PepsiCo has a problem in Greece that is not reflected in its turnover. The sales of the multinational group's Greek subsidiary remained unchanged last year at 243.25 million euros, compared with 243.32 million euros. However, the company was painted red, a color that refers to its main global competitor, as it moved to losses of 2.19 million euros, from profits of 2.40 million euros in 2024.
The change amounts to a deterioration of 4.6 million euros within one year, without a corresponding loss of revenue. Cost of goods sold increased to 143.62 million euros from 140.79 million euros, with gross profit narrowing to 99.63 million euros from 102.53 million euros. Management attributes part of the increase to higher raw material prices. The net margin thus fell to -0.90% from +0.99%.
Cash reserves declined, to 6.50 million euros from 9.60 million euros, while the current ratio fell to 0.70 from 0.79. Management notes that access to short-term financing through cash pooling limits liquidity risk.
The pressure on profitability coincides with a broader effort by PepsiCo to correct an imbalance in its Greek portfolio. In snacks, through Tasty, the company holds a strong position. In soft drinks, by contrast, its share remains below 5%, placing it in sixth position in the market.
At the same time, the reshoring has not yet arrived. It was in September 2024 that PepsiCo had announced that up to 60% of its soft drinks would be produced domestically during 2025. The timetable was not kept.
As Euro2day.gr had revealed at the beginning of the year, the plan for production in Loutraki, in cooperation with NU Aqua, has been postponed, without a new completion date having been specified. PepsiCo meanwhile maintains its cooperation with EPSA, which produces specific codes on its behalf.
The plan to return production had been presented by the then general manager Inga Dengel, who has since departed. The head for Greece and Cyprus is now Konstantin Merkviladze, with the two markets now falling under PepsiCo's Southeast Europe and Baltics administrative region, which includes 16 markets and is headquartered in Belgrade.
Management has set as priorities for 2026 the development of new and existing products, the reduction of operating expenses, the strengthening of partnerships, and the transformation of the supply chain.