Orilina Properties: Αύξηση 11,6 % στα προσαρμοσμένα καθαρά κέρδη στα €19.273.
Aegean: στο +8,4% η επιβατική κίνηση στο 1ο τρίμηνο με 3,093 εκ. επιβάτες
ATHEX rebounded yesterday, in line with the European stock markets. In more detail, the General Index jumped by 3.54% at 1,582.40 units (FTSE Large Cap: +3.48%, FTSE Mid Cap: +3.76%, Banks Index: +2.92%) and the traded value was shaped at EUR 324.0m, up from Wednesday’s EUR 257.8m. We anticipate ATHEX to move in line with the European stock markets today.
Macro Headlines
Greek CPI up by 2.4% y-o-y in March (ELSTAT)
According to ELSTAT, CPI (national index) increased by +2.4% y-o-y (vs. 2.5% in February) and increased by 1.4% m-o-m in March 2025, while the annual average rate of CPI increased by +2.6% over the trailing 12 months. The sectors with the most notable y-o-y movements were Hotels-Cafés-Restaurants (+6.0%) and housing (+5.9%). Additionally, the harmonized CPI in March 2025 rose by 3.1% y-o-y (vs. 3.0% in January), in line with 3.1% flash estimate released earlier this month and increased by 1.9% m-o-m.
Industrial production marginally drop in February (ELSTAT)
According to ELSTAT, the Industrial Production Index (IPI) decreased by 0.1% y-o-y in February 2025, due to the decrease by 5.2% y-o-y in Electricity supply index, while an increase of 4.5% y-o-y observed in Mining and Quarrying index and a 2.2% increase observed in Water Supply index.
Sector Headlines
Natural Gas consumption up by 28.6% in 1Q25
According to the domestic Natural Gas System Operator (DESFA), total natural gas consumption was up by 28.6% y-o-y in 1Q25, driven by thermal generation demand (up by 48.1% y-o-y), which accounted for 64% of total demand.
Market Headlines
New tax bill for the capital markets approved yesterday (press)
According to press reports, a new tax bill which aims to further support the credibility of the stock market and also regulate the crypto assets market, was approved yesterday by the Greek Parliament.
Company Headlines
Metlen Eyes More Europe Defense Deals After Recent Push (Bloomberg)
According to Bloomberg, Metlen is pursuing more alliances with European defense contractors after sealing French and Italian deals in the past two weeks. Metlen “is actively looking at other possible defense cooperation agreements” within and outside of Greece, Chairman and CEO Evangelos Mytilineos said in an interview. The company can “absolutely” play an increased role, he said, amid a broader push to shore up Europe’s military capabilities. Metlen has “very big plans” for two existing businesses where large capital expenditure “hasn’t yet started to flow,” Mytilineos said, adding that there will be specific announcements on these businesses in London on 28 April with “two pleasant surprises for our shareholders.” The preparations for the listing of Metlen’s shares on the London Stock Exchange in 3Q25 are “going well,” Mytilineos said (London listing will be its primary one). As part of the process, Metlen plans to adjust its reporting format with operational trading updates, to include more metrics such as volumes, market share and investments, the CEO said. This will align the company more closely with common practice in the UK.
Piraeus Financial Holdings AGM on Monday
The AGM will take place on Monday 14 April at 18:00 Athens/16:00 London Time. Shareholders will approve the distribution of a capital return of EUR 0.2980/share (Yield: 6.6%). The stock will trade ex-capital return on Monday 26 May and payment will commence on Friday 30 May. Moreover, shareholders will approve a share buyback program of up to 8,333,333 common shares, at a price range between EUR 3.00 to EUR 8.00/share, for a period of 24 months from the date of the General Meeting’s decision. The total cost for the buyback of own shares shall not exceed EUR 25.0m.
Ethniki Insurance net profit at EUR 15.2m in 2024
According to the Solvency & Financial Condition report for 2024, the company generated a net profit of EUR ca15.2m against a net loss of EUR ca60.6m in 2023. Gross written premiums reached EUR 850.3m (+16% y-o-y) and the company grasped a 14.6% market share. Equity came in at EUR 692.0m (-5% y-o-y), investments at EUR ca3.37bn and assets at EUR 4.07bn. Recall that Piraeus announced on 12 March, the acquisition of a 90.01% stake in the parent company of Ethniki Insurance for EUR 600m on a 100% basis or 0.87x BV24. Following the transaction, management upgraded its net profit guidance to EUR 1,125m in 26e from EUR 1,000m previously, EUR 1,250m in 27e from EUR 1,125m previously and EUR 1,500m in 28e from EUR 1,375m previously. Piraeus is one of our top picks in the sector, with TP of EUR 6.50/share.
Alpha Services and Holdings Share Buyback
Alpha announced that during the period between 3.4.2025 and 8.4.2025, it purchased 700,000 own shares at a volume weighted average price of EUR 2.0438/share and a total cost of EUR 1,430,677.80. Following the above purchases, Alpha holds 41,416,181 own shares or 1.76% of shares outstanding.
Alter Ego Media results out
The company announced a good set of results with revenues up by 14.8% y-o-y to EUR 124.4m. In terms of profitability, EBITDA increased by 37.4% y-o-y, to EUR 46.7m, while net profits rose to EUR 10.9m, up by 180% y-o-y. The company has a net cash position of EUR 5.4m and the management will propose to the upcoming AGM the dividend distribution of EUR 0.10 per share and the introduction of a three-year SCRIP dividend program for up to EUR 30m.
Loulis Food Financial Calendar
Loulis Foods announced that it will report FY24 results on Monday 28 April 2025, the AGM will be held on Wednesday 21 May 2025, while dividend ex-date set for Monday 26 May 2025.
Greek equities finished with 3.5% gains yesterday, following 2.7% losses on Wednesday, with daily turnover standing at EUR 324m. The banking index rose 2.9% on the day, with Alpha Bank outperforming, up 6.1%, Piraeus Bank gaining 3%, NBG and Eurobank rising c.1.9% and c.1.6% respectively. On non-financials, Metlen gained c.5.2%, GEK Terna and Titan were both up 4.4%, Jumbo and PPC rose 4% and 4.1% respectively and Cenergy marked a 3.9% advance. Moreover, Lamda was up 3.3%, OPAP recorded a 2.9% rise and OTE finished 1.6% higher.
MACRO – CORPORATE NEWS
MACRO
According to ELSTAT, inflation stood at 2.4% yoy in March 2025, mainly driven by a 6% rise in the sectors of hotels-cafes-restaurants and a 5.9% yoy increase in housing prices.
NBG <ETE GA, OW>
Reportedly, NBG and Alpha Trust denied that they are in negotiations for a potential acquisition.
ALTER EGO MEDIA <AEM GA>
Alter Ego Media released a solid set of FY24 results, with revenues increasing 14.8% yoy, reaching EUR 124.4m, led by growth in both operating segments. Broadcasting and content creation revenues rose 14.4% yoy to EUR 85.9m and publishing sales reached EUR 38.4m, up 15.5% yoy. Group EBIT stood at 17.1m from EUR 8.2m in 2023 and EBITDA grew 37.4% yoy, reaching EUR 46.7m. Moreover, PBT amounted to EUR 12.9m vs EUR 4.1m in 2023 and net profits for the period increased to EUR 10.9m from EUR 3.9m in 2023. In 2024 Alter Ego’s net cash position (excluding leasing) amounted to EUR 5.4m, from EUR 2.2m net debt (excluding leasing) in 2023. The proposed DPS for FY24 stands at EUR 0.10, while the company will also propose a three-year script dividend program up to a total of EUR 30m in the AGM scheduled for June 17th 2025.
METLEN <MYTIL GA, OW>
Mr. Evangelos Mytilineos stated in an interview with Bloomberg that Metlen is actively looking at other possible defense cooperation agreements within and outside of Greece.
Market Comment // In sync with EU markets, Greek equities staged a bounce back on Thursday with the benchmark index rallying 3.54%, after briefly spiking as much as 8% intraday. Trading activity surged to €324m, with banks accounting for >62% of the total value. The rally was widespread, with mid/small caps Quest, EXAE, Intralot, Fourlis, Ellaktor and Real surging more than c6%, and large caps Alpha Bank, Viohalco, Metlen and BoC up >5%, followed by significant gains in ELHA, Titan, GEK Terna, Optima, PPC and Jumbo (>4%). On the other hand, Autohellas (-5.3%) traded ex-dividend (7% yield) and thus finished in the red. Today, EU futures point to a slightly positive open, as investors gravitate toward non-US exposures amid lingering skepticism on the upcoming tariff negotiations.
PPC // According to energypress, the HERON 1 OCGT power plant is scheduled to commence commissioning in April. Relocated from PPC under a two-year lease agreement with GEK TERNA, which includes a purchase option, the plant comprises three gas turbine units with a total capacity of 147 MW. The report notes that two units will be operational by end-April, with the third coming online in May, allowing the plant to supply its full capacity to the island’s electricity system.
Aegean Airlines // Aegean Q1’25 traffic rose 8.4% yoy reaching 3.1m passengers through 3.86m seats offered (+8.8% yoy) in the period. International passengers increased by 11.7% yoy in the first three months of 2025, thanks to strong growth to/from Athens airport (+12.1%), while domestic passenger growth was more moderate (+3.3%) in Q1’25. As a reminder, Aegean plans to expand seat capacity by 9% yoy in 2025 (or +1.8m seats), reaching a total of c21.5m seats offered.
Alter Ego Media // The Group reported strong growth in 2024, with revenue up 14.8% to €124.4m, EBITDA rising 37.4% to €46.7m, and net profit jumping 180% to €10.9m. Both publishing and broadcasting segments contributed significantly to the performance. BoD proposed a €0.10/share dividend, alongside a three-year optional dividend reinvestment plan worth up to €30m.
ADMIE Holding // The Great Sea Interconnector appears to be facing delays, despite earlier indications of progress. Recent comments by Greek Foreign Minister suggest a more cautious approach, likely influenced by broader geopolitical considerations, with the absence of a Navtex for seabed surveys and limited public communication from authorities point to a temporary pause rather than outright cancellation.
Quest // In a confident call yesterday, Quest mgt noted that its 2025 guidance for >€100m EBITDA (+9% yoy) looks well underpinned by the growth anticipated in the group segments and the addition of Benrubi (since Feb’25). Quest will continue investing in its businesses in 2025, with some €20m investments planned in ACS, on top of the €27m for the Benrubi acquisition and another €8-10m for the remaining segments. Finally, mgt stressed that its activities are not directly affected by the current environment.
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