Fourlis group Consolidated Financial Results for the First Half of 2025
Fourlis group accelerates growth momentum in H1 '25 and confirms guidance for the year 2025
Athens, Greece - September 09, 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 first half of 2025. The group delivered revenue growth with accelerating momentum, strong gross margin performance, and improved net profitability compared to last year. The group completed the deconsolidation of Trade Estates, further strengthening its financial flexibility, and continued to invest in the expansion of IKEA, INTERSPORT, and Foot Locker networks.
H1 '25 Key Financial Highlights
Revenue growth with accelerating momentum.
The group's revenue reached €264.0 mil., up 7.7% versus last year's first half, with sales growth accelerating to 13.0% in 02 '25.
Strong gross margin performance.
The Gross Profit Margin improved to 47.9% in H1 '25 from 46.4% in H1 '24, supported by supply chain efficiencies, improved product mix and lower cost of goods as a result of higher purchases.
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 H1 '25 results amounted to G5.7 mil.
Profitability recovery.
Profit after tax stood at G1.9 mil. in H1 '25 from losses after tax of GO.8 mil. in H1 '24.
Net Profit attributed to the shareholders of the parent company, reached G 9.0 mil. in H1 '25, up 24.8% from G7.2 mil. in H1 '24.
Re-iterating 2025 Guidance
The group reiterates its guidance for the full year 2025. Sales are expected to increase by approximately 13.3%, reaching G600 mil. from G530 mil. in 2024, while EBITDA-adjusted is estimated at around €38 mil., up 20% compared to G31.7 million in 2024.
Focus on financial flexibility.
Net Debt declined to G87.6miI. in H1 '25 from G95.2 mil. in H1 '24.
The management is committed to generating and returning value to shareholders, while also ensuring that sufficient capital is retained to support investments, operational needs, and sustainable growth.
Investing in expansion
The total capex in H1 '25 amounted to G 12.9 mil., which includes G3.4 mil. on maintenance and G2 mil. on digital transformation. The expansion capex amounts to G7.5 mil. and relates mainly to the group's store network expansion in IKEA, Intersport and Foot Locker.
Enhanced shareholder returns
In July 2025 the group paid a dividend of GO.15 per share for FY '24, up 25% from the prior year (DPS GO.12) representing a payout ratio of c. 38%. In addition, in August 2025 the company cancelled
2.606.509 treasury shares, equivalent to 4.9% of its share capital, further enhancing EPS for shareholders.
Fourlis group Consolidated P&L
(amounts in G mil.) | HI '24 | HI '25 | ||
Revenues | 245.1 | 7.7% | 264.0 | |
Gross Profit | 113.8 | 11.1% | 126.4 | |
Gross Profit margin | 46.4% | 47.9% | ||
EBITDA*' | 31.3 | -1.6% | 30.8 | |
EBITDA margin | 12.8% | 11.7% | ||
EBIT | 8.4 | -28.7% | 6.0 | |
EBIT margin | 3.4% | 2.3% | ||
Net Financial Income/(expenses) | -10.5 | 8.1% | -11.3 | |
Contribution from associates (SSRM)/other | 1.3 | 1.6 | ||
Contribution from associates (Trade Estates) | 5.7 | |||
Profit Before Tax | -0.8 | 347.0% | 2.0 | |
Pro fit Before Tax margin | -0.3% | 0.7% | ||
Tax | -0.01 | -0.07 | ||
Profit After Tax | -0.8 | 3362% | 1.9 | |
Net Profit After Tax margin | -0.3% | 0.7% | ||
Contribution from sale of TE stake | 6.3 | |||
Profit after tax from discontinued activities | 12.3 | -90.0% | 1.2 | |
Total profit after tax | 11.5 | -17.9% | 9.4 | |
Minority interest | -4.3 | 90.3% | -0.4 | |
Total profit to parent's shareholders | 7.2 | 24.8% | ||
EBITDA-adjusted * | 11.2 | -22.6% | 8.7 | |
EBITDA-adjusted margin | 4.6% | 3.3% |
" 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) | |||
H1 '24 | H1 '25 | ||
Bank Interest & bank expenses & other | -4.1 | -3.9 | |
IFRS16 interest | -6.4 | -7.5 | |
Total | -10.5 | -11.3 | |
Analysis of Depreciation | |||
H1 '24 | H1 '25 | ||
Depreciation (assets) | 7.6 | 8.4 | |
Depreciation of Right of Use Assets (RoUA)- IFRS 16 | 15.3 | 16.4 | |
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 for the first half of 2025. Through this sale, the group secured liquidity of €29 mil. This transaction enhances the group's flexibility in implementing its long-term strategy, while Trade Estates continues its growth in the real estate sector.
Income from Trade Estates within H1 '25, amounted to G5.7 mil. This reflects the contribution after the completion of the deconsolidation, that is the period starting from 1/2/2025 until 30/06/2025.
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.
Business Update up to current date
The group achieved key milestones during the period and continues to execute its strategy with consistency, focus, and discipline.
Trade Estates deconsolidation: The group completed a private placement of 16% of Trade Estates' share capital in February 2025. This enabled the deconsolidation of Trade Estates and secured additional liquidity for the group of G29 mil.
The impact from the sale of the Trade Estates share capital was a gain of €6.3 mil. in the consolidated financial statements of Fourlis group within the first quarter of 2025.
In Home Furnishings, following the new IKEA store in Patra that opened in October 2024, a new IKEA store opened in Heraklion, Crete in April 2025, and a Plan & Order studio also opened in Pernik, Bulgaria in March 2025. Finally, we also plan the rollout of new-generation urban IKEA stores in the near term, while in 2028 a new IKEA store is scheduled to open in the Hellinikon.
In Sporting Goods, during the first half of 2025, Fourlis group advanced its retail expansion. In April, the group finalized the acquisition of Foot Locker operations in Greece and Romania, adding six stores and the Greek e-commerce channel, and has since opened two more stores. This builds on the launch of three Foot Locker stores in Bulgaria in late 2024 and supports the group's exclusive rights to develop the brand across eight Southeast European countries. INTERSPORT also grew with six new store openings-three in Greece and three in Romania- and completed the renovation of the Mall Vitan store in Bucharest. A highlight was the global debut of the INTERSPORT Football Club concept in Athens, a 1,200 sqm flagship dedicated to football, with a second store set to open in Thessaloniki in September 2025 and further rollouts planned from 2026 onwards.
In Health & Wellness, a new store opened in June 2025 in the center of Thessaloniki, the 11th in Greece. The group's commitment to high quality and proximity to consumers is reflected both
in the expansion of the store network and in strategic partnerships (shop-in-shop) with AB Vassilopoulos and INTERSPORT.
03 2025 trading update
Trading in the third quarter of 2025 has continued on a strong trajectory, building on the improvement seen in 02 of 2025.
+17% yoy on Group sales in 03 '25 up to date.
+10% yoy on Home Furnishings sales in 03 '25 up to date, reflecting solid customer demand, market share gains and operational normalization after a softer start to the year.
+32% yoy on Sporting Goods sales in 03 '25 up to date, supported by the expansion of both
the INTERSPORT and Foot Locker networks.
Overall, performance in 03 '25 to date is in line with management expectations.
2025 Outlook and FY 2025 guidance
In light of the strong 02 performance and sustained momentum in 03, Fourlis group reiterates its outlook for FY '25. Revenues are expected to increase by approximately 13.3% year-on-year to around G600 mil. (FY '24: €530 mil.), driven by network expansion, organic growth, and the further strengthening of the omnichannel strategy. Adjusted EBITDA is anticipated to reach around G38 mil., a 20% increase compared to €31.7 million in FY '24, supported by operational efficiencies and disciplined cost control.
The management remains confident that the group is on track to deliver its strategic and financial objectives.
John Vasilakos, Chief Executive Officer of Fourlis group, commented: "Our first half performance reflects the solid foundations and resilience of our group. We delivered revenue growth with accelerating momentum, supported by our strong brands and customer focus, while maintaining healthy margins and improving net profitability compared to last year. The successful completion o f the Trade Estates transaction has enhanced both our financial flexibility and our ability to generate value for shareholders. At the same time, we advanced key milestones across our retail businesses - expanding the IKEA network with a new store in Heraklion, broadening our Sporting Goods platform through the acquisition of Foot Locker operations in Greece and Romania, and launching the global-first INTERSPORT Football Club concept in Athens. With O2 and O3 trading showing strong momentum, we are confident in achieving our 2025 targets."
Analysis per Segment
Home Furnishings (IKEA stores)
(amounts in G mil.) | H1 '24 | % | H1 '25 |
Revenues | 160.5 | 3.9% | 166.7 |
Gross Profit | 74.3 | 7.2% | 79.6 |
Gross Profit margin | 46.3% | 47.7% | |
EBITDA* | 23.4 | -11.9% | 20.6 |
EBITDA margin | 14.6% | 12.4% | |
EBIT | 11.6 | -29.0% | 8.3 |
EBIT margin | 7.2% | 5.0% |
EBITDA-adjusted * 12.2 | -29.3% | 8.6 |
EBITDA-adjusted margin 7.6% | 52% |
"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 €166.7 mil. in H1 '25, an increase of 3.9% compared to €160.5 mil. in H1 2024. Sales performance accelerated within the semester, with 02 '25 revenues up 8.1% year-on-year, following a softer start in 01 '25 (-0.6%).
Gross Profit improved by 7.2%, reaching G79.6 mil., with the Gross Profit margin rising from 46.3% to 47.7%, reflecting supply chain efficiencies and favorable product mix.
Despite this margin improvement, EBIT declined to €8.3 mil. from €11.6 mil. in the prior year, with the EBIT margin at 5.2% versus 7.2%, mainly reflecting the phasing of operating expenses within the year and increased investments early in the year, that were fully in line with the budget, while profitability is expected to normalize over the second half. Management remains confident in achieving the EBIT objectives set for FY 2025.
Significant developments within H1 '25 and up to date
- IKEA store expansion in Greece:
A new IKEA store opened in Heraklion, Crete on April 2025, following the opening of Patra 7.200 sqm new store on October 30 2024, The new IKEA store is located in Trade Estates Retail Park
Top Parks Heraklion on the Old National Road Heraklion-Agios Nikolaos, just five minutes from the city center and Heraklion's Nikos Kazantzakis Airport. Spanning a total area of approximately 10,000 square meters, this is the 7th large-format IKEA store in Greece.
The new store replaces the IKEA Pickup and Order Point that has served the local community since 2013, now offering a fully integrated IKEA experience with enhanced services and expanded product range. Customers in Crete can now enjoy access to more than 6,000 ready-to-purchase products, as well as the full IKEA assortment through ordering services, all within an innovative and customer-friendly single-level store design.
IKEA Heraklion includes the popular Swedish Deli restaurant and offers a full suite of services including kitchen and wardrobe planning, furniture consultation, delivery, assembly, and click & collect. The store also prioritizes sustainability, featuring rooftop solar panels, electric vehicle charging stations, and energy-efficient appliances as part of its commitment to environmental responsibility.
Expansion in Bulgaria: In Bulgaria, IKEA opened a new Plan & Order studio in Pernik, focused on kitchen, wardrobe, and bathroom solutions. Located in Pernik Plaza, the 500 sqm store offers consultation, installation, and financial services, along with select product sales and full assortment ordering.
Upcoming IKEA store openings: Following Patra and Heraklion, the next IKEA store planned is at the Hellinikon in 2028.
New generation IKEA stores: We also continue rolling out our "new generation" IKEA stores- compact 2,000 sqm formats located near city centers to provide full product access and convenience in urban areas.
Across Greece, Cyprus, and Bulgaria, the group currently operates 22 IKEA physical stores in total of different formats -in particular, 15 stores (10 large & medium size stores, and 5 new generation stores) and 7 Pick-up and Order Points, as well as 3 e-shops serving all three countries, making IKEA's solutions accessible to millions of customers in the region.
Looking ahead, we remain focused on our strategic approach, emphasizing an omnichannel presence, a well-structured and optimized stores network, opportunities for further expansion, robust ecommerce initiatives, digitalization, and a commitment to preserving top home furnishing expertise and customer service.
(amounts in G mil.)
H1 '24
%
H1 '25
Revenue
83.4
14.9%
95.9
Gross Profit
38.7
18.9%
46.1
Gross Pro fit margin
46.4%
48.1%
EBITDA*
10.8
25.3%
13.5
EBITDA margin
13.0%
14.1%
EBIT
0.4
402.1%
1.8
EBIT margin
0.4%
1.9%
EBITDA-adjusted*
2.7
49.9%
4.0
EBITDA-adjusted margin
3.2%
4.2%
Sporting Goods (INTERSPORT & Foot Locker stores)
"Alternative Performance Measure, as defined in the Management Report of the Board of Directors for the period 1/1-30/06/2025. See Appendix for further information.
Fourlis group Sporting Goods business (INTERSPORT and Foot Locker) recorded revenues of G95.9 mil. in H1 '25, an increase of 14.9% compared to G83.4 mil. in H1 '24. Sales momentum accelerated through the semester, with revenues up 6.1% in 01 '25 and a stronger 22.1% increase in 02 '25, reflecting higher customer traffic, resilient consumer demand, enriched product range, strengthened brand partnerships, and the contribution from network expansion.
Gross Profit rose by 18.9% to €46.1 mil., with the Gross Profit margin improving to 48.1% from 46.4%, reflecting optimized inventory management, favorable product mix, lower cost of goods as a result of higher purchases and synergies arising following the group's partnership with Foot Locker.
EBIT increased significantly to G1.8 mil. compared to TO.4 mil. in the prior year's first half, with the EBIT margin reaching 1.9% versus 0.5%, reflecting both sales growth and improved operational efficiency.
The expansion of Foot Locker operations in the group's region is progressing according to plan and is expected to further support sales growth and profitability in the second half of 2025.
Significant developments within H1 '25 and up to date
Foot Locker acquisition and network expansion: In April 2025, Fourlis group finalized the acquisition of Foot Locker operations in Greece and Romania. The transaction included six
existing stores-three in each country-as well as the e-commerce channel in Greece. Since the acquisition, the group has further expanded the Foot Locker network with two additional store openings (one in Greece and one in Romania).
This milestone builds on the successful launch of the first three Foot Locker stores in Bulgaria in late 2024 and supports the Group's exclusive rights to develop Foot Locker across eight Southeast European countries: Greece, Romania, Bulgaria, Cyprus, Slovenia, Croatia, Bosnia & Herzegovina, and Montenegro.
INTERSPORT store network growth: Since the beginning of 2025, Fourlis group has opened a total of six new INTERSPORT stores-three in Greece (including the Football Club store in Rentis, one additional store in loannina, and one in Herakleion) and three in Romania (Moldova Mall in lasi, Value Center in Balotesti, and Arad). In parallel, the group completed the full renovation of the INTERSPORT store in Mall Vitan, Bucharest, further enhancing the shopping experience in a key location. The group's 2025 expansion plan, targeting at least eight new stores in total, remains on track and reflects its strategy to strengthen international presence and respond to consumer demand in key regional markets.
INTERSPORT Football Club new concept expansion: On March 27, 2025, INTERSPORT Greece unveiled the first-ever INTERSPORT Football Club store, located at Star Center Retail Park in Agios loannis Rentis, Athens. This 1,200 sqm store is entirely dedicated to football enthusiasts, featuring an indoor football pitch, interactive football wall, gaming area, and exclusive gear from leading global brands. The concept is creating a football ecosystem through partnerships, such as FOOTBALL HUB ATHENS S.A, for the supply of football clubs, associations, and academies with tailored equipment solutions. This strategic collaboration is led by respected industry professionals and aims to serve both professional and amateur football communities. Building on the Athens success, the second INTERSPORT Football Club store is scheduled to open in Thessaloniki in September 2025, with further rollouts in Cyprus, Romania, and Bulgaria planned for 2026.
Currently the Sporting Goods business activity includes:
122 INTERSPORT stores (65 stores in Greece, 40 in Romania, 11 in Bulgaria and 6 in Cyprus) and e-commerce platforms in all countries.
11 Foot Locker physical stores (3 in Bulgaria, 4 in Greece and 4 in Romania) and an ecommerce platform in Greece.
Looking ahead our strategic priorities within our Sporting Goods business unit will focus on enhancing our leadership position in the sports performance segment, making a dynamic entrance in the athleisure segment, and expanding our geographical footprint, through an omnichannel approach.
Health & Wellness | (HOLLAND | & BARRETT) | |
(amounts in € mil.) | H1 '24 | H1 '25 | |
Revenue | 1.0 | 59@% | 1.5 |
Gross Profit | 0.5 | 59.9% | 0.8 |
Gross Profit margin | 51.2% | 51.3% | |
EBITDA* | -0.8 | -10.2% | -0.8 |
EBIT | -1.1 | -7.1% | -1.2 |
EBITDA-adjusted* | -1.0 | -6.1% | -1.1 |
"Alternative Performance Measure, as defined in the Management Report of the Board of Directors for the year I/I-30/0â/2025. See Appendix for further information.
Revenue from Health & Wellness amounted to €1.5 mil. within H1 '25 compared to G1.0 mil. in H1 '24, on the back of strong customer conversion and loyalty membership rates and strong like-for-like growth.
Health & Wellness Gross Profit margin stood at 51.3% in H1 '25 compared to 51.2% in the respective period of last year, supported by the portfolio product mix.
Health & Wellness posted operating losses of G1.2miI., in H1 '25 from losses of G1.1 mil. in H1 '24, as the
stores network and infrastructure development continue.
Fourlis group today operates Holland & Barrett from 11 physical stores in Athens, under the group's refined store development strategy that includes the stand-alone H&B stores, Shop-in-Shop in AB Vasilopoulos, and the ecommerce platform covering Greece, while going forward a wholesale business will be introduced starting with Intersport and AB Vasilopoulos.
It is reminded that Holland & Barrett is the UK's leader in health & wellness and one of the largest wellness retailers in Europe. With a history of more than 150 years, Holland & Barrett has a retail presence of more than 1600 stores across 24 countries worldwide. Holland & Barrett's mission is to make health and wellness a way of life for everyone, adding quality years to life through market leading range of innovative vitamins, supplements, specialist food, sports nutrition and beauty brands.
The financial results of HI '25 will be presented in a conference call on Wednesday September 10" 2025 at 77.00, local time (GMT+2) through both audio conference and live webcast. Please click to access details for the conference call
About Fourlis group
Boasting a rich history of 75 years, Fourlis group is a leader in the retail sector in Greece and Southeastern Europe. Headquartered in Athens, the group is already active in Greece, Romania, Bulgaria and Cyprus, while it will gradually develop its network in Slovenia, Croatia, Bosnia & Herzegovina and Montenegro, bringing the total number of countries to 8. The group's brands are leading omnichannel retail companies in Home Furnishings (IKEA franchise), Sportswear (INTERSPORT and Foot Locker licenses), and Health & Wellness (HOLLAND & BARRETT franchise). The group also has a presence in the logistics sector through its subsidiary Trade Logistics and maintains a participation in TRADE ESTATES real estate investment company.
For Fourlis group, the values o f respect, integrity and efficiency are at the core o f every action. By placing people at the centre o f attention, the group o ffers modern, high-quality solutions, tailored to the needs of consumers, cultivating a culture that encourages innovation and collaboration.
Information
Elena Pappa
Investor Relations & Corporate Affairs Director Tel.:+30 210 b293254
Email: Elena.PBQQB@fOUfliS.Qf
Explanatory tables for EBITDA-adjusted.
P&L adjusted.
Interim Consolidated Statement of Financial Position as of June 30, 2025 and December 31, 2024
Interim Consolidated Income Statement for the period ended June 30, 2025 and June 30, 2024
Consolidated Statement of Cash Flows for the period ended June 30, 2025 and 2024
Explanation of EBITDA-adjusted
Starting from 01 '25, 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.
Calculation
EBITDA (Reported) = EBIT + depreciation of RoUA + depreciation of assets EBITDA (adjusted) = EBITDA (Reported) - rental costs
EBITDA (OPR) = EBIT + depreciation of assets
The table below presents the EBITDA analysis by business segment:
Group Home Furnishings Sporting Goods Health & Wellness
EBIT | HJ '24 8.4 | HJ '25 6.0 | HJ '24 JJ.6 | H1 '25 8.3 | H1 '24 0.4 | H1 '25 J.8 | H1 '24 -J.J | HJ '25 -J.2 |
depreciation of RoUA | 15.3 | 16.4 | 8.0 | 8.0 | 6.8 | 7.9 | 0.2 | 0.2 |
depreciation of assets | 7.6 | 8.4 | 3.8 | 4.3 | 3.6 | 3.8 | 0.1 | 0.1 |
EBITDA (Reported) | 3J.3 | 30.8 | 23.4 | 20.6 | JO.8 | J3.5 | -0.8 | -0.8 |
rental costs | -20.1 | -22.1 | -11.3 | -12.0 | -8.1 | -9.5 | -0.3 | -03 |
EBITDA (adjusted) | 11.2 | 8.7 | 12.2 | 8.6 | 2.7 | 4.0 | 10 | -1.1 |
Ciroup Home Furnishings Sporting Goods Health & Wellness
EBIT | HJ '24 8.4 | HJ '25 6.0 | HJ '24 J1.6 | H1 '25 8.3 | H1 '24 0.4 | H1 '25 J.8 | H1 '24 -J.J | H1 '25 -J.2 |
depreciation of assets | 7.6 | 8.4 | 3.8 | 4.3 | 3.6 | 3.8 | 0.1 | 0.1 |
EBITDA (OPR) | J6.0 | J4.4 | J5.4 | J2.6 | 4.0 | 5.6 | -J.0 | -J.J |
The P&L table below presents P&L figures excluding the accounting impact of IFRS16.
(amounts in € mil.)
non IFRS lb non IFRS lb adjusted HI '24 adjusted HI '25
Revenue Gross Profit
Gross Profit margin EBITDA adjusted EBITDA adjusted margin EBIT adjusted
245.1
113.8
4b.4%
11.2
4.b%
3.6
264.0
126.4
47.9%
0.3
EBIT adjusted margin | 7.5% | 0.1% |
Net Financial Income/(expenses) | -4.1 | -3.9 |
Contribution from associates SSRM | 1.3 | 1.6 |
Contribution from associates TE | 5.7 | |
PBT adjusted | 0.8 | 3.7 |
PBT adjusted margin | 0.4% | 7.4% |
3. Interim Statement of Financial Position as of June 30, 2025 and December 31, 2024.
(in thousands of euro unless otherwise stated)
OUfllS
Group | Company | ||||||||
Note | 30/6/ 2025 31/12/2024 | 30/6/2025 | 31/12/2024 | ||||||
Property plant and equipment | 7 | BBSW W295 | 1,720 | 1,503 | |||||
Right of use assets | 8 | 379,12d l7ñ,J8l | 3,227 | 3,431 | |||||
Investment Properb,' | Z07 | 107 | 0 | 0 | |||||
Intangible Assets | 10 | 9,47J | 9, 15 | 310 | 116 | ||||
Good'.will | 6,916 | 0 | 0 | 0 | |||||
Investments | 182,950 | 32,782 | 177,912 | 165,627 | |||||
tJet in 'estment in the subleases | 3,640 | 3,@1 | 0 | 0 | |||||
Lon g Term receivables | 2,5@ | 2,503 | 157 | 157 | |||||
Deferred Taxes | 15,0W | 13,518 | 216 | 223 | |||||
TataI non-current assets | 688,411 | 319,941 | 183,542 | 171,057 | |||||
Current assets | |||||||||
Inventor,' | 127,170 | 9B,ll9 | 0 | 0 | |||||
Income tax receivable 791 | 818 | 2 | |||||||
Trade recei 'ables 572 | 5,W2 | 695 673 | |||||||
Other receivables | 22,Wl | 19,163 | 8,813 | 1,460 | |||||
Cas h @ cash equi›'aIent | 51070 | 49, 25 | B,lB9 | 1,027 | |||||
Assets classifi ed as held for sale | 9 | 0 | 556,96 | 0 | 0 | ||||
TataI current assels | 207,189 | 730,128 | 17,699 | 161 | |||||
Total Assets | 895,600 | 1,050,070 | 201,241 | 174,219 | |||||
SHAREHOLDERS EQUITY & MABILITIES | |||||||||
shareholders equity | |||||||||
Share Capital | 11 | 51,135 | S3,36 0 | 51,135 | 5J,360 | ||||
Share premium resea'e | 6,357 | t3,798 | 6,922 | 1Q,327 | |||||
Reserves | 46,780 | 41,W | 30,900 | Zl,2l7 | |||||
Retained earnings | 91,486 | 89,M1 | 89,071 | 7t700 | |||||
Tata I shareholders equity | 195,7S8 | t9B,248 | 178,031 | 164,6D4 | |||||
tJon-controlling interest | 0 | 105,481 | 0 | 0 | |||||
Tata I EquiLy (a) | 195,75B | 303,729 | 178,031 | 164,6D4 | |||||
LIABILITIES | |||||||||
Non CurzeM Liabilities | |||||||||
tJon - current loans | 19 | 109,571 | 106,710 | 26 | |||||
Lease liabilities | 15 | 383,402 | 142,188 | 2,7H | 2,962 | ||||
Employee retirement beneñts | 7,9W | 7,715 | 7t6 | 746 | |||||
Other non-current liabilities | 196 | 110 | 82 | 82 | |||||
Total non current Liabilities | 501,122 | 256,753 | 3,585 | 3816 | |||||
Current Liabilities | |||||||||
Short term loans far 'working capital | l0,B9J | J,078 | 0 | 0 | |||||
Current portion of non-current loan s and dorro'.'ings | l8Z98 | 2,X8 | 0 | 0 | |||||
Short term portion of lease liabilities | 2B,39l | QJ,l88 | 609 | 5B9 | |||||
Current tax | 8W | 508 | 0 | ||||||
Accounts payable and other current liabilities | 140,360 | 1t9,715 | 19,0 t6 | 8,210 | |||||
Liability arising Iron a ssets held for sale | 0 | 297,M2 | 0 | 0 | |||||
Tata I current Liabilities | 19B,72O | 4B9,S89 | 19,625 | 5,799 | |||||
TataI liabilities (b) | 699,842 | 746,341 | 23,210 | 9,615 | |||||
TataI EquiLy 8t Liabiliti (a) + (b) | 895,600 | 1,050,070 | 201,241 | 174,219 | |||||
The accompanying notes are an integral part of the Interim Condensed Financial Statements.
FOURLIS HOLDINGS S.A.
25 Errnou Str.
Note | 1/1-30/6/2OZ2 | 1/1-30/6/2024" | |||
R.evenue | 6 | 263,984 | 245,145 | ||
Cost of Goods Sold | 6 | (137,617) | (131,380) | ||
k26,367 | |||||
Other income | 6 | 8,5fi2 | 9,975 | ||
Distribution expenses | 6 | (103,377) | {9 6,045) | ||
AdminisDative apenses | 6 | (25,280) | {18,934) | ||
DLher operating expenses | b | (288) | (372) | ||
Operating Profit | IS,9B4 | 8,39O | |||
Tofal finance cosE | 6 | (11,4a0) | (ifi,574) | ||
Total finance income | 6 | 168 | 110 | ||
Contribution associate companies profit and loss | 6 | 7,603 | 1403 | ||
Contribution to losses of subsidiary sale | b | (309) | (25) | ||
Profit before Tax | 1,966 | (79fi) | |||
Tax | 16 | (72) | (6) | ||
Nct Profit (A) | 1,B93 | (BO2) | |||
Discontinued activities | |||||
Net proñt from discongnued operations {B) | 9 | 7,556 | |||
Net proñt from continuing and discontinued aQera€iorzs {A+B) | 9,450 | ||||
Net profit:s are broken down into: Parent owners | 17 | 9,038 | 7,241 | ||
Non-controlling participation | 412 | q268 | |||
Tata I | 9,dZ0 | 11,509 | |||
Earnings after taxes per share | |||||
Earnings aRer taxes p er share - basic (in | 17 | 0.1767 | 0.1 7 | ||
Earnings aRer taxes p er share - impaired (in €) | 17 | 0.1702 | 0.1B95 | ||
Earnings after tax per share from continuing | |||||
business Earnings aRer taxes p er share - basic (in | 17 | 0.0370 | (0.0158) | ||
Earnings aRer taxes p er share - impaired (in €) Earnings after tax per share from | 17 | 0.0J57 | (0.0154) | ||
disconDnued activity Earnings aRer taxes p er share - basic (in | 17 | 0.1397 | 0.1583 | ||
Earnings aRer taxes p er share - impaired (in €) | 17 | 0.1345 | 0.1550 |
4. Interim Income Statement for the period ended June 30, 2025 and June 30, 2024
(in thousands of euro unless otherwise stated)
*It is noted that the amounts for the period 1/1-30/6/2024 have been adjusted to reflect the Group's ongoing and discontinued activities separately and in order to make them similar and comparable to the corresponding funds of the current period.
Sales revenue is understood as revenue from contracts with customers.
The attached notes are an integral part of the Interim Condensed Financial Statements.
FOURLIS HOLDINGS S.A.
25 Ermou Str.
5. Statement of Cash Flows for the period ended June 30, 2025 and June 30, 2024
(in thousands o f euro unless otherwise stated)
OUfllS
1/1 - | 1/1 - | 1/1 - | 1/1 - |
30/6/2D25 | 30/6/2024 | 30/6/2025 | 30/6/2024 |
NoCe
Loss)/Profit before Laxes from continued | 1,966 | (796) | 21,40'4 | (431) | |||
(Loss)/Profit before laxes | 7,791 | ||||||
Adjustments for | |||||||
Depreciation /' Amortization | 23,893 | 13,095 | 461 | 567 | |||
Provisions | 1,331 | 1,882 | 215 | 311 | |||
Foreign exchange differences | 789 | 71 | 0 | 1 |
Result° (Income, expenses, profit and loss) from in'estrnent activity
Interest Expense
Plus/less adj for changes in working capital related to the operating activities
{13,96/ 11,040
(5,455) (Z4,691)
12,872 88
(2,i10)
B6
(Increa semi /' decrease in invents
(Increa se/i /' decrease in trade and other receivables Increase ,^ (decrease) in liabilities (excluding banks} Less
Interest paid and interest on leases Income taxes paid
Net cash generated from operations (a)
Investing Activities
{26,761) (2,8B0)
5,6W 1,333
(559) (3,809)
( tt,411) (14,69 0)
fz,4181 fl,69J1
(2,633) 13,B49
0
326
2,697
(BB)
-f01
412
0
(2,278) 8,5W
(B6)
f01
4,592
Purchase or Share capital increase of subsidiaries and
rel ated companies
Purchase of tangi ble and intangible fixed assets Proceeds fro m disposal of tangi ble and intangi bl e assets
Addition of assets Int 'rest Received
Proceeds from the sale of subsidiaries and associates
Proceeds fro m divi dends 12
Loans provided to subsidiaries and assooate°
Loans received from subsidiaries and affiliated
tJet cash fIo•m from discontin ued operations (up to
(5,5B0) (0) (8,029) (t,000)
(12,Sn7) (9,130) (M) (385)
68 2 0 0
(933) (8,606) 0 (BI)
B6 [,599 0 3
28,450 0 0 0
3,772 0 L6,990 2,LO7
(2,000) (L,L90) 0 0
0 L50 0 0
2,760 0 0 0
the date of saleJ
TataI (c•uMow) / inflouf from imeeting
13,684 (17,174) 8,417
activities (b)
Financing Activities | ||||
OuLfl o¥' front sh are capital increase | (1,362) | 0 | (L,362) | 0 |
Expenses related to the capital increase | (38) | (13) | (2) | 0 |
Proceeds from issued loans | 36,280 | 143,789 | 0 | 0 |
Repayment of loans | {31,850a | (119,99/ | {2) | -[2) |
Repayment of leasing liabilities Dividends paid
Total inflow / {ouMow) from financing
{12,402) (9,428) (302)
12 0 f3,53W 0
(9,372) LO,B14 (1,66B)
(421)
0
(4Z6)
activities (c)
Net increase/(decrease) in cash and cash
equivalents for Che period (a}+(b}+(c)
49,425 | 40,687 | 1,027 | 1,377 |
(0) | '1) | 0 | 0 |
Ca sh and cBsh equivalents at the beginning of the
p eriod
Effect of exchange equivalents at the beginning of
the period
Closing balance, cash and cash equivalents 51,D74 48,175 B,1B9 6, 10Z
The accompanying notes are an integral part of the Interim Condensed Financial Statements.
FOURLIS HOLDINGS S.A.
25 Errnou Str.