European 'development dividend' amid uncertainty
Although the world is burning and the geopolitical crisis in the Middle East rages, energy shortages and the risk of stagflation are weighing on the European economy again, Kyriakos Pierrakakis insists on the same European bet: more integration, more investment, and less fragmentation.
In a discussion with the Jacques Delors Institute, the Eurogroup president focused on the Savings and Investment Union, banking integration, the digital euro, and the need to retain European savings within the Old Continent. His message was clear: Europe cannot continue to implement the same policy '27 different times.' Instead, it must build common markets, stronger supervision, energy interconnections, and a united step in facing crises. In this context, Greece is presented as an example of fiscal stability and rapid reduction of public debt internationally. A critical stress test for this vision will undoubtedly be the prolongation of the current crisis.
Better days due to Brexit for bilateral trade
Although Brexit caused strong tremors in the European economic architecture, the bilateral trade between Greece and the United Kingdom has seen better days. A special analysis by ELSTAT, on the occasion of the 10th anniversary of the British referendum, reveals that our country achieved a substantial improvement in its performance after the UK's exit from the European Union. During the period of decision and implementation of Brexit, from 2019 to 2025, the trade balance of goods moved into steadily positive territory with a general upward trend, leaving behind the period 2005-2018 when it remained continuously in deficit. Specifically, Greek exports to the British market recorded a significant increase in value during the years 2021-2025. Interestingly, the new reality did not shake the UK's position in the ranking of the main destinations for Greek goods, nor did it change the main categories of products sent there, with pharmaceuticals, electricity distribution material, fruits, petroleum products, copper, cheeses, dairy products, and aluminum steadily holding the scepter from 2005 to 2025.
On the other hand, the value of Greek imports from the UK declined noticeably in the period 2021-2025 compared to the years 2005-2020. This decline was accompanied by a dramatic downgrade of Britain's position in the list of countries of origin of our imports, though the categories of imported products did not change.
GEK TERNA heading for new records
Santander has upgraded its target price for GEK TERNA shares, setting the bar at €58 (from €53 previously on April 15). The international firm maintains an 'Outperform' rating, foreseeing a significant upside potential of nearly 40% compared to the closing price on June 2. According to Santander's analysis, GEK TERNA emerges as a top investment proposition in the European infrastructure sector. In a macroeconomic environment characterized by inflationary pressures and potentially low economic growth, the Greek group acts as a strong defensive choice. The positive valuation and defensive shield of GEK TERNA are based on four central pillars: long-term road concessions, which form the 'backbone' of revenues, accounting for 75% of the company's total enterprise value (EV); strong construction activity with significant profit margins and a high backlog of €8.8 billion; low net debt attributable to the parent, which remains at low levels and is continuously decreasing; and an extremely large project pipeline portfolio.
Triple-digit profit increase for Intracom Defense
Intracom Defense showed significant growth in 2025, expanding international activity, strengthening exports, and undertaking new contracts. As a result, the company's sales reached €77.3 million, compared to €52.6 million in 2024, a striking increase of 47%. The company's net profitability followed an even more dynamic trajectory. Net profit after tax soared to €3.1 million, up 149% from €1.2 million the previous year, while pre-tax profit reached €4.3 million from €1.8 million in 2024. At the same time, EBITDA increased by 96% to €7.4 million, while gross profit strengthened to €25.2 million compared to €19.2 million in the previous year. IDE's liquidity appears extremely strong, with cash and cash equivalents amounting to €26.1 million compared to €11.1 million at the end of 2024. The securing of new contracts totaling €186.9 million during the year was supported by expanded participation in NATO and EU defense programs, international demand for advanced defense and communication systems, and the company's strong technological portfolio.
Teleperformance's strong profits
Teleperformance, which is associated with traditional customer service but seeks to establish itself as a provider of integrated digital solutions, showed strong profitability. In 2025, the company's turnover increased by 1.76% to €472.5 million, while net profit after tax reached approximately €65 million. The company's financial position remains strong, with liquidity maintained at very satisfactory levels. Notably, the working capital ratio reached 304.17%, while the financial leverage ratio, calculated as total assets to total equity, stood at 1.68. With these data, the Ordinary General Meeting of shareholders approved a dividend distribution of €100 million, while the Board intends to propose a distribution of the same amount of €100 million at the next General Meeting.
Air transport: Brake after six years
For the first time since the start of the post-pandemic recovery in April 2021, passenger traffic in the European air transport network recorded a decline, albeit marginal, of -0.7%. According to official data from ACI Europe, this development reflects a clear turning point, influenced by geopolitical instability in the Middle East, strike mobilizations in Germany, and the partial shift of Easter holidays to March. However, there are different speeds per market. While the market outside the European Economic Area, Switzerland, and Great Britain shrank by -7.6%, the European market showed resilience with an increase of +0.6%. In the European South, the performances of Spain (+3.7%) and Italy (+2.2%) stood out, confirming the steady attractiveness of the Mediterranean, in contrast to the significant decline of traditional powers such as Germany (-8.5%) and France (-0.9%).
On the other hand, Cyprus faced the greatest pressure within the EU, recording a sharp drop of -16.1%, attributed to the region's direct exposure to the southern geopolitical crisis. At the same time, the continent's medium (+2.1%) and small airports (+5.5%) outperformed the major hubs, as intra-European traffic and low-cost airlines acted as buffers, shifting demand from long-haul destinations to the safety of regional European networks.
The self-consumption signature is taking time
Twenty-two months have passed since the issuance of the ministerial decision concerning energy self-consumption, without the necessary amendment to correct initial errors having been made. This delay is highlighted by the photovoltaic industry, with the Hellenic Photovoltaic Association (SEF) raising the issue in a relevant announcement. As noted, three months ago, the signing of the new Ministerial Decision was considered a matter of days, yet it is still pending. This sluggishness occurs at a time when self-consumption in our country recorded a sharp drop of 30% last year, while for the current year, market players describe the data as particularly alarming.
The possibility of a new 'green' program is open
The limit of 0.3% of GDP, which the European Commission allows annually for financing green actions due to the new energy crisis, opens the window for possible new government initiatives. This could include programs such as 'Exoikonomo' (energy saving), promotion of electromobility, installation of heat pumps, and replacement of oil boilers. For now, it is not clear whether the government team and the Ministry of Environment and Energy plan such a move. In any case, this percentage corresponds to a few hundred million euros, an amount considered by no means negligible.
The 'tariff soap opera' restarts
The previous year's cycle of anxiety over tariffs had barely closed when Washington opens a new front in global trade—this time, however, in an even more tense and fragile international environment. The US is considering imposing additional tariffs, up to 12.5%, on imports from 60 economies, citing the fight against trafficking of products linked to forced labor.
The plan envisions two speeds: 10% for countries that have taken partial measures and 12.5% for those deemed insufficient. The list includes China, the EU, Japan, and key US trading partners, with a special exemption for specific quantities of textiles and clothing to avoid sudden disruptions in the supply chain of a particularly sensitive sector. This move adds another source of uncertainty to international trade, already battered by war and the closure of the Strait of Hormuz.
