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Fourlis S.A. Annual Report 2026
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Annual Report
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Fourlis Group Consolidated Financial Results for the Full Year of 2025
Fourlis Group Delivers Double-Digit Revenue Growth and Strengthened Profitability in FY '25
Athens, Greece - March 31, 2026 -FOURLIS HOLDINGS S.A. (Bloomberg: FOYRK:GA - Reuters: FRLr.AT - ISIN: GRS096003009) announces its consolidated financial results for the full year of 2025. During FY '25, Fourlis Group delivered strong operating performance, achieving double-digit revenue growth and improved profitability across all business segments. Performance was supported by market share gains, continued network expansion and disciplined cost management. The year was also marked by important strategic milestones, including the deconsolidation of Trade Estates REIC and the continued expansion of the Group's footprint in home furnishings and sporting goods, while laying the foundations for the next phase of transformation towards a more efficient and scalable retail platform.
FY '25 Key Financial Highlights
- ← Revenues: Group revenues increased by 12.1% year-on-year to €593.7 mil., compared to €529.7 mil. in FY '24, driven by network expansion and market share gains across all business segments.
- Gross Profit: Gross profit reached €280.6 mil. up 13.0% yoy, with the gross profit margin improving to 47.3% from 46.9% in FY '24, reflecting a favourable product mix.
- EBITDA: EBITDA amounted to $\epsilon$ 82.2 mil., representing a 12.6% yoy increase, with the EBITDA margin remaining stable at 13.8%.
- $\checkmark$ EBIT: EBIT increased by 15.0% yoy to €30.7 mil. with the EBIT margin improving to 5.2%, supported by disciplined cost control.
- $\checkmark$ Contribution from associates: Trade Estates REIC, now consolidated as an associate following the reduction of the Group's stake to 47.1%, contributed €17.5 mil. to FY '25 results.
- Profitability: Profit before tax (PBT) reached €29.6 mil. while net profit attributable to $\checkmark$ shareholders of the parent company amounted to €30.3 mil. up 52.0% yoy, with net profit margin improving to 5.1% from 3.8% in FY '24.
- $\checkmark$ Balance Sheet: Net debt stood at €93.2 mil, with Net debt/EBITDA (adjusted) at 2.6x, compared to 2.7x in FY '24, in line with management's commitment to maintain a prudent leverage profile.
FOURLIS HOLDINGS S.A. 25 Ermou Str. GR 145 64 Kifissia, Athens Greece
Capital Allocation and Shareholder Returns
Total capital expenditure for FY '25 amounted to €26.3 mil., including €11.6 million related to network expansion across IKEA, INTERSPORT and Foot Locker and €5.7 million invested in digital transformation initiatives. The Group continues to apply strict return criteria to growth investments, while prioritizing initiatives that support its transformation agenda.
Total shareholder remuneration for FY '25 amounts to c. €9.2 mil., comprising a cash dividend of €7.8 mil. (€0.15 per share) and €1.36 mil. in share buybacks executed during the year. The proposed dividend of €0.15 per share will be submitted for approval at the Annual General Meeting on June 12, 2026.
In August 2025, the Company cancelled 2,606,509 treasury shares, equivalent to 4.9% of its share capital, further enhancing earnings per share for shareholders.
Business and Strategic Update
The Group achieved several key strategic milestones:
- Trade Estates deconsolidation: Following the private placement and reduction of the Group's participation to 47.1%, Trade Estates was deconsolidated and is now accounted for as an associate, strengthening the Group's balance sheet while maintaining exposure to its long-term value creation.
- Foot Locker expansion: The Group successfully completed the acquisition of Foot Locker $\bullet$ operations in Greece and Romania, including six stores and the Greek e-commerce channel, and continued the rollout of the brand across Southeast Europe.
- Network expansion: Continued store openings across IKEA, INTERSPORT, Foot Locker and $\bullet$ Holland & Barrett further enhanced the Group's geographic reach and omnichannel capabilities.
- Operational transformation: The Group initiated a transformation agenda aimed at simplifying its operating model, centralizing selected functions and strengthening cost and capital discipline, supporting improved efficiency, transparency and cash generation over time.
- Accelerating the growth of Holland & Barrett in Greece through a strategic investment in $\bullet$ the pharmacy sector: Fourlis Group announced the signing of a Memorandum of Understanding with Golden Age Capital, majority shareholder of DrP Group, to establish a strategic partnership aimed at accelerating the development of Holland & Barrett in Greece through the pharmacy channel.
FOURLIS HOLDINGS S.A. 25 Ermou Str. GR 145 64 Kifissia, Athens Greece
Q1 2026 Trading Update and Outlook
Trading momentum in the first quarter of 2026 remains positive across all business units, supported by healthy traffic levels, continued market share gains and new store openings.
Group sales are up approximately 13% year-to-date in Q1 2026 (up to March 28, 2026), with Home Furnishings sales up around 6% and Sporting Goods sales up approximately 24%.
While the Group continues to benefit from strong underlying demand and operational momentum, management remains mindful of the evolving macroeconomic and geopolitical environment. In this context, Fourlis Group remains focused on disciplined execution of its strategic priorities, maintaining operational flexibility and cost control, while continuing to invest selectively in growth and transformation initiatives.
CEO Statement
John Vasilakos, Chief Executive Officer of Fourlis Group, commented:
"2025 was a year of strong performance for Fourlis Group, with double-digit revenue growth and improved profitability across all business segments, supported by market share gains, network expansion and disciplined cost management. At the same time, we achieved important strategic milestones, including the deconsolidation of Trade Estates and the expansion of our Foot Locker operations, further strengthening our growth platform. As we enter 2026, we remain focused on executing our strategic priorities, while laying the foundations for the next phase of our transformation towards a more efficient and scalable retail platform."
FOURLIS HOLDINGS S.A. 25 Ermou Str. GR 145 64 Kifissia, Athens Greece
Fourlis group Consolidated P&L
| (amounts in $\epsilon$ mil.) | FY '24 | % | FY '25 |
|---|---|---|---|
| Revenues | 529.7 | 12.1% | 593.7 |
| Gross Profit | 248.4 | 13.0% | 280.6 |
| Gross Profit margin | 46.9% | 47.3% | |
| EBITDA*1 | 73.0 | 12.6% | 82.2 |
| EBITDA margin | 13.8% | 13.8% | |
| EBIT | 26.7 | 15.0% | 30.7 |
| EBIT margin | 5.0% | 5.2% | |
| Net Financial Income/(expenses) | $-21.2$ | 4.9% | $-22.2$ |
| Contribution from associates (SSRM)/other | 2.2 | 3.5 | |
| Contribution from associates (Trade Estates) | 0.0 | 17.5 | |
| Profit Before Tax | 7.7 | 281.9% | 29.6 |
| Profit Before Tax margin | 1.5% | 5.0% | |
| Tax | $-1.5$ | $-6.4$ | |
| Profit After Tax | 6.2 | 273.2% | 23.2 |
| Net Profit After Tax margin | 1.2% | 3.9% | |
| Contribution from sale of TE stake | 6.3 | ||
| Profit after tax from discontinued activities | 20.5 | $-94.0%$ | 1.2 |
| Total profit after tax | 26.7 | 15.0% | 30.7 |
| Minority interest | $-6.7$ | $-0.4$ | |
| Total profit to parent's shareholders | 20.0 | 51.9% | 30.3 |
| Total Profit margin | 3.8% | 5.1% |
| EBITDA-adjusted * | 31.7 | 13.8% | 36.1 | |
|---|---|---|---|---|
| EBITDA-adjusted margin | $6.0\%$ | 6.1% |
* See Appendix for further information. Alternative Performance Measures, as defined in the Management Report of the Board of Directors for the year 1/1-31/12/2025,
year 1/1-31/12/2025,
*1 EBITDA = EBIT + depreciation of RoUA + depreciation of assets. EBITDA (adjusted) = EBITDA – rental costs
| Analysis of Net Financial Income/ (Expenses) | Analysis of Depreciation | ||||
|---|---|---|---|---|---|
| FY '24 | FY '25 | FY '24 | FY '25 | ||
| Bank Interest & bank | $-7.7$ | $-6.8$ | Depreciation (assets) | 15.6 | 17.3 |
| expenses & other | Depreciation of Right of Use | 30.7 | 34.1 | ||
| IFRS16 interest | $-13.5$ | $-15.4$ | Assets (RoUA)- IFRS 16 | ||
| Total | $-21.2$ | $-22.2$ |
FOURLIS HOLDINGS S.A. 25 Ermou Str. GR 145 64 Kifissia, Athens Greece
$T + 30.210.6293.000$ E [email protected]
Analysis per Segment
Home Furnishings (IKEA stores)
| (amounts in $\epsilon$ mil.) | FY '24* | % | FY '25 |
|---|---|---|---|
| Revenues | 346.1 | 6.7% | 369.5 |
| Gross Profit | 162.1 | 8.7% | 176.2 |
| Gross Profit margin | 46.8% | 47.7% | |
| EBITDA* | 50.8 | 3.8% | 52.8 |
| EBITDA margin | 14.7% | 14.3% | |
| EBIT | 27.0 | 2.8% | 27.8 |
| EBIT margin | 7.8% | 7.5% |
| EBITDA-adjusted * | |||
|---|---|---|---|
| 28.3 | $0.7\%$ | 28.5 | |
| EBITDA-adjusted margin | 8.2% | 7.7% |
*Alternative Performance Measure, as defined in the Management Report of the Board of Directors for the year 1/1-31/12/2025. See Appendix for further information.
*For comparability purposes with FY '25, figures for FY '24 are presented on a pro-forma basis, reflecting the allocation of operating expenses related to shared services by the parent company to the business units. See Appendix for further information.
Fourlis group Home Furnishings business (IKEA stores) recorded revenues of €369.5 mil. in FY '25, marking a 6.7% increase compared to €346.1 mil. in FY '24, with sales growth accelerating throughout the year.
Growth was driven by strong like-for-like performance, supported by market share gains, increased visitorship, and network expansion following the opening of new IKEA stores.
Gross Profit improved by 8,7%, reaching €176.2 mil., with the Gross Profit margin rising to 47.7% from 46.8%, largely reflecting a favorable product mix.
EBIT stood at $\epsilon$ 27.8 mil., compared to $\epsilon$ 27.0 mil. in the previous year, with the EBIT margin at 7.5% versus 7.8%.
FOURLIS HOLDINGS S.A. 25 Ermou Str. GR 145 64 Kifissia, Athens Greece
Significant developments within FY '25 and up to date
- $\overline{a}$ IKEA store expansion in Greece: A new IKEA store opened in Heraklion, Crete in April 2025, following the successful launch of the 7,200 sqm Patra store in October 2024. Located within Trade Estates' Top Parks Heraklion, the 10,000 sqm store replaces the former Pickup and Order Point and offers a fully integrated IKEA experience with an expanded product range and enhanced customer services. The store also incorporates sustainability features such as rooftop solar panels and EV charging stations.
- 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 openings: The next large IKEA store is planned for Hellinikon in 2029, while the rollout of new-generation urban stores (≈2,000 sqm formats) continues to enhance IKEA's proximity and convenience offer.
Across Greece, Cyprus, and Bulgaria, the group currently operates in total 22 IKEA physical stores 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 continue to execute our strategy focused on network expansion through medium and new-generation formats, strengthening our presence closer to city centres, and enhancing our omnichannel capabilities. At the same time, we are driving efficiency through supply chain optimization, digitalization, and productivity initiatives, while leveraging our deep home furnishing expertise to deliver a consistently high-quality customer experience. This approach underpins our transition towards a scalable retail platform, supporting sustainable growth and stronger returns over time.
FOURLIS HOLDINGS S.A. 25 Ermou Str. GR 145 64 Kifissia, Athens Greece
Sporting Goods (INTERSPORT & Foot Locker stores)
| (amounts in $\epsilon$ mil.) | FY '24* | % | FY '25 |
|---|---|---|---|
| Revenue | 181.2 | 22.0% | 221.0 |
| Gross Profit | 85.1 | 20.8% | 102.9 |
| Gross Profit margin | 47.0% | 46.5% | |
| EBITDA* | 25.2 | 24.2% | 31.2 |
| EBITDA margin | 13.9% | 14.1% | |
| EBIT | 3.8 | 65.0% | 6.3 |
| EBIT margin | $2.1\%$ | 2.8% |
| EBITDA-adjusted* | 7.7 | 37.0% | 10.5 |
|---|---|---|---|
| EBITDA-adjusted margin | 4.2% | 4.8% |
*Alternative Performance Measure, as defined in the Management Report of the Board of Directors for the year 1/1-31/12/2025. See Appendix for further information. **For comparability purposes with FY '25, figures for FY '24 are presented on a pro-forma basis, reflecting the allocation of operating expenses related to shared services by the parent company to the business units. See Appendix for further information.
Fourlis group Sporting Goods business (INTERSPORT and Foot Locker) recorded revenues of €221.0 mil. in FY '25, an increase of 22.0% compared to €181.2 mil. in FY '24, driven by higher visitorship, an enriched product range, strengthened brand partnerships, and the contribution from network expansion.
Gross Profit rose by 20.8% to €102.9 mil., with the Gross Profit margin at 46.5% from 47.0%, mainly reflecting product mix and promotional activity.
EBIT increased significantly to €6.3 mil. compared to €3.8 mil. in the previous year, with the EBIT margin reaching 2.8% versus 2.1%, supported by strong sales growth and cost efficiencies.
The continued rollout of Foot Locker across the Group's region represents a key growth driver, enhancing the segment's athleisure positioning and expected to further support sales growth and profitability going forward.
FOURLIS HOLDINGS S.A. 25 Ermou Str. GR 145 64 Kifissia, Athens Greece
Significant developments within FY '25 and up to date
Foot Locker acquisition and network expansion: $\overline{a}$
In April 2025, Fourlis Group finalized the acquisition of Foot Locker operations in Greece and Romania, adding six existing stores and the Greek e-commerce channel. Since then, the network has expanded with four new stores (three in Greece and one in Romania) and the launch of Foot Locker's Romanian and Bulgarian e-shop. This follows the successful 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 store network growth: $\overline{a}$
Since the beginning of 2025, the Group has opened eight new INTERSPORT stores-four in Greece, three in Romania, and one in Bulgaria—and completed the renovation of the Mall Vitan store in Bucharest, further enhancing the shopping experience in a key location.
- INTERSPORT Football Club new concept expansion: In March 2025, INTERSPORT launched the $\overline{a}$ world's first Football Club store in Athens, with a retail space of 1,200 sqm dedicated exclusively to football. The concept was further expanded in October 2025 with the opening of a second store in Thessaloniki. The concept has been widely welcomed by consumers and football communities.
- Partnership between INTERSPORT and the Hellenic Football Federation: INTERSPORT has entered a strategic partnership with the Hellenic Football Federation (HFF), becoming the exclusive merchandising partner of the Greek National Team. The agreement covers the development and distribution of official merchandise across retail, e-commerce and selected wholesale channels, while enhancing fan engagement through dedicated retail touchpoints, including a boutique store and in-store concepts.
Currently the Sporting Goods business activity includes:
- 124 INTERSPORT stores (66 stores in Greece, 40 in Romania, 12 in Bulgaria and 6 in Cyprus) and e-commerce platforms in all countries.
- 13 Foot Locker physical stores (3 in Bulgaria, 6 in Greece and 4 in Romania) and ecommerce platforms in Greece, Romania and Bulgaria.
Looking ahead, we continue to execute our strategy focused on strengthening our leadership in the sports performance segment through profitable market share gains, while scaling our presence in the athleisure market across Southeast Europe, through the expansion of Foot Locker. We are further enhancing our omnichannel capabilities, with a strong focus on e-commerce growth, and accelerating digital transformation to support seamless customer journeys and elevated customer experience. This approach underpins our transition towards a scalable retail platform, supporting sustainable growth and stronger returns over time.
FOURLIS HOLDINGS S.A. 25 Ermou Str. GR 145 64 Kifissia, Athens Greece
| (amounts in $\epsilon$ mil.) | FY '24 | FY '25 | |
|---|---|---|---|
| Revenue | 2.3 | 45.5% | 3.4 |
| Gross Profit | 1.1 | 53.4% | 1.7 |
| Gross Profit margin | 48.0% | 50.6% | |
| EBITDA* | $-1.7$ | 13.1% | $-1.5$ |
| EBIT | $-2.4$ | 2.9% | $-2.3$ |
| EBITDA-adjusted* | $-2.2$ | 3.8% | $-2.1$ |
Health & Wellness (HOLLAND & BARRETT)
*Alternative Performance Measure, as defined in the Management Report of the Board of Directors for the year 1/1-31/12/2025. See Appendix for further information.
Revenue from Health & Wellness amounted to €3.4 mil. within FY '25 up by 45.5% compared to €2.3 mil. in FY '24, on the back of strong customer conversion and loyalty membership rates and strong likefor-like growth.
Health & Wellness Gross Profit margin stood at 50.6% in FY '25 compared to 48% last year, supported by the portfolio product mix.
Health & Wellness posted operating losses of €2.3mil. in FY '25 from losses of €2.4 mil. in FY '24, as the Group seeks to establish its presence in the Greek.
The Health & Wellness segment represents a strategic growth opportunity for the Group, leading to the adoption of a scalable and capital-efficient expansion model through a strategic partnership. This approach reflects the importance of the pharmacy channel as a primary distribution channel for health and wellness products, allowing the Group to leverage strong consumer trends towards health, prevention, and wellbeing, while positioning the business to deliver attractive returns over time.
Significant developments within FY '25 and up to date
Accelerating the growth of Holland & Barrett in Greece through a strategic/investment in the pharmacy sector: On March 31, 2026 Fourlis Group signed a Memorandum of Understanding with Golden Age Capital, majority shareholder of DrP Group, for the establishment of a strategic partnership to accelerate the development of Holland & Barrett in Greece through the pharmacy channel. The partnership aims to expand the brand's presence through the pharmacy channel by leveraging the growing pharmacy network of DrP Group, together with the complementary expertise and operational
FOURLIS HOLDINGS S.A. 25 Ermou Str. GR 145 64 Kifissia, Athens Greece
capabilities of both parties. The brand's existing footprint will be strengthened through flexible inpharmacy retail formats, including shop-in-shop concepts and dedicated merchandising spaces.
Subject to customary closing conditions, Fourlis Group will contribute 100% of the shares of Wellness Market S.A., the company representing the Holland & Barrett brand in Greece, to DrP Group, and will acquire a 15% equity stake in DrP Group, with the remaining 85% held by the existing shareholders. Fourlis Group will also obtain representation on the Board of Directors of DrP Group, while its participation will be supported by customary minority shareholder protections.
The transaction is expected to be completed within the first half of 2026.
This partnership underlines Fourlis Group continued confidence in the long-term growth potential of the Health & Wellness market and aligns with the Group's strategy to expand the brand through scalable distribution partnerships. At the same time, it enables Fourlis Group to remain strategically involved in the category through a minority participation, while supporting the next phase of development of the Holland & Barrett brand through the pharmacy channel.
Fourlis group today operates Holland & Barrett from 10 physical stores in Athens, through stand-alone H&B stores, Shop-in-Shop in AB Vasilopoulos, selective presence in Intersport stores as well as an ecommerce platform covering Greece. The brand has been gradually building its presence in the Greek market, reflecting the increasing consumer focus on health, prevention and wellbeing.
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.
FOURLIS HOLDINGS S.A. 25 Ermou Str. GR 145 64 Kifissia, Athens Greece
Conference Call details
The financial results of FY '25 will be presented in a conference call on Wednesday April 1st 2026 at 17.00, local time (GMT+2) through both audio conference and live webcast. Please click to access details for the conference call
Financial Calendar 2026
| 19/05/2026 | Announcement of Key Financial Figures for the First Quarter of 2026. |
|---|---|
| 20/05/2026 | Analysts' Briefing on the Key Financial Figures for the First Quarter of 2026. |
| 12/06/2026 | Annual General Shareholders Meeting. |
| 29/06/2026 | Ex-Dividend Date* (A date after June 19, 2026, which is the expiration day of |
| stock options & of index futures and index options on FTSE/ATHEX Large Cap). | |
| 30/06/2026 | Dividend Beneficiaries Date - Record Date* |
| 03/07/2026 | Dividend Distribution Date*. |
| 08/09/2026 | Announcement of Financial Results for the First Half of 2026 and Publication of |
| the Half-Year Financial Report for the First Half of 2026. | |
| 09/09/2026 | Analysts' Briefing on the Financial Results for the First Half of 2026. |
| October 2026 | Investor Day |
| 24/11/2026 | Announcement of Key Financial Figures for the Nine-Month Period of 2026. |
* The dates mentioned regarding the dividend distribution are subject to the approval of the Annual Ordinary General Meeting of Shareholders.
$\mathcal{V}$
FOURLIS HOLDINGS S.A. 25 Ermou Str. GR 145 64 Kifissia, Athens Greece
About Fourlis group
With a history of 75 years, Fourlis Group has a strong presence in the retail sector in Greece and Southeast Europe. With operations in Greece, Romania, Bulgaria, and Cyprus, it has developed a robust and diversified business ecosystem, developing leading international brands and consistently investing in sectors with significant growth potential. The Group operates in Home Furnishings through IKEA, in Sporting Goods through INTERSPORT and Foot Locker, and in Health and Wellness through Holland & Barrett. At the same time, it further strengthens its overall presence through logistics services via its subsidiary Trade Logistics, while also maintaining a participation in TRADE ESTATES REIC, a real estate investment company. Fourlis Group continues to evolve steadily, leveraging its experience, entrepreneurial foundation, and deep understanding of modern consumer needs, creating value for customers, partners, and the society.
Information
Elena Pappa Investor Relations & Corporate Affairs Director Tel.:+30 210 6293254 Email: Elena. [email protected]
Exhibits
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- Explanatory tables.
-
- P&L adiusted.
-
- Consolidated Statement of Financial Position as of December 31, 2025 and December 31, 2024
-
- Consolidated Income Statement for the full year ended December 31, 2025 and 2024
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- Consolidated Statement of Cash Flows for the full year ended December 31, 2025 and 2024
12
FOURLIS HOLDINGS S.A. 25 Ermou Str. GR 145 64 Kifissia, Athens Greece
1. Explanatory tables
Allocation of parent company's shared service operations costs
As part of its transformation towards an integrated and scalable retail platform, the Group is introducing a centralized operating model, with selected headquarters functions supporting all business units. In this context and starting from FY 2025, operating expenses related to central functions-such as procurement, finance, IT, and HR-are allocated to the business segments, reflecting the services provided.
This change enhances transparency at the segment level, while supporting the Group's ongoing efforts to drive operational efficiencies, strengthen cost discipline, and enable the execution of its organizational and digital transformation initiatives.
As a result, segmental profitability in FY '25 is not directly comparable to prior periods. For comparability purposes, pro-forma FY '24 figures, reflecting a similar allocation methodology, are presented below.
Bridge FY '24 proforma figures (€ mil.)
| FY '24 | EBIT pro- forma |
opex allocation | EBIT reported |
|---|---|---|---|
| Home Furnishings | 27.0 | $-2.5$ | 29.6 |
| Sporting Goods | 3.8 | $-1.5$ | 5.3 |
FOURLIS HOLDINGS S.A. 25 Ermou Str. GR 145 64 Kifissia, Athens Greece
Explanation of EBITDA-adjusted
Starting from Q1'25, 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 | |||||
|---|---|---|---|---|---|---|---|---|
| FY '24 | FY '25 | FY '24 | FY '25 | FY '24 | FY '25 | FY '24 | FY '25 | |
| EBIT | 26.7 | 30.7 | 27.0 | 27.8 | 3.8 | 6.3 | $-2.4$ | $-2.3$ |
| depreciation of RoUA | 30.7 | 34.1 | 15.9 | 16.2 | 14.1 | 17.0 | 0.5 | 0.6 |
| depreciation of assets | 15.6 | 17.3 | 7.9 | 8.8 | 7.3 | 8.0 | 0.2 | 0.3 |
| EBITDA (Reported) | 73.0 | 82.2 | 50.8 | 52.8 | 25.2 | 31.2 | $-1.7$ | $-1.5$ |
| rental costs | $-41.3$ | $-46.0$ | $-22.5$ | $-24.3$ | $-17.6$ | $-20.7$ | $-0.5$ | $-0.7$ |
| EBITDA (adjusted) | 31.7 | 36.1 | 28.3 | 28.5 | 7.7 | 10.5 | $-2.2$ | $-2.1$ |
| Group | Home Furnishings | Health & Wellness Sporting Goods |
||||||
|---|---|---|---|---|---|---|---|---|
| FY '24 | FY '25 | FY '24 | FY '25 | FY '24 | FY '25 | FY '24 | FY '25 | |
| EBIT | 26.7 | 30.7 | 27.0 | 27.8 | 3.8 | 6.3 | $-2.4$ | $-2.3$ |
| depreciation of assets | 15.6 | 17.3 | 7.9 | 8.8 | 7.3 | 8.0 | 0.2 | 0.3 |
| EBITDA (OPR) | 42.3 | 48.0 | 34.9 | 36.6 | 11.1 | 14.2 | $-2.2$ | $-2.0$ |
FOURLIS HOLDINGS S.A. 25 Ermou Str. GR 145 64 Kifissia, Athens Greece
$T + 30.210.6293.000$
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2. P&L adjusted.
The P&L table below presents P&L figures excluding the accounting impact of IFRS16.
| non IFRS16 adjusted FY '24 |
non IFRS16 adjusted FY '25 |
|
|---|---|---|
| (amounts in € mil.) | ||
| Revenue | 529.7 | 593.7 |
| Gross Profit | 248.4 | 280.6 |
| Gross Profit margin | 46.9% | 47.3% |
| EBITDA adjusted | 31.7 | 36.1 |
| EBITDA adjusted margin | 6.0% | 6.1% |
| EBIT adjusted | 16.1 | 18.8 |
| EBIT adjusted margin | 3.0% | 3.2% |
| Net Financial Income/(expenses) | $-7.7$ | $-6.8$ |
| Contribution from associates SSRM | 2.2 | 3.5 |
| Contribution from associates TE | $\overline{\phantom{a}}$ | 17.5 |
| PBT adjusted | 10.6 | 33.0 |
| PBT adjusted margin | 2.0% | 5.6% |
FOURLIS HOLDINGS S.A. 25 Ermou Str. GR 145 64 Kifissia, Athens Greece
3. Consolidated Statement of Financial Position as of December 31, 2025 and December 31, 2024 (figures in thousand euros, unless otherwise stated)
| Group | Company | |||||
|---|---|---|---|---|---|---|
| Assets | Note | 31/12/2025 | 31/12/2024 31/12/2025 | 31/12/2024 | ||
| Non-current Assets | ||||||
| Property plant and equipment | 5,7 | 91,652 | 83,295 | 2,294 | 1,503 | |
| Right of use assets | 5,8 | 380,389 | 174,381 | 2,955 | 3,431 | |
| Investment Property | 207 | 207 | 0 | 0 | ||
| Intangible Assets | 10 32 |
10,749 | 9.415 0 |
359 0 |
116 0 |
|
| Goodwill from acquisition of subsidiary Investments |
11 | 6,818 196,802 |
32,782 | 175,853 | 165,627 | |
| Net investment in the subleases | 8 | 3,103 | 3,841 | 0 | 0 | |
| Long Term receivables | 12 | 2,925 | 2,503 | 157 | 157 | |
| Deferred Taxes | 26 | 12,803 | 13,518 | 218 | 223 | |
| Total non-current assets | 705,446 | 319,942 | 181,837 | 171,057 | ||
| Current assets | ||||||
| Inventory | 13 | 143,179 | 98,214 | 0 | 0 | |
| Income tax receivable | 791 | 818 | 3 | 2 | ||
| Trade receivables | 14 | 4,357 | 5,482 | 2,363 | 673 | |
| Other receivables | 15 | 15,623 | 19,263 | 842 | 1,460 | |
| Cash & cash equivalent | 16 | 43,242 | 49,425 | 1,011 | 1,027 | |
| Assets classified as held for sale | 5 | 0 | 556,926 | 0 | 0 | |
| Total current assets Total Assets |
207,192 | 730,128 | 4,217 | 3,162 | ||
| 912,639 | 1,050,070 | 186,055 | 174,219 | |||
| SHAREHOLDERS EQUITY & LIABILITIES | ||||||
| Shareholders equity | ||||||
| Share Capital | 17 | 51,890 | 53,360 | 51,890 | 53,360 | |
| Share premium reserve | 18 | 6,351 | 13,798 | 6,921 | 14,327 | |
| Reserves Retained earnings |
47,808 112,757 |
41,648 89,441 |
31,906 82,982 |
21,217 75,700 |
||
| Total shareholders equity | 218,806 | 198,248 | 173,698 | 164,604 | ||
| Non-controlling interest | 0 | 105,481 303,729 |
0 | 0 | ||
| Total Equity (a) | 218,806 | 173,698 | 164,604 | |||
| LIABILITIES | ||||||
| Non Current Liabilities | ||||||
| Non - current loans | 5,22 | 77,168 | 106,710 | 22 | 26 | |
| Lease liabilities | 5,23 | 383,869 | 142, 188 | 2,514 | 2,962 | |
| Employee retirement benefits | 20 | 7,657 | 7,715 | 716 | 746 | |
| Other non-current liabilities | 24 | 140 | 140 | 82 | 82 | |
| Total non current Liabilities | 468,835 | 256,753 | 3,333 | 3,816 | ||
| Current Liabilities | ||||||
| Short term loans for working capital | 22 | 7,073 | 3,078 | 0 | O | |
| Current portion of non-current loans and | ||||||
| borrowings | 22 | 52,224 | 25,258 | 0 | 0 | |
| Short term portion of long term lease liabilities | 23 | 30,905 | 43, 188 | 607 | 589 | |
| Current tax liabilities | 3,474 | 508 | 556 | 0 | ||
| Accounts payable and other current liabilities | 25 | 131,322 | 119,715 | 7,861 | 5,210 | |
| Liability arising from assets held for sale | 5 | 0 | 297,842 | 0 | 0 | |
| Total current Liabilities | 224,999 | 489,589 | 9,024 | 5,799 | ||
| Total liabilities (b) | 693,833 | 746,341 | 12357 | 9,615 | ||
| Total Equity & Liabilities $(a) + (b)$ | 912,639 | 1,050,070 | 186,055 | 174,219 |
FOURLIS HOLDINGS S.A. 25 Ermou Str. GR 145 64 Kifissia, Athens Greece
$T + 30.210.6293.000$
4. Consolidated Income Statement for the full year ended December 31, 2025 and 2024 (figures in thousand euros, unless otherwise stated)
Group
| 529,692 (281, 285) 248,407 |
|---|
| 17,825 |
| (199, 345) |
| (39, 455) |
| (690) |
| 26,742 |
| (21, 441) |
| 276 |
| 2,289 |
| (125) |
| 7,741 |
| (1, 536) |
| 6,206 |
| 20,494 |
| 26,699 |
| 19,956 |
| 6,744 |
| 26,699 |
| 0.3939 |
| 0.3792 |
| 0.1225 |
| 0.1179 |
| 0.2714 |
| 0.2613 |
FOURLIS HOLDINGS S.A. 25 Ermou Str. GR 145 64 Kifissia, Athens Greece
$T + 30.210.6293.000$
5. Consolidated Statement of Cash Flows for the full year ended December 31, 2025 and 2024 (figures in thousand euros, unless otherwise stated)
| Group | Company | |||||
|---|---|---|---|---|---|---|
| Note | $1/1 -$ 31/12/2025 |
$1/1 -$ 31/12/2024 |
$1/1 -$ 31/12/2025 |
$1/1 -$ 31/12/2024 |
||
| Operating Activities | ||||||
| (Loss)/Profit before taxes from continued operations | 5 | 29,566 | 7,741 | 15,872 0 |
8,294 0 |
|
| (Loss)/Profit before taxes from discontinued operations Adjustments for |
7,791 | 24,186 | ||||
| Depreciation/ valuation of investment | 50,550 | 29,576 | 924 | 975 | ||
| Provisions | 2,469 | 4,511 | 452 | 774 | ||
| Foreign exchange differences | 916 | 83 | 0 | 1 | ||
| Results (Income, expenses, profit and loss) from investment activity | (27, 572) | (6, 394) | (17, 275) | (14,078) | ||
| Interest Expense Plus/less adj for changes in working capital related to the |
21,882 | 29,726 | 173 | 174 | ||
| operating activities | ||||||
| (Increase) / decrease in inventory | (42, 816) | (8, 544) | $\mathbf{0}$ | 0 | ||
| (Increase) / decrease in trade and other receivables | 2,080 | 8,095 | (1,072) | (622) | ||
| Increase / (decrease) in liabilities (excluding banks) | 12,719 | 11,069 | 3,908 | 1,910 | ||
| Less | ||||||
| Interest paid Income taxes paid |
(22, 167) (3, 561) |
(29, 299) (5,085) |
(173) (1) |
(175) (39) |
||
| Net cash generated from operations (a) | 31,855 | 65,665 | 2,810 | (2,787) | ||
| Investing Activities | ||||||
| Purchase or Share capital increase of subsidiaries and related | (8,659) | (196) | (16, 554) | (2, 546) | ||
| companies | ||||||
| Purchase of tangible and intangible fixed assets Proceeds from disposal of tangible and intangible assets |
(26, 284) 48 |
(26, 320) 623 |
(1,727) 425 |
(2, 126) 609 |
||
| Addition of other investments | (933) | (39,300) | $\mathbf{0}$ | 0 | ||
| Interest Received | 135 | 223 | $\overline{2}$ | 3 | ||
| Proceeds from the sale of subsidiaries and associates | 28,450 | 2,346 | 0 | $\mathbf{0}$ | ||
| Proceeds from dividends | 3,772 | 0 | 23,866 | 14,080 | ||
| Proceeds from loans provided to subsidiaries and associates | 0 | 150 | 0 0 |
0 0 |
||
| Loans provided to subsidiaries and associates Total (outflow) / inflow from investing activities (b) |
(2,000) $\overline{(5,472)}$ |
(8, 190) (70, 665) |
6,012 | 10,021 | ||
| Financing Activities | ||||||
| Payments for purchase of own shares | (1, 362) | (1,936) | (1, 362) | (1,936) | ||
| Inflow from share capital increase | 754 | 843 | 754 | 843 | ||
| Outflow from share capital increase | (43) | (13) | (2) | 0 | ||
| Proceeds from issued loans Repayment of loans |
55,990 (54, 031) |
220,147 (150, 554) |
0 (5) |
0 (5) |
||
| Repayment of leasing | (28, 981) | (18, 555) | (611) | (709) | ||
| Dividends paid | (7,613) | (9,314) | (7,613) | (5,777) | ||
| Total inflow / (outflow) from financing activities (c) | (35, 285) | 40,617 | (8,839) | (7, 584) | ||
| Net increase/(decrease) in cash and cash equivalents for the period $(a)+(b)+(c)$ |
(8,902) | 35,618 | (16) | (351) | ||
| Cash and cash equivalents at the beginning of the period | 49,425 | 40,687 | /1,027 | 1,377 | ||
| Closing balance, cash and cash equivalents | 40,523 | 76,305 | 1,011 | 1,027 | ||
| Effect of exchange equivalents at the beginning of the period | (49) | 0 | $\mathbf{0}$ 0 |
$\mathbf 0$ 0 |
||
| Investing Activities Closing balance, cash and cash equivalents |
2,768 43,242 |
(26, 881) 49,425 |
1.011 | 1,027 | ||
FOURLIS HOLDINGS S.A. 25 Ermou Str. GR 145 64 Kifissia, Athens Greece
$T + 30.210.6293.000$