in 1Q26, will significantly boost ALLWYN growth
· Combined entity committed to a >€1/share dividend per annum, starting with a €0.80 payable after the completion of the merger
· Merger completion is expected in 2Q26, EGM to approve the merger in December or early 2026
· Post transaction, ALLWYN will be listed solely on ATHEX
· No tax impact on UK Lottery,
· Dividends to be taxed on the local tax rate
· Sticks to the >95% shareholder threshold approval commitment for the completion of the deal
· Allwyn reported €200m Net profits in 1H25
Comment: no material news from the today’s call; there was detailed presentation of all markets where Allwyn operates, profitability and prospects, guiding for a double digit growth of the combined entity (from single low digit for OPAP standalone), dividends of >1/share and targeted leverage(Net Debt/EBITDA) of ~2.5x, with a potential spike in 2026 due to the acquisitions in the USA and Italy. The management confirmed the <5% shareholder cash exit option threshold, that there will be no change for the tax rate applicable on dividends (5% for Greek residents).
INTRALOT to hold an EGM on 19 December
INTRALOT will hold an EGM on 19 December to approve the change of the corporate name to “Bally’s Intralot S.A.” and also the launch of a 2-year share buyback programme of up to 10% of company shares at a €0.8-1.50/share price range. In other related news, the entity closely associated with Mr. Soohyung Kim, INTRALOT’s major shareholder acquired 3,000,000 company shares for a total value of €3,005,256.
01/12/25 | S&P Global Greece Manufacturing PMI NOV
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)
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)
18/12/25 | Evropi Holdings (EGM), Qualco Group (EGM)
19/12/25 | INTRALOT (EGM), ONYX Touristiki (EGM)
01/12/25 | Alpha Bank (interim €0.0484905441/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)
Initiation of trading of shares
09/12/25 | Eurobank Holdings (last trading day due to merger by absorption of Eurobank Holdings by Eurobank SA)
15/12/25 | Eurobank SA (from merger with Eurobank Holdings)
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