For the fifth consecutive year, the foreigners investors have strengthened their position in the Greek stock market, with the participation of foreigners in its capitalization Athens Stock Exchange at the end of September to reach an all-time high of 69.3%, equivalent to €82.8 billion, the highest level ever recorded.
Specifically, in the Athens Stock Exchange, the participation of foreign investors in trading activity increased to 63.0% in 2025, from 50.8% in 2020, while foreign net inflows amounted to 1.3 billion euros during the period 2021-2025, with 312 million recorded in the 9th month of 2025.
But this is not the only historical record recorded by the domestic stock market this year.
In 2025, total distributions to shareholders increased by 29% compared to 2024, and all indications are that they will set an all-time record.
Companies listed on the Athens Stock Exchange have already distributed €5.0 billion in 2025, with the announced payouts expected to push the year’s total past the record high of €5.4 billion set in 2007 and according to the latest estimates to approach €5.7 billion.
The 2025 distribution yield of 4% beats the benchmark 10-year bond and is several times higher than fixed term deposit yields
Another record is recording gains for 11 consecutive months (October 2024-September 2025 with total gains of 38.4% for the General Price Index), the longest such streak since 1987, outperforming both global and regional indices.
The Banking Sector was the main driver of this performance, with its index growing by 77.5% in 2025, reaching its highest level in more than a decade.
Gains were supported by strong economic growth, fiscal stability and growing investor confidence, ranking Greece among the world’s best-performing stock markets in 2025
Market capitalization
By the end of September, the AXA had extended its upward trajectory in market capitalization (€137.5 billion), reaching levels last seen in June 2008.
The banking sector is a major driver of market expansion, with its market capitalization growing to €49.1 billion, an increase of 74.0% in 2025 and representing 36% of the total market capitalization.
The non-financial sector, although growing at a more moderate pace, remains an important part of the market with an increase of 17.0% in 2025, reaching €88.4 billion.
Transaction value
The Athens Stock Exchange has recorded a steady and sustained improvement in market liquidity over the past five years.
The sharp increase in trading volume reflects increasing investor participation and market deepening, reinforcing the strength and durability of the current rally.
Average Daily Transaction Value exceeded €200 million for the first time since 2009, reaching €211 million in 2025.
This marks a five-year streak of continuous growth in trading activity. Up 89% year-on-year, the banking sector remains the dominant driver of liquidity, accounting for ~61% of total market activity.
Public records
In 2024 and 2025, successful IPOs, share capital increases, private placements and strategic business transactions, combined with a stronger presence in global indices (MSCI, FTSE Russell), significantly increased the interest of foreign investors in the Athens Stock Exchange.
Institutional investors remain the main driver of foreign ownership, with allocations focused on Banking, Energy and Infrastructure, reflecting confidence in Greece’s core economic sectors.
The total funds raised in 2025 amounted to 1,438 million euros, further strengthening the position of the Athens Stock Exchange as a reliable platform for raising funds.
Four new listings in 2025 increased the total number of newly listed companies on the Athens Stock Exchange from 2020 to 22.
The successful placements of recent years underline the strong growth prospects of companies listed on the AX.
In 2023 and 2024, placements totaling 4.3 billion euros were made, mainly to international investors, marking the return to normality for the Greek market.
The momentum continued in 2025, with 14 listed companies completing a total of 16 placements worth €1.1 billion.