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Flexopack S.A. Investor Presentation 2026
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FLEXOPACK
INNOVATORS - MANUFACTURERS - PACKAGING SOLUTIONS
Corporate Presentation
31/12/2025
www.flexopack.com
FLEXOPACK
INNOVATORS - MANUFACTURERS - PACKAGING SOLUTIONS
Company Information
Founded in 1979.
Publicly Traded in Athens Stock Exchange since 1996.
Leading European producer of flexible barrier films for the meat, cheese, seafood industries and non-barrier shrink films for the bottling industry.
Production plants in Greece, Poland and Australia.
Over 90% of Group total sales took place outside Greece in over 40 countries – USA, Australia, UK, Poland, Germany, New Zealand and others.
State-of-the-art facilities with extensive production capabilities and high performance flexographic printing.
Advanced R&D department for new product development/ improvement of product portfolio.
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FLEXSPACE
INNOVATORS - MANUFACTURERS - PACKAGING SOLUTIONS
Product Portfolio
- ☑ Shrink films for bottling industries
- ☑ Lamination films
- ☑ Thermoforming films
- ☑ Vacuum Pouches and Tubing
- ☑ Shrink Bags
- ☑ Vacuum Skin Packaging films
- ☑ Barrier and high barrier FFS films
- ☑ Barrier and high barrier films for Liners
- ☑ Customized film structures
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FLEXOPACK
INNOVATORS - MANUFACTURERS - PACKAGING SOLUTIONS
Highlights
| Thous. C | 12M-2025 | D |
|---|---|---|
| Sales | 163.768 | 4,6% |
| EBITDA | 25.861 | 25,2% |
| EBT | 15.375 | 9,3% |
| EAT | 11.217 | 5,1% |
| Shareholders Equity | 139.510 | 6,4% |
| Total Assets | 221.209 | -1,2% |
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FLEXOPACK
2025 Overview
INNOVATORS - MANUFACTURERS - PACKAGING SOLUTIONS
Important milestones of the year 2025:
☐ 91% of our business is outside of Greece
☐ Continuous product development
☐ Further expansion of sales team and distribution network
☐ Investments in fixed assets of EUR 8,5 Mil. for the Group
☐ Incorporation of a new trading company in Spain under the name "FLEXOPACK SPAIN SL"
☐ Acquisition of a significant minority share in the company "Progressive Plastics Limited" in New Zealand
☐ Strong financial position
FLEXOPACK
INNOVATORS - MANUFACTURERS - PACKAGING SOLUTIONS
Subsidiaries
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FLEXOPACK
SUBSIDIARIES
FLEXOPACK POLSKA
Sp.z.o.o.
Poland
(100%)
FLEXOPACK TRADE AND SERVICES DOO BEOGRAD
Serbia
(100%)
FLEXOPACK INTERNATIONAL LIMITED
Cyprus
(100%)
FLEXOPACK IRELAND LIMITED
Ireland
(100%)
FLEXOPACK USA INC.
USA
(100%)
FLEXOPACK FRANCE SARL
France
(100%)
FLEXOPACK PROPERTIES PTY LTD
Australia
(100%)
FLEXOPACK PTY LTD
Australia
(100%)
FLEXOPACK TRADE AND SERVICES UK LIMITED
UK
(100%)
FLEXOPACK SPAIN SL
SPAIN
(100%)
FLEXOPACK NZ LIMITED
New Zealand
(100%)
FLEXO-PACK
INNOVATORS - MANUFACTURERS - PACKAGING SOLUTIONS
Affiliates
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FLEXO-PACK
INNOVATORS - MANUFACTURERS - PACKAGING SOLUTIONS
CONSOLIDATED FINANCIALS
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FLEXOPACK
INNOVATORS - MANUFACTURERS - PACKAGING SOLUTIONS
Income Statement
GROUP
COMPANY
| Thous. € | 12M-2025 | 12M-2024 | D | 12M-2025 | 12M-2024 | D |
|---|---|---|---|---|---|---|
| Sales | 163.768 | 156.593 | 4,6% | 117.973 | 119.085 | -0,9% |
| Gross Profit | 45.578 | 39.338 | 15,9% | 24.349 | 27.775 | -12,3% |
| Gross Profit Margin | 27,8% | 25,1% | 20,6% | 23,3% | ||
| EBITDA | 25.861 | 20.658 | 25,2% | 14.599 | 17.711 | -17,6% |
| EBITDA Margin | 15,8% | 13,2% | 12,4% | 14,9% | ||
| EBIT | 18.187 | 13.505 | 34,7% | 9.687 | 12.746 | -24,0% |
| EBIT Margin | 11,1% | 8,6% | 8,2% | 10,7% | ||
| EBT | 15.375 | 14.063 | 9,3% | 6.402 | 12.715 | -49,7% |
| EBT Margin | 9,4% | 9,0% | 5,4% | 10,7% | ||
| Earnings After Tax | 11.217 | 10.675 | 5,1% | 4.780 | 9.774 | -51,1% |
| EAT Margin | 6,8% | 6,8% | 4,1% | 8,2% | ||
| EPS BASIC | 0,9516 | 0,9067 | 5,0% | 0,4056 | 0,8302 | -51,2% |
| EPS DILUTED | 0,9493 | 0,8992 | 5,6% | 0,4046 | 0,8233 | -50,9% |
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FLEXOPACK
INNOVATORS - MANUFACTURERS - PACKAGING SOLUTIONS
Country Turnover Breakdown
GROUP
| Thous. € | 12M - 2025 | 12M - 2024 | % |
|---|---|---|---|
| Greece | 14.625 | 15.643 | -6,5% |
| % of total sales | 8,9% | 10,0% | |
| Europe | 68.599 | 67.207 | 2,1% |
| % of total sales | 41,9% | 42,9% | |
| Other Countries | 80.544 | 73.743 | 9,2% |
| % of total sales | 49,2% | 47,1% | |
| Total Exports | 149.143 | 140.951 | 5,8% |
| % of total sales | 91,1% | 90,0% | |
| Total Sales | 163.768 | 156.593 | 4,6% |
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FLEXOPACK
INNOVATORS - MANUFACTURERS - PACKAGING SOLUTIONS
Cash Flow
| Thous. € | 12M-2025 | 12M-2024 |
|---|---|---|
| Earnings before taxes | 15.375 | 14.063 |
| Adjustements | 10.741 | 7.134 |
| Gross Cash Flow | 26.116 | 21.197 |
| Change in Working Capital | (10.642) | (7.317) |
| Income tax paid | (3.633) | (3.204) |
| Operating Cash Flow | 11.841 | 10.676 |
| Cash Flow from Investment | (9.865) | (19.968) |
| Net Cash Flow Before Financing Activities | 1.976 | (9.292) |
| Net Cash Flow from Financing | (9.876) | 7.613 |
| Change in Cash and Cash Equivalents | (7.900) | (1.679) |
| Cash at Beginning | 38.416 | 39.955 |
| Effect from foreign exchange differences | (473) | 140 |
| Cash at End | 30.043 | 38.416 |
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FLEXOPACK
INNOVATORS - MANUFACTURERS - PACKAGING SOLUTIONS
Capital Management
| GROUP | COMPANY | |||
|---|---|---|---|---|
| Thous. € | 12M-2025 | 12M-2024 | 12M-2025 | 12M-2024 |
| Long-term debt obligations | 37.295 | 43.055 | 34.138 | 38.829 |
| Short-term debt obligations | 8.319 | 8.110 | 6.391 | 6.148 |
| Total bank debt | 45.615 | 51.165 | 40.529 | 44.977 |
| Liabilities for Leases | 934 | 1.169 | 612 | 751 |
| Total Debt | 46.548 | 52.334 | 41.141 | 45.728 |
| Minus: Cash and cash equivalents | 30.043 | 38.416 | 21.314 | 30.889 |
| Net Debt (1) | 16.505 | 13.918 | 19.827 | 14.839 |
| Total Equity (2) | 139.510 | 131.154 | 119.184 | 115.821 |
| Total Employed Capital (1)+(2) | 156.015 | 145.072 | 139.011 | 130.660 |
| Net Debt / Total Employed Capital | 10,6% | 9,6% | 14,3% | 11,4% |
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FLEXO-PACK
INNOVATORS - MANUFACTURERS - PACKAGING SOLUTIONS
CAPEX
GROUP
| Thous. € | 2021 | 2022 | 2023 | 2024 | 2025 | TOTAL |
| --- | --- | --- | --- | --- | --- | --- |
| Sales | 114.181 | 151.012 | 153.091 | 156.593 | 163.768 | 738.645 |
| CAPEX | 3.187 | 13.490 | 15.923 | 22.054 | 8.456 | 63.111 |
| % On Sales | 2,8% | 8,9% | 10,4% | 14,1% | 5,2% | 8,5% |
FLEXOPACK
INNOVATORS • MANUFACTURERS • PACKAGING SOLUTIONS
Statement of Financial Position
| Thous.C | 12M-2025 | 12M-2024 | D |
|---|---|---|---|
| ASSETS | |||
| Tangible & Intangible Assets | 89.626 | 89.021 | 0,7% |
| Investments in Associate Companies | 9.910 | 8.320 | 19,1% |
| Other L.T. assets | 1.587 | 2.260 | -29,8% |
| Total Non Current Assets | 101.123 | 99.601 | 1,5% |
| Inventories | 61.774 | 54.942 | 12,4% |
| Trade Debtors | 21.753 | 24.051 | -9,6% |
| Other Receivables | 6.516 | 6.953 | -6,3% |
| Cash & cash equivalents | 30.043 | 38.416 | -21,8% |
| Total Current Assets | 120.086 | 124.362 | -3,4% |
| Total Assets | 221.209 | 223.963 | -1,2% |
| SHAREHOLDER'S EQUITY & LIABILITIES | |||
| Share Capital | 6.449 | 6.409 | 0,6% |
| Share Premium-Reserves-Retained Earnings | 133.061 | 124.744 | 6,7% |
| Shareholders Equity | 139.510 | 131.154 | 6,4% |
| Minority interest | 0 | 0 | - |
| Total Shareholders Equity | 139.510 | 131.154 | 6,4% |
| L-T Bank Loans | 37.295 | 43.055 | -13,4% |
| Deferred Tax Liabilities | 1.090 | 1.153 | -5,4% |
| Retirement Benefit Obligations | 829 | 763 | 8,7% |
| Other L.T.L. & Provisions | 1.719 | 3.371 | -49,0% |
| Total Non Current Liabilities | 40.933 | 48.342 | -15,3% |
| Trade Creditors and related liabilities | 28.840 | 31.746 | -9,2% |
| S-T Bank Loans | 8.319 | 8.110 | 2,6% |
| Current tax Liabilities | 3.605 | 4.611 | -21,8% |
| Total Current Liabilities | 40.765 | 44.467 | -8,3% |
| Total Liabilities | 81.698 | 92.809 | -12,0% |
| Total Liabilities & Equity | 221.209 | 223.963 | -1,2% |
FLEXOPACK
INNOVATORS - MANUFACTURERS - PACKAGING SOLUTIONS
Disclaimer
This presentation contains public available information, serves only informative purposes and it does not form or can either be referred as a buy, sell or hold encouragement for shares. Investors must decide upon their investments based on their own investing preferences, financial status and advice from those registered investment advisors who consider appropriate. This presentation belongs to Flexopack S.A.
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FLEXOPACK®
INNOVATORS - MANUFACTURERS - PACKAGING SOLUTIONS
FLEXOPACK S.A.
Ifestou 36, Thesi Tzima, Koropi, 19400 GREECE
T +30 21 0668 0000, F +30 21 0662 6583
[email protected]
FLEXOPACK POLSKA SP. z.o.o.
Tragamin 17, Malbork, 82-200, Polska
T +48 (55)2720048, F +48 (55)2731806
FLEXOPACK PTY LTD
17 Dixon Street, Yatala, QLD, 4207 AUSTRALIA
T +61 73386 2999, F +61 73386 2900
www.flexopack.com