Plastika Thrakis reported increased sales and profits in the first quarter.
As stated in a related announcement, during the first quarter of 2026, the macroeconomic environment—particularly during the first two months of the year—followed the trend of the previous period, with demand remaining subdued and key sources of uncertainty continuing to affect international markets.
However, the outbreak of hostilities in the Middle East had a significant impact on market conditions, leading to a sharp rise in raw material prices, disruptions in the supply chain, and increased uncertainty regarding the availability of materials and products. The priority in the markets shifted to ensuring the adequacy of materials and products, regardless of short-term fluctuations in demand.
The Group, leveraging its existing strategic investments and operational capabilities, ensured an uninterrupted supply of raw materials and continuous support for its customers, maintaining the smooth fulfillment of orders without delays, despite market disruptions.
With regard to the Group’s business segments, demand in the Technical Fabrics sector remained at relatively low levels, with some signs of stabilization, while in the Packaging sector it remained at consistently elevated levels.
During the first quarter of 2026, market conditions were as follows:
- Demand in the main end-market sectors remained stable.
- Raw material costs during the first two months were in line with the previous year’s levels and subsequently rose significantly.
- Energy costs remained stable but at high levels.
- Significant increases in transportation costs and input costs were observed following the outbreak of the conflict.
- Lending rates did not change substantially.
On the financial front, the Group’s revenue stood at €100.3 million, compared to €96.4 million in the corresponding period of 2025, marking a 4.0% increase. This increase is primarily attributable to a 5.3% rise in sales volume, a factor that confirms the Group’s steady commercial momentum and resilience in an environment of heightened uncertainty.
Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) amounted to €15.1 million, compared to €9.2 million in the first quarter of 2025, representing a 64.9% increase. At the same time, EBIT stood at €7.7 million, marking a 220.3% increase.
The substantial improvement in the Group’s operating profitability during the first quarter of the year is primarily attributable to structural factors, specifically:
• The continued growth in sales volumes and the strengthening of commercial activity.
• The improvement in the product mix and the increased value added of sales.
• The utilization of expanded production capacity, resulting from investments made in previous years.
• The Group’s operational readiness and ability to adapt to prevailing market conditions, particularly following the onset of the geopolitical crisis.
Net income also showed a particularly positive trend, with earnings after taxes amounting to €5.4 million, compared to €0.5 million in the corresponding period of 2025. Accordingly, earnings per share stood at €0.1177, compared to €0.0105 in the first quarter of the previous year, reflecting the substantial improvement in the Group’s overall financial performance.
In terms of business segments, the Packaging segment posted a particularly strong performance, with a 17.8% increase in revenue and a near doubling of EBITDA, which rose by 97.3%. The Technical Fabrics segment, despite subdued demand in certain markets, showed an improvement in gross profitability and a 38.8% increase in EBITDA, confirming the improved operational contribution of the Group’s core business segments.
It should be noted that the contribution of operations in Australia and New Zealand to the quarter’s results is very limited, as they were consolidated for only part of the period.
This development demonstrates the Group’s ability to improve its performance, even in an environment of heightened uncertainty and market disruptions, by leveraging its business model, geographic diversification, and the diversity of its operations.
Regarding the financial position, net debt stood at €71.1 million, compared to €56.9 million at the end of 2025. This increase is primarily attributable to the financing of the acquisition and the interim dividend distribution, while operating cash flows remained strong (€12.1 million).
Regarding the financial results for the first quarter of 2026, the CEO of the Thrace Plastics Group, Mr. D. Malamos, noted:
“The first quarter of 2026 confirms the Group’s momentum and resilience in an environment of heightened uncertainty and geopolitical challenges. The significant improvement in operating profitability reflects our steady commercial performance, the optimization of our product mix, and the effective utilization of investments made in previous years.
At the same time, the Group’s operational readiness allows us to consistently respond to our customers’ needs and ensure our seamless operation even under conditions of heightened volatility. We remain cautiously optimistic about the rest of the year, with our top priority being to maintain our growth trajectory and further strengthen our competitive position.”
Group Outlook
At the start of the second quarter of 2026, the international environment continues to be characterized by heightened uncertainty, with geopolitical developments affecting costs, supply chains, and market operations. The Group continues its operations without interruption, adapting its operations to changing conditions and ensuring business continuity.
Management estimates that operating profitability for the second quarter of 2026 will exceed that of the corresponding period in 2025, maintaining the positive trend recorded in the first quarter. As for the results for the full fiscal year, it is not possible to make a reliable forecast due to the inability to assess the duration and intensity of geopolitical developments.
However, taking into account the performance to date and the Group’s operational readiness, it is estimated that the conditions are in place to maintain improved levels of comparable operating profitability compared to the previous year.