TABLE OF CONTENTS

SUMMARY

Methodology of Sector Studies
Restrictions

1. Introduction – General Information
1.1 Introduction
1.3 Regulatory Framework
1.3.1 Private Education
1.3.2 Recent Developments
1.4 Innovative Actions in Schools

2. Demand for Private General Education
2.1 Factors that Shape Demand for Education
2.1.1 Demographic Developments
2.1.2 Development of the Total Student Population
2.2 Demand for Private Education
2.2.1 Factors that Shape Demand for Private Formal Education
2.2.2 Factors that Shape Demand for Supplementary Private Education Services
2.3 Macroeconomic Environment
Appendix Chapter 2

3. Supply of Private General Education
3.1 Supply of Private Formal Education
3.1.1 Primary Education
3.1.2 Secondary Education
3.2 Supply of Private Non-Formal Education
3.3 Tuition Fees and Services
3.4 Presentation of Private Schools
3.4.1 Distribution of the Leading Private Schools
3.4.2 Sales of the Leading Private Schools
3.4.3 Average Annual Rate of Change of Sales

4. Sector Risk Analysis
4.1 Development of the Sector’s Creditworthiness
4.1.1 Creditworthiness Assessment of Businesses Included in the Study
4.1.2 Change in the Evaluation of Businesses
4.1.3 Creditworthiness of the “Private Education” Sector
4.2 Development of the Sector’s Transaction Behaviour
4.2.1 Transaction Behaviour of Businesses Included in the Study
4.2.2 Transaction Behaviour of the “Private Education” Sector
Appendix Chapter 4

5. Financial Analysis of Sector Companies
5.1 Financial Ratios
-Profitability
-Performance
-Liquidity
-Financial Structure
-Activity
5.2 Consolidated Balance Sheet
5.2.1 Consolidated Balance Sheet Analysis
5.2.2 Structure of Assets and Liabilities of the Consolidated Balance Sheet
5.3 Benchmarking of Companies’ Financial Ratios
5.4 Ranking of Sector Companies based on Selected Accounts
5.5 Ranking of Sector Companies based on Selected Ratios
Appendix Chapter 5

6. The Private Formal Education Market
6.1 Development of the Formal Education Student Population
6.2 Market Shares
6.3 Private Expenditure on Education
Appendix Chapter 6

7. Sustainable Development and ESG Actions
7.1 Results of Primary Research on Sustainable Development & ESG in Businesses
7.2 ESG Actions of Sector Companies

8. Private Education in the European Union
8.1 General Information
8.2 Private Education Data in the European Union
8.2.1 Student Participation in Private Education
8.2.2 Private Expenditure on Education

9. Sector Strategic Analysis – Prospects
9.1 Analysis of the Competitive Environment
-Threat of New Entrants
-Threat of Substitute Products & Services
-Bargaining Power of Suppliers
-Bargaining Power of Customers
-Competitive Rivalry within the Industry
9.2 SWOT Analysis
9.3 Conclusions – Prospects
9.4 Proposals to Improve the Competitiveness of Sector Companies

Appendix I: Economic Overview
Appendix II: Balance Sheets of Sector Companies
Appendix III: List of Sector Studies carried out by the Department of Economic Research, ICAP CRIF S.A.

•Benchmarking of Sector Companies

TABLES & GRAPHS

TABLES

Table 2.1 Number of Persons by Age Group (2015-2025)
Table 2.2 Total Student Population by Level of Education (2011/12-2023/24)
App. Table 2.1 Population Projections by Age Group (2026-2100)
App. Table 2.2 Population of Greece and Distribution among the 0-19 Age Groups by Place of Birth (2021)
App. Table 2.3 Number of Births by Mother’s Place of Permanent Residence (2015-2025)
Table 3.1 Geographical Distribution of All Private Schools (3/2026)
Table 3.2 Geographical Distribution of Active Private Kindergartens (3/2026)
Table 3.3 Geographical Distribution of Active Private Primary Schools (3/2026)
Table 3.4 Geographical Distribution of Active Private Lower Secondary Schools (3/2026)
Table 3.5 Geographical Distribution of Active Private Upper Secondary Schools (3/2026)
Table 3.6 Trends in the Price Index for Pre-Primary, Primary and Secondary Education and the General Consumer Price Index (2020-2026*)
Table 3.7 Schools Offering the International Baccalaureate Programme in Greece (2026)
Table 3.8 Private Formal Education Providers
Table 3.9 Geographical Distribution of Private Schools
Table 3.10 Establishment Period of Private Schools
Table 3.11 Distribution of Private Schools by Legal Form (2026)
Table 3.12 Sales of the Leading Private Formal Education Service Providers (2020-2024)
Table 3.13 Sales of the Leading Private Formal Education Service Providers (2024-2025)
Table 3.14 Ranking of Private Schools by Average Annual Sales Growth Rate (2021-2025)
Table 3.15 Ranking of Private Schools by Average Annual Sales Growth Rate (2020-2024)
Table 4.1 Creditworthiness of the Companies Included in the Study (2026*-2025)
Table 4.2 Change in the Evaluation of the Companies Included in the Study (2026*/2025)
Table 4.3 Creditworthiness of the “Private Education” Sector (2026*)
Table 4.4 Transaction Behaviour of the Private Education Sector (2026*-2025)
App. Table 4.1 ICAP CRIF SCORE Credit Rating Categories
Table 5.1 Profitability Ratios of Sector Companies (2021-2025)
Table 5.2 Return Ratios of Sector Companies (2021-2025)
Table 5.3 Liquidity Ratios of Sector Companies (2021-2025)
Table 5.4 Financial Structure Ratios of Sector Companies (2021-2025)
Table 5.5 Activity Ratios of Sector Companies (2021-2025)
Table 5.6 Consolidated Balance Sheet of Sector Companies (2021-2025, in €)
Table 5.7 Percentage Changes in the Consolidated Balance Sheet of Sector Companies (2021-2025)
Tables 5.8-5.20 Financial Ratios of Leading Companies and Comparison with the Sector (2023-2025)
Table 5.21 Ranking of Sector Companies by Gross Profit (2024-2025)
Table 5.22 Ranking of Sector Companies by Net Profit (2024-2025)
Table 5.23 Ranking of Sector Companies by EBITDA (2024-2025)
Table 5.24 Ranking of Sector Companies by Total Assets (2024-2025)
Table 5.25 Ranking of Sector Companies by Shareholders’ Equity (2024-2025)
App. Table 5.1 Financial Ratio Formulae
Table 6.1 Total Number of Students in Public and Private Schools (2011/12-2023/24)
Table 6.2 Trends in the Total Number of Students in Private Schools (2007/08-2025/26)
Table 6.3 Students in Private Kindergartens (2011/12-2023/24)
Table 6.4 Students in Private Primary Schools (2011/12-2023/24)
Table 6.5 Students in Private Lower Secondary Schools (2011/12-2023/24)
Table 6.6 Students in Private Upper Secondary Schools (2011/12-2023/24)
Table 6.7 Market Shares of Private Schools (Based on Number of Students, 2025/26)
Table 6.8 Concentration Ratio of Private Schools (2025/26)
App. Table 6.1 Trends in the Number of Students in Private and Public Schools (General Education) by Level of Education – Private General Education Shares (2013-2024)
App. Table 6.2 Geographical Distribution of Students in Private and Public Kindergartens – Private School Shares by Region (2019/20-2023/24)
App. Table 6.3 Geographical Distribution of Students in Private and Public Primary Schools – Private School Shares by Region (2019/20-2023/24)
App. Table 6.4 Geographical Distribution of Students in Private and Public Lower Secondary Schools – Private School Shares by Region (2019/20-2023/24)
App. Table 6.5 Geographical Distribution of Students in Private and Public Upper Secondary Schools – Private School Shares by Region (2019/20-2023/24)
App. Table 6.6 Geographical Distribution of Students in Private and Public Schools (General Education) – Private School Shares by Region (2019/20-2023/24)
App. Table 6.7 Average Monthly Household Expenditure on Education (2015-2025)
App. Table 6.8 Average Monthly Expenditure on Education by Region (2025)
Table 9.1 Forecast of the Student Population of Private Formal Education Providers (2026-2028)

GRAPHS
Graph 1.1 Characteristics of Formal, Non-Formal and Informal Learning
Graph 2.1 Population Projections for the 5-19 Age Groups (2026-2100)
Graph 2.2 Percentage of Births by Geographical Region (2025)
Graph 2.3 Annual GDP Growth Rate (%) in Volume Terms in Greece (2011-2025)
Graph 2.4 Trends in Indicators for Greece and the EU-27 (2025-2027)
Graph 3.1 Classification of Private Schools by Level of Education (3/2026)
Graph 3.2 Trends in the Total Number of School Units (2011-2024)
Graph 3.3 Trends in Private School Units and Breakdown by Level of Education (2011/12-2023/24)
Graph 3.4 Trends in Teaching Staff at Private Schools and Breakdown by Level of Education (2011/12-2023/24)
Graph 3.5 Geographical Distribution of Private Kindergartens (3/2026)
Graph 3.6 Trends in Pre-Primary Education School Units (2011/12-2023/24)
Graph 3.7 Trends in the Number of Employed Kindergarten Teachers (2011/12-2023/24)
Graph 3.8 Geographical Distribution of Teachers at Private Primary Schools (2023/24)
Graph 3.9 Trends in Lower Secondary School Units (2011/12-2023/24)
Graph 3.10 Trends in the Number of Employed Lower Secondary School Teachers (2011/12-2023/24)
Graph 3.11 Trends in the Number of Employed Upper Secondary School Teachers (2011/12-2023/24)
Graph 3.12 Trends in Upper Secondary School Units (2011/12-2023/24)
Graph 3.13 Trends in the Student-to-Teacher Ratio by Level of Education (2020/21-2023/24)
Graph 3.14 Establishment Period of Private Schools
Graph 3.15 Distribution of Private Schools by Legal Form (2026)
Graph 4.1 Ranking of the Companies Included in the Study by Creditworthiness (2026*-2025)
Graph 4.2 Changes in the Creditworthiness Assessments of the Companies Included in the Study (2026*/2025)
Graph 4.3 Ranking of Private Education Sector Companies by Creditworthiness (2026*)
Graph 5.1 Trends in the Profitability Ratios of the Sector (2021-2025)
Graph 5.2 Trends in the Return Ratios of the Sector (2021-2025)
Graph 5.3 Trends in the Activity Ratios of the Sector (2021-2025)
Graph 5.4 Asset and Liability Structure of Companies Included in the Consolidated Balance Sheet (2025)
Graph 5.5 Shares (%) of Selected Leading Sector Companies in Total EBITDA* (2025)

Graph 5.6 Sales Trends of Companies Included in the Consolidated Balance Sheet (2021-2025)
Graph 5.7 Number of Sector Companies Reporting an Improvement or Deterioration in Key Financial Statement Items (2025/2024)
Graph 5.8 Ranking of Sector Companies by Gross Profit Margin* (2025)
Graph 5.9 Ranking of Sector Companies by Net Profit Margin (before Tax) (2025)
Graph 5.10 Ranking of Sector Companies by EBITDA Margin (2025)
Graph 5.11 Ranking of Sector Companies by Return on Equity (2025)
Graph 6.1 Trends in the Number of Students Attending Private Schools (2011/12-2023/24)
Graph 6.2 Share of Private School Students by Level of Education (2011/12-2023/24)
Graph 6.3 Geographical Distribution of All Private Schools (2023/24)
Graph 6.4 Trends in the Number of Students in Private and Public Kindergartens (2011/12-2023/24)
Graph 6.5 Trends in the Number of Students in Private and Public Primary Schools (2011/12-2023/24)
Graph 6.6 Geographical Distribution of Students in Private Primary Schools (2023/24)
Graph 6.7 Trends in the Number of Students in Private and Public Lower Secondary Schools (2011/12-2023/24)
Graph 6.8 Geographical Distribution of Students in Private Lower Secondary Schools (2023/24)
Graph 6.9 Geographical Distribution of Students in Private Upper Secondary Schools (2022/23)
Graph 6.10 Trends in the Number of Students in Private and Public Upper Secondary Schools (2011/12-2023/24)
Graph 6.11 Trends in Changes in Total Purchases and Education Expenditure (2015-2025)
Graph 7.1 Importance of Sustainable Development and Degree of ESG Practice Implementation at Corporate and National Level
Graph 7.2 Comparative Results Regarding the Degree of ESG Practice Adoption at Corporate and National Level (2026-2025)
Graph 7.3 Distribution (%) of Companies’ Total ESG Budget by Main Pillar (2025)
Graph 7.4 Which ESG Initiatives Do You Consider Most Important to Share with All Stakeholders?
Graph 7.5 Department Responsible for Managing ESG Initiatives
Graph 7.6 Communication Channels Used to Report ESG Initiatives
Graph 7.7 Usefulness of Benchmarking Your Company’s ESG Performance against Other Companies in the Sector
Graph 7.8 Frequency of Assessing and Monitoring Progress on ESG Matters
Graph 7.9 Use of Software to Collect and Monitor ESG Performance Data
Graph 7.10 Participation in National and International Networks Related to Sustainable Development and ESG
Graph 7.11 Cost of ESG Initiatives (2025)
Graph 7.12 Change in Expenditure on ESG Initiatives (2025/2024)
Graph 7.13 Level of Familiarity with the Omnibus Directive
Graph 7.14 Degree of Impact of the Omnibus Directive
Graph 7.15 Impact of the Omnibus Directive on Companies’ ESG Timelines
Graph 7.16 Impact of the Extension on Greek Companies
Graph 7.17 Degree of Implementation of Environmental ESG Initiatives
Graph 7.18 Degree of Implementation of Social ESG Initiatives
Graph 7.19 Degree of Implementation of Corporate Governance ESG Initiatives
Graph 7.20 Benefits Derived by Companies from Implementing ESG Practices
Graph 7.21 Main Barriers to the Implementation of ESG Initiatives