MENNE, the Filippou family’s ice cream and croissant business, “paid the price” for losing ice cream production contracts for third parties.
A 17% decline in sales, losses that remained above 7 million euros, and a new capital injection of 20.76 million euros from shareholders reflect a year in which the company bought itself some time.
In the 2025 financial statements, management refers to the loss of significant business partnerships without naming Unilever. The only reference to the multinational giant is for 2024, when sales from that specific partnership amounted to 8.65 million euros, representing 32.4% of MENNE’s total revenue.
Last year, MENNE’s revenue fell to 22.76 million euros from 27.32 million euros in 2024, while gross profit declined by more than 60%, to 1.78 million euros compared to 4.51 million euros a year earlier. Despite a significant reduction in bank debt and lower financial expenses, net losses amounted to 7.04 million euros.
Following a €10.65 million capital increase in 2024, the company’s shareholders proceeded in 2025 with a new capital injection of 20.76 million euros, thereby bolstering the company with a total of more than 31 million euros over the course of two years. This allowed MENNE to reduce its long-term bank debt from 28 million euros to 16.1 million euros and to strengthen its net worth to 41.2 million euros.
Looking ahead, management views the loss of partnerships as a temporary setback and is optimistic that it can recover the lost production volume. The business plan calls for new commercial agreements, the full utilization of existing production capacity, investments in the modernization of facilities, and, if necessary, further support from shareholders.