Strong and broad-based was the performance of the companies listed on the Athens Stock Exchange during the first half of 2026, according to the final assessment of Beta Securities, as the available data indicate a significant strengthening of both turnover and operating and net profitability.
The picture emerges from the processing of 146 financial statements of listed companies, with Beta noting that the improvement was not limited to a small group of large-cap companies, but had a fairly broad diffusion across the board.
Specifically, the total turnover of the companies in the sample amounted in the first half to €58 billion, compared with €49.76 billion in the corresponding period of 2025, recording an increase of 16.5%.
Even stronger was the performance at the level of operating profitability. Total EBITDA increased by 38.1%, from €7.81 billion to €10.78 billion, reflecting a significant widening of profit margins.
The EBITDA margin stood at 18.6%, from 15.7% a year earlier, strengthened by 291 basis points. This development is one of the most important parameters of the half-year picture, as it shows that the increase in sales was accompanied by an even faster increase in operating profitability.
A similar picture was seen in the bottom line of the results as well. Total net profits amounted to €7.76 billion, compared with €5.85 billion in the first half of 2025, marking an increase of 32.7%.
Of particular interest is the performance excluding the contribution of the financial sector. The net profits of non-financial companies increased by 58.7%, from €3.13 billion to €4.96 billion.
As a result, the net profit margin for the total sample increased to 8.6%, from 6.3% last year, that is by 227 basis points.
Profitability spreads across listed companies
One of the elements that stands out in Beta's analysis is the breadth of the improvement. Of the 146 companies examined, 117, approximately 80%, were profitable in the first half, while only 29 posted losses.
At the same time, 66 companies, that is about 45% of the sample, posted an increase in profits compared with the first half of 2025.
In addition, 18 companies returned to profitability, a fact that reinforces the picture that the improvement in results has a broader base.
On the other hand, 33 companies recorded a decrease in profits, while four saw their losses increase. Twelve companies reduced their losses and 13 returned to a loss-making result.
This distribution, according to Beta, is important for assessing the quality of the rise in corporate profits. The improvement does not come exclusively from individual stocks with heavy weight in the indices, but appears in a significant number of listed companies.
More cash, but also higher net debt
The picture is also positive in the balance sheets, although the increase in investment activity is also reflected in the rise in net debt.
The total cash and cash equivalents of the companies in the sample increased by 40.8%, reaching €29.2 billion.
At the same time, however, total net debt increased by 9.8%, to €40.2 billion. Beta links this development to the higher investment activity of businesses.
Total equity stood at €93.1 billion, down 2.8% on an annual basis.
The coexistence of higher cash reserves and increased net debt reflects, among other things, the different use of stronger operating cash flows and the financing of investments and growth moves.
The estimate for 2026 profits
Based on the trends that had already taken shape during the third quarter, Beta estimates that the total net profits of listed companies for the whole of 2026 can comfortably exceed €13.5 billion.
This estimate compares with about €12 billion in 2025 and implies an increase of at least 12.5% on an annual basis.
In other words, the course of results so far creates the conditions for yet another year of double-digit growth in the overall profitability of listed companies, despite the fact that the comparison concerns an already higher level of profits.
Beta essentially underlines that the first half confirms a trend in which the increase in sales translates into an even greater improvement in operating profitability, thanks also to the widening of margins.
The figures for the first half
The overall picture of the 148 companies included in Beta's table is reflected as follows:
