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A new introduction to Euronext Athens is in the works, starring one of the most profitable retail companies on the Greek market.
Ideal Holdings has announced that it is considering the introduction of Attica Branches into the regulated market of the Athens Stock Exchange, with the public registration process expected to start after mid-June, once the necessary approvals have been obtained by the Capital Market Commission and market conditions have been assessed. This is only the disposal of existing shares — no new version — from Cyprus subsidiary Kymora Limited, which is currently the only direct shareholder of the company. After the introduction, Ideal Holdings will remain a majority shareholder, indirectly retaining 52.5% of the share capital.
An investment that has yielded results
Ideal Holdings acquired control of Attic Branches in September 2023, for a price of 100m euros. Since 2021, the holding company has invested a total of around 400m euros in the Greek economy in three branches: department stores, IT and food.
Investment in the Attica Departments is already proving extremely efficient. According to the annual financial statements for the year 2025, the company’s turnover was 244.2 million euros, compared with 231.9 million euros in 2024, rising 5.3%. Gross profits amounted to EUR 90,6 million (+5,79%), while EBITDA increased to EUR 46,451 million from EUR 42,580 million, an increase of 9,09%. Profit before tax amounted to 20,154m euros, increased by 22,6% on an annual basis, while net profits amounted to 15,432m euros, compared to 12,737m euros in 2024 (+21,2%).
Similarly important is the financial soundness of the balance sheet. The company has a cash flow of EUR 48,650 million, while net lending (without the effect of IFRS 16) is negative, at EUR -29,883 million. Technically, the Attic Departments have more cash than debt.
The Elevation Project and the next phase
Behind the individual operational movements lies a single strategic plan with four pillars, known as "Elevation Project": upgrading of product mix, expansion of the natural network, acceleration of the digital channel and improvement of customer experience.
In the natural network, the Attiki Branches have already agreed to rent new stores of a total surface area of about 3,000 square meters in the Riviera Galleria, which is expected to operate in the first half of 2027, while the expansion of the store to the City Link is progressing. This year the first attica Beauty Store is also launched at Athens Mall, a first step for an independent chain in the selective distribution of beauty products.
On the digital front, the goal is ambitious: an increase in electronic sales by 70%, having already recorded a 29% rise in 2025. Digital turnover today represents 5.3% of revenue, compared to 4% last year. For 2026, the company has planned investments of 8.3m euros, including a new fund system that opens the way for a loyalty program in the third quarter, as well as artificial intelligence tools for the eshop.
On the brand front, Attica continues to upgrade their trading portfolio — incorporated over 55 new brands in 2025 — while it is worth noting that it is one of only five department stores in Europe hosting the concept Comme des Garçons Pocket. In March Carhart also owned the City Link.
The strategic logic of introduction
For Ideal Holdings, this move constitutes another partial divestment (partial exit), which allows it to gain profit from the value it has created for its shareholders, without diluting existing positions by issuing new shares. At the same time, maintaining a strong majority ensures participation in the next development cycle.
For Attica Branches itself, the introduction aims to promote their true value, expand the share base and strengthen corporate governance. At the same time, it opens the possibility for institutional and private investors to be placed in a company that combines stable profitability with a distinct development profile.
Σήμερα, η εταιρεία λειτουργεί πέντε βασικά πολυκαταστήματα, στο City Link (Πανεπιστημίου), το Golden Hall (Κηφισιά), The Mall Athens, Mediterranean Cosmos και επί της Τσιμισκή στο κέντρο της Θεσσαλονίκης, με συνολικά περίπου 70.400 τετραγωνικά μέτρα εμπορικής επιφάνειας.
Σταθερή επιστροφή αξίας στους μετόχους
Η IDEAL Holdings δεσμεύεται να διατηρήσει μερισματική πολιτική διανομής 40-50% των κερδών για τα επόμενα τρία χρόνια, με πιθανότητα επιπλέον επιστροφών κεφαλαίου μετά από επιτυχημένες αποεπενδύσεις. Για τη χρήση 2025, ο όμιλος διένειμε μέρισμα 0,40 ευρώ ανά μετοχή, συνολικού ύψους 21,6 εκατ. ευρώ, που αντιστοιχεί σε απόδοση 6,6%, ενώ σε ορίζοντα τετραετίας η συνολική επιστροφή κεφαλαίου, συμπεριλαμβανομένων των επαναγορών μετοχών, αγγίζει το 23% της σημερινής κεφαλαιοποίησης.
Υπό αυτό το πρίσμα, η Αττικά Πολυκαταστήματα φαίνεται να πληροί τα κριτήρια μιας εισαγωγής που θα μπορούσε να τύχει ευνοϊκής αποδοχής από την αγορά, καθώς πρόκειται για μια εταιρεία με ηγετική θέση στον κλάδο, σειρά επιτυχημένων χρήσεων, ισχυρή ταμειακή θέση, σαφές αναπτυξιακό πλάνο και μητρική εταιρεία με αποδεδειγμένη ικανότητα δημιουργίας αξίας.
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