MOH reported Q4 clean EBITDA of E174m, down 49% yoy, and -19% below our estimates. Volume at 3.2m tn, broadly in line, given the refinery operated below capacity following the fire incident. We expected a stronger refining margin than $9/bbl. FCFE at half our forecast, with net debt ending the year at E1.7bn. Total DPS of E1.40 (E155m or >6.5% yield) including E0.30 paid as interim, exceeded our expectations.

PPA reported strong, volume-driven results in Q4 with significant growth in TEU, cruise, and storage metrics. Revenues/EBITDA/net at E56m/E26m/E17m showed a +7% beat on EBITDA and a +40% beat on net income compared to our estimates, driven by higher PCT concession revenues and lower taxes.

OPAP reported a strong set of Q4 results with GGR/adj EBITDA/adj net income of E648m/E245m/E130m or +11%/+24%/+19% yoy and +7%/+14%/-15% vs our estimates. Driven by a better payout and customer engagement in sports betting, in both offline and online, plus lower opex.

Sarantis Q4/FY results showed a stronger underlying performance vs guidance and our own estimates, leading to a higher dividend for the year and a higher guidance for 2025. Not least in cash flow terms.

Alpha has agreed to buy Astrobank Cyprus (14 branches) for no less than E205m or at c.0.8x TBV 2024E. This multiple could go closer to 1.0x TBV if Astrobank’s net NPEs (E73m, to be carved out) take a hit on Astrobank’s equity. The acquisition is not included in Alpha Bank’s updated 2025-2027 guidance provided last week.