Transforming the subsidiaries in Growthfund’s portfolio
Athens, 13 February 2026
Following its recent expansion through the integration of HRADF[1] and HFSF, Growthfund has become a central development institution creating economic and social value for the country. The Group’s portfolio is worth approximately €12 billion and spans 11 key sectors of the Greek economy, from energy and water management to ports, transport, logistics, banking and real estate.
Growthfund’s strategy rests on three pillars:
Transformation of public companies to bring them in line with private-sector standards, delivering better services to citizens and sustainable results.
Development of national infrastructure assets – airports and ports, infrastructure, energy and water management – so that they are ready to be developed through concessions, privatizations or the entry of strategic investors.
Investment in high value-added New Economy projects through a comprehensive platform of investment vehicles.
The Project Preparation Facility (PPF), an agile and independent unit within Growthfund, acts as an accelerator for preparing and delivering projects of national importance, working with a wide range of ministries and public bodies.
Below is an overview of the main actions taken in 2025 under the Transformation pillar.
Athens Transport Group (OASA – OSY – STASY), in cooperation with the Ministry of Infrastructure and Transport
In December 2025, the Growthfund Board of Directors appointed Antonis Kerastaris as the new CEO of OASA S.A. Mr. Kerastaris has extensive experience in senior leadership roles at international and Greek groups.
Bus fleet renewal: an active bus fleet of [⚠] 322 vehicles, of which [⚠] 951 are new. 72% of the fleet now consists of new, modern, environmentally friendly vehicles, up from 21% in 2024.
Active metro fleet of 75 trains. A further 14 trains are being refurbished, 6–8 are due to return to service by 2026 and another 8 in 2027. A tender is being prepared to upgrade and install air conditioning on 12 trains.
Saturday night service on metro lines 2 and 3 and 20 bus routes, carrying more than 50,000 additional passengers.
Recruitment of new bus drivers.
More police on public transport (“Ariadne” program – 360 officers on the Athens transport network and 50 on the Suburban Railway), in cooperation with the Ministry of Citizen Protection.
Tackling fare evasion with 600,000 checks a month.
Work has begun to upgrade the track bed and replace 32 km of rail on lines 2 and 3.
Launch of digital Tap ’n Pay (contactless payment by mobile phone) and digitization of unlimited-travel cards (smartphone wallet since November 2025).
A 5G network is operating at 5 metro stations on Line 2 (Elliniko – Agios Dimitrios), with 4 more stations being integrated. Wi-Fi has been installed at 4 of the busiest stations, with 7 more to follow in 2026.
Drone surveillance on Line 1 and at depots, reinforced fencing on Line 1, anti-graffiti measures and the “CLEAN LINE” operation
Hellenic Public Properties
In 2025, ETAD ran more than 35 tenders for property leases and 5 sale tenders, and signed 13 property concession agreements with local authorities on favourable terms for the company. It also manages more than 1,400 active leases.
ETAD launched the “Landmark 360°” project to record, value and prepare public property, mapping 36,000 records, valuing 6,500 properties and preparing up to 1,000 for development. Around 1,000 properties have already been assigned to contractors on a pilot basis – an opportunity for the Greek State to record and make use of the property it owns.
In 2025, the concession agreement for the Olympic TaeKwonDo venue was signed with the Region of Attica. It provides for an annual payment of €1 million to ETAD, as well as a share in future net revenues. ETAD will also sit on the management body, underlining the development-oriented and mutually beneficial nature of the concession.
The tender for the long-term lease of Akti Vouliagmenis, which attracted strong investor interest, was concluded with the consortium “EVERGOOD S.A. – Gefsinous S.A.” selected as preferred investor.
An international tender for the design of the restoration and operation of the Thessaloniki Government House (“Palataki”) is under way to bring the former Government House back to life (preparation of tender documents and completion of the design tender). A contractor is expected to be appointed in the first quarter of 2026.
Flagship projects at ETAD’s business units have been relaunched to develop and upgrade them. At the Achilleion Museum, designated a project of “strategic importance”, preliminary designs are being finalised and the restoration works are due to be tendered in 2026. At the Diros Caves, the selection of a final contractor for restoration works is under way, while at Parnassos discussions are ongoing on a master plan to turn it into an all-round tourist destination.
The focus is on long-term leases nationwide, through successful tenders such as Xenia Ouranoupolis and the “Asanis” building in Corfu. A final highest bidder was selected for a former hotel in Lasithi, the agreement with the Municipality of Vari-Voula-Vouliagmeni for its town hall building was signed, and the development of Xenia Igoumenitsa is being prepared, following dialogue with the investment community and other stakeholders.
ETAD sold its minority stake (25%) in Zea Marina S.A. to D Marinas Hellas S.A. for a significant price, while increasing by 40% the fixed annual rent paid to ETAD by the lessee, Zea Marina S.A., for the marina concession.
The company also granted concessions with a strong social impact. For example, the “Mansion of the Duchess of Plaisance” was granted to the Municipality of Penteli for 20 years. The Municipality will restore and renovate the property and its grounds with funding it will secure itself.
Hellenic Post (ELTA)
Digital transformation: 330 postal workers [⚠] fully equipped with tablets and mini printers, delivering 92% of pensions to citizens’ homes. Fleet upgrade with a focus on electric mobility: 25% of the vehicle fleet has been renewed (242 rural delivery vehicles, 250 electric two-wheelers, 2 trucks), with further replacements to come.
New services, expanding the banking footprint with Eurobank & Alpha Bank: preparing the company to offer a full package of banking services in urban centres and provincial towns.
Real estate: valuation of the company’s entire property portfolio completed, and a development plan under way.
Better customer experience: stepping up efforts towards doorstep payment of 100% of pensions, already at 92% today; extended opening hours in 11 cities and launch of the ELTA FastPost app, allowing citizens to book appointments at 74 branches.
Network transformation & expansion: the network transformation has begun, while maintaining the largest network nationwide through partners, agents, PO boxes and more. Around 150 directly operated branches are being reorganised by gradually transferring their activity to partner outlets or nearby service points, without reducing the number of service points on the map. The first phase starts on 20 February with 11 branches in the regions (Archanes in Heraklion, Stylida in Fthiotida, Almyros in Magnesia, Sofades in Karditsa, Alexandreia in Imathia, Koufalia in Thessaloniki, Lechaina in Ilia, Paramythia in Thesprotia, Aliveri, Neapoli in Laconia and Skala in Laconia). The second phase covers 25 to 30 branches, and the full plan is expected to be completed within the next two months. Each stage is preceded by dialogue with local stakeholders, information for citizens and organized preparation of the new service points. Partnership agreements with international players such as Amazon and UPS; completion of the merger of ELTA and ELTA Courier into a single organization; higher share of the parcels market, reaching 2nd place in the courier market.
TIF–HELEXPO
New governance model under a new law (a 9-member Board and a 7-member Advisory Committee drawn from social and business bodies). On 19 December 2025, Growthfund also announced the appointment of Andreas Mavrommatis as the new CEO of TIF-HELEXPO. The new Board has a four-year term and is supported by a seven-member Advisory Committee representing Thessaloniki’s stakeholders.
TIF-HELEXPO’s international profile was strengthened by hosting the UFI European Conference in Greece for the first time.
Agreement with Japan, the world’s second-largest developed economy, to take part in the 90th TIF this September as the honoured country.
The redevelopment of TIF-HELEXPO’s facilities is a project of key importance, both for improving residents’ quality of life through the urban regeneration of an iconic Thessaloniki landmark and for boosting business tourism in Northern Greece through conferences and exhibitions. By decision of the competent Government Committee, the preparation of the tender for the TIF redevelopment was assigned to Growthfund’s PPF. The tender for the TIF redevelopment is expected to be launched in the first half of 2026.
Hellenic Rail Estate
Preparation of a Strategic Development Plan for the company’s properties, especially its landmark railway stations (Athens, Peloponnese, Thessaloniki, Piraeus). The plans for the main stations aim to create modern hubs that effectively combine transport infrastructure with the needs and functions of the urban fabric, through mixed uses, better accessibility and upgraded green spaces.
Strong response from the investment community to 3 Calls for Non-Binding Expressions of Interest for the development of Thessaloniki Passenger Railway Station, Piraeus Railway Station and a site of around 400 stremmata in Larissa for a business park.
Former Gonou military camp: the tender run by the PPF is under way; the competitive dialogue has been completed and the draft contract is being prepared. The invitation to submit binding offers is expected in February 2026.
Successful restoration of the ETCS On Board system and completion of its trial runs ahead of the contractual deadline, as well as successful completion of the spin-off of the rolling stock and its transfer to “Hellenic Railways S.A.”.
Corinth Canal (AEDIK)
In September 2025, the Growthfund Board of Directors appointed Dr Athanasios T. Bikas as the new CEO of AEDIK S.A. Dr Bikas has more than 20 years’ experience in senior roles at major international organisations and expertise in strategic development, financial management and operations.
Record transits and revenues for the past 15 years, with revenues up 20% on 2024.
Slope relief works completed and preventive maintenance programs implemented.
Development of AI “Intelligent Traffic Management” software for smart traffic management and shorter waiting times.
Launch of a redevelopment study for a multi-experience offering using the company’s property (commercial and strategic).
The Corinth Canal received the “Silver Best City Award 2025” (Boussias Best City Awards 2025) for its Live program, offering digital access to and guided tours of the Corinth Canal Digital Museum.
Central Markets and Fishery Organization (OKAA) & Thessaloniki Central Market
A strategic plan for the Markets is under way. A common strategic direction is needed for the future of the food supply chain. Strategic planning has been assigned to a reputable consultancy, in coordination with the Thessaloniki Central Market at national level.
OKAA plan
In September 2025, the Growthfund Board of Directors appointed Nikolaos Lymperis as the new CEO of OKAA S.A. Mr. Lymperis has many years of international experience in aquaculture and energy, having held senior management positions in Greece and abroad.
Revision of the leasing regulation.
An ambitious renovation program, with planned investment of around €10 million over the next three years.
Modernization works at the Athens Central Market and at 9 of the 11 fish markets.
Use of the e-fish market program to streamline the fish trade.
Staffing of OKAA’s new organizational structure.
KATH plan
New regulation on leases and common charges.
Facilities upgrade plan (€1.6 million over the next three years).
An IoT project to monitor temperatures in the meat market cold rooms has been completed and is in operation, while in 2026 the focus will be on cybersecurity projects.
Completion of a business continuity plan to ensure uninterrupted operation of IT systems.
Food waste prevention program: between April and September 2025, the Central Market collected 197.151 tonnes of fruit and vegetables from its traders; after sorting, 153.725 tonnes were donated to bodies in the Region of Central Macedonia.
Hellenic Saltworks
In October 2025, the Growthfund Board of Directors appointed Alexandros Petridis as the new CEO of Hellenic Saltworks S.A.
A major investment plan is being implemented to protect production from weather conditions and improve safety in the production process.
An international tender is under way for the entry of a strategic investor through the sale of a majority stake and a long-term concession, with expressions of interest due by 3 March 2026.
[1] The assets transferred to the former HRADF are off-balance-sheet items.
