Hello, Little by little, the truly heavy part of summer has begun, with heatwaves and temperatures reaching 40°C starting tomorrow, according to the meteorologists. The Mundial has also come to an end—indeed, it was wonderful and thoroughly satisfying viewing for football fans. Now that I mentioned the Mundial… I have a suspicion that perhaps ERT organized it and we simply didn’t realize it. Why? Because I read a decision by the board of the state broadcaster awarding a €623,000 contract to an advertising agency to produce 15 YouTube shows and 8,000 social media posts to promote the Mundial for ERT! Apparently, in order for all of us to watch the World Cup, ERT needed to spend €623,000 on YouTube programs (despite already airing daily marathon television coverage) and social media promotion. Did you say something? I’m curious to see whether there will be a reasonable explanation or response—or whether what everyone suspects is simply what’s going on.

And yet, the polls…

Apart from that, despite the height of summer, I hear that polling continues, with the numbers remaining roughly the same. Special surveys are also being conducted to determine what the 10%–15% of New Democracy (ND) voters—those who helped the party reach 41% in 2023 but are now absent from its polling numbers—currently think and whether they might return. I’m told the results are relatively encouraging. From its current polling level of around 30%, ND could recover another 8%–9% and reach the coveted parliamentary majority. Of course, this depends on certain conditions, since more than half of the respondents from that 15% who voted for ND in the past but are now undecided answer, “yes, but…” Even so, they are not negative. According to my source, all this points toward elections in the spring of 2027 rather than any earlier.

Mitsotakis addresses the parliamentary group

Of course, K.M. told his parliamentary group that elections would take place on a Sunday at the end of the government’s four-year term, so as to avoid a situation where voters “punish us in the first ballot and vote for us in the second.” He also spoke rather heroically about the MPs who unfairly paid the political price over OPEKEPE despite being innocent. As we’ve said, he is right regarding the political figures—but the European prosecutors were also right to investigate, because OPEKEPE had been the scene of decades of abuse.

Bukoros chats with Polakis and Pappas

One of my people spotted an interesting scene yesterday afternoon in Parliament’s members’ lounge. New Democracy MP Christos Boukoros, who is among those prosecuted over the OPEKEPE affair, was chatting in a relaxed atmosphere with Pavlos Polakis and SYRIZA’s new secretary, Nikos Pappas. If I understood correctly, he was explaining the details of the case concerning him, stressing that it was absurd and pointing out that he himself had been filing complaints since 2021 about the toxic environment within OPEKEPE.

July filled with foreign visitors

Although we’re already in mid-July, Mitsotakis continues his schedule of international meetings. On Wednesday, Portuguese Prime Minister Montenegro will visit Greece, where he will meet at the Maximos Mansion and have a working lunch with our prime minister. In addition, K.M. will travel to Austria the following weekend, and on Monday, July 27, he will meet Austrian Chancellor Stocker in Salzburg. Why Salzburg? Because on Sunday the 26th, the world-renowned Salzburg Festival opens, with this year’s first opera production being Bizet’s timeless Carmen.

CVC’s negotiations with the two interested buyers for DELTA

And from the drama of the fiery Carmen, who met her death at the hands of the love-struck Don José, let’s move to developments in the market and the drama surrounding the sale of DELTA/Vivartia, which does not appear to be nearing a conclusion anytime soon. There are two interested parties for DELTA: the Sarantis brothers of Olympus and Spyros Theodoropoulos of Bespoke (ION, AMVROSIA, HELLENIC JUICES). At present, negotiations are taking place with the Sarantis brothers, although they have not yet agreed with CVC on the price. Private equity firms are accustomed to “rich” deals that generate substantial returns, so CVC has high expectations. On the other hand, the Sarantis brothers know the dairy business better than anyone else in the Greek market and can easily value DELTA based on real operating data. If this gap over the financial terms can be bridged in the coming period, the deal may be completed. As for Spyros Theodoropoulos, information suggests that his offer remains well below CVC’s expectations. Market sources say he has offered €200 million, while the private equity firm is seeking €300 million.

Stathopoulos’ deal (and the two interpretations)

The sale of 50% of Nova ICT (the company implementing digital transformation projects) to Motor Oil for €60.5 million, announced yesterday, marks the completion of a particularly successful investment cycle for Nova, a member of United Group, which belongs to BC Partners’ portfolio. In just three years, the company developed into one of the strongest providers of digital solutions in the market and achieved a valuation of €121 million, having started in 2023 with initial share capital of only €1 million—a development reflecting the substantial value that was created. Sources at Nova said Nikos Stathopoulos concluded that, at this stage, Nova can generate even greater value by focusing on its core business: long-term customer relationships, services for households and businesses, investments in next-generation networks, and expanding its subscriber base. At the same time, through the proper management of its stake in Nova ICT and the completion of the transaction, it created significant value for Nova within a very short period. Obviously, no one disputes the value that was created. However, another interpretation of the news is that the piecemeal sale of Nova—and of the rest of United Group—has begun, since no investor was found willing to purchase the entire group. Naturally, Nova rejects any suggestion that the sale of ICT is related to the sale of Nova, emphasizing that Nova ICT is a separate legal entity and a subsidiary.

Euromoney names Alpha Bank Best Bank in Greece

The Alpha Bank Group received four distinctions at this year’s Euromoney Awards for Excellence in London, with the bank being named Best Bank in Greece. It also won Best Bank in Diversity & Inclusion, while AXIA was recognized as Best Bank for Research and Best Investment Bank for Real Estate and Hospitality. Euromoney’s judging panel recognized Alpha Bank as the Greek bank that stood out most in 2025, noting that the Group’s growth strategy had created a business model that is meaningfully differentiated from its competitors. These distinctions are particularly significant because they recognize not only the results achieved but also reward the strategy and decisions that produced them, said Alpha Bank CEO Vassilis Psaltis, adding: “We consciously chose a different growth model, making disciplined use of our capital base, building new capabilities through targeted acquisitions and a partnership with UniCredit that is unique by Greek standards.” It is worth noting that for the Best Bank award, the Euromoney Awards for Excellence editorial team evaluated the bank’s strategy and financial performance, investments in products and services, and its responsiveness to customer needs across the full spectrum of its activities.

Cosmote’s towers

In less than two months of operation—from November 3, when it was spun off from its parent company, until December 31, 2025—COSMOTE Telekom Towers (CTT) recorded revenue of €9.29 million, EBITDA of €8.85 million, and net profit of €2.15 million, confirming the high profitability of the passive telecommunications infrastructure management model. These financial results reflect the characteristics of a tower company, where recurring lease agreements generate stable and predictable cash flows. Notably, the EBITDA margin reached approximately 95%, an exceptionally high level even by international industry standards, as the company’s core operating expenses remain limited compared with revenue from hosting telecommunications equipment. Approximately 3,800 mobile phone towers were transferred to the wholly owned COSMOTE subsidiary. Its creation forms part of the OTE Group’s strategy of separating its passive mobile infrastructure into a specialized company, following a model already adopted by Europe’s largest telecommunications groups (Deutsche Telekom, Vodafone, Orange, Telefónica, Telecom Italia, Telekom Austria, and others). The outlook for 2026 appears particularly positive, as the company will report its first full twelve months of operations, having already secured its primary lease agreement with OTE while setting its next objective as the further commercial exploitation of its infrastructure portfolio.

Pharmathen under restructuring, CRO brought in with monthly compensation of up to £250,000

Rapid developments are taking place at the pharmaceutical company Pharmathen, as a Chief Restructuring Officer (CRO) is joining the company, signaling the start of the implementation of an extensive restructuring plan as a result of loss-making performance and production problems. Pharmathen was one of the success stories of the previous decade. It was sold by the Katsos family, with 80% acquired by BC Partners for €475 million, and a few years later, in 2021, it was acquired 100% by Partners Group at a valuation of €1.6 billion, in one of the largest private equity transactions ever carried out involving a Greek company. The continuation, however, was disappointing, with the most recent events including the placement of Pharmathen International’s facility in Sapes, Rodopi, under an “import alert” by the US FDA. For the pharmaceutical company, a restructuring of debt of up to €665 million has been decided, along with securing new financing. As part of this process, Stephen Welts is being appointed Chief Restructuring Officer (CRO). He is already a member of the board of directors and will support the CEO and CFO on issues relating to stabilizing business operations, managing relationships with key stakeholders, and providing specialized restructuring services. At the same time, he will have an active role in preparing, negotiating, and implementing corporate and financial restructuring actions, with the aim of strengthening the company’s financial and operational stability. As it appears, Welts is an internationally recognized corporate restructuring advisor and, for this reason, will be compensated accordingly. The contract provides for a monthly fee that may reach up to £250,000, plus reasonable expenses and VAT. It also includes a success bonus equal to the total of nine months’ fixed fees, as well as an additional bonus of 50%, which will be paid at the company’s discretion. Based on these terms, the total cost of the cooperation may amount to several million pounds.

For rent (in Kolonaki) at €32,000 per month

A minimum rent of €32,000 per month, or €384,000 per year, is being sought by the Hellenic Olympic Committee for the property it owns in Kolonaki, for which it is currently conducting a leasing tender. This is the minimum starting price for the first year for the listed building at 4 Kapsali Street, with a total surface area of 1,174 sq.m. Its most recent use has been as office space, while the successful bidder will also undertake maintenance costs for the entire lease period—eight years—with the possibility of extension. The unique three-story neoclassical building at 4 Kapsali Street in Kolonaki, which housed the Hellenic Olympic Committee until 1999, is also known as “Theologiteion.” It received its name in honor of its benefactor D. Theologitis, a major Athens merchant, who donated the building to the Olympic Committee a century ago, in 1928. During the years of the German-Italian occupation, it was requisitioned by the Italians. Deloitte has undertaken the procedures until the end of July on behalf of the Hellenic Olympic Committee, which follows the same leasing model—where investment expenses are borne by the tenant—for other properties it owns as well. The most characteristic recent example is the other building on Kifisias Avenue opposite the Olympic Stadium (OAKA), where the brand-new hotel “The Fiction” has been operating since March 2026, representing the new hospitality venture of Ellaktor Group subsidiary REDS in cooperation with the well-known management company SWOT. Now, interested parties for the property at 4 Kapsali Street will submit their participation documents by July 31, 2026, while the date for submitting financial offers will be announced to participants who successfully pass the document review stage.

“Breathing space” for Cenergy and Viohalco, pressure continues on ElvalHalcor

At yesterday’s Athens Stock Exchange session, a clear divergence in investor behavior within the Viohalco group was reflected, as the reaction of Cenergy Holdings and Viohalco acted as a “buffer,” offsetting the continued decline of ElvalHalcor. Cenergy stood out with gains of 3.5%, ending its five-day losing streak and allowing the share price to return above the psychological €20 level. At the same time, parent company Viohalco managed to absorb part of the strong losses from the previous session, when it had fallen 4.9%, and gained 1.6%, closing at €17.4. By contrast, ElvalHalcor remained under pressure, recording a decline for the sixth consecutive day, with the share slipping to €4.10, falling below the €4.20 level—the price at which the recent €250 million capital increase was carried out. This development highlights the short-term portfolio reallocation and the phase of absorption of ElvalHalcor’s new shares.

Motor Oil: The road opens toward €50 — new deals provide the “fuel”

Motor Oil’s share made a dynamic comeback, ending a two-day losing streak. With a 2.2% rise, it returned above the psychological €48 level, reopening the “window” toward approaching its all-time highs. It is recalled that just last Wednesday (July 15), the share recorded a record closing high of €48.88, while during the session it touched €49.10, marking the highest intraday level in its history. The investment community is now giving a clear “vote of confidence” for reaching the €50 milestone, with brokerage analyses raising expectations significantly. Specifically, NBG Securities places the target price at €51, Pantelakis Securities at €51.20, and Eurobank Equities at €53.20. The most optimistic view comes from Piraeus Securities, which raised its target price to €61, seeing strong upside potential.

Milena is looking ahead…

In the shipping market, when an optimistic forecast comes from Star Bulk, it is difficult to ignore. Even more so when it is expressed by Milena Petrou Pappa, one of the executives who monitors freight rates, cargo flows, and competitors’ moves on a daily basis. Her recent comments were viewed as more than just another estimate for the dry bulk market. They were a clear message that, despite the growing orderbook, major players do not see a coming oversupply of ships. Instead, they believe that the scrapping of older bulk carriers, uncertainty surrounding future fuels, and limited available slots at Asian shipyards will continue to act as a natural “brake.” It also did not go unnoticed that Ms. Pappa placed particular emphasis on the Simandou mine in Guinea. Market participants say that those investing today in Capesize vessels are looking not only at China but also at the new geography of cargo flows developing in West Africa. Additional ton-miles, after all, are what can make the difference in freight rates. The real interest, however, lies elsewhere. When a company with a fleet exceeding 150 vessels appears so optimistic about the period through 2028, many interpret the message as an indication that major Greek shipowners have not yet stepped on the brakes regarding their investments.

The €10 billion did not convince Melina Travlou

The European Commission has revealed its plans for the revision of the EU ETS, the mechanism through which shipping now pays for carbon dioxide emissions. The proposal provides that approximately €10 billion in system revenues may return to the sector through investments for the green transition, while greater support is provided for alternative fuels and part of the bureaucracy is reduced. In Brussels, many rushed to describe this as a significant concession to shipping. Not Melina Travlou, however, who, as president of the Union of Greek Shipowners, represents Greek-owned shipping and knows the ETS negotiations as well as few others do. She maintained a low profile and avoided celebrations. She described the commitment of part of the revenues as “a step in the right direction,” but immediately added that it was the absolute minimum that should have been done. The important point lies precisely there. The Greek side shows that it does not intend to consider the matter closed simply because the Commission opened the fund, since the issue is not only the recycling of revenues, but also protecting the competitiveness of European shipping against fleets operating outside Europe that do not face equivalent costs.

The major challenge for Greek shipowners is no longer ships

If some believe that shipping is experiencing a repeat of the frenzied ordering wave before 2008, they are probably reading the market incorrectly. The message sent by Panos Mitrou, Senior Vice President, Shipping Strategy at Lloyd’s Register, carries particular weight. Today’s shipbuilding supercycle is not being built on the logic of “the more ships, the better,” but on the need for vessels that will remain competitive for decades. In shipping circles, it is increasingly said that the real value of a new order is no longer measured only by the freight revenue it will generate, but by the vessel’s ability to adapt to increasingly strict environmental regulations and the demands of the energy transition. That is why the new supercycle will not necessarily reward the most aggressive investors. It will reward those who choose the right technology, the right timing, and above all avoid “locking in” billions in solutions that may become obsolete much sooner than expected.

Sir Stelios becomes Honorary Citizen of Spetses

The appointment of Sir Stelios Haji-Ioannou as Honorary Citizen of Spetses confirmed a relationship built over many years, with a continuous presence and substantial support for the island. The municipal authorities chose to honor the founder of easyJet for his contribution to the local community, entrepreneurship, and education, while also sending a message that Spetses seeks connections with internationally recognized personalities. The presence of Deputy Prime Minister Kostis Hatzidakis gave even greater political and institutional weight to the event. Behind the award, however, many also see recognition of the investments and initiatives that have strengthened the island’s image in recent years.

The political risk in analyses with eight European elections in 2027

In investment houses’ reports on Europe, the “political risk” section is now being upgraded on a daily basis. The same is happening in Greece, as everyone now considers achieving a New Democracy parliamentary majority an extremely difficult target. Therefore, everyone sees a change in the political landscape. In 2027, Europe will hold elections eight times. Seven parliamentary elections: Estonia (by March 7), Finland (April 18), Greece (by July 25), Spain (by August 22), Slovakia (by September 28), Poland (by November 11), Italy (by December 22). And one presidential election, in France, in April, which concentrates the entire European political gamble. Obviously, markets are not waiting until 2027—they are pricing events from today. The yield on the French 10-year government bond climbed to 3.94%, the highest since June 2009, rising 37 basis points in four weeks. The spread against the German Bund surpassed Italy’s, something considered unimaginable five years ago. With debt at 114% of GDP, a deficit close to 5%, and Marine Le Pen “at the gates,” France is already paying a clear “political risk premium” on borrowing. In Madrid, Sánchez’s second term is ending; in Rome, Meloni’s first term; in Warsaw, Tusk’s government is being tested against the possibility of a PiS return. Within this cloudy environment lies Athens as well, with a horizon of July 2027. In the eyes of foreign analysts, Greece’s political landscape is beginning to resemble the uncertainty of earlier years. Until now, analysts measured inflation, debt, and interest rates. In 2027, they will learn to measure parliaments without majorities. History teaches that markets can withstand bad governments; they cannot withstand the absence of governments.

A chip that “freezes”

Alphabet opened a new front yesterday in the silicon war. According to The Information, Google is developing a server chip codenamed “Frozen v2,” which integrates the architecture of Gemini directly into the silicon. It promises 6 to 10 times greater efficiency than the latest generation of TPUs, with a development horizon of 2028. The new philosophy is radical. Instead of a general-purpose chip that “runs” any model, Frozen “burns” the model directly into the circuitry. In this way, it dramatically limits data movement, which is the most expensive part of the equation in the economics of inference. The model is “frozen” into the silicon. This is also where the investment risk lies. If the architecture of models changes, the chip is left behind. Alphabet has budgeted a capital expenditure program (capex) of $180–190 billion for 2026. This is six times higher than 2022 and double that of 2025. The lion’s share is directed toward servers and chips. Every efficiency gain in inference translates into billions in savings and, above all, independence from Nvidia’s gross margins. The stock reacted with a rise of around 1% in premarket trading. In the second phase of the artificial intelligence cycle, the critical game is who can serve the best model at the lowest cost.

The generation of the childhood bedroom

It is a record number. More than 25.2 million American adults under the age of 35—one in three—were living in their parents’ homes in 2025. According to an analysis by Realtor.com using official census data, the percentage (33%) exceeds even the pandemic peak and is six percentage points higher than two decades ago. The surprising finding of the research concerns the cause. Seventy percent of 25–34-year-olds living at home are employed, meaning they have income. Therefore, the choice to live with their parents is not a problem of employment but of housing supply and cost. The median home sale price reached $430,000 (+34% since 2019). The median rent rose 18%, to $1,673. At the same time, income growth among 25–29-year-olds remained at only +5.2%, among the lowest levels since 2011, according to the JPMorgan Chase Institute. Approximately 17.7 million are aged 18–24, but 4.5 million are aged 25–29 and 3 million are aged 30–34. The share of the latter groups is increasing. The typical first-time homebuyer in the US is now 40 years old. Every adult living in the childhood bedroom represents a household without its own home, a lease that was never signed, and a first home that was never purchased. Experts describe this as latent demand from 25 million buyers that the market has not absorbed. For Greeks, “semi-grown kids” living with their parents is almost a tradition. For Americans, it is a surprise that strikes at the famous “American Dream.”