The Gr. Sarantis Group is betting on the US market, with Carroten poised to secure a presence in 3,500 Walmart stores. The deal could transform the scale of the Greek brand’s international operations.
At the same time, the group is planning a €5.5m investment at its Oinofyta plant. The existing facilities are effectively gaining a “factory within a factory”: a specialist production unit for sunscreen products, with FDA approval. The investment is expected to be completed towards the end of 2027 and will allow the group to expand its presence in the US, moving from tanning products, where it already operates, into sun protection.
Carroten is becoming one of Sarantis’ main drivers of international expansion. Its sales have quintupled, from €6m in 2020 to €30m today, while sales to end consumers (sell-out) in the US are up more than 35%. The group is also exploring entry into new markets, with Mexico among the possible next destinations.
At the same time, the group’s funding buffer, which stood at €120m at the end of September, has now risen to €200m. The market sees this as a sign that the group is preparing for one or more business moves in the very near future. The group had signalled its intentions during an analyst conference call in September.
The investment activity comes at a time when the group’s sales are growing at a modest pace, while operating profitability is under pressure. Revenue for the first nine months came to €453.7m, up 1.2% year on year. Adjusted EBITDA was virtually unchanged at €67.8m, with the margin falling to 14.9% from 15.2%, while adjusted EBIT declined 3.5% to €49.9m.
The greatest pressure is coming from Romania and Ukraine; by contrast, the Greek market is showing greater resilience.
Against this backdrop, management updated its full-year 2026 forecasts, setting a sales target of €610m, up 1.7% on 2025. Adjusted EBITDA is expected to come to €91m, an increase of 2.2%, while adjusted EBIT is forecast to remain stable at €67m.