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Crete Plastics S.A. — Management Reports 2026
Apr 23, 2026
2757_rns_2026-04-23_7f1ce0f7-d6df-42f7-8faa-302d3eeec9e9.pdf
Management Reports
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PLASTIKA KRITIS
P.O.B. 1093, GR 711 10 Iraklion-Crete, Greece
Tel. +302810-308500 Fax +302810-381328,
e-mail : [email protected], web site : www.plastikakritis.com
Heraklion, April 23, 2026
ANNOUNCEMENT ON THE COMMENTARY OF THE ANNUAL FINANCIAL RESULTS FOR THE FISCAL YEAR 2025
PLASTIKA KRITIS S.A. announces the key financial figures for the fiscal year 2025, in accordance with Decision No. 25/15.4.2024 of the Steering Committee of Stock Exchange Markets of the Athens Stock Exchange:
Group and Company Performance in the Year 2025
The tables below present the Group's performance for the 2025 fiscal year:
Turnover
(Amounts in thousand Euros)
| Company | Country | Sales
31.12.2025 | Sales
31.12.2024 | Δ% |
| --- | --- | --- | --- | --- |
| PLASTIKA KRITIS S.A. | Greece | 187.853 | 185.920 | 1,00% |
| SHANGHAI HITEC PLASTICS CO | China | 57.785 | 61.073 | -5,40% |
| ANHUI HITEC PLASTICS CO LTD | China | 26.890 | 10.848 | 147,90% |
| ROMCOLOR 2000 S.A. | Romania | 36.071 | 37.882 | -4,80% |
| AGRIPOLYANE S.A.S.U. | France | 36.777 | 38.033 | -3,30% |
| GLOBAL COLORS POLSCA S.A. | Poland | 34.659 | 33.652 | 3,00% |
| GLOBAL COLORS KIMYA A.S.² | Turkey | 17.668 | 18.903 | -6,50% |
| GLOBAL COLORS LLC | Russia | 29.633 | 27.007 | 9,70% |
| FOTOVOLTAIKA TRAGANOU S.A. | Greece | 890 | 862 | 3,20% |
| RAINBOW TECHNOLOGIES LTD | Cyprus | 609 | 652 | -6,60% |
| GROUP TOTAL¹ | | 392.707 | 385.067 | 2,00% |
¹ after consolidation entries.
² in fiscal year 2025, the Group's subsidiary in Turkey was renamed Global Colors Kimya A.S. from Senkroma A.S.
The turnover of the parent Company increased by 1.0% (from € 185.9 million to € 187.9 million) while that of the Group by 2.0% (from € 385.1 million to € 392.7 million). This increase is mainly due to the increase in sales volume as well as the increase in income from the sale of energy.
Regarding the Group's subsidiary in France, the decrease noted in the period is mainly due to a problem that occurred in June 2025 in mechanical equipment, which was immediately restored, returning to normal operation in July 2025. For Shanghai Hitec
Plastics CO Ltd, The decrease is due to the transfer of part of the sales to production at the other factory, in Anhui. For the Group's company in Romania, the decrease is entirely due to a decrease in sales volume. Finally, for the subsidiary in Turkey, the change has been affected by the significant decrease in inflation adjustments as in figures before inflation adjustments, an increase in sales of 5.9% is observed.
Earnings before taxes, financial, investment results and total depreciation (EBITDA)
(Amounts in thousand Euros)
| Company | Country | EBITDA
31.12.2025 | EBITDA
31.12.2024 | Δ% |
| --- | --- | --- | --- | --- |
| PLASTIKA KRITIS S.A. | Greece | 26.642 | 34.743 | -23,30% |
| SHANGHAI HITEC PLASTICS CO | China | 12.834 | 10.049 | 27,70% |
| ANHUI HITEC PLASTICS CO LTD | China | 4.850 | 2.122 | 128,60% |
| ROMCOLOR 2000 S.A. | Romania | 4.489 | 4.473 | 0,40% |
| AGRIPOLYANE S.A.S.U. | France | 2.236 | 2.503 | -10,60% |
| GLOBAL COLORS POLSCA S.A. | Poland | 4.049 | 4.099 | -1,20% |
| GLOBAL COLORS KIMYA A.S. 2 | Turkey | 2.492 | 2.773 | -10,10% |
| GLOBAL COLORS LLC | Russia | 4.777 | 4.518 | 5,70% |
| FOTOVOLTAIKA TRAGANOU S.A. | Greece | 840 | 802 | 4,80% |
| RAINBOW TECHNOLOGIES LTD | Cyprus | 554 | 528 | 4,90% |
| GROUP TOTAL 1 | | 64.014 | 66.750 | -4,10% |
1 after consolidation entries.
2 in fiscal year 2025, the Group's subsidiary in Turkey was renamed Global Colors Kimya A.S. from Senkroma A.S.
The parent Company's earnings before taxes, financial, investment results and total depreciation (EBITDA) decreased by 23.3% (from € 34.7 million to € 26.6 million) while the Group's consolidated earnings before taxes, financial, investment results and total depreciation decreased by 4.1% (from € 66.8 million to € 64.0 million).
The decrease observed in all Group companies, with the exception of the Group's subsidiaries in China, Russia and Traganou Photovoltaics, is due to the increase in operating costs including increased raw material and energy prices. Regarding the parent company, the decrease is mainly due to the allocation of the extraordinary special bonus to executive members of the Board of Directors as well as to senior and top executives. Finally, for the subsidiary in Turkey, the change has been affected by the significant reduction in inflation adjustments as in figures before inflation adjustments, an increase in EBITDA is observed.
The Company's EBITDA margin (EBITDA/turnover) decreased from 18.7% in the previous period to 14.2% for the current period, while the Group's decreased to a lesser extent from 17.3% in the previous period to 16.3% for the current period, mainly due to the increase in profitability in the Group's subsidiaries in China.
Earnings before taxes, financial and investment results (EBIT)
(Amounts in thousand Euros)
| Company | Country | EBIT 31.12.2025 | EBIT 31.12.2024 | Δ% |
|---|---|---|---|---|
| PLASTIKA KRITIS S.A. | Greece | 21.990 | 30.465 | -27,80% |
| SHANGHAI HITEC PLASTICS CO | China | 11.563 | 8.767 | 31,90% |
| ANHUI HITEC PLASTICS CO LTD | China | 3.905 | 1.186 | 229,30% |
| ROMCOLOR 2000 S.A. | Romania | 3.763 | 3.843 | -2,10% |
| AGRIPOLYANE S.A.S.U. | France | 812 | 1.107 | -26,60% |
| GLOBAL COLORS POLSCA S.A. | Poland | 3.444 | 3.510 | -1,90% |
| GLOBAL COLORS KIMYA A.S. 2 | Turkey | 1.591 | 2.575 | -38,20% |
| GLOBAL COLORS LLC | Russia | 4.389 | 4.211 | 4,20% |
| FOTOVOLTAIKA TRAGANOU S.A. | Greece | 487 | 461 | 5,50% |
| RAINBOW TECHNOLOGIES LTD | Cyprus | 554 | 528 | 4,90% |
| GROUP TOTAL 1 | 52.878 | 56.922 | -7,10% |
1 after consolidation entries.
2 in fiscal year 2025, the Group's subsidiary in Turkey was renamed Global Colors Kimya A.S. from Senkroma A.S.
The parent Company's earnings before taxes, financial and investment results decreased by 27.8% (from € 30.5 million to € 22.0 million) while the Group's decreased by 7.1% (from € 56.9 million to € 52.9 million).
The decrease observed in all Group companies, with the exception of the Group's subsidiaries in China, Russia and Traganou Photovoltaics, is due to the increase in operating costs, including increased raw material and energy prices. Regarding the parent company, the decrease is mainly due to the allocation of the extraordinary special bonus to executive members of the Board of Directors as well as to senior and top executives. Finally, for the subsidiary in Turkey, the change has been affected by the significant decrease in inflation adjustments as in figures before inflation adjustments, an increase in EBIT is observed.
The Company's EBIT margin (EBIT/turnover) decreased from 16.4% in the previous period to 11.7% for the current period, while the Group's decreased to a lesser extent from 14.8% in the previous period to 13.5% for the current period, mainly due to the increase in profitability in the Group's subsidiaries in China.
Net Profit for the Year
(Amounts in thousand Euros)
| Company | Country | Net profit
31.12.2025 | Net Profit
31.12.2024 | Δ% |
| --- | --- | --- | --- | --- |
| PLASTIKA KRITIS S.A. | Greece | 23.259 | 31.668 | -26,60% |
| SHANGHAI HITEC PLASTICS CO | China | 8.386 | 6.754 | 24,20% |
| ANHUI HITEC PLASTICS CO LTD | China | 2.893 | 873 | 231,20% |
| ROMCOLOR 2000 S.A. | Romania | 3.880 | 3.607 | 7,60% |
| AGRIPOLYANE S.A.S.U. | France | 318 | 411 | -22,40% |
| GLOBAL COLORS POLSCA S.A. | Poland | 3.114 | 2.673 | 16,50% |
| GLOBAL COLORS KIMYA A.S. 2 | Turkey | -860 | -1.107 | 22,30% |
| GLOBAL COLORS LLC | Russia | 3.524 | 3.414 | 3,20% |
| FOTOVOLTAIKA TRAGANOU S.A. | Greece | 374 | 146 | 155,60% |
| RAINBOW TECHNOLOGIES LTD | Cyprus | 627 | 194 | 224,10% |
| GROUP TOTAL 1 | | 38.810 | 43.584 | -11,00% |
1 after consolidation entries.
2 in fiscal year 2025, the Group's subsidiary in Turkey was renamed Global Colors Kimya A.S. from Senkroma A.S.
Regarding profits after taxes, for the Company they decreased by 26.6% (from € 31.7 million to € 23.3 million) while for the Group they decreased by 11.0% (from € 43.6 million to € 38.8 million).
The decrease observed in the parent company and the Group company in France is due to the increase in operating costs including increased raw material and energy prices as well as the significant foreign exchange loss for the period due to the depreciation of the dollar. Regarding the parent company, the decrease is mainly due to the allocation of the extraordinary special bonus to executive members of the Board of Directors as well as to senior and top executives.
The Company's margin (net profits/turnover) decreased from 17.0% in the previous period to 12.4% for the current period, while the Group's margin decreased from 11.3% in the previous period to 9.9% for the current period.
The net profit for the year of the Group's subsidiary in Turkey has been affected by the loss in the net financial position based on the requirements of IAS 29 by € - 5 thousand (2024: € - 4.2 million) which during the year recorded a significant decrease. This significant decrease in the loss is mainly due to the reduction in the rate of inflation. Specifically, for the first time since 2021, annual inflation in Turkey decreased to levels around 30%, with the economy still considered hyperinflationary by the International Accounting Standards Board. At the local level, in December 2025, the Turkish government passed a law suspending inflation adjustments for tax purposes only for the years 2025 to 2027, with the possibility of a further suspension for another three years. Furthermore, the net profits of the Group's subsidiary in Turkey have been affected by the increase in deferred tax expense due to the adjustment of the
subsidiary's deferred tax asset. The amount of the adjustment was not deemed significant enough to warrant a restatement of the prior year.
Working Capital
(Amounts in thousand Euros)
| Company | Country | Working capital
31.12.2025 | Working capital
31.12.2024 | Δ% |
| --- | --- | --- | --- | --- |
| PLASTIKA KRITIS S.A. | Greece | 187.298 | 185.211 | 1,10% |
| SHANGHAI HITEC PLASTICS CO | China | 36.806 | 35.188 | 4,60% |
| ANHUI HITEC PLASTICS CO LTD | China | 7.324 | 4.350 | 68,40% |
| ROMCOLOR 2000 S.A. | Romania | 22.170 | 23.479 | -5,60% |
| AGRIPOLYANE S.A.S.U. | France | 3.101 | 3.134 | -1,00% |
| GLOBAL COLORS POLSCA S.A. | Poland | 14.908 | 14.922 | -0,10% |
| GLOBAL COLORS KIMYA A.S. 2 | Turkey | 9.673 | 8.927 | 8,40% |
| GLOBAL COLORS LLC | Russia | 18.705 | 14.125 | 32,40% |
| FOTOVOLTAIKA TRAGANOU S.A. | Greece | 336 | 166 | 102,70% |
| RAINBOW TECHNOLOGIES LTD | Cyprus | -1.429 | 180 | -895,00% |
| GROUP TOTAL 1 | | 305.802 | 294.692 | 3,80% |
1 after consolidation entries.
2 in fiscal year 2025, the Group's subsidiary in Turkey was renamed Global Colors Kimya A.S. from Senkroma A.S.
The working capital of the parent Company increased by 1.1% (from € 185.2 million to € 187.3 million) while that of the Group increased by 3.8% (from € 294.7 million to € 305.8 million).
The subsidiaries PLASTIKA KRITIS FAR EAST LTD and ETHEPLA S.A. did not show any significant change and due to their small size for the Group, they are not presented in the above analysis.
Liquidity Ratios
| Liquidity Ratios | Group | Company | |||
|---|---|---|---|---|---|
| 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024 | ||
| Current Ratio | Current Assets/Short-term Liabilities | 7,94 | 7,37 | 9,31 | 8,12 |
| Quick Ratio | Current Assets (excluding inventories)/Short-term Liabilities | 5,60 | 5,11 | 7,51 | 6,31 |
Activity Ratios
| Activity Ratios | Group | Company | |||
|---|---|---|---|---|---|
| 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024 | ||
| Receivables Collection Period (days) | (Receivables from Customers/Revenue) x 365 | 75 | 79 | 92 | 105 |
| Payables Settlement Period (days) | (Trade Payables/Cost of Sales) x 365 | 30 | 36 | 35 | 45 |
| Inventory Turnover Period (days) | (Inventory/Cost of Sales) x 365 | 128 | 131 | 106 | 125 |
Profitability Ratios
| Profitability Ratios | Group | Company | |||
|---|---|---|---|---|---|
| 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024 | ||
| Return on Assets (pre-tax) | Net profit before tax/Total Assets | 10,15% | 10,84% | 9,04% | 12,35% |
| Return on Equity (pre-tax) | Net profit before tax/Total Equity | 11,45% | 12,37% | 9,92% | 13,73% |
Capital Structure Ratios
| Capital Structure Ratios | Group | Company | |||
|---|---|---|---|---|---|
| 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024 | ||
| Equity to Total Capital | Equity/(Equity + Liabilities) | 88,64% | 87,65% | 91,18% | 89,91% |
Outlook for 2026
Demand for the Group's products is at satisfactory levels, while at the same time the Group is working to develop new markets and applications by strengthening its sales force and research and development activities with the aim of diversifying and acquiring competitive advantages based on our technology.
The catalytic developments following the Israeli and US attack on Iran and the de facto closure of the Strait of Hormuz that followed, combined with the attacks by Iran on oil, gas and petrochemical facilities in the Persian Gulf, have had very significant impacts on the plastics industry and by extension on our Company.
- Polymer supplies from the Gulf countries, which account for about 14% of global production, have almost dried up.
- Petrochemical plants in Asia are facing shortages and very high costs for oil and gas. Some of them are being forced to reduce their production.
- Freight rates and shipping times are increasing significantly, so not only are transport costs rising but there are also delays in deliveries.
- The production of petrochemicals and polymers in Europe has been declining for some time due to reduced competitiveness, so it cannot meet demand. The US is now the main supplier to the global market.
As a result of the above factors, the cost of plastic raw materials increased by 100% within a month of the outbreak of the war and is continuing to increase. At the same time, there is a limitation in the available quantities and uncertainty in the market as to the existence of sufficient materials to fully cover the production needs of the industry if the war lasts for a long time. This creates concern which pushes prices to even greater heights.
At this stage, the Group's factories have raw material stocks for a period of 2-4 months and the Management is making efforts to supplement the necessary quantities for the coming period. The increased cost is estimated to be passed on to the selling prices with any impact on the Group's profit margins being considered manageable, so the main concern is to ensure quantities and timely arrivals as the demand for our products remains high.
Management constantly monitors geopolitical developments, evaluates any impacts on pricing policy, the supply chain and production costs and immediately takes the most appropriate decisions in the best interests of the Group.
Finally, regarding the sale of energy production from the company's wind farm, based on the existing framework, after the expiration of the 20-year sales contract in October 2025 and until the full commercial interconnection of Crete with the mainland grid, which is expected in October 2026, the ability to sell energy may be limited to 26.8 GWH per year, which is significantly below the production capacity of the farm (40-45 GWH), which will lead to a loss of revenue of around €1.5 to €2 million.
Based on the above and taking into account current conditions, Management estimates that the Group's pre-tax profits for 2026 will fluctuate at a level of +/- 10% compared to those of 2025.
Dividend for Fiscal Year 2025
It is noted that the Board of Directors will propose to the Annual General Meeting the distribution of a dividend for the fiscal year 2025. Dividend distribution is subject to approval by the Annual General Meeting of Shareholders.
Further information is provided in the Annual Financial Report, which has been published and posted on the Company's website (www.plastikakritis.com) and the Athens Stock Exchange website (www.athexgroup.gr).