MENNE, the Filippou family’s ice cream and croissant industry, “paid” the price for the loss of ice cream production contracts on behalf of third parties.
The 17% decline in sales, the losses that remained above 7 million euros and the new capital injection of 20.76 million euros from shareholders reflect a year during which the company bought time.
In the 2025 financial statements, management refers to the loss of significant commercial partnerships without naming Unilever. The only reference to the multinational giant is for 2024, when sales from that specific partnership amounted to 8.65 million euros, representing 32.4% of MENNE’s total turnover.
Last year MENNE’s turnover fell to 22.76 million euros from 27.32 million euros in 2024, while gross profit declined by more than 60%, to 1.78 million euros compared with 4.51 million euros a year earlier. Despite the significant reduction in bank borrowing and the decrease in financial expenses, net losses amounted to 7.04 million euros.
The company’s shareholders, after the share capital increase of 10.65 million euros in 2024, proceeded during 2025 with a new capital “injection” of 20.76 million euros, strengthening the company overall with more than 31 million euros within two years. This allowed MENNE to reduce its long-term bank liabilities to 16.1 million euros from 28 million euros and to strengthen its equity to 41.2 million euros.
As for the future, management views the loss of the partnerships as a transitional event and appears optimistic that it can recover the lost production volume. The business plan provides for new commercial agreements, utilization of the existing production capacity, investments in the modernization of the facilities and, if required, further support from the shareholders.