FINANCIAL RESULTS OF YEAR 2025
https://www.thracegroup.gr
PRESS RELEASE
Tuesday, 21 April 2026
Strong Financial Results with Increased Operating Profitability albeit in a Volatile Geopolitical and Economic Environment
ATHEX: PLAT
Reuters: THRr.AT Bloomberg: PLAT GA
Summary of key figures for 2025 compared to the corresponding figures of the previous year:
Sales: €389.6 million (+5.2%) and Sales Volumes of 129.4 thousand tons (+7.2%),
EBITDA: €48.4 million (+17.0%) and Adjusted EBITDA: €48.2 million (+14.1%),
EBIT: €20.6 million (+31.6%) and EAT (Earnings After Taxes): €19.6 million (+77.7%)
Net Debt: €56.9 million and Net Debt / EBITDA: 1.18
THRACE GROUP announces the financial results for the fiscal year 2025.
Annual Financial ResultsIn 2025, the Group's turnover amounted to €389.6 million, compared to €370.4 million in 2024, representing an increase of 5.2%. This growth was mainly driven by higher sales volumes, which increased by 7.2%, despite the pressures and uncertainty stemming from the economic and geopolitical environment.
EBITDA reached €48.4 million, up 17% compared to 2024 (EBITDA 2024: €41.4 million). At the level of adjusted EBITDA, the increase amounted to 14.1%. Profit Before Taxes (PBT) amounted to €19.9 million in 2025, marking a 45.1% increase compared to the previous year. Those developments demonstrate a significant improvement in the Group's operating profitability, despite adverse economic conditions, ongoing weak demand, and an increased cost base.Regarding liquidity levels and the operating cycle of the subsidiaries, no negative impact was observed. The Group's Net Debt amounted to €56.9 million, increased compared to the end of 2024 (€34.4 million). This increase is mainly attributable to the rise in working capital of approximately €15 million, primarily as a result of increased commercial activity. Receivables increased by approximately €7.7 million, with collection days however, remaining at levels similar to the previous year. In any case, the level of Net Debt remains relatively low.
THRACE PLASTICS Co. S.A.20, Marinou Antypa str., 17455, Alimos (Athens), Greece, Τ +30 210 9875000 | F +30 210 9875001
Registration Number: 125122460000
https://www.thracegroup.gr
Specifically, the table depicts the Group's key financial figures for 2025 compared to 2024:
CONSOLIDATED FINANCIAL RESULTS (in € thous.) | 31/12/2025 | 31/12/2024 | Change (%) |
Turnover | 389,562 | 370,368 | 5.2% |
Gross Profit | 85,422 | 77,140 | 10.7% |
ΕΒΙΤ | 20,611 | 15,658 | 31.6% |
EBITDA | 48,387 | 41,361 | 17.0% |
EBITDA Adjusted | 48,222 | 42,256 | 14.1% |
EBT | 19,925 | 13,735 | 45.1% |
Earnings after Taxes | 19,555 | 11,004 | 77.7% |
Earnings after Taxes and Non-Controlling Interests | 18,773 | 10,363 | 81.2% |
Basic Earnings per Share (in €) | 0.4379 | 0.2415 | 81.3% |
Regarding the Group's operating profitability for the first quarter of 2026, the Management estimates that, despite the adverse global conditions, EBITDA will significantly exceed that of the first quarter of 2025. As for overall annual profitability, it is not possible to provide a reliable forecast, given the uncertainty arising from the ongoing military conflict and its unpredictable impact.
Nevertheless, the Management is confident that the Group has the capacity to achieve higher comparable operating profitability in 2026 compared to 2025. Even in the event of further disruptions in international markets, the Management remains optimistic about the Group's long-term growth trajectory and has already implemented the necessary measures to ensure both the availability of raw materials and finished products for its customers, as well as the effective adaptation to the particularly demanding market conditions.
Finally, it should be noted that during the first quarter of 2026, the Group completed the acquisition of the company "BHA Holdings Pty Ltd", which, through its subsidiaries in Australia and New Zealand, has been operating in the Packaging sector for more than forty years. This acquisition is part of the Group's broader strategic plan for the international expansion of its FIBC (big bags) activities and the strengthening of its presence in the Oceania markets. For the fiscal year ended June 30, 2025, BHA Holdings Pty Ltd reported revenue of AUD
37.6 million (approximately €22.8 million), operating profit (EBITDA) of AUD 4.1 million (approximately €2.5
million) and Profit Before Tax of AUD 3.3 million (approximately €2.0 million).
Regarding Thrace Group's annual financial results, Mr. D. Malamos, Group CEO, stated: ''In another year of low growth for most economies and heightened uncertainty, the Group succeeded in maintaining its steady growth trajectory, delivering improved financial performance. The implementation of the Group's strategy, both in terms of product portfolio and market approach, combined with the effective utilization of the already implemented investments, continues to underpin a strong competitive advantage. At the same time, our recent commercial expansion through an acquisition in the Oceania region, further strengthens our broadened commercial footprint. We remain particularly optimistic that, despite the current adverse environment, our growth trajectory will continue and be further strengthened."
www.thracegroup.gr The Management of Thrace Group will organize a Conference Call regarding the annual analyst briefing on the 2025 financial results on Tuesday, 28 April 2026. Details regarding the organization of the conference call will be announced in due course through a new announcement on the Company's website.
For further clarifications or information regarding the present release you may refer to the Department of Investor Relations and Corporate Announcements, tel,: + 30 210-9875081.
ANALYSIS OF FINANCIAL RESULTS OF YEAR 2025 (in € thousand)STATEMENT OF COMPREHENSIVE INCOME | 2025 | 2024 | Change (%) |
Turnover | 389,562 | 370,368 | 5.2% |
Gross Profit | 85,422 | 77,140 | 10.7% |
Gross Profit Margin | 21.9% | 20.8% | |
Other Income | 5,043 | 4,928 | 2.3% |
As % of Turnover | 1.3% | 1.3% | |
Sales & Distribution Expenses | -45,786 | -42,977 | 6.5% |
As % of Turnover | -11.8% | -11.6% | |
Administrative Expenses | -18,923 | -17,657 | 7.2% |
As % of Turnover | -4.9% | -4.8% | |
Research & Development Expenses | -1,952 | -2,494 | -21.7% |
As % of Turnover | -0.5% | -0.7% | |
Other Expenses | -4,131 | -3,536 | 16.8% |
As % of Turnover | -1.1% | -1.0% | |
Other Income / (Losses) | 938 | 254 | 269.3% |
ΕΒΙΤ | 20,611 | 15,658 | 31.6% |
EBIT Margin | 5.3% | 4.2% | |
EBITDA | 48,387 | 41,361 | 17.0% |
EBITDA Margin | 12.4% | 11.2% | |
(Adjusted) EBITDA | 48,222 | 42,256 | 14.1% |
(Adjusted) EBITDA Margin | 12.4% | 11.4% | |
Financial Cost (Net) | -2,772 | -3,264 | -15.1% |
Earnings / (Losses) from Companies consolidated with the Equity Method | 2,086 | 1,341 | 55.6% |
EBT | 19,925 | 13,735 | 45.1% |
EBT Margin | 5.1% | 3.7% | |
Income Tax | -370 | -2,731 | |
Earnings after Taxes | 19,555 | 11,004 | 77.7% |
EAT Margin | 5.0% | 3.0% | |
EAT without Non-Controlling Interest | 18,773 | 10,363 | 81.2% |
EAT without Non-Controlling Interest Margin | 4.8% | 2.8% | |
Earnings per Share (in Euro) | 0.4379 | 0.2415 | 81.3% |
STATEMENT OF FINANCIAL POSITION | 31/12/2025 | 31/12/2024 | Change (%) |
Property, Plant & Equipment | 204,368 | 193,529 | 5.6% |
Right-of-use Assets | 2,208 | 3,065 | -28.0% |
Investment Property | 113 | 113 | 0.0% |
Intangible Assets | 11,597 | 10,226 | 13.4% |
Investments in Joint Ventures | 20,061 | 20,430 | -1.8% |
Net benefit from funded defined benefit plans | 5,730 | 5,980 | -4.2% |
Other Long-term Receivables | 166 | 158 | 5.1% |
Deferred Tax Assets | 972 | 815 | 19.3% |
Total Non-Current Assets | 245,215 | 234,316 | 4.7% |
Inventories | 87,428 | 85,105 | 2.7% |
Income Tax Prepaid | 1,475 | 954 | 54.6% |
Trade Receivables | 78,322 | 73,151 | 7.1% |
Other Receivables | 9,667 | 7,166 | 34.9% |
Fixed Assets held for sale | 876 | 1,698 | -48.4% |
Cash & Cash Equivalents | 26,374 | 33,456 | -21.2% |
Total Current Assets | 204,142 | 201,530 | 1.3% |
TOTAL ASSETS | 449,357 | 435,846 | 3.1% |
TOTAL EQUITY | 277,504 | 275,169 | 0.8% |
Long-term Debt | 38,277 | 33,248 | 15.1% |
Liabilities from Leases | 1,090 | 1,619 | -32.7% |
Provisions for Employee Benefits | 2,290 | 1,907 | 20.1% |
Deferred Tax Liabilities | 2,537 | 5,507 | -53.9% |
Other Long-term Liabilities | 293 | 403 | -27.3% |
Total Long-term Liabilities | 44,487 | 42,684 | 4.2% |
Short term borrowings | 43,045 | 31,731 | 35.7% |
Liabilities from Leases | 889 | 1,282 | -30.7% |
Income Tax | 2,217 | 2,414 | -8.2% |
Trade payables | 51,973 | 55,500 | -6.4% |
Other Short-term Liabilities | 29,230 | 26,940 | 8.5% |
Financial derivative products | 12 | 126 | -90.5% |
Total Short-term Liabilities | 127,366 | 117,993 | 7.9% |
Total Liabilities | 171,853 | 160,677 | 7.0% |
TOTAL EQUITY & LIABILITIES | 449,357 | 435,846 | 3.1% |
STATEMENT OF CASH FLOWS | 01/01/2025- 31/12/2025 | 01/01/2024- 31/12/2024 |
Cash flows from investing activities | (38,090) | (37,168) |
Cash flows from financing activities | 4,949 | 1,284 |
Net increase / (decrease) in cash and cash equivalents | (5,965) | 5,081 |
Cash and cash equivalents at beginning of period | 33,456 | 27,801 |
Effect from changes in foreign exchange rates on cash reserves | (1,117) | 574 |
Cash and Cash Equivalents at end of period | 26,374 | 33,456 |
FINANCIAL RESULTS PER BUSINESS SEGMENT | ||||||||||||
Sector | Technical Fabrics | Packaging | Other | Intra-Segment Eliminations | Group | |||||||
(Amounts in € thous.) | 12M 2025 | 12M 2024 | Change (%) | 12M 2025 | 12M 2024 | Change (%) | 12M 2025 | 12M 2024 | 12M 2025 | 12M 2024 | 12M 2025 | 12M 2024 |
Turnover | 252,436 | 240,180 | 5.1% | 148,068 | 141,893 | 4.4% | 6,295 | 5,772 | -17,237 | -17,477 | 389,562 | 370,368 |
Gross Profit | 48,664 | 44,025 | 10.5% | 35,957 | 32,641 | 10.2% | 516 | 458 | 285 | 16 | 85,422 | 77,140 |
Gross Profit Margin | 19.3% | 18.3% | 24.3% | 23.0% | 8.2% | 7.9% | - | - | 21.9% | 20.8% | ||
EBITDA | 24,182 | 18,669 | 29.5% | 24,458 | 22,969 | 6.5% | -394 | -236 | 141 | -41 | 48,387 | 41,361 |
EBITDA Margin | 9.6% | 7.8% | 16.5% | 16.2% | -6.3% | -4.1% | - | - | 12.4% | 11.2% | ||
Alternative Performance Measures (APM): During the description of the developments and the performance of the Group, ratios such as the EBIT and the EBITDA are utilized.
EBIT (The indicator of earnings before financial and investing activities, and taxes): EBIT provides a better analysis of the Group's operating results and is calculated as follows: Turnover minus Cost of Sales plus other operating income minus the total operating expenses, before the financial and investing activities and taxes. The EBIT margin (%) is calculated by dividing the EBIT by the total turnover. EBITDA (The indicator of operating earnings before financial and investing activities, depreciation, and taxes): EBITDA provides a better analysis of the Group's operating results and is calculated as follows: Turnover minus Cost of Sales plus other operating income minus the total operating expenses before depreciation of tangible assets and amortization of grants and, before financial and investing activities and taxes. The EBITDA margin (%) is calculated by dividing the EBITDA by the Turnover. Adjusted EBITDA (The adjusted indicator of operating earnings before financial and investing activities, depreciation, impairments, and taxes): Adjusted EBITDA is EBITDA excluding any restructuring, acquisition, merger, and other non-recurring expenses that may be realized within the period / year, also excluding any non-recurring gains (e.g. gain from the sale of property, plant and equipment).