With a double-digit increase in sales and an improvement in EBITDA by 31.5%, the Nine-Month period for the Fourlis Group closed compared to the same period last year.

According to the announcement from the listed company, "our efforts for the modernization and expansion of the group's retail network throughout its geographical area were accompanied by operational optimization, investments in digitization, as well as strengthening our omnichannel approach and logistics capabilities, enhancing our presence in the market.

At the same time, the successful public offering of Trade Estates and its expected consolidation by the Fourlis Group aligns with our commitment to unlock further value for our commercial activities, fueling the further developmental trajectory of the group.

The retail sector of household goods and furniture (IKEA) recorded a significant increase of 17.5% on an annual basis, thanks to IKEA's leading position in the market and improved inventory availability.

The retail sector of sports goods (Intersport) saw a sales increase of +9% on an annual and comparable basis, reflecting the group's commitment to remain at the forefront of the evolving retail market.

Additionally, the new retail activity of the group in the Health & Wellness sector, activated within 2023 through three Holland & Barrett stores in Athens and an e-commerce channel, is gaining momentum.

9M 2023 key Financial Highlights

✓ Fourlis Group revenue increased significantly by 15% yoy on a like-for-like basis, i.e. excluding Intersport Turkey and TAF sales, driven by strategic initiatives, market leadership and market trends.

✓ Solid Gross Profit margin at 45.4% in 9M ’23, at a similar level compared to 9M ’22, supported by strong RHF gross margin and a positive trend in RSG gross margin toward stabilization.

✓ Significant EBITDA (OPR) growth of 29.1% reaching €31.5 mil. compared to €24.4 mil. in the respective period of last year, on the back of optimization of operating costs and increasing operating leverage.

✓ Similarly, EBIT, excl. the impact of asset revaluation gains, increased significantly by 45% during 9M ’23 at €20.2 mil. from € 13.9 mil. in 9M ’22.

✓ The Net Debt of the Group’s retail activities was reduced by €13mil vs last year, from €107.6 mil. in 9M ’22 to € 94.4 mil. in 9Μ ‘23 highlighting the Group’s commitment to optimizing its capital structure.

✓ Trade Estates IPO was successfully completed on November 3rd 2023, with Fourlis holding 63.0%, Autohellas 9.7%, Latsco 3.1%, IPO Investors 23.4%, and Management holding 0.8%. The successful offering met solid demand, solidifying Trade Estates' position for future growth and development and paving the way for further value creation for Fourlis Group shareholders.

The Group’s nine-month of 2023 financial results reflect the resilience of our business model and the successful execution of our transformative strategic plan. As we navigated through the first three quarters of 2023, our commitment to quality, exceptional customer service, and strategic investments fortified our position, creating a robust foundation for future endeavours.