The mid-cap segment of the Athens Stock Exchange is not moving uniformly. Data from Alpha Trust show an average return of +10.1% this year, but the median return is limited to +1.9%.
The gap between the two figures tells the whole story: the index is supported by four or five stocks with impressive performances, while the “average” mid-cap stock is practically at the levels of last December. The range is huge: from +71.6% for KRI-KRI to -18.7% for Intracom Holdings.
This picture is taking shape in a landmark year for the Greek market, which from Monday will belong to the developed markets, following the upgrade by FTSE Russell and Stoxx
The first speed
At the top is KRI-KRI with +71.58% and a price of 32.45 euros. The stock is trading only slightly below its 52-week high.
The rally is not new: the stock had been posting successive all-time highs already from May (26 euros) and June (30.3 euros), with the rise reaching +60% in the first half and achieving a historic record on Wednesday. In July, Eurobank Equities raised the target price to 33 euros, while the market capitalization of the Serres-based dairy company exceeded 1 billion euros.
It is followed by Austriacard Holdings with +59.64%. At 9.77 euros, the stock is at levels it practically reached in May, when Japan’s Dai Nippon Printing (DNP) announced a voluntary public offer for 100% of the shares, at 10.00 euros per share in cash. The stock is heading toward an exit from the Stock Exchange
Third in line is ADMIE Holdings with +41.78%, at 4.44 euros, 9.4% below its high.
The year was marked by the 530 million euro share capital increase, which was completed in June at a disposal price of 4.05 euros per share. Also decisive was the finalization of the new regulatory framework for 2026-2029, which offers predictability in investment planning. Piraeus Securities gives a target price of 4.52 euros with an Outperform recommendation, estimating total returns to shareholders of ~200 million euros in the 2026-2029 period and an average annual dividend increase of 10% through 2034. The high P/E of 24.77 times reflects exactly this pricing-in of future profitability.
Fourth is Euronext Athens (EXAE) with +33.39%. The stock is at a new high after the impressive +11.74% it posted on Friday, rebalancing day. The share is the most direct beneficiary of the explosion of activity in the Greek market.
A new record also for the OLP share: with +18% and a price of 49 euros. Dimand is also recording a double-digit rise (+18.30%), with the stock just 1.1% below its peak.
For OLP, the course of 2026 was initially negative: in the first quarter, revenues declined due to geopolitical tensions in the Middle East and the reshuffling of trade flows in containers. The recovery began in late June, with the stock recovering its losses.
On the opposite side, Intracom Holdings is down 18.73% since the beginning of the year. At 2.79 euros it is 26.6% below its 12-month high and only 3% above its low — the second-largest deviation from a peak in the index.
Losses are also being recorded by Noval Property (-10.92%), Qualco (-9.92%), Sarantis (-9.49%), Fourlis (-4.11%), Autohellas (-3.30%) and Ellaktor (-2.67%).
Autohellas, with a close at 10.50 euros or 5.58% lower on Friday, is moving at a 12-month low and is 21.3% below the peak of 13.34 euros -the largest deviation from a high after Ellaktor.
The pressure has a clear fundamental basis. In the first half of 2026, turnover remained essentially flat at 501 million euros (-0.3%) and EBITDA strengthened by 2.6% to 129.7 million, but net profits fell 12.3% to 28.5 million euros.
In the case of Sarantis, the pressure emerged after the announcement of half-year results. Sales increased marginally by 1.3% to 308.3 million euros, but net profits fell 7.9% to 26.9 million euros and earnings per share to 0.42 euros from 0.46 euros. The net profit margin shrank to 8.7% from 9.6%.
The Fourlis stock is also at a 52-week low, having posted net losses of 1.7 million euros in the half-year. Management confirmed the guidance for sales of ~645 million euros (+8.6%) and EBIT of 15-17 million euros, clarifying however that the estimate includes non-recurring transformation and restructuring expenses amounting to 10.7 million euros.
Valuations
The median valuation of the index stands at 14.3 times earnings and 1.94 times book value. Behind the averages, however, extreme deviations are hidden.
The highest P/Es belong to Ideal Holdings (43.23), KRI-KRI (31.60), ADMIE Holdings (24.77) and Austriacard (24.23). It is no coincidence that the last three are also the top three performances of the year: the rise in prices has pulled the multiples up with it. KRI-KRI, in particular, combines a P/E of 31.60 with a P/BV of 7.28 — by far the highest in the index and almost four times the median.
In the case of Ideal Holdings, the P/E of 16 times, according to Factset, is accompanied by a P/BV of just 1.13. Operating figures are moving upward: in the first half of 2026, sales increased 27% to 274.6 million euros, and comparable pre-tax profits by 18%. Key developments of the year were the listing of Attica Department Stores on Euronext Athens, as well as the subsequent investment of 118.8 million euros for the acquisition of 25% of Kymora Limited from Oak Hill Advisors. In the half-year, a total capital return of 0.85 euros per share was also carried out.
