Hellenic Exchanges (EXAE) Q1 2025 earnings summary

Executive summary

• Q1 2025 saw robust financial and strategic progress, with turnover up 17% to €15.8m and record trading activity and market capitalization levels not seen since before the financial crisis.

• Earnings after tax rose 31.5% to €5.7m, with EPS at €0.130 versus €0.102 year-over-year.

• Total comprehensive income after taxes increased to €7.5m from €5.9m year-over-year.

• Market capitalization reached €118bn, the highest since 2007, with the General Index up 18.5% and Alternative Market Index up 23.2% year-over-year.

• €322m was raised in Q1 2025 through rights issues and IPOs, reflecting strong investor interest.

Financial highlights

• Consolidated turnover for Q1 2025 was €15.8m, up 17% from €13.5m in Q1 2024.

• EBITDA rose 28.1% to €8.2m, EBIT increased 34% to €7.1m, and consolidated earnings after tax grew 29.5% to €5.7m.

• Cash and cash equivalents at March 31, 2025, were €77.4m, up from €68.6m at end-2024.

• Total assets increased to €497.8m from €491.0m at year-end 2024.

• Retained earnings rose to €66.1m from €60.4m at year-end 2024.

Outlook and guidance

• Operating expenses expected to grow at mid- to high-single digits for the year, not reaching double digits.

• Management affirms the going concern principle, citing strong liquidity and positive market trends.

• Strategic focus on growth, innovation, and global competitiveness, with continued investment in people, technology, and services.

• Anticipated increased revenues from upcoming bank IPOs, with potential fees around €10m, spread over five years.

• Inclusion on major international index watchlists for potential reclassification to developed market status.