Euronext Athens: market activity reaches levels last seen in 2007

More than €8 billion has already been mobilised through public offerings and corporate transactions in the Greek capital market during the first 6.5 months of 2026, marking a period of unprecedented activity and confirming the Athens Stock Exchange’s transition into a new phase of maturity and increased investor confidence.

The return of foreign capital, combined with strong activity in the primary market, provides clear indications that the Greek market is gradually upgrading its investment profile. At the same time, its integration into the Euronext network and its transition to developed-market status are creating new conditions for liquidity and expanding its international investor base.

The Greek market is now moving to a new level, regaining its dual role: on the one hand, as a capital-raising mechanism for businesses and, on the other, as an investment destination for international funds.

Activity levels comparable to 2007

According to Beta Securities, the Greek capital market is experiencing an unprecedented period of activity, comparable only to that of 2007.

In 2025, corporate capital-raising transactions amounted to €2.53 billion, while in 2026 the corresponding figure has already surged to €8.1 billion in just 6.5 months. This performance highlights the significant upgrade of the market, while also testing the limits of available liquidity, as domestic and international investors are called upon to absorb record-sized offerings and transactions.

In the first half of the year alone, PPC raised €4.25 billion, GEK TERNA completed a €659.3 million capital increase, IPTO Holdings raised €530 million, CrediaBank raised €300 million, Aktor raised €650 million, and ElvalHalcor raised €250 million, among other transactions.

Based on available data, 2026 is expected to become the year with the highest capital raising activity since 2021. That year, listed companies raised a total of €7.9 billion, with the largest transactions including Piraeus Bank’s €2.36 billion through the conversion of CoCos, a €1.38 billion private placement capital increase, PPC’s €1.35 billion capital increase, and Alpha Bank’s €800 million capital increase.

The trend of recent years reflects a change in scale. Capital raised from the market increased from approximately €1.2 billion in 2022 to €1.7 billion in 2023, €2.2 billion in 2024, and €2.5 billion in 2025. In 2026, however, the market is operating at an entirely different level.

The stock exchange as a growth financing tool

According to Euronext Athens CEO Giannos Kontopoulos, the increased activity demonstrates that the stock exchange is no longer a parallel environment detached from the real economy, but rather a financing mechanism that is becoming increasingly important for businesses.

The rise in capital raised through the market strengthens the role of the Athens Stock Exchange as a growth-financing tool, as more companies appear to view the capital market not merely as a venue for share trading, but as a critical channel for funding their investment and expansion plans.

Foreign investors return

At the same time, foreign investor participation has strengthened significantly. Trading turnover on the Athens Stock Exchange increased by 52.8% year-on-year in June, while foreign investors recorded net inflows of €364 million during the first half of 2026.

Foreign investors now account for 69.3% of total trading activity, further enhancing the international dimension of the Greek market. Their share of liquidity had already reached 64.1% in 2025, a level not seen since the pre-crisis period, marking a steady increase from 50.8% in 2020.

The combination of historically high foreign ownership—at approximately 69%—and their dominant role in trading activity, at around 64%, confirms the gradual transformation of the Greek stock market from a regional market into an investment destination attracting increasing interest from global institutional capital.

Significant room for further inflows

Despite the substantial improvement in market conditions, the Greek market still has considerable room to expand its investor base.

According to data attributed to Morgan Stanley, only 12% of European funds currently have exposure to the Greek market. This relatively low percentage indicates that Greece’s penetration into the portfolios of international institutional investors remains limited, leaving significant potential for additional inflows in the coming years.

The key challenge now is whether increased capital raising activity and the return of foreign investors can acquire permanent characteristics. Integration into Euronext, the transition to developed-market status, and the strengthening of the primary market are creating the foundations for a new phase of growth.

For now, however, 2026 already appears to represent a turning point. The Greek capital market is no longer merely a reflection of economic activity; it is increasingly assuming an active role in financing investment and attracting international capital.