The primary surplus for the period January–March 2026 amounted to €4,369 million, compared to a target for a primary surplus of €2,732 million, according to the state budget execution data on a modified cash basis, which was published.

The result came from the outperformance of tax revenues and the containment of expenditures. Taxes amounted to €17.18 billion, higher by €308 million than the target of €16.87 billion. A decisive contribution came from VAT, which reached €7.4 billion compared to a target of €6.96 billion. Expenditures were limited to €17.04 billion, lower than the target of €17.93 billion. Net revenues amounted to €18.5 billion, exceeding the target by €685 million.

More specifically, according to state budget execution data on a modified cash basis, for the period January–March 2026, a surplus of €1,469 million is recorded in the state budget balance, compared to the target of a deficit of €111 million included for the same period of 2026 in the explanatory report of the 2026 Budget, and compared to a surplus of €1,610 million in the same period of 2025. The primary result on a modified cash basis stood at a surplus of €4,369 million, compared to a target for a primary surplus of €2,732 million and a primary surplus of €4,498 million for the same period in 2025.

Excluding an amount of €208 million relating to the timing shift of payments for armament programs, an amount of €439 million relating to the timing shift of investment payments, and an amount of €464 million relating to the timing shift of capital injections and transfer payments to general government entities, which do not affect the General Government result in statistical terms, as well as an amount of €135 million from the second installment of the consideration for the concession of a casino operating license in Ellinikon, which is recorded in public finances over the years of the concession, the excess in the primary result on a modified cash basis compared to the budget targets amounts to €391 million.

It is noted that the primary result in statistical terms differs from the result in cash terms. In addition, the above refers to the primary result of the Central Administration and not to the General Government as a whole, which also includes the fiscal results of Legal Entities and the sub-sectors of Local Government (OTA) and Social Security Organizations (OKA).

Note: In January 2026 revenues, the amounts from the required transactions for the completion of the Concession Agreement for the financing, operation, maintenance and exploitation of the Egnatia Motorway and its three vertical axes for 35 years, which was ratified by Law 5260/2025 (A’ 229), were recorded.

Specifically:

• An amount of €306 million relating to VAT at 24% on the transaction value was paid by the concessionaire to the Greek State, recorded under the category “Taxes” and accompanied by an equal tax refund.
• Subsequently, the same amount of €306 million was paid again to the Greek State and recorded under the category “Sales of goods and services.”

During the period January–March 2026, the level of net revenues of the state budget amounted to €18,508 million, showing an increase of €685 million compared to the target included for the same period in the explanatory report of the 2026 Budget.

More specifically, revenues in the main categories of the state budget are as follows:

I. Taxes
Revenues in the category “Taxes” amounted to €17,182 million, and include: (a) the amount of €306 million from the Egnatia Motorway Concession Agreement, as mentioned above, and (b) the amount of €135 million from the second installment of the consideration for the concession of a casino operating license in Ellinikon, which was expected to be collected at the end of 2025. Excluding the above amounts, tax revenues amounted to €16,741 million, reduced by €133 million or 0.8% compared to the target.

More specifically for the main taxes in this category, the following are observed:

• VAT revenues amounted to €7,402 million and are higher than the target by €438 million. It is noted that if the €306 million from the concession agreement is excluded, VAT revenues are higher by €132 million compared to the target.
• Excise tax (E.F.K.) revenues amounted to €1,464 million and are lower than the target by €143 million.
• Property tax revenues amounted to €1,030 million and are lower than the target by €15 million.
• Income tax revenues amounted to €5,729 million and are lower than the target by €41 million, of which: Personal Income Tax is higher by €183 million, Corporate Income Tax is lower by €116 million, and Other Income Taxes are lower by €108 million compared to the target.

II. Social Contributions
Revenues amounted to €14 million, close to the target.

III. Transfers
Revenues amounted to €1,834 million, higher by €60 million compared to the target. An amount of €1,754 million relates to Public Investment Program (PIP) revenues, which are higher by €82 million compared to the target.

IV. Sales of goods and services
Revenues amounted to €650 million and include the amount of €306 million from the Egnatia Concession Agreement, as mentioned above. Excluding this, revenues amounted to €344 million, higher by €71 million compared to the target.

V. Other current revenues
Revenues amounted to €756 million, higher by €124 million compared to the target. An amount of €177 million relates to PIP revenues, which are higher by €119 million compared to the target.

Revenue refunds amounted to €1,928 million, higher by €185 million compared to the target (€1,744 million), due to the VAT refund of €306 million from the Egnatia Concession Agreement, as mentioned above.

Total Public Investment Program (PIP) revenues amounted to €1,931 million, higher by €201 million compared to the target (€1,730 million).

Specifically, in March 2026, total net state budget revenues amounted to €6,522 million, higher by €812 million compared to the monthly target, mainly due to higher tax revenues after refunds by €503 million, as well as higher PIP revenues by €321 million.

More specifically, revenues in the main categories are as follows:

I. Taxes
Revenues amounted to €5,402 million, higher by €388 million or 7.7% compared to the target. Part of this increase, €135 million, is due to the receipt of the second installment of the casino license fee in Ellinikon, as mentioned above.

More specifically:

• VAT revenues amounted to €1,915 million, higher by €87 million compared to the target.
• Excise tax revenues amounted to €595 million, higher by €80 million compared to the target.
• Property tax revenues amounted to €853 million, lower by €6 million compared to the target.
• Income tax revenues amounted to €1,336 million, higher by €49 million compared to the target, of which Personal Income Tax is higher by €100 million, Corporate Income Tax is lower by €32 million, and Other Income Taxes are lower by €19 million.

II. Social Contributions
Revenues amounted to €4 million, close to the target.

III. Transfers
Revenues amounted to €1,154 million, higher by €262 million compared to the target. An amount of €1,140 million relates to PIP revenues, which are higher by €258 million compared to the target.

IV. Sales of goods and services
Revenues amounted to €82 million, higher by €6 million compared to the target.

V. Other current revenues
Revenues amounted to €340 million, higher by €42 million compared to the target. An amount of €76 million relates to PIP revenues, which are higher by €63 million compared to the target.

Revenue refunds amounted to €461 million, lower by €115 million compared to the target (€576 million).

Total Public Investment Budget (PIP) revenues amounted to €1,216 million, higher by €321 million compared to the target (€895 million).

State Budget expenditures for the period January–March 2026 amounted to €17,039 million and are lower by €895 million compared to the target (€17,934 million) included in the explanatory report of the 2026 Budget. They are also higher compared to the same period of 2025 by €953 million.

On the side of the Ordinary Budget, payments appear lower by €455 million compared to the target, mainly due to timing shifts in defense procurement payments of €208 million and timing shifts in capital injections and transfer payments to general government entities of €464 million, as mentioned above.

Notable transfers include the following:
I. Grant to the National Organization for the Provision of Health Services amounting to €668 million,
II. Grant to the Organization for Welfare Benefits and Social Solidarity amounting to €672 million,
III. Grant of €289 million to the National Central Authority for Health Procurement (E.K.A.P.Y.) for the procurement of pharmaceutical products, goods and health services for public hospitals,
IV. Transfers to hospitals and Primary Health Care amounting to €148 million, and
V. Grants to transport organizations (OASA, OASTH and OSE) amounting to €113 million.

Investment expenditure payments amounted to €2,069 million, lower by €439 million compared to the target included in the explanatory report of the 2026 Budget. However, they are higher compared to the corresponding payments of 2025 by €278 million.