As is proven by the outcome, September 30 has something of “karma” for the major food retail deals. Exactly ten years ago, on September 30, 2016, one of the most critical pages of the Sklavenitis–Marinopoulos deal was being written, an agreement that changed the balance in the supermarket market.
Ten years later, the same date returned to the calendar of the sector’s major business moves. This time it marks the final phase of the full integration of ANEDIK Kritikos into Diamantis Masoutis. The merger agreement draft dated September 30, 2026 provides for the absorption of ANEDIK Kritikos by Masoutis and, upon completion of the process, the transfer to the latter of all assets, rights, and obligations of Kritikos.
Masoutis already controls 100% of Kritikos and therefore, according to the plan, the issuance of new shares or an increase in the share capital of the absorbing company is not required due to the merger. The absorbed company will cease to exist as a separate legal entity.
But what is the value of ANEDIK Kritikos? The valuation report, with a reference date of June 30, 2026, places the enterprise value at 231.4 million euros. After deducting net debt of 125.4 million euros, the equity value is formed at 105.98 million euros, with the valuation range moving between 99.1 million and 113.4 million euros.
A significant part of this value is based on the company’s future performance. Of the 231.4 million euros, 72.9 million euros come from the projected cash flows of the business plan period and 158.5 million euros from the estimated value of the business after its end.
On June 30, the company had assets of 377.9 million euros, including inventories of 78.25 million euros and cash reserves of 11.42 million euros. The report also identifies new goodwill of 135.1 million euros, which is linked to Kritikos’ future prospects.
The 1.1 billion euro bet
The interest of the next day lies in the assumptions on which the valuation was based. Kritikos’ business plan for the 2026-2030 period, which was used as the basis for the DCF method, forecasts a 6% annual increase in sales and an average gross profit margin close to 26%.
Based on these forecasts, Kritikos’ sales are expected to reach 939.7 million euros in 2027, 996.1 million euros in 2028 and exceed 1 billion euros in 2029, reaching 1.056 billion euros. For 2030, the forecast rises to 1.119 billion euros. The forecasts also presuppose an improvement in profitability, with earnings before interest and taxes increasing from 13.34 million euros in 2027 to 24.61 million euros in 2030.
To provide a measure of comparison, last year Kritikos’ sales, which has more than 400 stores in 42 prefectures, six distribution centers and employs more than 4,000 workers, increased by 8.2%, to 836.35 million euros; however, EBITDA fell to 29.06 million euros from 32.41 million euros, with the EBITDA margin declining to 3.47% from 4.19%. As a result on the bottom line, in fiscal year 2025 the company posted losses after taxes of 2.56 million euros, compared with losses of 684 thousand euros in 2024.