Fourlis Q3/9M retail performance confirmed the business is moving forward while the share price is heading the opposite direction, down -15% since our OI upgrade in Apr and -10% since the deal with Footlocker in Sep…

Kri-Kri reported Q3 sales/EBITDA/net income of E77m/E14m/E10m or +20%/+14%/+12% yoy thanks to foreign yogurt sales growing by +34% yoy. This performance confirms FY guidance for sales >E245m and EBIT margin at 16%. It also confirms the double-digit growth outlook of sales and earnings in 2025-2026, which is a sight for sore eyes in the low earnings growth Greek equity universe…

Neither sales nor reported EBITDA grew in Q3 compared to the same period last year. The latter was burdened by VRS costs in Greece, plus adverse weather conditions and IPO expenses, in the US. Adjusted EBITDA grew by +5% with US EBITDA +10% yoy…

Helleniq Energy reported $11/bbl refining margin in Q3, down from $13 in Q2 and $18 in Q1. Lower demand for diesel and new refining capacity ramp-up resulted in…

Q3 RoTE came in at c.20% which is app 300bps lower than Q1 and Q2 only because of VRS and Athex re-listing expenses booked in the quarter. Not bad given Euribor was 45bps lower since the beginning of the year. Management did not update 2025 guidance (will do in Q4), but their reference to sustainable mid-teen RoTE over the medium term, on normalized rates of 2.0%-2.5%, is enough for…