At the Euronext Mid Cap Conference 2026, Alter Ego Media’s management focused on the outlook for the Greek market, the group’s media and content portfolio, and investments that are broadening its revenue streams. Chief Executive Giannis Vrentzos said the investments already made had laid the foundations for doubling consolidated profitability over the next three years.
A €2.2bn market with scope for consolidation
Greece’s media and entertainment market, management said, is at a different stage of development from the more mature markets elsewhere in Europe. A favourable macroeconomic environment is supporting demand, with the advertising market recording average annual growth of 6.5% since 2020.
A strong presence of domestic advertisers and demand for Greek-language content limit competitive pressure from international groups, while the Greek language acts as a natural barrier to entry. The market, worth around €2.2bn based on 2024 figures, remains fragmented, and management sees a new wave of consolidation ahead. Alter Ego Media is entering this phase with more than 20 brands, broad audience reach and proprietary content, led by the MEGA library and its historic publishing archive.
Strong first half and reaffirmed guidance
In the first half of 2026, revenue rose 25.2% to €74m and EBITDA increased 47.4% to €25.1m. Management attributed the performance to organic growth and the gradual integration of acquisitions, beginning with transactions in the second half of 2025. For 2026 as a whole, it reiterated its guidance for revenue growth of more than 20% and EBITDA growth of more than 25%.
Particular mention was made of the acquisition of a 50.1% stake in More.gr, which links online ticket sales with the group’s activities in event venues and production, as well as the agreement with Motor Oil and Antenna to launch a joint subscription streaming platform based on ANT1+. The group also completed the deployment of the €50.8m in net proceeds raised on its stock market listing during the first half, in line with the plan presented to investors.
The separation and four growth pillars
Management set out the rationale for separating the television business into MEGA Broadcasting and the production of audiovisual content and exploitation of the MEGA library into Alter Ego Studios, both wholly owned subsidiaries of the group. Management believes that organising the two activities separately will bring the value of the library and content production into sharper focus, with the potential to generate revenue through distribution and licensing rights to more platforms.
The strategy for the next three years rests on four pillars: print and digital publishing, broadcasting, content production and rights management, and live entertainment. The chief executive’s expectation of strong growth in profitability over the next three years is underpinned by the full integration of acquisitions, further exploitation of existing content, growth in live entertainment and expansion into streaming.
Live entertainment is expected to contribute around 25% of consolidated profitability over the three-year horizon. The group is also continuing to assess further acquisitions based on their potential to enhance its value.