During the first half of 2026, the macroeconomic environment was characterized by intense instability and increased uncertainty, the management of Thrace Plastics points out, announcing half-year results.
The outbreak of the new war conflict in the Middle East materially affected the global economy, leading to a rapid increase in raw material prices, severe disruption in transport and freight routes, as well as broader pressures on supply chains. During the second quarter, market conditions showed significant volatility, directly linked to developments in the geopolitical crisis.
The Group, leveraging its operational readiness, geographic dispersion and the strategic choices of previous years, ensured material adequacy and the uninterrupted continuation of its production and commercial activity, responding effectively to changing market conditions.
Regarding the Group's business sectors, demand in the Technical Fabrics segment remained at relatively low levels, with individual signs of recovery in specific markets. In the Packaging segment, demand moved upward, also supported by increased customer demand in specific product categories.
At the financial level, the Group's Turnover during the first half of 2026 amounted to € 226.6 million, compared to € 200.2 million in the corresponding period of 2025, recording an increase of 13.2%. The increase is mainly attributed to the strengthening of sold volumes, which in the first half increased by 8.2% (in the second quarter the increase amounted to 10.8%), as well as to the increase in average selling prices, as these were shaped in the market.
Earnings Before Taxes, Interest and Depreciation (EBITDA) amounted to €38.2 million, compared to €24.3 million in the first half of 2025, showing an increase of 57.1%. In terms of Adjusted EBITDA, the increase amounted to 67.2% (€38.2 million compared to €22.8 million in the corresponding period of 2025).
The above development demonstrates the Group's ability to consistently implement its strategy and achieve higher returns, even in an environment of increased uncertainty. At the same time, it confirms the resilience of its business model, its geographic dispersion and the diversification of its activities, markets and products.
As for the financial position, Net Debt stood at € 71.5 million, compared to € 56.9 million at the end of 2025 and € 71.1 million at the end of March 2026. The increase compared to the end of 2025 is mainly due to the financing of the recent acquisition, amounting to approximately € 13.5 million, seasonality and the distribution of a dividend amounting to € 10.4 million. Operating cash flows, after the change in Working Capital, remained particularly strong and amounted to €23.1 million.
More specifically, the table presents the Group's key financial figures for the first half of 2026, compared to 2025:
Group Outlook
At the beginning of the third quarter of 2026, the international environment continues to be characterized by increased uncertainty, as the ongoing geopolitical tension in the Middle East affects costs, international transport, supply chains and the functioning of markets.
At the same time, in the most recent period there has been a sharp increase in energy costs, a fact that reinforces uncertainty regarding the evolution of the cost base in the coming period. The Group continues its activity uninterrupted, adapting its operations to changing conditions and ensuring the continuity of its production and commercial activity.
Management estimates that operating profitability in the third quarter of 2026 will remain at high levels and will exceed operating profitability in the corresponding period of 2025, maintaining the positive trend recorded during the first half.
As for the results for the full year, it is not possible to formulate a safe forecast, due to the inability to estimate the duration and intensity of geopolitical developments, as well as their effects on demand, raw material prices, energy and the broader cost base.
However, taking into account the results achieved so far, the implementation of the business plan and the Group's operational readiness, Management estimates that the conditions exist for achieving strong, higher operating profitability for the whole of 2026, compared to the previous year.
Regarding the results of the first half of 2026, Mr. D. Malamos, Group Chief Executive Officer, noted the following: “The results of the first half of 2026 confirm the resilience of our business model and the effectiveness of the strategy we have been implementing in recent years.
Despite the particularly demanding and unstable international environment, the Group achieved a significant increase in sales, strengthened its market shares and substantially improved its operating profitability.
By achieving the continuous upgrading of our product mix and leveraging the investments already implemented, we remain optimistic about our growth course, also based on the momentum created by the expansion of our international presence.”
* See details in the Accompanying Material column.