Gr Sarantis (SAR) H2 2025 earnings summary

Executive summary

• Achieved strong profitability growth in 2025, with EBITDA up 9.1% to EUR 89 million and net income up 15.3% to EUR 53.1 million, despite flat net sales compared to 2024.

• Beauty, skin, and sun care category drove growth, especially through international expansion in the U.S. and Australia.

• Strategic focus on branded business and hero brands resulted in a 3.4% growth for top 15 brands and outperformance over private label.

• Reinforced strategic foundations through organic growth, acquisitions, and digital transformation initiatives.

• Continued digital transformation and significant CapEx investments to support future growth and supply chain resilience.

Financial highlights

• FY 2025 revenue at EUR 599.6 million, down 0.1% year-over-year; like-for-like revenue up 0.4% excluding Stella Pack Ukraine sale.

• EBITDA grew by 9.1% to EUR 89 million; EBITDA margin improved by 124 bps to 14.8%.

• EBIT increased by 10% to EUR 67 million; EBIT margin up 102 bps to 11.2%.

• Net income rose 15.3% to EUR 53.1 million; EPS up 17% to EUR 0.83.

• Free cash flow more than doubled to EUR 79.5 million, despite record CapEx of EUR 37.3 million.

• Dividend proposed at EUR 25 million (+25% YoY), representing a 47% payout ratio.

Outlook and guidance

• 2026 net sales expected to grow by 3.5% to EUR 620 million.

• EBITDA guidance for 2026 at EUR 97 million (+9%), with margin improvement to 15.6%.

• CapEx planned at EUR 20 million for 2026, focusing on digital and plant expansions; FCF expected at EUR 63 million.

• Targeting EUR 120 million EBITDA by 2028, double the 2023 base year.