Earnings release
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1 Financial Results FY 2025 Athens Exchange Group A EURONEXT COMPANY Financial Results FY 2025 PRESS RELEASE 18 February 2026
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2 Financial Results FY 2025 Athens Exchange Group A EURONEXT COMPANY Highlights of 2025 financial results • Turnover increased by 58.9% compared to 2024 and amounted to €86.3m in 2025 (€54.3m in 2024). • Operating expenses (OPEX) increased by 43.0%. OPEX was €40.6m in 2025 compared to €28.4m in 2024. • Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 78.1% compared to 2024. EBITDA was €42.2m in 2025 compared to €23.7m in 2024. • The consolidated earnings after tax (EAT) increased by 82.7% compared to 2024. EAT was €31.6m compared to €17.3m in 2024. The Athens Exchange Group announces its financial results for 2025. Turnover EBITDA Operating Expenses Consolidated Earnings After Tax FY 2025FY 2024 FY 2025FY 2024 FY 2025FY 2024 FY 2025FY 2024 €m €m €m €m86.3 23.7 40.6 31.6 54.3 42.2 28.4 17.3 +58.9% +78.1% +43.0% +82.7% Strong market growth and financial performance for the Athens Exchange Group in 2025 Turnover increases by 59% and profitability by 83% PRESS RELEASE
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3 Financial Results FY 2025 Athens Exchange Group A EURONEXT COMPANY 2025 Market Overview • The General Index of the Athens Stock Exchange closed 44.3% higher at the end of 2025 compared to the end of 2024. • The Index of the Alternative Market of the Athens Stock Exchange increased by 31.0% in 2025 compared to 2024. • In 2025, capital totalling €2.5bn was raised, of which €1,390m through bond issues, €911m through rights issues and €225m through new listings (IPOs). • Average daily trading value was €218.8m, an increase of 56.5% compared to 2024 (€139.8m). • Average market capitalisation increased by 28.7% compared to the average capitalisation in 2024 (€128.3bn compared to €99.7bn). • Participation of foreign investors in the market capitalisation reached a historic high of 68.5% in 2025 compared to 65.4% in 2024. • Trading volumes in the Derivatives Market increased by 55.3% to 58.4 thousand contracts daily in 2025, compared to 37.6 thousand contracts in 2024. +44.3% General Index of the Main Market +31% Alternative Market Index €2.5bn Total Capital Raised Average Daily Trading Value Average Capitalisation Participation of Foreign Investors Derivatives Market FY 2025FY 2024 FY 2025FY 2024 FY 2025FY 2024 FY 2025FY 2024 % Participation in the Capitalisation €m ths. contracts €bn218.8 68.5 128.3 58.4 139.8 65.4 99.7 37.6 +56.5% +28.7% +55.3% 3 Financial Results FY 2025
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4 Financial Results FY 2025 Athens Exchange Group A EURONEXT COMPANY The Athens Exchange Group delivered an exceptionally strong performance in 2025, reflecting the depth, resilience and renewed dynamism of the Greek capital market. Significant growth in turnover, profitability and trading activity underscores the confidence of both domestic and international investors and validates our strategic focus on market development, operational excellence and high-quality services. Market activity reached levels last seen before the global financial crisis, with capital formation, liquidity and foreign investor participation all recording historic highs. These results were achieved while continuing to invest in our people, infrastructure and digital capabilities, ensuring that ATHEX remains robust, reliable and future-ready. 2025 also marks a defining milestone for the Group, as we enter a new era through our integration into the Euronext family. This step significantly enhances our international visibility, connectivity and growth prospects, positioning the Athens Exchange as a stronger gateway between Greece and global capital markets. Athens Exchange Group’s strong full- year 2025 results highlight the growing momentum in the Greek capital markets. The integration with Euronext marks a new chapter for the Group. By leveraging Euronext’s deep liquidity pool and infrastructure expertise, we are further strengthening the competitiveness and the visibility of Greek companies. Greek issuers, brokers and investors will benefit from advanced trading and post- trade technologies that will enhance the global positioning and competitiveness of the Greek capital markets, making it even more attractive to global investors while improving access to capital and supporting the growth ambitions of Greek companies. Chairman’s Statement CEO’s Statement ““ “ “ Camille Beudin Chairman of the BoD Yianos Kontopoulos CEO ATHEXGROUP 4 Financial Results FY 2025 Athens Exchange Group A EURONEXT COMPANY
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5 Financial Results FY 2025 Athens Exchange Group A EURONEXT COMPANY Comments on the results Turnover in 2025 for the Athens Exchange Group was €86.3m compared to €54.3m in 2024, up 58.9%. 72.1% of the turnover of the Group comes from fees on trading and post-trading services (mainly clearing and settlement of trades) on the Athens Stock Exchange; 16.9% concerns listing and other services to listed companies, data services et al. Finally, 11.0% comes from technology services which include digital services, infrastructure and technology solutions to other organised markets in Greece and abroad, as well as other ancillary services. Total operating expenses in 2025 were €40.6m, compared to €28.4m in 2024 as a result of the increase in personnel costs by 25.0% (€20.0m in 2025 compared to €16.0m in 2024), while other operating expenses increased by 66.1% due to consulting costs related to the Euronext tender offer. As a result of the above, the earnings before interest, taxes, depreciation and amortisation (EBITDA) in 2025 were €42.2m compared to €23.7m in 2024, an increase of 78.1%. The consolidated earnings before interest and taxes (EBIT) in 2025 amounted to €37.7m vs. €19.5m in 2024, an increase of 93.3%. Finally, consolidated earnings after tax (EAT) recorded an increase of 82.7% and amounted to €31.6m (€17.3m in 2024). The adjusted revenue excluding the METLEN corporate action was €72.1m, while the adjusted expenses excluding consultant costs related to the EURONEXT tender offer amounted to €32.4m, and as a result the adjusted EBITDA and EAT amounted to €39.6m and €29.8m respectively. The earnings per share were €0.622 in 2025 compared to €0.350 in 2024. Dividend proposal It’s the Board of Directors intention to propose a dividend of €0.11 per share to the Annual General Meeting on 12 June 2026. The record date and payment date of the dividend were announced on 3 February 2026 as detailed in the published financial calendar. 2025 Market overview The General Index closed at 2,120.71 points at the end of 2025, a gain of 44.3%, placing the market among the top-performing equity markets globally. Total market capitalisation increased by €43.0bn, reaching €146.8bn, reaching levels last seen in June 2008. In 2025, the average daily trading activity strengthened significantly, reaching €218.8m, the highest level since 2008 and the fifth consecutive year of growth. The price index of the Alternative Market closed at 19,785.15 points, recording an increase of 31.0% compared to 2024. The capitalisation of the Alternative Market decreased by 11.7% compared to 2024, reaching €571.4m, while its average daily trading value decreased to €0.62m, from €0.95m in 2024. During 2025, a total of €2.5bn was raised, of which €1.390m through bond issues, €911m through rights issues and €225m through new listings (IPOs).
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6 Financial Results FY 2025 Athens Exchange Group A EURONEXT COMPANY Disclaimer This press release is for information purposes only: it is not a recommendation to engage in investment activities and is provided “as is”, without representation or warranty of any kind. The figures in this document have not been audited or reviewed by our external auditor. While all reasonable care has been taken to ensure the accuracy of the content, Euronext does not guarantee its accuracy or completeness. Euronext will not be held liable for any loss or damages of any nature ensuing from using, trusting or acting on information provided. No information set out or referred to in this publication may be regarded as creating any right or obligation. The creation of rights and obligations in respect of financial products that are traded on the exchanges operated by Euronext’s subsidiaries shall depend solely on the applicable rules of the market operator. All proprietary rights and interest in or connected with this publication shall vest in Euronext. This press release speaks only as of this date. Euronext refers to Euronext N.V. and its affiliates. Information regarding trademarks and intellectual property rights of Euronext is available at www.euronext. com/terms-use. The information, statements and opinions set out in this Press Release have been provided by «HELLENIC EXCHANGES – ATHENS STOCK EXCHANGE S.A.» («ATHEX») together with its consolidated subsidiaries (the “ATHEXGROUP”). They serve informational only purposes and do not purport to be comprehensive nor render any form of legal, tax, investment, accounting, financial or other advice and does not form the basis for an informed investment decision. You are solely responsible for forming your own opinions and conclusions on such matters and you should consult with your own advisors as to the legal, tax, business, financial and related aspects and/or consequences of any investment decision. Whilst reasonable care has been taken to ensure that the present’s content is true and accurate, no representations or warranties, expressed or implied are given, in respect of the completeness, accuracy or fairness of any information included herein, any other written or oral information provided in connection with the present. ATHEXGROUP is not obliged to provide the recipient with access to any additional information, to update, revise or supplement the present or any additional information or to remedy any inaccuracies or omissions. To the fullest extent permitted by law, in no circumstances will ATHEX, or any of its respective subsidiaries, shareholders, representatives, directors, employees, or advisors be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of the present, its content, its omissions, reliance on the information contained within it, or otherwise arising in connection with the latter and accept no liability for any loss howsoever arising, directly or indirectly, from any use of the information in the present or in connection with the latter. Certain information contained herein refer to future events and expectations that are forward- looking. Such estimates and forward-looking statements are based on current expectations of future events and trends, which affect or may affect ATHEXGROUP . Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by words, such as “may”, “will”, “believes”, “expects”, “predicts”, “intends”, “projects”, “plans”, “estimates”, “aims”, “foresees”, “anticipates”, “targets”, “would”, “could” or similar expressions. Any such forward-looking statements are not a reliable indicator of future performance, as they may involve significant stated or implied assumptions and subjective judgements which may or may not prove to be correct. Therefore, these forward- looking statements are subject to numerous risks and uncertainties and there are important factors that could cause actual results to differ materially from those included in forward-looking statements, certain of which are beyond the control of ATHEXGROUP . There can be no assurance that any particular forward-looking statement will take place, and ATHEXGROUP expressly disclaims any obligation or undertaking to release any updates or revisions to any forward-looking statement to reflect any change in its expectations with regard thereto or any changes in events, conditions or circumstances on which any forward-looking statement is based. Accordingly, the reader shall not place undue reliance on forward-looking statements.
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7 Financial Results FY 2025 Athens Exchange Group A EURONEXT COMPANY www.athexgroup.gr About ATHEXGROUP At Athens Exchange Group, we focus on providing efficient and transparent market infrastructure that supports the Greek capital market. We are committed to delivering a wide range of reliable services to our customers, including listing, trading, post-trading, data, and IT services, fostering the sustainable growth of the market. For more information: press@athexgroup.gr + 30 210 3366723