Upcoming Dividend • Jun 16
Upcoming dividend of €0.11 per share Eligible shareholders must have bought the stock before 23 June 2026. Payment date: 30 June 2026. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (2.8%). Board Change • May 20
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Non-executive Director Nick Krenteras was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Announcement • Feb 20
Hellenic Exchanges - Athens Stock Exchange S.A. announces Annual dividend, payable on June 30, 2026 Hellenic Exchanges - Athens Stock Exchange S.A. announced Annual dividend of EUR 0.1100 per share payable on June 30, 2026, ex-date on June 23, 2026 and record date on June 24, 2026. Announcement • Feb 06
Hellenic Exchanges - Athens Stock Exchange S.A. (ATSE:EXAE) acquired an additional 20% stake in Hellenic Energy Exchange S.A. for €7.3 million. Hellenic Exchanges - Athens Stock Exchange S.A. (ATSE:EXAE) acquired an additional 20% stake in Hellenic Energy Exchange S.A. for €7.3 million on February 4, 2026. A cash consideration of €7.3 million will be paid by Hellenic Exchanges - Athens Stock Exchange S.A. As part of consideration, €7.3 million is paid towards common equity of Hellenic Energy Exchange S.A. Following the completion Hellenic Exchanges - Athens Stock Exchange S.A. now holds 41% stake in Hellenic Energy Exchange S.A.
Hellenic Exchanges - Athens Stock Exchange S.A. (ATSE:EXAE) completed the acquisition of an additional 20% stake in Hellenic Energy Exchange S.A. on February 4, 2026. Announcement • Feb 05
Hellenic Exchanges - Athens Stock Exchange S.A. to Report Fiscal Year 2025 Final Results on Mar 31, 2026 Hellenic Exchanges - Athens Stock Exchange S.A. announced that they will report fiscal year 2025 final results After-Market on Mar 31, 2026 Announcement • Feb 04
Hellenic Exchanges - Athens Stock Exchange S.A. to Report First Half, 2026 Results on Jul 30, 2026 Hellenic Exchanges - Athens Stock Exchange S.A. announced that they will report first half, 2026 results on Jul 30, 2026 Announcement • Jul 03
Euronext N.V. (ENXTPA:ENX) proposed to acquire Hellenic Exchanges - Athens Stock Exchange S.A. (ATSE:EXAE) for approximately €400 million. Euronext N.V. (ENXTPA:ENX) proposed to acquire Hellenic Exchanges - Athens Stock Exchange S.A. (ATSE:EXAE) for approximately €400 million on July 1, 2025. A cash consideration valued at €6.9 per share will be paid by Euronext N.V. As part of consideration, an undisclosed value is paid towards common equity of Hellenic Exchanges - Athens Stock Exchange S.A. This potential offer would be structured as a share exchange valuing ATHEX at €6.90 per share, leading to a fixed conversion rate of 21.029 ATHEX ordinary shares for each new Euronext share. The potential offer would value the entire issued and to be issued ordinary share capital of ATHEX at €399 million on a fully diluted basis. The submission of an offer would be subject notably to due diligence. Announcement • Jul 02
Euronext in Talks to Buy Athens Stock Exchange for $470 Million Euronext N.V. (ENXTPA:ENX) is in talks to buy up to 100% of the Athens Stock Exchange (Hellenic Exchanges - Athens Stock Exchange S.A. (ATSE:EXAE)) in a EUR 399 million ($470 million) all-share deal that would be the latest for a group that already operates stock markets in countries including France and the Netherlands. Euronext said on July 1, 2025 it planned to offer one new share for every 21 shares held by investors in the Athens Stock Exchange, valuing ATHEX stock at EUR 6.90 a piece. ATHEX shares closed on July 1, 2025 at EUR 6.03. The Greek Finance Ministry welcomed the offer and said in a statement it views a possible agreement "very positively". "A possible acquisition of the Athens Stock Exchange by Euronext constitutes a practical vote of confidence in the stability and positive course of the Greek economy," it added. A combination with the Greek company would align with Euronext's ambition to consolidate European capital markets as it sees fragmentation as one of the reasons behind a competitiveness gap with U.S. markets. Announcement • Dec 31
Hellenic Exchanges - Athens Stock Exchange S.A., Annual General Meeting, Jun 12, 2025 Hellenic Exchanges - Athens Stock Exchange S.A., Annual General Meeting, Jun 12, 2025. Reported Earnings • Jul 30
Second quarter 2024 earnings released: EPS: €0.087 (vs €0.056 in 2Q 2023) Second quarter 2024 results: EPS: €0.087 (up from €0.056 in 2Q 2023). Revenue: €12.7m (up 18% from 2Q 2023). Net income: €5.02m (up 55% from 2Q 2023). Profit margin: 40% (up from 30% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 1.2% growth forecast for the Capital Markets industry in Germany. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 18
Upcoming dividend of €0.25 per share Eligible shareholders must have bought the stock before 25 June 2024. Payment date: 01 July 2024. Payout ratio is on the higher end at 82%, and the cash payout ratio is above 100%. Trailing yield: 3.1%. Lower than top quartile of German dividend payers (4.7%). In line with average of industry peers (2.9%). Declared Dividend • Mar 31
Dividend of €0.24 announced Shareholders will receive a dividend of €0.24. Ex-date: 25th June 2024 Payment date: 1st July 2024 Dividend yield will be 4.4%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by earnings (82% earnings payout ratio) but not covered by cash flows (102% cash payout ratio). The dividend has increased by an average of 2.7% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 60% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 24
Third quarter 2023 earnings released: EPS: €0.053 (vs €0.025 in 3Q 2022) Third quarter 2023 results: EPS: €0.053 (up from €0.025 in 3Q 2022). Revenue: €11.0m (up 18% from 3Q 2022). Net income: €3.07m (up 109% from 3Q 2022). Profit margin: 28% (up from 16% in 3Q 2022). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Capital Markets industry in Germany. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 04
Second quarter 2023 earnings released: EPS: €0.056 (vs €0.035 in 2Q 2022) Second quarter 2023 results: EPS: €0.056 (up from €0.035 in 2Q 2022). Revenue: €10.8m (up 16% from 2Q 2022). Net income: €3.23m (up 54% from 2Q 2022). Profit margin: 30% (up from 23% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 14% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in Germany are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 26% per year whereas the company’s share price has increased by 22% per year. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €5.50, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 11x in the Capital Markets industry in Germany. Total returns to shareholders of 103% over the past three years. Valuation Update With 7 Day Price Move • May 25
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €4.75, the stock trades at a trailing P/E ratio of 35.3x. Average forward P/E is 14x in the Capital Markets industry in Germany. Total returns to shareholders of 51% over the past three years. Reported Earnings • Nov 22
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: €9.37m (up 16% from 3Q 2021). Net income: €1.47m (down 24% from 3Q 2021). Profit margin: 16% (down from 24% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Capital Markets industry in Germany. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 26
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: €9.32m (down 1.3% from 2Q 2021). Net income: €2.10m (down 33% from 2Q 2021). Profit margin: 23% (down from 33% in 2Q 2021). The decrease in margin was primarily driven by higher expenses. Over the next year, revenue is forecast to grow 18% compared to a 7.9% decline forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jun 01
Upcoming dividend of €0.15 per share Eligible shareholders must have bought the stock before 08 June 2022. Payment date: 16 June 2022. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of German dividend payers (4.2%). Higher than average of industry peers (2.9%). Reported Earnings • Mar 30
Full year 2021 earnings released: EPS: €0.14 (vs €0.064 in FY 2020) Full year 2021 results: EPS: €0.14 (up from €0.064 in FY 2020). Revenue: €34.8m (up 21% from FY 2020). Net income: €8.21m (up 112% from FY 2020). Profit margin: 24% (up from 13% in FY 2020). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 19% compared to a 7.7% decline forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • Dec 02
Third quarter 2021 earnings: EPS in line with expectations, revenues disappoint Third quarter 2021 results: EPS: €0.032 (up from €0.004 in 3Q 2020). Revenue: €8.11m (up 26% from 3Q 2020). Net income: €1.95m (up €1.69m from 3Q 2020). Profit margin: 24% (up from 4.1% in 3Q 2020). Revenue missed analyst estimates by 4.5%. Over the next year, revenue is forecast to grow 18% compared to a 8.2% decline forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Aug 07
Hellenic Exchanges - Athens Stock Exchange SA (ATSE:EXAE) agreed to acquire 10.24% stake in Beogradska Berza a.d. Hellenic Exchanges - Athens Stock Exchange SA (ATSE:EXAE) agreed to acquire 10.24% stake in Beogradska Berza a.d. on August 5, 2021. In this context ATHEX has proceeded to all the required steps resulting in the Securities Commission of Republic of Serbia’s consent to the acquisition of a 10.24% stake in BELEX. AXIA Ventures Group Limited acted as exclusive financial advisor to ATHEX in the transaction, while
Alexopoulos & Associates acted as legal advisor. Reported Earnings • Jul 28
Second quarter 2021 earnings released: EPS €0.052 (vs €0.012 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €9.44m (up 46% from 2Q 2020). Net income: €3.11m (up 336% from 2Q 2020). Profit margin: 33% (up from 11% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Executive Departure • Jun 03
Non Executive Director Nikolaos Chryssochoidis has left the company On the 31st of May, Nikolaos Chryssochoidis' tenure as Non Executive Director ended after 14.1 years in the role. We don't have any record of a personal shareholding under Nikolaos' name. A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 5.88 years. Executive Departure • Jun 03
Independent Non-Executive Director Alexandros Antonopoulos has left the company On the 31st of May, Alexandros Antonopoulos' tenure as Independent Non-Executive Director ended after 11.1 years in the role. We don't have any record of a personal shareholding under Alexandros' name. A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 5.88 years. Executive Departure • Jun 03
Independent Non-Executive Director Adamantini Lazari has left the company On the 31st of May, Adamantini Lazari's tenure as Independent Non-Executive Director ended after 11.4 years in the role. We don't have any record of a personal shareholding under Adamantini's name. A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 5.88 years. Upcoming Dividend • May 28
Upcoming dividend of €0.07 per share Eligible shareholders must have bought the stock before 04 June 2021. Payment date: 11 June 2021. Trailing yield: 3.4%. Within top quartile of German dividend payers (3.2%). Higher than average of industry peers (2.3%). Reported Earnings • May 26
First quarter 2021 earnings released: EPS €0.032 (vs €0.026 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: €8.03m (up 5.4% from 1Q 2020). Net income: €1.95m (up 25% from 1Q 2020). Profit margin: 24% (up from 21% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Mar 16
New 90-day high: €3.99 The company is up 4.0% from a price of €3.83 on 16 December 2020. Underperformed the German market, which is up 9.0% over the last 90 days. Lagged the Capital Markets industry, which is up 13% over the same period. Is New 90 Day High Low • Jan 06
New 90-day high: €3.95 The company is up 38% from its price of €2.85 on 08 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.19 per share. Is New 90 Day High Low • Dec 11
New 90-day high: €3.94 The company is up 44% from its price of €2.75 on 11 September 2020. The German market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.08 per share. Analyst Estimate Surprise Post Earnings • Dec 04
Revenue beats expectations Revenue exceeded analyst estimates by 2.2%. Over the next year, revenue is forecast to grow 17%, compared to a 1.8% growth forecast for the Capital Markets industry in Germany. Reported Earnings • Dec 03
Third quarter 2020 earnings released: EPS €0.004 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: €6.44m (down 40% from 3Q 2019). Net income: €262.0k (down 93% from 3Q 2019). Profit margin: 4.1% (down from 34% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Nov 20
Market bids up stock over the past week After last week's 17% share price gain to €3.25, the stock is trading at a trailing P/E ratio of 32.4x, up from the previous P/E ratio of 27.7x. This compares to an average P/E of 16x in the Capital Markets industry in Germany. Total return to shareholders over the past three years is a loss of 16%. Is New 90 Day High Low • Nov 20
New 90-day high: €3.25 The company is up 14% from its price of €2.86 on 21 August 2020. The German market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.86 per share. Valuation Update With 7 Day Price Move • Nov 12
Market bids up stock over the past week After last week's 19% share price gain to €2.96, the stock is trading at a trailing P/E ratio of 28.1x, up from the previous P/E ratio of 23.7x. This compares to an average P/E of 15x in the Capital Markets industry in Germany. Total return to shareholders over the past three years is a loss of 24%. Is New 90 Day High Low • Oct 16
New 90-day low: €2.72 The company is down 11% from its price of €3.06 on 17 July 2020. The German market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is down 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.40 per share. Announcement • Sep 27
Arzan Financial Group for Financing and Investment - KPSC (KWSE:ARZAN), First Investment Company K.S.C.P. (KWSE:ALOLA), National Investments Company K.S.C.C., Investment Arm and Hellenic Exchanges - Athens Stock Exchange SA (ATSE:EXAE) acquired 44% in Boursa Kuwait Securities Company K.P.S.C. (KWSE:BOURSA) for KWD 20.9 million . Arzan Financial Group for Financing and Investment - KPSC (KWSE:ARZAN), First Investment Company K.S.C.P. (KWSE:ALOLA), National Investments Company K.S.C.C., Investment Arm and Hellenic Exchanges - Athens Stock Exchange SA (ATSE:EXAE) acquired 44% in Boursa Kuwait Securities Company K.P.S.C. (KWSE:BOURSA) for KWD 20.9 million on February 14, 2019. National Investments Company K.S.C.C. acquired 14% for KWD 6.9 million. Axia Ventures Group Ltd. acted as financial advisor and Al Tamimi & Company acted as legal advisor for Hellenic Exchanges.
Arzan Financial Group for Financing and Investment - KPSC (KWSE:ARZAN), First Investment Company K.S.C.P. (KWSE:ALOLA), National Investments Company K.S.C.C., Investment Arm and Hellenic Exchanges - Athens Stock Exchange SA (ATSE:EXAE) completed the acquisition of 44% in Boursa Kuwait Securities Company K.P.S.C. (KWSE:BOURSA) on February 14, 2019. 
