Nikos Vogiatzoglou attributed the losses recorded by the parent company in 2025 to the investment Vogiatzoglou has been making in human resources in recent years to support more complex automation and technology projects.
On the sidelines of the company’s Annual General Meeting, Mr. Vogiatzoglou noted that the company has “undergone a complete transformation in recent years,” as the industry’s needs are now different from what they were in the past.
As he explained, while in the past operations could be supported mainly by salespeople and technicians, today the projects the group bids on and implements require more specialized teams. “We need experienced and young engineers who understand mechanical engineering, electrical engineering, and, above all, software and AI,” he noted.
Investing in People and Automation Projects
He emphasized that the company has invested significantly over the past two to three years in its workforce, with a more diverse executive profile and higher payroll costs. “It is a very substantial investment in human resources, which has led to poor results so far, but we are optimistic that we will see the benefits in the near future,” he said.
According to Mr. Vogiatzoglou, there are already positive signs from the market. The company has completed and delivered automation projects, which, as he said, are “exceptional, efficient, and high-quality,” paving the way for new contracts. “You can’t build a new business of this caliber without having the infrastructure in place. We’ve been working on this aspect over the past three years so that we can support what we hope will come, and it’s already becoming clear that this is yielding positive results,” he added.
Regarding new projects, Mr. Vogiatzoglou noted that there are ongoing discussions, but they “cannot yet be announced.”
What he said about Romania
Commenting on developments in Romania, where the group has a subsidiary, Mr. Vogiatzoglou acknowledged that the country is facing a more complex environment compared to previous years. As he noted, a few years ago Romania had some of the highest growth rates in Europe; however, that momentum has now slowed, and there are also fiscal pressures.
He focused primarily on the psychological factor linked to the war in Ukraine, which, as he said, has slowed investment to some extent. Nevertheless, he appeared reassuring regarding the subsidiary’s performance. “We’re meeting our targets; in fact, this year we’re doing quite a bit better than last year, and we’re optimistic that the year will end on this note,” he noted, adding that “things have gone well for us in Romania.”
Unanimous Approval of All Agenda Items
During the General Meeting, all items on the agenda were unanimously approved. Among them were the annual corporate and consolidated financial statements for fiscal year 2025, the Board of Directors’ management report, the independent auditor’s report, the Audit Committee’s report, the overall management of the fiscal year, the decision not to distribute a dividend, the remuneration of Board members, and the compensation report.
At the same time, a new seven-member Board of Directors was elected for a five-year term, ending in 2031. The four executive members are Nikolaos Vogiatzoglou, Anna Vogiatzoglou, Nina Vogiatzoglou, and Andreas Tseperis, while the three non-executive members are Michael Katsinas, Dimitrios Skaleos, and Athanasios Tsotsoros. Grant Thornton was selected as the auditing firm for the 2026 fiscal year.
Financial Results for 2025
At the group level, Vogiatzoglou’s revenue for 2025 stood at 38.286 million euros, down 8.33% from 41.766 million euros in 2024. Gross profit fell to 10.822 million euros from 12.103 million euros, while EBITDA stood at 1.974 million euros, compared to 2.503 million euros in 2024.
The group’s pre-tax results remained profitable, at 359 thousand euros, down from 675 thousand euros in the previous fiscal year, while earnings after taxes and minority interests amounted to 216 thousand euros, compared to 560 thousand euros in 2024.
At the parent company, revenue decreased by 10.14% to 26.310 million euros, while earnings before taxes turned to a loss of 364 thousand euros, compared to a profit of 785 thousand euros in 2024. After taxes, the parent company reported a loss of 297 thousand euros, compared to a profit of 723 thousand euros in the previous fiscal year.