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 trading activity at its highest since 2009, supported by strong market interest and investor activity.

• EBITDA rose 28.1% to €8.2m, EBIT increased 34% to €7.1m, and consolidated earnings after tax grew 29.5% to €5.7m compared to Q1 2024.

• Market capitalization reached €118bn at quarter-end, the highest since before the financial crisis, 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.

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

Financial highlights

• Consolidated turnover increased 17% year-over-year to €15.8m, with 67.7% from trading/post-trading, 19.8% from listing/data, and 12.5% from technology services.

• EBITDA grew to €8.2m from €6.4m year-over-year; EBIT increased to €7.1m from €5.3m.

• Net after-tax earnings rose 31.5% to €5.7m.

• Cash and cash equivalents stood at €77.4m at quarter-end, up from €68.5m at year-end 2024.

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

Outlook and guidance

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

• Personnel cost increases are tied to variable compensation linked to operating performance.

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

• 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.