The two key features of the 2025 financial results of companies listed on Euronext Athens (formerly the Athens Stock Exchange) are the increase in net profits on an aggregate basis and the strong liquidity of most companies traded on the exchange.
An indication of this strong liquidity is that, based on data as of December 31, 2025 —see data in the table below—there were 38 non-bank listed companies (just under four in ten) that had positive net cash, or negative net debt, totaling 2.9 billion euros!
By the term “positive net cash” or “negative net debt,” we mean that the company’s cash, deposits, and financial products of the company exceed the total of its loans and finance leases, both long-term and short-term.
This means that, in theory, the company could“right now”pay off all its obligations to banks, bondholders, and lessees and still have cash left over in its coffers.
However, beyond these companies, most other listed firms also stand out for their strong liquidity ratios (for example, the second table lists five companies with positive net debt lower than or slightly higher than the €1 million level).
Strong liquidity is a competitive advantage for a company, as well as for its stock, as it offers greater resilience during times of crisis, the potential for growth through acquisitions and the implementation of investment programs, as well as the flexibility to adopt generous dividend policies toward their shareholders.
It is noteworthy that the number of companies with positive net cash has increased in recent years, either due to the improved performance of already listed companies or even due to the listing on Euronext Athens of companies that had positive net cash from the outset (e.g., Softweb, TREK Development).
Furthermore, some companies have seen their liquidity further strengthened through the sale of their assets, as was the case, for example , with Quest Holdings, European Innovative Solutions, and Europa Holdings.
It is also noteworthy that several companies have continued for many years to maintain very large positive net cash balances (often increasing year over year), as the positive free cash flows they generate far exceed cash outflows for investments and cash distributions to shareholders.
Following the decision to sell its property, Intertech also has a positive net cash position as of 2026 .