olivLaw · European equity research
ΤΕΧΝΙΚΗ ΟΛΥΜΠΙΑΚΗ ΑΝΩΝΥΜΟΣ ΕΤΑΙΡΕΙΑ OLYMP.AT
Greece · Athens Stock Exchange · ISIN GRS403003007 · Vertical: Listed companies from Greece
Τεχνική Ολυμπιακή is a Greek group with real estate activities whose consolidated revenue from continuing operations grew in 2025 thanks to its expansion in that segment, while operating profitability declined. The company remains in focus due to the still uncertain finalisation of the Porto Carras sale price and the liquidation of its airline subsidiary.
At the close of 05 Nov 2026, ΤΕΧΝΙΚΗ ΟΛΥΜΠΙΑΚΗ ΑΝΩΝΥΜΟΣ ΕΤΑΙΡΕΙΑ (OLYMP.AT) stock was 2.28 EUR (+0.00% on the day), with beta 0.39, 52-week range 2.18–2.55 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 46.9
- neutral
- Bollinger (20, 2)
- 2.24 – 2.33
- in the lower half of the band · %B 0.44 · band width 4.3%
- SMA 50 / 200
- 2.31 / 2.36
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.01
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −1.7% | +0.4% | −2.1 pp | — |
| 3 months | −5.0% | −3.3% | −1.7 pp | — |
| 6 months | −5.4% | +4.0% | −9.4 pp | — |
| Year to date | −6.2% | +8.1% | −14.3 pp | — |
| 1 year | −1.3% | +10.7% | −12.0 pp | +0.9% |
| 3 years | −6.6% | +50.1% | −56.6 pp | +35.3% |
| 5 years | +38.3% | +43.6% | −5.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 19.1 m | 20.4 m |
| Revenue YoY | unavailable | +6.6% |
| Net income | 6.3 m | 3.7 m |
| Net income YoY | unavailable | −41.7% |
| Diluted EPS | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable |
| net % | 33.0% | 18.0% |
| Free cash flow | 3.8 m | 13.7 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 59.0 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 201.8 m EUR
- Total assets
- 271.7 m EUR
- Debt / equity
- unavailable
- Current ratio
- 3.82x
- ROE
- 1.9%
- ROA
- 1.5%
- FCF margin
- 67.3%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 19.1 m | 20.4 m | esef· 23 Oct 2026verified |
| Cost of revenue | 11.0 m | 12.8 m | esef· 23 Oct 2026verified |
| Gross profit | 8.1 m | 7.5 m | esef· 23 Oct 2026verified |
| Operating income | 3.5 m | 991.6 k | esef· 23 Oct 2026verified |
| Interest expense | 847.3 k | 891.6 k | esef· 23 Oct 2026verified |
| Pre-tax income | 12.8 m | 4.8 m | esef· 23 Oct 2026verified |
| Income tax | 283.9 k | 260.2 k | esef· 23 Oct 2026verified |
| Net income | 6.3 m | 3.7 m | esef· 23 Oct 2026verified |
Balance sheet · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 34.0 m | 59.0 m | esef· 23 Oct 2026verified |
| Receivables | 3.2 m | 4.9 m | esef· 23 Oct 2026verified |
| Inventories | 9.1 m | 55.8 m | esef· 23 Oct 2026verified |
| Current assets | 91.2 m | 132.9 m | esef· 23 Oct 2026verified |
| Property, plant & equipment, net | 71.8 m | 83.3 m | esef· 23 Oct 2026verified |
| Goodwill | 1.2 m | 1.7 m | esef· 23 Oct 2026verified |
| Intangibles (excl. goodwill) | 47.6 k | 32.3 k | esef· 23 Oct 2026verified |
| Total assets | 223.9 m | 271.7 m | esef· 23 Oct 2026verified |
| Accounts payable | 3.9 m | 5.3 m | esef· 23 Oct 2026verified |
| Current liabilities | 17.1 m | 34.8 m | esef· 23 Oct 2026verified |
| Total liabilities | 42.2 m | 69.9 m | esef· 23 Oct 2026verified |
| Equity | 181.6 m | 201.8 m | esef· 23 Oct 2026verified |
Cash flow · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 4.4 m | 15.9 m | esef· 23 Oct 2026verified |
| Capex | 553.4 k | 2.2 m | esef· 23 Oct 2026verified |
| Free cash flow | 3.8 m ≈ | 13.7 m ≈ | esef· 23 Oct 2026derived |
| Investing cash flow | 3.2 m | 13.6 m | esef· 23 Oct 2026verified |
| Financing cash flow | 3.2 m | -3.8 m | esef· 23 Oct 2026verified |
| Share repurchases | 0 | 154.7 k | esef· 23 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 22.9% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
23% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 22.9% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 18.0% | 69 (vs peers) | 27% |
| FCF conversion · Quality | 373.0% | 100 (on a fixed band) | 27% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.1x | 0 (on a fixed band) | 27% |
| Current ratio · Balance sheet | 3.8x | 100 (on a fixed band) | 18% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality85/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ΤΕΧΝΙΚΗ ΟΛΥΜΠΙΑΚΗ ΑΝΩΝΥΜΟΣ ΕΤΑΙΡΕΙΑ (OLYMP.AT). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 20.4 m EUR in 2025; YoY growth 6.6%; net margin 18.0%; ROE 2.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 22.9% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 373.0%
- Current ratio: 3.8x
What contradicts it
- Interest coverage: 1.1x
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Greece · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| EUROB.ATΤραπεζα Eurobank Ανωνυμη Eταιρεια | 17.3 bn | 12.7 | 14.0% | 39.7% | +2.7% | +38% / +178% |
| ETE.ATΕθνικη Τραπεζα Της Ελλαδος Α.ε. | 15.2 bn | 13.1 | 13.3% | 42.5% | −5.4% | +24% / +167% |
| ELPE.ATHelleniq Energy Ανωνυμη Εταιρεια Συμμετοχων | 4.9 bn | 28.5 | 6.4% | 1.5% | −9.0% | +97% / +114% |
| CENER.ATCenergy Holdings | 4.5 bn | 23.5 | 24.3% | 9.4% | +14.7% | +45% / +207% |
| BELA.ATJumbo Ανωνυμη Εμπορικη Εταιρεια | 3.7 bn | 11.6 | 21.5% | 26.0% | +7.2% | +1% / +15% |
| AKTR.ATΑκtor Ανώνυμη Εταιρεία Συμμετοχών, Τεχνικών Και Ενεργειακών Έργων | 2.0 bn | 110.5 | 6.7% | 1.3% | +11.2% | +7% / +186% |
| EYDAP.ATΕταιρια Υδρευσεως Και Αποχετευσεως Πρωτευουσης Ανωνυμη Εταιρια | 1.5 bn | — | -2.6% | -5.9% | −2.4% | +86% / +136% |
| ELHA.ATEλβαλχαλκορ Ελληνικη Βιομηχανια Χαλκου Και Αλουμινιου Ανωνυμος Εταιρεια | 1.3 bn | 12.4 | 9.8% | 2.9% | +5.1% | +6% / +83% |
| AEGN.ATΑεροπορια Αιγαιου Ανωνυμη Αεροπορικη Εταιρεια | 1.0 bn | 6.9 | 27.7% | 7.9% | +4.6% | −21% / −1% |
| AVAX.ATΑβαξ Ανωνυμη Εταιρεια Εργοληπτικη-Τουριστικη-Εμπορικη-Βιομηχανικη-Οικοδομικων Υλικων & Μηχανηματων | 505.7 m | 10.7 | 25.9% | 5.0% | +47.1% | +40% / +123% |
| BYLOT.ATBally's Intralot Α.ε. | 464.8 m | 15.3 | -9.3% | -12.6% | +34.8% | +12% / +18% |
| ELLAKTOR.ATΕλλακτωρ Ανωνυμη Εταιρεια | 421.5 m | 2.7 | 26.1% | 175.2% | −74.8% | −32% / −44% |
| AEM.ATAlter Ego Media Α.ε. | 356.1 m | 18.1 | 18.3% | 14.0% | +12.6% | −2% / unavailable |
| ALMY.ATΑλουμυλ Βιομηχανια Αλουμινιου Αε | 324.0 m | 10.5 | 23.5% | 6.0% | +11.7% | +16% / +121% |
| DIMAND.ATDimand Ανωνυμη Εταιρεια Αξιοποιησης Και Εκμεταλλευσης Ακινητων Και Κατασκευων Υπηρεσιων Και Συμμετοχων | 266.7 m | 7.6 | 18.5% | 58.5% | +110.6% | +42% / +28% |
| EYAPS.ATΕταιρεια Υδρευσης & Αποχετευσης Θεσσαλονικης Α.ε. | 169.9 m | 22.0 | 4.1% | 8.8% | +2.4% | +24% / +42% |
| EVR.ATΕυρώπη Holdings Α.ε. | 168.6 m | 37.2 | 2.9% | 30.7% | +435.3% | −32% / +33% |
| BRIQ.ATBriq Properties Ανωνυμη Εταιρεια Επενδυσεων Σε Ακινητη Περιουσια | 150.0 m | 5.9 | 15.5% | 116.9% | +37.8% | +13% / +70% |
| FAIS.ATΦαις Συμμετοχων Ανωνυμη Εταιρεια | 117.2 m | 8.7 | 22.1% | 6.3% | +12.9% | −6% / unavailable |
| DAIOS.ATΔαϊος Πλαστικα Ανωνυμη Βιομηχανικη Εμπορικη Εταιρεια Α.ε. | 107.2 m | 10.9 | 14.0% | 15.6% | +9.1% | 0% / +123% |
| ASTAK.ATAlpha Real Estate Services Ae | 93.3 m | 12.4 | 10.4% | 30.3% | +22.4% | −8% / −8% |
| ASCO.ATA.s. Εμπορικη-Βιομηχανικη Εταιρια Η/υ & Παιχνιδιων Α.ε. | 59.8 m | 10.5 | 14.1% | 15.8% | +16.4% | +11% / +106% |
| AVE.ATAve Α.ε. | 50.9 m | — | -25.2% | -7.4% | +8.2% | −7% / −12% |
| ELTON.ATΕλτον Διεθνους Εμποριου Ανωνυμη Εμπορικη Βιομηχανικη Εταιρεια | 47.3 m | 13.9 | 4.9% | 1.9% | +8.6% | −11% / −18% |
| ELSTR.ATΕλαστρον Α.ε.β.ε. Χαλυβουργικα Προϊοντα | 46.3 m | 8.3 | 6.6% | 3.3% | −5.2% | +5% / −13% |
1- and 3-year price returns: for OLYMP.AT from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Τεχνική Ολυμπιακή is a Greek group with real estate activities whose consolidated revenue from continuing operations grew in 2025 thanks to its expansion in that segment, while operating profitability declined. The company remains in focus due to the still uncertain finalisation of the Porto Carras sale price and the liquidation of its airline subsidiary.
SWOT
Strengths
- The extended property portfolio contributed to growth in revenue and equity.
- The company maintains a high level of equity relative to liabilities, according to the report's ratios.
- The group's activity is diversified through interests in several companies.
Weaknesses
- Operating profitability declined significantly in 2025 compared with the prior year.
- Parent company revenue is very small relative to consolidated activity.
- The liquidation of the air transport subsidiary remains unfinished and creates uncertainty.
Opportunities
- Further development of real estate activity could support revenue growth.
- Collection of the Porto Carras sale amounts could bring additional liquidity.
- Monetising assets in the portfolio could improve the financial structure.
Threats
- Uncertainty over the final Porto Carras sale price could affect results.
- Margin pressure could continue if costs rise faster than revenue.
- Possible disputes over asset sales could generate additional costs.
Risks
- Porto Carras price uncertaintyhigh
The final price depends on a dispute process between the parties and on verification by independent advisors. If the outcome differs from estimates, amounts collected could be lower.
- Liquidation of the airline subsidiarymedium
The liquidation process was not complete at the report date. Unforeseen costs or remaining obligations could affect the group's financial position.
- Lower profitabilitymedium
Gross margin and EBITDA declined in 2025. If the trend continues, results could remain below earlier years.
- Concentration in real estatemedium
Revenue growth depends largely on one segment. If the property market weakens, results could be affected.
- Debt and liquiditylow
Debt and financial commitments could limit flexibility in the event of unforeseen developments.
Investment thesis
What would need to be true (bull case)
- If real estate growth holds and the Porto Carras amounts are collected, the company could strengthen its equity and financial position.
- Solid equity and asset diversification could offer protection during periods of margin pressure.
- Completing the liquidation of the air subsidiary could remove a source of uncertainty from the balance sheet.
What would break the thesis
- If margins keep falling, profitability could stay below earlier levels even with rising revenue.
- Delay or reduction of Porto Carras sale proceeds could affect the group's financial plans.
- Concentration on real estate could expose the company to declines in the property market.
What to watch
- Publication of the independent advisor's final report on the Porto Carras price2026
- Collection of the estimated escrow amount2026
- Evolution of gross margin and EBITDA in quarterly reportsQ1 2026
- Completion of the air subsidiary liquidation processnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
According to the annual report for the year ended 31 December 2025, Τεχνική Ολυμπιακή operates as a holding group with interests in several companies. Consolidated revenue from continuing operations was € 20,37 mn in 2025 1, compared with € 19,11 mn in 2024 1, with the increase attributed to the group's real estate activity 1. The parent company reported revenue of only € 0,29 mn in 2025 1.
Consolidated profitability weakened: EBITDA from continuing operations was € 5,81 mn in 2025 versus € 8,86 mn in 2024 1, and consolidated net profit fell to € 4,57 mn from € 12,55 mn 1. Consolidated equity reached € 201,81 mn 1, up from the prior year, partly through the integration of the Vesta property portfolio 1.
Activities linked to the Porto Carras sale and to the airline subsidiary Τεχνική Ολυμπιακή Αερομεταφορές, placed in liquidation in October 2022 1, continue to affect the company's financial position and outlook.
Segments
Real estate
The real estate segment is the main driver of consolidated revenue growth in 2025, according to the annual report 1. The Vesta property portfolio, integrated into the group, substantially increased non-current assets 1.
Air transport (in liquidation)
The subsidiary Τεχνική Ολυμπιακή Αερομεταφορές S.A. was placed in liquidation by a general meeting decision of 11 October 2022, and the process was not complete at the report date 1.
Market context
The annual report does not describe the Greek real estate or air transport markets in detail. The company presents only the evolution of its own activities and real estate revenue 1.
The final Porto Carras sale price depends on the report of the third independent advisor, KPMG, which set a price of € 103,88 mn 1. The estimated amount to be collected from the escrow account is € 2,36 mn after provisions 1.
Trends
- Growth in real estate revenuetailwind
Expansion into real estate brought a modest rise in consolidated revenue in 2025 1. If this activity consolidates, it could offset pressure on margins 1.
- Declining operating marginsheadwind
Gross margin and EBITDA fell in 2025 compared with 2024 1. If this trend persists, profitability could remain below earlier levels 1.
- Finalisation of the Porto Carras pricemixed
Collection of the remaining Porto Carras sale amounts depends on completion of the process by the independent advisors 1. If the outcome is favourable, it could bring additional liquidity 1.
- Liquidation of the airline subsidiarymixed
The liquidation of the air transport subsidiary was not complete at the report date 1. Its continuation could keep uncertainty over the final result 1.
Competitive position
The annual report does not identify direct competitors of the group in the sources provided. The company does not describe its position relative to other real estate or transport operators.
Without competitor data in the source, a comparison with other companies cannot be made from this document. An analysis would require reports from other issuers in the same sector.
- No competitors identified in the source
The annual report does not name competing companies.
- Other Greek real estate operators
No names are given in the source, so no comparison can be made.
- Other air transport operators
The liquidation of the airline subsidiary does not allow a comparison from the available data.
- Diversified holding groups
The source provides no elements to identify them.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202523 Oct 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / ΤΕΧΝΙΚΗ ΟΛΥΜΠΙΑΚΗ ΑΝΩΝΥΜΟΣ ΕΤΑΙΡΕΙΑ · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.