Thrace Plastics announced on Monday that sales reached €88.3 million, recording a 3.1% increase in volumes sold. At the same time, EBITDA stood at €12.3m, up 5.4% compared to Q1 2023. Earnings Before Taxes (EBT) moved to €5.0 million and Low Net Borrowings stood at €17.5 million, including term deposits of €13.7 million.

The financial results for the first quarter were as follows:

Group Operating Profitability (EBITDA) amounted to €12.3 million, compared to €11.7 million in Q1 2023, an increase of 5.4%. This increase is primarily due to the 3.1% increase in sales volumes, but also to the improvement of the product mix, resulting in an improved EBITDA margin.

The Group's operating income amounted to €88.3 million compared to €93.0 million in the corresponding quarter of 2023, despite the increased sales volumes, solely due to the relatively lower average selling prices

It should be noted that the increase in EBITDA is clearly a positive development, given the difficult conditions prevailing in the markets and economies, particularly in Central Europe and the United Kingdom, to which the Group has significant exposure, thus demonstrating the Group's efficiency and its potential to further improve its profitability.

In terms of the Group's liquidity levels, the Group's Net Borrowings amounted to €17.5 million, including term bank deposits of €13.7 million, showing a slight increase compared to the end of 2023 (Net Borrowings end 2023: €16.3 million), despite seasonality, resulting in increased working capital requirements in the first quarter. The low level of Net Borrowings demonstrates the Group's strong financial position, the quality of its customer portfolio and its ability to invest while keeping Net Borrowings low.

At the same time, the implementation of the Group's planned investment plan of €30 million on a cash basis continues smoothly, with investments being made in the Group's facilities in Greece and abroad in both of its business sectors.