The Athens Exchange Group (ATHEX) made a noticeable, though time-limited, contribution to Euronext’s financial results in 2025, according to data released on Wednesday. In the fourth quarter of the year, ATHEX contributed positively to revenues linked to trading volumes, with Euronext reporting that the Greek equity market generated approximately €3.7 million during the period.
In parallel, the consolidation of ATHEX CSD as of 24 November 2025 strengthened Euronext’s securities services revenues, mainly in custody and settlement. This step effectively integrated Greece’s clearing and settlement activities into Euronext’s broader infrastructure. Advisory fees directly associated with Euronext’s public offer for ATHEX amounted to around €8.2 million, a cost that was fully borne by the Athens Exchange Group.
For 2026, Euronext expects ATHEX’s contribution to be far more meaningful in terms of both performance and operating metrics. Operating expenses of roughly €35 million are forecast for the year, reflecting the cost of integrating and running the Athens Exchange Group’s activities within the wider Euronext organisation. Management also expects the full integration of ATHEX to generate significant cash-flow synergies, targeting around €12 million annually by the end of 2028.
The impact of the transaction is particularly evident when examining dividends. Shareholders of ATHEX who exchanged their shares for Euronext stock have seen a sharp reduction in dividend income compared with last year. In 2025, ATHEX shareholders received a net dividend of €0.2874 per share. This year, Euronext will distribute a net dividend of €2.9743 per share, which—after adjusting for the exchange ratio of 20 ATHEX shares for each Euronext share—corresponds to €0.1487 per former ATHEX share. This translates into a dividend cut of 48.2% year on year.
The picture is even less favourable for investors who chose not to exchange their ATHEX shares. The company’s board has announced its intention to propose a net dividend of €0.1045 per share at the annual general meeting scheduled for 12 June 2026. As a result, long-standing ATHEX shareholders will receive €0.1829 less per share than last year, a decline of 63.6%, despite the fact that the group’s consolidated net profits surged by 82.7% in 2025 to €31.6 million, up from €17.3 million in 2024.
