Profits before interest, tax and depreciation of the Fourlis Group in 2024 increased by 17.9%, according to a group announcement.
Specifically, the profits before interest, tax and depreciation of the Fourlis Group amounted to EUR 42.3 million in 2024 compared to EUR 35.9 million in 2023, with EBITDA margins at 8% in 2024 from 6.9% in 2023.
It is worth noting that the Group recorded strong operational and financial performance, achieving basic strategic milestones, while also significantly improving the profitability of its ongoing retail activity and surpassing its profitability forecasts.
The group’s sales amounted to EUR 529.7 million, up 1.6% compared to the previous year, with the increase in sales volume of about 4%.
Earnings before interest and tax (EBIT) increased by 26.8%, exceeding EUR 26 million, and amounted to EUR 26.7 million in 2024 from € 21.1 million in 2023. The EBIT margin from the Group’s retail activity improved to 5% from 2024 from 4% in 4%.
Profits before tax from the Group’s ongoing retail activity increased by 212% and stood at € 7.9 million in 2024 from EUR 2.5 million in 2023.
Net profit after taxes from the Group’s ongoing retail activity increased by 195.5% and stood at € 6.3 million in 2024 from € 2.1 million in 2023.
The net lending of the group’s retail activity stood at € 85.6 million in 2024 compared to € 84.8 million in 2023, in alignment with the administration’s commitment to maintain a low net lending. The net lending index has improved in 2x in 2024 from = 2.4x in 2023.
Net profit after taxes from trade estates’ discontinued activities, excluding the impact of the affordable real estate value, increased by 57.3%, and stood at € 13.9 million in 2024 from EUR 8.8 million in 2023.
The net profits distributed to the shareholders of the parent company stood at 20 million euros for the use of 2024, up 4% compared to EUR 19.2 million in 2023.
CAPEX Capital Expenditures associated with the Group’s retail activity during the use of 2024 amounted to EUR 25.1 million and mainly concern the development of the IKEA and INTERSPORT network.
In the home and furniture industry, EBITDA increased by 22.7% in 2024 and stood at EUR 37.5 million versus EUR 30.5 million in 2023, with EBITDA margin of 10.8% in 2024 from 8.8% in the previous year.
EBIT increased by 30.2%, reaching EUR 29.6 million in 2024 compared to EUR 22.7 million in 2023, with EBIT margin to 8.5% in 2024 from 6.5% in 2023.
In October 2024 the new IKEA store in Patras was inaugurated, and the IKEA store was completed in the Airport Shopping Park (AIA), with the integration of complementary brands such as Intersport, Holland & Barrett and Plaisio.
In addition, in March 2025, a new design & order center was inaugurated in Pernik, Bulgaria, with two more stores planned: one in Heraklion, Crete in late April 2025 and one in Greek in 2028. Finally, the gradual development of IKEA “New Generation” shops is planned.
Sales of sports supplies (Intersport & Foot Locker stores) showed a 4.1% increase in 2024 fiscal compared to 2023, showing accelerated growth potential in the last quarter of the year.
EBITDA stood at € 12.6 million for 2024, increased by 12.4% compared to EUR 11.2 million in 2023. EBIT amounted to EUR 5.3 million in 2024 from EUR 4.4 million in 2023, increased by 21.1% annually, with EBIT margin to 2.9% to 2.9%. previous year.
The Group has dynamically entered the Athleisure category, through a strategic partnership with Foot Locker in August 2024. Foot Locker’s first stores opened in Bulgaria in December 2024, while the acquisition of Foot Locker’s activities in Greece and Romania is completed in April 205.
Intersport opened 8 new stores in 2024 and in March 2025 launched the first Intersport Football Club store in Athens, with further expansion planned in Cyprus, Romania and Bulgaria.
In the Health & Wellness sector, sales amounted to € 2.3 million in 2024 compared to € 0.8 million in 2023, backed by high customer loyalty and conversion rates. EBIT amounted to -2.4m euros in 2024 from -2m euros in 2023, as the development of the Holland & Barrett infrastructure and infrastructure.
The Group opened four new Holland & Barrett stores in Greece in 2024, while the evaluation of further development and new partnerships is ongoing. It maintains 10 natural stores in Athens, in the context of a renewed store development strategy, which includes, among other things, the shop-in-shop model in AB Vasilopoulos, as well as the e-commerce platform covering all of Greece. In the near future, wholesale activity will be added, starting with partnerships with Interport and AB Vassilopoulos.
In the Logistics industry, Trade Logistics is preparing for the operational management of the new Inter IKEA International Distribution Center, which is located within 2025.
In the Real Estate sector, the Group completed the private position of 16% of Trade Estates’ share capital in February 2025. This transaction allows the trade estates to be rejected and significantly reduces the net lending of the Group’s retail activity by € 29 million, enhancing economic growth.
Trade Estates will cease to be unified as a subsidiary in the Group’s financial statements by 2025 and will now be unified as a related company. In the financial statements of the year 2024, Trade Estates is consolidated as a subsidiary and appears as interrupted activity.
Trade Estates AEAP continues to produce significant value thanks to its high quality and high quality real estate portfolio. During 2024 Trade Estates’ total revenue increased by 73.1%, reaching € 46.2 million, due to higher traffic to the company’s commercial parks, and funds from funds from operations increased by 70.9% to 15.2 million euros from € 8.9 million.
As part of the digital transition and strengthening of corporate governance, the Group set up a Digital Transformation Committee in November 2024, with the aim of supervising strategic initiatives in the fields of technology, data and innovation in all functions. Digital transformation is a key lever for the Group’s development, enhancing customer profitability and experience through advanced technologies and solutions based on artificial intelligence.
The Group has also set up a viability committee at the Board of Directors. Although the Group has maintained a management management since 2008, this new structure enhances the strategic importance of viability in all its activities. With the foundations of environmental responsibility, social contribution and good governance, the Group continues to incorporate viability into its business model – supporting its people, local communities and long -term value creation.
Cyber security incident and impact on business
As announced on December 2, 2024, the Fourlis Group faced a malicious external cyber attack on November 27, which temporarily affected digital systems in all its countries. The administration immediately activated the event response plan and, in collaboration with specialized partners, it restricted and successfully solved the problem.
All the actions of the Group followed the provisions of the General Data Regulation (GDPR) and Law 4624/2019, the impact procedures and the obligations of notification and cooperation with the competent supervisory authorities. The temporary unavailability of some of the data affected by cyberattack was almost immediately restored, while the Forensic technical report did not prove to be the leakage of personal data.
The incident has caused temporary disorders in replenishing stores that mainly influenced the home equipment and furniture industry (IKEA stores), as well as e -commerce functions, during December 2024 until February 2025.
The incident is estimated to have affected the group’s sales by about € 15m, centered in December 2024. However, the rapid adjustment of the group to costs and its flexibility allowed it to absorb the impact and even overcome its profitability forecasts.
Since March 2025, all systems and data have been fully restored and trade has returned to normal operating performance. The Group continues to invest in cyber security and durability of information systems, while maintaining the emphasis on sustainable development and functional excellence.
Dimitris Valachis, Managing Director of the Fourlis Group, commented: “2024 was a decisive year for the group. We have implemented our strategic priorities, strengthened our financial position and overcome profitability estimates, significantly improving the profitability of the group’s retail activity.
In all business sectors we have made substantial progress – from the successful development of IKEA and Intersport, to our entry into the Athleisure category through collaboration with Foot Locker, and the continued development of Holland & Barrett in health and wellness. Trade Estates is an important strategic step, which further enhances the group’s economic flexibility.
At the end of 2024, we encountered a cyber security incident, which caused a temporary interruption of operations. However, we responded immediately and effectively, protecting the data, restoring systems and ensuring the profitability of the group, as we were able to absorb the impact and overcome our predictions for the profitability of the year.
Going, we will continue to evolve and innovate in order to meet the needs of the modern consumer, utilizing our strengths to form the next retail chapter in our area of activity. “