Announcement • Apr 09
Alpha Bank S.A. (ATSE:ALPHA) intends to launch a voluntary tender offer to acquire 30.39% stake in Alpha Trust Holdings S.A. (ATSE:ATRUST) for €19.3 million. Alpha Bank S.A. (ATSE:ALPHA) intends to launch a voluntary tender offer to acquire 30.39% stake in Alpha Trust Holdings S.A. (ATSE:ATRUST) for €19.3 million on April 7, 2026. The consideration of €20.2 in cash per share will be paid by Alpha Bank S.A. In related transaction, Alpha Bank entered into definitive share purchase agreements with certain shareholders of Alpha Trust for acquisition of 69.61% stake. Following completion of the Transaction and tender offer, Alpha Trust’s wealth management activities are expected to be integrated into Alpha Bank’s Private Banking division, further strengthening Alpha Bank’s client coverage capabilities and supporting the delivery of a comprehensive range of wealth management services to high net worth and institutional clients both within Greece and abroad.
As part of the Transaction, Alpha Trust’s senior management, including its Founder and its CEO, are expected to remain engaged with the Bank in long-term leadership roles, ensuring continuity, supporting the integration and active involvement in the development and implementation by the Group of its asset management and wealth management local and international business strategy. Following the completion of the Tender Offer and provided that the Offeror and the Persons acting in Concert hold in aggregate Shares corresponding to at least 90% of the total number of voting rights in the Company, the Offeror shall exercise its squeeze - out rights.
The transaction is subject to approval by regulatory board / committee and minimum tender. The transaction is expected to complete by end of second quarter of 2026. Axia Ventures Group Ltd. acted as financial advisor to Alpha Bank S.A. Q.A.S. Certified Auditors Accountants LTD acted as accountant to Alpha Bank S.A. New Risk • Apr 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Greek stocks, typically moving 6.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (41% accrual ratio). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.6% average weekly change). Market cap is less than US$100m (€62.3m market cap, or US$72.3m). Reported Earnings • Apr 05
Full year 2025 earnings released: EPS: €1.49 (vs €0.54 in FY 2024) Full year 2025 results: EPS: €1.49 (up from €0.54 in FY 2024). Revenue: €13.3m (up 44% from FY 2024). Net income: €4.65m (up 182% from FY 2024). Profit margin: 35% (up from 18% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 48% per year, which means it is significantly lagging earnings growth. 
