In the first quarter of 2025, the profitability of listed companies appears to demonstrate significant resilience, reporting a net result of 1.981 billion euros compared to 2.064 billion euros in the previous year.
However, two contrasting trends are becoming apparent, leading to different conclusions. The first trend involves banks, which continue to trend upward with nearly a 10% increase, despite a decrease in interest rate margins. Conversely, non-financial companies have experienced a substantial drop of 25%.
A detailed review by “N” of the financial data from 41 companies on the Athens Stock Exchange (38 reported net profits and 33 provided turnover figures) reveals that most listed companies remained profitable, with only five recording losses.
Overall, net profitability for the first quarter stands at 1.981 billion euros, reflecting a slight decrease of 4% compared to 2.064 billion euros in the first quarter of 2024.
However, a closer examination reveals the emergence of this dual trend among the listed companies.
Dual Trends
While the seven listed banks collectively reported profits of 1.348 billion euros, showing an increase of 9.9% from 1.226 billion euros in the first quarter of 2024, other companies collectively experienced a profit of 632 million euros, down by 24.5% compared to last year’s 838 million euros in the same quarter. Notable firms such as Helleniq Energy, Motor Oil, Titan Cement, PPC, AIA, and Austriacard saw declines in net profitability, counteracting gains from companies like OTE, OPAP, Cenergy, ELVALHALCOR, Sarantis, and OLP.
Analysis
Market analysts attribute these fluctuations to either extraordinary occurrences or seasonal factors, alongside a high comparative base due to last year’s record profitability of 11.5 billion euros for the entire year.
Nevertheless, many company executives remain optimistic, anticipating a rebound in figures in the upcoming quarters, particularly in the latter half of the year. The scenarios for PPC and Titan Cement are notable, while the refining sector is also hopeful for an improvement following a sluggish start to 2025.
International developments play a crucial role in shaping the outlook, as uncertainties surrounding vital data—such as trade tensions, dollar exchange rates, interest rate trajectories, and oil prices—may impact profitability. This also directly affects banks, which need to replicate their strong performance from the first quarter.
Conversely, a resolution of these outstanding issues could provide a significant boost, contributing to improved economic figures in the forthcoming quarters.
