The agreement to change its ownership control comes as Korres reports sales of nearly €65m, net profit of just €43,000 and borrowings of more than €47m.
Its founder, George Korres, backed by Halcyon Equity Partners, the investment fund led by Eleni Bathianaki, is regaining control of the company.
The deal, notified to the Competition Commission last September, reshapes the shareholding structure established in 2018 with the entry of Morgan Stanley and Chinese company Profex. The price and the precise allocation of stakes among the new shareholders have not been disclosed.
As for financial performance, Korres’ revenue rose 5.3% last year to €64.59m. Gross profit increased to €36.18m from €34.18m, with the gross margin improving to 56.02%.
Adjusted EBITDA rose 19.2% to €12.77m, while profit before tax came to €64,000, compared with a loss of €2.09m. At the bottom line, the company reported net profit of €43,000, against a loss of €2.04m.
The improvement was driven mainly by sales growth in Greece and selected international markets, as well as a focus on higher-margin products.
Sales in Greece rose 15%, while the United Kingdom recorded the strongest growth abroad, at 44%. France followed with 24% and Germany with 15%. Growth reached 89% in the Czech Republic, 22% in Poland and 5% in Australia.
Korres now sells its products in 52 countries, while 27% of global sales are made through digital channels, from its online store to marketplaces and online retailers.
Higher profitability was not matched by a corresponding improvement in the company’s financial position. Total borrowings rose to €47.36m at the end of 2025, from €42.86m, while equity stood at €9.23m.
Total liabilities reached €71.9m, with the liabilities-to-equity ratio rising to 7.79 times from 7.59 times in 2024.
The increase in short-term borrowings was particularly marked, reaching €17.18m, compared with €11.51m in 2024. Net debt, including lease liabilities, stood at about €45.8m.
The structure of Korres’ holdings is also notable. The company owns 100% of Kings and Queens Single-Member Ltd and Farmakon Northern Greece S.A., while holding 50% of Korres Retail UK Ltd and 24% of Phyto Twelve S.A.
Its direct stake in Korres USA Ltd has fallen to 8.47%, following capital increases in which it did not participate. In the UK-based Korres Retail UK, despite its 50% stake, the other partner holds a majority of voting rights and determines the company’s business and financial policies.
Related parties and outlook
Sales to related companies came to €16.32m, down from €16.80m in 2024, while purchases of goods and services from related parties rose to €4.41m from €3.48m.
At year-end, receivables from related companies stood at €31.75m, almost half the company’s annual sales.
For 2026, management is focusing on further growth in Greece, higher sales in Europe and expansion into North America and Asia. In the US, however, import tariffs are putting pressure on costs and the final prices of products, forcing the company to review its pricing policy.
Korres employed a total of 367 people at the end of 2025, up from 356 in 2024.