ATHEX headed north yesterday, outperforming the European stock markets. In more detail, the General Index rose by 0.23% at 1,839.22 units (FTSE Large Cap: +0.23%, FTSE Mid Cap: +0.27%, Banks Index: +1.14%) and the traded value was shaped at EUR 227.1m, down from Wednesday’s EUR 298.7m. We expect the market to consolidate at current levels ahead of the 1Q25 GDP data announcement later today.
· GDP 1Q25 data out today
· ECB lowers key rates by 25bps
· PPC plans to scale up the development of data centers in the middle east (press)
· Attica Bank issued AT1 and Tier 2 notes
· Athens Airport recorded passenger growth in May, driven by International passenger traffic
· Ideal Holdings approves the new share buyback programme, approval of the EUR 0.30/share Capital Return postponed to 18 June
· John Vasilakos assumes duties as new CEO in Fourlis
Macro Headlines
ELSTAT is set to release the 1Q25 GDP data today at 12.00 local time. As a reminder, the State Budget and also the European Commission call for GDP growth of 2.3% in 2025e.
Sector Headlines
The Governing Council of ECB cut yesterday the three key ECB interest rates by 25 bps, in line with market expectations. Accordingly, the interest rates on the deposit facility, the main refinancing operations and the marginal lending facility will be decreased to 2.00%, 2.15% and 2.40% respectively, with effect from 11 June 2025.
Company Headlines
PPC plans to scale up the development of data centers in the middle east (press)
According to Mononews.gr, PPC examines the development of Data centers up to 5GW also in the middle east, and more specifically in Saudi Arabia, the United Arabic Emirates and Egypt.
Comment: As a reminder, PPC has already announced its intention to develop data centers in the lignite areas in Northwestern Greece of 300MW by 2027e and 1GW at a later stage. It is also noted that such investments offer high returns but also require a significant investment outlay. That said, and taking also into account that the eastern med data corridor (the subsea telecom fiber connecting Saudi Arabia with Greece) and the GREGY interconnector (Greece-Egypt) will be developed post 2030e, this investment plan will mature no sooner than 2030e.
Attica bank issued AT1 and Tier 2 notes
Attica Bank successfully raised yesterday EUR 100m through the issue of an AT1 perpetual note callable at 5 years and six months at 9.375% (more than 4x oversubscribed) and EUR 150m (c 5x oversubscribed) note through a Tier 2 note, maturing in 10 years and callable at 5 at 7.375%. The news is positive and expected.
Athens Airport recorded passenger growth in May, driven by International passenger traffic
Athens International Airport (AIA) released its passenger traffic data for May 2025, according to which total passenger traffic up by 2.9% y-o-y, driven by international traffic (up by 5.0% y-o-y), while domestic traffic was down by -2.1% y-o-y. For the 5M25 period, total passenger traffic was up by +8.5% y-o-y, reaching 11.6m passengers with international passengers up by 11.0% y-o-y and domestic passengers up by 2.4% y-o-y.
Ideal Holdings approves the new share buyback programme, approval of the EUR 0.30/share Capital Return postponed to 18 June
During yesterday’s AGM, IDEAL Holdings approved among and a new buyback program with 24 months duration of up to 10% share capital at a price range of EUR 4.00-9.00/share. The vote for the distribution of a capital return of EUR 0.30/share (4.9% yield, ex-date: 25/7) was postponed to 18 June.
John Vasilakos assumes duties as new CEO in Fourlis
Fourlis Fourlis announced that John Vasilakos (previously vice chairman and CEO at Kotsovolos) will officially assume his new role as CEO of Fourlis on July 1st to replace Dimitris Valachis.
06/06/25 | GDP 1Q:25 (provisional data), Commercial Transactions of Greece APR (ELSTAT)
10/06/25 | CPI & Harmonized CPI MAY (ELSTAT), Industrial Production Index APR (ELSTAT)
12/06/25 | Evolution of Turnover of Enterprises APR (ELSTAT)
13/06/25 | Import Price Index in Industry APR (ELSTAT)
EGM / AGM
11/06/25 | Prodea Investments (AGM), Sarantis (EGM), GEK TERNA (AGM)
12/06/25 | Hellenic Exchanges (AGM), Motodynamics (AGM), Euroconsultants (AGM)
13/06/25 | Trade Estates (AGM), Interlife (AGM)
16/06/25 | Ble Kedros (AGM)
17/06/25 | Alter Ego Media (AGM), DIMAND (AGM), Domiki Kritis (AGM), Elton (AGM)
18/06/25 | Motor Oil (AGM), Biokarpet (AGM), IKTINOS (AGM), Vogiatzoglou (AGM), AVE AGM), IDEAL Holdings (rep. AGM)
19/06/25 | HELLENiQ ENERGY (AGM), Quest Holdings (AGM), AS Company (AGM), Mevaco (AGM), Petropoulos (AGM), Alpha Real Estate Services (AGM), Space Hellas (AGM)
20/06/25 | Fourlis Holdings (AGM), Phoenix Vega Mezz Plc (AGM), Sunrise Mezz Plc (AGM)
23/06/25 | OTE (AGM), Alpha Services and Holdings (EGM)
24/06/25 | AUSTRIACARD Holdings (AGM), Galaxy Cosmos Mezz Plc (AGM)
25/06/25 | PPC (AGM)
26/06/25 | LAMDA Development (AGM)
27/06/25 | Real Consulting (AGM)
01/07/25 | ΚΡΙ–ΚΡΙ (AGM)
02/07/25 | ADMIE Holding (AGM)
03/07/25 | Elinoil (AGM)
07/07/25 | Alumil (AGM)
09/07/25 | Jumbo (AGM)
10/07/25 | Ellaktor (AGM)
15/07/25 | AVAX (AGM)
16/07/25 | EYDAP (AGM), Creta Plastics (AGM)
22/07/25 | Piraeus Port Authority (AGM)
27/08/25 | Evropi Holdings (AGM)
28/08/25 | Intralot (AGM)
08/09/25 | Orilina Properties (AGM)
Ex-FY24 Dividend
10/06/25 | Thrace Plastics (remaining EUR 0.17)
17/06/25 | Gen. Commercial & Ind. (EUR 0.075)
19/06/25 | Trade Estates (remaining EUR 0.052), Fais Group (EUR 0.04395)
23/06/25 | Optima bank (EUR 0.57), Hellenic Exchanges (EUR 0.29), Quest Holdings (EUR 0.30), Ble Kedros
24/06/25 | Cenergy Holdings (EUR 0.14), Viohalco (EUR 0.16), Alpha Real Estate Services (EUR 0.50)
25/06/25 | Motor Oil (remaining EUR 1.10), GEK TERNA (EUR 0.40)
26/06/25 | METLEN (EUR 1.50), ElvalHalcor (EUR 0.0901489503)
27/06/25 | Fourlis Holdings (EUR 0.15)
30/06/25 | Titan Cement (EUR 3.00),
01/07/25 | Profile Systems (EUR 0.064657), Thessaloniki Water Supply (EUR 0.055), AUSTRIACARD Holdings (EUR 0.11)
02/07/25 | HELLENiQ ENERGY (remaining EUR 0.55), Interlife (EUR 0.20)
03/07/25 | OTE (EUR 0.7216)
04/07/25 | Mevaco
07/07/25 | Euroconsultants (EUR 0.04)
10/07/25 | AS Company (EUR 0.17)
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)
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
Share Capital Increase
11/06/25-13/06/25 | IDEAL Holdings – Public Offering
Research Department
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