Iktinos’ return to a path of improving results, with the primary goal of boosting profitability at the EBITDA level and, conditions permitting, achieving net profitability by the end of 2026, as stated by the company’s Deputy CEO, Ioulia Haida, speaking to Euro2day.gr on the sidelines of the Annual General Meeting of Shareholders.
As she pointed out, the goal set last year to return to profitability remains in place, although the environment continues to be marked by constant upheavals. “We got off to a good start in 2026, but after the first quarter, the situation changed,” she noted, explaining that the course of the year will depend largely on the recovery of the markets after the summer.
According to her, if the market begins to recover starting in September, the company could see an increase in operating profitability. She declined to commit to a return to net profits, however, while emphasizing that it remains management’s goal.
The New Pricing Policy in China
He made special mention of the new pricing policy that Iktinos has been implementing since January 1, 2026, primarily for marble volumes, 80% of which are destined for China. As she explained, the company implemented an average price increase of 10%–15%, depending on the type of marble and demand, with the aim of gradually reducing discounts and strengthening profit margins.
According to Ms. Haida, this move was already reflected in the first quarter, as sales volumes rose by approximately 10%, while the combined effect of increased volumes and prices led to a 20% improvement in sales. However, he added that in April and May, there was a decline in semi-finished and finished products, which are primarily absorbed by the Middle East and the Gulf.
Projects in the U.S. and Turkmenistan
Despite the difficulties, the company continues to carry out projects outside Greece. According to Ms. Haida, three major projects are currently underway in the U.S., as well as a very large project in Turkmenistan.
In both cases, however, there have been delays due to geopolitical developments, with Turkmenistan being a prime example: the company was asked to suspend shipments for two months before they were finally resumed. “The entire market is affected by the war, not just the countries involved in the war,” he said.
The Sitia Project
Regarding the tourist property in Sitia, Iktinos’s Deputy CEO noted that the company is collaborating with CBE Capital with the aim of further developing the project. As she explained, the goal is for the property and the overall development plan to reach a level of readiness such that, in the near future, an investor can be found to purchase the project as a complete package.
According to the company’s update, significant steps have recently been taken regarding this property, including the signing of a Letter of Intent with Auberge Resorts Collection, an international luxury hotel operator headquartered in the U.S. At the same time, the selection of an international architectural firm to redesign and finalize the project’s architectural plans is in its final stages.
“The stock is undervalued”
She also made a notable comment regarding the company’s stock, which has come under pressure recently. Ms. Haida described the valuation as “extremely undervalued,” linking her position to the company’s capital as well as to the value of the raw material, which, she said, is not reflected in the balance sheets.
Iktinos currently operates six active quarries, while there are another three to four that are not in operation but serve as reserves and capital for the company.
The Outlook for 2026 and the Decisions of the General Meeting
According to management’s update, the first quarter of 2026 proceeded in line with the business plan’s targets, with sales increasing by approximately 8% compared to the same period in 2025. However, the deterioration of the international environment since April has led to a shortfall of approximately 7% for the first five months compared to last year.
Management also reported that it is in advanced discussions with banks regarding the restructuring of existing debt and new financing, with the aim of completing these processes by the end of July.
During the general meeting, all items on the agenda were approved, including the decision not to distribute a dividend for the 2025 fiscal year and the election of a new Board of Directors. Evangelos Haidas, Ioulia Haida, Peristeris Katsikakis, Anastasia Haida, and Sofia Sapira were elected to the new Board of Directors, along with Andreas Koutoupis and Angeliki Meintani as independent non-executive members.