Fourlis group Consolidated Financial Results for the Nine Months of 2025 Fourlis group accelerates growth and strengthens profitability in 9M '25
Athens, Greece - November 25, 2025 -FOURLIS HOLDINGS S.A. (Bloomberg: FOYRK:GA - Reuters: FRLr.AT - ISIN: GRS096003009) a leading retail group of companies in Southeast Europe, announces its consolidated financial results for the nine months of 2025. The group delivered double-digit revenue growth and strong profitability, supported by market share gains, network expansion, and operational efficiencies. Following the completion of Trade Estates REIC deconsolidation and continued progress in the group's expansion and transformation agenda, Fourlis group moves into the final quarter of 2025 with robust momentum and confidence in meeting its full-year guidance.
9M '25 Key Financial Highlights
Strong Revenue growth with accelerating momentum.
Group revenues increased by 10.4%, reaching €430.7 mil. in 9M '25 compared to €390.0 mil. in 9M '24. Sales growth accelerated through the year, from +1.7% in 01 '25, to +13.0% in 02, and +15.1% in 03, supported by market share gains and store network expansion across the key business segments.
Solid gross profit margin improvement.
The Gross Profit Margin improved to 47.1% in 9M '25 from 46.2% in 9M '24, reflecting a favorable product mix.
Contribution from Trade Estates.
Following the completion of the private placement of a 16% stake on February 4, 2025, Trade Estates REIC is consolidated as an associate (Group stake now at 47.3%). The contribution to 9M '25 results amounted to G8.6 mil.
Strong Profitability performance.
Profit after tax reached G9.2 mil. in 9M '25 compared to G2.2 mil. in 9M '24.
Net Profit attributed to the shareholders of the parent company, reached G 16.4 mil. in 9M '25, up 36.8% from G12.0 mil. in 9M '24.
Investing in expansion and digital transformation
The total capex in 9M '25 amounted to € 16.6 mil., which includes G3.8 mil. on maintenance and €2.7 mil. on digital transformation. The expansion capex amounts to G10.1 mil. and relates mainly to the group's store network expansion in IKEA, Intersport and Foot Locker.
Fourlis group Consolidated P&L
(amounts in G mil.)
9M '24
91 I "25
Revenues
390.0
10.4%
430.7
Gross Profit
180.2
12.5%
202.7
Gross Profit margin
46.2%
47.1%
EBITDA*'
50.7
5.9%
53.7
EBITDA margin
13.0%
12.5%
EBIT
16.4
-36%
15.8
EBIT margin
4.2%
3.7%
Net Financial Income/(expenses)
-15.8
5.7%
-16.7
Contribution from associates (SSRM)/other
2.0
2.7
Contribution from associates (Trade Estates)
8.6
Profit Before Tax
2.6
304.9%
10.4
Profit Before Tax margin
0.7%
2.4%
Tax
-0.41
-1.14
Profit After Tax
2.2
329.5%
9.2
Net Profit After Tax margin
0.6%
2.1%
Contribution from sale of TE stake
6.3
Profit after tax from discontinued activities
14.9
1.2
Total profit after tax
17.1
-1.7%
16.8
Minority interest
-5.1
-0.4
Total profit to parent's shareholders
12.0
36.8%
16.4
EBITDA-adjusted *
20.3
-2.7%
19.7
EBITDA-adjusted margin
5.2%
4.6%
" See Appendix for further information. Alternative Performance Measures, as defined in the Management Report of the Board of Directors for the period 1/1-30/06/2025,
"' EBITDA -- EBIT + depreciation of PoUA + depreciation of assets. EBITDA (adjusted) -- EBITDA - rental costs
Analysis of Net Financial Income/(expenses)
9M'24
9M'25
Bank Interest & bank expenses & other
-6.0
-5.4
IFRS16 interest
-9.8
-11.4
Total
-15.8
-16.7
Analysis of Depreciation
9M '24
9M'25
Depreciation (assets)
11.4
12.6
Depreciation of Right of Use Assets (RoUA)- IFRS 16
22.9
25.2
Important Notes
Impact from the sale of Trade Estates shares
On 4/2/2025 Fourlis group completed the sale of 19,279,935 (16% of the share capital) shares of Trade Estates through a private placement for a price of G29 mil. As a result, the group's shareholding in Trade Estates was reduced to below 50% (47.3%), leading to the loss of control in Trade Estates. At the date of the transaction and in accordance with the requirements of IFRS 10 "Consolidated Financial Statements", Trade Estates ceased to be consolidated as a subsidiary, with its net assets being deconsolidated from the group's consolidated financial statements. Following the loss of control, the group's remaining participation in Trade Estates was recognized as an investment in an associate and is consolidated using the equity method in accordance with the requirements of IAS 28 "Investments in Associates and Joint Ventures". This transaction consists of two separate but simultaneous accounting events (on the one hand, the loss of control in Trade Estates and, on the other hand, the initial recognition and consolidation of the remaining participation as an associate), with the total impact of these two accounting events amounting to a gain of G6.3 mil. in the consolidated financial statements of Fourlis group. This transaction enhances the group's flexibility in executing its long-term strategy, while Trade Estates continues to grow in the real estate sector.
Income from Trade Estates within 9M '25, amounted to G8.6 mil. This reflects the contribution after the completion of the deconsolidation, that is the period starting from 1/2/2025 until 30/09/2025.
Trade Estates profits within January 2025 are included in the Profit after tax from discontinued activities and amount to €1.2 mil.
EBITDA-adjusted figures
Starting from O1 2025, the group presents EBITDA-adjusted as an alternative profitability metric to better reflect underlying operational performance, excluding the accounting impact of IFRS16.
EBITDA-adjusted reflects earnings before interest, taxes, depreciation, and amortization, adjusted to exclude the accounting impact of IFRS 16 lease-related expenses. EBITDA-adjusted reinstates lease expenses in the calculation, providing a clearer representation of the group's underlying profitability and cost structure, independent of lease accounting treatment.
See Appendix for further information.
04 2025 trading update up to 22/11/2025 and outlook for FY 2025
The group entered the final quarter of the year with continued positive momentum across all business units, supported by healthy traffic levels, new store openings, and strong commercial activation.
• +6% on group sales in Q4 '25 up to date until 22/11/2025.
• +1% on Home Furnishings sales in O4 '25 up to date until 22/11/2025.
+17% on Sporting Goods sales in Q4 '25 up to date until 22/11/2025, supported by the expansion of both the INTERSPORT and Foot Locker networks as well as like for like growth.
With performance on track, management reaffirms its 2025 full-year guidance.
John Vasilakos, Chief Executive Officer of Fourlis group, commented: "The solid performance of the group in the first nine months reflects the successful execution of our strategy and the resilience of our diversified portfolio. Revenue and profitability improved supported by the strength of our brands, network expansion, and operational efficiencies. With sustained growth across all business units, a stronger financial position following the Trade Estates transaction, and continued investment in expansion and transformation, we are well positioned to close the year in line with our targets and to build on this momentum into 202b."
Analysis per Segment
Home Furnishings (IKEA stores)
(amounts in G mil.) | 9M '24 | % | 9M'25 |
Revenues | 257.3 | 5.1% | 270.4 |
Gross Profit | 119.3 | 7.5% | 128.3 |
Gross Profit margin | 46.4% | 47.4% | |
EBITDA* | 38.6 | -2.7% | 37.5 |
EBITDA margin | 15.0% | 13.9% | |
EBIT | 21.2 | -10.9% | 18.9 |
EBIT margin | 8.2% | 7.0% |
EBITDA-adjusted *
EBITDA-adjusted margin
21.6 -10.3%
8.4%
19.4
7.2%
"Alternative Performance Measure, as defined in the Management Report of the Board of Directors for the period I/I-30/0â/2025. See Appendix for further information.
Fourlis group Home Furnishings business (IKEA stores) recorded revenues of G270.4 mil. in 9M '25, an increase of 5.1% compared to €257.3 mil. in 9M '24.
The strong growth momentum observed in 02 continued in 03 '25, with sales up +7.1% year-on-year, following +8.1% in 02 and a softer start in 01 '25 (-0.6%).
Sales growth was driven by solid like-for-like performance, supported by market share gains, higher visitorship and conversion, as well as network expansion through the opening of new IKEA stores.
Gross Profit improved by 7.5%, reaching G128.3 mil., with the Gross Profit margin rising from 46.4% to 47.4%, largely reflecting a favorable product mix.
EBIT stood at G18.9 mil., compared to €21.2 mil. in the prior year's nine months, with the EBIT margin at 7.0% versus 8.2%. Profitability showed a strong year-on-year improvement in 03 '25 (+11%), reflecting the gradual normalization of operating expenses following the phasing effects and front-loaded investments that had impacted the first half of the year.
Management remains confident in achieving the EBIT objectives set for FY 2025.