ATHEX headed north yesterday setting a new multi-year high, outperforming the European stock markets. In more detail, the General Index rose by 0.47% at 1,893.97 units (FTSE Large Cap: +0.44%, FTSE Mid Cap: +0.62%, Banks Index: +0.21%) and the traded value was shaped at EUR 303.0m, up from Tuesday’s EUR 252.0m. We expect the market to consolidate at current levels today, with OTE, Intralot and Helex in the spotlight.
· Greek unemployment decreased to 7.9% in May
· Greece sells 3-month T-bills at 1.70%
· Energy Sector || Greek retail electricity market (EnexGroup) – June 2025
· NBG appealed to the Competition Commission on the acquisition of Ethniki Insurance-Press
· PE SUB Holdings mandatory tender offer for Intralot at EUR 1.07/share
· HELLENiQ ENERGY completes acquisition of RES portfolio and development platform
· Aegean Airlines successfully completes the issuance of its EUR 250m bond
· OTE trades ex-dividend today
· TITAN appoints new Group CFO
Macro Headlines
Greek unemployment decreased to 7.9% in May
ELSTAT announced that the seasonally adjusted unemployment rate came in at 7.9% in May 2025, down from 8.3% in April 2025 and lower than 10.5% in May 2024. The number of unemployed persons amounted to 370,369, lower by 25.8% y-o-y and by 4.9% m-o-m.
Greece sells 3-month T-bills at 1.70%
The Greek State raised EUR 600m yesterday from the issuance of 13–week T-bills. In more detail, the total amount auctioned was EUR 500m, while total bids reached EUR 1,266m (2.53x coverage ratio vs. 1.78x in the previous auction) for an interest rate of 1.70% (vs. 1.85% in the previous auction).
Sector Headlines
Energy Sector || Greek retail electricity market (EnexGroup) – June 2025
Greek retail electricity market: IPPs market share dropped to 50.41% in June 2025 (according to data from Greek Energy Exchange – EnEx). Other key statistics: a) monthly average clearing Price at EUR 85.42/MWh, up by EUR 3.48/MWh m-o-m and down by EUR 13.47/MWh y-o-y, b) total Electricity demand at 5,480GWh, down by 0.8% y-o-y. In more detail, Mytilineos’ Protergia ranks first with 20.24% (20.66% combined with the recently acquired Volterra), GEKTERNA’s Heron follows with 10.95%, ELPE’s Elpedison with 5.89% and MOH’s NRG with 4.26%. As a result, PPC’s retail market share in June 2025 was up by 2.5% m-o-m at 49.59%, below the EU-mandated 50% mark. Regarding the Generation mix traded in the Day-Ahead Market, RES ranks first with 47% of total (vs. 51% in May), Natural Gas follows with 37% (vs. 32% in the previous month), Hydro Plants 4% (3.5%), Lignite and Oil-Powered Plants contributed 1% (2.5%) and 2% (3%) respectively and finally, Imports 8% (9%).
Company Headlines
NBG appealed to the Competition Commission on the acquisition of Ethniki Insurance-Press
Press reports (capital) suggest that National Bank of Greece has filed a complaint with the Competition Commission regarding the acquisition of National Insurance by Piraeus Bank. This is a defensive move by National Bank, which aims to protect its customer base, to which it is estimated that Piraeus Bank may gain access. Recall that NBG controls a 9.99% equity stake in Ethniki Insurance.
PE SUB Holdings mandatory tender offer for Intralot at EUR 1.07/share
PE SUB HOLDINGS LLC which holds a 33.34% equity stake (201.405.481 common shares) in Intralot announced the submission of a mandatory tender offer for the acquisition of the shares that it does not hold, namely 402.690.140 common shares, which correspond to 66.66% of its paid-in share capital at EUR 1.07/share, at 1.8% discount to yesterday’s closing price. The Offeror will not cause or seek the delisting of the Shares of the Company from ATHEX after the completion of the Tender Offer. The acceptance period will commence as of publication of the Information Memorandum upon its approval by the HCMC.
HELLENiQ ENERGY completes acquisition of RES portfolio and development platform
HELLENiQ ENERGY completed the acquisition of ABO ENERGY HELLAS S.A., as well as six affiliated entities, which hold a portfolio of 22 RES project clusters under development in Greece, with a total capacity of 1.5 GW, in addition to a RES project development and construction platform. This acquisition increases HELLENiQ RENEWABLES’ portfolio of RES projects under development to more than 6 GW, accelerating the implementation of the HELLENiQ ENERGY Group’s strategic objective to achieve at least 2 GW of installed capacity from RES by 2030.
Aegean Airlines successfully completes the issuance of its EUR 250m bond
The Airline announced the successful completion of the public offering of the EUR 250m bond loan. The total demand expressed by investors who participated in the Public Offering amounted to EUR 938.7m, indicating an oversubscription x3.75 and the final yield was set at 3.70%. Finally, the bonds were allocated by 78% to retail investors and the remaining 22% was allocated to qualified investors and will be available for trading on the Athens Stock exchange on July 7. The favorable pricing underscores the company’s solid credit standing and investor trust in its long-term growth trajectory.
OTE trades ex-dividend today
The stock is trading ex-dividend today (DPS: EUR 0.7415, DY: 4.5%) and payment will commence on Wednesday 09 July. In other news, the company will release 2Q/1H25 results on Wednesday 06 August before the opening of ATHEX and management will host a CC on the same day at 13:00 Athens/11:00 London Time.
TITAN appoints new Group CFO
Titan announced that John Ioannou is appointed Group CFO and will succeed Michael Colakides, who will continue as Managing Director of Titan S.A.
08/07/25 | Trade Balance MAY (ELSTAT)
09/07/25 | CPI & Harmonized CPI JUN (ELSTAT)
10/07/25 | Industrial Production Index MAY (ELSTAT)
11/07/25 | Import Price Index in Industry MAY (ELSTAT)
28/07/25 | Hellenic Exchanges (Aft-mkt)
30/07/25 | Metlen (Bef-mkt)
31/07/25 | National Bank of Greece, Eurobank, Piraeus Financial Holdings, TITAN
01/08/25 | Optima bank, Alpha Bank (Bef-mkt)
05/08/25 | PPC (Aft-mkt)
06/08/25 | OTE (Bef-mkt), Coca-Cola HBC
07/08/25 | HELLENiQ ENERGY (Aft-mkt)
EGM / AGM
03/07/25 | Elinoil (AGM), Lavipharm (AGM)
07/07/25 | Alumil (AGM)
08/07/25 | Piraeus Port Authority (AGM)
09/07/25 | Jumbo (AGM), AKTOR Group (AGM)
10/07/25 | Ellaktor (AGM), Attica Bank (AGM), Mathios (AGM)
11/07/25 | Quality & Reliability (AGM)
15/07/25 | AVAX (AGM)
16/07/25 | EYDAP (AGM), Creta Plastics (AGM), Centric (AGM)
18/07/25 | ILYDA (AGM)
22/07/25 | Piraeus Port Authority (AGM)
27/08/25 | Evropi Holdings (AGM), Attica Publication (AGM)
28/08/25 | Intralot (AGM)
29/08/25 | Intracom Holdings (AGM)
08/09/25 | Orilina Properties (AGM)
09/09/25 | Frigoglass (AGM), Ble Kedros (AGM)
Ex-FY24 Dividend per share
07/07/25 | Euroconsultants (EUR 0.04), Medicon (EUR 0.13)
10/07/25 | AS Company (EUR 0.1713121688)
11/07/25 | Petropoulos (EUR 0.30)
14/07/25 | EKTER
21/07/25 | PPC (EUR 0.40), Jumbo (EUR 0.5063), 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)
19/08/25 | Real Consulting (EUR 0.05), Evrofarma (EUR 0.05)
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
20/10/25 | Moda Bagno
03/11/25 | Ble Kedros
Ex-Capital Return
25/08/25 | Biokarpet (EUR 0.02/share)
Corporate Bond Issuance
07/07/25 | Aegean Airlines – Start of trading of new bonds
METLEN – Voluntary Share Exchange Tender Offer
27/06/25-25/07/25 | Acceptance Period of the Tender Offer
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