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EXAEFinancial Services · Financial Data & Stock Exchanges · ΧΑ

Athens Exchange

€9.61
-0.19(-1.94%)
Close 23/09/2026 · end-of-day price, not real-time

Athens Exchange (EXAE) closed at €9.61 on 23/09/2026, -1.94% on the day. Market cap €566.9m, P/E 13.27, dividend yield 1.19%.

My view
Private · MENTOR takes it into account
23/09/2026C 9.61-0.19 -1.94%Vol 6.7k

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.9,3
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.10
  • Not delisted: Euronext's offer drew 74.25% of voting rights, below the 90% needed for a squeeze-out, so the share still trades.11,10
  • Not the owner of the Hellenic Energy Exchange: it holds 41%, accounted for by the equity method.1
Recent developmentsAll company events →
  • Sept 2026An EGM was called for 22 September 2026 to approve the spin-off of the market-operator unit into Euronext Athens Single-Member S.A.5,4
  • Jul 2026The board launched the demerger and approved the draft agreement; the unit's net assets were valued at €22.95m.6,4
  • Apr 2026The company was renamed from Hellenic Exchanges–Athens Stock Exchange to Euronext Athens Holding.8
  • 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.11,10
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 2026.11,9
  • Renamed Euronext Athens Holding from 20 April 2026; the ISIN and the EXAE trading code did not change.8,12
  • An EGM on 22 September 2026 votes on spinning off the market-operator business into a wholly owned subsidiary; the parent stays listed.5,4
  • Dividend of €0.11 per share for FY2025, paid on 30 June 2026, against €0.29 for FY2024.7,3
  • No borrowings; group cash of €139.1m at 30 June 2026, excluding clearing members' collateral.1
Sources
  1. 1.Six-Month 2026 Financial ReportEuronext Athens Holding S.A. · 30/07/2026official
  2. 2.H1 2026 results press releaseEuronext Athens Holding S.A. · 30/07/2026official
  3. 3.2025 Annual Financial ReportHellenic Exchanges–Athens Stock Exchange S.A. · 31/03/2026official
  4. 4.Demerger announcementEuronext Athens Holding S.A. · 01/09/2026official
  5. 5.EGM invitation for 22.09.2026Euronext Athens Holding S.A. · 01/09/2026official
  6. 6.Approval of the Draft Demerger AgreementEuronext Athens Holding S.A. · 30/07/2026official
  7. 7.Dividend for fiscal year 2025Euronext Athens Holding S.A. · 11/06/2026official
  8. 8.Change of company name and trade nameHellenic Exchanges–Athens Stock Exchange S.A. · 17/04/2026official
  9. 9.Change in voting rights notificationHellenic Exchanges–Athens Stock Exchange S.A. · 20/03/2026official
  10. 10.Tender offer Information Circular (English)Euronext N.V. · 06/10/2025official
  11. 11.Tender offer outcome announcementEuronext N.V. · 19/11/2025official
  12. 12.FIRDS record for GRS395363005ESMA · 15/09/2026official
AI-drafted from the cited sources · 16/09/2026 · v1 · ✓ checked by an independent second modelEuronext Athens Holding S.A.Website ↗

Valuation

MetricEXAEMedian of 5 peers
P/E13.312.2
P/E (forward)20.09.6
P/B3.71.6
P/S5.45.3
EV/EBITDA7.5—
Dividend yield1.2%3.0%
Payout ratio16.2%32.1%
Gross margin75.1%—
Operating margin64.3%59.7%
Net margin44.7%44.8%
ROE35.4%12.1%
Revenue growth (quarter, y/y)46.1%9.1%
Net debt-138.9€ m€158m
Twelve Data · latest quarter 30/06/2026

Same sector: Financial Services

P/BDay
EurobankEUROB1.6-1.7%National Bank of GreeceETE1.7-1.9%Piraeus BankTPEIR1.3-2.0%Alpha BankALPHA1.2-2.8%Bank of CyprusBOCHGR1.7-1.0%
Athens ExchangeEXAE3.7-1.9%
Second measure: ROE: EUROB 13.6% · ETE 12.1% · TPEIR 12.0% · ALPHA 10.2% · BOCHGR 17.3% · EXAE 35.4%
MENTORFree beta
Data: Twelve Data · End-of-day prices · Nothing here is investment advice.