Google parent Alphabet has launched Gemini 4 Argon, a new artificial intelligence model designed to handle coding, research and writing — but with a particular emphasis on cybersecurity.

A Security-First AI Model

According to Google, Argon was trained specifically for defensive cyber work and is being rolled out only to a select group of partners through the company’s Fairwind Program, its security initiative. Google says the model can “autonomously find, validate, and patch critical software vulnerabilities,” positioning it as a tool aimed at strengthening software defenses rather than simply accelerating general productivity.

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Built For Developers And Engineers

Beyond cybersecurity, Google says Argon is also strong in coding and engineering workflows. The company says internal teams are already using the model in day-to-day work, including debugging and codebase migrations. It also highlights Argon’s ability to process visual material, from long-form video to charts, which could make it useful across technical and analytical tasks.

“Built to sustain deep reasoning across complex, long-horizon workflows, Argon is fundamentally changing the way we work and build at Google,” the company said in a blog post.

The Latest Escalation In The AI Race

Argon arrives amid an increasingly aggressive race among top AI labs to release more capable models, even as many of those same companies warn publicly about the risks of advanced AI. OpenAI recently introduced Astra, which it described as its most powerful model yet, while Anthropic earlier this year unveiled Fable with similar ambitions.

That competitive backdrop has also pushed companies to market their models as category leaders. Google says Argon outperformed OpenAI’s GPT-6 Astra and Anthropic’s Fable and Opus models across multiple benchmarks. The company also points to Vals, the AI benchmarking startup, as evidence that Argon currently leads on its AI model index.

Google Narrows The Gap

For years, Google was viewed as trailing rivals in AI. That narrative has shifted sharply in recent months, as Gemini has gained traction. In August, Google said the Gemini app surpassed one billion monthly users, putting it in the same league as OpenAI, which has also said ChatGPT reached one billion monthly users.

For Alphabet, Gemini 4 Argon is more than another model release. It is a signal that Google intends to compete not only on scale and consumer adoption, but on the high-value enterprise frontier where security, software engineering and long-horizon reasoning increasingly define the next phase of the AI market.

Europe’s security debate is no longer theoretical. With Russia’s war in Ukraine grinding on, hybrid attacks intensifying and defence budgets under pressure, the question now confronting policymakers is blunt: is the continent prepared to defend itself?

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That was the central issue at the Euronews Defence and Space Summit, where lawmakers, officials and industry leaders gathered to confront a strategic reality that has shifted sharply since Russia’s full-scale invasion of Ukraine. The war has exposed structural gaps in Europe’s military readiness, industrial capacity and long-term deterrence posture.

What emerged from the summit was not consensus, but urgency. From warnings over nuclear escalation to renewed arguments about procurement and industrial sovereignty, the message was clear: Europe can no longer afford to move slowly.

Radev Raises The Alarm

Bulgarian Prime Minister Rumen Radev was one of the summit’s most closely watched speakers, and he used the platform to challenge the EU’s approach to backing Ukraine. He argued that the strategy amounted to a failed attempt at “peace by force.”

“The war in Ukraine challenged our critical thinking and realistic approach,” he said. “It challenged our ability to assess the strategic centre of gravity of the opponent. It challenged most of all our ability to design feasible political objectives and to translate them into a sound military strategy and to define a desired end state.”

Radev called for deeper diplomatic engagement with Moscow, warning of what he described as the worst-case scenario: a nuclear attack on Europe. Russia, which holds the world’s largest nuclear arsenal, continues to cast that shadow over every discussion of escalation.

His remarks came just hours after Reuters reported that Moscow had sent a document threatening to use “the entire arsenal of forces and capabilities at its disposal, including nuclear weapons” to defend its territory.

Rutte Reassures Allies

NATO Secretary General Mark Rutte responded with a markedly different tone. His message to Moscow was direct: stop the nuclear threats.

Rutte declined to comment on the reported Russian document, but he dismissed the broader intimidation campaign as bluster rather than a credible NATO threat. “Putin knows he can never win against NATO, so I don’t take this seriously,” he said. “Of course, we had to reply and make clear to him that NATO is a defensive alliance.”

He also addressed the surge in hybrid attacks against allied states, including an arson attack at a robotics defence company in Estonia and a reported attempted drone attack at Leipzig airport in Germany. In Rutte’s view, these incidents are designed to distract from battlefield setbacks, fracture Western unity and weaken support for Kyiv.

“There is no immediate threat to NATO territory,” he said, while stressing that the alliance would defend “every inch” of its territory. Rutte also praised Ukraine’s battlefield gains and deep strikes into Russia, but underscored a persistent vulnerability: air defence. Continued deliveries of Patriot interceptors, he said, remain essential.

Francken Warns Of A Dark Winter

While some leaders sought to project calm, Belgian Defence Minister Theo Francken struck a more alarmed note. He warned that Europe was entering a “dark winter” marked by escalating interference and pressure from Moscow.

“Russia, air attack, air attack, air attack. This is the biggest threat. So we need air defence, air defence, air defence,” Francken said. “We need to have more stocks, more production, scale up production, and a large industrial base. Everything has to go faster.”

His remarks reflected a growing recognition across Europe that modern warfare is evolving quickly, particularly in drones, electronic warfare and air defence. Francken argued that Europe must learn faster from Ukraine’s frontline experience to avoid building stockpiles that become obsolete before they can be deployed.

He also acknowledged Belgium’s own history of underinvestment. “We were like the worst pupil of the NATO class,” he said, noting that defence spending had doubled but warning that years of neglect cannot be repaired overnight.

The Fight Over Made In Europe

The summit also exposed an increasingly political argument over defence procurement and industrial policy. Europe’s security remains closely tied to the United States, NATO’s dominant military power, but transatlantic tensions have deepened as Washington pushes European allies to take on more responsibility.

Matthew Whitaker, the US ambassador to NATO, sought to reassure European governments that the United States remains committed to the alliance. “We’re not stepping back. We’re just asking our allies to step forward and join us,” he said.

Andrew Puzder, the US ambassador to the EU, took a more combative line, criticising the bloc’s push for “Made in Europe” preferences in public procurement, including defence contracts. The idea, rooted in French policy thinking and increasingly supported in other capitals, aims to strengthen European industry and reduce dependence on external suppliers.

Puzder argued that capability should outweigh geography. “When lives are on the line, capability and availability should determine the solution, not geography,” he said. He instead promoted a “Made in NATO” approach that would give US defence firms broader access to European procurement.

Europe’s Defence Test Is Here

The summit made one point impossible to ignore: Europe’s security challenge is no longer abstract. It is financial, industrial, technological and strategic all at once. Governments must decide whether to accelerate investment, deepen coordination and accept the political cost of rearmament, or risk remaining dependent on others in a more dangerous world.

As the war in Ukraine drags on and the threat environment grows more complex, Europe’s ability to defend itself will be measured not by declarations, but by speed, scale and sustained political will.

Voice AI startup ElevenLabs, the company behind ultra-realistic synthetic voices and sound effects, has given employees the chance to sell a portion of their vested equity in a tender offer that values the business at $22 billion — roughly double the $11 billion mark it reached when it raised $500 million in February.

Employee Liquidity Becomes A Retention Strategy

The $300 million secondary sale allowed employees to cash out shares to investors, with the transaction co-led by Wellington and T. Rowe Price. Both firms are among the institutional backers that typically invest in private companies with the expectation of holding stock through an eventual public listing.

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The deal reflects a broader shift across the AI sector, where fast-growing startups are increasingly using employee liquidity as a retention tool. In a market defined by intense competition for technical talent, the ability to monetize equity before an IPO can be a powerful incentive to stay.

A Second Secondary Transaction In Four Years

This is the second time the four-year-old company has authorized a secondary transaction for employees. In September 2025, ElevenLabs conducted a $100 million tender offer at a $6.6 billion valuation, underscoring how quickly investor appetite for the company has accelerated.

Founded in 2022, ElevenLabs has built a reputation for creating highly realistic voice generation technology. Based in New York and London, the company now ranks among Europe’s most valuable startups, a notable position in a region where scale and global reach remain competitive advantages.

Momentum In A Red-Hot AI Market

The latest valuation highlights how leading AI infrastructure and application companies are commanding premium prices as investors continue to prioritize category-defining products and strong retention dynamics. For ElevenLabs, the tender offer is not just a financing event; it is also a signal of confidence in the company’s long-term trajectory and its ability to keep top employees engaged as rivals intensify their hiring efforts.

For years, automotive analysts have argued that electric vehicles would eventually undercut their gasoline-powered counterparts on price. Most expected that milestone to arrive sometime in the second half of this decade. BloombergNEF, for example, projected price parity in 2026. It turns out they were not far off.

A Rare Apples-To-Apples Comparison

EV prices have fallen sharply in recent years, but direct comparisons with internal-combustion rivals have often been difficult. Many electric models simply do not have a true gasoline equivalent. BMW has now created one of the clearest side-by-side tests yet.

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The automaker’s 2027 3 Series will be offered in both gasoline and fully electric form, and the EV comes in cheaper. The gas-powered M350 xDrive starts at $65,900, while the electric i3 50 xDrive is priced at $61,500, before destination charges. That makes the EV $4,400 less expensive, or 6.7% below the gasoline version.

Yes, there is a lower-priced gasoline 3 Series trim. The 2027 BMW 330 starts at $49,900, and the xDrive version is priced at $51,900. But that model does not yet have an electric counterpart.

Different Platforms, Same Market

The comparison is not perfectly symmetrical under the skin. The electric i3 rides on BMW’s newest chassis and technology platform, while the gasoline-powered 3 Series uses an updated version of an existing architecture. Still, from a buyer’s perspective, the two vehicles are positioned as direct alternatives: similar size, similar performance, and similar target audience.

That matters because the EV pricing debate has always centered on more than sticker price. Automakers and buyers alike have had to weigh whether the premium for battery power was justified by lower operating costs over time. BMW’s latest move suggests the market is shifting faster than many expected.

Charging Versus Refueling Is No Longer A Decisive Divide

For most drivers, the biggest practical difference between the two cars will remain the refill experience: plugging in versus stopping at the pump. But even that gap is narrowing.

The gasoline 3 Series is expected to offer a driving range comparable to prior models, roughly 450 miles per tank in all-wheel-drive form. The electric i3, meanwhile, is rated at 468 miles on a full charge. BMW says its fast-charging system can add 208 miles of range in just 10 minutes. That may matter to long-distance commuters and high-mileage road warriors, but for the average buyer, the difference is increasingly manageable.

The Pricing Advantage Has Shifted

The long-standing assumption has been that electric vehicles carry a higher upfront cost, even if they often win on total cost of ownership over time. BMW’s new 3 Series lineup complicates that narrative. In this case, the EV does not merely compete on operating economics — it also wins on purchase price.

That is a meaningful threshold. Price parity was always the point at which electric vehicles would stop being a niche upgrade and start becoming a mainstream default. With BMW’s latest sedan lineup, that moment looks less theoretical and far more real.

Mitsides Public Company Ltd posted a solid improvement in first-half profitability in 2026, with net profit rising almost 14 per cent despite a modest decline in revenue, supported by a stronger gross margin and lower financing costs.

According to the group’s interim financial statements, published on its website (Mitsides Group), profit after tax increased to €727,134 in the six months to June 30, from €640,011 a year earlier, an advance of 13.6 per cent.

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Margins and Finance Costs Drive The Improvement

Turnover edged down 1.05 per cent to €18.92 million, compared with €19.12 million in the corresponding period of 2025. Mitsides, which produces and distributes flour and pasta, imports and distributes food products, trades grain and operates in Serbia through its wholly owned subsidiary Mitsides Point, nonetheless delivered stronger profitability across key lines.

The main driver was a wider gross margin, which increased to 27.96 per cent from 26.7 per cent a year earlier. Operating profit also improved, rising to €1.07 million from €1.03 million in the first half of 2025.

At the same time, selling, promotion and administrative expenses increased to €4.21 million, or 22.25 per cent of sales, from €4.03 million, or 21.08 per cent of sales, a year earlier. Even with that rise in overheads, the group benefited from lower borrowing costs, helping preserve momentum at the bottom line.

Lower Borrowing Costs Support Earnings

Net finance expenses fell 25 per cent to €163,225 from €217,775. As a result, profit before tax climbed to €902,192 from €810,508 in the comparable period of 2025. Earnings per share rose to 8.87 cents from 7.81 cents.

The company also reported an improvement in short-term liquidity. Its current ratio increased to 1.35 at the end of June from 1.25 at the end of 2025, although the quick ratio softened to 0.63 from 0.69.

Balance Sheet Strength Improves

Total assets stood at €38.01 million, down from €40.01 million at the end of December, while shareholders’ equity increased to €19.95 million from €19.23 million. Net asset value per share rose to €2.43 from €2.35.

At June 30, the group had €6.94 million in floating-rate borrowings, trade receivables of €7.75 million and bank balances of €717,088.

Growth Plans Continue Amid Geopolitical Uncertainty

Looking ahead, Mitsides said it will continue investing to expand exports while defending its position in the Cypriot market. The group also highlighted uncertainty linked to the wars in Ukraine and the Middle East, as well as persistent inflationary pressures.

In Serbia, where operations are carried out through the wholly owned subsidiary Mitsides Point D.o.o., the business continued to operate against a backdrop of political and economic uncertainty. The company noted that Serbia remains committed to its European path, with the government aiming to complete the technical criteria for EU accession by the end of 2026.

The board did not recommend an interim dividend for the period. Separately, Mitsides completed payment in August of a €410,000 final dividend, equivalent to €0.05 per share, drawn from profits accumulated during the 2023 financial year.

Diesel is now the most expensive fuel at Europe’s pumps, underscoring how geopolitics, refining constraints and tax policy are converging to hit drivers and businesses at the same time.

Diesel Reaches A Record High Across The EU

The EU-weighted average price of diesel climbed to €2.226 per litre on 21 September 2026, according to the European Commission’s Weekly Oil Bulletin. That is the highest level since the data series began in 2005.

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At that price, diesel cost 13.4 cents more per litre than Euro-super 95 petrol. Filling a 50-litre tank now costs roughly €111, with close to 40% of the bill going to taxes.

Across the bloc, diesel taxes averaged €0.861 per litre, or 38.6% of the pump price. Petrol carries an even heavier tax burden in absolute terms at €0.981 per litre, but diesel’s higher pre-tax cost has now pushed it ahead at the pump.

War, Supply Routes And Refining Margins Are Driving The Spike

The conflict with Iran, which began in February, has disrupted energy flows through the Strait of Hormuz, tightening supply and hitting diesel harder than petrol. Since late February, the EU average diesel price has risen by about 40%.

European Central Bank experts estimate that refining margins added €0.41 per litre to diesel in the third week of September, equal to 19% of what drivers pay. According to the ECB, prices are unlikely to ease materially without “a cessation of the war in the Middle East, a normalisation of flows through the Strait of Hormuz and a restoration of global refining activity.”

Why Diesel Still Enjoys A Tax Advantage Over Petrol

Diesel’s lighter tax treatment is not new. EU rules set a minimum excise duty of €0.33 per litre on diesel, compared with €0.359 on petrol.

Most governments preserve an even wider gap in their own tax rates, a policy long defended as support for hauliers, farmers and other diesel-dependent sectors.

In 2015, Brussels-based campaign group Transport & Environment calculated that Europeans paid an average of 14 cents more tax per litre on petrol than on diesel. A decade later, the differential remains largely intact.

A 2021 European Commission proposal to tax fuels by energy content rather than by volume would have removed diesel’s advantage. But the measure requires unanimous approval from all 27 member states, and a compromise text failed to secure support in November 2025.

How Diesel Taxes Are Calculated

Diesel is taxed in two stages. First comes excise duty, a fixed amount per litre. Some countries also add levies such as carbon charges. Value-added tax is then applied on top of the total, meaning VAT is charged on both the fuel and the excise. In effect, it is a tax on a tax.

The ranking below compares the amount of tax paid per litre, not the share of the pump price that goes to tax.

Europe’s 10 Highest Diesel Tax Burdens

10. Greece: €0.855 per litre
Greece charges €0.41 per litre in excise, unchanged since July 2017, plus 24% VAT. Including other taxes of about €0.014 per litre, taxes account for 38.4% of the €2.224 pump price. Petrol is taxed even more heavily, with Greek diesel carrying a 28.6-cent-per-litre tax advantage, the widest gap in the EU.

9. Austria: €0.897 per litre
Austria combines a mineral oil tax of €0.378 per litre with a carbon levy of about €0.145, before applying 20% VAT. Taxes account for 40.1% of the €2.238 pump price.

8. Lithuania: €0.945 per litre
Lithuania charges a fixed diesel excise duty of €0.50 per litre, higher than the fixed duty on petrol, plus a CO₂ component of €0.0536. It then applies 21% VAT. A temporary cut in the fixed excise component to €0.45 per litre, approved in April in response to the Middle East conflict, ended on 15 June. Taxes account for 41.9% of the €2.258 pump price.

7. France: €1.005 per litre
France levies €0.6075 per litre in excise on diesel, plus 20% VAT. Taxes represent 42.2% of the €2.383 pump price.

6. The Netherlands: €1.006 per litre
The Netherlands has the EU’s most expensive diesel at €2.579 per litre, yet ranks only sixth for tax. Its diesel excise is €0.55 per litre, compared with €0.84 on petrol, leaving Dutch diesel taxed 26.7 cents less than petrol.

5. Belgium: €1.014 per litre
Belgium charges the same excise, €0.600 per litre, on diesel and petrol. Because diesel’s pre-tax price is higher, 21% VAT pushes its tax bill 6.9 cents above petrol’s. Taxes account for 42.5% of the €2.387 price.

4. Germany: €1.024 per litre
Germany applies an energy tax of €0.4704 per litre, a carbon price of €0.162 and 19% VAT. Taxes account for 41.7% of the €2.457 pump price. That is set to change: on 25 September, the Bundestag approved a 14.04-cent cut in energy tax from 1 October to 31 December, worth around 17 cents per litre including VAT.

3. Finland: €1.030 per litre
Finland charges €0.511 per litre in excise and 25.5% VAT, the second-highest rate in the EU. Taxes make up 40.3% of Finland’s €2.555 pump price.

2. Italy: €1.034 per litre
Italian drivers paid €2.281 per litre according to the European Commission’s Weekly Oil Bulletin for 21 September. At the excise rate then in force, €0.5729 per litre, plus 22% VAT, taxes totalled about €0.984 per litre, or 43.1% of the pump price. On 26 September, excise rose to €0.6229 as the government scaled back its temporary tax discount. Using the same €2.281 pump price for illustration, the higher excise and standard VAT would lift total tax to about €1.034 per litre, or 45.3%.

1. Denmark: €1.081 per litre
Denmark’s excise of 4.261 Danish kroner per litre is worth about €0.571, and 25% VAT adds another €0.511. Taxes account for 42.3% of the €2.555 pump price.

What Comes Next For Drivers

With diesel and petrol prices at record levels in Europe, governments are under pressure to soften the blow. Tax relief is likely to remain a political lever as countries try to shield households and businesses from persistent fuel inflation.

From 1 October, Germany will cut petrol and diesel taxes by around 17 cents per litre, including VAT. Czechia’s diesel tax reduction is expected to save drivers about 10 cents per litre, while Spain has extended its fuel tax relief.

European defence and security leaders will convene in Brussels on Wednesday for the Euronews Defence & Space Summit, at a moment when governments across the continent are under intensifying pressure to raise military readiness and strengthen Europe’s capacity to respond to fast-evolving threats.

The one-day gathering at the Albert Hall will bring together senior NATO and EU officials, defence ministers, military commanders and representatives from Europe’s defence and aerospace sectors.

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Among those expected to participate are NATO Secretary General Mark Rutte, European Commissioner for Defence and Space Andrius Kubilius, European Commission Executive Vice-President Henna Virkkunen and Bulgarian Prime Minister Rumen Radev.

The summit comes as European governments accelerate defence spending and search for more effective coordination on procurement, military mobility and industrial production. The central question is no longer whether Europe should invest more in security, but how quickly it can turn higher spending into real operational capability.

A New Security Reality For Europe

Recent incidents involving drones and other suspected hybrid activity have sharpened concern over the protection of critical infrastructure and Europe’s ability to respond to threats that fall below the threshold of conventional warfare.

European Commission President Ursula von der Leyen has described these developments as part of a “new era of European security,” while Kubilius has called for a stronger European response to hybrid threats. The language reflects a broader shift in Brussels: security is increasingly being treated not as a narrow military issue, but as a whole-of-society challenge spanning infrastructure, technology, logistics and industrial resilience.

Defence Spending And Joint Procurement

One of the summit’s main discussions will focus on Europe’s push to raise defence investment while reducing fragmentation across national armed forces and defence industries.

The European Union is pursuing a broader defence-readiness agenda aimed at expanding production capacity and improving cooperation between member states. Kubilius has previously argued that military mobility across Europe must be significantly improved, pointing to the challenges involved in moving troops and equipment rapidly across national borders.

The summit will bring policymakers and industry leaders into the same room to discuss procurement, financing and the development of European defence capabilities. That debate is increasingly urgent: without common standards, faster decision-making and better cross-border coordination, higher budgets risk producing uneven results rather than a stronger collective posture.

Hybrid Threats And Cybersecurity

Cybersecurity and the protection of civilian and military infrastructure are also expected to feature prominently.

Discussions are likely to examine how governments can defend critical networks against state-sponsored cyberattacks and other forms of hybrid activity, alongside the role of secure cloud infrastructure and emerging technologies.

Virkkunen, whose European Commission portfolio includes technology sovereignty, security and democracy, oversees EU work on secure digital infrastructure, artificial intelligence and cloud policy. Her presence underscores how closely Europe now links digital resilience with national and continental security.

Building Europe’s Defence Industrial Base

The summit will also assess efforts to strengthen Europe’s defence industrial base.

European governments are under pressure to increase output while addressing supply-chain vulnerabilities and the complexity created by differing national procurement systems. In practical terms, this means Europe must do more than announce spending increases; it must ensure factories, suppliers and logistics networks can sustain long-term demand.

Representatives from defence companies, European institutions and industry organisations will take part in the discussions, reflecting a growing emphasis on expanding European manufacturing capacity alongside higher military budgets.

NATO, The Eastern Flank And Coordination With The EU

The ministerial and military sessions will unfold against the backdrop of rising concern over security along NATO’s eastern flank.

Rutte has repeatedly stressed the importance of maintaining the capabilities needed to respond to security threats, while European officials have called for deeper coordination between NATO and the EU. The challenge is not simply strategic alignment, but operational coherence: Europe’s security architecture now depends on how effectively these institutions can work together under pressure.

Among the military leaders attending are General Seán Clancy, Chairman of the EU Military Committee, and General Onno Eichelsheim, Chief of Defence of the Netherlands Armed Forces.

The summit will be broadcast live by Euronews on Wednesday, 30 September, with proceedings beginning at 09:00 CEST, according to the official Euronews Events listing.

At its core, the event reflects a broader European imperative: transforming higher defence spending into concrete capability, industrial scale and a more coordinated approach to continental security.

Higher Rental Income And Lower Finance Costs Lift First-Half Earnings

Mall of Cyprus (MC) Plc reported a 25.5% rise in first-half profit for 2026, supported by stronger income from commercial space and a decline in finance costs, while its liquidity position improved materially.

According to the company’s unaudited interim financial statements for the six months ended June 30, 2026, filed via the Cyprus Stock Exchange’s official disclosure system, profit after tax increased to €5.96 million from €4.75 million a year earlier.

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Leasing Revenue Remains The Core Growth Driver

Revenue from rights for the use of space and other income climbed almost 8% to €10.39 million, compared with €9.63 million in the first half of 2025.

The improvement was driven primarily by stronger performance across the mall’s commercial spaces. Minimum licence fees rose to €7.75 million from €7.34 million, while additional licence fees increased to €185,118 from €151,837.

Licence fees tied to common-area contributions also edged higher, reaching €711,979 from €700,806, and turnover-related licence fees advanced to €173,486 from €152,951. In total, licence-fee income increased to €8.28 million from €7.82 million. Income from recharged utilities and other recoveries also improved, rising to €2.11 million from €1.81 million.

Other operating income, which includes advertising, car parking and electricity income, increased to €720,982 from €453,481 in the comparable period last year.

Operating Profit Expands Despite Higher Expenses

As a result, operating profit rose by about 17% to €8.68 million from €7.42 million.

Administration and other operating expenses also increased, though at a slower pace, to €2.75 million from €2.58 million. Property management, maintenance and utility costs accounted for roughly €2.25 million of that total.

Net finance costs declined slightly to €2.17 million from €2.24 million a year earlier, helping support the stronger bottom line. Profit before tax climbed to €6.53 million, compared with €5.14 million in the first half of 2025.

Tax Changes And Dividend Distribution Weighed On The Bottom Line

The company’s tax charge rose to €569,236 from €389,866, with the financial statements noting that Cyprus’ corporation tax rate increased to 15% from 12.5%.

Earnings per share improved to 1.79 cents from 1.42 cents in the prior-year period. On July 3, Mall of Cyprus also approved an interim dividend of €6 million, which was paid to shareholders on July 20.

Balance Sheet Strengthens As Cash Rises

The company ended the period with a stronger cash position. Cash at bank and in hand stood at €13.63 million on June 30, compared with €9.14 million at the end of 2025.

Total assets rose to €255.1 million from €250.7 million at the end of December, while total equity increased to €127.61 million from €121.65 million.

Investment property was valued at €239.73 million, with the company recording a €213,461 fair-value loss on investment property during the first half of the year.

Borrowings declined to €97.23 million from €98.14 million at the end of 2025, while the weighted average effective interest rate on bank loans fell to 4.02% from 4.28%.

Cash generated from operations came to €7.81 million, while net cash generated from operating activities reached €7.68 million, compared with €8.12 million in the same period last year.

Tenant Relations And Cost Discipline Remain The Focus

Mall of Cyprus’ principal activity remains the leasing and granting of rights for the use of space at Shacolas Emporium Park in Strovolos, home to the Mall of Cyprus, IKEA and other retail and commercial developments.

Management said its priorities are to maintain close relationships with tenants, secure new occupiers where possible and keep operating costs under control, while continuing to monitor economic and geopolitical risks that could affect consumer spending and the wider retail sector.

Greek food manufacturer E.I. Papadopoulos SA ended 2025 with sales above €250 million, but the company’s top-line momentum came under pressure from rising costs, slimmer margins and a heavier investment cycle as it advanced a major upgrade of its Volos factory, home to its Caprice wafer line.

Revenue Growth Came At A Margin Cost

According to the company’s 2025 financial statements filed with Greece’s General Commercial Registry, turnover increased 3.7% to €252.52 million, from €243.44 million a year earlier. That growth, however, was not matched by profitability.

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Pre-tax profit declined 12.95% to €8.68 million, while net profit fell 17.36% to €6.94 million, reflecting a year in which higher input and operating expenses absorbed much of the benefit from stronger sales.

Cost of sales rose to €147.51 million from about €139.93 million in 2024, pushing gross profit only modestly higher, to €105.01 million. The gross margin narrowed to 41.6% from 42.5%, while operating profit slipped to €9.21 million from €10.65 million.

Payroll also moved sharply higher, climbing 12.5% to €53.29 million as the workforce expanded to 1,796 employees, up from 1,672 at the end of 2024.

Input Inflation Continued To Weigh On The Business

The company said it remained under pressure from raw materials and other operating costs. Flour and grain prices eased slightly during the year, and sugar costs also softened. But cocoa and cocoa derivatives stayed elevated, reflecting tighter production in key producing markets.

Packaging, energy, storage and transport costs also remained high, underscoring the broad inflationary backdrop facing industrial food producers across Europe. For a business with a wide branded portfolio and complex logistics footprint, those pressures can quickly erode pricing gains.

Broader Product Mix Supported Sales

Turnover growth was supported by a broader product mix. Of total sales, €233.88 million came from products manufactured by the company, compared with €227.41 million in 2024. Merchandise sales rose to €17.42 million from €15.02 million, while a further €1.22 million came from raw materials, materials and by-products.

Papadopoulos said it maintained its leading position in biscuits, while cereal bars also performed well. Sales of rusks, breadsticks and Krispies strengthened, and the company expanded its packaged bread range with the launch of TOST Psicha.

The brand also retains a strong presence in Cyprus, where Vassos Eliades Ltd, Vassos Eliades Ltd, imports and distributes Papadopoulou biscuits. The group says the products are available through hypermarkets, supermarkets, grocery stores and kiosks across the island, while Caprice, Digestive and Petit Beurre have become established names in the domestic retail market. Papadopoulou products are also sold by Cypriot retailers such as Alphamega and through Cyprus Duty Free at the island’s airports.

Working Capital Tightened As Inventories Rose

Higher activity levels were also reflected in working capital. Inventories increased 21.7% to €22.86 million at the end of 2025, from €18.78 million a year earlier. That included €9.58 million in finished and semi-finished goods and €11.93 million in raw materials and consumables.

The stock build reduced operating cash flow by €4.08 million, contributing to a fall in net cash generated from operating activities to €7.46 million from €19.67 million in 2024. Cash and cash equivalents subsequently dropped to €5.66 million from €13.75 million at the end of the previous year.

During 2025, the company spent €8.63 million on tangible and intangible assets and paid €4.76 million in dividends. The board has proposed a further €3.43 million dividend for 2025, subject to shareholder approval.

Bank borrowing stood at €23.3 million at year-end, broadly in line with €23.8 million in 2024. But the decline in cash lifted net bank debt to about €17.64 million from €10.05 million. Equity increased to €151.68 million from €147.47 million.

A Larger Investment Cycle Is Underway

The results come as Papadopoulos prepares a much larger capital programme at its Volos production site. The company is investing €59.6 million to modernise the plant and expand capacity, with the project covering new equipment and greater automation through artificial intelligence and robotics. Additional staffing is also part of the plan, which is tied to the company’s export ambitions. Naftemporiki has also reported on the project.

Capital expenditure was already picking up in 2025, with additions to tangible fixed assets reaching €8.39 million, including €4.39 million in machinery and equipment. Assets under construction rose to €4.22 million from €1.62 million in 2024.

Investment is also continuing at the company’s Thessaloniki plant, where new equipment is being installed in the municipality of Delta. Meanwhile, projects with a combined budget of €46.27 million had been completed by the end of 2025 under Greece’s development law 4399/2016. Those projects qualify for €11 million in support through tax-exempt reserves, of which €4.5 million had been used by year-end.

Across its wider investment programme, Papadopoulos said it will continue to focus on production equipment, infrastructure, new products, digital transformation and training in new technologies. The company operates four factories in Tavros, Thessaloniki, Volos and Oinofyta, along with three distribution and storage centres in Aspropyrgos, Thessaloniki and Volos.

Looking Ahead To 2026

Management said cost conditions remained challenging entering 2026, citing geopolitical tensions in the Middle East and their impact on energy markets and supply chains. Natural gas and electricity prices have increased, while some packaging materials have also become more expensive. Higher fuel costs have added to transport and warehousing pressure.

The company said it will continue its commercial and pricing policy in an effort to offset those increases and protect margins.

Property Restructuring Strengthens The Operating Base

Papadopoulos also completed a major restructuring of its property holdings during the year. The company absorbed I.K.E. Akinita SA, bringing three adjoining Tavros properties into the operating business with a combined estimated value of €28.55 million.

The properties, which Papadopoulos was already using while paying annual rent of €1.27 million, include the site housing its main production activity on Petrou Ralli Street. The merger also eliminated two bond loans totalling €7.7 million, for which Papadopoulos itself was the sole bondholder.

The net value transferred through the transaction was assessed at €20.88 million, and the merger was accompanied by a €4.72 million increase in share capital to €15.22 million.

Artificial intelligence is no longer a side experiment in European banking. It is becoming a strategic battleground, with early movers set to separate themselves from the pack, according to new research from Visa.

The study, produced by Visa Consulting and Analytics (VCA) and based on responses from 325 senior decision-makers across 17 European markets, suggests the industry is shifting decisively from testing AI to scaling it.

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Most Banking Leaders See A Structural Shift Ahead

Visa’s research found that 86% of European banking leaders believe AI will fundamentally reshape retail banking by 2030. A further 61% expect the institutions that move first to dominate their markets.

That conviction is already reflected in practice. More than 90% of European banks say they are using some form of AI across key business functions. But the report makes clear that adoption alone is not the point. The real divide is between banks using AI to improve today’s operations and those embedding it into the decisions that will drive future growth, resilience and customer loyalty.

Nearly half of banks, 48%, say their AI investment is still centred on operational efficiency and employee productivity. Fewer than one in three, 30%, point to customer experience or fraud prevention as their primary motivation.

Where Banks Deploy AI Matters

The research suggests that the location of AI investment matters as much as the scale of it. Banks deploying AI in high-volume, real-time environments that influence customer outcomes — such as fraud detection, real-time decisioning and personalised services — are 40% more likely to achieve transformational gains.

By contrast, AI used more peripherally, including in product development or lending, tends to deliver more limited benefits that plateau earlier.

Four Distinct Approaches To Adoption

Visa’s analysis also identifies four broad AI adoption profiles across the sector.

Efficiency Seekers, who make up 48% of institutions, are focused largely on cost reduction and operational productivity.

Trust Builders, accounting for 30%, prioritise customer outcomes and are more likely to use AI to strengthen confidence through faster fraud detection and more personalised service.

Competitor Chasers, at 15%, are adopting AI largely in response to market pressure, while Compliance Keepers, at 7%, are concentrating primarily on meeting regulatory requirements.

Of the four, Trust Builders stand out as the strongest performers. They are more common among digital-first banks and are far more likely to say AI is improving customer trust. They also report stronger productivity outcomes: 42% say employees are saving two or more hours a week, compared with 28% among Efficiency Seekers.

The Difference Comes Down To Execution

For Visa, the message is clear: the banking sector is no longer debating whether to adopt AI, but how to embed it in a way that produces measurable commercial value.

For Cyprus, Michael Ioannides, Country Manager, Visa Cyprus, said AI would define the next generation of banking, but warned that progress would depend on how deeply it is integrated into the organisation. It “won’t be delivered in isolated pilots or side projects,” he said, but will depend on “how well banks rewire the core of their organisation to support it”.

He added that the priority is to “build for scale, with modern, flexible systems, connected data, and AI embedded directly into real-time decisions.” Banks that get those foundations right, he said, “will move faster, adapt more quickly, and deliver more secure, relevant and seamless experiences their customers are looking for.”

Claudio Di Nella, Head of Visa Consulting and Analytics, Visa Europe, struck a similar note. While AI adoption across European banking is already broad, he said, “the results are far from equal.” Most banks are still seeing incremental gains, while a smaller group is generating “sustained, compounding impact.”

According to Di Nella, the difference “comes down to execution.” The banks pulling ahead are “embedding AI into live decision flows, scaling it across functions, and holding themselves to clear performance metrics.” In his words, “They are not experimenting at the edges, they are building AI into how the business runs.”

What Comes Next

Visa’s From AI Promise To AI Performance research includes recommendations for improving AI maturity across the sector. Commissioned by Visa and conducted by VCA, the study surveyed 325 senior decision-makers at banks across 17 European markets, assessing AI adoption and strategy in retail banking.