Greek blue chips OTE, Piraeus Bank and ElvalHalcor deliver strong H1 2026 results

OTE: record subscriber growth in mobile and fibre

OTE Group's second-quarter revenues were €855.8 million, essentially flat year-on-year, but adjusted EBITDA rose 3.0%, in line with the full-year target of about 3% growth. Excluding the declining zero-margin international wholesale business, revenue grew 8%. Mobile service revenues increased 2.3%, and the company added a record 62,000 net contract subscribers, lifting the contract base by 8% year-on-year. In fixed-line, retail service revenues rose 1.4%, driven by FTTH, FWA and TV services. FTTH net additions also reached a record 62,000, taking the total fibre customer base to 687,000. The FTTH network now passes 2.2 million homes and businesses, with a penetration rate of 41.7%. The board proposed a final dividend of €0.90214 per share, up 21.7%, and S&P Global Ratings upgraded OTE's credit rating to A- from BBB+.

Piraeus Bank: profit target raised on strong lending

Piraeus Bank reported record first-half net profit of €617 million, up 10% from €559 million a year earlier. Second-quarter net profit accelerated to €336 million, a 22% year-on-year increase. Net interest income reached €990 million in the half, with the second quarter at €509 million, up 6% quarter-on-quarter. The bank upgraded its full-year net interest income target to €2.0 billion. Performing loans grew 9% to €39 billion, with net credit expansion of €1.8 billion since the start of the year. Mortgage lending rebounded, with new loans up 65% compared with the first half of 2025. Customer deposits rose 9% to €68.4 billion, and assets under management reached €16.3 billion after €1 billion of net inflows. The non-performing exposure ratio fell to 2.2% from 2.6%, and the cost-to-income ratio improved to 31% in the second quarter. The CET1 ratio stood at 12.8%, and management expects it to exceed 13% by year-end.

ElvalHalcor: metals prices and volume growth lift profit

ElvalHalcor's turnover rose 18% to €2.2 billion in the first half, while adjusted EBITDA increased 6.6% to €143.3 million. Pre-tax profit jumped 78.6% to €158.5 million, and net profit after tax reached €128.9 million, up from €74.1 million a year earlier. The group reduced net debt by €57 million despite paying a higher dividend of €41 million. Aluminium sales volumes grew 7.0% to 227,000 tonnes, driven by transport and rigid packaging applications. Copper volumes were broadly stable at 91,000 tonnes, as strong industrial and energy demand offset weaker construction-related sales. The average copper price in the half was €11,212 per tonne, up from €8,641 a year earlier, while aluminium averaged €2,897 per tonne, up from €2,331.

The strong performance of the aluminium division in the first half of 2026 reflects the consistent implementation of our strategic initiatives and the benefits that continue to flow from our investments in human capital, in strengthening our production capacity and in the continuous improvement of our operations. The division's advanced production capabilities, combined with commercial and technical excellence, led to higher profitability and further strengthened ElvalHalcor's position in the markets where it operates. The strong financial results were accompanied by an increase in sales volumes and an improvement in profit margins, particularly in solutions aimed at the transport and rigid packaging sectors.

Geopolitical and regulatory headwinds

The Gulf war affected energy and raw material markets but had no material impact on ElvalHalcor's activity beyond keeping aluminium prices elevated, the company said. US Section 232 tariffs, now at 50% for both aluminium and copper, continued to redirect global trade flows without hurting the group's position in the American market. The EU's Carbon Border Adjustment Mechanism, fully applied from 1 January 2026, did not bring material changes to market conditions. The group sees positive demand prospects from data centres, energy infrastructure, packaging with high recycled content, heat pumps, and applications in shipping, defence and energy-efficient construction.