Elaïs–Unilever Hellas is facing a second major restructuring of its portfolio, following the separation of its ice cream business, which drove a sharp rise in profitability last year. This time, the focus is on food, a business that accounts for 22% of the Greek company’s turnover, or sales of around €84 million.
The timeline for what comes next is linked to the agreement Unilever announced in March to combine its global foods business with US company McCormick & Company.
Iconic brands including Hellmann’s, Knorr and Maille will become part of the new entity. The transaction is expected to close in the first half of 2027, subject to the necessary approvals.
For the Greek subsidiary, food products accounted for 22% of total sales, according to the management report accompanying its 2025 financial statements. Based on last year’s turnover of €381.5 million, this business, as noted above, is worth €84 million a year. Management itself says that, at this stage, it is not possible to reliably estimate the impact on either the company’s financial performance or its operating structure.
The plan, code-named “Apollo”, is the latest step in a broader strategic realignment of the Unilever group, which has already had a significant impact on the Greek market. It was preceded by “Verdi”, through which the ice cream business was spun off. On 1 July 2025, Elaïs–Unilever Hellas transferred assets related to the business to Algida ICC and Magnum ICC Europe B.V., receiving €70.7 million.
The transaction boosted earnings for the year by €63.5 million. Despite the spin-off, Unilever’s Greek subsidiary continues to sell ice cream on behalf of Algida ICC under a transitional agency agreement that runs until the end of 2027 at the latest. It is also providing support services until the new company has a fully independent organisational and operational structure.
Meanwhile, the role of the Greek management team is expanding. Under the new “One Unilever” organisational model, Greece has taken on regional responsibilities covering Cyprus, the Balkans and the Baltic states.
The changes to the business model are already reflected in the financial results. Elaïs–Unilever Hellas’s turnover came to €381.5 million last year, up 1.3%. Net profit surged to €67.2 million, from €15.5 million, while EBITDA reached €84.7 million, compared with €20.6 million.
Strong profitability was accompanied by a substantial distribution to shareholders. Management proposed a dividend of €63.813 million from profits, equivalent to 95% of net profit for the year.
Of the total dividend, €46 million had already been paid as an interim dividend in December, with the remaining €17.813 million due to be paid following approval by the General Meeting.