Hellenic Exchanges (EXAE) Q2 2024 earnings summary

Executive summary

• Turnover rose 17% year-over-year to €26.8 million in H1 2024, driven by higher trading activity, new listings, and technology services.

• Net after-tax profit increased 43% to €9.4 million, with EBITDA up 34.7% and EBIT up 41%.

• The General Index climbed 9.8% and market capitalization rose 28.4%, surpassing €97.6 billion.

• Major capital raised included €784–785 million from Athens International Airport's IPO and €200 million from Autohellas bond listing.

• Foreign investor participation in market capitalization increased to 65.1%.

Financial highlights

• Group turnover: €26.8 million (+17% YoY); EBITDA: €12.8 million (+34.7% YoY); EBIT: €10.8 million (+41% YoY).

• Net earnings after tax: €9.4 million (+43% YoY); adjusted EPS: €0.162 (vs. €0.114 in H1 2023).

• Operating expenses rose 3.7% to €12.8 million, mainly due to a 7.7% increase in personnel costs.

• Cash and cash equivalents at €74.6 million as of June 30, 2024.

• Dividend of €0.24 per share for FY 2023 paid in July 2024, totaling €14.5 million.

Outlook and guidance

• EBITDA margin for H1 2024 was 50%; expected to decline in H2 due to seasonality but remain above prior years.

• Operating expenses and CapEx are set to rise in H2, with CapEx for 2024 projected at €6–6.5 million.

• Greek economy expected to grow 2.2% in 2024, with continued investment and private consumption momentum.

• Risks include geopolitical tensions, climate-related events, and delays in reforms or EU fund absorption.

• Dividend policy aims to distribute nearly all net profit, with no capital return planned.