TABLE OF CONTENTS

Summary

Methodology of Sector Studies
Study Restrictions

1. Introduction – General Information
1.1 Introduction
1.2 Sector Description
1.3 Regulatory Framework

2. The Demand for Car Rentals
2.1 The Demand for Long-Term Leasing
2.2 The Demand for Short-Term Rentals
2.2.1 Arrivals of Foreign Tourists in Greece
2.2.2 Overnight Stays in Hotel Accommodation
2.2.3 Demand Characteristics
2.3 New Vehicle Registrations
2.4 Inflation Development – General Consumer Price Index
2.5 Trends in National and Per Capita Income
2.6 Macroeconomic Environment
Appendix Chapter 2

3. Car Rental Supply
3.1 Competitive Conditions
3.2 Distribution of the Companies Included in the Study
3.3 Leading Sector Companies
3.4 Sales of Sector Companies
3.5 Ranking of Companies by Average Annual Sales Growth Rate

4. Sector Risk Analysis
4.1 Development of the Sector’s Creditworthiness
4.1.1 Creditworthiness Assessment of the Assessed Companies
4.1.2 Change in the Evaluation of Assessed Businesses
4.1.3 Creditworthiness Assessment of the Car Rental Sector
4.2 Development of the Sector’s Transaction Behaviour
4.2.1 Transaction Behaviour of the Companies Included in the Study
4.2.2 Transaction Behaviour of the Car Rental Sector

Appendix Chapter 4

5. Financial Analysis of the Sector
5.1 Financial Ratios
-Profitability
-Performance
-Liquidity
-Financial Structure
-Activity
5.2 Consolidated Balance Sheet Analysis
5.3 Structure of Total Assets and Liabilities
5.4 Shares of Sector Companies in Total EBITDA
5.5 Benchmarking of Companies’ Financial Ratios against the Sector
5.6 Ranking of Sector Companies based on Selected Accounts
5.7 Ranking of Sector Companies based on Selected Ratios
5.8 Company Financial Data for 2025

Appendix Chapter 5

6. The Car Rental Market
6.1 The Car Rental Market by Value
6.1.1 The Short-Term Rental Market by Value – Company Market Shares
6.1.2 The Long-Term Leasing Market by Value – Company Market Shares
6.1.3 The Total Car Rental Market by Value – Company Market Shares
6.2 The Car Rental Market by Fleet Size
6.2.1 The Short-Term Rental Market by Fleet Size – Company Market Shares
6.2.2 The Long-Term Leasing Market by Fleet Size – Company Market Shares
6.2.3 The Total Car Rental Market by Fleet Size – Company Market Shares

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. The European Car Rental Market
8.1 The Leasing Market and Rental Vehicle Fleet in European Countries
8.2 Leading International Brands in the Sector

9. Sector Strategic Analysis – Prospects
9.1 Analysis of the Competitive Environment – SWOT Analysis
-General Information
-Threat of New Entrants
-Threat of Substitute Products and Services
-Bargaining Power of Suppliers
-Bargaining Power of Customers
-Competitive Rivalry within the Industry
9.2 SWOT Analysis
9.3 Trends – 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 Arrivals of Non-Residents in Greece (2011-2025)
Table 2.2 Overnight Stays and Occupancy Rates in Hotel Accommodation (2011-2025)
Table 2.3 New Car Registrations (2012-2025)
Table 2.4 Trends in the General Consumer Price Index (2017-2026)
Table 2.5 Trends in Net National Income (2015-2024)
Table 2.6 Trends in Per Capita Net National Disposable Income (2015-2024)
App. Table 2.1 Arrivals of Non-Residents from Abroad by Country of Origin (2024-2025)
App. Table 2.2 Arrivals of Non-Residents from Abroad by Region of Origin (2015-2025)
App. Table 2.3 Trends in Tourism Receipts (2011-2025)
App. Table 2.4 Total Overnight Stays in Hotel Accommodation (2011-2025)
App. Table 2.5 Overnight Stays in Hotel Accommodation by Month (2024-2025)
Table 3.1 Sector Companies
Table 3.2 Sales – Revenue of Sector Companies (2020-2024)
Table 3.3 Sales – Revenue of Sector Companies (2024-2025)
Table 3.4 Ranking of Companies by Average Annual Sales Growth Rate (%) (2020-2024)
Table 4.1 Creditworthiness of the Companies Included in the Study (2025-2026)
Table 4.2 Change in the Evaluation of the Companies Included in the Study (2026/2025)
Table 4.3 Creditworthiness of the “Tourism – Car Rental Companies” Sector (2026*)
Table 4.4 Transaction Behaviour of the Companies Included in the Study (2025-2026*)
Table 4.5 Transaction Behaviour of the “Tourism – Car Rental Companies” Sector (2025-2026)
App. Table 4.1 ICAP CRIF SCORE Credit Rating Categories
Table 5.1 Profitability Ratios of Sector Companies (2020-2024)
Table 5.2 Return Ratios of Sector Companies (2020-2024)
Table 5.3 Liquidity Ratios of Sector Companies (2020-2024)
Table 5.4 Financial Structure Ratios of Sector Companies (2020-2024)
Table 5.5 Activity Ratios of Sector Companies (2020-2024)
Table 5.6 Consolidated Balance Sheet of Sector Companies (2020-2024, in €)
Table 5.7 Percentage Changes in the Consolidated Balance Sheet of Sector Companies (2020-2024)
Tables 5.8-5.27 Financial Ratios of Leading Companies and Comparison with the Sector (2022-2024)
Table 5.28 Ranking of Sector Companies by Gross Profit (2023-2024)
Table 5.29 Ranking of Sector Companies by Net Profit (2023-2024)
Table 5.30 Ranking of Sector Companies by EBITDA (2023-2024)
Table 5.31 Ranking of Sector Companies by Total Assets (2023-2024)
Table 5.32 Ranking of Sector Companies by Shareholders’ Equity (2023-2024)
Table 5.33 Key Financial Data of Sector Companies (2025)
App. Table 5.1 Financial Ratio Formulae
Table 6.1 Short-Term Car Rental Market Size (2001-2026)
Table 6.2 Company Market Shares in Short-Term Car Rentals by Value (2025)
Table 6.3 Long-Term Car Leasing Market Size (2001-2026)
Table 6.4 Company Market Shares in Long-Term Car Leasing by Value (2025)
Table 6.5 Total Car Rental Market Size by Value (2001-2026)
Table 6.6 Breakdown of the Car Rental Market Value by Category (2010-2026)
Table 6.7 Company Market Shares in the Total Car Rental Market by Value (2025)
Table 6.8 Trends in the Short-Term Car Rental Fleet (2006-2026)
Table 6.9 Company Market Shares in Short-Term Car Rentals by Fleet Size (2025)

Table 6.10 Trends in the Long-Term Car Leasing Fleet (2006-2026)
Table 6.11 Company Market Shares in Long-Term Car Leasing by Fleet Size (2025)
Table 6.12 Trends in the Total Rental Vehicle Fleet (2001-2026)
Table 9.1 Forecast of the Short-Term Car Rental Market (2026-2028)
Table 9.2 Forecast of the Long-Term Car Leasing Market (2026-2028)

GRAPHS

Graph 2.1 Annual GDP Growth Rate (%) in Volume Terms in Greece (2011-2025)
Graph 2.2 Trends in Key Ratios for Greece and the EU-27 (2025-2027)
Graph 3.1 Distribution of the Companies Included in the Study
Graph 4.1 Ranking of the Companies Included in the Study by Creditworthiness (2026*)
Graph 4.2 Changes in the Creditworthiness Assessments of the Companies Included in the Study (2026*/2025)
Graph 4.3 Ranking of Car Rental Sector Companies by Creditworthiness (2026*)
Graph 5.1 Trends in the Profitability Ratios of the Sector (2020-2024)
Graph 5.2 Trends in the Return Ratios of the Sector (2020-2024)
Graph 5.3 Trends in the Activity Ratios of the Sector (2020-2024)
Graph 5.4 Trends in the Total Sales of 46 Sector Companies (in € million, 2020-2024)
Graph 5.5 Asset and Liability Structure of Sector Companies* (2024)
Graph 5.6 Shares of Leading Sector Companies in Total EBITDA (2024)
Graph 5.7 Number of Sector Companies Reporting an Improvement or Deterioration in Profitability Accounts (2024/2023)
Graph 5.8 Ranking of the Top 10 Sector Companies by Net Profit Margin (2024)
Graph 5.9 Ranking of the Top 10 Sector Companies by EBITDA Margin (2024)
Graph 5.10 Ranking of the Top 10 Sector Companies by Current Ratio (2024)
Graph 6.1 The Total Car Rental Market by Value
Graph 6.2 The Total Car Rental Market by Fleet Size
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 Impact of the Omnibus Directive on Companies’ ESG Timelines

Graph 7.15 Impact of the Extension on Greek Companies
Graph 7.16 Degree of Implementation of Environmental ESG Initiatives
Graph 7.17 Degree of Implementation of Social ESG Initiatives
Graph 7.18 Degree of Implementation of Corporate Governance ESG Initiatives
Graph 7.19 Benefits Derived by Companies from Implementing ESG Practices
Graph 7.20 Main Barriers to the Implementation of ESG Initiatives