Slide 1: Investor Relations Presentation
Investor Relations Presentation September 2025
Slide 2: Contents
Contents 01 02 03 04 05 About Key Market Financial Business Appendix ATHEXGROUP Statistics Results H1 2025 Developments 2
Slide 3: About ATHEXGROUP
About ATHEXCE a ATH=XGROUP
Slide 4: ATHEXGROUP At a Glance
ATHEXGROUP At a Glance ATHEX is the MiFID II Vertically Integrated: licensed Market Operator of Trading, Clearing, Settlement the Hellenic Capital Market & Registry systems Operates the Approved by SEC as a Greek Cash, Derivatives Designated Offshore Securities & Corporate Bonds Markets Market since
Slide 5: ATHEXGROUP Structure
ATHEXGROUP Structure Athens Exchange Group Common Platform Cash & Derivatives Markets Trading 100% 21% 0.78% 4.75% Cash & Derivatives Central Securities Energy Products Markets Clearing Depository Trading 5
Slide 6: ATHEXGROUP Governance & Markets
ATHEXGROUP Governance & Markets 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 License (active since 12.4.2021) Regulated: • Equities Core Services: • stocks, bonds & listed f
Slide 7: Diversified Business Portfolio
Diversified Business Portfolio Listing • Main Market IT, Digital & Other Services • Alternative Market • Electronic Book Building 13% • InBroker Ancillary 10% • ESG Data Portal Services • AXIA e-shareholders’ Meeting • ENEX support 3% 19% • HERMES • Rents et al. • Colocation Services 7% Trading Data
Slide 8: ATHEXGROUP Strategic Vision
ATHEXGROUP Strategic Vision Boost market activity Break vicious circle Support wealth creation for domestic and international investors Support growth of Greek economy and boost “crown jewels” Increase revenues from Solidify & optimize established services international activities & explore new serv
Slide 9: ATHEXGROUP Invests in ESG
ATHEXGROUP 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 ATHEX participates ATHEX ESG ATHEX-NKUA-HFAMA ATHEX ESG Index ATHEX BONDS ATHEX ESG ATHEX ESG in SSE Initiative Rep
Slide 10: ATHEX Shareholder Structure
ATHEX Shareholder Structure Malta Switzerland Luxembourg Norway 23,9 Local Retail USA 6,0 2,5 Other 4,6 Countries United 9,6 5,8 International 42,8 Kingdom Investor Type 11,5 Country of Origin 19,9 4,1 5,6 Local Other Greek Institutional Investors Local Banks 57,2 Management ATHEX Greece ATHEX Team
Slide 11: ATHEXGROUP Shareholder Structure
ATHEXGROUP Shareholder Structure International Investor Participation Shareholders > 5% Praude Asset Management – 7.4% Source: ATHEXGROUP, 30.09.25 11
Slide 12: ATHEX Share Trading Statistics
ATHEX Share Trading Statistics Share Trading Liquidity Historical Price Fluctuation Share liquidity increased by 212% in 2025 Share outperformed the ATHEX Composite Index in 2025 (A.D.T.V. €1.44m compared to €0.46m in 2024) (ATHEXGROUP +47.2%, ATHEX Composite Index +38.4%) Source: ATHEXGROUP, 30.09.
Slide 13: Key Market Statistics
Key Market Statistics ATH=XGROUP
Slide 14: ATHEX Market Performance in 2025
ATHEX Market Performance in 2025 Significant Growth in Market Liquidity & Valuation Cash Market Liquidity Derivatives Market Liquidity 2025: € 210.9m 2025: € 39.7m +50.9% 2024: € 139.8m +50.1% 2024: € 26.5m Average Daily Trade Value Average Daily Trade Value Avg. Market Cap Avg. Market Cap | Banks A
Slide 15: Size and Growth of the Market
Size and Growth of the Market Average Market Capitalization (€123.8bn) 24.2% higher vs 2024 ATHEX Market Capitalization ▪ ATHEX Cash Market valuation increased by €33.7bn in 2025 ▪ Banking Sector valuation increased by €20.9bn (€49.1bn) in 2025 ▪ The weight of the Banking Sector the ATHEX total valu
Slide 16: Investor Participation - Cash Market Valuation
Investor Participation - Cash Market Valuation As % of Total Market Capitalization In 2025, Foreign ownership soared to a record- breaking 69.6% of Total Market Capitalization, marking an all-time high Source: ATHEXGROUP, 30.09.25, # Public Sector includes HFSF holdings for 2013 - 2024 16
Slide 17: Trading Activity - Cash Market
Trading Activity - Cash Market Average Trading Value in 2025 is €210.9m Average Daily Trade Value ▪ Total Market liquidity increased by 50.9% (A.D.T.V. €210.9m from €139.8m in 2024) ▪ Corporate Bond Market liquidity increased by 23.0% (A.D.T.V. €1.6m from €1.3m in 2024) Source: ATHEXGROUP, 30.09.25,
Slide 18: Investor Participation - Cash Market Liquidity
Investor Participation - Cash Market Liquidity As % of Total Trading Activity In 2025, the participation in Market Liquidity of • International Investors increased to 63.0% • Institutional Investors decreased to 19.9% • Local Retail Investors increased to 15.7% Source: ATHEXGROUP, 30.09.25 18
Slide 19: Comparison with European Peers
Comparison with European Peers Capitalization vs GDP (market capitalization# period end / GDP, %) Greece has a low market capitalization to GDP ratio indicating significant potential for growth Turnover Velocity (total value traded / market capitalization# period end, %) Turnover velocity closing th
Slide 20: Comparison with European Peers
Comparison with European Peers Market Concentration (top 5 traded shares / total value traded , %) ATHEX market concentration is higher compared to European peers Source: ATHEXGROUP, 29.08.25 20
Slide 21: Trading Activity Derivatives Market
Trading Activity Derivatives Market Bank Stock Futures the most Popular Product Average Daily Number of Contracts Stock Futures Breakdown Market liquidity increased by 35.4% (A.D.N.Contr. 50.4ths compared to 37.2ths in 2024) Source: ATHEXGROUP, 30.09.25, # Number of Contracts in ths contracts exclud
Slide 22: Trading Activity Cash & Derivatives Market
Trading Activity Cash & Derivatives Market Source: ATHEXGROUP, 30.09.25, @ Trade Value in €mil., # Number of Contracts in ths contracts excluding Lending Products 22
Slide 23: Capital Flows from International Investors
Capital Flows from International Investors in the Cash Market Capital Flows from International Investors (buys minus sells, €mil) Source: ATHEXGROUP, 30.09.25 23
Slide 24: Capital Raising Activity
Capital Raising Activity 2023 2024 2025 Equity Equity Equity (25) - €1.1bn (19) - €1.9bn (21) - €688.2m of which (6) - €237.7m new listings of which (4) - €833.0m new listings of which (4) - €223.5m new listings Corporate Bonds Corporate Bonds Corporate Bonds (2) – 600.0m (2) – 330.0m (2) –750.0m To
Slide 25: Financial Results H1 2025
Financial Results H1 2025 ATH=XGROUP
Slide 26: Market Performance in H1 2025
Market Performance in H1 2025 Strong growth in trading activity & higher valuations in the cash market Trading Activity - Cash Market H1 2025: € 197.7m +37.5% H1 2024: € 143.8m Average Daily Trade Value Trading Activity - Derivatives Market H1 2025: 51.6K contracts +22.7% H1 2024: 42.1K contracts Av
Slide 27: Overview - Financial Performance
Overview - Financial Performance Turnover OPEX EAT + 27.1% + 12.5% + 43.8% • Turnover increased by 27.1% in H1 2025 compared to H1 2024 On the back of strong performance in Trading and Post Trading • Total Operating Expenses increased by 12.5% Driven mainly by higher personnel costs • Net Afte
Slide 28: Turnover Breakdown
Turnover Breakdown H1 2024 H1 2025 Activity Based Revenue Trading | Post Trading Market-Cap Based Revenue Listing Services Data | IT, Digital & Other | Ancillary Source: ATHEXGROUP 28
Slide 29: Trading & Post-Trading
Trading & Post-Trading Trading activity continues to grow in the cash market driving growth ADTV (Equities) ADTV (Derivs) Trading Post-Trading + 37.5% + 22.7% + 37.0% + 42.0% • Starting 1.1.2024 equities trading fee of 1.25bp Average Revenue per Contract replaced by trade bands (bundles) • H
Slide 30: Listing
Listing Higher market capitalization and increased corporate action activity Avg Mkt Cap Listing + 19.2% + 6.8% • Listed company subscriptions are up 28.4% on higher market cap • 4 new listings (Alter Ego Media, Fais Group, Qualco, Alpha Bank) • Because of IFRS15, fees from corporate actions & I
Slide 31: Services
Services Strong growth in all services Data IT, Digital & Ancillary Other services + 5.4% + 18.8% +3.4% • Data Services increased by 5.4% mainly due to continued gradual increases (+4.5% starting 1.1.2025) in fees • IT, Digital & Other Services increased by 3.4% due to lower revenue from Elect
Slide 32: Expenses
Expenses Headcount Personnel Other OPEX Total -2.0% + 18.2% + 4.7% + 12.5% • Personnel costs up 18.2% attributed to wage inflation & variable compensation • 3rd party expenses down 23.3% due to 1-off consultant fees & higher BoD remuneration Source: ATHEXGROUP 32
Slide 33: Profitability
Profitability EBITDA Fin. Income EAT EPS +40.9% + 21.4% + 43.8% + 41.3% • Interest income increased +110% driven mostly by higher average balance [avg. interest rate H1 2025 ~1.9%; H1 2024 ~1.8% ] • Depreciation: €2.2m in H1 2025 vs. €2.0m in H1 2024, up 9.1% Source: ATHEXGROUP 33
Slide 34: Margins
Margins EBITDA EBIT Net profit +5.6pp +6.7pp +4.9pp • Margins continue to improve as the top line grows considerably faster than Opex Source: ATHEXGROUP 34
Slide 35: Group Pricing Policy Highlights
Group Pricing Policy Highlights Fees 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Comment Trading (1) 1.25bp (3) 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, Value Base
Slide 36: Key Financials Revenue & Expenses Analysis
Key Financials Revenue & Expenses Analysis Revenue & Expenses Analysis (excluding HCMC fee) Source: ATHEXGROUP, € mil 36
Slide 37: Total Operating Revenue & Expenses
Total Operating Revenue & Expenses Operating Revenue (excluding HCMC fee) Operating Expenses Source: ATHEXGROUP, € mil 37
Slide 38: Headcount and Expenses
Headcount and Expenses ATHEXGROUP Headcount Personnel Remuneration & Expenses Source: ATHEXGROUP, € mil 38
Slide 39: Profitability
Profitability EBITDA Earnings Before Interest & Tax (EBIT) Earnings after Tax (EAT) Earnings per Share (EPS) Source: ATHEXGROUP, € mil 39
Slide 40: Financial Ratios
Financial Ratios EBITDA Margin Net Profit Margin Effective Tax Rate Return on Equity (ROE) EV to EBITDA Price to Earnings (P/E) Source: ATHEXGROUP 40
Slide 41: Group Cash Position
Group Cash Position * Share Portfolio includes shares in Boursa Kuwait (since 2019) Source: ATHEXGROUP, # Market Capitalization on Fiscal Year End, € mi.. 41
Slide 42: Cash Distributions to Shareholders
Cash Distributions to Shareholders Share Buyback 2021 - 2022 • 2,498,000 shares acquired - 4.14% of total • Cost: €8.3m, avg. price €3.34 • Program ended on 30.11.22 Share Buyback 2023 - 2025 • To acquire up to 10% of the share capital i.e. up to a max of ~3.5m shares • At a price range of €0.42 - €
Slide 43: Business Developments
Business Developments ATH=XGROUP
Slide 44: Energy Exchange Group (EnEx)
Energy Exchange Group (EnEx) Establishment of Energy Market in Greece Share Capital: €5mil ATHEXGROUP paid up €1.05mil Energy Exchange Group (EnEx) founded in Q2 2018 Διαχειριστής ΑΠΕ Εγγυήσεων Προέλευσης Α.Ε. - ΔΑΠΕΕΠ Α.Ε. 22% 21% Energy Products Trading 20% Spot Market Clearing 20% 100% 10% EnEx o
Slide 45: Boursa Kuwait
Boursa Kuwait Participation in the Development of Kuwait's Capital Market Consortium Arzan Financial Group Consortium won a closed bidding process organized by the Capital (ARZAN) Markets Authority (CMA) for a 44% equity stake in Boursa Kuwait, the only market operator and one of the leading stock F
Slide 46: Belgrade Stock Exchange
Belgrade Stock Exchange Expanding the Common Platform Common Platform ATHEX acquired in Aug 2021 10.24% of BELEX The strategic partnership with promotes a Current stake: 4.75%, following a rights issue in 2024 broader regional cooperation in which ATHEX did not participate ATHEX will assist in the g
Slide 47: Appendix
Appendix ATH=XGROUP
Slide 48: Market Capitalization 2000 - 2025
Market Capitalization 2000 - 2025 Source: ATHEXGROUP, 30.09.25, Market Capitalization in € bn 48
Slide 49: Cash Market Trading Activity 2000 - 2025
Cash Market Trading Activity 2000 - 2025 Source: ATHEXGROUP, 30.09.25, A.D.T.V. in € mil 49
Slide 50: Derivatives Market Trading Activity 2000 - 2025
Derivatives Market Trading Activity 2000 - 2025 Source: ATHEXGROUP, 30.09.25, A.D.N.C in ths contracts, # Lending Products are expressed in 100 share contr. equivalents 50
Slide 51: Consolidated Statement of Comprehensive Income
Consolidated Statement of Comprehensive Income Revenue 2017 - 2024 Source: ATHEXGROUP, € ths, unless otherwise noted 51
Slide 52: Consolidated Statement of Comprehensive Income
Consolidated Statement of Comprehensive Income Expenses 2017 - 2024 Source: ATHEXGROUP, € ths, unless otherwise noted 52
Slide 53: Consolidated Statement of Comprehensive Income
Consolidated Statement of Comprehensive Income Profitability 2017 - 2024 (#) In FY 2022, the useful life of Buildings increased to 50 years (from 25 previously) leading to a reduction in depreciation Source: ATHEXGROUP, € ths, unless otherwise noted 53
Slide 54: Taxation Main Taxes / Fees Shown
Taxation Main Taxes / Fees Shown Tax 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 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 55: Useful Links
Useful Links Investor Relations ATHEXGROUP Pricing Policy Information about the Group, corporate ATHEX Resolution 24 (trading) presentation & announcements et al. ATHEXCSD Resolution 18 ATHEXClear Resolution 10 Axia Securities (Axia Numbers) Federation of European ATHEX publication showing investor
Slide 56: 2025 Financial Calendar
2025 Financial Calendar Monday 31 March Thursday 12 June Monday 28 July FY 2024 Results Annual General Meeting 6M 2025 Results 26-28 May - Warsaw Erste Conference 19 June - Geneva ATHEX - CF&B Conference 1 – 2 Dec - London MS & ATHEX Conference Monday 26 May Record: 24 June Monday 24 November Q1 202
Slide 57: For additional information please contact
For additional information please contact: Nick Koskoletos – Chief Financial Officer (CFO) Stelios Konstantinou - Investor Relations Department (IRO) LEI: 549300GSRN07MNENPL97 FISN: ATHEX/REG SHS ISIN: GRS395363005 OASIS: EXAE Bloomberg: EXAE GA Reuters: EXCr.AT www.athexgroup.gr ir@athexgroup.gr Di