Listed: What Q1 results reveal

Generally speaking, the financial results announced so far by listed companies for the first quarter of this year do not appear to have been significantly affected by the war in the Persian Gulf, which began in early March.

This is due to a number of reasons, such as the fact that many companies are not directly affected by the situation (some are even benefiting from it) and that the main impacts of the war will become apparent in the second half of the year, especially if energy prices remain high and disruptions in the supply chain persist for an extended period.

Another reason is that the war began on the first day of March, so it affected quarterly results for only one month.

In any case, listed banks (see data from the first table below) managed, on an aggregate level, to maintain their profitability at roughly the same levels as in the first quarter of 2025, despite the fact that this year’s Q1 saw the peak of losses resulting from the European Central Bank’s interest rate cuts (a contraction in the net interest margin).

Companies such as Coca-Cola HBC and the cement manufacturer Titan, ElvalHalcor (aided by results from rising metal prices), and Quest Holdings (with all subsidiaries performing better), while OTE’s profitability, on the other hand, declined .

Listed companies operating in the energy sector (e.g., PPC, Hellenic Energy) reported—for various reasons—significantly higher profitability compared to the same period last year. Cenergy will continue to raise the bar for its financial performance this year as well.

The domestic real estate market remained “hot” during the first quarter of this year, resulting in listed companies in the sector (e.g., Premia, Trade Estates, BriQ Properties) increasing both their operating and net profitability.

Listed companies operating in the steel sector, such asElastron, SIDMA, Kordellou Bros., and Tzirakian Pipe Works, are also estimated to have shown a clearly improved performance.

Other companies expected to report improved results in the first half of this year are those operating in the IT sector.

The same applies to other listed companies such as Plastics of Crete (increased demand from customers who wanted to stockpile due to uncertainty, as well as favorable selling prices) and Nafpaktos Textiles (benefiting from the rise in cotton prices on international markets).

The decline in profits at Athens International Airport(despite the increase in passenger traffic) is a result of the reduction in the passenger service fee from October 1, 2026, to April 30, 2026, while the decline in PPA’s performance is expected to decrease or perhaps even be offset over the course of the year.

On the other hand, rising costs (for raw materials, energy, and transportation) will affect many listed companies, which will then attempt to pass this additional burden on to their customers, as long as market conditions allow.

Another key factor is the performance of the tourism sector this year (the signals so far are fairly encouraging), as well as the extent to which the business climate will be weighed down in the very likely event that the ECB begins raising interest rates.