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Hellenic Exchanges-Athens Stock Exchange S.A.
Quarterly Report • Jul 28, 2025
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Quarterly Report
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HELLENIC EXCHANGES – ATHENS STOCK EXCHANGE S.A.
SIX MONTH 2025 FINANCIAL REPORT
For the period 1 January 2025 – 30 June 2025
In accordance with the International Financial Reporting Standards
ATHENS EXCHANGE GROUP 110 Athinon Ave. 10442 Athens GREECE GEMI: 003719101000
| 1. DECLARATIONS BY MEMBERS OF THE BOARD OF DIRECTORS 4 | ||
|---|---|---|
| 2. MANAGEMENT REPORT OF THE BOARD OF DIRECTORS6 | ||
| 3. INDEPENDENT AUDITORS' REVIEW REPORT18 | ||
| 4. FIRST HALF 2025 COMPANY & CONSOLIDATED FINANCIAL STATEMENTS21 | ||
| 4.1. | Interim Statement of Comprehensive Income 22 | |
| 4.2. | Interim Statement of Financial Position24 | |
| 4.3. | Interim Statement of Changes in Equity25 | |
| 4.4. | Interim Cash Flow Statement 27 | |
| 5. NOTES TO THE FIRST HALF 2025 INTERIM FINANCIAL STATEMENTS 28 | ||
| 5.1. | General information about the Company and its subsidiaries 29 | |
| 5.2. | Basis of presentation of financial statements and key estimates 29 | |
| 5.3. | Accounting Principles and new Standards30 | |
| 5.4. | Segment Information 32 | |
| 5.5. | Overview of the capital market 33 | |
| 5.6. | Trading 33 | |
| 5.7. | Post trading34 | |
| 5.8. | Listing34 | |
| 5.9. | Data services 34 | |
| 5.10. | IT, Digital and Other Services35 | |
| 5.11. | Ancillary services35 | |
| 5.12. | Personnel remuneration and expenses36 | |
| 5.13. | Third party remuneration and expenses 36 | |
| 5.14. | Maintenance / IT Support 37 | |
| 5.15. | Building / equipment management 37 | |
| 5.16. | Utilities 37 | |
| 5.17. | Other operating expenses 37 | |
| 5.18. | Taxes 38 | |
| 5.19. | Owner occupied tangible and intangible assets38 | |
| 5.20. | Leases 38 | |
| 5.21. | Participations and other long-term claims39 | |
| 5.22. | Trade and other receivables 40 | |
| 5.23. | Financial assets40 | |
| 5.24. | Cash and cash equivalents 41 | |
| 5.25. | Third party balances in bank accounts of the Group41 | |
| 5.26. | Deferred Tax42 | |
| 5.27. | Contractual obligations 43 | |
| 5.28. | Equity and reserves 44 | |
| 5.29. | Trade and other payables45 | |
|---|---|---|
| 5.30. | Taxes payable45 | |
| 5.31. | Current income tax and income taxes payable46 | |
| 5.32. | Related party disclosures 47 | |
| 5.33. | Litigation or arbitration disputes and other contingent liabilities 49 | |
| 5.34. | Risk Policies and Management 49 | |
| 5.35. | Fair value50 | |
| 5.36. | Events after the date of the Statement of Financial Position52 |
1. DECLARATIONS BY MEMBERS OF THE BOARD OF DIRECTORS
(in accordance with article 5 of Law 3556/2007)
WE DECLARE THAT
-
- to the best of our knowledge, the separate and consolidated interim Financial Statements of the Group and the Company, which have been prepared in accordance with the International Financial Accounting Standards as adopted by the European Union and are in effect, reflect in a true manner the assets, liabilities and equity on 30.06.2025 and the results of the first half of 2025 of HELLENIC EXCHANGES-ATHENS STOCK EXCHANGE S.A. (ATHEX), as well as of the companies that are included in the consolidation taken as a whole;
-
- to the best of our knowledge, the attached report of the Board of Directors for the first half of 2025 reports in a truthful manner the performance and position of HELLENIC EXCHANGES-ATHENS STOCK EXCHANGE S.A. (ATHEX), as well as of the companies that are included in the consolidation taken as a whole, including a description of the main risks and uncertainties that they face;
-
- to the best of our knowledge, the separate and consolidated Financial Statements of the first half of 2025 are those that have been approved by the Board of Directors of HELLENIC EXCHANGES-ATHENS STOCK EXCHANGE S.A. (ATHEX) on 28.07.2025 and have been published by being uploaded on the internet, at www.athexgroup.gr.
Athens, 28 July 2025
THE CHAIRMAN OF THE BoD
THE CHIEF EXECUTIVE OFFICER
THE MEMBER OF THE BoD
GEORGE HANDJINICOLAOU YIANOS KONTOPOULOS GIORGOS DOUKIDIS
2. MANAGEMENT REPORT OF THE BOARD OF DIRECTORS
OF
"HELLENIC EXCHANGES-ATHENS STOCK EXCHANGE S.A." FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2025
(in accordance with article 5 of Law 3556/2007)
The Board of Directors of HELLENIC EXCHANGES-ATHENS STOCK EXCHANGE SA (Athens Exchange or ATHEX or the Company) publishes its Report on the separate and consolidated Financial Statements for the period that ended on 30.06.2025, in accordance with the provisions of Law 4548/2018, Law 4706/2020, article 5 of Law 3556/2007 and the implementation decisions issued thereon by the Board of Directors of the Hellenic Capital Market Commission.
The separate and consolidated interim financial statements have been prepared in accordance with the International Financial Reporting Standards that were adopted by the European Union, and in particular IAS 34.
Business Developments in 2025
In 2025 the Group continues to implement its strategy, which is based on 5 main pillars: a) increase trading activity; b) increase revenue from existing services and explore new ones; c) optimize servicing its international customers; d) improve the operational model of the Group; and e) digital innovation.
Activity on the Athens Stock Exchange markets
Key market data
The Athens Exchange General Index closed on 30.06.2025 at 1,868.02 points, 33.0% higher than the close at the end of the corresponding period last year (1,404.26 points). The average capitalization of the market was €116.3bn, increased by 19.2% compared to the corresponding period in 2024 (€97.6bn).
The total value of transactions in the 1st half of 2025 (€23.9bn) is 38.2% higher compared to the corresponding period last year (€17.3bn), while the average daily trade value was €197.7m compared to €143.8m in the 1st half of 2024, increased by 37.5%.
In the 1st half of 2025, capital totaling €592m was raised, out of which €369m through rights issues and €223m from new listings (IPOs).
Organized market – corporate actions
During the first half of 2025 3 new listings (IPOs) took place at the Main Market of the Athens Stock Exchange, all of which were oversubscribed. This is the largest number of new listings on the Exchange during the last decade, and a strong signal that our market is once again fulfilling its role as a capital raising mechanism for enterprises.
At the end of June, Alpha Bank absorbed Alpha Services and Participations. Following the completion of the absorption, the 2,315,124,036 new shares of the Bank were listed for trading in the Main Market of the ATHEX organized market.
The largest corporate actions in the first half of 2025 were the following:
| Company | Corporate action |
Capital raised (€m) |
|||
|---|---|---|---|---|---|
| Aktor Group | Rights issue | 200 | |||
| Qualco Group | IPO | 113 | |||
| Athens International Airport | Rights issue | 85 | |||
| Evropi Holdings | Rights issue | 68 | |||
| Alter Ego Media | IPO | 57 | |||
| Fais Holding | IPO | 53 |
Corporate actions – new listings (IPOs, right issues) *
* IPO – Initial Public Offer
New Group website
During the first half of 2025, the creation of the new website of the Athens Exchange Group was completed. The project includes the design, development and launch of a new Group website to revitalize the Group's digital presence and enhance the user experience. It prioritizes modern design, improved responsiveness and easy access to all of the Group's services and tools.
With the above project, the Group anticipates an increased online presence, positioning the Athens Stock Exchange as a leading financial institution, offering comprehensive market data and information as well as enhanced customer experience through a more user-friendly interface and improved functionality, leading to increased interaction with the Group's services.
Promoting the market | digital innovation
In 2025, the Athens Exchange Group dynamically strengthened its presence with a wide range of activities in Greece and abroad, aiming to enhance the visibility of the Greek capital market, to inform the business community, as well as to promote innovation and the financial tools of the Exchange.
- On 12 March, under the auspices of the Region of Thessaly, a presentation was organized in Larissa on the topic: "The financial tools of the Athens Stock Exchange and its role in enhancing the development of Greek enterprises", which was attended by a large number of representatives of local businesses and productive bodies.
- In early April, the Group participated as a sponsor in the Wood's EME NYC Conference, where the Greek participation was the largest ever in this event, confirming the growing interest of the international investment community in the Greek market.
- The ATHEX Tech Summit 2025 took place on 14 May, aiming to give companies, listed and unlisted, the opportunity to learn about the latest trends in the field of digital technologies from leading executives of the technology sector. The event included sessions on leveraging artificial intelligence (GenAI), data analytics, cyber protection and compliance, and infrastructure.
- On 15 and 16 May, the Group participated and sponsored Wood's Greek Retreat 2025, with a record 32 listed companies from key sectors of the economy participating, aiming to steadily promote Greek businesses to the international investment community.
- At the end of May, the Group participated and sponsored the CEE Equity Conference 2025, with the participation of listed companies and institutional investors from Central and Eastern Europe (11 companies listed on the Athens Stock Exchange), offering substantial opportunities for networking and face-to-face meetings that enhance cross-border investment and cooperation.
Environment – Society –Governance (ESG)
Regarding ESG (Environment, Society, Governance), the Group published for the first time a Sustainability Statement as part of the 2024 Financial Report, taking into account the key principles outlined in the ESRS.
Also, as part of its corporate social responsibility activities, in 2025, it donated two modern vehicles to the Hellenic Fire Service, in order to enhance its operational capabilities in responding to fires and protecting citizens and the environment.
Comment on the results
Results of the Group for the first half of 2025
Turnover in the first half of 2025 for the Athens Exchange Group was €34.0m compared to €26.8m in the first half of 2024, increased by 27.1%. 67.6% of the turnover of the Group is from fees on trading, post-trading services (mainly clearing and settlement) of trades on the Athens Exchange, 12.7% is from technology services
such as digital services, infrastructure and technology solutions to other markets, and 19.7% from other services (listings / services to issuers, data services et al.)
EBITDA was €18.1m compared to €12.8m in the corresponding period last year, increased by 40.9%. The EBITDA margin increased to 55.6% in the first half of 2025 compared to 50.0% in the first half of 2024.
Earnings Before Interest and Taxes (EBIT) were €15.8m vs. €10.8m in the corresponding period last year, increased by 47.0%.
After deducting €3.8m in income tax, the net after tax earnings of the Athens Exchange Group amounted to €13.5m, increased by 43.8% compared to the first half of 2024. After including Other Comprehensive Income (valuation of participations), earnings amounted to €15.0m compared to €10.6m in the corresponding period last year, increased by 41.3%.
Parent Company of the Athens Exchange Group
For the parent company, turnover was €14.2m, increased by 18.8% compared to the corresponding period last year.
EBITDA was €5.4m compared to €4.1m in the corresponding period last year, increased by 32.2%.
Earnings Before Interest and Taxes (EBIT) were €4.0m vs. €2.8m in the corresponding period last year, increased by 42.6%.
After deducting €1,020 thousand in income tax, the net after tax earnings for the parent company amounted to €19.8m vs. €11.7m, increased by 68.4%. After including Other Comprehensive Income (valuation of participations), earnings amounted to €21.3m compared to €13m in the corresponding period last year, increased by 63.9%.
Financial assets at fair value through other comprehensive income
After its successful participation in the contest by CMA Kuwait to privatize Boursa Kuwait, ATHEX is a shareholder of Boursa Kuwait with a 0.779% stake, corresponding to 1,564,500 shares.
The shares of Boursa Kuwait began trading in the Kuwait organized securities market on 14.09.2020. On 30.06.2025 the shares posted a valuation gain of €2.0m compared to 31.12.2024 which is accounted in the special securities valuation reserve.
Third party balances in ATHEXClear bank accounts
The Group, through its subsidiary ATHEXClear is aligned with the corporate governance framework determined by Regulation (EU) 648/2012 of the European Parliament and Council (EMIR Regulation), and keeps all cash collaterals that are being managed by the Company and concern the cash market and the derivatives market, as well as the cash balances of ATHEXClear, in an account it maintains at the Bank of Greece (BoG) as a direct participant over the internet to the TARGET2-GR Express Transfer of Capital and Settlement System in real time (TARGET2-GR).
Therefore, its own cash balance and the balances of third parties (margins) are deposited in the same account that ATHEXClear maintains at the Bank of Greece, and as a result a separation of the assets is necessary for the collateral that ATHEXClear collects to be shown separately in the current assets of 30.6.2025. In the Statement of Financial Position of 30.6.2025, they are reported as equal amounts in both current assets and short-term liabilities as "third party balances at the Company bank account" and concern exclusively the margins in the derivatives market that were deposited in the bank account that ATHEXClear maintains at the BoG on 30.6.2025.
On 30.6.2025 at the BoG bank account cash market margins of €229.6m and derivatives market margins of €180.3m had been deposited.
Share Capital
The share capital of the Company is €25,346,160.00 and is divided into 60,348,000 shares, with a par value of €0.42 each.
The Company is listed on Athens Exchange, and its shares are traded in the ATHEX cash market, in the Main Market – High Liquidity Class. The shares of the Company are common registered, with a voting right.
Treasury Stock
The General Meeting on 31.05.2021 granted authorization for the Company to acquire own shares in accordance with the terms and conditions of article 49 of Law 4548/2018, for a time not to exceed twelve (12) months, at a minimum price of €0.49 and a maximum price of €5.00 per share. The maximum number of own shares acquired will not exceed 10% of the paid-in share capital.
The share buyback program began on 3.12.2021 and was completed on 30.11.2022. The Company possesses 2,498,000 shares, at an average acquisition price of €3.336 per share and a total cost of €8.33m; these shares correspond to 4.14% of the voting rights of the Company.
The General Meeting on 08.06.2023 granted authorization for the Company to acquire own shares in accordance with the terms and conditions of article 49 of Law 4548/2018, for a time not to exceed twenty-four (24) months, at a minimum price of €0.42 and a maximum price of €6.00 per share. The maximum number of own shares acquired will not exceed 10% of the paid-in share capital.
The program was completed in June 2025 without any purchases.
Dividend policy
The Annual General Meeting of Hellenic Exchanges-Athens Stock Exchange shareholders on 12.06.2025 decided to distribute dividend for fiscal year 2024 amounting to €17,500,920 or €0.29 per share to shareholders. Out of this amount, €12,069,600 concerns the distribution of part of the earnings for fiscal year 2024 and the amount of €1,901,784 concerns the distribution of part of the earnings for fiscal year 2012. Finally, the amount of €3,529,536 concerns the distribution of Taxed Reserves of the Company. The ex-date of the right to the dividend was on 25.06.2025, and the dividend was paid on 30.06.2025.
Related party transactions
Transactions that concern payroll costs for the executives and the executive members of the BoD for the first half of 2025 amounted to €2,193 thousand for the Group and €1,610 thousand for the Company. Besides these transactions, as well as the transactions mentioned in note 5.32 of the attached financial statements, there are no other related party transactions, as defined by IAS 24, which could materially affect the financial position or the performance of the Group during the period in question. There is no (credit or debit) balance from these transactions on 30.06.2025. For the other related party transactions, see note 5.32.
Branch Offices
The Group through its subsidiary "HELLENIC CENTRAL SECURITIES DEPOSITORY" – ATHEXCSD has a branch office in Thessaloniki, at Katouni St.
Prospects for 2025 and beyond
The Greek economy is maintaining its momentum, despite the challenges of the international environment. GDP grew by 2.2% in the first quarter of 2025, significantly exceeding the eurozone average. The continuation of the growth trajectory, combined with the ongoing – albeit slow – decline in inflation, strengthens the prospects for steady economic progress in the coming years. Forecasts point to growth of 2.3% in 2025 and stable levels of around 2% until 2027, with inflation remaining at controlled levels.
Financial conditions are being strengthened by the easing of interest rates at the international level, while yields on Greek government and corporate bonds continue their downward trend, reflecting the improvement in the country's credit rating. The continuous upgrades of Greek bonds to investment grade are a decisive factor in attracting international investor interest.
The steady upward trend of the Greek capital market is supported by the strong fundamentals of listed companies, both banking and non-banking. 2024 was a landmark year, with the best performance in 19 years in key financial indicators such as EBITDA, operating cash flow, equity, and liquidity. Non-banking companies recorded record EBITDA (€14.8 billion), enhanced profitability (€6.8 billion), increased operating cash flows, and significant investments (CAPEX over €10 billion). At the same time, banks recorded a significant increase in their net profitability (+10.5%), while also boosting returns to their shareholders with dividends of €1.5 billion for 2024.
Of particular importance is the strengthening of the Greek capital market, which continues to show strong growth. The Athens Stock Exchange General Index rose by 34.0% in the first seven months of 2025 (to 25.7), reaching 1,968.72 points, while the average daily turnover increased by 45.6% on an annual basis, exceeding €200 million.
In this context, the Greek capital market is now being monitored by international rating agencies for a possible upgrade to the developed markets category by organizations such as S&P Dow Jones, FTSE Russell, and Stoxx. The possibility of this upgrade further strengthens the country's investment narrative.
In conclusion, despite ongoing international geopolitical uncertainties, the Greek economy and capital market are showing clear signs of resilience and positive prospects, with domestic developments acting as a stabilizing factor and catalyst for further upgrading the country's investment profile.
Turnover – risks and uncertainties
Besides the fees from trading that takes place in the ATHEX markets and which are collected through the Members, important revenue streams for the Athens Exchange Group are also fees from orders and Member terminals, revenue from Member and Operator subscriptions, revenue from subscriptions and rights issues of listed companies and corporate actions in general, revenue from data vendors, revenue from administrative, IT and IT support services, educational services etc.
The turnover of the Group depends, to a large extent, on factors over which it has no influence, since they are connected with developments in the Greek capital market, which in turn are affected by a series of factors such as, the key financial data of listed companies, the fundamental macroeconomic data of the Greek economy as well as developments in international capital markets.
Contrary to revenues, which cannot be controlled by the companies of the Group, on the cost side concerted efforts are being made to rationalize them, in order to improve the financial results of the Group and allocate them in activities of added value.
Risk Management
In an increasingly interconnected global financial landscape, ATHEXGROUP recognizes that sound and proactive risk management is not merely a compliance function but an essential pillar supporting the Group's long-term strategic objectives. ATHEXGROUP's risk management framework is a dynamic, and integral element that ensures operational resilience, safeguards the integrity of the capital market, and mitigates risks inherent in an ever-evolving financial and regulatory environment. Through a comprehensive and forward-looking risk management approach, the Group strives to maintain market stability, protect stakeholders, and promote innovation in a manner that is both sustainable and strategically aligned with the Group's vision.
Risk Management approach
The Group's risk management approach integrates the identification, evaluation, and mitigation of risks across all operational, financial, and strategic domains. This holistic approach ensures that risk is managed within clearly defined boundaries, as established by the Group's risk appetite, which aligns with both the Group's strategic ambitions and its regulatory obligations. Besides the risk appetite, the key components ensuring the effectiveness of the Group's risk management approach include the establishment of a risk inventory, linked to the risk taxonomy and the systematic risk assessment approaches, the transparent risk event management process, the continuous monitoring of key risk indicators (KRIs), the implementation of rigorous internal controls, and the application of advanced stress testing techniques, all of which are essential to assessing the Group's exposure to both current and emerging risks.
Risk Governance
At the core of ATHEXGROUP's risk management approach is a robust governance framework that ensures all material risks are properly identified, assessed, quantified, and managed. This governance approach is designed to not only manage risks proactively but also to ensure that risk considerations are embedded into the Group's strategic initiatives, business plan, and innovation-driven projects. The Board of Directors retains ultimate responsibility for the Group's risk strategy, with oversight and guidance provided by the Risk Committee, which operates with a clear mandate to ensure the effectiveness and integrity of risk management processes across the Group.
The Group's risk management function is led by the Group Chief Risk Officer (GCRO), who is charged with maintaining the independence and objectivity of risk oversight provides executive leadership for the implementation of risk management policies and strategies. Reporting directly to the Risk Committee, the GCRO ensures that risk management activities are aligned with the Group's strategic goals and the broader regulatory environment, supporting the Group to adapt to emerging risks and leverage opportunities. The Risk Units work closely with operational units, internal audit, and compliance teams to instill a culture of risk awareness throughout the organization.
ATHEXGROUP follows the principles of the 3 lines of defense model to ensure effective risk governance. The 1st line is operational management, which is directly responsible for identifying, managing, and mitigating risks within their respective functions, while implementing controls and adhering to established risk policies. The 2nd line comprises of the risk management and compliance functions, with risk management overseeing the identification, assessment, and mitigation of risks. The compliance function, ensures that the Group adheres to all relevant regulations and internal policies. The 3rd line, Internal Audit, provides independent assurance by evaluating the overall effectiveness of the risk management framework and internal controls, offering recommendations for continuous improvement.
Principle Risks Managed
Credit Risk: Credit risk arises from the possibility that a counterparty or market participant may fail to meet its financial obligations, including payment or settlement. This risk is particularly relevant in the Group's clearing and settlement functions, where counterparty default could lead to systemic disruptions. The management of credit risk entails rigorous counterparty assessments, the establishment of collateral arrangements, and the
implementation of exposure limits, ensuring that the Group is safeguarded against the default of key market participants. The Group implements a sophisticated set of risk management tools to accurately quantify and effectively manage credit risk (VaR models, stress testing, Margin/Haircut Back-Testing, Default Fund Coverage under Stress).
Market Risk: Market risk pertains to the potential for financial loss resulting from adverse fluctuations in market prices, including interest rates, foreign exchange rates, or the value of financial instruments. The Group's exposure to market risk is negligible.
Liquidity Risk: Liquidity risk reflects the possibility that ATHEXGROUP may face difficulties in meeting its financial obligations due to an imbalance between liquid assets and liabilities (assets held as liquidity reserve), losses triggered by high liquidity funding cost or suspension of payments when it comes to CCP. To manage liquidity risk, the Group maintains robust liquidity buffers, performing daily liquidity controls through stress tests, thereby safeguarding its ability to maintain operations even under adverse conditions.
Operational Risk: Operational risk encompasses the potential for loss resulting from the failure of internal processes, systems, people, or external events, including fraud, human error, or technological breakdowns. In an increasingly digital and interconnected environment, this risk is amplified by system vulnerabilities, cyber threats, and dependency on critical infrastructure. The Group proactively addresses operational risks by investing in cutting-edge technologies, strengthening internal controls, conducting regular vulnerability assessments, and ensuring business continuity through comprehensive disaster recovery planning.
Legal and Compliance Risk: Legal and compliance risk arises from the possibility of regulatory sanctions, legal penalties, or reputational damage stemming from a failure to comply with applicable laws, regulations, or internal policies. In an environment of continuously evolving regulatory requirements, particularly within the financial markets, the Group's compliance function plays a pivotal role in minimizing this risk. ATHEXGROUP ensures continuous legal oversight, engages in proactive regulatory monitoring, and fosters a culture of compliance to mitigate the risk of non-compliance and safeguard its reputation.
ICT Risk: Information and Communication Technology (ICT) risk pertains to the threat of disruption to the Group's operations due to technological failures, cyber-attacks, data breaches, or inadequacies in IT infrastructure. As financial markets become increasingly reliant on digital platforms, this risk has become more pronounced. The Group mitigates ICT risk through the deployment of state-of-the-art cybersecurity measures, the establishment of secure data management protocols, and the implementation of continuous system monitoring and response mechanisms to safeguard its technological infrastructure from potential threats.
2025
In 2025, the Risk Management Division remained steadfast in its commitment to fortify the organization's risk management framework, with a clear focus on refining risk identification, assessment, and mitigation processes. As part of its approach to ensuring compliance with the Digital Operational Resilience Act (DORA), the Division was actively involved in reviewing, streamlining, and aligning internal processes. This is part of a broader, strategic effort to elevate the organization's resilience by enhancing risk monitoring capabilities, optimizing business continuity planning, and reinforcing third-party risk management, ensuring a robust, future-ready operational environment.
Future Risk Considerations
As ATHEXGROUP continues to evolve, it remains mindful of emerging risks that could affect its operations.
- Technological Disruption: The advent of new technologies, such as blockchain and decentralized finance, presents both opportunities and challenges for traditional exchanges. ATHEXGROUP is exploring the potential integration of these technologies while carefully managing the associated risks.
- Geopolitical and Macroeconomic Risks: ATHEXGROUP continuously monitors global geopolitical developments, economic trends, and regulatory changes to assess their potential impact on the Greek financial markets. This vigilance enables the group to adapt proactively to changes in the global financial landscape.
Significant events after 30.06.2025
Further to the public announcement of July 1, 2025, the Board of Directors of Hellenic Exchanges-Athens Stock Exchange S.A. ("ATHEX" and the "Board") wishes to inform the investing public that, as part of its assessment of the unsolicited all share takeover proposal from Euronext, it has entered into discussions with Euronext.
The Board continues to evaluate the proposal in full compliance with its fiduciary responsibilities to all shareholders and other stakeholders and is advised by Morgan Stanley and expert international and Greek counsel. No agreement has been reached at this time.
There is no event that has a significant effect on the results of the Group and the Company which took place or was completed after 30.06.2025, the date of the six-month 2025 financial statements and up until the approval of the financial statements by the Board of Directors of the Company on 28.07.2025.
Athens, 28 July 2025 The Board of Directors
Alternative Performance Measures
An Alternative Performance Measure (APM) is an adjusted financial measurement of past or future financial performance, financial position or cash flows that is different from the financial measurement defined in the applicable financial reporting framework. In other words, an APM on the one hand is not exclusively based on financial statement standards, and on the other it provides material supplementary information, excluding items that may potentially differentiate from the operating results or the cash flows.
Transactions with a non-operational or non-cash valuation that have a significant effect in the Statement of Comprehensive Income are considered items that affect the adjustment of the indices to APMs. These, nonrecurring in most cases, items may arise among others from:
- Asset impairments
- Restructuring measures
- Consolidation measures
- Sale or transfer of assets
- Changes in legislation, compensation for damages or legal claims
APMs must always be taken into consideration in conjunction with the financial results that have been drafted based on IFRS, and in no instance should they be considered as replacing them. The Athens Exchange Group used APMs for the first time in fiscal year 2016, in order to better reflect the financial and operational performance related to the activity of the Group as such in the fiscal year in question, as well as the previous comparable period.
The definition, analysis and calculation basis of the APMs used by the Group is presented below.
Items affecting the adjustment
In accordance with the financial statements for the first half of 2025, the items that affect the adjustment of the indices used by the Group in order to calculate APMs is the valuation of the participations in Boursa Kuwait and the Belgrade Stock Exchange, as shown in detail in the table below:
| Group | Company | ||||
|---|---|---|---|---|---|
| € thousand | 01.01- 30.06.2025 |
01.01- 30.06.2024 |
01.01- 30.06.2025 |
01.01- 30.06.2024 |
|
| Other Comprehensive Income | |||||
| Valuation of participations | (1,534) | (1,257) | (1,534) | (1,257) | |
| Total | (1,534) | (1,257) | (1,534) | (1,257) |
1. EBITDA =
Earnings Before Interest, Taxes, Depreciation & Amortization
| Group | Company | |||||
|---|---|---|---|---|---|---|
| € thousand | 01.01- 30.06.2025 |
01.01- 30.06.2024 |
Deviation % |
01.01- 30.06.2025 |
01.01- 30.06.2024 |
Deviation % |
| EBITDA | 18,069 | 12,821 | 41% | 5,385 | 4,069 | 32% |
2. EBIT = Earnings Before Interest & Taxes
| Group | Company | |||||
|---|---|---|---|---|---|---|
| € thousand | 01.01- 30.06.2025 |
01.01- 30.06.2024 |
Deviation % |
01.01- 30.06.2025 |
01.01- 30.06.2024 |
Deviation % |
| EBIT | 15,837 | 10,775 | 47% | 4,004 | 2,808 | 43% |
3. EBT = Earnings Before Taxes
| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| € thousand | 01.01- | 01.01- | Deviation | 01.01- | 01.01- | Deviation | |
| 30.06.2025 | 30.06.2024 | % | 30.06.2025 | 30.06.2024 | % | ||
| EBT | 17,274 | 11,959 | 44% | 20,787 | 12,459 | 67% |
4. EAT = Earnings After Taxes
| Group | Company | |||||
|---|---|---|---|---|---|---|
| € thousand | 01.01- | 01.01- Deviation |
01.01- 01.01- |
Deviation | ||
| 30.06.2025 | 30.06.2024 | % | 30.06.2025 | 30.06.2024 | % | |
| EΑT | 13,484 | 9,374 | 44% | 19,767 | 11,741 | 68% |
5. Cash flows after investments
| investments | Net cash flows | Net cash flows | |||
|---|---|---|---|---|---|
| (cash flows before financial activities in the Statement of Cash Flows) |
= | from operating activities |
- | from investment activities |
|
| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| € thousand | 01.01- 30.06.2025 |
01.01- 30.06.2024 |
Deviation % |
01.01- 30.06.2025 |
01.01- 30.06.2024 |
Deviation % |
|
| Net cash flows from operating activities | 22,976 | 12,469 | 84% | 7,201 | 4,064 | 77% | |
| Net cash flows from investment activities | 440 | (1,088) | 16,290 | 7,953 | 105% | ||
| Cash flows after investment activities | 23,416 | 11,381 | 106% | 23,491 | 12,017 | 95% |
| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| € thousand | 01.01- | 01.01- | Deviation | 01.01- | 01.01- | Deviation | |
| 30.06.2025 | 30.06.2024 | % | 30.06.2025 | 30.06.2024 | % | ||
| Return on Equity | 12% | 9% | 34% | 23% | 15% | 55% | |
| Earnings after Tax | 13,484 | 9,374 | 44% | 19,767 | 11,741 | 68% | |
| Total Equity | 107,936 | 100,655 | 7% | 84,345 | 77,868 | 8% |
7. Adjusted Degree of Financial Self-Sufficiency =
Total Equity – items affecting the adjustment
x 100
x 100
Total Assets – third party cash assets
| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| € thousand | 01.01- 30.06.2025 |
01.01- 30.06.2024 |
Deviation % |
01.01- 30.06.2025 |
01.01- 30.06.2024 |
Deviation % |
|
| Degree of Financial Self-Sufficiency | 73% | 71% | 3% | 83% | 74% | 12% | |
| Total Equity | 107,936 | 100,655 | 7% | 84,345 | 77,868 | 8% | |
| Items affecting the adjustment | (1,534) | (1,257) | 22% | (1,534) | (1,257) | 22% | |
| Total (a) | 106,402 | 99,398 | 7% | 82,811 | 76,611 | 8% | |
| Total Balance Sheet - Third party cash and cash equivalents (b) |
147,662 | 141,799 | 4% | 101,225 | 104,860 | (3)% | |
| Adjusted Degree of Financial Self Sufficiency (a/b) |
72% | 70% | 3% | 82% | 73% | 12% | |
| Deviation % | (2)% | (1)% | (2)% | (2)% |
Net Earnings attributable to the owners of the parent Company – items affecting the adjustment
8. Adjusted EPS =
Average number of shares during the period
| Group | ||||||
|---|---|---|---|---|---|---|
| € thousand | 01.01-30.06.2025 | 01.01-30.06.2024 | Deviation % | |||
| EPS | 0.260 | 0.184 | 41% | |||
| Other comprehensive income | 15,018 | 10,631 | 41% | |||
| Adjustment items | (1,534) | (1,257) | 22% | |||
| Net adjusted other comprehensive income | 13,484 | 9,374 | 44% | |||
| Average number of shares during the period | 57,850,000 | 57,850,000 | 0 | |||
| Adjusted EPS | 0.233 | 0.162 | 44% | |||
| Deviation | (10)% | (12)% |
3. INDEPENDENT AUDITORS' REVIEW REPORT
Independent Auditors' Review Report
To the Board of Directors of HELLENIC EXCHANGES - ATHENS STOCK EXCHANGE S.A.
Review Report on Interim Financial Information
Introduction
We have reviewed the accompanying condensed separate and consolidated statement of financial position of HELLENIC EXCHANGES - ATHENS STOCK EXCHANGE S.A. as of 30 June 2025 and the related condensed separate and consolidated statements of comprehensive income, changes in equity and cash flows for the sixmonth period then ended, and the selected explanatory notes that comprise the interim condensed financial information, which forms an integral part of the six-month financial report under Law 3556/2007.
Management is responsible for the preparation and fair presentation of this interim condensed financial information, in accordance with the International Financial Reporting Standards, as adopted by the European Union and apply for Interim Financial Reporting (International Accounting Standard "IAS 34"). Our responsibility is to express a conclusion on these interim condensed financial statements based on our review.
Scope of Review
We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing, as incorporated into the Greek Legislation, and consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed financial information is not prepared, in all material respects, in accordance with IAS 34.
Report on Other Legal and Regulatory Requirements
Based on our review, we did not identify any material misstatement or error in the representations of the members of the Board of Directors and the information included in the six-month Board of Directors Management Report, as required under article 5 and 5a of Law 3556/2007, in respect of the accompanying condensed separate and consolidated financial information.
Athens, July 28th 2025
The Certified Public Accountant The Certified Public Accountant
Thanasis Xynas Vasiliki Tsipa
Registry Number SOEL 34081 Registry Number SOEL 58201
4. FIRST HALF 2025 COMPANY & CONSOLIDATED FINANCIAL STATEMENTS
for the period 1 January 2025 to 30 June 2025
In accordance with the International Financial Reporting Standards
4.1. Interim Statement of Comprehensive Income
| Group | Company | |||||
|---|---|---|---|---|---|---|
| Notes | 01.01 | 01.01 | 01.01 | 01.01 | ||
| 30.06.2025 | 30.06.2024 | 30.06.2025 | 30.06.2024 | |||
| Revenue | ||||||
| Trading | 5.6 | 6,468 | 4,721 | 6,468 | 4,721 | |
| Post trading | 5.7 | 16,535 | 11,646 | 0 | 0 | |
| Listing | 5.8 | 3,526 | 3,302 | 2,532 | 1,991 | |
| Data services | 5.9 | 2,265 | 2,148 | 2,026 | 1,944 | |
| ΙΤ, Digital and Other Services | 5.10 | 4,309 | 4,167 | 2,545 | 2,776 | |
| Ancillary services | 5.11 | 922 | 776 | 673 | 557 | |
| Total turnover | 34,025 | 26,760 | 14,244 | 11,989 | ||
| Hellenic Capital Market Commission fee | (1,510) | (1,099) | (523) | (384) | ||
| Total revenue | 32,515 | 25,661 | 13,721 | 11,605 | ||
| Expenses | ||||||
| Personnel remuneration and expenses | 5.12 | 8,820 | 7,464 | 4,904 | 4,084 | |
| Third party remuneration and expenses | 5.13 | 772 | 631 | 657 | 508 | |
| Maintenance / IT support | 5.14 | 1,291 | 1,318 | 924 | 1,036 | |
| Building / equipment management | 5.15 | 406 | 370 | 108 | 85 | |
| Utilities | 5.16 | 648 | 609 | 214 | 213 | |
| Other operating expenses | 5.17 | 1,721 | 1,576 | 1,114 | 1,099 | |
| Taxes | 5.18 | 788 | 872 | 415 | 511 | |
| Total operating expenses before depreciation | 14,446 | 12,840 | 8,336 | 7,536 | ||
| Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) |
18,069 | 12,821 | 5,385 | 4,069 | ||
| Depreciation | 5.19, 5.20 | (2,232) | (2,046) | (1,381) | (1,261) | |
| Earnings Before Interest and Taxes (EBIT) | 15,837 | 10,775 | 4,004 | 2,808 | ||
| Capital income | 752 | 618 | 122 | 198 | ||
| Dividend income | 5.21, 5.23 | 368 | 351 | 16,351 | 9,247 | |
| Income from participations | 5.21 | 344 | 249 | 344 | 249 | |
| Financial expenses | (27) | (34) | (34) | (43) | ||
| Earnings Before Tax (EBT) | 17,274 | 11,959 | 20,787 | 12,459 | ||
| Income tax | 5.31 | (3,790) | (2,585) | (1,020) | (718) | |
| Earnings after tax (EAT) | 13,484 | 9,374 | 19,767 | 11,741 |
| Group | Company | |||||
|---|---|---|---|---|---|---|
| Notes | 01.01 | 01.01 | 01.01 | 01.01 | ||
| 30.06.2025 | 30.06.2024 | 30.06.2025 | 30.06.2024 | |||
| Earnings after tax (A) | 13,484 | 9,374 | 19,767 | 11,741 | ||
| Items that are not later reclassified in the results: | ||||||
| Financial assets at fair value through other income - Valuation profits / (losses) during the period |
5.23 | 1,967 | 1,611 | 1,967 | 1,611 | |
| Income tax effect | (433) | (354) | (433) | (354) | ||
| Other comprehensive income / (losses) after taxes (B) |
1,534 | 1,257 | 1,534 | 1,257 | ||
| Total other comprehensive income after taxes (A) + (B) |
15,018 | 10,631 | 21,301 | 12,998 |
| Distributed to: | 2025 | 2024 |
|---|---|---|
| Company shareholders | 15,018 | 10,631 |
| Profits after tax per share (basic and diluted; in €) | 0.260 | 0.184 |
| Weighted average number of shares | 57,850,000 | 57,850,000 |
Any differences between the amounts in the financial statements and the corresponding amounts in the notes are due to rounding.
4.2. Interim Statement of Financial Position
| Group | Company | |||||
|---|---|---|---|---|---|---|
| Note | 30.06.2025 31.12.2024 30.06.2025 |
31.12.2024 | ||||
| ASSETS | BS1 | BS2 | BS3 | BS4 | ||
| Non-Current Assets | ||||||
| Tangible owner-occupied assets | 5.19 | 20,737 | 21,404 | 1,405 | 1,636 | |
| Right of use assets | 5.20 | 342 | 385 | 1,195 | 1,313 | |
| Real Estate Investments | 5,925 | 5,925 | 3,340 | 3,340 | ||
| Intangible assets | 5.19 | 8,328 | 8,485 | 5,677 | 5,885 | |
| Deferred tax | 5.26 | 62 | 61 | 0 | 0 | |
| Participations & other long-term receivables | 5.21 | 7,870 | 7,525 | 52,839 | 52,483 | |
| Financial assets at fair value through other income | 5.23 | 13,394 | 11,428 | 13,394 | 11,428 | |
| 56,658 | 55,213 | 77,850 | 76,085 | |||
| Current Assets | ||||||
| Trade receivables | 5.22 | 2,007 | 2,177 | 1,023 | 1,315 | |
| Other receivables | 5.22 | 11,674 | 11,652 | 3,559 | 3,942 | |
| Financial assets valued at amortized cost | 5.23 | 0 | 649 | 0 | 649 | |
| Third party balances in Group bank accounts | 5.25 | 411,566 | 350,501 | 0 | 0 | |
| Cash and cash equivalents | 5.24 | 75,073 | 68,518 | 18,793 | 12,234 | |
| 500,320 | 433,497 | 23,375 | 18,140 | |||
| Non-Current Assets held for sale | 5.19 | 2,250 | 2,250 | 0 | 0 | |
| Total Assets | 559,228 | 490,960 | 101,225 | 94,225 | ||
| EQUITY & LIABILITIES | ||||||
| Equity & Reserves | ||||||
| Share capital | 5.28 | 25,346 | 25,346 | 25,346 | 25,346 | |
| Treasury stock | 5.28 | (8,333) | (8,333) | (8,333) | (8,333) | |
| Share premium | 5.28 | 157 | 157 | 157 | 157 | |
| Reserves | 5.28 | 31,502 | 32,759 | 19,741 | 21,674 | |
| Retained earnings | 5.28 | 59,264 | 60,428 | 47,434 | 41,640 | |
| Total Equity | 107,936 | 110,357 | 84,345 | 80,484 | ||
| Non-current liabilities | ||||||
| Contractual obligation | 5.27 | 6,081 | 3,563 | 2,268 | 1,618 | |
| Deferred tax | 5.26 | 3,461 | 3,738 | 2,243 | 1,986 | |
| Lease liabilities | 5.20 | 224 | 272 | 1,081 | 1,198 | |
| Benefit liabilities to employees | 1,991 | 1,943 | 1,247 | 1,219 | ||
| Other provisions | 266 | 231 | 90 | 90 | ||
| 12,023 | 9,747 | 6,929 | 6,111 | |||
| Current liabilities | ||||||
| Trade and other payables | 5.29 | 11,367 | 9,527 | 5,363 | 5,054 | |
| Contractual obligation | 5.27 | 2,559 | 1,796 | 974 | 735 | |
| Income tax payable | 5.31 | 6,844 | 3,465 | 1,719 | 890 | |
| Taxes payable | 5.30 | 6,055 | 4,911 | 1,255 | 427 | |
| Social Security | 751 | 535 | 408 | 295 | ||
| Lease liabilities | 5.20 | 127 | 121 | 232 | 229 | |
| Third party balances in Group bank accounts | 5.25 | 411,566 | 350,501 | 0 | 0 | |
| 439,269 | 370,856 | 9,951 | 7,630 | |||
| Total Liabilities | 451,292 | 380,603 | 16,880 | 13,741 | ||
| Total Equity & Liabilities | 559,228 | 490,960 | 101,225 | 94,225 |
Any differences between the amounts in the financial statements and the corresponding amounts in the notes are due to rounding.
4.3. Interim Statement of Changes in Equity
4.3.1. Group
| Share Capital | Treasury Stock |
Share Premium |
Reserves | Retained Earnings |
Total Equity |
|
|---|---|---|---|---|---|---|
| Balance 01.01.2024 | 25,346 | (8,333) | 157 | 37,108 | 50,214 | 104,492 |
| Earnings distribution to reserves | 0 | 0 | 0 | 494 | (494) | 0 |
| Reserve from distribution of bonus shares to staff |
0 | 0 | 0 | 15 | 0 | 15 |
| Dividends paid | 0 | 0 | 0 | (7,846) | (6,638) | (14,484) |
| Transactions with shareholders | 0 | 0 | 0 | (7,337) | (7,132) | (14,469) |
| Earnings for the period | 0 | 0 | 0 | 0 | 9,374 | 9,374 |
| Gains / (losses) from valuation of financial assets at fair value through other comprehensive income |
0 | 0 | 0 | 1,257 | 0 | 1,257 |
| Other comprehensive income | 0 | 0 | 0 | 1,257 | 0 | 1,257 |
| Total comprehensive income after taxes | 0 | 0 | 0 | 1,257 | 9,374 | 10,631 |
| Balance 30.06.2024 | 25,346 | (8,333) | 157 | 31,029 | 52,456 | 100,655 |
| Balance 01.01.2025 | 25,346 | (8,333) | 157 | 32,759 | 60,428 | 110,357 |
| Earnings distribution to reserves | 0 | 0 | 0 | 676 | (676) | 0 |
| Reserve from distribution of bonus shares to staff |
0 | 0 | 0 | 62 | 0 | 62 |
| Dividends paid | 0 | 0 | 0 | (3,530) | (13,970) | (17,500) |
| Transactions with shareholders | 0 | 0 | 0 | (2,792) | (14,646) | (17,438) |
| Earnings for the period | 0 | 0 | 0 | 0 | 13,484 | 13,484 |
| Gains / (losses) from valuation of financial | ||||||
| assets at fair value through other comprehensive income |
0 | 0 | 0 | 1,534 | 0 | 1,534 |
| Other comprehensive income | 0 | 0 | 0 | 1,534 | 0 | 1,534 |
| Total comprehensive income after taxes | 0 | 0 | 0 | 1,534 | 13,484 | 15,018 |
| Balance 30.06.2025 | 25,346 | (8,333) | 157 | 31,502 | 59,264 | 107,936 |
Any differences between the amounts in the financial statements and the corresponding amounts in the notes are due to rounding.
4.3.2. Company
| Share Capital |
Treasury Stock |
Share Premium |
Reserves | Retained Earnings |
Total Equity |
|
|---|---|---|---|---|---|---|
| Balance 01.01.2024 | 25,346 | (8,333) | 157 | 26,833 | 35,338 | 79,341 |
| Reserve from distribution of bonus shares to staff | 0 | 0 | 0 | 15 | 0 | 15 |
| Dividends paid | 0 | 0 | 0 | (7,846) | (6,638) | (14,484) |
| Transactions with shareholders | 0 | 0 | 0 | (7,831) | (6,638) | (14,469) |
| Earnings for the period | 0 | 0 | 0 | 0 | 11,741 | 11,741 |
| Gains / (losses) from valuation of financial assets at fair value through other comprehensive income |
0 | 0 | 0 | 1,257 | 0 | 1,257 |
| Other comprehensive income | 0 | 0 | 0 | 1,257 | 0 | 1,257 |
| Total other comprehensive income after taxes | 0 | 0 | 0 | 1,257 | 11,741 | 12,998 |
| Balance 30.06.2024 | 25,346 | (8,333) | 157 | 20,260 | 40,438 | 77,868 |
| Balance 01.01.2025 | 25,346 | (8,333) | 157 | 21,674 | 41,640 | 80,484 |
| Reserve from distribution of bonus shares to staff | 0 | 0 | 0 | 62 | 0 | 62 |
| Dividends paid | 0 | 0 | 0 | (3,530) | (13,970) | (17,500) |
| Transactions with shareholders | 0 | 0 | 0 | (3,468) | (13,970) | (17,438) |
| Earnings for the period | 0 | 0 | 0 | 0 | 19,767 | 19,767 |
| Gains / (losses) from valuation of financial assets at fair value through other comprehensive income |
0 | 0 | 0 | 1,534 | 0 | 1,534 |
| Other comprehensive income | 0 | 0 | 0 | 1,534 | 0 | 1,534 |
| Total other comprehensive income after taxes | 0 | 0 | 0 | 1,534 | 19,767 | 21,301 |
| Balance 30.06.2025 | 25,346 | (8,333) | 157 | 19,741 | 47,434 | 84,345 |
Any differences between the amounts in the financial statements and the corresponding amounts in the notes are due to rounding.
4.4. Interim Cash Flow Statement
| Group | Company | |||||
|---|---|---|---|---|---|---|
| Notes | 01.01- | 01.01- | 01.01- | 01.01- | ||
| 30.06.2025 | 30.06.2024 | 30.06.2025 | 30.06.2024 | |||
| Cash flows from operating activities | ||||||
| Earnings before tax | 17,274 | 11,959 | 20,787 | 12,459 | ||
| Plus / (minus) adjustments for | ||||||
| Depreciation | 5.19, 5.20 | 2,232 | 2,046 | 1,381 | 1,261 | |
| Staff retirement obligations | 48 | 45 | 28 | 26 | ||
| Other provisions | 97 | 15 | 50 | 10 | ||
| Interest Income | (752) | (618) | (122) | (198) | ||
| Dividend income | 5.21, 5.23 | (368) | (351) | (16,351) | (9,247) | |
| Income from affiliates | 5.21 | (344) | (249) | (344) | (249) | |
| Interest and related expenses paid | 27 | 34 | 34 | 43 | ||
| Plus/ (minus) adjustments for changes in working | ||||||
| capital accounts or concerning operating activities | ||||||
| Reduction/(Increase) in receivables | 125 | 2,246 | 674 | 1,037 | ||
| (Reduction)/Increase in liabilities (except loans) | 5,779 | (2,523) | 1,438 | (1,024) | ||
| Total adjustments for changes in working capital | 24,118 | 12,604 | 7,575 | 4,118 | ||
| Interest and related expenses paid | (20) | (25) | (7) | (12) | ||
| Staff retirement obligations | 0 | (110) | 0 | (42) | ||
| Taxes paid | 5.31 | (1,122) | 0 | (367) | 0 | |
| Net inflows / outflows from operating activities (a) | 22,976 | 12,469 | 7,201 | 4,064 | ||
| Cash flows from investing activities | ||||||
| Purchases of tangible and intangible assets | 5.19 | (1,344) | (2,059) | (825) | (1,453) | |
| Purchase of financial assets valued at amortized cost | 5.23 | 0 | (3,108) | 0 | (3,108) | |
| Sales of financial assets valued at amortized cost | 5.23 | 640 | 3,089 | 640 | 3,089 | |
| Interest received | 776 | 639 | 124 | 178 | ||
| Dividends received | 5.21, 5.23 | 368 | 351 | 16,351 | 9,247 | |
| Total inflows / (outflows) from investing activities (b) | 440 | (1,088) | 16,290 | 7,953 | ||
| Cash flows from financing activities | ||||||
| Lease payments | (61) | (73) | (132) | (146) | ||
| Dividend payments | (16,800) | 0 | (16,800) | 0 | ||
| Total outflows from financing activities (c) | (16,861) | (73) | (16,932) | (146) | ||
| Net increase/ (decrease) in cash and cash equivalents | 6,555 | 11,308 | 6,559 | 11,871 | ||
| from the beginning of the period (a) + (b) + (c) | ||||||
| Cash and cash equivalents at start of period | 5.24 | 68,518 | 63,327 | 12,234 | 11,630 | |
| Cash and cash equivalents at end of period | 5.24 | 75,073 | 74,635 | 18,793 | 23,501 |
Any differences between the amounts in the financial statements and the corresponding amounts in the notes are due to rounding.
5. NOTES TO THE FIRST HALF 2025 INTERIM FINANCIAL STATEMENTS
5.1. General information about the Company and its subsidiaries
The Company "HELLENIC EXCHANGES-ATHENS STOCK EXCHANGE S.A. (ATHEX)" with the commercial name "ATHENS STOCK EXCHANGE" was founded in 2000 (Government Gazette 2424/31.3.2000) and has General Electronic Commercial Registry (GEMI) No 003719101000 (former Companies Register No 45688/06/Β/00/30). Its head office is in the Municipality of Athens at 110 Athinon Ave, Postal Code 10442. The shares of the Company are listed in the Main Market segment of the Athens Exchange cash market.
The Company is the parent company of the Group that supports the operation of the Greek capital market. The parent company and its subsidiaries operate the organized cash and derivatives markets, carry out trade clearing, settlement and safekeeping of securities, provide comprehensive technology solutions to the Greek capital market, provide support services of other organized markets in Greece and abroad as well as other ancillary services, and promote the development of capital markets culture in Greece.
The duration of the Company is set at two hundred (200) years and commences as of the recording in the relevant Company Register by the competent supervisory authority of the administrative decision to issue a license for the incorporation of the Company and the approval of its articles of association.
The interim financial statements of the Group and the Company for the first half of 2025 have been approved by the Board of Directors on 28.07.2025. The interim financial statements have been published on the internet, at www.athexgroup.gr. The interim and the annual financial statements of the subsidiaries of the Group ATHEXCSD and ATHEXClear have been published at www.athexgroup.gr.
The following table lists the companies being consolidated by ATHEX on 30.06.2025, their headquarters, activity, direct and indirect participations of the Company in their share capital, as well as the consolidation method:
| Company | Headquarters | Activity | Direct participation % |
Indirect participation % |
Total participation % |
Consolidation method |
|---|---|---|---|---|---|---|
| Hellenic Exchanges-Athens Stock Exchange (ATHEX) |
Greece | Exchange | Parent company | |||
| ATHEX subsidiaries | ||||||
| Athens Exchange Clearing House (ATHEXClear) |
Greece | Clearing of transactions |
100% | - | 100% | Full consolidation |
| Hellenic Central Securities Depository (ATHEXCSD) |
Greece | Depository | 100% | - | 100% | Full consolidation |
| ATHEX affiliate | ||||||
| Hellenic Energy Exchange (HenEx) |
Greece | 21% | - | 21% | Equity | |
| HenEx subsidiary | ||||||
| EnEx Clearing House (EnExClear) | Greece | - | 21% | 21% | Equity |
5.2. Basis of presentation of financial statements and key estimates
5.2.1. Basis of presentation of financial statements
The company and consolidated interim financial statements for the first half of 2025 have been prepared in accordance with the International Financial Reporting Standards (IFRS) as issued by the International
Accounting Standard Board (IASB) and their interpretations as issued by the International Financial Reporting Interpretations Committee (IFRIC) of IASB and adopted by the European Union and are mandatory for fiscal years starting on 1.1.2025. There are no standards and interpretations of standards that have been applied retroactively.
The financial statements for the six-month period that ended on 30.06.2025 have been prepared in accordance with the provisions of International Accounting Standard 34 "Interim Financial Report."
The attached financial statements have been drafted on the basis of historical cost (except owner-occupied assets, investments in real estate and financial assets through other income, which are valued at fair value) and the principle of "going concern", which assumes that the Company and its subsidiaries will be able to continue their operations as active economic entities for the foreseeable future. In particular, the Management of the Group and the Company, considering the current and projected financial position of the Group and the Company and their liquidity levels (including the observance of medium-term budgets) estimates that the use of the going concern principle when preparing the attached interim financial statements is appropriate.
5.2.2. Key estimates and judgements
The preparation of financial statements in accordance with the International Financial Reporting Standards requires that the Management of the Group make important assumptions and accounting estimates that affect the balances of the Asset and Liability accounts, the disclosure of contingent claims and liabilities on the preparation date of the Financial Statements, as well as the revenues and expenses presented in the period in question. Despite the fact that these estimates are based on the best possible knowledge of the management of the Company as regards the current conditions, actual results may differ from these estimates in the end.
Estimates and judgments are continuously evaluated, and are based on empirical data and other factors, including anticipation of future events that are to be expected under reasonable conditions. The significant estimates and judgements used in drafting the attached financial statements are presented in note 5.2.2 of the 2024 Annual Financial Report.
5.3. Accounting Principles and new Standards
5.3.1. Accounting Principles
The accounting principles (key and other) adopted by the Group and the Company for the preparation of the attached financial statements for the 1st half of 2025 do not differ from those used for the publication of the 2024 Annual Financial Report that has been audited by the certified auditors-accountants of the Group and is posted on the internet at www.athexgroup.gr.
5.3.2. New standards, amended standards and interpretations
New Standards, Interpretations, Revisions and Amendments to existing Standards that are effective and have been adopted by the European Union
The following new Standards, Interpretations and amendments of IFRSs have been issued by the International Accounting Standards Board (IASB), are adopted by the European Union, and their application is mandatory from or after 01.01.2025. The estimate of the Group concerning the effect of these new standards, amended standards and interpretations is provided below:
Amendments to IAS 21 "The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability" (effective for annual periods starting on or after 01.01.2025)
In August 2023, the International Accounting Standards Board (IASB) issued amendments to IAS 21. The Effects of Changes in Foreign Exchange Rates that require entities to provide more useful information in their financial statements when a currency cannot be exchanged into another currency. The amendments introduce a definition of currency exchangeability and the process by which an entity should assess this exchangeability. In addition, the amendments provide guidance on how an entity should estimate a spot exchange rate in cases where a currency is not exchangeable and require additional disclosures in cases where an entity has estimated a spot exchange rate due to a lack of exchangeability. The amendments to IAS 21 are effective for accounting periods on or after 1 January 2025. The Group will examine the impact of the above on its Financial Statements, though it is not expected to have any. The above have been adopted by the European Union with an effective date of 01.01.2025. The Amendments do not have an impact on the consolidated Financial Statements.
New Standards, Interpretations, Revisions and Amendments to existing Standards that have not been applied yet or have not been adopted by the European Union
The following new Standards, Interpretations and amendments of IFRSs have been issued by the International Accounting Standards Board (IASB), but their application has not started yet or they have not been adopted by the European Union.
IFRS 9 & IFRS 7 "Amendments to the Classification and Measurement of Financial Instruments" (effective for annual periods starting on or after 01.01.2026)
In May 2024, the International Accounting Standards Board (IASB) issued amendments to the Classification and Measurement of Financial Instruments which amended IFRS 9 "Financial Instruments" and IFRS 7 "Financial Instruments: Disclosures". Specifically, the new amendments clarify when a financial liability should be derecognised when it is settled by electronic payment. Also, the amendments provide additional guidance for assessing contractual cash flow characteristics to financial assets with features related to ESG-linked features (environmental, social, and governance). IASB amended disclosure requirements relating to investments in equity instruments designated at fair value through other comprehensive income and added disclosure requirements for financial instruments with contingent features that do not relate directly to basic lending risks and costs. The amendments are effective from annual reporting periods beginning on or after 1 January 2026. The Group will examine the impact of the above on its Financial Statements. The above have been adopted by the European Union with an effective date of 01.01.2026.
Annual Improvements to IFRS Standards-Volume 11 (effective for annual periods starting on or after 01.01.2026)
In July 2024, the IASB issued the Annual Improvements to IFRS Accounting Standards-Volume 11 addressing minor amendments to the following Standards: IFRS 1 'First-time Adoption of International Financial Reporting Standards', IFRS 7 'Financial Instruments: Disclosures', IFRS 9 'Financial Instruments': IFRS 10 'Consolidated Financial Statements', and IAS 7 'Statement of Cash Flows'. The amendments are effective for accounting periods on or after 1 January 2026. The Group will examine the impact of the above on its Financial Statements. The above have been adopted by the European Union with an effective date of 01.01.2026.
Amendments to IFRS 9 and IFRS 7 "Contracts Referencing Nature-dependent Electricity" (effective for annual periods starting on or after 01.01.2026)
On 18 December 2024 the International Accounting Standards Board (IASB) issued amendments to IFRS 9 "Financial Instruments" and IFRS 7 "Financial Instruments: Disclosures" to help companies better report the financial effects of nature-dependent electricity contracts, which are often structured as power purchase agreements (PPAs). Nature-dependent electricity contracts help companies to secure their electricity supply from sources such as wind and solar power. The amount of electricity generated under these contracts can vary based on uncontrollable factors such as weather conditions. The amendments allow companies to better reflect these contracts in the financial statements, by a) clarifying the application of the 'own use' requirements, b) permitting hedge accounting if these contracts are used as hedging instruments and c) adding new disclosure requirements to enable investors to understand the effect of these contracts on a company's financial performance and cash flows. The amendments are effective for accounting periods on or after 1 January 2026, with early application permitted. The Group will examine the impact of the above on its Financial Statements. The above have been adopted by the European Union with an effective date of 01.01.2026.
IFRS 18 "Presentation and Disclosure in Financial Statements" (effective for annual periods starting on or after 01.01.2027)
In April 2024 the International Accounting Standards Board (IASB) issued a new standard, IFRS 18, which replaces IAS 1 'Presentation of Financial Statements'. The objective of the Standard is to improve how information is communicated in an entity's financial statements, particularly in the statement of profit or loss and in its notes to the financial statements. Specifically, the Standard will improve the quality of financial reporting due to a) the requirement of defined subtotals in the statement of profit or loss, b) the requirement of the disclosure about management-defined performance measures and c) the new principles for aggregation and disaggregation of information. The Group will examine the impact of the above on its Financial Statements. The above have not been adopted by the European Union.
IFRS 19 "Subsidiaries without Public Accountability: Disclosures" (effective for annual periods starting on or after 01.01.2027)
In May 2024 the International Accounting Standards Board issued a new standard, IFRS 19"Subsidiaries without Public Accountability: Disclosures". The new standard allows eligible entities to elect to apply IFRS 19 reduced disclosure requirements instead of the disclosure requirements set out in other IFRS. IFRS 19 works alongside other IFRS, with eligible subsidiaries applying the measurement, recognition and presentation requirements set out in other IFRS and the reduced disclosures outlined in IFRS 19. This simplifies the preparation of IFRS financial statements for the subsidiaries that are in-scope of this standard while maintaining at the same time the usefulness of those financial statements for their users. IFRS 19 is effective from annual reporting periods beginning on or after 1 January 2027, with early adoption permitted. The Group will examine the impact of the above on its Financial Statements. The above have not been adopted by the European Union.
5.4. Segment Information
In accordance with the provisions of IFRS 8, the determination of operating segments is based on a "management approach." Based on this approach, information that is disclosed for operating segments must be that which is based on internal organizational and managerial structures of the Group and the Company, and in the main accounts of the internal financial reports that are being provided to the chief operating decision makers. The chief business decision maker of the Group is the Chief Executive Officer (Executive member of the BoD).
An operating segment is defined as a group of assets and operations exploited to provide products and services, each of which has different risks and returns from other business segments. For the Group, the main interest in financial information focuses on operating segments since the company's electronic systems – located at its headquarters - are at the disposal of investors irrespective of their physical location.
On 30.06.2025, 31.12.2024 and 30.06.2024 the core activities of the Group were broken down in the following operating segments:
Revenue in the tables below, for presentation purposes, are net of the Hellenic Capital Market Commission fee attributable to them and adjusted/ increased proportionately by non-organic revenue (dividend income, participations, tax refunds, goodwill from property revaluation).
| Group | Segment information on 30.06.2025 | |||||||
|---|---|---|---|---|---|---|---|---|
| Trading | Post trading | Listing | Data Services |
IT and Digital Services |
Ancillary services |
Total | ||
| Revenue | 6,075 | 15,888 | 3,604 | 2,314 | 4,403 | 942 | 33,226 | |
| Capital income | 0 | 0 | 0 | 0 | 0 | 752 | 752 | |
| Expenses | (3,230) | (4,672) | (2,788) | (1,015) | (2,133) | (635) | (14,473) | |
| Depreciation | (546) | (777) | (224) | (163) | (521) | 0 | (2,232) | |
| Taxes | (504) | (2,290) | (130) | (249) | (384) | (232) | (3,790) | |
| Earnings after tax | 1,794 | 8,148 | 462 | 887 | 1,366 | 827 | 13,484 |
| Tangible and intangible | 8,647 | 12,308 | 3,545 | 2,586 | 8,245 | 0 | 35,332 |
|---|---|---|---|---|---|---|---|
| assets Cash and cash equivalents |
9,990 | 45,365 | 2,572 | 4,939 | 7,603 | 4,604 | 75,073 |
| Other assets | 4,958 | 434,080 | 1,276 | 2,451 | 3,773 | 2,285 | 448,823 |
| Total assets | 23,595 | 491,753 | 7,393 | 9,976 | 19,621 | 6,889 | 559,228 |
| Total liabilities | 1,676 | 446,499 | 525 | 709 | 1,394 | 489 | 451,292 |
| Group | Segment information on 30.06.2024 | ||||||
|---|---|---|---|---|---|---|---|
| Trading | Post trading | Listing | Data Services |
IT and Digital Services |
Ancillary services |
Total | |
| Revenue | 4,439 | 11,186 | 3,379 | 2,198 | 4,264 | 793 | 26,261 |
| Capital income | 0 | 0 | 0 | 0 | 0 | 618 | 618 |
| Expenses | (2,213) | (4,890) | (2,129) | (1,219) | (1,980) | (443) | (12,874) |
| Depreciation | (587) | (932) | (142) | (101) | (246) | (36) | (2,046) |
| Taxes | (354) | (1,159) | (240) | (190) | (440) | (202) | (2,585) |
| Earnings after tax | 1,284 | 4,205 | 869 | 688 | 1,597 | 731 | 9,374 |
| Segment information on 31.12.2024 | |||||||
| Tangible and intangible | 8,631 | 12,300 | 3,517 | 3,200 | 8,550 | 0 | 36,199 |
| assets Cash and cash equivalents |
6,815 | 35,939 | 1,704 | 5,949 | 11,808 | 6,303 | 68,518 |
| Other assets | 3,555 | 369,248 | 889 | 3,103 | 6,160 | 3,288 | 386,243 |
| Total assets | 19,002 | 417,487 | 6,110 | 12,253 | 26,518 | 9,591 | 490,960 |
| Total liabilities | 1,160 | 376,041 | 970 | 953 | 1,039 | 440 | 380,603 |
5.5. Overview of the capital market
The Athens Exchange General Index closed on 30.06.2025 at 1,868.02 points, 33.0% higher than the close at the end of the corresponding period last year (1,404.26 points). The average capitalization of the market was €116.3bn, increased by 19.2% compared to the corresponding period in 2024 (€97.6bn).
The total value of transactions in the 1st half of 2025 (€23.9bn) is 38.2% higher compared to the corresponding period last year (€17.3bn), while the average daily trade value was €197.7m compared to €143.8m in the 1st half of 2024, increased by 37.5%.
In the 1st half of 2025, capital totaling €592m was raised, out of which €369m through rights issues and €223m from new listings (IPOs).
5.6. Trading
Revenue from trading is analyzed in the table below:
| Group | Company | |||
|---|---|---|---|---|
| 30.06.2025 | 30.06.2024 | 30.06.2025 | 30.06.2024 | |
| Shares | 5,386 | 3,886 | 5,386 | 3,886 |
| Derivatives | 392 | 364 | 392 | 364 |
| Member subscriptions | 617 | 424 | 617 | 424 |
| Bonds | 37 | 22 | 37 | 22 |
| Cross-border trades | 26 | 16 | 26 | 16 |
| ETFs | 10 | 9 | 10 | 9 |
| Total | 6,468 | 4,721 | 6,468 | 4,721 |
5.7. Post trading
Revenue from post trading is analyzed in the following table:
| Group | |||
|---|---|---|---|
| 30.06.2025 | 30.06.2024 | ||
| Clearing - equities | 9,215 | 6,708 | |
| Clearing - derivatives | 927 | 860 | |
| Clearing – other (orders-transfers-allocations) | 1,088 | 950 | |
| Trade settlement | 2,608 | 1,223 | |
| Operator subscriptions | 1,854 | 1,549 | |
| Services to operators / participants | 319 | 286 | |
| Management of the Clearing Fund | 375 | 0 | |
| Member subscriptions | 107 | 55 | |
| Clearing - cross-border trades | 42 | 15 | |
| Total | 16,535 | 11,646 |
The increase in revenue from the clearing of equities is due to the increase in trading activity in the first half of 2025 compared to the corresponding period last year.
5.8. Listing
Revenue from this category includes revenue for quarterly subscriptions and corporate actions such as rights issues from ATHEX listed companies.
| Group | Company | |||
|---|---|---|---|---|
| 30.06.2025 | 30.06.2024 | 30.06.2025 | 30.06.2024 | |
| Listed company subscriptions | 2,186 | 1,702 | 1,976 | 1,546 |
| Corporate actions (1) | 508 | 802 | 183 | 283 |
| Initial Public Offers (IPOs) | 570 | 364 | 253 | 138 |
| Other services to issuers | 210 | 59 | 109 | 15 |
| Greek government securities | 6 | 330 | 6 | 4 |
| Bonds | 46 | 45 | 5 | 5 |
| Total | 3,526 | 3,302 | 2,532 | 1,991 |
(1) Fees collected from corporate actions by listed companies include rights issues by companies and the listing of corporate bonds. Part of the corporate actions that were invoiced in the first half of 2025 concerning rights issues and new listings has been transferred to future fiscal years (See note 5.27, contractual obligations).
5.9. Data services
Revenue from this category includes the rebroadcast of Athens Stock Exchange market data, Cyprus Stock Exchange market data, as well as revenue from the sale of statistical information.
| Group | Company | |||
|---|---|---|---|---|
| 30.06.2025 | 30.06.2024 | 30.06.2025 | 30.06.2024 | |
| Revenue from Market Data | 1,774 | 1,757 | 1,991 | 1,913 |
| Revenue from Inbroker | 459 | 363 | 1 | 1 |
| Statistics sales | 32 | 28 | 34 | 30 |
| Total | 2,265 | 2,148 | 2,026 | 1,944 |
5.10. IT, Digital and Other Services
Revenue from this category includes revenue from licenses, infrastructure and technological solutions to the Energy Exchange Group, the Cyprus Stock Exchange, and the Albanian Energy Exchange. Revenue from technological and consulting solutions included the services provided to Boursa Kuwait until 31.12.2024. The same category includes revenue from Electronic Book Building [EBB], Axialine, Axia e-Shareholders Meeting, digital certificates, ARM-APA, EMIR TR, SFTR, LEI), as well as revenue from Colocation, ATHEXNet et al.
| Group | Company | ||||
|---|---|---|---|---|---|
| 30.06.2025 | 30.06.2024 | 30.06.2025 | 30.06.2024 | ||
| Digital services | 1,920 | 1,760 | 493 | 683 | |
| Infrastructure | 1,261 | 1,195 | 1,149 | 1,085 | |
| Technological and consulting solutions | 394 | 609 | 316 | 542 | |
| Licenses | 734 | 603 | 587 | 466 | |
| Total | 4,309 | 4,167 | 2,545 | 2,776 |
5.11. Ancillary services
Revenue from ancillary services mainly concerns revenue from supporting the Energy Exchange Group, rents, revenue from the new service ATHEX Conferences and other revenue.
| Group | Company | |||
|---|---|---|---|---|
| 30.06.2025 | 30.06.2024 | 30.06.2025 | 30.06.2024 | |
| Support services | 328 | 326 | 129 | 128 |
| Rents | 194 | 186 | 98 | 98 |
| Athex Conferences | 158 | 84 | 158 | 84 |
| Education | 12 | 23 | 12 | 13 |
| Investor services | 89 | 62 | 0 | 0 |
| Grants | 26 | 29 | 26 | 29 |
| Other | 115 | 66 | 250 | 205 |
| Total | 922 | 776 | 673 | 557 |
5.12. Personnel remuneration and expenses
The change in the number of employees of the Group and the Company, as well as the breakdown in staff remuneration is shown in the following table.
| Group | Company | |||
|---|---|---|---|---|
| 30.06.2025 | 30.06.2024 | 30.06.2025 | 30.06.2024 | |
| Salaried staff | 248 | 253 | 124 | 126 |
| Total Personnel | 248 | 253 | 124 | 126 |
| Group | Company | |||
|---|---|---|---|---|
| 30.06.2025 | 30.06.2024 | 30.06.2025 | 30.06.2024 | |
| Personnel remuneration | 6,945 | 5,741 | 3,862 | 3,151 |
| Social security contributions | 1,009 | 991 | 565 | 559 |
| Other benefits | 737 | 672 | 397 | 338 |
| Termination benefits | 19 | 0 | 2 | 0 |
| Defined benefit plans | 48 | 45 | 28 | 26 |
| Bonus shares to staff | 62 | 15 | 50 | 10 |
| Total | 8,820 | 7,464 | 4,904 | 4,084 |
Based on the existing Remuneration Policy, approved by the General Meeting of Shareholders, variable remuneration granted to executives of the Company and the Group in the form of bonus shares of the parent company is subject to a three-year vesting period. Allocation is in three (3) equal parts, with one third (1/3) being allocated at the end of each year over three (3) years.
In 2025 a right as above was granted to receive 71,023 bonus shares with a weighted average fair value at the grant date of €4.95 per share.
In order to measure the fair value of the shares granted on each grant date, the closing price of the Company's shares on the grant date was used.
5.13. Third party remuneration and expenses
Third party fees and expenses include remuneration to consultants, auditors, members of the BoD of all the companies of the Group and other fees.
| Group | Company | ||||
|---|---|---|---|---|---|
| 30.06.2025 | 30.06.2024 | 30.06.2025 | 30.06.2024 | ||
| Fees to consultants | 288 | 211 | 239 | 148 | |
| Remuneration to BoD and Committee | 342 | 295 | 311 | 265 | |
| members Other remuneration |
29 | 7 | 27 | 6 | |
| Fees to FTSE | 58 | 68 | 58 | 67 | |
| Fees to auditors | 55 | 50 | 22 | 22 | |
| Total | 772 | 631 | 657 | 508 |
5.14. Maintenance / IT Support
Maintenance and IT support includes expenses for the maintenance of the Group's technical infrastructure and support for the IT systems (technical support for the electronic trading platforms, databases, DSS [Dematerialized Securities System] etc.).
In the first half of 2025 the amount for the Group was €1,291 thousand compared to €1,318 thousand in the first half of 2024, decreased by 2.0%, while for the Company the corresponding amounts were €924 thousand in the first half of 2025 vs. €1,036 thousand in the first half of 2024, decreased by 10.8%.
5.15. Building / equipment management
This category includes expenses such as security and cleaning services, building and equipment maintenance and repairs, which are analyzed in the table below:
| GROUP | COMPANY | |||
|---|---|---|---|---|
| 30.06.2025 | 30.06.2024 | 30.06.2025 | 30.06.2024 | |
| Cleaning and building security services | 284 | 245 | 76 | 64 |
| Building- other equip. repair and maintenance | 90 | 91 | 32 | 21 |
| Other | 32 | 34 | 0 | 0 |
| Total | 406 | 370 | 108 | 85 |
5.16. Utilities
In this category, the expenses of the Group increased by 6.4% due to the increase in the cost of electricity and are analyzed in the table below. This category mainly concerns electricity, fixed and mobile telephony costs, ATHEXNet leased lines, and water.
| Group | Company | ||||
|---|---|---|---|---|---|
| 30.06.2025 | 30.06.2024 | 30.06.2025 | 30.06.2024 | ||
| Fixed - mobile telephony - internet - water | 38 | 42 | 20 | 27 | |
| Leased lines - ATHEXNet | 175 | 157 | 173 | 153 | |
| Electricity | 435 | 410 | 21 | 33 | |
| Total | 648 | 609 | 214 | 213 |
5.17. Other operating expenses
Other operating expenses of the Group increased by 9.2% and are analyzed in the table below.
| Group | Company | |||
|---|---|---|---|---|
| 30.06.2025 | 30.06.2024 | 30.06.2025 | 30.06.2024 | |
| Insurance premiums | 362 | 326 | 348 | 319 |
| Subscriptions | 272 | 291 | 234 | 254 |
| Promotional expenses | 195 | 173 | 187 | 167 |
| Dual Listings expenses | 178 | 121 | 0 | 0 |
| LEI - EMIR TR- SFTR expenses | 167 | 142 | 0 | 0 |
| Other (1) | 547 | 523 | 345 | 359 |
| Total | 1,721 | 1,576 | 1,114 | 1,099 |
(1) Other includes mainly travel, transportation, BoG expenses for cash settlement, swift, consumables et al.
5.18. Taxes
The taxes that burden the results of the fiscal year (Property Tax, value added tax, stamp duty etc.) for the Group amounted to €788 thousand in the first half of 2025 compared to €872 thousand in the first half of 2024. For the Company, taxes amounted to €415 thousand vs. €511 thousand in the corresponding period last year.
5.19. Owner occupied tangible and intangible assets
The tangible assets of the Group on 30.06.2025 amounted to €20,737 thousand compared to €21,404 thousand on 31.12.2024. The reduction is due to depreciation amounting to €672 thousand for the period (mainly concerning other equipment and the buildings of the Group), while there were additions of other equipment of €5 thousand.
The tangible assets of the Company on 30.06.2025 amounted to €1,405 thousand compared to €1,636 thousand on 31.12.2024. The reduction is due to depreciation amounting to €235 thousand (mainly concerning other equipment), while there were additions of other equipment of €4 thousand.
Within the second half of 2024, the Management of ATHEXCSD implemented a plan to find a buyer for the property of the Company on Katouni Street in Thessaloniki. In the last quarter of 2024, the Management of ATHECSD accepted a proposal from a buyer for the sale of this property for a €2.5m consideration. The property is available for sale in its present state. The sale is expected to be completed in 2025. Accordingly, the sale of the property was considered highly probable, and this property was classified on 31.12.2024 in non-current assets held for sale. The commitment by ATHEXCSD remains to sell the above property, therefore it continues to be classified as non-current assets held for sale.
On 30.06.2025 there were no encumbrances on the fixed assets of the Companies of the Group.
The intangible assets of the Group on 30.06.2025 amounted to €8,328 thousand compared to €8,485 thousand on 31.12.2024. The change is due to the addition of software and internally developed systems amounting to €1,339 thousand less depreciation for the period of €1,496 thousand.
The intangible assets of the Company on 30.06.2025 amounted to €5,677 thousand compared to €5,885 thousand on 31.12.2024. The change is due to the addition of software and internally developed systems amounting to €821 thousand less depreciation for the period of €1,028 thousand.
5.20.Leases
The rights-of-use and the lease liabilities of the Group and the Company concern real estate and means of transport.
For the Group, the assets right of use concern means of transport in the amount of €342 thousand on 30.06.2025 and €385 thousand on 31.12.2024. Depreciation of the rights of use in the 1st half of 2025 amounted to €64 thousand compared to €68 thousand in the 1st half of 2024. In addition, one means of transport was recognized as a right of use asset valued at €21 thousand.
For the Company, the assets right of use concern real estate in the amount of €954 thousand on 30.06.2025 and €1,026 thousand on 31.12.2024 and means of transport in the amount of €242 thousand on 30.06.2025 and €287 thousand on 31.12.2024. Depreciation of the rights of use in the 1st half of 2025 amounted to €118 thousand compared to €123 thousand in the 1st half of 2024.
5.21. Participations and other long-term claims
| Group | Company | |||
|---|---|---|---|---|
| 30.06.2025 | 31.12.2024 | 30.06.2025 | 31.12.2024 | |
| Participation in subsidiaries | 0 | 0 | 45,300 | 45,300 |
| Participation in affiliates (1) | 3,044 | 2,700 | 3,044 | 2,700 |
| Participation in subsidiaries due to bonus shares | 0 | 0 | 34 | 22 |
| Guarantees | 104 | 104 | 40 | 40 |
| Dividend tax withheld for offset (2) | 4,721 | 4,721 | 4,421 | 4,421 |
| Total | 7,870 | 7,525 | 52,839 | 52,483 |
- 1) The participation of the Company in HenEx on 30.06.2025 was €3.044 thousand. The company initially paid 1,050 thousand as participation in HenEx's share capital.
- 2) Hellenic Exchanges Athens Stock Exchange and Athens Exchange Clearing House had income (dividends) from their participation in subsidiaries during the period 2009-2013. On those distributions that took place, dividend withholding tax was applied, whose balance is monitored in a claims account on the Greek State in order to offset the dividend tax from the further distribution of this income to the shareholders of the companies of offset / recuperate this amount in any other way.
The receivable is recognized as a tax receivable under IAS 12, which consists of dividend withholding taxes as required by the standard and is measured at the total amount expected to be recovered from the tax authorities. The Company measures current tax assets both initially and subsequently at the amount expected to be recovered from the tax authorities. Management reasonably believes, taking into account the advice received from its legal/ tax advisors, that there is no risk of non-recovery of the receivable, on the one hand, due to the lack of an explicit legislative provision/ decision of an administrative court (or other competent body) on the impossibility of recovering (through repayment or offseting) the claim and, on the other hand, as the impossibility of recovering the above claim due to the change in the legislative regime would constitute a retroactive change in the tax treatment of certain taxable material, in violation of Article 78 par. 2 of the Constitution. At the same time, the Group's Management intends to take further action in the near future to ensure its gradual recovery.
The breakdown of the participations of the parent Company in the subsidiaries of the Group on 30.06.2025 and 31.12.2024 is shown below:
| % of direct | Number of shares / total | Cost | ||
|---|---|---|---|---|
| participation | number of shares | 30.06.2025 | 31.12.2024 | |
| ATHEXCSD (former TSEC) | 100 | 802,600 | 32,380 | 32,380 |
| ATHEXClear | 100 | 8,500,000 | 12,920 | 12,920 |
| Total | 45,300 | 45,300 |
In the first half of 2025 the Company collected dividend of €12.50 per share from the ATHEXCSD subsidiary and dividend of €0.70 per share from the ATHEXCLEAR subsidiary. Management has assessed at the end of the reporting period whether events or circumstances exist that indicate that the carrying amount of investments in subsidiaries may not be recoverable. This analysis did not result in the need to perform an in-depth impairment test.
5.22.Trade and other receivables
All claims are short-term, and no discounting is required on the date of the statement of financial position. The breakdown of clients and other receivables is shown in the following table:
| Group | Company | |||
|---|---|---|---|---|
| 30.06.2025 | 31.12.2024 | 30.06.2025 | 31.12.2024 | |
| Clients | 3,890 | 4,055 | 2,628 | 2,919 |
| Less: expected credit losses | (1,883) | (1,878) | (1,605) | (1,604) |
| Net commercial receivables | 2,007 | 2,177 | 1,023 | 1,315 |
| Other receivables | ||||
| Tax (1) | 3,512 | 3,705 | 0 | 0 |
| HCMC fee claim | 21 | 21 | 21 | 21 |
| Taxes withheld on deposits | 329 | 213 | 57 | 38 |
| Contractual claims (2) | 5,576 | 4,929 | 2,067 | 2,027 |
| Other withheld taxes | 72 | 48 | 11 | 10 |
| Prepaid non-accrued expenses (3) | 2,126 | 2,693 | 1,358 | 1,798 |
| Other debtors | 38 | 43 | 45 | 48 |
| Total other receivables | 11,674 | 11,652 | 3,559 | 3,942 |
- (1) The sales tax on transactions (0.10%) is turned over by members on the day following settlement (T+3); some members take advantage of their right to turn it over in one tranche to ATHEXCSD on the third working day after the end of the month when the transactions took place.
- (2) Contractual claims concern a revenue provision for services provided by the Group until 30.06.2025 which were invoiced at the start of the following month.
- (3) Prepaid non-accrued expenses will mainly be expensed in the next fiscal year.
The book value of the claims above reflects their fair value.
5.23. Financial assets
On 30.06.2025 financial assets at fair value through other income includes the shares that the Group has acquired in Boursa Kuwait as well as in the Belgrade Stock Exchange.
The shares of Boursa Kuwait posted a valuation gain of €1,985 thousand compared to 31.12.204 which was accounted in the special securities valuation reserve, from which the corresponding deferred tax of €437 thousand was subtracted.
The GM of Boursa Kuwait decided to distribute dividend for fiscal year 2024. The Company has recognized income of €368 thousand in the first half of 2025.
The Belgrade Stock Exchange posted a valuation loss of €19 thousand compared to 31.12.2024 which was accounted in the special securities valuation reserve, from which the corresponding deferred tax of €4 thousand was subtracted.
The value of the 0.779% participation in Boursa Kuwait and the 4.75% participation in the Belgrade Stock Exchange are analyzed below:
| Group | Company | |||
|---|---|---|---|---|
| 30.06.2025 | 31.12.2024 | 30.06.2025 | 31.12.2024 | |
| Participation in the Belgrade Stock Exchange | ||||
| Balance - start of the period | 174 | 171 | 174 | 171 |
| Profit / (Loss) from the valuation of the participation recognized in the Statement of Comprehensive Income |
(19) | 3 | (19) | 3 |
| Balance - end of period | 155 | 174 | 155 | 174 |
| Participation in Boursa Kuwait | ||||
| Balance - start of the period | 11,254 | 7,910 | 11,254 | 7,910 |
| Profit / (Loss) from the valuation of the participation recognized in the Statement of Comprehensive Income |
1,985 | 3,344 | 1,985 | 3,344 |
| Balance - end of period | 13,239 | 11,254 | 13,239 | 11,254 |
| Grand total | 13,394 | 11,428 | 13,394 | 11,428 |
In the financial assets valued at amortized cost category Greek Government Bods in the amount of €649 thousand matured in the first-half of 2025.
5.24.Cash and cash equivalents
The cash at hand and at bank of the Group are invested in short-term interest-bearing instruments in order to maximize benefits, in accordance with the policy set by the Company and the Group.
On 30.06.2025, a significant portion of the cash of the Group is, due to compliance of ATHEXClear with the EMIR Regulation, kept at the Bank of Greece (BoG).
The breakdown of the cash at hand and at bank of the Group is as follows:
| Group | Company | |||
|---|---|---|---|---|
| 30.06.2025 | 31.12.2024 | 30.06.2025 | 31.12.2024 | |
| Deposits at the Bank of Greece | 21,372 | 20,562 | 0 | 0 |
| Sight deposits in commercial banks | 1,987 | 2,299 | 1,181 | 1,481 |
| Time deposits up to 3 months | 51,710 | 45,650 | 17,610 | 10,750 |
| Cash at hand | 4 | 7 | 2 | 3 |
| Total | 75,073 | 68,518 | 18,793 | 12,234 |
5.25.Third party balances in bank accounts of the Group
Third party balances in bank accounts of the Group is a memo account for the margins that ATHEXClear receives from its Members for the derivatives market and the cash market. ATHEXClear manages Member margins, which in accordance with the investment policy for deposits, are placed with the Bank of Greece.
Implementation of the ATHEXClear investment policy begun together with the application of the new clearing model and risk management in the derivatives market on 1.12.2014.
According to the contract between ATHEXClear and the BoG dated 24.6.2024, with effect from Tuesday 25.6.2024, ATHEXClear operates in the Target-GR system as an Auxiliary System (without settlement method) with CCP indication, successfully transitioning from the previous operating status of the company to Target-GR as a Direct Participant with Payment bank indication (until Friday 21.6.2024).
In particular, in accordance with Article IV ("Funds held in the SAC of the ASM of guarantee funds") of the contract, ATHEXClear now has the possibility of maintaining in a Special Cash Account (SAC) of the Continuous Settlement (CTS) of the Ancillary System, all of ATHEXClear's guarantee funds for the purpose of clearing transactions, which consist exclusively of:
- Contributions of the Clearing Members of the Auxiliary System to the Cash Market Clearing Fund, as defined in Article 42 of Regulation (EU) 648/2012E.
- Contributions of the Clearing Members to the Derivatives Market Clearing Fund, as defined in the aforementioned Article 42 of Regulation (EU) 648/2012,
- Margins of the members of the Auxiliary System, as defined in Article 41 of Regulation (EU) No 648/2012,
- Other financial resources within the meaning of Article 43 of Regulation (EU) No 648/2012,
- Any cash collateral provided by the clearing members, in accordance with Article 46 of Regulation (EU) No 648/2012, to cover the exposure of the Auxiliary System to them.
In the above context, interest will be paid by the BoG to ATHEXClear's Main Cash Account (RTGS) in the Auxiliary System environment in Target-GR, while the interest attributable to the portion of the guarantee funds contributed by the Clearing Members of ATHEXClear must be calculated and attributed to them respectively by ATHEXClear.
Interest corresponding to ATHEXClear's balances in RTGS amounted to €293 thousand in the first half of 2025.
The amounts of €411,566 thousand on 30.06.2025 and €350,501 thousand on 31.12.2024 shown below and in the Statement of Financial Position on 30.06.2025 and 31.12.2024 in Assets and Liabilities respectively, concern exclusively Member collaterals in the cash and derivatives markets.
| Group | |||
|---|---|---|---|
| 30.06.2025 | 31.12.2024 | ||
| Clearing Fund accounts – Cash Market | 23,620 | 28,051 | |
| Additional Clearing Fund collaterals – Cash Market | 206,028 | 188,336 | |
| Clearing Fund accounts – Derivatives Market | 32,036 | 23,100 | |
| Additional Clearing Fund collaterals – Derivatives Market | 148,224 | 109,544 | |
| Other (1) | 1,658 | 1,470 | |
| Third party balances | 411,566 | 350,501 |
(1) On 30.06.2025, in accounts with commercial banks of the Group, dormant client balances of the Clearing Fund amounting to €35 thousand were kept, as well as €1,623 thousand concerning amounts for distribution from bond interest payments and dividends to deceased beneficiaries and amounts from forced sales.
5.26.Deferred Tax
The deferred tax obligations of the Group were reduced from €3,738 thousand on 31.12.2024 to €3,461 thousand on 30.06.2025. This reduction is mainly due to a €722 thousand increase in deferred tax claims as a
result of the increase in Contractual Obligations, while on the other hand there was a €433 thousand increase in deferred tax liabilities due to the increase in the valuation of the participation in Boursa Kuwait.
5.27. Contractual obligations
As part of IFRS 15, revenue from new listings at ATHEX, as well as rights issues that take place during the fiscal year are considered to concern not only the fiscal year during which they are paid, but must be recognized and allocated to the duration that the company remains listed at ATHEX, during which the service is expected to be provided.
The contractual obligations by service, on 30.06.2025 and 31.12.2024 for the Group and the Company are analyzed as follows:
30.06.2025
| Group | Short-term contractual obligations |
Long-term contractual obligations |
|
|---|---|---|---|
| New listings | 1,585 | 5,046 | |
| Rights issues | 974 | 1,035 | |
| Total | 2,559 | 6,081 |
| Company | Short-term contractual obligations |
Long-term contractual obligations |
|
|---|---|---|---|
| New listings | 658 | 1,964 | |
| Rights issues | 316 | 304 | |
| Total | 974 | 2,268 |
31.12.2024
| Group | Short-term contractual obligations |
Long-term contractual obligations |
|---|---|---|
| New listings | 816 | 2,454 |
| Rights issues | 980 | 1,109 |
| Total | 1,796 | 3,563 |
| Company | Short-term contractual obligations |
Long-term contractual obligations |
|
|---|---|---|---|
| New listings | 435 | 1,303 | |
| Rights issues | 300 | 315 | |
| Total | 735 | 1,618 |
Short-term obligations are those that are recognized within one year, while long-term obligations are those obligations that are recognized in a time frame of more than one year.
5.28.Equity and reserves
a) Share Capital
| Number of shares |
Par value (€) | Share Capital (€) |
Share Premium (€) | |
|---|---|---|---|---|
| Total 01.01.2024 | 60,348,000 | 0.42 | 25,346,160 | 157,084 |
| Total 31.12.2024 | 60,348,000 | 0.42 | 25,346,160 | 157,084 |
| Total 30.06.2025 | 60,348,000 | 0.42 | 25,346,160 | 157,084 |
b) Reserves
| Group | Company | |||
|---|---|---|---|---|
| 30.06.2025 | 31.12.2024 | 30.06.2025 | 31.12.2024 | |
| Regular Reserve | 13,095 | 12,419 | 9,408 | 9,408 |
| Untaxed and specially taxed reserves | 10,737 | 10,737 | 10,281 | 10,281 |
| Treasury stock reserve | (12,669) | (12,669) | (12,669) | (12,669) |
| Real estate revaluation reserve | 9,249 | 9,249 | 1,907 | 1,907 |
| Other (1) | 39 | 3,568 | 39 | 3,568 |
| Special securities valuation reserve (2) | 9,513 | 7,979 | 9,514 | 7,980 |
| Reserve from distribution of bonus shares to staff | 1,538 | 1,476 | 1,261 | 1,199 |
| Total | 31,502 | 32,759 | 19,741 | 21,674 |
- (1) Category Other on 31.12.2024 included a specially taxed dividend reserve for fiscal years 2015 and 2016, part of which - €3,529 thousand - was distributed to shareholders of the Company following the decision of the Annual General Meeting. Therefore on 30.06.2025 the specially taxed reserves are €39 thousand.
- (2) The Group has acquired shares in Boursa Kuwait and Belgrade Stock Exchange which it has classified, in accordance with IFRS 9, in financial assets at fair value through comprehensive income. On 30.06.2025 the shares posted a valuation gain of €1,549 thousand and a loss of €15 thousand respertively, which, following the subtraction of deferred tax, was accounted in the special securities valuation reserve.
c) Share Buyback program
The General Meeting on 31.05.2021 decided to grant authorization for the Company to acquire own shares in accordance with the terms and conditions of article 49 of Law 4548/2018, for a time period not to exceed twelve (12) months, at a minimum price of €0.49 and a maximum price of €5.00 per share. The maximum number of own shares acquired will not exceed 10% of the paid-in share capital.
The share buyback program began on 3.12.2021 and was completed on 30.11.2022. The Company possesses 2,498,000 shares, at an average acquisition price of €3.336 per share and a total cost of €8.33m; these shares correspond to 4.14% of the voting rights of the Company.
The General Meeting on 08.06.2023 decided to grant authorization for the Company to acquire own shares in accordance with the terms and conditions of article 49 of Law 4548/2018, for a time period not to exceed twenty-four (24) months, at a minimum price of €0.42 and a maximum price of €6.00 per share. The maximum number of own shares acquired will not exceed 10% of the paid-in share capital.
The program was completed in June 2025 without any purchases.
d) Retained Earnings
The retained earnings of the Group of €60,428 thousand on 31.12.2024 amounted to €59,264 thousand on 30.06.2025, as they increased by €13,484 thousand in comprehensive income for the first six months and reduced from the formation of a regular reserve in the amount of €676 thousand and the amount of €13,970 thousand for dividends paid.
The retained earnings of the Company of €41,640 thousand on 31.12.2024 amounted to €47,434 thousand on 30.06.2025, as they increased by €19,767 thousand in comprehensive income in the first six months and reduced by the amount of €13,970 thousand for dividends paid.
5.29.Trade and other payables
All liabilities are short term and, therefore, no discounting on the date of the financial statements is required. The breakdown of suppliers and other liabilities are shown in the following table:
| Group | Company | ||||
|---|---|---|---|---|---|
| 30.06.2025 | 31.12.2024 | 30.06.2025 | 31.12.2024 | ||
| Suppliers | 4,968 | 4,187 | 2,126 | 2,021 | |
| Hellenic Capital Market Commission Fee | 1,509 | 1,122 | 523 | 386 | |
| Dividends payable | 4 | 7 | 4 | 7 | |
| Accrued third party services | 555 | 801 | 277 | 656 | |
| Employee remuneration payable | 3,152 | 2,761 | 1,737 | 1,533 | |
| Share capital return to shareholders | 79 | 79 | 79 | 79 | |
| Prepaid revenue | 358 | 309 | 191 | 182 | |
| Various creditors | 742 | 261 | 426 | 190 | |
| Total | 11,367 | 9,527 | 5,363 | 5,054 |
5.30.Taxes payable
The analysis of taxes payable for the Group and the Company are presented in the table below:
| Group | Company | ||||
|---|---|---|---|---|---|
| 30.06.2025 | 31.12.2024 | 30.06.2025 | 31.12.2024 | ||
| Tax on stock sales | 4,322 | 4,121 | 0 | 0 | |
| Payroll taxes | 723 | 439 | 437 | 264 | |
| Tax on external associates | 2 | 4 | 0 | 1 | |
| VAT-Other taxes | 1,008 | 347 | 818 | 162 | |
| Total | 6,055 | 4,911 | 1,255 | 427 |
The amount of €4,322 thousand corresponds to the tax (0.10%) on stock sales for June 2025 which was turned over to the Greek State in July 2025.
5.31. Current income tax and income taxes payable
Income tax has been calculated based on the rules of tax legislation. Non-deductible expenses mainly include provisions, various expenses as well as amounts which the Company considers that will not be considered justifiable production expenses in a potential tax audit, and which are adjusted by management when the income tax is calculated.
| Tax liabilities | Group | Company | |||
|---|---|---|---|---|---|
| 30.06.2025 | 31.12.2024 | 30.06.2025 | 31.12.2024 | ||
| Liabilities / (claims) start | 3,465 | 2,398 | 890 | 830 | |
| Income tax expense | 4,501 | 5,222 | 1,196 | 1,207 | |
| Return of income tax prepayment | 0 | (88) | 0 | (28) | |
| Taxes paid | (1,122) | (4,067) | (367) | (1,119) | |
| Liabilities / (claims) end | 6,844 | 3,465 | 1,719 | 890 |
| Group | Company | |||
|---|---|---|---|---|
| 30.06.2025 | 30.06.2024 | 30.06.2025 | 30.06.2024 | |
| Income Tax | 4,501 | 2,763 | 1,196 | 766 |
| Deferred Tax | (711) | (178) | (176) | (48) |
| Income tax expense / (revenue) | 3,790 | 2,585 | 1,020 | 718 |
Reconciliation of the income tax with profits/losses before tax on the basis of the applicable ratios and the tax expense is as follows:
| Group | Company | ||||
|---|---|---|---|---|---|
| 30.06.2025 | 30.06.2024 | 30.06.2025 | 30.06.2024 | ||
| Earnings before taxes | 17,274 | 11,959 | 20,787 | 12,459 | |
| Income tax rate | 22% | 22% | 22% | 22% | |
| Expected income tax expense | 3,800 | 2,631 | 4,573 | 2,741 | |
| Tax effect of non-taxable income | (69) | (111) | (3,585) | (2,058) | |
| Tax effect of non-deductible expenses | 59 | 65 | 32 | 35 | |
| Income tax expense / (revenue) | 3,790 | 2,585 | 1,020 | 718 |
The tax effect of non-taxable income mainly includes income from dividends by subsidiaries, which are eliminated on a consolidated basis.
Tax Compliance Report
For fiscal years 2011 to 2015, the Greek Sociétés Anonymes and Limited Liability Companies whose annual financial statements must be audited were required to obtain an "Annual Certificate", as provided for in §5 article 82 of Law 2238/1994 and article 65A Law 4174/2013, which is issued after a tax audit carried out by the same statutory auditor or audit firm that audits the annual financial statements. After completion of the tax audit, the statutory auditor or the audit firm issues to the company a "Tax Compliance Report" which is then submitted electronically to the Ministry of Finance.
Starting with fiscal year 2016, the issuance of an "Annual Certificate" is optional. The tax authorities reserve the right to carry out a tax audit within the established framework as defined in article 36 of Law 4174/2013.
For fiscal years 2011 and 2017-2021 the companies of the Group have been audited by PricewaterhouseCoopers S.A., and for fiscal years 2012-2016 they have been audited by Ernst and Young S.A. and for fiscal years 2022 and 2023 by Grant Thornton and have received "Tax Compliance Reports" without qualifications in accordance with the regulations in effect (article 82, §5 of Law 2238/1994 for fiscal years 2011-2013 and article 65A of Law 4174/2013 for fiscal years 2014-2023).
For fiscal year 2024 the tax audit is in progress by Grant Thornton in accordance with article 65A of Law 4174/2013. When the tax audit is completed, management does not expect that there will be significant tax obligations, besides those that were recorded and reflected in the financial statements.
5.32.Related party disclosures
The value of transactions and the balances of the Group with related parties are analyzed in the following table:
| Group | Company | |||
|---|---|---|---|---|
| 30.06.2025 | 30.06.2024 | 30.06.2025 | 30.06.2024 | |
| Remuneration of executives and members of the BoD | 1,908 | 1,577 | 1,407 | 1,274 |
| Cost of social security | 285 | 231 | 203 | 183 |
| Total | 2,193 | 1,808 | 1,610 | 1,457 |
The intra-Group balances on 30.06.2025 and 31.12.2024, as well as the intra-Group transactions of the companies of the Group on 30.06.2025 and 30.06.2024 are shown below:
| INTRA-GROUP BALANCES 30.06.2025 | ||||
|---|---|---|---|---|
| ATHEX | ATHEXCSD | ATHEXCLEAR | ||
| ATHEX | Claims | 0 | 107 | 0 |
| Liabilities | 0 | 13 | 0 | |
| ATHEXCSD | Claims | 13 | 0 | 698 |
| Liabilities | 107 | 0 | 2 | |
| ATHEXCLEAR | Claims | 0 | 2 | 0 |
| Liabilities | 0 | 698 | 0 |
| INTRA-GROUP BALANCES 31.12.2024 | ||||
|---|---|---|---|---|
| ATHEX | ATHEXCSD | ATHEXCLEAR | ||
| ATHEX | Claims | 0 | 93 | 0 |
| Liabilities | 0 | 5 | 0 | |
| ATHEXCSD | Claims | 5 | 0 | 530 |
| Liabilities | 93 | 0 | 2 | |
| ATHEXCLEAR | Claims | 0 | 2 | 0 |
| Liabilities | 0 | 530 | 0 |
| INTRA-GROUP REVENUES-EXPENSES 01.01 - 30.06.2025 | ||||
|---|---|---|---|---|
| ATHEX | ATHEXCSD | ATHEXCLEAR | ||
| ATHEX | Revenue | 0 | 295 | 66 |
| Expenses | 0 | 190 | 0 | |
| Dividend Income | 0 | 10,033 | 5,950 | |
| ATHEXCSD | Revenue | 190 | 0 | 4,251 |
| Expenses | 295 | 0 | 0 | |
| ATHEXCLEAR | Revenue | 0 | 0 | 0 |
| Expenses | 66 | 4,251 | 0 |
| INTRA-GROUP REVENUES-EXPENSES 01.01 - 30.06.2024 | ||||
|---|---|---|---|---|
| ATHEX | ATHEXCSD | ATHEXCLEAR | ||
| ATHEX | Revenue | 0 | 234 | 66 |
| Expenses | 0 | 187 | 0 | |
| Dividend Income | 0 | 6,260 | 2,635 | |
| ATHEXCSD | Revenue | 187 | 0 | 3,953 |
| Expenses | 234 | 0 | 0 | |
| ATHEXCLEAR | Revenue | 0 | 0 | 0 |
| Expenses | 66 | 3,953 | 0 |
Intra-Group transactions concern the fee for settlement services from ATHEXCSD to ATHEXClear, market data rebroadcast services from ATHEX to ATHEXCSD, the provision of administrative support services between the companies of the Group, as well as other services which are invoiced at prices comparative to those between third parties.
For the affiliated company HELLENIC ENERGY EXCHANGE, table of claims and revenue for the first half of 2025 and the corresponding amounts in 2024 follows below:
| Claims | 30.06.2025 | 31.12.2024 |
|---|---|---|
| ΑΤΗΕΧ | 92 | 269 |
| ATHEXCSD | 101 | 85 |
| ATHEXCLEAR | 7 | 7 |
| Revenue | 01.01 -30.06.2025 | 01.01 -30.06.2024 |
|---|---|---|
| ΑΤΗΕΧ | 550 | 684 |
| ATHEXCSD | 172 | 170 |
| ATHEXCLEAR | 11 | 11 |
For the affiliated company EnEx CLEARING HOUSE, the table of claims and revenue for the first six months of 2025 and the corresponding amounts in 2024 follows below:
| Claims | 30.06.2025 | 31.12.2024 |
|---|---|---|
| ΑΤΗΕΧ | 24 | 55 |
| ATHEXCSD | 35 | 33 |
| ATHEXCLEAR | 2 | 2 |
| Revenue | 01.01 -30.06.2025 | 01.01 -30.06.2024 |
|---|---|---|
| ΑΤΗΕΧ | 258 | 260 |
| ATHEXCSD | 58 | 58 |
| ATHEXCLEAR | 4 | 4 |
5.33. Litigation or arbitration disputes and other contingent liabilities
The Group is involved in litigation with former members and listed companies of the Athens Stock Exchange. The management of the Group and its legal counsel estimate that the outcome of these cases will not have a significant effect on the economic situation, financial position or the results of the operation of the Group and the Company.
5.34.Risk Policies and Management
A major consideration of the Athens Exchange Group (the Group) is the management of risk that arises from international developments in the sector, its business activities, and its business operation.
The Group, as operator of the capital market, has developed a framework for managing the risks to which it is exposed, ensuring its viability and development, and contributing to the stability and security of the capital market. Risk management is recognized as part of its supervisory functions which, together with the regulatory compliance system, form the second level of defense of the organization.
Market risk
The Group's and the Company's risk in relation to their investments derives primarily from any adverse changes in the current valuation prices of shares and other securities traded on organized markets. In particular, the Group and the Company hold on 30.06.2025 financial assets measured at fair value through other comprehensive income which mainly include the Group's investment in Boursa Kuwait (0.778%).
On 30.06.2025, the assets exposed to market risk amounted to €13,394 thousand for the Group and the Company. A change of ±10% in investments whose valuation gains or losses are recognized cumulatively in equity would result in a change of ±€1,339.4 thousand for the Group and the Company, respectively.
Liquidity risk
Liquidity risk is the risk of not being able to find sufficient cash to cover the Company's obligations.
The Group manages its liquidity needs through careful monitoring of scheduled payments for short-term liabilities as well as cash outflows from its day-to-day operations. Liquidity needs are monitored in various time frames (daily, weekly, monthly).
Liquidity risk is kept at a low level by maintaining sufficient cash reserves.
The Group's and the Company's trade and other payables of €11,367 thousand and €5,363 thousand respectively will be settled within the next 3 months.
Currency risk
The functional currency of the Group and the Company is the Euro. Most transactions of the Group and the Company take place in the functional currency, and as such, currency risk that arises from normal operations is limited.
The Group and the Company hold as of 30.06.2025 an investment in Boursa Kuwait (0.778%), whose shares are traded on the stock market of Kuwait since 14.09.2020 in Kuwaiti Dinars (KWD). At the same time, on 30.06.2025 the Group and the Company hold an investment in the Belgrade Stock Exchange in Serbian Dinar (RSD). As such, the Group and the Company are exposed to the KWD/EUR and the RSD/EUR exchange rates. A reasonable change in the KWD/EUR exchange rate of ±10% would result in a change of ±€37 thousand in the results and of ±€1,361 thousand in equity for the Group and the Company, respectively. Also, a fair change in the RSD/EUR exchange rate of ±10% would result in a change in equity of ±€15 thousand for the Group and the Company.
Credit risk
The Group faces credit risk both from equity investments as well as from client balances. As part of its Investment Policy, specific principles are defined for cash deposit arrangements. Cash deposit arrangements are with the four systemic banks of the country, in approximately equal amounts, minimizing credit risk levels. Short term cash arrangements that do not exceed three months take place at Greek Systemic Banks, in accordance with the Investments Policy set by the management of the ATHEX Group.
Out of total cash and cash equivalents of the Group of €75.1m, approximately €53.7m is deposited in Greek banks, and the remaining approximately €21.4m at the Bank of Greece.
5.35. Fair value
Measurement of fair value of financial assets
The financial assets and financial liabilities measured at fair values in the Statement of Financial Position of the Group and the Company are classified based on the following hierarchy into 3 Tiers for determining and disclosing the fair value of financial instruments by valuation technique:
Tier 1: Investments valued at fair value based on traded (unadjusted) prices in active markets for similar assets or liabilities.
Tier 2: Investments valued at fair value based on valuation models in which all inputs that significantly affect fair value are based (either directly or indirectly) on observable market data.
Tier 3: Investments valued at fair value based on valuation models in which inputs that significantly affect fair value are not based on observable market data.
The following tables present the financial assets that are measured at fair value on a recurring basis on 30.06.2025 and 31.12.2024. There are no financial liabilities measured at fair value at any of the periods presented.
| 30.06.2025 | Group / Company | ||
|---|---|---|---|
| Tier 1 | Tier 2 | Tier 3 | |
| Financial assets | |||
| Investments in shares listed in organized markets | 13,239 | 0 | 0 |
| Investments in shares not listed in organized markets | 0 | 0 | 155 |
| Total | 13,239 | 0 | 155 |
| 31.12.2024 | Group / Company | ||
|---|---|---|---|
| Tier 1 | Tier 2 | Tier 3 | |
| Financial assets | |||
| Investments in shares listed in organized markets | 11,254 | 0 | 0 |
| Investments in shares not listed in organized markets | 0 | 0 | 174 |
| Total | 11,254 | 0 | 174 |
Within the periods presented, there were no transfers between Tiers 1 and 2.
The amounts at which assets, receivables and current liabilities are reported in the Statement of Financial Position approximate their respective fair values due to their short-term maturity. Accordingly, there are no differences between the fair values and the corresponding carrying amounts of the financial assets and liabilities. The Company does not have derivative financial products.
Measurement of fair value of non-financial assets
The following tables present the non-financial assets of the Group and the Company that are measured at fair value on a recurring basis on 30.06.2025 and 31.12.2024:
| 30.06.2025 | Group | ||
|---|---|---|---|
| Tier 1 | Tier 2 | Tier 3 | |
| Non-financial assets | |||
| Owner occupied tangible assets | 17,749 | ||
| Investments in real estate | 5,925 | ||
| Non-Current Assets held for sale | 2,250 | ||
| Total | 25,924 |
| 31.12.2024 | Group | ||
|---|---|---|---|
| Tier 1 | Tier 2 | Tier 3 | |
| Non-financial assets | |||
| Owner occupied tangible assets | 17,988 | ||
| Investments in real estate | 5,925 | ||
| Non-Current Assets held for sale | 2,250 | ||
| Total | 26,163 |
| 30.06.2025 | Company | ||
|---|---|---|---|
| Tier 1 | Tier 2 | Tier 3 | |
| Non-financial assets | |||
| Investments in real estate | 3,340 | ||
| Total | 3,340 |
| 31.12.2024 | Company | ||
|---|---|---|---|
| Tier 1 | Tier 2 | Tier 3 | |
| Non-financial assets | |||
| Investments in real estate | 3,340 | ||
| Total | 3,340 |
The estimation of the fair value of the owner-occupied assets and the tier 3 investments in real estate of the Group and the Company is based on a relevant valuation estimate that was carried out by independent, recognized real estate appraisers. The key assumptions used are described in detail in the 2024 Annual Financial Report (note 5.43).
5.36.Events after the date of the Statement of Financial Position
Further to the public announcement of July 1, 2025, the Board of Directors of Hellenic Exchanges-Athens Stock Exchange S.A. ("ATHEX" and the "Board") wishes to inform the investing public that, as part of its assessment of the unsolicited all share takeover proposal from Euronext, it has entered into discussions with Euronext.
The Board continues to evaluate the proposal in full compliance with its fiduciary responsibilities to all shareholders and other stakeholders and is advised by Morgan Stanley and expert international and Greek counsel. No agreement has been reached at this time.
There is no event that has a significant effect on the results of the Group and the Company which has taken place or was completed after 30.06.2025 the date of the first half 2025 interim financial statements and up until the approval of the financial statements by the Board of Directors of the Company on 28.07.2025.
Athens, 28 July 2025
____________________________
____________________________
THE CHAIRMAN OF THE BoD
GEORGE HANDJINICOLAOU ____________________________
THE CHIEF EXECUTIVE OFFICER
YIANOS KONTOPOULOS ____________________________
THE CHIEF FINANCIAL AND ISSUER RELATIONS OFFICER NICK KOSKOLETOS
THE DIRECTOR OF FINANCIAL MANAGEMENT LAMBROS GIANNOPOULOS