A 2.2-billion-euro market with scope for consolidation

According to management, the Greek media and entertainment market is at a different stage of development from the more mature markets elsewhere in Europe. A favorable macroeconomic environment is supporting demand, while the advertising market has recorded average annual growth of 6.5% since 2020.

The strong presence of domestic advertisers and demand for Greek-language content limit competitive pressure from international groups, with the Greek language acting as a natural barrier to entry. Valued at approximately 2.2 billion euros based on 2024 figures, the market remains fragmented, and management anticipates a new wave of consolidation.

Alter Ego Media is entering this phase with more than 20 media brands, broad audience reach and proprietary content, led by MEGA’s television archive and the group’s historic publishing archive.

Strong first-half performance and reaffirmed guidance

In the first half of 2026, revenue increased by 25.2% to 74 million euros, while EBITDA rose by 47.4% to 25.1 million euros. Management attributed the performance to organic growth and the gradual integration of acquisitions, beginning with transactions completed in the second half of 2025. For the full year, it reaffirmed its forecast for revenue growth of more than 20% and EBITDA growth of more than 25%.

Particular emphasis was placed on the acquisition of a 50.1% stake in More.gr, which links online ticket sales with the group’s activities in event venues and production, as well as the agreement with the Motor Oil and Antenna groups to establish a joint subscription streaming platform based on ANT1+.

During the first half of the year, the group also completed the allocation of the 50.8 million euros in net proceeds raised through its stock market listing, in line with the plan presented to investors.

The spin-off and four growth pillars

Management explained the rationale behind the proposed spin-off of the television broadcasting business into MEGA Broadcasting and the production of audiovisual content, together with the commercial exploitation of MEGA’s television archive, into Alter Ego Studios. Both companies are wholly owned subsidiaries of the group.

By organizing the two activities separately, management expects to highlight the value of the television archive and content production business, which can generate revenue through distribution and the licensing of rights to a wider range of platforms.