2025 was a particularly challenging year for the global marble industry. The ongoing crisis in China’s construction sector, rising energy costs, high interest rates, and geopolitical developments collectively impacted the operations of export-oriented companies in the sector, Iktinos management noted at today’s general meeting.
As noted in this regard, despite the challenges of the period, Iktinos maintained a turnover of over €30 million, ensured the uninterrupted continuation of its operations by leveraging its significant reserves of high-quality Greek marble, safeguarded its workforce and production base, and continued to maintain a strong presence in international markets.
The start of 2026 was particularly encouraging. The first quarter progressed in line with the business plan’s targets and showed an increase in sales of approximately 8% compared to the same period last year. At the same time, the implementation of the new commercial policy and targeted price increases contributed significantly to improving the company’s profitability and margins, confirming the soundness of management’s decisions and creating a positive outlook for the rest of the year.
However, starting in April, the effects of the geopolitical crisis in the Middle East—which began in late February and significantly impacted the international business environment—began to become apparent. The postponement or suspension of major construction projects in the wider region, the slowdown in investment decisions, rising freight rates and transportation costs, as well as the general uncertainty created in international markets, collectively affected the marble industry and, by extension, the company’s operations. As a result of the above, while the first quarter showed an upward trend, the five-month period recorded a decline of approximately 7% compared to the corresponding period in 2025.
It is important to emphasize that this trend does not affect only Iktinos, but nearly all Greek marble export companies, which face the same difficulties in the Middle Eastern and Asian markets. The gravity of the situation is also reflected in the fact that the Panhellenic Marble Association, of which Iktinos currently holds the presidency, recently appealed to the government and the Minister of National Economy and Finance, requesting support measures for export-oriented companies in the sector that are suffering from the consequences of the geopolitical crisis. This is, therefore, a temporary and exogenous disruption affecting the sector as a whole, rather than a problem concerning the company’s fundamentals or competitiveness.
Iktinos, with more than 50 years of leadership in international natural stone markets and a proven ability to adapt to successive economic and geopolitical crises, believes that as the current crisis subsides and stalled projects resume, it will soon return to the growth trajectory it had already established at the beginning of the year.
At the same time, it emphasized that it is continuing to implement its business plan, which calls for further improvement in profitability, investments in the production base, strengthening the production capacity of its quarries, better utilization of international markets, and continuous enhancement of product competitiveness.
As part of efforts to strengthen its capital structure and support its investment program, the company is in advanced discussions with the banking sector regarding the restructuring of its existing debt and the provision of new financing. Discussions to date have been particularly constructive, and management estimates that the relevant procedures will be completed by the end of July, significantly strengthening the company’s liquidity and growth potential.
At the same time, efforts to develop the company’s large tourism property in Sitia, Crete, are continuing with very positive signs. Significant steps have been taken in recent months, including the signing of a Letter of Intent with Auberge Resorts Collection, one of the world’s most renowned operators of luxury hotels, headquartered in the United States.
Furthermore, we are in the final stages of selecting the international architectural firm that will undertake the redesign and architectural development of the project. The process is at a very advanced stage, and the final selection is expected shortly—possibly even within the next week. These developments represent significant milestones in the project’s progress and reinforce the company’s confidence that this asset can generate significant value for the company and its shareholders.