Hellenic Exchanges-Athens Stock Exchange S.A.

Earnings Release • Jul 28, 2025

28 July 2025

Athens Exchange Group | www.athexgroup.gr

H1 2025 Financial Results

1

PRESS RELEASE

Strong Market Growth and Financial Performance for the Athens Exchange Group in H1 2025

Turnover increases by 27% and profitability by 44%

The Athens Exchange Group announces its financial results for the 1st half of 2025.

Highlights of the 1st Half 2025 Financial Results

• Turnover increased by 26.9% and amounted to €34.0m in the first half of 2025 (compared to €26.8m in the first half of 2024).
• Operating expenses (OPEX) increased by 12.5%. OPEX was €14.4m in the first half of 2025 compared to €12.8m in the corresponding period of 2024.
• Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) increased by 41.4% compared to the first half of 2024. EBITDA was €18.1m in the first half of 2025 compared to €12.8m in the first half of 2024. The EBITDA margin increased to 55.6% in the first half of 2025 compared to 50.0% in the first half of 2024..
• The Consolidated Earnings After Tax (EAT) increased by 43.6% compared to the first half of 2024. EAT was €13.5m compared to €9.4m in the first half of 2024.

1st Half 2025 Market Overview

• The General Index of the Athens Stock Exchange closed 33.0% higher in the first half of 2025 compared to the end of the first half of 2024.
• The Index of the Alternative Market of the Athens Stock Exchange increased by 24.8% in the first half of 2025 compared to the corresponding period of 2024.
• In the 1st half of 2025, capital totaling €592m was raised, out of which €369m through rights issues and €223m through new listings (IPOs).
• The Average Daily Trading Value was €197.7m, increased by 37.5% compared to the first half of 2024 (€143.8m).
• The Αverage Capitalization of the market increased by 19.2% in the first half of 2025 compared to the Αverage Capitalization in the first half of 2024 (€116.3bn compared to €97.6bn).
• The participation of foreign investors in the capitalization of the market reached a historic high of 68.8% in the first half of 2025 compared to 65.1% in the first half of 2024.
• The trade volume in the Derivatives Market increased by 22.6% to 51.6 thousand contracts daily in the first half of 2025, compared to 42.1 thousand contracts in the first half of 2024.

General Index	+33.0%
Index of the Alternative Market	+24.8%
Total Capital Raised	€592 mil.

Average Daily Trading Value

+37.5%

mil. €

% of Foreign Investors' Participation in

Capitalization

Η1 2024 Η1 2025

143.8 197.7

CEO's Statement

Yianos Kontopoulos CEO ATHEXGROUP

The first half of 2025 marked a period of strong momentum for our Group and significant growth for the Greek capital market. With five consecutive years of positive performance, our market continues to rank among the top globally for 2025. "

Our financial results clearly reflect this continuous momentum and the ever-increasing investor confidence. The substantial increase in both revenue and profitability highlights the success of our strategic direction and empowers us to continue investing to enhance our competitiveness and support our growth.

Our overarching objective remains the elevation of the Athens Stock Exchange to developed market status, while building a resilient foundation for sustainable, long-term growth. "

Comments on the Results

Turnover in the first half of 2025 for the Athens Exchange Group was €34.0 million compared to €26.8m in the first half of 2024, up 26.9%. 67.6% of the turnover of the Group comes from fees on trading and post-trading services (mainly clearing and settlement of trades) on the Athens Stock Exchange; 19.7% concerns listing and other services to listed companies, data services et al. Finally, 12.7% comes from technology services which include digital services, infrastructure and technology solutions to other organized markets in Greece and abroad, as well as other ancillary services.

Total operating expenses in the first half of 2025 were €14.4m compared to €12.8m in the first half of 2024 as a result of the increase in personnel costs by 18.2% (€8.8m the first half of 2025 compared to €7.5m the first half of 2024), while other operating expenses increased by 4.7%.

As a result of the above, the Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) in the first half of 2025 were €18.1m compared to €12.8m in the first half of 2024, increased by 41.4%. The EBITDA margin increased to 55.6% in the first half of 2025 compared to 50.0% in the first half of 2024.

The consolidated Earnings Before Interest and Taxes (EBIT) in the first half of 2025 amounted to €15.8m vs. €10.8m in the first half of 2024, increased by 46.3%.

Finally, Consolidated Earnings After Tax (EAT) increased by 43.6% and amounted to €13.5m (€9.4m in the first half of 2024).

Based on the guideline for the Alternative Performance Measures (APMs) published by the European Securities and Markets Authority (ESMA), the adjusted earnings per share were €0.233 in the first half of 2025 compared to €0.162 in the corresponding period of 2024.

1st Half 2025 Market Οverview

The General Index closed at 1,868.02 points at the end of the first half of 2025, a gain of 33.0%, one of the best market performances worldwide. The total market capitalization increased by €22.9 billion, reaching €126.7 billion, the highest market valuation since 2007. In the first half of 2025, the average daily trading activity significantly strengthened, reaching €197.7 million, the highest level since 2009 and the fifth consecutive year of growth.

The price index of the Alternative Market closed at 16,710.88 points, recording an increase of 24.8%, compared to the first half of 2024. Capitalization of the Alternative Market increased by 11.1%, compared to the first half of 2024, reaching €717.0 million. The average daily trading value of the Alternative Market decreased reaching €647 thousand, from €1,299 thousand at the end of the first half of 2024.

During the first half of 2025, a total of €592 million was raised, out of which €369 million through rights issues and €223 million through 3 new listings (IPOs).

Disclaimer

The information, statements and opinions set out in this Press Release have been provided by «HELLENIC EXCHANGES – ATHENS STOCK EXCHANGE S.A.» («ATHEX») together with its consolidated subsidiaries (the "ATHEXGROUP"). They serve informational only purposes and do not purport to be comprehensive nor render any form of legal, tax, investment, accounting, financial or other advice and does not form the basis for an informed investment decision. You are solely responsible for forming your own opinions and conclusions on such matters and you should consult with your own advisors as to the legal, tax, business, financial and related aspects and/ or consequences of any investment decision.

Whilst reasonable care has been taken to ensure that the present's content is true and accurate, no representations or warranties, expressed or implied are given, in respect of the completeness, accuracy or fairness of any information included herein, any other written or oral information provided in connection with the present. ATHEXGROUP is not obliged to provide the recipient with access to any additional information, to update, revise or supplement the present or any additional information or to remedy any inaccuracies or omissions.

To the fullest extent permitted by law, in no circumstances will ATHEX, or any of its respective subsidiaries, shareholders, representatives, directors, employees, or advisors be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of the present, its content, its omissions, reliance on the information contained within it, or otherwise arising in connection with the latter and accept no liability for any loss howsoever arising, directly or indirectly, from any use of the information in the present or in connection with the latter.

Certain information contained herein refer to future events and expectations that are forward-looking. Such estimates and forward-looking statements are based on current expectations of future events and trends, which affect or may affect ATHEXGROUP. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by words, such as "may", "will", "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", "would", "could" or similar expressions. Any such forward-looking statements are not a reliable indicator of future performance, as they may involve significant stated or implied assumptions and subjective judgements which may or may not prove to be correct. Therefore, these forward-looking statements are subject to numerous risks and uncertainties and there are important factors that could cause actual results to differ materially from those included in forwardlooking statements, certain of which are beyond the control of ATHEXGROUP. There can be no assurance that any particular forward-looking statement will take place, and ATHEXGROUP expressly disclaims any obligation or undertaking to release any updates or revisions to any forward-looking statement to reflect any change in its expectations with regard thereto or any changes in events, conditions or circumstances on which any forward-looking statement is based. Accordingly, the reader shall not place undue reliance on forward-looking statements.

Unless otherwise specified, all information included herein is as of the date of the present. Neither the delivery of the present nor any other communication with its recipients shall, under any circumstances, create any implication that there has been no change in ATHEXGROUP's affairs since such date. Except as otherwise noted herein, ATHEXGROUP does not intend to, nor will it assume any obligation to update the present.

About ATHEXGROUP

At Athens Exchange Group, we focus on providing efficient and transparent market infrastructure that supports the Greek capital market. We are committed to delivering a wide range of reliable services to our customers, including listing, trading, post-trading, data, and IT services, fostering the sustainable growth of the market.

For more information:

press@athexgroup.gr + 30 210 3366723

www.athexgroup.gr

Athens Exchange Group | www.athexgroup.gr

H1 2025 Financial Results

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