The Apostle Manthus
Four of Euronext Athens' most heavy corporate papers entered 2026 with growth performance. Coca-Cola HBC, OTE, Metlen and TITAN brought strong numbers in revenue, operational profitability and investment activity, at a time when the international scene remains full of volatility.
The Coca-Cola HBC (EEE) presented in the first quarter of 2026 organic revenue increase 11.6% and increase in sales volume by 9,6%, with net revenue rising to EUR 2,71 billion, from 2.42 billion euros last year. The big push came from soft drinks, energy drinks, and coffee. Carbon dioxide increased by 9,4%, Energy launched against 27%, while coffee on the market outside the house recorded a rise 39%Special weight is that growth spread across all geographical areas, with emerging markets moving into +15%, developing in +10,3% and mature in +7,3%. A more careful analyst will also stand on revenue per box, which just increased against 1,8%, which means that the rise came mainly from real consumption and less from valuations. At the same time, the group increased its market share of ready-to-eat drinks by 110 basis points, strengthening its position towards competition. The administration has kept the provision for an organic revenue increase unchanged. 6% to 7% and operating gains against 7% to 10% for 2026. Graphically, the stock in the 44-day fibo chart creates in the 48- to 50-euro area the next step to get the hint for the next price level in EUR 57 to EUR 58,50.
THE OTE recorded in the first quarter of 2026 EUR 859,4 million turnover, reinforced by 4,9%, while the custom EBITDA after leases reached EUR 338,4 million, higher by 2,8% compared to last year. Mobile telephone continued to feed much of the growth, with service revenues rising against 5,5% and the contract client base to reach 3,1 millionAfter another quarter of strong net additions. At the same time, average data consumption rose to 19,3 GB per user, strengthening revenue from higher charge services. On fixed phone, the large paper remains the optical fiber. FTTH subscribers launched on 625.000, increased by 45,3%, with over 58,000 new connections within just a quarter. At the same time, 5G WiFi via FWA surpassed 100,000 subscribers, turning the wireless broadband into a serious commercial tool for the group. Revenue from System Solutions ejected against 76,3%, while the company proceeded to new Data Center and GPU-as-a-Service services for AI applications. Despite the decline in free cash flows due to higher tax payments, net lending remained low, in EUR 519 million, just 0.4 times EBITDAThe stock is in the very interesting point of 18 euros. Press over there will pave the way for prices above EUR 20.
The Metlen Energy & Metals (MTLN) Increases speed on all its main fronts, with the first quarter of 2026 bringing EUR 2,05 billion turnover, increased by 37% on an annual basis. The platform is very interesting Renewables, Storage & Energy Transition, ejected against 168%, reaching EUR 644 million. The energy storage portfolio has already reached about 2 GW through partnerships with PPC and Tsakou Group, while the deal with Shell for supply of up to 1 bcm of natural gas annually from 2027 to 2031 raises the company's energy footprint even more. In Metallurgy, turnover rose to EUR 234 million, supported by high aluminium prices and increased profit margins of vertically integrated production. At the same time, the investment for first unit of gallium in Europe, with production contacts in the USA, Japan and European markets. The most heavy paper of the quarter, however, comes from Infrastructure and Defense. The infrastructure sector almost doubled its revenue, in EUR 177 million, with unexecuted approaching EUR 2.2 billion, the M Technologies increases its productive basis for defence programmes and partnerships with European groups such as Naval Group. From a grammatical point of view, the share tests its resistance levels EUR 38,24. Over there the share will move towards the range of EUR 40,60 to EUR 44.
The group TITAN (TITC) started in 2026 with sales that reached EUR 636 million, while EBITDA rose to EUR 138 million, recording an increase 16% on a comparable basis. Even stronger was the expansion of the EBITDA margin against 250 basis points, development that came from improved operational efficiency and better price and cost ratio. The most effective reading is at the speed at which it begins to deliver PRIME savings program. Management estimates annual benefit EUR 40 to EUR 50 million, with over 10% have already passed the results since the first quarter. At the same time, net earnings after tax rose to EUR 64 million, increased by 46,5%In Greece, demand was reinforced by large infrastructure projects, data centers, tourist investments and the Greek one, while the group continued to operate as a main supplier to high-consumption cement projects. At the same time, the Eastern Mediterranean gave an explosive boost to profitability, with EBITDA increased by 151%, while new acquisitions in Turkey, France and the USA open a larger geographical footprint and strengthen the production base of the group. In the chart, the share has been removed from the buyer base at 45.80 euros and is heading towards the area of historic high between EUR 57 to EUR 60.
* Apostolos Manthos is responsible for technical analysis & investment strategy
** The content of the Article may in no way be regarded as advice or suggestion or recommendation or invitation to purchase or sell any share or investment or financial product traded on an organised or non-market.
