Europe Holdings recorded a strong operating performance in the first half of 2026, with an increase in recurring revenues and the profitability of insurance activities, while reported results were burdened by extraordinary expenses related to the upcoming merger with CrediaBank.
On a comparable basis, with full consolidation of insurance activities and for the first half of 2025, the group's revenues amounted to €21.1 million, compared with €18.8 million in the corresponding period last year. EBITDA came to €7 million, compared with €6.8 million, while recurring pre-tax profits amounted to €6.34 million, compared with €5.92 million, recording an increase of 7.05%.
This picture reflects, according to the company, the positive contribution of the business transformation and the acquisitions implemented in 2025. At the level of reported figures, however, the group posted pre-tax losses of €10.27 million, while EBITDA was negative by €554 thousand.
The deviation is mainly due to two extraordinary charges. The first concerns the long-term reward program, which was activated due to the change of control and led to the recognition of an expense of €6.87 million from the free grant of shares.
The second concerns the upcoming sale of the investment property in Paiania, with an agreed price of €45.5 million versus a book value of €54.5 million, resulting in the recognition of a loss of €9.07 million.
Insurance activity was a key driver of operating performance. Europe Insurance increased insurance revenues to €14 million, from €11.7 million last year, marking a rise of 19.7%. At the same time, the insurance result margin strengthened to 29.8%, from 26.7%, while pre-tax profits increased by 14.4%, to €3.8 million.
NAK Group also moved upward, recording revenues of €3.6 million, up 5.5%, while pre-tax profits amounted to €2.3 million, marking an increase of 8.9%. The gross profit margin increased to 77.34%, from 74.42%, and the EBITDA margin to 65.43%, from 63.35%.
On the merger front, the process of the absorption of Europe Holdings by CrediaBank is underway, with its completion subject to the required approvals from the general meetings and the competent authorities. At the same time, the company completed in May the acquisition of a total 50% of Vista Insurance Brokers in Romania, for a consideration of €300,000.
Despite the accounting charges, the group's solvency ratios remain at high levels. On June 30, 2026, the SCR ratio stood at 222.89% and the MCR ratio at 857.43%.
The management of Europe Holdings underlines that the recurring operating results, and in particular the performance of the insurance activities, confirm the group's momentum, ahead of the final phase of completion of the merger with CrediaBank.
CrediaBank – Europe Holdings: Merger plan approved
The next step for the absorption of Europe Holdings by CrediaBank was taken, as the boards of directors of the two companies approved the Merger Agreement Plan, while also finalizing the share exchange ratio.
The exchange ratio is set at 1.4461103244394 new common shares of CrediaBank for each one share of Europe Holdings. The same ratio had been announced by the two companies in May and was confirmed after the completion of the legal, financial, tax, supervisory and operational review at Europe and its subsidiaries.
Based on the agreement, CrediaBank shareholders will retain the same number of shares they hold today, while in the context of the merger 2,620,422 new shares will be issued. After completion of the process, CrediaBank shareholders will hold 90.386% of the combined entity and Europe Holdings shareholders the remaining 9.614%.
The transformation date has been set as June 30, 2026. The merger will be carried out with accounting consolidation of the assets and liabilities of the two companies, with CrediaBank becoming the universal successor of Europe Holdings.
Upon completion of the merger, Europe Holdings will be dissolved automatically without liquidation and will cease to exist as a separate legal entity. Its existing shares will cease to be traded and will be delisted from Euronext Athens, while the new CrediaBank shares that Europe shareholders will receive will be admitted to trading on Euronext Athens.
The completion of the transaction is not yet automatic, as approval is required from the general meetings of the shareholders of the two companies, as well as the obtaining of the prescribed licenses and approvals from the competent authorities.
From July 1, 2026 and until the date of completion of the merger, the acts of Europe Holdings are deemed to be carried out on behalf of CrediaBank, while the financial results of the period will be treated as results of the absorbing company, in accordance with the applicable institutional framework.
Today's announcement essentially marks the finalization of the key terms of the corporate combination, with the next critical milestone being the approval of the merger by the general meetings and the competent supervisory authorities.