From the sandwiches and doughnuts familiar to generations of conscripts at military canteens to the automated production lines and robotic warehouses at Avlona, the Stergiou family has come a long way.
The business, which began in 1958, has grown into a food manufacturer whose sales rose by 9.4% in 2025 to €66.45m. EBITDA increased by 6.8% to €13.22m, but net profit fell by 22.3% to €5.16m, from €6.64m. The explanation lies mainly in Avlona.
The new production facility, a €40m investment, has capacity for more than 96 tonnes of dough a day, automated production lines and a robotic deep-freeze warehouse. Its operation increased annual depreciation to €6.31m, from €3.51m, weighing on net profit despite sales growth.
Despite the fall in profit, the balance sheet appears stronger. Bank borrowing fell by €6.33m to €11.05m, equity increased to €46.71m and working capital stood at €7.20m, up from just €375,000 in 2024.
Management is also proposing a distribution of €3m to shareholders, comprising €1m from 2025 profits and €2m from taxed profits from previous years.