The first quarter results were announced by Sarantis on Wednesday, citing "focused execution of our strategic priorities delivered strong first quarter growth of 29.7%.".

KEY FIGURES

▪ Focused execution of our strategic priorities delivered strong Q1 reported growth of 29.7%

Q1 2024 Reported Net Sales grew to €141.6m vs €109.2m in Q1 2023, higher by 29.7% (or higher by 11.6% on an organic basis, excluding Stella Pack S.A.), illustrating the focused execution of the Group’s strategic priorities along with targeted revenue growth management initiatives.

▪ Strong focus on margins growth driving significant improvement in EBITDA and EBIT

Q1 2024 Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) showed a significant rise of 50.1%, reaching €18.6 million compared to €12.4 million in the corresponding period of 2023, with the EBITDA margin strengthening to 13.1% (vs. 11.3% in Q1 2023), up by 179 basis points.

On a comparable basis, excluding Stella Pack S.A., Q1 2024 EBITDA increased by 30.7%, landing at €16.2 million, with EBITDA margin standing at 13.3%, up by 200 basis points.

Earnings Before Interest and Tax (EBIT) grew by 54.7% to €13.6m in Q1 2024, compared to the Q1 2023 EBIT of €8.8m. EBIT margin grew to 9.6% in Q1 2024 in comparison to 8.1% in Q1 2023, up by 155 basis points year-on-year, highlighting strong operating leverage from top-line growth.

On a comparable basis, excluding Stella Pack S.A., Q1 2024 EBIT increased by 38.8%, landing at €12.2 million, with EBIT margin standing at 10.0%, up by 190 basis points.

▪ Integration of Stella Pack complements organic growth

The acquisition of the Polish consumer household products company “Stella Pack S.A.” by the Group's 100% subsidiary in Poland, Sarantis Polska S.A., completed in January 2024, marks a new chapter in the Group's growth. The group is on track with the integration plan.

▪ We are on track for our FY 2024 guidance, as indicated during the Investor Day of Sarantis Group held on March 14th, 2024.

Giannis Bouras, Deputy Chief Executive Officer of Sarantis Group, commented on the Q1 2024 results: “Remaining focused on the execution of our strategic growth agenda and on our core categories, we started 2024 strongly, delivering significant organic performance, growing both top and bottom line and enhancing our margins. In the first quarter of 2024, Stella Pack complements the organic growth while we continue, as planned, the integration process. Given our strong start of the year, we are on track to deliver our guidance as indicated during the Investor Day of Sarantis Group held on March 14th, 2024, and we are confident that our focused strategy and execution will fuel sustainably our growth momentum. With our people’s energy and dedication across our markets and the Group, we are well-positioned to create further long-term value for all our stakeholders