Euronext Athens Holding S.a. · ATHEX:EXAE
Euronext Athens — Investor Presentation (April 2026)
56 slides from Euronext Athens's investor presentation, April 2026
Slide 1: Euronext Athens Investor Relations Presentation
April 2026 Euronext Athens Investor Relations Presentation Formerly Athens Stock Exchange
Slide 2: Contents
Contents Key Euronext Financial 01 About Euronext Athens (slide 3) 02 Athens Market Statistics (slide 12) 03 Results FY 2025 (slide 24) 04 05 Business Appendix Developments (slide 45) (slide 42)
Slide 3: About Euronext Athens
About Euronext Athens
Slide 4: Euronext Athens At a Glance
Euronext Athens At a Glance Euronext Athens is the Listed on the Regulated Approved by SEC as a MiFID II licensed Market since August Designated Offshore Market Operator of the 2000 Securities Market since Hellenic Capital Market August 2016 Vertically Integrated: Operates Cash, Trading, Clearing, E
Slide 5: Euronext Athens Structure
Euronext Athens Structure │5
Slide 6: Governance & Markets
Governance & Markets Euronext Clearing Euronext Securities Euronext Athens Athens Athens (former ATHEXClear) (former ATHEXCSD) Regulated under: MiFID II Regulated under: EMIR Regulated under: CSDR Supervised by: HCMC Supervised by: HCMC Supervised by: HCMC Markets CCP Clearing License (active) CSD L
Slide 7: Diversified Business Portfolio
Diversified Business Portfolio IT, Digital & Other Services Listing • Electronic Book Building • Main Market • InBroker • Alternative Market • ESG Data Portal 11% • AXIA e-shareholders’ Ancillary Meeting 17% • HERMES Services 9% • Colocation Services • ENEX support 2% • Rents et al. Trading 6% • Sto
Slide 8: Euronext Athens Invests in ESG
Euronext Athens Invests in ESG Our commitment to sustainable growth and ESG principles is enhancing investor trust and creating lasting value for society. 2018 2019 2020 2021 2022 2023 2024 2025 ATHEX ATHEX ESG ATHEX-NKUA- ATHEX ESG ATHEX BONDS ATHEX ESG ATHEX ESG 1st ATHEX participates in Reporting
Slide 9: Shareholder Structure
Shareholder Structure International Local Retail Malta United Kingdom ATHEX (Treasury Greece 16,5 Stock) Other Countries 4,2 6,1 9,0 3,2 0,6 Other Greek Investors Investor Type Country of Origin 74,5 Euronext NV# 75,4 Netherlands Source: Euronext Athens 30.04.2026, # Data 19.03.2026 based on the not
Slide 10: Shareholder Structure
Shareholder Structure International Investor Participation Shareholders > 5% Euronext NV# – 74.22% Praude Asset Management ‡ – 9.15% Source: Euronext Athens 30.04.2026 # Data 19.03.2026 based on the notification by the shareholder │ 10 ‡ Data 19.11.2025 based on the notification by the shareholder
Slide 11: Euronext Athens (EXAE) share activity
Euronext Athens (EXAE) share activity Share Trading Liquidity Historical Price Fluctuation Source: Euronext Athens 30.04.2026 │ 11
Slide 12: Key Euronext Athens Market Statistics
Key Euronext Athens Market Statistics
Slide 13: Market Performance in 2026
Market Performance in 2026 Impressive Growth in Market Liquidity & Valuation Cash Market Liquidity Derivatives Market Liquidity 2026: €372.5m 2026: €71.4m +70.2% +65.6% 2025: €218.8m 2025: €43.1m Average Daily Trade Value Average Daily Trade Value Avg Market Cap Avg Market Cap | Banks Avg Market Cap
Slide 14: Size and Growth of the Market
Size and Growth of the Market Average Market Capitalization (€154.7bn) 20.6% higher vs 2025 ▪ Cash Market valuation increased by €10.9bn in 2026 ▪ Banking Sector valuation increased by €2.9bn (€52.0bn) in 2026 ▪ The weight of the Banking Sector to the ATHEX total valuation increased to 33.0% in 2026
Slide 15: Investor Participation – Cash Market Valuation
Investor Participation – Cash Market Valuation As % of Total Cash Market Capitalization ▪ In 2026, Foreign ownership increased to 68.8% of Total Market Capitalization, an all-time high Source: Euronext Athens 30.04.2026, # Other Investors includes HFSF holdings for 2013 - 2024 │ 15
Slide 16: Trading Activity - Cash Market
Trading Activity - Cash Market Average Trading Value in 2026 is €354.1m ▪ Total Market liquidity increased by 61.8% (A.D.T.V. €354.1m from €218.8m in 2025) ▪ Corporate Bond Market liquidity decreased by 10.1% (A.D.T.V. €1.5m from €1.7m in 2025) Source: Euronext Athens 30.04.2026, A.D.T.V. €mil │ 16
Slide 17: Investor Participation – Cash Market Liquidity
Investor Participation – Cash Market Liquidity As % of Total Trading Activity ▪ In 2026, the participation in Market Liquidity of Foreign Investors increased to 70.2%, an all-time high Source: Euronext Athens 30.04.2026 │ 17
Slide 18: Comparison with European Peers
Comparison with European Peers Market Capitalization vs GDP (%) ▪ Greece has a low Market Capitalization to GDP Ratio indicating significant potential for growth Turnover Velocity (%) ▪ Turnover Velocity closed the gap with the European Average Source: Euronext Athens 31.03.2026, # Market Capitaliza
Slide 19: Comparison with European Peers
Comparison with European Peers Market Concentration of Liquidity (%) ▪ Euronext Athens Market Liquidity concentration is higher compared to European Peers Source: Euronext Athens 31.03.2026, # Market Concentration of Liquidity as Top 5 Traded Shares vs Total Market Turnover │ 19
Slide 20: Derivatives Market Trading Activity
Derivatives Market Trading Activity Banking Sector Stock Futures the most popular product of the market Share Trading Liquidity Historical Price Fluctuation ▪ Market liquidity increased by 40.1% (A.D.N.Contr. 80.7ths compared to 57.6ths in 2025) Source: Euronext Athens 30.04.2026, # Number of Contra
Slide 21: Trading Activity Cash & Derivatives Markets
Trading Activity Cash & Derivatives Markets Source: Euronext Athens 30.04.2026, @ Trade Value in €mil. # Number of Contracts in ths contracts excluding Lending Products │ 21
Slide 22: Capital Flows from Foreign Investors
Capital Flows from Foreign Investors Cash Market Capital Flows (buys minus sells, €m) ▪ Cumulative Net Inflows from Foreign Investors since 2021 approaching €1.0bn Source: Euronext Athens 30.04.2026 │ 22
Slide 23: Capital Raising Ability
Capital Raising Ability 2024 2025 2026 Equity Equity Equity (19) - €1.9bn (34) - €1.1bn (6) - €359.2m of which (4) - €833.0m new listings of which (10) - €225.4m new listings Corporate Bonds Corporate Bonds Corporate Bonds (2) – 330.0m (4) –1.4bn (2) – 400m Total Capital Raised Total Capital Raised
Slide 24: Financial Results FY 2025
Financial Results FY 2025
Slide 25: Market Performance in FY 2025
Market Performance in FY 2025 Strong Growth in Trading Activity & Higher Valuations in the Cash Market Trading Activity Cash Market 2025: €218.8m ATHEX General Index +44.3% +56.5% 2024: €139.8m Average Daily Trade Value ATHEX EN.A. Growth Index +31.0% Trading Activity Derivatives Market Total Capita
Slide 26: Overview - Financial Performance in FY 2025
Overview - Financial Performance in FY 2025 Turnover OPEX EAT +58.9% +43.0% +82.7% • Turnover increased by 58.9% in FY 2025 compared to FY 2024 On the back of strong performance in Trading and Post Trading, and corporate actions (METLEN) • Total Operating Expenses increased by 43.0% Driven mai
Slide 27: Turnover Breakdown
Turnover Breakdown FY 2024 FY 2025 Activity Based Revenue Trading | Post Trading Market-Cap Based Revenue Listing Services Data | IT, Digital & Other | Ancillary Source: Euronext Athens │ 27
Slide 28: Trading & Post-Trading
Trading & Post-Trading Trading activity continues to grow in the cash market driving growth ADTV (Equities) ADTV (Derivs) Trading Post-Trading +58.6% +55.3% +54.7% +94.7% • Average Revenue per Contract • Starting 1.1.2024 equities trading fee of 1.25bp o FY 2024: €0.259 replaced by trade ban
Slide 29: Listing
Listing Higher market capitalization and increased corporate action activity Avg Mkt Cap Listing +25.7% +37.2% • Listed company subscriptions are up 33.7% on higher market cap • 7 new listings (Alter Ego Media, Fais Group, Qualco, Alpha Bank, Metlen Energy & Metals, Eurobank, Piraeus Bank) • Bec
Slide 30: Services
Services Strong growth in all services IT, Digital & Data Ancillary Other services +11.0% +8.4% +18.0% • Data Services increased by 11.0% mainly due to continued gradual increases (+4.5% starting 1.1.2025) in fees • IT, Digital & Other Services increased by 8.4% • Provision of consulting servi
Slide 31: Expenses
Expenses Headcount Personnel Other OPEX Total -2.4% +25.2% +66.6% +43.2% • Personnel costs up 25.2% attributed to wage inflation & variable compensation • 3rd party expenses up 390% due to significantly higher consultant fees because of the ENX share exchange offer Source: Euronext Athens │
Slide 32: Profitability
Profitability EBITDA FIN. Income EAT EPS +78.2% +0.1% +82.3% +77.7% • Depreciation: €4.5m in FY 2025 vs. €4.2m in FY 2024, up 6.7% Source: Euronext Athens │ 32
Slide 33: Overview - Financial Performance in FY 2025
Overview - Financial Performance in FY 2025 Margins continue to improve as the top line grows considerably faster than Opex EBITDA EBIT NET Profit +5.5pp +8.1pp +4.9pp Source: Euronext Athens │ 33
Slide 34: Group Pricing Policy Highlights
Group Pricing Policy Highlights Fees 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Comment (3) Trading (1) 1.25bp Value Based 1.7.2010: 1.5bp -> 1.25bp Trading (Block Trades) 1.0bp Value Based Use of Trading Scalable, based on the value of trades --- Infrastructure Clearing, Settlement
Slide 35: Key Financials Revenue & Expenses Analysis
Key Financials Revenue & Expenses Analysis Revenue & Expenses Analysis (excluding HCMC fee) Source: Euronext Athens │ 35
Slide 36: Total Operating Revenue & Expenses
Total Operating Revenue & Expenses Operating Revenue (excluding HCMC fee) Operating Expenses Source: Euronext Athens │ 36
Slide 37: Headcount and Expenses
Headcount and Expenses Euronext Athens Headcount Personnel Remuneration & Expenses Source: Euronext Athens │ 37
Slide 38: Profitability
Profitability EBITDA Earnings Before Interest & Tax (EBIT) Earnings after Tax (EAT) Earnings per Share (EPS) Source: Euronext Athens │ 38
Slide 39: Financial Ratios
Financial Ratios EBITDA Margin Net Profit Margin Effective Tax Rate Return to Equity (ROE) EV to EBITDA Price to Earnings (P/E) Source: Euronext Athens │ 39
Slide 40: Group Cash Position
Group Cash Position Source: Euronext Athens, # Number of Contracts in ths contracts excluding Lending Products │ 40
Slide 41: Cash Distributions to Shareholders
Cash Distributions to Shareholders Source: Euronext Athens, # Cash Distributions on Year Paid , @ CYield calculations based on Year Average Share Price │ 41
Slide 42: Business Developments
Business Developments
Slide 43: Energy Exchange Group (ENEX)
Energy Exchange Group (ENEX) Establishment of Energy Market in Greece Energy Exchange Group (EnEx) founded in Q2 2018 Διαχειριστής ΑΠΕ Εγγυήσεων Προέλευσης Α.Ε. - ΔΑΠΕΕΠ Α.Ε. 22% Energy 41% Products Euronext Athens Trading 20% Spot Market Clearing 10% 100% 7% EnEx operates under Euronext the EU Targ
Slide 44: Regional cooperation
Regional cooperation Cyprus Stock Exchange & Belgrade Stock Exchange Euronext Athens ATHEX acquired in Aug 2021 10.24% of BGDx Provision of Trading Platform in OASIS/Linux (former BELEX) environment and Exchange Facilities Services Current stake: 4.75%, following a rights issue in 2024 in which ATHE
Slide 45: Appendix
Appendix
Slide 46: Market Capitalization 2000 - 2026
Market Capitalization 2000 - 2026 Source: Euronext Athens 30.04.2026 │ 46
Slide 47: Cash Market Trading Activity 2000 - 2026
Cash Market Trading Activity 2000 - 2026 Source: Euronext Athens 30.04.2026, A.D.T.V. in €mil │ 47
Slide 48: Derivatives Market Trading Activity 2000 - 2026
Derivatives Market Trading Activity 2000 - 2026 Source: Euronext Athens 30.04.2026, # Lending Products are expressed in 100 share contr. equivalents │ 48
Slide 49: Consolidated Statement of Comprehensive Income
Consolidated Statement of Comprehensive Income Revenue 2017 - 2025 Source: Euronext Athens, # €ths unless otherwise noted │ 49
Slide 50: Consolidated Statement of Comprehensive Income
Consolidated Statement of Comprehensive Income Expenses 2017 - 2025 Source: Euronext Athens, # €ths unless otherwise noted │ 50
Slide 51: Consolidated Statement of Comprehensive Income
Consolidated Statement of Comprehensive Income Profitability 2017 - 2025 Source: Euronext Athens, # €ths unless otherwise noted │ 51
Slide 52: Taxation Main Taxes | Fees Shown
Taxation Main Taxes | Fees Shown Tax 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Comment Corporate 25% 24% 20% 26% 29% 24% 22% Income Tax 1.4.2005: 18% -> 19% Value Added Tax 21% 1.4.2010: 19% -> 21% 19% 23% 24% (VAT) 23% 1.7.2010: 21% -> 23% 1.6.2016: 2
Slide 53: Useful Links
Useful Links Euronext Athens Investor Relations Pricing Policy Information about the Group, corporate Resolution 24 (trading) presentation & announcements et al. Resolution 18 Resolution 10 Axia Securities Market Insights (Axia Numbers) Euronext Athens publication showing investor Euronext Athens pu
Slide 54: 2026 Financial Calendar
2026 Financial Calendar Wednesday, Thursday, Thursday, February 18 June 11 July 30 FY 2025 Results Annual General H1 2026 Results Meeting Record: Wednesday, Tuesday, June 24 March 31 Payment: Tuesday, Publication of June 30 2025 Annual Financial Report Dividend Dates │ 54
Slide 55: Disclaimer
This publication is for information purposes only and is not a recommendation to engage in investment activities. This publication is provided “as is” without representation or warranty of any kind. Whilst all reasonable care has been taken to ensure the accuracy of the content, Euronext does not gu
Slide 56: Contact us
Nick Koskoletos Chief Financial Officer (CFO) Stelios Konstantinou Investor Relations Contact us Department (IRO) ir@athexgroup.gr LEI: 549300GSRN07MNENPL97 FISN: ENX ATH/REG SHS ISIN: GRS395363005 OASIS: EXAE Bloomberg: EXAE GA Reuters: EXCr.AT