Hellenic Exchanges (EXAE) Q2 2025 earnings summary

Executive summary

• Turnover rose 27.1% year-over-year to €34.0m, with EBITDA up 41.4% to €18.1m and net earnings up 43.8% to €13.5m, driven by increased trading and post-trading activity.

• The Athens Exchange General Index climbed 33% year-over-year, with market capitalization up 19.2% and transaction value up 38.2%.

• Three new IPOs were completed, the highest in a decade, and €592m in capital was raised in H1 2025.

• Foreign investor participation reached a record 68.8%.

• Five consecutive years of positive performance, with a focus on elevating the exchange to developed market status.

Financial highlights

• Group EBITDA margin improved to 55.6% from 50.0% year-over-year.

• EBIT increased 47% to €15.8m; net earnings after tax reached €13.5m, up 43.8%.

• Parent company net earnings after tax rose 68.4% to €19.8m.

• Cash and cash equivalents at €75.1m; third-party balances in clearing accounts at €411.6m.

• Dividend of €0.29 per share paid for FY 2024.

Outlook and guidance

• Greek GDP grew 2.2% in Q1 2025, with forecasts of 2.3% growth for 2025 and stable growth through 2027.

• Market fundamentals and international investor interest remain strong, with potential for a developed market upgrade.

• Strategic focus on sustainable, long-term growth and achieving developed market status.