With a €7 million capital injection from shareholders, a new €20 million bond loan and an additional written commitment to provide financial support, Hellenic Brewery of Atalanti (EZA) is seeking to buy time for its restructuring.
The brewery is deliberately scaling back its sales, moving away from less profitable packaging formats and brands in an effort to improve margins and return to profitability.
Last year, consolidated sales fell 10.2% to €25.74 million. The change in strategy has yet to improve the bottom line. The group posted net losses of €2.64 million, compared with €3.72 million in 2024, while EBITDA fell to €2.43 million from €2.81 million. The reduction in losses was partly due to the fact that the previous financial year had been affected by a €1.32 million impairment of brands.
Financing is the biggest challenge in the restructuring. In March 2025, EZA signed a six-year €20 million bond loan at a floating Euribor rate, with an initial margin of 2.4%. Of this amount, €17.48 million was used to refinance existing liabilities.
A €7 million capital injection was also completed, with €3.7 million paid in 2024 and the remaining €3.3 million in 2025. This was preceded by a reduction in share capital to offset losses. The group’s total borrowings stood at €25.81 million, with net debt of €22.57 million. Working capital remained negative at €4.81 million, although this was a marked improvement on the negative €9.71 million recorded in 2024.
The main shareholders have provided a written Letter of Support for the 12 months following approval of the financial statements on 12 August 2026.
On the business side, EZA is expanding beyond beer, investing in soft drinks and other beverages, contract manufacturing and distribution partnerships. The merger with Crystal Beverages is part of the same effort to reduce operating costs.