Fourlis Group confirmed its forecasts for 2025. Sales are expected to increase by approximately 13.3% to 600 million euros from 530 million euros in 2024, and adjusted EBITDA is estimated to be approximately 38 million euros, up 20% compared to 31.7 million euros in 2024. In the first half of 2025, the Group recorded an increase in sales, a significant increase in gross profit margin and improved net profitability compared to last year.
According to John Vasilakos, CEO of Fourlis Group, “the performance of the first half reflects the strong foundations and resilience of our group. We recorded sales growth with accelerating momentum, supported by our strong brands and our customer-centric approach, maintaining healthy margins and improving net profitability compared to last year. With the second and third quarters showing strong momentum, we are optimistic that we will achieve our goals for 2025.”
Sales amounted to 264.0 million euros, up 7.7% compared to the first half of 2024, with the sales growth rate accelerating to +13.0% in the second quarter of 2025. Sales in the Home Furnishings and Furniture sector (IKEA stores) increased by 3.9%. In Bulgaria, IKEA opened a new store in the city of Pernik, focusing on kitchen, wardrobe and bathroom solutions.
After Patras and Heraklion, the next planned IKEA store is in Elliniko, in 2028. At the same time, the development of “new generation” IKEA stores continues — stores of approximately 2,000 sq m, close to city centers. The Sports sector showed an increase of 14.9%. In this sector, the global debut of the new INTERSPORT Football Club concept in Athens, in a 1,200 sq m store dedicated exclusively to football, was significant. The second store of the concept is set to open in Thessaloniki in September 2025, with further stores planned from 2026 onwards in Cyprus, Romania and Bulgaria. In the Health & Wellness sector (Holland & Barrett), sales reached 1.5 million compared to 1.0 million in the first half of 2024. The gross profit margin improved to 47.9% from 46.4% as a result of a more efficient supply chain, improved product mix and lower cost of goods sold due to increased purchases.
The group’s profit after tax amounted to 1.9 million compared to a loss of 0.8 million in the first half of 2024. The group’s net debt decreased to 87.6 million in the first half of 2025 from 95.2 million in the corresponding period of 2024.
Total capital expenditure (capex) amounted to 12.9 million, of which 3.4 million related to maintenance investments, 2 million related to investments in digital transformation and 7.5 million in development investments mainly related to the expansion of the IKEA, INTERSPORT and Foot Locker store network.
In the first half of 2025, the deconsolidation of Trade Estates was completed, which further strengthened the group’s financial flexibility, while investments continued for the development of the IKEA, INTERSPORT and Foot Locker networks.
