THREAT: In Brussels, a game has begun to be played that could produce a particularly unpleasant bill for Greece.The Commission has put on the table a seven-year budget of almost 2 trillion euros for 2028-2034, along with five new “own resources.” In other words, to call them by their name, extra taxes and fees, even a… levy for large businesses, with turnover above 100 million euros.
Except that the Germans, who pay more than any other state into the European budget, do not want to hear any of this.
They even went so far as to publicly criticize the moves of the President of the European Council Antonio Costa, through the Deputy Minister for European Affairs Gunther Krichbaum, who wondered whether Costa “has completely lost touch with reality”!
After the recent results in Eastern Germany, both the Christian Democrats and the Social Democrats, who govern together but are seeing their percentages take... deep dives, no longer have much appetite to give money to other countries, while their economy is facing serious problems.
In other words, the negotiation is now entering a new –and tough– stage, with some states not wanting to pay more, most not wanting new taxes, and some (including Greece) trying not to lose their gains.
Because, as we all know, the European money is a lot. And without it, the equation of further growth in our country becomes much more difficult.
THREAT II: As if the battle over the size and revenues of the European budget were not enough, there is also another kind of threat for Greece and the other countries of the South.
The countries that are on the “front line” facing Russia are now asking for special treatment. Lithuania has already made this known, without mincing words.
Deputy Foreign Minister Sigitas Mitkus officially stated that member states bordering Russia and Belarus face increased threats and should receive greater funding from the Community budget, and the Foreign Minister backed him up.
Neighboring Latvia went one step further by also putting a… number on it. It is asking for extra money, about 7 billion euros, while overall the countries of the eastern wing are reportedly asking for about 54 billion!
Let us not forget, moreover, that beyond the famous Kaja Kallas, these countries have a whole host of Commissioners in the current Commission in key positions. Foreign policy and Defense, budget drafting, economic affairs, technological sovereignty, all these belong to commissioners from the eastern wing of the EU.
The threat, therefore, to Greece’s interests is double. If the line of the Germans and the “frugals” passes, the EU budget will be reduced by hundreds of billions. But whatever funds are available, Russia’s neighbors will ask for a larger “share.”
A very hot issue for the current government, but also for the next one, which until now has been passing “under the radar.” Soon, however, we predict that it will concern things intensely.
TSIPRAS: The broader political references and the long-term economic analyses/commitments risked making ELAS appear as a “party above it all” that does not intervene sufficiently in current affairs.
And this was reflected in the (post-TIF) polls, where the still young party of Alexis Tsipras appeared to stagnate at its pre-August percentages or to record a very small rise, while nevertheless reducing its gap with PASOK, which “picked up” a slightly better percentage than in the summer.
The focus, therefore, of ELAS on the harsh everyday reality was inaugurated by Mr. Tsipras himself yesterday, posting a video on social media with the four measures he is asking the government to take in order to deal with the explosion in energy prices.
More specifically, the former prime minister proposed four interventions that can be taken separately or in combination to reduce prices for heating oil (to 1.4 euros per liter) and motor fuel (to 1.8).
Essentially responding to the prime minister’s commitment for heating oil to start at the price at which it closed in the spring, namely at 1.75 euros per liter.
P.S. On Amalias they speak of a “surprise” for Maximos, to such a degree that government spokesman Pavlos Marinakis rejected the proposals by mocking Mr. Tsipras, while ND secretary Konstantinos Kyranakis answered … “yes, we can” to a journalist’s question on whether we as a country can reduce heating oil to 1.4.
TSIPRAS II: In contrast to the not particularly successful presentation of ELAS's economic positions after the presentation of the program at the TIF, this time the party officials who “went out” to the media to specify Tsipras’s four proposals were “well prepared.”
With spokeswoman Theoni Koufonikolakou first, who in her television appearances competed with… machine guns, citing figures on purchasing power in Greece, wages and measures for energy inflation, compared with a long list of countries that she enumerated.
Whether the ELAS machine has been well-tuned will be seen from the next moves.
SYRIZA: The party took a “breather” from the 2% that ALCO gave it in voting intention (ed. note: the company never makes a vote estimate), since in all previous measurements it was found a little below or a little above one point.
At Koumoundourou they hope that with a good showing, with steady openings to the other forces in the space for “the day after the elections”, with the return of officials who left in the three splits after 2023 and -above all- with maintaining the image of unity, they will manage to enter Parliament.
The column, however, has for some time conveyed the “whispers” about Pavlos Polakis's distancing from party affairs, in contrast to the increasingly combative daily presence he displays on the occasion of Mazonakis’s death and the various “centers” of the Karneadou type, while he himself also launches accusations against Giorgos Patoulis.
“Pavlis will not break the party glass, but he leaves it scratched” convey… the whisperers. Meaning his disagreement with the refusal of the other two of the “collective leadership,” Dourou-Pappas (the third formally is himself), to set up internal party ballot boxes for the election of a “regular president” of SYRIZA, since the national ballot boxes are heading for spring.
If some rumors are true that he avoids attending even party events as a speaker, things are serious…
AWARDS: This year’s Extel Europe&Emerging EMEA Equities awards had a Greek color, presented on September 17 in London, with Stamatis Drazioitis, head of research at Eurobank Equities, included among the award winners and Stavros Anagnou, head of sales at Ambrosia Capital, delivering a greeting.
It is recalled that the awards are presented based on the results of a vote conducted among executives of listed companies, stockbrokers and capital managers.
IMERYS: The group, a global leader in the production of processed perlite and the largest European producer of bentonite, thanks to the mines and industrial facilities it maintains on Milos, closed the research center it maintained in Greece, as part of the plan for total reorganization and concentration of the 10 research and development centers (Technology centers) into just two in England and France.
Last June, Imerys completed the upgrade of its industrial facilities on Milos (project Helios), aiming, among other things, to reduce its energy footprint.
The company closed fiscal year 2025 with sales of 128.48 million euros, EBITDA of 35.3 million euros and net profits of 25.6 million euros. Finally, it distributed a dividend of 23.8 million euros to its parent company.
ALLIANZ EUROPEAN RELIANCE: The insurer’s premium production, including investment contracts, amounted in 2025 to 444.4 million euros, recording an increase of 1.9% year-on-year.
The increase came from General Insurance as the segment’s revenues rose by 3.6% (304.7 million euros), with the motor and fire segments as the “locomotives”. On the other hand, revenues from Life and Health insurance fell by 0.9%.
In view of the strategic cooperation with the National Bank, Allianz European Reliance wrote down by almost 4 million euros the (fair) value of investment properties, paid 3.37 million euros for reorganization (2024: 6.72 million euros), while the net result from reinsurance contracts amounted to 40.8 million euros, increased by 8.4 million euros compared with 2024.
Thus, at the level of pre-tax results it closed last year with a loss of 2.5 million euros, against profits of 16.13 million euros in 2024. The MoU with NBG provides that the latter will acquire a minority stake of 30% in Allianz European Reliance and a 10-year exclusive bancassurance cooperation with the possibility of automatic extension for five years.
HELLINIKON: The area of the major redevelopment is coming to life, through the children, the athletes who train and people of every age who are already walking in the greenery.
The above was described in his emotionally charged speech by LAMDA CEO Odysseas Athanasiou, on Thursday evening at the official inauguration of the Hellinikon Sports Park.
The crowd of attendees, among them the prime minister, ministers, the regional governor of Attica, mayors, athletes, businesspeople, journalists, had the opportunity to enjoy a ceremony reminiscent of a small Olympic opening.
The Sports Park has high-specification facilities, courts, and a track surrounded by open and lush green spaces. This is what Odysseas Athanasiou meant when he said in his speech: “This space has already begun to beat, it has a heart, it has life. Hellinikon is now passing from the era of plans to the era of deliveries”.
THRACE PLASTICS: The group recorded an explosion in profit margins mainly thanks to the timing between the formation of the cost of raw material inventories and the gradual adjustment of selling prices to market conditions.
In short, it found itself with raw material stock at good prices, in a period when increases in selling prices were recorded internationally, due to the US-Iran conflict and concerns about the course of polypropylene, especially after Iran’s strikes on Gulf petrochemical facilities.
With turnover increasing during the first half by 13.2% (226.6 million euros), gross profits jumped by 42.6%, with the relevant margin strengthening by 560 bps, reaching 27.2%.
Adjusted EBITDA amounted to 38.18 million euros (+67.2%), with the margin increasing by 540 bps to 16.8%. Net profits amounted to 19.2 million euros, with the profit margin more than doubling (8.5% from 4.1%).
Net debt stood at 71.5 million euros on June 30.
THRACE PLASTICS II: The above picture gave a boost to the share. The stock finished yesterday at 5.22 euros (+5.03%) with transactions approaching 900 thousand euros.
Note that management disclosed the estimate that the operating profitability of the third quarter of 2026 will be at high levels and will exceed that of 2025, maintaining the positive trend recorded during the first half.
AVAX: The construction company announces half-year results today, before the market opens. Eurobank Equities forecasts revenue of 488 million euros (+4% year-on-year), adjusted EBITDA of 67 million euros (-4% year-on-year) and net profits of 30.6 million euros (+7% year-on-year).
The estimates show that the execution of construction projects continues, with slightly lower profit margins.
Overall, the brokerage expects that the performance in the first half of the year will keep the group on track to achieve the forecast for adjusted EBITDA of 119 million euros for the whole of 2026.
ADMIE: Today, after the close of the session, ADMIE Holdings announces half-year results, with Optima expecting a strong increase in figures.
For ADMIE (IPTO), the brokerage forecasts a 21.2% increase in revenue from the transmission system, to €251 million, while total revenue is estimated to strengthen by 21.9%, to €268 million.
EBITDA is expected at €187 million, up 22.7%, and net profits at €93 million, marking an increase of 37.6%.
Stronger momentum is forecast in the second quarter, with revenue increasing 25.1%, to €135 million, adjusted EBITDA by 73.9%, to €90 million, and net profits by 112%, to €43.9 million.
For ADMIE Holdings, which holds 51% of IPTO, Optima forecasts net profits of €44.8 million in the half-year, up 31.5%. Optima maintains a Buy recommendation and a target price of €5.23, versus €4.45.
KRI KRI: The listed company announces today, after the market closes, strong results for the first half of 2026, according to the estimates of Eurobank Equities.
The brokerage forecasts for the second quarter an increase in turnover of 20.8%, to €115.4 million, while EBIT is expected to strengthen by 30.8%, to €18.5 million.
The EBIT margin is estimated at 16%, up by 1.2 percentage points year-on-year, but lower than the 19.9% of the first quarter, as increasing cost pressures and the cap on gross margin in Greece are expected to limit profitability.
At the half-year level, Eurobank Equities forecasts revenue of €205.3 million, up 26.8%, EBIT of €36.3 million (+57.1%) and net profits of €31.2 million, up 60.5%. The brokerage expects a strong performance, with the main drivers being international growth and the recovery of margins.
However, it notes that in the second half cost pressures may intensify due to the turmoil in the Middle East and a possible increase in milk prices.