EZΑ: Reducing Beer Production to Boost Profitability

In a strategic review, the Greek Brewery Atalanti (EZΑ) moved forward with plans to increase profitability by reducing production to less than 200,000 hectoliters. This was announced on March 4, 2025, by Nikitas Aspiotis, the company’s managing advisor, during a press conference. Specifically, Mr. Aspiotis stated that in 2024, emphasis was placed on products with higher profit margins while the company entered the regime of microbreweries to benefit from significant tax advantages, including a lower excise consumption tax. It’s worth noting that EZΑ’s facility in Atalanti has the capacity to produce up to 800,000 hectoliters of beer. As a result of these business initiatives and the company’s adaptation to market needs, in 2024, there was a significant 55% increase in EBITDA and an improvement in the gross profit margin mix. In the same year, EZΑ’s gross profit before amortization increased by 7%, reaching €13 million with a gross profit margin of 44%, compared to 38% in 2023, despite a 9% reduction in turnover due to targeted production volume restrictions to 200,000 HL and a focus on higher-margin products. The company’s revenue reached €29 million in 2024, compared to €31.5 million in 2023. EBITDA rose to €2.8 million, marking a 55% increase, while pre-tax and amortization profits returned to a marginal positive sign, improving by €1 million, strengthening operational cash flows. Sales of bottles and barrels in the domestic market increased at a double-digit rate, outpacing the overall beer market growth for 2024, boosting profitability. Seventy-five percent of the company’s sales are attributed to the HORECA market, with the remaining 25% coming from supermarkets and small retail outlets. ‘We want to grow organically through HORECA,’ emphasized Mr. Aspiotis. Notably, the average annual beer consumption per person in Greece is 30 liters and is expected to increase in the coming years. Regarding Net Debt (Loans minus Available Cash), it decreased to €22.2 million, while on a restated basis, taking into account the Share Capital Increase (SCI) of €7 million completed in February 2025, it stands at €18.9 million, showing reductions of €4.6 million and €7.9 million compared to 2023 and 2022, respectively. The debt reduction will significantly improve the 2025 results as financial expenses will be lower, further enhancing cash flows. ‘The financial results of 2024, following the successful 2023, demonstrate our dynamism and fill us with confidence for the future,’ commented the managing advisor of EZΑ. According to Mr. Aspiotis, 2026 is expected to see the return of profitability, while the company’s goals for 2025 focus on cash flows and EBITDA. New beers and emphasis on their non-alcoholic production mark a new era of growth for EZΑ in 2025 with strategic investments strengthening its position in the beer market. In 2024, the company launched innovative products responding to modern consumer preferences, such as PILS HELLAS Radler 2%, PILS HELLAS 0,0%, and A Toda Madre. Also, EZΑ acquired PEIRAIKΗ, enriching its portfolio. Speaking about the non-alcoholic beer category, Mr. Aspiotis highlighted the company’s interest in investing in this category, which is expected to grow significantly in the coming years as younger generations consume less alcohol. Today, the non-alcoholic beer category accounts for only 3% of the total market.