A new phase of corporate reorganisation is under way at the Aldemar group, which is associated with the Angelopoulos family (pictured: Alexandros Angelopoulos) and has already completed one merger, with further similar moves planned among group companies and related parties to make more efficient use of existing resources.
The plans come at a time of significant change for the hotel group, which, after selling hotels in Crete and Rhodes in previous years, has concentrated its core hotel operations in the western Peloponnese, centred on Olympian Village in Ilia.
According to the 2025 management report of ALDEMAR A.X.T.E., the board has drawn up a plan for further mergers among group companies and related parties as part of a broader restructuring of its operations. The report said the relevant procedures were expected to begin in 2026, but did not identify the companies involved or the final corporate structure.
The mergers
The first step in the group's reorganisation was the merger of Aldemar Management S.A. into its parent, Aldemar A.X.T.E. The board approved the move on 30 December 2025, and the process was completed on 9 July 2026, when the decision approving the merger was entered in the General Commercial Registry (GEMI).
This followed the preparation of the draft merger agreement, its approval by the general meetings of both companies on 24 June 2026, and the signing of the relevant notarial deed.
According to the valuation report filed with GEMI on 26 March 2026, Aldemar Management, the company being absorbed, had negative equity of €318,000 as at 31 December 2025, with accumulated losses of about €496,000. Its total assets stood at €401,500, against liabilities of €719,600.
According to the 2025 management report, the Aldemar Hotels & Spa group comprised the parent company, Aldemar A.X.T.E., EPTEA S.A., Aldemar Management S.A. and ROTOUR A.X.T.E. The parent held 89.38% of EPTEA and 62.5% of Aldemar Management, while its links to ROTOUR were through shared management and ownership. The absorption of Aldemar Management in July has, of course, changed the corporate structure shown in the 2025 financial statements.
The parent company's assets
The corporate reorganisation is linked to Aldemar's transformation, as the group has in recent years sold hotels that were a key source of its revenue.
In its financial statements, the parent company says that after transferring all the hotels it owned, its main activity in 2025 was managing the hotel owned by its subsidiary EPTEA. Aldemar holds an 89.38% stake in EPTEA, which operates Olympian Village in Skafidia, Ilia.
Despite transferring the hotels it owned directly, the parent company Aldemar still reported significant assets on its balance sheet at the end of 2025. In particular, it reported investments in subsidiaries with a book value of €51.94 million, of which €51.84 million related to EPTEA. It also had receivables of €28.54 million from related companies.
The financial picture
The change in the parent company's operations is reflected in its financial results. Aldemar A.X.T.E.'s turnover came to €401,000 in 2025, compared with €14.12 million in 2024, a fall of 97.16%.
EBITDA (earnings before interest, tax, depreciation and amortisation) fell into negative territory, at minus €2 million, from a positive €31.25 million a year earlier, while the after-tax loss was €2.03 million, compared with a profit of €20.29 million.
EPTEA, which accounts for the group's core operating hotel business, reported a different picture. According to its financial statements, the company's turnover in 2025 rose by 10.61%, reaching €19.83 million, up from €17.93 million in 2024.
Operating profitability rose even more sharply, with EBITDA reaching €5.49 million, compared with €4.19 million the previous year, an increase of 31.08%.
Operating profit before interest and tax more than doubled to €2.51 million, from €1.25 million in 2024.
Despite the improvement in operating performance, the company remained loss-making overall, although it significantly narrowed its losses. Its after-tax loss stood at €502,000, compared with €2.99 million in 2024.
Liabilities
EPTEA has entered into a finance lease agreement for its properties through a sale-and-leaseback transaction. As management says, “the company has secured the liquidity necessary to continue its operations by entering into a finance lease agreement for its properties (sale and leaseback), through which a large part of its liabilities to the Greek state, as well as its bank borrowing, have been eliminated”.
At the end of 2025, total financial debt, calculated using the measure set out by management, stood at €58.97 million, compared with €63.77 million in 2024.
Similarly, net debt fell to €58.51 million from €63.52 million, while the gearing ratio declined to 46.43%, from 50.32% the previous year.
Group figures
At group level, Aldemar's consolidated turnover stood at €19.83 million in 2025, compared with €31.96 million in 2024, a fall of about 38%.
Consolidated EBITDA came to €3.07 million, compared with €35.4 million in the previous financial year, while the group recorded a loss of €2.95 million, against a profit of €17.27 million.
The comparison with 2024 is significantly affected by exceptional gains of €46.59 million from the disposal of assets.
Group equity stood at €89.81 million, up from €87.32 million, while total liabilities fell to €76.53 million, from €86.42 million at the end of 2024.
The auditor's qualified opinion
PKF Euroauditing issued a qualified opinion on the 2025 consolidated financial statements.
Among other matters, the statutory auditor refers to overdue receivables of about €258,000 for which no impairment has been recognised, leaving receivables and equity overstated by the same amount.
The auditor also highlights issues concerning provisions for employee benefits, as well as tax years of group companies that have not been audited, for which no provisions have been made for potential additional tax liabilities.