EXAEFinancial Services · Financial Data & Stock Exchanges · ΧΑ

Athens Exchange

€10.50

+0.40(+3.96%)

Close 08/10/2026 · end-of-day price, not real-time

Athens Exchange (EXAE) closed at €10.50 on 08/10/2026, +3.96% on the day. Market cap €607.4m, P/E 14.60, dividend yield 1.09%.

My view

Private · MENTOR takes it into account

+50.0%6M

08/10/2026Close 10.50+3.96%Vol 37.2k+50.0% since start

Valuation

Peers: 5

Metric	EXAE	Peer median
P/E	14.6	11.7
P/E (forward)	22.7	9.3
P/B	4.2	1.5
P/S	6.1	5.0
EV/EBITDA	8.4	—
Dividend yield	1.1%	3.2%
Payout ratio	16.2%	32.1%
Gross margin	75.1%	—
Operating margin	64.3%	59.7%
Net margin	44.7%	44.8%
ROE	35.4%	12.1%
Revenue growth (quarter, y/y)	46.1%	9.1%
Net debt	−€138.9m	€158.0m

Twelve Data · latest quarter 30/06/2026

Same sector: Financial Services

P/BDay

EurobankEUROB1.5−3.7%National Bank of GreeceETE1.7−3.1%Piraeus BankTPEIR1.3−3.8%Alpha BankALPHA1.1−3.5%Bank of CyprusBOCHGR1.7−3.5%

Athens ExchangeEXAE4.2+4.0%

The company

AI-drafted

Euronext Athens Holding, formerly the Athens Stock Exchange, runs Greece's regulated securities and derivatives markets and owns the Greek clearing house and securities depository. It earns fees on trading, clearing and settlement, plus listing, data and technology fees. Euronext N.V. took control in November 2025 and holds 74.22%; the shares stay listed on Euronext Athens.

How it makes moneyH1 2026 · basis: revenue

Post-trading (clearing, settlement)¹51%
Trading¹19%
Listing¹12%
IT, digital and other services¹11%
Data services¹5%
Ancillary services¹2%

It is

The operator of Greece's regulated securities and derivatives markets and the parent of its clearing house and central securities depository.^4,1
A business paid mostly per transaction: trading and post-trading fees were 70% of H1 2026 revenue.¹
A company controlled by Euronext N.V. with 74.22%, whose executives hold five of the nine board seats.^8,3

It is not

Not a share in Euronext N.V.: EXAE is the Athens company alone, while Euronext N.V. shares trade in Amsterdam, Brussels, Lisbon and Paris.⁹
Not delisted: Euronext's offer drew 74.25% of voting rights, below the 90% needed for a squeeze-out, so the share still trades.^10,9
Not the owner of the Hellenic Energy Exchange: it holds 41%, accounted for by the equity method.¹

Recent developmentsAll company events →

Sep 2026The 22 September EGM unanimously approved the spin-off of the market-operator unit into Euronext Athens Single-Member S.A.¹²
Jul 2026The board launched the demerger and approved the draft agreement; the unit's net assets were valued at €22.95m.^5,4
Apr 2026The company was renamed from Hellenic Exchanges–Athens Stock Exchange to Euronext Athens Holding.⁷
Feb 2026Bought a further 20% of the Hellenic Energy Exchange from the EBRD for €7.3m, taking its stake to 41%.¹
Jan 2026A new nine-member board with a majority of Euronext executives, chaired by Camille Beudin.³
Nov 2025Euronext's share exchange offer closed with 74.25% of voting rights tendered; the shares stayed listed.^10,9

Key figures

Average daily trade value, cash market €342.6m H1 2026²
Derivatives contracts per day 102,100 H1 2026²
Capital raised through the market €6.1bn H1 2026²
Total market capitalisation, end of period €182.5bn H1 2026²
EBITDA margin 68.7% H1 2026¹

Key facts

Euronext N.V. has controlled the company since November 2025 and notified a 74.22% holding on 19 March 2026.^10,8
Renamed Euronext Athens Holding from 20 April 2026; the ISIN and the EXAE trading code did not change.^7,11
The 22 September 2026 EGM approved spinning off the market-operator business into a wholly owned subsidiary; completion still requires final approvals.^12,4
The AGM declared €0.11 per issued share for FY2025; eligible holders received €0.1147498703 gross on 30 June 2026 after treasury-share redistribution.^6,3
No bank or bond borrowing; group net cash of €138.9m at 30 June 2026 after leases, excluding clearing members' collateral.¹

Sources

1.Six-Month 2026 Financial ReportEuronext Athens Holding S.A. · 30/07/2026official
2.H1 2026 results press releaseEuronext Athens Holding S.A. · 30/07/2026official
3.2025 Annual Financial ReportHellenic Exchanges–Athens Stock Exchange S.A. · 31/03/2026official
4.Demerger announcementEuronext Athens Holding S.A. · 01/09/2026official
5.Approval of the Draft Demerger AgreementEuronext Athens Holding S.A. · 30/07/2026official
6.Dividend for fiscal year 2025Euronext Athens Holding S.A. · 11/06/2026official
7.Change of company name and trade nameHellenic Exchanges–Athens Stock Exchange S.A. · 17/04/2026official
8.Change in voting rights notificationHellenic Exchanges–Athens Stock Exchange S.A. · 20/03/2026official
9.Tender offer Information Circular (English)Euronext N.V. · 06/10/2025official
10.Tender offer outcome announcementEuronext N.V. · 19/11/2025official
11.FIRDS record for GRS395363005ESMA · 15/09/2026official
12.Extraordinary General Meeting resolutions and voting resultsEuronext Athens Holding S.A. · 22/09/2026official

AI-drafted from the cited sources · 30/09/2026 · v2 · ✓ checked by an independent second modelEuronext Athens Holding S.A.Website ↗

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Data: Twelve Data · End-of-day prices · Nothing here is investment advice.