Interim report
Page 1
Sarantis Group Internal
Page 2
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 2 The Semi-Annual Financial Report was prepared in accordance with article 5 of Law 3556/2007 and it was approved by the Board of Directors of GR. SARANTIS S.A. on September 8, 2026. It is uploaded on the internet, on the website www.sarantisgroup.com. CONTENTS 1. STATEMENTS BY MEMBERS OF THE BOARD OF DIRECTORS ........................................................................................................ 4 2. BOARD OF DIRECTORS’ REPORT .................................................................................................................................................. 6 2.1 INTRODUCTION .............................................................................................................................................................................. 6 2.2 PERFORMANCE AND FINANCIAL POSITION ................................................................................................................................... 6 2.3 SIGNIFICANT EVENTS DURING THE FIRST HALF OF 2026 ............................................................................................................. 10 2.4 PRINCIPAL RISKS AND UNCERTAINTIES ........................................................................................................................................ 12 2.5 FUTURE OUTLOOK AND PROSPECTS FOR THE SECOND HALF OF 2026 ....................................................................................... 15 2.6 SUBSEQUENT EVENTS .................................................................................................................................................................. 16 2.7 RELATED PARTY TRANSACTIONS .................................................................................................................................................. 16 2.8 INFORMATION REGARDING TREASURY SHARES ACQUIRED PURSUANT TO ARTICLE 50, PARAGRAPH 2 OF L.4548/2018 .......... 19 2.9 ALTERNATIVE PERFORMANCE MEASURES (“APM”) .................................................................................................................... 20 3. INDEPENDENT AUDITOR’S REPORT ON REVIEW OF CONDENSED INTERIM FINANCIAL INFORMATION ...................................... 23 4. INTERIM CONDENSED FINANCIAL STATEMENTS ....................................................................................................................... 26 4.1 INTERIM CONDENSED STATEMENT OF FINANCIAL POSITION...................................................................................................... 26 4.2 INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME ............................................................................................. 27 4.3 INTERIM CONDENSED STATEMENT OF CHANGES IN GROUP’S EQUITY FOR THE PERIOD ........................................................... 28 4.4 INTERIM CONDENSED STATEMENT OF CHANGES IN COMPANY’S EQUITY FOR THE PERIOD ...................................................... 29 4.5 INTERIM CONDENSED STATEMENT OF CASH FLOWS .................................................................................................................. 30 4.6 NOTES ON THE INTERIM CONDENSED FINANCIAL STATEMENTS ................................................................................................ 31 4.6.1 The Company .................................................................................................................................................................. 31 4.6.2 The Group’s Structure ..................................................................................................................................................... 31 4.7 BASIS FOR THE PREPARATION OF THE FINANCIAL STATEMENTS ................................................................................................ 32 4.7.1 Basis for the preparation of the financial statements ..................................................................................................... 32 4.7.2 Approval of financial statements .................................................................................................................................... 32 4.7.3 Covered period ............................................................................................................................................................... 32 4.7.4 Presentation of the financial statements ........................................................................................................................ 32 4.7.5 Significant Judgements and Estimates by the Management........................................................................................... 32 4.7.6 New Accounting Policies ................................................................................................................................................. 32 4.8 FINANCIAL RISK MANAGEMENT .................................................................................................................................................. 35 4.8.1 Capital Management ....................................................................................................................................................... 35 4.8.2 Financial Instruments ...................................................................................................................................................... 36 4.8.3 Definition of fair values ................................................................................................................................................... 37 4.9 EXPLANATORY NOTES ON THE FINANCIAL STATEMENTS ............................................................................................................ 37 4.9.1 Segment Reporting ......................................................................................................................................................... 37 4.9.2 Investments in subsidiaries, associates ........................................................................................................................... 40 4.9.3 Goodwill .......................................................................................................................................................................... 40 4.9.4 Inventories ...................................................................................................................................................................... 41 4.9.5 Trade and other receivables ........................................................................................................................................... 41 4.9.6 Cash & cash equivalents.................................................................................................................................................. 43 4.9.7 Financial Assets at Fair Value through Results ................................................................................................................ 43 4.9.8 Trade and other liabilities ............................................................................................................................................... 43 4.9.9 Provisions and other long - term liabilities ..................................................................................................................... 44 4.9.10 Loans ............................................................................................................................................................................... 44 4.9.11 Income tax ...................................................................................................................................................................... 45
Page 3
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 3 4.9.12 Financial Income / (Expenses) ......................................................................................................................................... 46 4.9.13 Share Capital ................................................................................................................................................................... 47 4.9.14 Earnings per share........................................................................................................................................................... 47 4.9.15 Dividends ........................................................................................................................................................................ 47 4.9.16 Treasury shares ............................................................................................................................................................... 47 4.9.17 Table of changes in fixed assets ...................................................................................................................................... 49 4.9.18 Number of Employees..................................................................................................................................................... 61 4.9.19 Litigation Cases ............................................................................................................................................................... 61 4.9.20 Contingent Liabilities....................................................................................................................................................... 61 4.9.21 Commitments and Contractual Obligations .................................................................................................................... 61 4.9.22 Events after the reporting date of the financial statements ........................................................................................... 61 4.9.23 Related party transactions .............................................................................................................................................. 62 4.9.24 Business Units and Geographical Analysis tables ............................................................................................................ 65
Page 4
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 4 1. STATEMENTS BY MEMBERS OF THE BOARD OF DIRECTORS Statements by the Members of the Board of Directors (According to article 5 of Law 3556/2007) It is hereby declared that to our knowledge: a) The Interim Condensed Consolidated and Separate Financial Information (“Interim Condensed Financial Statements”) of the company “GR. SARANTIS S.A.” for the period from 1 January 202 6 to 30 June 2026, which were prepared according to the International Financial Reporting Standards (IFRS) that were endorsed by the European Union and specifically based on the International Accounting Standard (IAS) 34 “Interim Financial Reporting”, accurately presents the assets and liabilities, equity and results for the aforementioned period of the Company as well as those of the companies included in the consolidation, considered as a whole, according to the provisions of paragraphs 3 to 5 of article 5, Law 3556/2007. b) The semi-annual Report of the Board of Directors reflects in a true manner the information required according to the paragraph 6 of article 5 of Law 3556/2007, namely the significant events that took place during the first half of the fiscal year and th eir effect on the Interim Condensed Financial Statements, the development, performance and financial position of the Company as well as of the companies included in the Group consolidation, considered as a whole, including the description of the principal risks and uncertainties for the second half of the fiscal year, and also the significant transactions that concerned the Company and the companies included in the consolidation, and furthermore the transactions with the related parties. Marousi, September 8th 2026 The designees CHAIRMAN OF THE BOARD VICE CHAIRMAN OF THE BOARD GROUP CHIEF EXECUTIVE OFFICER AND BOARD MEMBER KYRIAKOS SARANTIS GRIGORIS SARANTIS IOANNIS BOURAS ID NO. A03841845/2026 ID NO. X 080619/2003 ID NO. A04127155/2026
Page 5
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 5 Board of Directors’ Semi-Annual Report for the period 01.01.2026 - 30.06.2026
Page 6
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 6 2. BOARD OF DIRECTORS’ REPORT BOARD OF DIRECTORS’ SEMI-ANNUAL REPORT OF THE COMPANY “GR. SARANTIS S.A.” On the Financial Statements for the period from 1 January to 30 June 2026 2.1 INTRODUCTION The present report of the Board of Directors of “GR. SARANTIS S.A.” (henceforth the “Company”) has been compiled according to the provisions of article 5 of Law 3556/2007, as well as to the relevant decisions of the Board of Directors of the Hellenic Capital Market Commission and refers to the Interim Condensed Financial Statements (Consolidated and Separate) of 30th June 2026. The Report is included, along with the Interim Condensed Financial Statements (Consolidated and Separate) of 30th June 2025 and other information and statements required by law, in the semi-annual financial report for the period from 1 January 2026 to 30 June 2026. The present report briefly presents the Company’s financial information for the first half of the year 2026, significant events that occurred during the above -mentioned period and their effects on the Interim Condensed Financial Statements (Consolidated and Separate) of 30th June 202 6. The report also includes a description of the basic risks and uncertainties the Group’s companies may face during the second half of the current year. Finally, significant transactions between the issuer and its related parties are also presented. The current Report also presents the Alternative Performance Measures in paragraph 2.9. 2.2 PERFORMANCE AND FINANCIAL POSITION Progress update on the Group’s strategic pillars – H1 2026 Sarantis Group remains committed to the implementation of its strategic growth plan based on three pillars: 1) strong and consistent growth of its business base with the complementary exploration of growth opportunities through acquisitions to follow, 2) s implification of internal processes and operations and efficiency, in order to create value and release energy in the organization, 3) further enhancing the organizational capacity of the Group by upgrading the skills of its people and developing their leadership skills. In this context and in line with its three strategic pillars, the Group aims to: Strong Organic Growth • Optimize and strengthen the Group's product portfolio by leveraging the strong brand recognition of its products across its strategic categories throughout the geographical footprint. Investments in brand support activities and product innovation continue, with a focus on targeted strategic initiatives aimed at driving further value creation. • Maintain a systematic focus on the HERO portfolio, comprising the Group's high -value products within its strategic categories, which has become a core pillar of the Group's strategy and corporate DNA. This approach enhances market differentiation, strengthens brand positioning and contributes to a more focused and premium consumer experience. • Continue the portfolio rationalization program initiated in 2021, including the Stella Pack portfolio, through the discontinuation of low-priority and low-value-added products, while directing targeted investments and support initiatives towards HERO products. This strategic focus enhances the Group's overall competitiveness, strengthens consumer engagement and continues to support long-term growth prospects. • Continue international expansion through the further penetration of the Carroten brand in selected international markets, while the United States remains a key strategic priority. • Investments in regranulation are already delivering benefits in H1 2026 by improving cost efficiency. The in- house production of recycled raw materials has reduced exposure to plastic raw material inflation resulting from the Middle East crisis, providing a competitive advantage while further strengthening the Group's commitment to responsible production and the circular economy.
Page 7
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 7 Simplification and Efficiency • Continue implementing investments in automation, infrastructure, systems and supply chain optimisation to simplify internal processes and operations, while further enhancing the Group's efficiency and effectiveness. • Accelerate digital transformation through the adoption of modern tools and platforms, optimising operational processes, creating a more resilient business environment and strengthening competitive advantages. • SAP S/4HANA: Successfully completed the second implementation wave in January 2026 across the Western Balkans, Romania and Bulgaria, following the first wave in 2025 covering Greece, Hungary, the Czech Republic and Slovakia. The third phase is scheduled for Poland in January 2027, followed by Ukraine. Organizational Capacity • Continue prioritising the development of the Group's people by strengthening their capabilities through the design and implementation of training and development programs. Within an environment that promotes equal opportunities, inclusion and employee growth, the Group's initi atives focus on fostering a culture of continuous learning, enhancing skills and developing leadership capabilities across the organisation. Group Results Sales During H1 2026, the Group maintained sales at high levels, supported by positive contributions from key geographical regions and strategic product categories. At the same time, its continued focus on operational efficiency and cost control contributed meaningfully to profitability. Specifically, the Group's consolidated sales amounted to €308.3m in H1 2026, compared with €304.3m in H1 2025, representing an increase of 1.3%. Sales in Greece reached €81.6m in H1 2026, compared with €80.0m in H1 2025, increasing by 1.9%. Sales in the international network countries, which accounted for 73.5% of the Group’s total sales, amounted to €226.7m in H1 2026, compared with €224.3m in H1 2025, up by 1.1%. Excluding foreign exchange effects, sales in the international network increased by 1.7% on a constant currency basis. Focusing on the selected international markets, sales amounted to €15.0m in H1 2026, compared with €17.6m in H1 2025, representing a decrease of 14.7%, primarily due to the different timing of sales between the two semesters of 2026 compared with the corresponding period last year. Profitability The first half of 2026 was characterized by increased production costs, driven by ongoing geopolitical tensions, fluctuations in energy, fuel and raw material prices, as well as disruptions affecting suppliers, transportation routes and local infrastructure. Despite these pressures, the Group delivered strong profitability levels during H1 2026, reaffirming the resilience of its business model, the effectiveness of its strategy and the successful execution of initiatives aimed at enhancing operational efficiency and sustainable growth. These efforts enabled the Group to safeguard its competitive position while maintaining its commitment to delivering high-quality products. Specifically for the Group: Underlying results (excluding the €0.8m charge related to the disposal of Polipak SP. Z.O.O .'s old non -operating factory on 25 June 2026, which has been recognised in the reported results for the period): ▪ Underlying EBITDA1 increased by 0.4% to €48.5m in H1 2026, compared with €48.3m in H1 2025, while the underlying EBITDA margin stood at 15.7% in H1 2026 versus 15.9% in H1 2025. ▪ Underlying EBIT amounted to €36.7m in H1 2026, compared with €37.5m in H1 2025, representing a decrease of 2.1%, while the underlying EBIT margin stood at 11.9% versus 12.3% in H1 2025. 1 Alternative Performance Measure (Detailed information on Alternative Performance Measures are presented in paragraph 2.9 of the Group’s Semi-Annual Financial Report of 2026).
Page 8
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 8 ▪ Underlying EBT reached €34.8m in H1 2026, compared with €36.5m in H1 2025, down 4.5%, while the underlying EBT margin stood at 11.3% versus 12.0% in H1 2025. ▪ Underlying Net Profit amounted to €27.7m in H1 2026, compared with €29.2m in H1 2025, decreasing by 5.1%, while the underlying Net Profit margin stood at 9.0% versus 9.6% in H1 2025. Reported Results ▪ EBITDA decreased by 1.3% to €47.7m in H1 2026, compared with €48.3m in H1 2025, while the EBITDA margin stood at 15.5% in H1 2026 versus 15.9% in H1 2025. ▪ EBIT amounted to €35.9m in H1 2026, compared with €37.5m in H1 2025, representing a decrease of 4.3%, while the EBIT margin stood at 11.6% versus 12.3% in H1 2025. ▪ EBT reached €34.0m in H1 2026, compared with €36.5m in H1 2025, down 6.7%, while the EBT margin stood at 11.0% versus 12.0% in H1 2025. ▪ Net Profit amounted to €26.9m in H1 2026, compared with €29.2m in H1 2025, decreasing by 7.9%, while the Net Profit margin stood at 8.7% versus 9.6% in H1 2025. Business overview by product category Sales Regarding the analysis by product category, Beauty, Skin & Sun Care products recorded sales of €53.9m in H1 2026, compared with €55.0m in H1 2025, representing a 2.0% decrease. This was mainly attributable to the different timing of Sun Care product sales in the U.S. market between the two half -year periods of 2026 compare d with the corresponding period last year, as well as pressure in Romania. The contribution of Beauty, Skin & Sun Care products to the Group’s total sales amounted to 17.5%, compared with 18.1% in H1 2025. Personal Care products generated sales of €49.4m in H1 2026, compared with €50.7m in H1 2025, reflecting a 2.7% decline in a highly competitive market environment. The Group remains focused on diversifying its product portfolio and ensuring its optimal positioning in t he market. The contribution of Personal Care products to the Group’s total sales stood at 16.0%, compared with 16.7% in H1 2025. Home Care Solutions products2 recorded sales of €95.0m in H1 2026, representing an increase of 3.0% compared with €92.3m in H1 2025. The contribution of Home Care Solutions products to the Group’s total sales amounted to 30.8%, compared with 30.3% in H1 2025. Sales of the Private Label 2 category amounted to €35.2m in H1 2026, compared with €35.0m in H1 2025. The category’s contribution to the Group’s total sales stood at 11.4%, broadly stable compared with 11.5% in H1 2025. The Strategic Partnerships category generated sales of €74.8m in H1 2026, compared with €71.3m in H1 2025, recording a 4.9% increase. The category’s contribution to the Group’s total sales amounted to 24.3%, compared with 23.4% in H1 2025. Underlying Operating Profit With respect to underlying operating profitability by product category, underlying EBIT in the Beauty, Skin Care & Sun Care category amounted to €17.1m, compared to €15.9m in H1 2025, representing an increase of 7.4%. The category's underlying EBIT margin stood at 31.7% in H1 2026, up from 28.9% in H1 2025. Its contribution to the Group’s total underlying EBIT increased to 46.5%, from 42.4% in the prior-year period. Underlying EBIT in the Personal Care category amounted to €7.0m, compared to €8.5m in H1 2025, representing a decrease of 17.2% in a highly competitive market environment. Accordingly, the category's underlying EBIT margin stood at 14.2% in H1 2026, compared to 16.7% in H1 2025. Underlying EBIT in the Home Care Solutions category amounted to €10.8m in H1 2026, compared to €10.4m in H1 2025, representing an increase of 3.6%. The category's underlying EBIT margin stood at 11.4% in H1 2026, compared to 11.3% in H1 2025, while its contribution to total underlying EBIT increase d to 29.5% from 27.8% in the prior-year period. 2 Comparative financial figures for the Private Label category have been restated to include the corresponding private label sales outside Poland, which were previously included within the Home Care category.
Page 9
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 9 Underlying EBIT in the Strategic Partnerships category amounted to €1.9m in H1 2026, compared to €2.8m in H1 2025, decreasing by 33.6%, while the underlying EBIT margin stood at 2.5%, compared to 3.9% in H1 2025. Strong sales growth in the Mass Distribution channel was partly offset by the softer performance of the Selective Distribution channel. Business overview by geographical region Sales In terms of geographical analysis, sales in Greece amounted to €81.6m in H1 2026, compared to €80.0m in H1 2025, representing an increase of 1.9%. Sales in the Group’s international network, which represent 73.5% of the Group’s total sales, amounted to €226.7m in H1 2026, compared to €224.3m in H1 2025, an increase of 1.1%. Excluding foreign exchange effects, sales of the international network increased by 1.7% on a neutral currency basis. Focusing on the selected international markets, sales amounted to €15.0m in H1 2026, compared to €17.6m in H1 2025, representing a decrease of 14.7%, primarily due to different sales phasing between the two periods compared to the prior-year period. Poland recorded sales of €94.3m, compared to €89.9m in H1 2025, representing an increase of 4.9%. Of the total sales in Poland, €65.7m related to branded products, up 2.3% compared to €64.3m in H1 2025, while €28.5m related to private label products, up 11.4% compared to €25.6m in H1 2025. The Group’s markets of operation continued to benefit from its broad and diversified product portfolio across the core Beauty, Skin Care & Sun Care and Personal Care categories. Performance in key sub -categories, including face care, deodorants and body cleansing, remained strong, contributing to the overall resilience of sales and underscoring the strength and strategic value of the Group’s portfolio. Underlying Operating Profit Regarding operating profit by geographical segment in H1 2026, underlying EBIT in G reece remained stable at €12.1m, in line with H1 2025, while the underlying EBIT margin stood at 14.9% in H1 2026, compared to 15.1% in H1 2025. Underlying EBIT in selected international markets amounted to €6.0m in H1 2026, compared to €7.2m in H1 2025, representing a 16.6% decrease, while the corresponding underlying EBIT margin stood at 40.0%, compared to 40.8% in the prior -year period. This performance reflects the different timing of sales b etween the two halves of 2026 compared to the corresponding period last year. Underlying EBIT of the International Network countries , including selected international markets, amounted to €24.6m in H1 2026, compared to €25.4m in H1 2025, representing a 3.1% decrease. The underlying EBIT margin of the International Network countries stood at 10.9%, compared to 11.3% in H1 2025. Underlying EBIT in Poland amounted to €6.3m in H1 2026, compared to €5.2m in H1 2025, representing an increase of 20.1%, while the underlying EBIT margin improved to 6.6%, compared to 5.8% in the corresponding period last year. Underlying EBIT of the Branded product portfolio amounted to €6.6m in H1 2026, compared to €5.9m in H1 2025, representing an increase of 11.8%, while the underlying EBIT margin improved to 10.1% from 9.3% in the prior- year period. Underlying EBIT of the Private Label product portfolio amounted to €(0.4)m in H1 2026, compared to €(0.7)m in H1 2025, while the underlying EBIT margin improved to (1.4)% from (2.9)% in the prior-year period. It is noted that: ▪ The breakdown by product category and by geographical region is presented in detail in section 4.9.24 “Business Units and Geographical Analysis Tables” of the Interim Condensed Financial Statements. ▪ References to sales in Greece are made at Group level, that is, having eliminated intra-group transactions. ▪ References to the EBIT of Greece, as well as to the EBIT of the other countries, relate to the operating profitability as being monitored by the management to serve the evaluation of the performance and to make a more efficient decision -making per sector o f activity, having proportionally applied the distribution of expenses per country.
Page 10
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 10 Net Debt The Group maintains a healthy financial position, supported by its profitability and disciplined cost management. As of the end of H1 2026, the Group's net debt stood at €29.6m, compared to a net cash position of €23.5m at the end of 2025. Working Capital Overall, the Group improved its working capital requirements compared to the previous half-year period, highlighting its ability to efficiently manage the working capital cycle while reflecting its commitment to maintaining a healthy cash flow position. In line with its objective of continuously enhancing shareholder value through its actions and business strategy, during H1 2026 the Group also proceeded with a dividend payment for FY 2025 amounting to a gross distribution of €25.0m (€0.392465 per share), representing a 25.0% increase compared to the gross distribution of €20.0m (€0.299174 per share) paid in respect of FY 2024. Sustainable Development As part of its sustainable development strategy, the Group continued during the first half of 2026 to systematically integrate environmental, social and corporate governance (ESG) considerations into its operations and decision - making processes. Building on the foundations established in 2025, emphasis was placed on strengthening ESG data governance and reliability, advancing climate action, enhancing Health and Safety, and improving the sustainability of products and packaging. During the reporting period, the Group completed its 2025 Sustainability Statement and advanced the development of an enhanced internal control framework for the collection, documentation, approval and assurance of sustainability data. In parallel, the Group laid the groundwork for the further digitalization of ESG data management and the harmonization of its Health and Safety framework across the Group, including common reporting requirements, systematic gap assessments and enhanced performance monitoring. Building on the environmental assessments initiated in 2025, the Group expanded the evaluation of the environmental footprint of selected products and packaging. These activities support the gradual transition from monitoring aggregate CO2 scope 1, 2 and 3 emissions to assessing emissions at product level, while identifying opportunities to reduce plastic use and the carbon footprint of packaging. The Group also continued its preparations for compliance with the requirements of the new EU Packaging and Packaging Waste Regulation (PPWR). The Group further strengthened its preparedness for the Carbon Border Adjustment Mechanism (CBAM) by mapping affected imports, collecting embedded-emissions data and assessing potential financial impacts. This work forms part of the Group’s broader efforts to monitor carbon -related costs and respond effectively to evolving EU regulatory requirements. The Group remains committed to implementing its climate targets, including a 42% reduction in absolute CO2 scope 1 and 2 greenhouse gas emissions by 2030, compared with the 2023 base year, and achieving net -zero emissions across its value chain by 2050. Due to heightened geopolitical uncertainty and the resulting reallocation of resources towards immediate operational priorities, the submission of the Group’s targets for external validation by the Science Based Targets initiative (SBTi) has been deferred and will be reconsidered as part of the 2027 budgeting process. This revised timeline does not affect the Group’s existing climate targets or its continued monitoring of progress towards their achievement. 2.3 SIGNIFICANT EVENTS DURING THE FIRST HALF OF 2026 Strategy Execution and Portfolio Expansion Exclusive Distribution of Jordan Products During the first half of 2026, Sarantis Group, following an agreement with Orkla Health AS, assumed the exclusive distribution of Jordan products in the Greek pharmacy channel, effective 1 February 2026. The addition of Jordan to the Group’s portfolio represents a strategically important partnership, strengthening its presence in the Greek pharmacy channel and expanding its footprint in the oral care category.
Page 11
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 11 Jordan is owned by Orkla Health AS, and its product portfolio spans all major oral care subcategories. This partnership is aligned with Sarantis Group’s strategy to drive growth through international brands , leveraging its expertise in the health and personal care sectors, its well -established distribution network, and its deep understanding of the Greek market, with the objective of creating long-term value. Completion of the Sale of Polipak's Investment Property (Old Non-Operating Factory) On 25 June 2026, the Group's subsidiary Polipak completed the sale of an investment property, namely its former non-operating factory located in the Harcerska area of Poland. The total consideration amounted to €3.1m (PLN 13.1m) and was fully collected on the transaction date. The property had been measured under the fair value model in accordance with IAS 40 "Investment Property", with its most recent valuation performed on 31 December 2025. The sale resulted in a loss of € 0.6m, which, together with maintenance expenses of €0.2m incurred during the period, was recognized in the results for the period ended 30 June 2026 under figure “Other operating expenses”. Upon completion of the transaction, the investment property was derecognized from the Statement of Financial Position. Corporate Actions Publication of Interim Statement of Financial Position in the Context of a Cross -Border Merger through the Absorption of a Wholly Owned Subsidiary In connection with the ongoing cross-border merger process involving the absorption by the Company of its wholly- owned Cypriot subsidiary Zetafin Ltd (registered with the Cyprus Department of Registrar of Companies and Intellectual Property under registration number HE 132986), and in accordance with the provisions of Article 53θ of Law 4601/2019, the Company published an announcement to the investment community confirming its Statement of Financial Position as of 31 March 2026. Resolutions of the Annual General Meeting of Shareholders of 20.04.2026 On 20 April 2026 the Annual General Meeting of shareholders was held at the company's headquarters with the following items on the agenda: 1. Submission and Approval of the Annual Financial Statements, including the consolidated annual financial statements, along with the reports of the Board of Directors, the Sustainability Report of article 154 of Law 4548/2018 and the report of the Certified Auditor, for the fiscal year 01.01.2025 – 31.12.2025. Approval of the distribution of the results of the fiscal year 01.01.2025 – 31.12.2025, payment of dividend and fees from the profits of the fiscal year. 2. Submission of the Annual Activity Report of the Audit Committee for the year 01.01.2025 – 31.12.2025. 3. Approval of the overall management regarding the fiscal year 01.01.2025 – 31.12.2025. 4. Discharge of the Certified Auditors from any responsibility for the audit of the fiscal year 01 .01.2025 – 31.12.2025. 5. Appointment of an ordinary and an alternate Certified Auditor for the regular audit of the financial statements and the limited assurance of the Sustainability Report for the year 01.01.2026 – 31.12.2026, and determination of their fee. 6. Submission for discussion and voting of the Remuneration Report of article 112 of Law 4548/2018 for the year 01.01.2025 – 31.12.2025. 7. Submission of the Report of the Independent Non -Executive Members of the Board of Directors in accordance with article 9, paragraph 5 of Law 4706/2020. 8. Amendment of the Remuneration Policy of the Company. 9. Amendment of the Suitability Policy for the members of the Board of Directors. 10. Approval of the terms for the acquisition of own shares of the Company in accordance with article 49 of Law 4548/2018, as in force (Own Shares Purchase Plan), and granting of relevant authorizations. 11. Distribution of Company’s treasury shares to eligible beneficiaries under the Long -Term Incentive Plan (Performance Stock Awards). 12. Announcements. The resolutions of the Annual General Meeting held on 20 April 2026 have been published and are available here: Resolutions of the Annual General Meeting of Shareholders 20.04.2026 – Sarantis Group
Page 12
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 12 Announcement of payment of the dividend for the financial year 2025 The Annual General Meeting of Shareholders, held on 20 April 2026, approved the distribution of a dividend of €0.3924646782 per share, in accordance with the provisions of Greek legislation. Pursuant to applicable law , the dividend corresponding to the 435,787 shares held by the Company on the record date is applied to the dividend payable to the other shareholders, hence the gross amount of dividend is increased to €0.3951681182 per share. The dividend amount is subject to a 5% withholding tax and therefore, shareholders receive a net amount of €0.3754097123 per share. The ex-dividend date for the FY 2025 dividend was set as 4 May 2026. Shareholders registered in the records of the Dematerialized Securities System on 5 May 2026 (Record Date) were entitled to receive the dividend . The dividend payment was made on 8 May 2026. Performance Stock Awards Under the Performance Stock Awards Plan, and in accordance with the resolutions of the General Meeting of Shareholders and the provisions of Law 4548/2018, the Company proceeded on 24 April 2026 with the free distribution of 62,211 treasury shares, comprising ordinary registered voting shares, to eleven (11) beneficiaries. The total value of the shares distributed amounted to €920,722.8, based on the Company’s closing share price of €14.80 on 22.04.2026. The distribution was effected through treasury shares acquired under the Company’s share buyback program, pursuant to the resolution of the Annual General Meeting of Shareholders held on 23.04.2024. Loans The Company drew down loans totaling €26.4m, primarily to support working capital requirements, and repaid loans amounting to €8.7m during the period. In addition, subsidiary Stella Pack S.A. drew down a €4.2m (PLN 17.9m) loan to finance an investment program aimed at the modernization and energy efficiency upgrade of its production facilities, while also repaying €0.2m (PLN 0.6m) of existing borrowings (see Note 4.9.10 of the Interim Condensed Financial Statements). 2.4 PRINCIPAL RISKS AND UNCERTAINTIES 2.4.1 Risk Management Framework The Group’s risk assessment and management framework is based on recognised best practices and is designed to support the systematic identification, assessment, prioritisation and monitoring of risks, together with the development of coordinated mitigation actions. The framework applies across the Group’s principal operations and entities, enabling the timely identification of events and developments that could affect the achievement of its business objectives. Management develops, maintains and continuously enhances the Group’s Internal Control and Compliance System, which comprises policies, regulations, procedures, work instructions, information systems and control mechanisms. Risks are prioritised according to their level of criticality, determined by combining the likelihood of occurrence with the potential impact, taking into account the effectiveness of existing controls. The principal risks and uncertainties identified by the Management Team for the first half of 2026 are set out below. 2.4.2 Risk Profile Developments and Key Risk Drivers Changes in the Group’s risk profile during the second quarter of 2026 reflect both developments in the external and business environment and the further alignment of the Group’s risk classification and assessment methodology. The most significant increase relates to geopolitical and macroeconomic risk, driven by the continuing war in Ukraine, the escalation of hostilities in the Middle East and the broader assessment of related macroeconomic and political exposures. Market risk exposure has also increased, primarily as a result of higher energy and raw material prices, foreign exchange volatility and increased credit risk.
Page 13
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 13 By contrast, lower risk levels have been recorded in legal and regulatory compliance, people -related risks, supply chain and commercial dynamics. These movements partly reflect progress in mitigation actions and the reassessment of individual exposures, as well as the reclassification of certain risks across categories in order to achieve a clearer distinction between external developments, operational matters, financial impacts and compliance-related issues. Accordingly, movements between assessment periods should not in all cases be interpreted as a corresponding improvement or deterioration in the underlying risk environment. The Group’s most significant risk areas are summarised below. 2.4.2.1 Systems Security, Digital Infrastructure and Information Management The Group remains exposed to cybersecurity risk, data leakage and disruption to critical information systems and digital infrastructure. The most significant residual exposure relates to incidents arising from internal users, external cyberattacks and the unauthorised disclosure of corporate or personal data. The Group also monitors the risk of disruption to critical financial, commercial and warehouse management systems, which could affect financial reporting, order fulfilment and business continuity. Mitigation measures include security event monitoring, user awareness and training, security testing, system updates, technical and organisational controls and the progressive strengthening of data loss prevention mechanisms. The assessment for the first half of 2026 indicates that existing controls materially reduce the risk of systems disruption. However, risks associated with human factors, external cyber threats and data leakage continue to require heightened monitoring and the ongoing strengthening of protective measures. 2.4.2.2 Supply Chain, Procurement and Distribution Resilience The Group’s supply chain continues to be affected by geopolitical tensions, volatility in energy, fuel and raw material prices, and potential disruption affecting suppliers, transport routes and local infrastructure. These factors may increase production and transportation costs, place pressure on working capital and profit margins, and adversely affect material availability and customer service levels. The Group also monitors risks associated with the implementation of operational and investment initiatives, inventory management and operational efficiency. Delays or deviations in execution may result in temporary disruption, higher operating costs or performance below planned business objectives. Mitigation measures include supplier diversification, safety-stock policies, alternative transport routes, supplier and price monitoring, energy hedging where feasible and the regular updating of business continuity plans. The assessment for the first half of 2026 indicates that the most significant residual exposure relates to geopolitical instability and its impact on the cost of raw materials, energy and transportation. Physical climate risks remain under monitoring but are not currently considered likely to result in material production disruption or loss of revenue. 2.4.2.3 Market Developments, Competition and Product Trends The markets in which the Group operates continue to be affected by inflation, declining purchasing power and increased consumer price sensitivity. These conditions are accelerating the shift towards lower-cost alternatives and private-label products, increasing reliance on promotional activity and potentially affecting sales volumes, profit margins and consumer loyalty to branded products. In certain channels, the space and commercial support available to branded categories are also becoming more constrained, which may reduce promotional effectiveness and limit growth opportunities. The Group further monitors risks associated with the timely adaptation of its portfolio, the success of new product launches, changes in consumer preferences and the allocation of investment across brands and categories. Mitigation measures include adjustments to product and pricing architecture, the strengthening of value propositions, disciplined promotional strategies and the allocation of commercial investment towards customers and channels offering stronger growth potential. The Group also continues to expand its presence in alternative channels, including pharmacies and e -commerce, while systematically monitoring customer, category and portfolio performance. With respect to exports to the United States, the Group monitors developments in EU–US trade relations, particularly any changes in tariff arrangements that could affect the cost and profitability of related exports. Current exposure is
Page 14
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 14 assessed as limited, while relevant cost increases have been reflected in pricing policy. Management continues to monitor changes in trading conditions and their potential impact on the competitiveness and profitability of sales in the US market. The assessment for the first half of 2026 indicates that the most significant residual exposure relates to weaker consumer demand and the increasing substitution of branded products by lower -cost alternatives, particularly in markets where inflationary and fiscal pressures remain elevated. 2.4.2.4 Sustainability, Climate Change and Environmental Transition The Group’s most significant exposure within this category relates to the pace at which its production and transportation activities can adapt to developments in low -carbon technologies. The limited availability of mature, industrial-scale solutions and the associated investment requirements may affect both the timing and cost of the transition. Although no material short -term financial impact has been identified, the timely monitoring of technological and regulatory developments remains important in maintaining the Group’s operational efficiency and competitive position. Weather variability may also affect demand for seasonal product categories and result in deviations from sales, production and inventory plans. Mitigation measures include the assessment of energy -efficiency investments, pilot applications and lower -carbon solutions, together with enhanced planning and monitoring of seasonal demand. 2.4.2.5 Financial Risks The Group is primarily exposed to the following financial risks: • Foreign exchange risk : The Group’s operations in countries outside the Eurozone give rise to exposure to fluctuations in foreign exchange rates, which may affect the cost of imported products and raw materials, gross profit margins, cash flows and the translation of subsidiaries’ results into the Group’s presentation currency. The exposure is more pronounced in markets characterised by heightened economic or geopolitical volatility, where sharp exchange -rate movements may not be immediately offset through pricing adjustments. The Group systematically monitors foreign exchange developments and evaluates measures including natural hedging, cost pass-through through pricing, cash flow management and, where appropriate, centrally managed hedging arrangements. • Interest rate risk: Changes in interest rates may affect returns on cash balances, the cost of short-term or future financing and the evaluation of financing and investment alternatives. Management monitors developments in interest rate markets, deposit yields and potential financing requirements as part of the active management of liquidity and cash resources. • Key input price risk: The Group is exposed to fluctuations in the prices of energy, fuel, raw materials, packaging materials and other key production and supply -chain inputs. Adverse movements may increase cost of goods sold and transportation expenses and adversely affect gros s margins, working capital and profitability, particularly where cost increases cannot be offset in a timely manner through pricing adjustments. Mitigation measures applied, as appropriate, include supplier and sourcing diversification, price monitoring, fixed-price or pre-agreed pricing arrangements, energy hedging, optimisation of materials and formulations, and pricing and product-mix actions. • Capital management risk: Changes in capital requirements, financing conditions or capital allocation priorities may affect the Group’s liquidity and financial flexibility. The Group’s strong cash position and the systematic monitoring of financing requirements mitigate the current level of exposure. Management monitors the Group’s net cash position, capital requirements, financing capacity and the adequacy of available resources in order to maintain financial resilience and support the Group’s operating and investment requirements. • Liquidity risk: Liquidity risk refers to the possibility that the Group may not have sufficient immediately available funds or financing capacity to meet its financial and operating obligations as they fall due without incurring disproportionate cost or materially restric ting its business flexibility. The Group’s current cash position and committed loan facilities significantly mitigate this risk. The Finance function prepares regular cash flow
Page 15
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 15 forecasts, monitors available cash resources, working capital requirements and financing headroom, and periodically assesses liquidity adequacy under a range of economic scenarios. • Credit risk: Credit risk refers to the possibility that customers or other counterparties may fail to meet their contractual obligations when due, resulting in delayed cash inflows, higher working capital requirements or losses from doubtful receivables. The Group’s br oad and diversified customer base limits concentration risk. Group companies systematically monitor customers’ financial position and creditworthiness, apply credit limits and overdue-balance controls and, where necessary, suspend further credit. Guarantees or insurance coverage are also used for selected exposures. Receivables ageing analyses are performed on a regular basis, collection days are monitored and material delays are escalated for commercial or legal action. • Other financial exposures : The Group assesses potential financial exposures associated with tax obligations, inventory valuation and recoverability, as well as developments in costs and profit margins. Changes in the tax or regulatory environment, differences in the interpretation o f applicable provisions, changes in demand or product sell-through and mismatches between costs and pricing may affect profitability, working capital and cash flows. Mitigation measures include procedures for the monitoring and assessment of tax matters, inventories, costs, pricing and margins, supported by specialist advisers where required, together with appropriate corrective actions in procurement, commercial policy and product management. Overall, the Group’s financial position, available liquidity and the monitoring and control systems in place limit its residual financial exposure. Management continues to monitor developments in foreign exchange rates, key input prices, interest rates, liquidity, counterparty creditworthiness and other financial exposures and adjusts risk management measures where necessary. 2.4.2.6 Geopolitical Developments and Macroeconomic Risks The Group continues to operate in an environment of heightened geopolitical and macroeconomic uncertainty, primarily arising from the continuing war in Ukraine and the escalation of hostilities in the Middle East. In Ukraine, the principal risks relate to employee safety, business continuity, production and distribution, potential disruption to infrastructure and a deterioration in local economic conditions. The conflict in the Middle East primarily gives rise to indirect exposure through energy and commodity prices, maritime transport routes, raw material availability, inflation and consumer purchasing power. A further escalation or prolonged continuation of these conflicts could increase operating and transportation costs, disrupt supply flows, weaken demand and adversely affect the Group’s financial and operational performance. The Group continues to closely monitor developments and implements measures relating to business continuity, procurement, supply chain management, cost management and pricing, with particular emphasis on its operations in Ukraine and on exposures associated with energy and key raw materials. 2.5 FUTURE OUTLOOK AND PROSPECTS FOR THE SECOND HALF OF 2026 The Group’s resilient financial performance during the first half of 2026 confirms the strength of its strategy and business model in an environment that continues to be characterized by heightened geopolitical uncertainty and pressure on real disposable i ncome resulting from inflation. Consumer sentiment during the first half of 2026 remained cautious and uncertain, with consumers closely monitoring economic developments and adjusting their spending patterns and purchasing behavior accordingly. Despite these challenges, demand for the Group’s products remained at satisfactory levels, while internal operations were further strengthened through optimization initiatives and digital transformation projects. The Group remains firmly committed to the execution of its strategic plan, aiming to further strengthen its position in the markets in which it operates while continuing its transformation journey to respond effectively to evolving consumer needs and the challenges of the international environment. Having developed deep knowledge of its markets and consumer trends, the Group strategically focuses on the regions in which it operates, its distribution channels, and its product portfolio, while maintaining an unwavering commitment to product quality and consumer safety. At the same time, as noted above, digital transformation remains a key strategic priority, with the objective of optimizing internal processes, enhancing efficiency, and creating a stronger operating environment that reinforces the Group’s competitive adva ntages. The adoption of innovative tools and technologies is expected to contribute
Page 16
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 16 meaningfully to improving the consumer experience and strengthening the relationship of trust the Group has built with its consumers. As it enters the second half of 2026 within a dynamic and demanding business environment, the Group continues to closely monitor ongoing geopolitical instability and its impact on raw material, energy, and transportation costs. The Group remains optimistic about its future prospects and looks forward to delivering growth in 2026, while remaining focused on preserving its competitiveness, safeguarding profitability margins, and continuing to invest systematically in innovation and organizational transformation. 2.6 SUBSEQUENT EVENTS Loans The Company was informed by Alpha Bank on 31 July 2026 that a credit facility of €120.0m had been approved for general corporate purposes. As of the date of approval of the interim financial statements, no amount had been drawn under this facility. In addition, in August 2026 the Company notified National Bank of Greece (NBG) of its intention to proceed with the early repayment of the outstanding loan balance of €6.0m, under their €12.0m loan agreement, with repayment scheduled for September 29, 2026. Distribution of Möller’s Products in Greece On 1 July 2026, the Group assumed the distribution of Möller’s products in the Greek market, adding the brand to its portfolio, specifically within the Health & Care Division distribution channel. Möller’s is a well -established brand in the Omega -3 and dietary supplements category, and the partnership is expected to further strengthen the Group’s presence in the growing Vitamins & Supplements category. Other than the above, there have been no significant events subsequent to 30 June 2026 and up to the date of approval of the interim financial statements that require disclosure. 2.7 RELATED PARTY TRANSACTIONS The most significant transactions between the Company and its related parties, as such are defined by International Accounting Standard 24, are presented below: Subsidiaries Trade receivables 30.06.2026 31.12.2025 Sarantis Belgrade D.O.O 283,414 6,625 Sarantis Banja Luka D.O.O 230,649 8,955 Sarantis Zagreb D.O.O. 2,300 0 Sarantis Skopje D.O.O 42,000 0 Sarantis Bulgaria LTD 230,749 138,355 Sarantis Romania S.A. 1,705,250 1,770,737 Sarantis Polska S.A. 843,704 3,636,732 Stella Pack S.A. 139,000 26,352 Sarantis Czech Republic S.R.O. 1,158,514 129,035 Polipak SP.Z.O.O. 110,500 33,841 Sarantis Slovakia S.R.O 25,875 8,380 Ergopack LLC 403,180 319,814 Sarantis Hungary Kft. 252,401 245,863 Sarantis Portugal Lda 805,118 1,025,519 Elode France SARL 3,578 1,763 Sarkk S.A. 18,219 22,372 Total 6,254,452 7,374,342 Company
Page 17
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 17 Receivables from dividends 30.06.2026 31.12.2025 Sarantis Belgrade D.O.O 0 4,503,975 Sarantis Bulgaria LTD 2,249,961 1,408,189 Sarantis Romania S.A. 3,157,192 0 Zetafin LTD 15,788,381 15,788,381 Total 21,195,534 21,700,545 Grand total receivables 27,449,987 29,074,888 Trade liabilities 30.06.2026 31.12.2025 Sarantis Belgrade D.O.O 0 1,454,780 Sarantis Skopje D.O.O 476,792 218,613 Sarantis Polska S.A. 15,554 124,952 Stella Pack S.A. 14,810 10,575 Polipak SP.Z.O.O. 248,592 195,198 Sarantis France SARL 24,601 26,470 Dirty Laundry S.A. 412 412 Sarkk S.A. 585 1,394 Total 781,345 2,032,393 Liabilities from loans 30.06.2026 31.12.2025 Sarantis Belgrade D.O.O 9,178,521 9,000,000 Zetafin LTD 536,664 528,885 Total 9,715,184 9,528,885 Lease liabilities 30.06.2026 31.12.2025 Lenidi S.A. 3,702,080 3,905,156 Total 3,702,080 3,905,156 Grand total liabilities 14,198,610 15,466,434 Income Income from sale of merchandise 01.01 - 30.06.2026 01.01 - 30.06.2025 Sarantis Belgrade D.O.O 1,710,897 1,841,092 Sarantis Banja Luka D.O.O 184,271 121,664 Sarantis Skopje D.O.O 443,113 548,352 Sarantis Bulgaria LTD 1,276,740 1,283,951 Sarantis Romania S.A. 3,696,342 4,646,255 Sarantis Polska S.A. 4,121,356 5,862,032 Stella Pack S.A. 21,164 91,347 Sarantis Czech Republic S.R.O. 4,451,455 4,528,051 Ergopack LLC 236,643 517,980 Sarantis Hungary Kft. 530,409 904,398 Sarantis Portugal Lda 556,513 835,318 Lenidi Bulgaria LTD 0 3,884 Dirty Laundry S.A. 0 456 Sarkk S.A. 62,780 14,363 Total 17,291,683 21,199,145
Page 18
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 18 Other income 01.01 - 30.06.2026 01.01 - 30.06.2025 Sarantis Belgrade D.O.O 210,098 111,931 Sarantis Banja Luka D.O.O 46,377 4,940 Sarantis Zagreb D.O.O. 2,300 0 Sarantis Skopje D.O.O 47,285 12,126 Sarantis Bulgaria LTD 160,376 42,568 Sarantis Romania S.A. 406,091 163,206 Sarantis Polska S.A. 643,351 625,852 Stella Pack S.A. 139,259 42,551 Sarantis Czech Republic S.R.O. 263,074 164,133 Polipak SP.Z.O.O. 110,500 46,732 Sarantis Slovakia S.R.O 25,875 2,612 Ergopack LLC 252,147 198,773 Sarantis Hungary Kft. 111,644 70,590 Sarantis Portugal Lda 52,234 54,355 Total 2,470,613 1,540,369 Income from dividends 01.01 - 30.06.2026 01.01 - 30.06.2025 Sarantis Bulgaria LTD 3,499,961 3,308,189 Sarantis Romania S.A. 12,433,061 12,334,279 Sarantis Polska S.A. 11,127,658 5,157,056 Sarantis Czech Republic S.R.O. 5,186,984 4,378,972 Astrid T.M. A.S. 200,990 182,178 Sarantis Hungary Kft. 1,281,808 935,691 Total 33,730,462 26,296,363 Grand total income 53,492,757 49,035,877 Expenses and Purchases Purchases of merchandise - services - assets 01.01 - 30.06.2026 01.01 - 30.06.2025 Sarantis Polska S.A. 41,137 1,034,875 Stella Pack S.A. 181,648 473,976 Sarantis Czech Republic S.R.O. 0 2 Polipak SP.Z.O.O. 1,385,262 1,455,952 Dirty Laundry S.A. 0 3,299 Sarkk S.A. 325 2,799 Total 1,608,372 2,970,902 Expenses – interest 01.01 - 30.06.2026 01.01 - 30.06.2025 Sarantis Belgrade D.O.O 178,489 178,513 Zetafin LTD 7,779 7,779 Lenidi S.A. 101,795 109,171 Total 288,062 295,464
Page 19
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 19 2.8 INFORMATION REGARDING TREASURY SHARES ACQUIRED PURSUANT TO ARTICLE 50, PARAGRAPH 2 OF L.4548/2018 As of 31 December 2025, the Company held 198,023 treasury shares, representing 0.31% of its share capital. During the period from 05.01.2026 to 20.04.2026, under the Company's share buyback program authorized by the Annual General Meeting of Shareholders held on 23 April 2024, pursuant to Article 49 of Law 4548/2018 and the specific terms of the respective reso lution, the Company acquired 237,743 treasury shares at a total purchase consideration of €3,353,175.68, representing 0.37% of the Company's shares. During the period from 21.04.2026 to 30.06.2026, under the share buyback program authorized by the Annual General Meeting of Shareholders held on 20 April 2026, pursuant to Article 49 of Law 4548/2018 and the specific terms of the respective resolution, the Company acquired 283,795 treasury shares at a total purchase consideration of €4,247,302.74, representing 0.45% of the Company's shares. In total, during H1 2026, the Company acquired 521,538 treasury shares for a total consideration of €7 ,600,478.42, at an average acquisition price of €14.57 per share. Furthermore, under the Performance Stock Awards Program, in accordance with the resolutions of the Annual General Meeting of Shareholders held on 20 April 2026 and the provisions of Law 4548/2018, the Company proceeded on 24.04.2026 with the free distribut ion of 62,211 treasury ordinary registered voting shares to eleven (11) beneficiaries. The total value of the shares distributed amounted to €920 ,722.80, based on the Company’s closing share price of €14.80 on 22.04.2026. As of 30.06.2026, the Company held a total of 657,350 treasury shares, representing 1.03% of its total shares outstanding. The treasury shares held by the Company at any given time are intended exclusively for: (a) the reduction of the Company’s share capital, (b) the fulfilment of obligations arising from debt financial instruments convertible into equity securities, and (c) the fulfilment of obligations arising from share -based incentive schemes or other share distributions to employees or members of the management or supervisory bodies of the Company or its affiliated companies. Other expenses 01.01 - 30.06.2026 01.01 - 30.06.2025 Polipak SP.Z.O.O. 0 495 Total 0 495 Grand total expenses 1,896,435 3,266,861 Table of disclosures of related parties Group Company a) Income 438,165 53,492,757 b) Expenses 150,599 1,896,435 c) Receivables 248,351 27,449,987 d) Liabilities 3,703,077 14,198,610 e) Transactions and remuneration of senior executives and management 1,425,609 1,400,846 f) Receivables from senior executives and management 0 0 g) Liabilities towards senior executives and management 11,899 0 h) Receivables from associates 0 0 i) Liabilities to associates 0 0
Page 20
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 20 2.9 ALTERNATIVE PERFORMANCE MEASURES (“APM”) The Group utilizes Alternative Performance Measures (APM) in the context of its decision making with regards to the financial, operational and strategic planning as well as for the evaluation and public disclosure of its performance. These APMs serve and facilitate the best understanding of the financial and operating results of the Group, its financial position and the statement of cash flows. The Alternative Performance Measures (APM) should be always taken into consideration along with the financial results which have been prepared in accordance with the IFRS whereas in no case replace them. Definitions and reconciliation of Alternative Performance Measures (“APM”) A) Profitability Ratios The Group utilizes the following profitability ratios for the purpose of the full analysis of its operating results: EBITDA (Earnings before interest, taxes, depreciation and amortization) EBITDA is calculated from the financial statements as follows: “Gross operating earnings” plus “Other operating income” minus the “Administrative Expenses”, the “Distribution Expenses” and the “Other operating expenses” prior to depreciation and amortization. The depreciation and amortization for the Group are presented in the note 4.9.17 “Table of Changes in Fixed Assets” of the financial statements. * The underlying financial figures included in the table above are presented excluding the total charge of €0.8m arising from the disposal of the investment property (former non -operating factory) of Polipak SP. Z.O.O. on 25 June 2026, which has been recognized in the reported results for the period (see Note 4.9.17). EBIT (Earnings before interest and taxes) EBIT equals with the operating earnings of the Group as they are recorded in the financial statements. EBT (Earnings before taxes) EBT equals with the earnings deriving before the deduction of taxes from the financial statements. Net Income (Net earnings) It equals with the earnings after the deduction of taxes attributable to the shareholders of the parent company, as reported in the financial statements. Profitability Margins For all the above profitability figures, the corresponding profit margin is calculated by dividing each figure with the total turnover. (Euro million) H1 2026 H1 2025 Gross operating earnings 119,1 117,5 Other operating income 0,4 0,7 Administrative expenses (18,4) (17,0) Underlying distribution expenses (64,3) (63,6) Underlying other operating expenses* (0,1) (0,1) Depreciation and amortization (11,7) (10,8) Underlying Earnings Before Interest, Taxes, Depreciation and Amortization* 48,5 48,3 H1 2026 H1 2025 (Euro million) Margin Margin Revenue 308.3 304.3 Underlying Earnings Before Interest, Taxes, Depreciation and Amortization* 48.5 15.7% 48.3 15.9% Underlying Earnings before Interest & Tax* 36.7 11.9% 37.5 12.3% Underlying Earnings before taxes* 34.8 11.3% 36.5 12.0% Underlying Net earnings* 27.7 9.0% 29.2 9.6%
Page 21
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 21 * The underlying financial figures included in the table above are presented excluding the total charge of €0.8m arising from the disposal of the investment property (former non -operating factory) of Polipak SP. Z.O.O. on 25 June 2026, which has been recognized in the reported results for the period (see Note 4.9.17). B) Net debt The net debt comprises a figure which depicts the capital structure of the Group. It is calculated by adding the long- term loans and the short-term loans by then deducting the cash and cash equivalents and the financial Assets at fair value through results, since they are considered to be liquid items. The relevant calculations are presented in the following table: Marousi, September 8th 2026 The Board of Directors (Euro million) H1 2026 FY 2025 Long-term loans 55.4 35.6 Short-term loans 8.3 6.4 Cash and cash equivalents (29.8) (62.6) Other financial assets (4.3) (2.9) Net Debt / (Net Cash) 29.6 (23.5)CHAIRMAN OF THE BOARD VICE CHAIRMAN OF THE BOARD GROUP CHIEF EXECUTIVE OFFICER & BOARD MEMBER KYRIAKOS SARANTIS GRIGORIS SARANTIS IOANNIS BOURAS ID NO. A03841845/2026 ID NO. X 080619/2003 ID NO. A04127155/2026
Page 22
Independent Auditor’s Report on Review of Condensed Interim Financial Information
Page 23
3. INDEPENDENT AUDITOR’S REPORT ON REVIEW OF CONDENSED INTERIM FINANCIAL INFORMATION KPMG Certified Auditors S.A. 44, Syngrou Avenue 117 42 Athens, Greece Telephone: +30 210 6062100 Fax: +30 210 6062111 Email: info@kpmg.gr Independent Auditor’s Report on Review of Interim Condensed Financial Information (Translated from the original in Greek) To the Shareholders of GR. SARANTIS S.A. Report on the Review of Interim Condensed Financial Information Introduction We have reviewed the accompanying interim condensed Separate and Consolidated Statement of Financial Position of GR. SARANTIS S.A. (the “Company”) as at 30 June 2026 and the related interim condensed Separate and Consolidated Statements of Comprehensive Income, Changes in Equity and Cash Flows for the six-month period then ended and the selected explanatory notes, which comprise the interim condensed separate and consolidated financial information and which forms an integral part of the six-month financial report of articles 5 and 5a of Law 3556/2007. Management is responsible for the preparation and presentation of this interim condensed Separate and Consolidated financial information in accordance with the International Financial Reporting Standards adopted by the European Union and specifically with International Accounting Standard (IAS) 34 “Interim Financial Reporting”. Our responsibility is to express a conclusion on this interim condensed Separate and Consolidated financial information based on our review. Scope of Review We conducted our review in accordance with the International Standard on Review Engagements (ISRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing, as incorporated in Greek Law, and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed separate and consolidated financial information as at 30 June 2026 is not prepared, in all material respects, in accordance with IAS 34 “Interim Financial Reporting”. KPMG Certified Auditors S.A., a Greek Societe Anonyme and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.All rights reserved. Certified Auditors GCR 148599601000
Page 24
Report on Other Legal and Regulatory Requirements Our review did not identify any material inconsistency or error in the statements of the members of the Board of Directors and in the information of the six-month Financial Report of the Board of Directors as defined in articles 5 and 5a of Law 3556/2007 in relation to the accompanying condensed Separate and Consolidated interim financial information. Athens, 8 September 2026 KPMG Certified Auditors S.A. Reg. No. SOEL 186 Dimitrios Tanos, Certified Auditor Accountant Reg. No. SOEL 42241
Page 25
Interim Condensed Financial Statements
Page 26
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 26 4. INTERIM CONDENSED FINANCIAL STATEMENTS Responsibility for the preparation of the Interim Financial Statements for the period 01 .01–30.06.2026 lies with the signatories at the end of the Financial Statements. 4.1 INTERIM CONDENSED STATEMENT OF FINANCIAL POSITION The basic financial statements should be read in conjunction with the attached notes. Amounts in € 30.06.2026 31.12.2025 30.06.2026 31.12.2025 ASSETS Non-current assets 328,884,037 313,264,496 305,372,387 294,822,254 Tangible fixed assets 4.9.17 151,581,150 151,077,228 53,044,170 51,096,897 Right of use 4.9.17 34,936,729 17,127,025 14,322,511 5,858,924 Investments in property 4.9.17 3,188,232 8,009,881 28,232 1,915,232 Intangible assets 4.9.17 101,943,127 101,484,115 42,525,503 40,591,416 Goodwill 4.9.3 14,148,263 14,358,204 1,100,000 1,100,000 Deferred tax assets 2,792,397 1,088,880 0 0 Investments in Subsidiaries, Associates 4.9.2 0 0 194,276,595 194,185,246 Other long-term receivables 4.9.5 20,294,139 20,119,162 75,376 74,540 Current assets 343,528,564 320,286,563 160,788,477 141,026,215 Inventories 4.9.4 143,620,504 122,212,496 54,457,250 50,647,965 Trade receivables 4.9.5 152,432,299 116,060,172 68,615,696 42,489,325 Other short-term receivables 4.9.5 13,365,104 16,000,674 28,606,900 29,600,072 Cash & cash equivalents 4.9.6 29,844,313 62,590,101 4,842,286 15,338,916 Financial assets at fair value through profit and loss (FVTPL) 4.9.7 4,266,345 2,949,937 4,266,345 2,949,937 Assets held for sale 0 473,182 0 0 Total Assets 672,412,601 633,551,058 466,160,863 435,848,470 Shareholders' EQUITY: Share capital 4.9.13 49,686,000 49,686,000 49,686,000 49,686,000 Share Premium 40,676,356 40,676,356 40,676,356 40,676,356 Reserves 43,510,831 51,344,882 34,630,003 41,680,416 Translation Reserve (9,810,127) (6,878,972) 0 0 Retained Earnings 269,735,837 266,639,091 186,016,295 169,429,196 Total Shareholders' Equity 393,798,896 401,467,357 311,008,654 301,471,968 Total Equity 393,798,896 401,467,357 311,008,654 301,471,968 LIABILITIES Long-term liabilities 116,228,836 79,888,126 82,569,521 57,064,342 Loans 4.9.10 55,417,381 35,585,414 61,305,641 44,585,414 Lease liabilities 31,214,117 13,919,129 12,697,286 4,349,957 Deferred tax liabilities 16,999,167 17,203,484 5,416,993 5,275,628 Provisions for employee benefits 3,667,953 3,358,960 3,149,602 2,853,343 Provisions - long-term liabilities 4.9.9 8,930,218 9,821,139 0 0 Short-term liabilities 162,384,870 152,195,576 72,582,689 77,312,159 Suppliers 4.9.8 108,301,189 115,693,066 46,194,598 54,185,818 Other liabilities 4.9.8 30,154,966 19,659,417 11,463,110 10,898,523 Income taxes 8,451,055 4,330,518 5,540,133 3,981,032 Loans 4.9.10 8,327,972 6,417,092 7,427,529 6,417,092 Lease liabilities 7,149,688 6,095,483 1,957,319 1,829,695 Total Equity & Liabilities 672,412,601 633,551,058 466,160,863 435,848,470 Note Group Company
Page 27
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 27 4.2 INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME The basic financial statements should be read in conjunction with the attached notes. Amounts in € 01.01-30.06.2026 01.01-30.06.2025 01.01-30.06.2026 01.01-30.06.2025 Revenue 4.9.1 308.301.741 304.279.133 112.841.238 117.794.756 Cost of sales (189.212.108) (186.768.611) (65.316.681) (69.110.599) Gross operating profit 119.089.633 117.510.523 47.524.557 48.684.156 Other operating income 409.750 697.139 2.635.820 1.787.191 Administrative expenses (18.411.339) (17.020.383) (11.710.461) (9.827.889) Distribution expenses (64.301.149) (63.598.101) (27.126.910) (27.217.742) Other operating expenses (872.095) (59.726) (61.278) (59.726) Operating profit 35.914.800 37.529.451 11.261.728 13.365.991 Financial income/(expenses) 4.9.12 (1.882.769) (1.036.390) 32.866.555 25.299.562 Earnings before taxes 34.032.031 36.493.061 44.128.283 38.665.552 Current income tax 4.9.11 (8.554.906) (8.886.499) (2.439.257) (3.035.595) Deferred tax 4.9.11 1.400.462 1.565.036 (141.365) 229.073 Earnings after the deduction of tax (A) 26.877.587 29.171.598 41.547.661 35.859.031 Owners of the parent 26.877.587 29.171.598 41.547.661 35.859.031 Other Comprehensive Income: 0 0 0 0 Items not transferred to the statement of comprehensive income: 396.083 (1.777.282) 0 0 Profit/(Loss) from revaluation of fixed assets 0 (2.175.631) 0 0 Deferred tax from revaluation of fixed assets 396.083 383.697 0 0 Profit/(Loss) from actuarial study 0 14.653 0 0 Items which may be transferred in future to the statement of comprehensive income: (2.931.156) (1.215.755) 0 0 Foreign exchange differences from subsidiaries abroad (2.931.156) (1.215.755) 0 0 Other total income after taxes (Β) (2.535.073) (2.993.037) 0 0 Total comprehensive income after taxes (A) + (B) 24.342.515 26.178.562 41.547.661 35.859.031 Owners of the parent 24.342.515 26.178.562 41.547.661 35.859.031 Basic earnings per share 4.9.14 0,4245 0,4575 0,6562 0,5624 Diluted earnings per share 4.9.14 0,4245 0,4575 0,6562 0,5624 Note Group Company
Page 28
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 28 4.3 INTERIM CONDENSED STATEMENT OF CHANGES IN GROUP’S EQUITY FOR THE PERIOD The basic financial statements should be read in conjunction with the attached notes. Amounts in € Balance as at 1 January 2025 52,143,439 40,676,356 23,200,369 (6,464,806) 265,071,755 374,627,113 280,455 374,907,568 Total comprehensive income for the period Net profit for the period 0 0 0 0 29,171,598 29,171,598 0 29,171,598 Other comprehensive income Foreign exchange differences 0 0 0 (1,215,755) 0 (1,215,755) 0 (1,215,755) Reserve due to actuarial study 0 0 14,653 0 0 14,653 0 14,653 Revaluation of property 0 0 (386,932) 0 (1,405,003) (1,791,935) 0 (1,791,935) Total other comprehensive income 0 0 (372,279) (1,215,755) (1,405,003) (2,993,037) 0 (2,993,037) Total comprehensive income after taxes 0 0 (372,279) (1,215,755) 27,766,596 26,178,562 0 26,178,562 Transactions with Owners of the Company Purchase of treasury shares 0 0 (2,838,413) 0 0 (2,838,413) 0 (2,838,413) Cancellation of treasury shares (2,457,439) 0 29,353,995 0 (26,896,556) 0 0 0 Performance Stock Awards 0 0 552,301 0 0 552,301 0 552,301 Capital Aggregation Tax 0 0 (62,059) 0 0 (62,059) 0 (62,059) Distributed dividends 0 0 0 0 (20,000,000) (20,000,000) 0 (20,000,000) Formation of reserves 0 0 2,471,118 0 (2,471,118) 0 0 0 Change from subsidiaries 0 0 0 53,000 0 53,000 (280,455) (227,455) Total transactions with Owners of the Company (2,457,439) 0 29,476,942 53,000 (49,367,674) (22,295,171) (280,455) (22,575,626) Balance as at 30 June 2025 49,686,000 40,676,356 52,305,032 (7,627,561) 243,470,677 378,510,504 0 378,510,504 Balance as at 1 January 2026 49,686,000 40,676,356 51,344,882 (6,878,972) 266,639,091 401,467,357 0 401,467,357 Total comprehensive income for the period Net profit for the period 0 0 0 0 26,877,587 26,877,587 0 26,877,587 Other comprehensive income Foreign exchange differences 0 0 0 (2,931,156) 0 (2,931,156) 0 (2,931,156) Revaluation of property 0 0 (1,688,641) 0 2,084,724 396,083 0 396,083 Total other comprehensive income 0 0 (1,688,641) (2,931,156) 2,084,724 (2,535,073) 0 (2,535,073) Total comprehensive income after taxes 0 0 (1,688,641) (2,931,156) 28,962,312 24,342,515 0 24,342,515 Transactions with Owners of the Company Purchase of treasury shares 0 0 (7,600,478) 0 0 (7,600,478) 0 (7,600,478) Performance Stock Awards 0 0 544,059 0 45,444 589,503 0 589,503 Distributed dividends 0 0 0 0 (25,000,000) (25,000,000) 0 (25,000,000) Formation of reserves 0 0 911,009 0 (911,009) 0 0 0 Total transactions with Owners of the Company 0 0 (6,145,410) 0 (25,865,566) (32,010,976) 0 (32,010,976) Balance as at 30 June 2026 49,686,000 40,676,356 43,510,831 (9,810,127) 269,735,837 393,798,896 0 393,798,896 Attributed to shareholders of the parent Share capital Share Premium Reserves Translation Reserve Retained Earnings Total Non-controlling interest Total
Page 29
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 29 4.4 INTERIM CONDENSED STATEMENT OF CHANGES IN COMPANY’S EQUITY FOR THE PERIOD The basic financial statements should be read in conjunction with the attached notes. Amounts in € Balance as at 1 January 2025 52,143,439 40,676,356 14,411,854 178,279,314 285,510,963 Total comprehensive income for the period Net profit for the period 0 0 0 35,859,031 35,859,031 Other comprehensive income Total other comprehensive income 0 0 0 0 0 Total comprehensive income after taxes 0 0 0 35,859,031 35,859,031 Transactions with Owners of the Company Purchase of treasury shares 0 0 (2,838,413) 0 (2,838,413) Cancellation of treasury shares (2,457,439) 0 29,353,995 (26,896,556) 0 Performance Stock Awards 0 0 552,301 0 552,301 Distributed dividends 0 0 0 (20,000,000) (20,000,000) Formation of reserves 0 0 1,777,629 (1,777,629) 0 Total transactions with Owners of the Company (2,457,439) 0 28,845,513 (48,674,185) (22,286,111) Balance as at 30 June 2025 49,686,000 40,676,356 43,257,368 165,464,159 299,083,883 Balance as at 1 January 2026 49,686,000 40,676,356 41,680,416 169,429,196 301,471,968 Total comprehensive income for the period Net profit for the period 0 0 0 41,547,661 41,547,661 Other comprehensive income Total other comprehensive income 0 0 0 0 0 Total comprehensive income after taxes 0 0 0 41,547,661 41,547,661 Transactions with Owners of the Company Purchase of treasury shares 0 0 (7,600,478) 0 (7,600,478) Performance Stock Awards 0 0 544,059 45,444 589,503 Distributed dividends 0 0 0 (25,000,000) (25,000,000) Formation of reserves 0 0 6,006 (6,006) 0 Total transactions with Owners of the Company 0 0 (7,050,413) (24,960,563) (32,010,976) Balance as at 30 June 2026 49,686,000 40,676,356 34,630,003 186,016,295 311,008,654 Attributed to shareholders of the parent Share capital Share Premium Reserves Retained Earnings Total
Page 30
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 30 4.5 INTERIM CONDENSED STATEMENT OF CASH FLOWS The basic financial statements should be read in conjunction with the attached notes. 01.01 - 30.06.2026 01.01 - 30.06.2025 01.01 - 30.06.2026 01.01 - 30.06.2025 Operating Activities Earnings before tax (continuing activities) 34,032,031 36,493,061 44,128,283 38,665,552 Plus / minus adjustments for: Depreciation/amortization 11,738,585 10,754,240 5,088,007 4,581,152 Revaluation of fixed assets 61,278 59,726 61,278 59,726 Foreign exchange differences 1,361,018 272,407 132,333 14,715 Results (income, expenses, profits and losses) from investing activities (814,835) (1,688,326) (36,156,071) (27,398,281) Interest expense and related expenses 1,619,478 1,963,334 1,251,633 1,562,022 Decrease / (increase) in inventories (22,440,600) (20,323,717) (3,809,285) (3,457,829) Decrease / (increase) in receivables (35,395,187) (34,716,591) (23,661,341) (23,403,554) (Decrease) / increase in liabilities (other than to banks) 10,930,704 13,527,924 (4,296,002) 4,019,496 Less: Interest and related expenses paid (1,685,026) (1,996,468) (1,135,521) (1,411,180) Tax paid (4,028,910) (6,377,492) (655,156) (228,465) Total inflows / (outflows) from operating activities (a) (4,621,464) (2,031,902) (19,051,841) (6,996,647) Investing Activities (Acquisition)/sale of subsidiaries, associates, joint ventures and other investments (833,837) 21,311,182 (854,050) (4,479,461) Purchase of tangible and intangible fixed assets (18,095,239) (18,993,686) (9,172,168) (8,308,080) Proceeds from sale of tangible and intangible assets 3,689,870 416,955 1,696 990 Interest received 452,264 539,648 79,629 93,406 Dividends received 0 0 33,917,539 43,956,368 Proceeds from grants 0 20,636 0 0 Total inflows / (outflows) from investing activities (b) (14,786,942) 3,294,735 23,972,646 31,263,223 Financing Activities Proceeds from borrowings 30,658,821 12,388,279 26,444,428 8,403,109 Payment of borrowings (8,865,718) (9,886,945) (8,713,764) (9,886,945) Payment of lease liabilities (3,291,319) (3,561,932) (1,086,965) (1,057,963) (Payments) / Proceeds from (purchase) / sale of treasury shares (7,600,478) (2,838,413) (7,600,478) (2,838,413) Dividends paid towards the shareholders of the parent (24,460,656) (19,558,522) (24,460,656) (19,558,522) Total inflows / (outflows) from financing activities (c) (13,559,350) (23,457,534) (15,417,435) (24,938,734) Net increase / (decrease) in cash and cash equivalents (a+b+c) (32,967,756) (22,194,700) (10,496,630) (672,158) Cash and cash equivalents at beginning of period 62,590,101 47,356,665 15,338,916 7,216,231 Effect from foreign exchange differences due to translation to euro 221,968 24,471 0 0 Cash and cash equivalents at the end of the period 29,844,313 25,186,436 4,842,286 6,544,073 Amounts in € Group Company
Page 31
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 31 4.6 NOTES ON THE INTERIM CONDENSED FINANCIAL STATEMENTS 4.6.1 The Company Gr. Sarantis S.A. (the Company) has the legal form of a société anonyme and is the parent company of the Gr. Sarantis S.A. Group (the Group). It was founded in 1964 and is registered in the General Electronic Commercial Registry ("G.E.MI.") of Greece under the number 255201000. The Company’s domicile is located at 26 Amarousiou - Chalandriou Street, Marousi Greece. The Company’s central offices are also located at the same address. The Company’s website is the following: www.sarantisgroup.com. The shares of Gr. Sarantis S.A. are listed on the main market of the Athens Stock Exchange. 4.6.2 The Group’s Structure The Group’s companies, which are included in the consolidated financial statements, are the following: The cross -border merger by absorption of the Company's 100% owned Cypriot subsidiary, Zetafin Ltd, which was announced in December 2025, remains in progress and is expected to be completed by the end of the current financial year without any material impact. Business Activity The Group is active in the production and trade of cosmetics, household products and pharmaceutical items. The Group’s basic activities have not changed since the previous year. The Group's activities do not exhibit significant seasonality at profitability level between the first and second half of the year. Normal fluctuations in working capital items occur between the first half of the year and year-end, reflecting the nature of the business. Company Domicile Direct Participation Percentage Indirect Participation Percentage Total GR. SARANTIS S.A. GREECE PARENT SARANTIS BULGARIA LTD BULGARIA 100.00% 0.00% 100.00% SARANTIS ROMANIA S.A. ROMANIA 89.96% 10.04% 100.00% SARANTIS BELGRADE D.O.O. SERBIA 100.00% 0.00% 100.00% SARANTIS BANJA LUKA D.O.O. BOSNIA-HERZEGOVINA 0.00% 100.00% 100.00% SARANTIS LJUBLJANA D.O.O. SLOVENIA 0.00% 100.00% 100.00% SARANTIS ZAGREB D.O.O. CROATIA 0.00% 100.00% 100.00% SARANTIS SKOPJE D.O.O. N.MACEDONIA 0.00% 100.00% 100.00% SARANTIS POLSKA S.A. POLAND 100.00% 0.00% 100.00% POLIPAK SP. Z.O.O. POLAND 0.00% 100.00% 100.00% STELLA PACK S.A. POLAND 0.00% 100.00% 100.00% SARANTIS CZECH REPUBLIC SRO CZECH REPUBLIC 100.00% 0.00% 100.00% SARANTIS HUNGARY KFT. HUNGARY 100.00% 0.00% 100.00% ZETAFIN LTD CYPRUS 100.00% 0.00% 100.00% ELODE FRANCE S.A.R.L FRANCE 100.00% 0.00% 100.00% SARANTIS FRANCE S.A.R.L FRANCE 100.00% 0.00% 100.00% SARANTIS PORTUGAL LDA PORTUGAL 100.00% 0.00% 100.00% ASTRID T.M. A.S. CZECH REPUBLIC 100.00% 0.00% 100.00% SARANTIS SLOVAKIA S.R.O SLOVAKIA 0.00% 100.00% 100.00% IVYBRIDGE VENTURES LTD CYPRUS 100.00% 0.00% 100.00% ERGOPACK LLC UKRAINE 0.00% 100.00% 100.00% GROUP STRUCTURE Full Consolidation Method
Page 32
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 32 4.7 BASIS FOR THE PREPARATION OF THE FINANCIAL STATEMENTS 4.7.1 Basis for the preparation of the financial statements The interim consolidated financial statements for the period ended on 30th June 2026, have been prepared in accordance with IAS 34 “Interim Financial Reporting”. The financial statements do not include all disclosures that would otherwise be required in a complete set of annual financial statements and should be read in conjunction with the financial statements of the Company and the Group as of 31st December 2025. The latter are available on the Company’s website www.sarantisgroup.com. 4.7.2 Approval of financial statements The interim consolidated financial statements have been approved by the Company’s Board of Directors on September 8, 2026. 4.7.3 Covered period The present interim consolidated financial statements include the financial statements of “GR. SARANTIS S.A.” and its subsidiaries, which together are referred to as the Group, and cover the period from January 1, 2026, to June 30, 2026. 4.7.4 Presentation of the financial statements The present interim consolidated financial statements are presented in Euro (€), which is the Group’s functional currency, namely the currency of the primary economic environment in which the parent company operates. 4.7.5 Significant Judgements and Estimates by the Management The preparation of the Interim Consolidated Financial Statements according to the International Accounting Standards requires the implementation of estimations, judgments and assumptions that may affect the accounting balances of assets and liabilities and the required disclosures for contingent receivables and liabilities, as well as the amount of income and expenses recognized. During the preparation of the current interim condensed financial statements, the significant accounting judgments and estimations that were adopted by the Management in the application of the Group’s accounting policies, as well as the major sources for e stimation of the uncertainty, remained unchanged as compared to the ones applied in the annual financial statements of 31 December 2025, except for those that concern the adoption of the new IFRS that were set in effect on 1 January 2026 (see note 4.7.6). 4.7.6 New Accounting Policies The material accounting policies that were adopted in the preparation of the interim condensed financial statements of the Group are consistent with those that were adopted during the preparation of the annual financial statements of the Group for the year ended on 31st December 2025, except for the new standards and interpretations that were adopted whose application is mandatory for periods after 1st January 2026. However, the financial statements include selected notes for the explanation of events and transactions, which are significant for the understanding of changes in the Group’s and Company’s financial position as compared to the latest available and published annual financial statements. a. New International financial reporting standards, interpretations, and amendments to Standards effective and endorsed by the EU From 1st January 202 6 the Group has adopted all amendments in IFRS as these were adopted by the European Union (“EU”) which relate to its operations
Page 33
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 33 Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7). The amendments clarify that a financial liability is derecognized on the “settlement date” and introduce an accounting policy choice to derecognise financial liabilities settled using an electronic payment system before the settlement date. Other clarifications include the classification of financial assets with ESG linked features via additional guidance on the assessment of contingent features. Moreover, clarifications have been made, with regards to the key characteristics of contractually linked instruments and how they differ from financial assets with non -recourse features, as well as to include factors that a company needs to consider when asse ssing the cash flows underlying a financial asset with non - recourse features (the “look-through” test). The amendments also require additional disclosures for investments in equity instruments that are measured at fair value with gains or losses presented in other comprehensive income (FVOCI). These amendments did not have a significant impact on the interim financial statements of the Group and the Company. Amendments to IFRS 9 and IFRS 7 “Contracts Referencing Nature -dependent Electricity” (Effective from 1 January 2026) On 18 December 2024, the IASB published Contracts Referencing Nature-dependent Electricity – Amendments to IFRS 9 and IFRS 7. The objective of the Amendments is to better reflect the effects of physical and virtual nature -dependent electricity contracts in the financial statements. More specifically, the amendments include: • clarifying the application of the ‘own-use’ requirements • permitting hedge accounting if these contracts are used as hedging instruments • adding new disclosure requirements to enable investors to understand the effect of these contracts on a company’s financial performance and cash flows These amendments did not have a significant impact on the interim financial statements of the Group and the Company. Annual Improvements to IFRS Accounting Standards (Amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7 effective from 1 January 2026) In the annual improvements Volume 11 issued on 18 July 2024 the International Accounting Standards Board (IASB) makes minor amendments that include clarifications, simplifications, corrections and changes to the following Accounting Standards: • IFRS 1 First -time Adoption of International Financial Reporting Standards - Hedge Accounting by a First -time Adopter • IFRS 7 Financial Instruments: Disclosures: - Gain or loss on derecognition - Disclosure of differences between the fair value and the transaction price - Disclosures on credit risk • IFRS 9 Financial Instruments: - Derecognition of lease liabilities - Transaction price • IFRS 10 Consolidated Financial Statements - Determination of a ‘de facto agent’ • IAS 7 Statement of Cash Flows - Cost Method The amendments to IFRS 9 address: • a conflict between IFRS 9 and IFRS 15 Revenue from Contracts with Customers over the initial measurement of trade receivables; and • how a lessee accounts for the derecognition of a lease liability under IFRS 9.
Page 34
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 34 The amendment on derecognition of lease liabilities applies only to lease liabilities extinguished on or after the beginning of the annual reporting period in which the amendment is first applied. These amendments did not have a significant impact on the interim financial statements of the Group and the Company. b. New International financial reporting standards, amendments to Standards and interpretations not yet effective or not endorsed by the EU The following New Standards, Amendments and Interpretations have been issued by the International Accounting Standards Board (IASB) but are not yet effective for annual periods starting 1st January 2026. The Group does not intend to adopt the following New IFRS, Amendments and Interpretations before their effective date as indicated below IFRS 18 “Presentation and Disclosure in Financial Statements” (effective for annual periods starting on or after 1 January 2027) In April 2024 the International Accounting Standards Board (IASB) issued a new standard, IFRS 18, which replaces IAS 1 ‘Presentation of Financial Statements’. The new accounting standard introduces the following key new requirements: • Entities are required to classify all income and expenses into five categories in the statement of profit or loss, namely the operating, investing, financing, discontinued operations and income tax categories. Entities are also required to present a newly - defined operating profit subtotal. Entities’ net profit will not change. • Management-defined performance measures (MPMs) are disclosed in a single note in the financial statements. • Enhanced guidance is provided on how to group information in the financial statements. In addition, all entities are required to use the operating profit subtotal as the starting point for the statement of cash flows when presenting operating cash flows under the indirect method. IFRS 18 is effective for annual reporting periods beginning on or after 1 January 2027. Early adoption is permitted. The Standard has been endorsed by the EU. The Group and the Company are currently assessing the impact of the new standard and amendments on their financial statements. IFRS 19 “Subsidiaries without Public Accountability: Disclosures” (effective for annual periods starting on or after 1 January 2027) In May 2024, the International Accounting Standards Board (IASB) issued a new standard, IFRS 19, which permits a subsidiary, that does not have public accountability and has a parent that produces consolidated financial statements available for public use that comply with IFRS Accounting Standards to provide reduced disclosures when applying IFRS Accounting Standards in its financial statements. An eligible subsidiary that applies IFRS 19 is required to apply the requirements in other IFRS Accounting Standa rds for recognition, measurement and presentation requirements; however, for disclosure requirements, it applies IFRS 19 instead of the disclosure requirements in other IFRS Accounting Standards, except in specified circumstances. IFRS 19 is optional for subsidiaries that are eligible and sets out the disclosure requirements for subsidiaries that elect to apply it. The new standard is effective for reporting periods beginning on or after 1 January 2027 with earlier application permitted. The amendments have not yet been endorsed by the EU. The Group and the Company are currently assessing the impact of the new standard and amendments on their financial statements. The amendments that become mandatorily effective in future periods are not expected to have a material impact on the financial statements of the Group and the Company. Amendments to IAS 21 “The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency” (Effective from 1 January 2027) In November 2025, IASB published amendments to IAS 21 “The Effects in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency”. The amendments are introduced in order to clarify how companies should
Page 35
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 35 translate financial statements from a non -hyperinflationary functional currency into a hyperinflationary presentation one. More specifically, under the final amendments a company with a non -hyperinflationary functional currency, but a hyperinflationary presentation currency, translates all the financial statement amounts (including comparatives) using the closing rate at the l atest reporting date. In addition, guidance is provided for a company with hyperinflationary functional and presentation currencies that has a foreign operation with a non -hyperinflationary functional currency. Additional disclosure requirements are also introduced. These amendments apply for annual reporting periods beginning on or after 1 January 2027 with earlier application permitted. The amendments have not yet been endorsed by the EU. The Group and the Company are currently assessing the impact of the new standard and amendments on their financial statements. The amendments that become mandatorily effective in future periods are not expected to have a material impact on the financial statements of the Group and the Company. IFRS 20 “Regulatory Assets and Regulatory Liabilities” (effective for annual periods starting on or after 1 January 2029) In May 2026, the International Accounting Standards Board (IASB) issued a new standard, IFRS 20, which replaces IFRS 14 Regulatory Deferral Accounts. IFRS 20 introduces a new accounting model under which a company subject to rate regulation that meets the scope criteria recognises regulatory assets and regulatory liabilities. A company applies IFRS 20 if the company and a regulator are parties to an agreement which prescribes the regulated rate the company can charge customers and if the part of the total allowed compensation for goods or services delivered in one period is charged to customers in a different period. IFRS 20 requires a company to report in its financial statements the total allowed compensation it is entitled to earn for regulatory goods and services supplied in the period. It does this through an ‘overlay’ approach under which a company first applies the requirements of existing IFRS Accounting Standards (e.g. recognising and measuring revenue in accordance with IFRS 15) and then recognises: a regulatory asset: when it has an enforceable present right to add an amount to be charged to customers in future periods to determine the regulated rate; and a regulatory liability: when it has an enforceable present obligation to deduct an amount to be charged to customers in future periods to determine the regulated rate. Movements in regulatory assets and regulatory liabilities give rise to regulatory income and regulatory expense. Companies generally need to measure their regulatory assets and regulatory liabilities using a cash flow measurement technique. IFRS 20 is not sector-specific and, unlike IFRS 14, is not optional. Therefore, any company that meets its scope criteria is required to apply it. The new standard is effective for reporting periods beginning on or after 1 January 2029 with earlier application permitted, subject to any local endorsement requirements. The amendments have not yet been endorsed by the EU. The Group and the Company are currently assessing the impact of the new standard and amendments on their financial statements. The amendments that become mandatorily effective in future periods are not expected to have a material impact on the financial statements of the Group and the Company. 4.8 FINANCIAL RISK MANAGEMENT 4.8.1 Capital Management The Group’s objectives as regards to management of capital, is to reassure the ability for the Group’s smooth operation, aiming at providing satisfactory returns to shareholders and to maintain an ideal capital structure by reducing thus the cost of capital. The Group monitors its capital based on the leverage ratio. The leverage ratio is calculated by dividing net debt with total employed capital. Net debt is calculated as “Total debt” (including “short term and long -term debt” as presented in the Statement of Financial Position) minus “Cash and cash equivalents”, “Financial assets available for sale” and “financial assets at fair value through the profit and loss”. The calculation of net debt does not include the purchase of treasury shares. Total employed capital is calculated as “Equity at tributable to the shareholders of the parent” as presented in the statement of financial position plus net debt.
Page 36
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 36 The leverage ratio as of June 30, 2026, was as follows: 4.8.2 Financial Instruments The Group’s financial instruments mainly consist of bank deposits, bank overdrafts, trade debtors and creditors, investments in securities, bonds and other liabilities. The financial assets and liabilities during the date of the financial statements can be classified as follows: It is noted that government grants are included in “Other long-term and short-term liabilities”. Amounts in € 30.06.2026 31.12.2025 Total Debt 63,745,352 42,002,506 Minus Cash & cash equivalents (29,844,313) (62,590,101) Financial assets at fair value through profit and loss (4,266,345) (2,949,937) Net Debt (A) 29,634,694 (23,537,532) Shareholders' Equity (B) 393,798,896 401,467,357 Total Employed Capital (A+B) 423,433,590 377,929,825 Leverage Ratio 7.0% -6.2% Group Amounts in € 30.06.2026 31.12.2025 30.06.2026 31.12.2025 Non-current assets 0 0 0 0 Other long-term receivables 20,294,139 20,119,162 75,376 74,540 Total 20,294,139 20,119,162 75,376 74,540 Current assets 0 0 0 0 Trade receivables 152,432,299 116,060,172 68,615,696 42,489,325 Other short-term receivables 13,365,104 16,000,674 28,606,900 29,600,072 Cash & cash equivalents 29,844,313 62,590,101 4,842,286 15,338,916 Financial assets at fair value through profit and loss (FVTPL) 4,266,345 2,949,937 4,266,345 2,949,937 Total 199,908,060 197,600,884 106,331,227 90,378,250 Long-term Liabilities 0 0 0 0 Loans 55,417,381 35,585,414 61,305,641 44,585,414 Lease liabilities 31,214,117 13,919,129 12,697,286 4,349,957 Other long-term liabilities 7,272,370 7,723,547 0 0 Total 93,903,867 57,228,090 74,002,927 48,935,371 Short-term Liabilities 0 0 0 0 Loans 8,327,972 6,417,092 7,427,529 6,417,092 Lease liabilities 7,149,688 6,095,483 1,957,319 1,829,695 Suppliers 108,301,189 115,693,066 46,194,598 54,185,818 Other short-term liabilities 30,154,966 19,659,417 11,463,110 10,898,523 Total 153,933,814 147,865,058 67,042,556 73,331,127 Group Company
Page 37
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 37 4.8.3 Definition of fair values The following table presents assets measured at fair value, according to the measurement method. The different categories are as follows: • Published market prices (without amendment or adjustment) for the financial assets traded in active money markets (level 1). • Measurement or valuation techniques based directly on published market prices or calculated indirectly from published market prices for similar instruments (level 2). • Measurement or valuation techniques that are not based on available information from current transactions in active money markets (level 3). The financial assets measured at fair value during 30 June 2026 are as follows: The fair value of own -used tangible fixed assets and investments in property is carried out by approved independent appraisers based on international rules and standards, considering comparative data of recent or past realized real estate prices in the wider real estate area if they exist or with the method of depreciated replacement cost (DRC) as well as its special characteristics such as location, size, construction quality and maintenance condition. The fair value of financial assets traded on active markets (i.e. derivatives, shares, bonds, mutual funds), is defined based on the published prices in effect during the end of the reporting period. A market is considered “Active” when there are available and revised prices in frequent intervals that are published by a stock exchange, broker, sector, rating agency or regulatory authority. Such financial instruments are included in level 1. The fair value of financial assets not traded on active markets (i.e. over the counter derivative contracts) is defined using valuation techniques that are based primarily on available information for transactions carried out in active markets, while they use the least possible estimations by the entity. Such financial instruments are included in level 2. If the valuation techniques are not based on available market information, then the financial instruments are included in level 3. 4.9 EXPLANATORY NOTES ON THE FINANCIAL STATEMENTS 4.9.1 Segment Reporting For administrative purposes, the Group is organized into five core business units: Beauty / Skin / Sun Care, Personal Care, Home Care Solutions, Private Label and Strategic Partnerships. Strategic Partnerships are further classified into the product categories of Mass and Selective Distribution. Management monitors the operating results of each business unit separately, in accordance with “IFRS 8 - Operating Segments” in order to assess the performance and support decision- making regarding the allocation of resources. Assets Level 1 Level 2 Level 3 Total Tangible fixed assets 0 70,540,807 0 70,540,807 Investments in property 0 3,188,232 0 3,188,232 Financial assets at fair value through profit and loss 4,266,345 0 0 4,266,345 Group Assets Level 1 Level 2 Level 3 Total Tangible fixed assets 0 31,036,852 0 31,036,852 Investments in property 0 28,232 0 28,232 Financial assets at fair value through profit and loss 4,266,345 0 0 4,266,345 Company
Page 38
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 38 The Group’s results per business unit are presented as follows: For the period 01.01.2026 – 30.06.2026: For the period 01.01.2025 – 30.06.2025: * The underlying financial figures included in the table above are presented excluding the total charge of €0.8m arising from the disposal of the investment property (former non-operating factory) of Polipak SP. Z.O.O. on 25 June 2026, which has been recognized in the reported results for the period (see Note 4.9.17). Notes: - The comparative financial figures for the “Private Label” category have been restated to include the corresponding private label figures outside Poland, which in the previous presentation were included in the “Home Care Solutions” category. - The calculation of financial income & expenses and depreciation has been proportionally based on the sales of each respective business unit of the Group. The calculation of income taxes has been based proportionally on the pre - tax profits of each respective business unit of the Group. The allocation of consolidated assets and liabilities to the Group’s business units is analyzed as follows: Business Units Beauty/Skin/ Sun Care Personal Care Home Care Solutions Private Label Strategic Partnerships Mass Distribution Selective Distribution Total Income from external customers 53,855,687 49,387,192 95,046,845 35,199,909 74,812,107 52,650,283 22,161,824 308,301,741 Underlying Earnings Βefore Interest & Tax (EBIT)* 17,067,873 7,023,948 10,817,135 (38,672) 1,855,334 2,196,718 (341,384) 36,725,617 Interest income 69,190 63,449 122,109 45,222 96,113 67,641 28,472 396,084 Interest expenses (232,915) (213,590) (411,059) (152,233) (323,547) (227,702) (95,845) (1,333,344) Underlying Earnings before tax* 16,738,981 6,722,345 10,236,693 (253,634) 1,398,463 1,875,188 (476,724) 34,842,848 Income tax 3,366,525 1,351,990 2,058,792 0 377,136 377,136 0 7,154,443 Underlying Earnings / losses after tax* 13,372,456 5,370,354 8,177,900 (253,634) 1,021,328 1,498,052 (476,724) 27,688,404 Depreciation / amortization 1,815,361 1,664,738 3,203,828 2,532,900 2,521,758 1,774,730 747,028 11,738,585 Underlying Earnings Before Interest, Taxes, Depreciation and Amortization* 18,883,234 8,688,685 14,020,962 2,494,229 4,377,092 3,971,448 405,644 48,464,202 Business Units Beauty/Skin/ Sun Care Personal Care Home Care Solutions Private Label Strategic Partnerships Mass Distribution Selective Distribution Total Income from external customers 54,958,271 50,749,645 92,251,147 35,033,717 71,286,354 47,050,599 24,235,755 304,279,133 Earnings Βefore Interest & Tax (EBIT) 15,896,020 8,487,595 10,442,561 (89,663) 2,792,938 2,327,847 465,091 37,529,451 Interest income 87,144 80,471 146,277 55,551 113,035 74,605 38,429 482,478 Interest expenses (289,194) (267,048) (485,431) (184,349) (375,113) (247,583) (127,530) (1,601,135) Earnings before tax 15,708,829 8,314,739 10,128,349 (208,989) 2,550,133 2,167,590 382,543 36,493,061 Income tax 3,133,656 1,658,655 2,020,441 0 508,710 432,399 76,311 7,321,463 Earnings / losses after tax 12,575,173 6,656,084 8,107,908 (208,989) 2,041,423 1,735,191 306,232 29,171,598 Depreciation / amortization 1,714,713 1,583,402 2,878,260 2,353,712 2,224,153 1,467,991 756,162 10,754,240 Earnings Before Interest, Taxes, Depreciation and Amortization 17,610,732 10,070,997 13,320,822 2,264,050 5,017,091 3,795,838 1,221,253 48,283,692 30.06.2026 31.12.2025 30.06.2026 31.12.2025 30.06.2026 31.12.2025 30.06.2026 31.12.2025 30.06.2026 31.12.2025 30.06.2026 31.12.2025 30.06.2026 31.12.2025 30.06.2026 31.12.2025 Total Assets 672,412,601 633,551,058 108,918,918 69,064,088 99,881,737 106,077,674 192,224,817 176,595,835 120,085,488 132,892,324 151,301,640 148,921,137 106,481,082 98,676,081 44,820,558 50,245,056 Total Liabilities 278,613,705 232,083,702 48,171,543 26,785,712 44,174,671 41,141,006 85,015,222 68,490,663 34,336,131 37,908,971 66,916,139 57,757,350 47,093,362 38,270,383 19,822,777 19,486,967 Group Beauty/Skin/Sun Care Personal Care Home Care Solutions Private Label Strategic Partnerships Mass Distribution Selective Distribution
Page 39
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 39 Note: - The comparative financial figures for the “Private Label” category have been restated to include the corresponding private label figures outside Poland, which in the previous presentation were included in the “Home Care Solutions” category. Information by geographical region The Group's sales are allocated by geographical area as follows: The Group's non-current assets are allocated by geographical area as follows: *The geographical region of West Balkans includes Serbia, Bosnia-Herzegovina, North Macedonia, Slovenia and Croatia. Geographical Region 01.01 - 30.06.2026 01.01 - 30.06.2025 Greece 81,564,590 80,027,526 Selected International Markets & Portugal 15,007,192 17,599,031 Poland 94,254,074 89,869,777 Poland (Branded Product Portfolio) 65,748,520 64,275,277 Poland (Private Label) 28,505,554 25,594,500 Romania 44,012,937 46,020,506 Czech-Slovakia-Hungary 34,527,214 30,976,994 West Balkans* 17,936,977 18,856,680 Bulgaria 11,512,280 10,439,767 Ukraine 9,486,477 10,488,852 Total 308,301,741 304,279,133 Geographical Region 30.06.2026 30.06.2025 Greece 94,773,155 80,209,606 Selected International Markets & Portugal 16,353,275 16,631,219 Poland 159,344,266 141,939,131 Poland (Branded Product Portfolio) 86,262,215 70,388,305 Poland (Private Label) 73,082,051 71,550,826 Cyprus 19,955,626 19,560,489 Czech-Slovakia-Hungary 17,252,620 17,824,923 Ukraine 11,814,902 12,708,597 Romania 6,502,634 6,811,026 West Balkans* 1,795,552 2,047,520 Bulgaria 1,091,373 1,501,189 France 633 633 Total 328,884,037 299,234,333
Page 40
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 40 4.9.2 Investments in subsidiaries, associates The Company’s investments in subsidiaries are analyzed as follows: The movement of the Company’s participations in subsidiaries is analyzed as follows: The additions recorded to the Company's participations amounting to €91.3k (31.12.2025: € 261.3k) concern the recognition of part of the reward (remuneration) in the form of benefits based on Company's shares through the Performance Stock Awards Program granted to the executives of the Group’s subsidiaries. 4.9.3 Goodwill The goodwill of the Group and the Company is analyzed as follows: Company Direct participation Gr.Sarantis SA Domicile 30.06.2026 31.12.2025 SARANTIS POLSKA S.A. 100.00% POLAND 118,193,518 118,147,456 IVYBRIDGE VENTURES LTD 100.00% CYPRUS 22,400,098 22,438,593 SARANTIS ROMANIA S.A. 89.96% ROMANIA 16,022,496 15,995,796 ASTRID T.M. A.S. 100.00% CZECH REPUBLIC 15,242,278 15,242,278 SARANTIS HUNGARY KFT. 100.00% HUNGARY 8,411,226 8,405,618 SARANTIS BELGRADE D.O.O 100.00% SERBIA 7,659,065 7,645,275 SARANTIS BULGARIA LTD 100.00% BULGARIA 4,478,408 4,464,433 SARANTIS CZECH REPUBLIC S.R.O. 100.00% CZECH REPUBLIC 1,847,005 1,823,297 ZETAFIN LTD 100.00% CYPRUS 17,500 17,500 SARANTIS PORTUGAL LDA 100.00% PORTUGAL 5,000 5,000 ELODE FRANCE SARL 100.00% FRANCE 0 0 SARANTIS FRANCE SARL 100.00% FRANCE 0 0 Total #NODATA#Error - Invalid Member Name: ITIES194,276,595 194,185,246 Company 30.06.2026 31.12.2025 Opening Balance 194,185,246 185,110,851 Acquisitions 91,349 261,326 Share capital increase 0 12,000,171 Impairment 0 (3,187,102) Closing balance 194,276,595 194,185,246 Amounts in Euros Group Company Balance as at 01.01.2026 14,358,204 1,100,000 Foreign exchange differences (209,942) 0 Balance as at 30.06.2026 14,148,263 1,100,000 Amounts in Euros Group Company Balance as at 01.01.2025 14,298,868 1,100,000 Foreign exchange differences 59,336 0 Balance as at 31.12.2025 14,358,204 1,100,000
Page 41
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 41 4.9.4 Inventories The inventories are analyzed as follows: The inventories of the Group and the Company are free of pledges. The analysis of the provision for the impairment due to obsolescence is as follows: 4.9.5 Trade and other receivables The trade receivables account is analyzed as follows: The increase in trade receivables in the Group is largely due to seasonality and will smooth out in the second half of the year. Group 30.06.2026 31.12.2025 Merchandise and products 115,829,404 95,968,416 Raw materials and packaging 28,443,416 26,661,965 Impairment due to obsolescence (652,316) (417,884) Total 143,620,504 122,212,496 Company 30.06.2026 31.12.2025 Merchandise and products 39,348,248 34,225,183 Raw materials and packaging 15,239,002 16,422,782 Impairment due to obsolescence (130,000) 0 Total 54,457,250 50,647,965 Group 30.06.2026 31.12.2025 Opening Balance 417,884 1,062,073 Provision 348,887 690,366 Use of provision (104,866) (1,329,593) Reversal of provision (4,323) 0 Foreign exchange differences (5,267) (4,962) Closing balance 652,316 417,884 Company 30.06.2026 31.12.2025 Opening Balance 0 290,000 Provision 130,000 445,583 Use of provision 0 (735,583) Closing balance 130,000 0 Group 30.06.2026 31.12.2025 Trade receivables 137,432,351 107,037,303 Minus provisions (3,372,139) (3,285,867) Net trade receivables 134,060,212 103,751,437 Checks and notes receivable 18,372,086 12,308,735 Net checks and notes receivable 18,372,086 12,308,735 Total 152,432,299 116,060,172 Company 30.06.2026 31.12.2025 Trade receivables 52,698,768 34,018,963 Minus provisions (1,866,143) (1,815,462) Net trade receivables 50,832,625 32,203,501 Checks and notes receivable 17,783,071 10,285,824 Net checks and notes receivable 17,783,071 10,285,824 Total 68,615,696 42,489,325
Page 42
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 42 The Other short-term receivables are analyzed as follows: The figure “Sundry debtors” as of June 30, 2026, for the Group mainly includes VAT receivables amounting to €3.7m (31.12.2025: €7.0m), as well as income tax receivables amounting to €1.9m (31.12.2025: €2.4m). Similarly, the Company’s figure “Sundry debtors” includes income tax receivables of €1.6m (31.12.2025: €1.6m). The analysis of the provision for both trade and other receivables is as follows: The Other long-term receivables are analyzed as follows: The main part of the figure “Other long-term receivables” of the Group relates to the second and final installment of the discounted receivable, which resulted from the sale of ELCA Cosmetics Ltd and its subsidiaries , amounting to €20.6m, which is expected to be collected as scheduled in January 2028. Group 30.06.2026 31.12.2025 Loss allowance on trade receivables 36,870 37,839 Sundry debtors 7,971,313 11,469,363 Advances to suppliers for goods 1,910,034 1,140,257 Deferred expenses and accrued income 3,327,670 3,316,629 Short-term receivables from employees 156,087 74,425 Minus provisions (36,870) (37,839) Total 13,365,104 16,000,674 Company 30.06.2026 31.12.2025 Sundry debtors 2,638,285 5,126,083 Receivables from dividends 21,195,534 21,700,545 Advances to suppliers for goods 1,215,667 652,050 Deferred expenses and accrued income 3,450,606 2,056,130 Short-term receivables from employees 106,808 65,264 Total 28,606,900 29,600,072 Group 30.06.2026 31.12.2025 Opening Balance 3,323,705 5,875,836 Additions for the year 146,650 289,364 Receivables written off (14,786) (2,660,362) Amounts offset (20,074) (100,263) Foreign exchange differences (26,486) (80,714) Additions due to acquisition 0 (157) Closing balance 3,409,009 3,323,705 Company 30.06.2026 31.12.2025 Opening Balance 1,815,462 4,177,607 Additions for the year 74,681 115,076 Receivables written off (14,600) (2,441,505) Amounts offset (9,400) (35,715) Closing balance 1,866,143 1,815,462 Group 30.06.2026 31.12.2025 Other long-term receivables 20,294,139 20,119,162 Other long-term receivables 20,294,139 20,119,162 Company 30.06.2026 31.12.2025 Other long-term receivables 75,376 74,540 Other long-term receivables 75,376 74,540
Page 43
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 43 4.9.6 Cash & cash equivalents Cash & cash equivalents represent cash in hand of the Group and Company and bank deposits available at first demand, which are analyzed as follows: 4.9.7 Financial Assets at Fair Value through Results The above items are placements with a short-term investment horizon that are traded on active market. 4.9.8 Trade and other liabilities The Group’s and Company’s trade liabilities are analyzed as follows: The other liabilities of the Group and the Company are analyzed as follows: Group 30.06.2026 31.12.2025 Cash in hand 17,509 23,673 Bank deposits 29,826,804 62,566,428 Total 29,844,313 62,590,101 Company 30.06.2026 31.12.2025 Cash in hand 15,155 18,948 Bank deposits 4,827,132 15,319,968 Total 4,842,286 15,338,916 30.06.2026 31.12.2025 30.06.2026 31.12.2025 Opening Balance 2,949,937 3,609,955 2,949,937 3,609,955 Acquisitions 2,462,533 2,461,295 2,462,533 2,461,295 Cost of disposals (1,304,105) (3,089,511) (1,304,105) (3,089,511) Fair value adjustments 157,981 (31,802) 157,981 (31,802) Closing balance 4,266,345 2,949,937 4,266,345 2,949,937 Group Company Group 30.06.2026 31.12.2025 Suppliers 97,916,016 103,638,662 Supplier finance arrangements (reverse factoring) 10,385,173 12,054,404 Total 108,301,189 115,693,066 Company 30.06.2026 31.12.2025 Suppliers 41,399,909 48,399,908 Supplier finance arrangements (reverse factoring) 4,794,689 5,785,910 Total 46,194,598 54,185,818 Group 30.06.2026 31.12.2025 Social security funds 2,833,136 3,361,486 Customer prepayments 524,334 1,950,961 Government grants 524,874 533,517 Dividends payable 39,870 32,579 Deferred income 1,390,403 544,172 Αccrued expenses 12,017,470 6,412,337 Sundry creditors 2,468,078 1,953,270 Other taxes payable 10,356,801 4,871,096 Total 30,154,966 19,659,417
Page 44
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 44 4.9.9 Provisions and other long - term liabilities The provisions and other long-term liabilities are analyzed as follows: The “Long-term government grants” for the Group relate to the subsidy of machinery and equipment at the subsidiary company Polipak SP.Z.O.O. It is noted that part of the “Other provisions” concerns the provision for contractual obligations arising from the sale of the Group's 49% stake in the company ELCA Cosmetics Ltd and its subsidiaries. The provisions analysis is as follows: 4.9.10 Loans Loans are analyzed as follows: As of June 30, 2026, the Group’s borrowings relate to bank and bond loans. During the first half of 2026, the Company repaid installments of €1.5m on a bond loan granted by Alpha Bank (with an initial approved amount of €35.0m), of €1.5m on a bond loan granted by the National Bank of Greece (NBG) (initial approved amount €12.0m) and of €0.7m on a bond loan granted by the same bank (initial approved amount €9.3m). Company 30.06.2026 31.12.2025 Social security funds 835,908 1,604,478 Customer prepayments 820,358 3,145,982 Short-term liabilities to related parties 553,486 555,355 Dividends payable 39,870 32,579 Deferred income 164,079 200,224 Αccrued expenses 5,269,144 2,690,694 Sundry creditors 47,096 55,651 Other taxes payable 3,733,169 2,613,559 Total 11,463,110 10,898,523 Group 30.06.2026 31.12.2025 Long-term government grants 7,090,906 7,474,428 Other provisions 1,657,849 2,097,592 Other long-term liabilities 181,464 249,118 Total 8,930,218 9,821,139 Group 30.06.2026 31.12.2025 Opening Balance 2,097,592 2,772,834 Additions for the year 6,933 411,533 Use of provision (425,279) (911,016) Amounts offset 0 (171,152) Foreign exchange differences (21,397) (4,607) Closing balance 1,657,849 2,097,592 30.06.2026 31.12.2025 30.06.2026 31.12.2025 Short-term loans 8,327,972 6,417,092 7,427,529 6,417,092 Bank loans 900,443 0 0 0 Bond Loans 7,427,529 6,417,092 7,427,529 6,417,092 Long-term loans 55,417,381 35,585,414 61,305,641 44,585,414 Bank loans 3,111,740 0 0 0 Bond Loans 52,305,641 35,585,414 52,305,641 35,585,414 Loans to affliates 0 0 9,000,000 9,000,000 Total 63,745,352 42,002,506 68,733,170 51,002,506 Group Company
Page 45
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 45 In parallel, bank loans amounting to €5.0m to Eurobank S.A. were repaid. During the same period, new bond loans were disbursed amounting to €20.0m by Alpha Bank (against an approved amount of €35.0m) and €1.4m by NBG (against an approved amount of €9.3m). Furthermore, a bank loan of €5.0m was granted by Eurobank S.A. Within the Group, subsidiary Stella Pack S.A. disbursed a new bank loan amounting to €4.2m (PLN 17.9m) from Bank Millennium S.A., while at the same time repaid loan installments amounting to €0.2m (PLN 0.6m). Additionally, in June 2026, the terms of the bond loan with National Bank of Greece (NBG) (Series A and B, out of a total of €9.3m) were amended to extend the availability period for the disbursement of the undrawn amount of all bonds until June 30, 2027. There are no pledges on the Group’s and Company’s loans. Finally, as of June 30, 2026, the Group was in compliance with the financial covenants stated in the respective loan agreements. 4.9.11 Income tax The Company’s income tax rate for both 2026 and 2025 is 22%. The effective tax rate of the Company amounted to 5.8% in the first half of 2026, compared to 7.3% in the corresponding period of 2025. The decrease was mainly attributable to the increased contribution of tax -exempt dividend income to the Company's profit before tax. At Group level, the effective tax rate amounted to 21.0% in the first half of 2026, compared to 20.1% in the corresponding period of 2025, remaining at comparable levels. The Company has obtained tax compliance certificates with unqualified opinion from its Certified Public Accountants for each fiscal year from 2011 to 2024, in accordance with Greek tax legislation (2011 - 2013 under the provisions of Article 82 of Law 2238/1994 and 2014 - 2024 under the provisions of Article 65A of Law 4174/2013). It is noted that as of 31.12.2025, the tax years up to and including 31.12.2019 have become statute-barred in accordance with the provisions of paragraph 1, Article 36 of Law 4174/2013. For the year ended 31 December 2025, the Company has been subject to the tax audit performed by the Certified Auditors in accordance with the provisions of articles 78 and 83, par. 54 of Law 5104/2024. The audit is currently in progress, and the relevant tax certificate is expected to be issued after the release of the interim condensed financial statements for the period 01.01 – 30.06.2026. The Management of the Company does not expect any significant tax liabilities to arise, other than those already recognized and presented in the financial statements. 01.01- 30.06.2026 01.01- 30.06.2025 01.01- 30.06.2026 01.01- 30.06.2025 Current income tax (8,554,906) (8,886,499) (2,439,257) (3,035,595) Deferred tax 1,400,462 1,565,036 (141,365) 229,073 Total (7,154,443) (7,321,463) (2,580,622) (2,806,521) Group Company
Page 46
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 46 4.9.11.1 Unaudited tax years The table below presents the years for which the tax audit of the Group’s companies has not been conducted or completed: 4.9.12 Financial Income / (Expenses) The financial income / (expenses) are analyzed as follows: Company Domicile Unaudited tax years GR. SARANTIS S.A. GREECE 2020 - 2025 SARANTIS BULGARIA LTD BULGARIA 2019 - 2025 SARANTIS ROMANIA S.A. ROMANIA 2020 - 2025 SARANTIS BELGRADE D.O.O. SERBIA 2020 - 2025 SARANTIS BANJA LUKA D.O.O. BOSNIA-HERZEGOVINA 2023 - 2025 SARANTIS LJUBLJANA D.O.O. SLOVENIA 2022 - 2025 SARANTIS ZAGREB D.O.O. CROATIA 2025 SARANTIS SKOPJE D.O.O. N.MACEDONIA 2020 - 2025 SARANTIS POLSKA S.A. POLAND 2019 - 2025 POLIPAK SP. Z.O.O. POLAND 2019 - 2025 STELLA PACK S.A. POLAND 2019 - 2025 SARANTIS CZECH REPUBLIC SRO CZECH REPUBLIC 2022 - 2025 SARANTIS HUNGARY KFT. HUNGARY 2020 - 2025 ZETAFIN LTD CYPRUS - ELODE FRANCE S.A.R.L FRANCE 2011 - 2025 SARANTIS FRANCE S.A.R.L FRANCE 2011 - 2025 SARANTIS PORTUGAL LDA PORTUGAL 2021 - 2025 ASTRID T.M. A.S. CZECH REPUBLIC 2022 - 2025 SARANTIS SLOVAKIA S.R.O SLOVAKIA 2020 - 2025 IVYBRIDGE VENTURES LTD CYPRUS 2021 - 2025 ERGOPACK LLC UKRAINE 2025 Group 01.01- 30.06.2026 01.01- 30.06.2025 Interest expense (789,151) (1,090,908) Interest expense on leasing (544,193) (510,226) Interest income 396,084 482,478 Foreign exchange differences (1,361,331) (272,404) Income and gain from sale of participations & securities 404,101 368,284 Expenses and losses from sale of investments & securities (57,371) (10,947) Other financial income/(expenses) 69,092 (2,666) Total (1,882,769) (1,036,390) Company 01.01- 30.06.2026 01.01- 30.06.2025 Interest expense (930,054) (1,236,085) Interest expense on leasing (160,755) (162,462) Interest income 15,349 38,068 Foreign exchange differences (132,333) (14,715) Income and gain from sale of participations & securities 404,101 368,284 Expenses and losses from sale of investments & securities (57,371) (10,947) Dividends from subsidiaries 33,730,462 26,296,363 Other financial income/(expenses) (2,843) 21,057 Total 32,866,555 25,299,562
Page 47
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 47 4.9.13 Share Capital 4.9.14 Earnings per share Earnings per share were calculated according to the weighted average number of shares after the deduction of the weighted average number of treasury shares held by the Company. * The underlying financial figures included in the table above are presented excluding the total charge of €0.8m arising from the disposal of the investment property (former non-operating factory) of Polipak SP. Z.O.O. on 25 June 2026, which has been recognized in the reported results for the period (see Note 4.9.17). 4.9.15 Dividends For the period ended on 30.06.2026: The Annual General Meeting of Shareholders during its meeting on 20.04.2026 approved the distribution of a dividend of €0.3924646782 per share or a total amoun t of €25.0m. According to the legislation in force, the dividend corresponding to the 435,787 shares held by the Company on the record date, is applied to the dividend paid out to the other shareholders and hence the gross amount of dividend is increased to €0.3951681182 per share. For the period ended on 30.06.2025: The Annual General Meeting of Shareholders during its meeting on 28 .04.2025 approved the distribution of a dividend of €0.2991747429 per share or a total amount of €20 mil. According to the legislation in force, the dividend corresponding to the 3,136,063 shares held by the Company on the record date, is applied to the divide nd paid out to the other shareholders and hence the gross amount of dividend is increased to €0.3139002896 per share. 4.9.16 Treasury shares As of 31 December 2025, the Company held 198,023 treasury shares, representing 0.31% of its share capital. During the period from 05.01.2026 to 20.04.2026, under the Company's share buyback program authorized by the Annual General Meeting of Shareholders held on 23 April 2024, pursuant to Article 49 of Law 4548/2018 and the specific terms of the respective resolution, the Company acquired 237,743 treasury shares at a total purchase consideration of €3,353,175.68, representing 0.37% of the Company's shares. During the period from 21.04.2026 to 30.06.2026, under the share buyback program authorized by the Annual General Meeting of Shareholders held on 20 April 2026, pursuant to Article 49 of Law 4548/2018 and the specific terms of the Number of shares Nominal value of shares Share capital Share premium Total 30.06.2026 63,700,000 0.78 49,686,000 40,676,356 90,362,356 31.12.2025 63,700,000 0.78 49,686,000 40,676,356 90,362,356 31.12.2024 66,850,563 0.78 52,143,439 40,676,356 92,819,795 Share Capital 01.01 - 30.06.2026 01.01 - 30.06.2025 01.01 - 30.06.2026 01.01 - 30.06.2025 Earnings after tax attributed to the owners of the Company 26,877,587 29,171,598 41,547,661 35,859,031 Underlying Earnings after tax attributed to the owners of the Company* 27,688,404 29,171,598 41,547,661 35,859,031 Weighted average number of shares 63,316,334 63,763,814 63,316,334 63,763,814 Basic earnings per share (€) 0.4245 0.4575 0.6562 0.5624 Underlying earnings per share (€)* 0.4373 0.4575 0.6562 0.5624 Diluted earnings per share (€) 0.4245 0.4575 0.6562 0.5624 Group Company
Page 48
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 48 respective resolution, the Company acquired 283,795 treasury shares at a total purchase consideration of €4,247,302.74, representing 0.45% of the Company's shares. In total, during H1 2026, the Company acquired 521,538 treasury shares for a total consideration of €7,600,478.42, at an average acquisition price of €14.57 per share. Furthermore, under the Performance Stock Awards Program, in accordance with the resolutions of the Annual General Meeting of Shareholders held on 20 April 2026 and the provisions of Law 4548/2018, the Company proceeded on 24.04.2026 with the free distribution of 62,211 treasury ordinary registered voting shares to eleven (11) beneficiaries. The total value of the shares distributed amounted to €920,722.80, based on the Company’s closing share price of €14.80 on 22.04.2026. As of 30.06.2026, the Company held a total of 657,350 treasury shares, representing 1.03% of its total shares outstanding. The treasury shares held by the Company at any given time are intended exclusively for: (a) the reduction of the Company’s share capital, (b) the fulfilment of obligations arising from debt financial instruments convertible into equity securities, and (c) the fulfilment of obligations arising from share -based incentive schemes or other share distributions to employees or members of the management or supervisory bodies of the Company or its affiliated companies.
Page 49
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 49 4.9.17 Table of changes in fixed assets 4.9.17.1 Group The own-used tangible fixed assets and the investment property, as of December 31, 2025, and June 30, 2026, are as follows: Acquisition cost 01.01.2025 16,026,463 99,701,490 10,160,103 98,604,364 5,843,377 17,419,788 7,742,999 255,498,584 Acquisitions 1,210,993 50,084 0 1,670,668 100,832 1,673,211 30,690,187 35,395,975 Reclassifications (282,614) (2,228,002) 3,061,233 8,167,868 243,855 1,358,135 (10,341,734) (21,259) Revaluation (545,084) (236,049) (2,676,001) 0 0 0 230,870 (3,226,264) Write-offs 0 (32,091) 0 (2,923,157) (125,299) (1,402,204) 0 (4,482,751) Cost of disposals (9,161) 0 0 (2,461,386) (1,066,602) (39,801) 0 (3,576,949) Reclassification to assets held for sale 0 0 (574,945) 0 0 0 0 (574,945) Foreign exchange differences 47,818 (289,404) 77,391 146,999 11,081 5,249 88,679 87,814 Value as at 31.12.2025 16,448,415 96,966,028 10,047,782 103,205,356 5,007,245 19,014,380 28,411,000 279,100,205 Fixed assets under construction and prepayments TotalLand - fields Buildings, building facilities and technical projects Investment property Machinery, technical installations and other equipment Vehicles Furniture and other equipment Depreciations 01.01.2025 0 48,619,342 1,931,382 49,797,433 3,684,565 12,582,053 0 116,614,775 Depreciations for the Period 0 3,218,118 0 6,344,448 486,022 1,669,639 0 11,718,228 Revaluation 0 (285,342) (792,763) 0 0 0 0 (1,078,105) Depreciations of reclassifications 0 (859,829) 981,122 (1,219,023) 118,286 979,444 0 0 Depreciation on write-offs 0 (28,608) 0 (2,806,815) (118,145) (1,334,746) 0 (4,288,314) Depreciation of disposals 0 0 0 (1,524,929) (933,969) (56,176) 0 (2,515,075) Reclassification to assets held for sale 0 0 (103,264) 0 0 0 0 (103,264) Foreign exchange differences 0 (214,003) 21,423 (129,023) (6,397) (7,149) 0 (335,149) Depreciations 31.12.2025 0 50,449,677 2,037,901 50,462,092 3,230,361 13,833,065 0 120,013,096 Net book value as at 31.12.2025 16,448,415 46,516,350 8,009,881 52,743,265 1,776,884 5,181,315 28,411,000 159,087,109 Land - fields Buildings, building facilities and technical projects Investment property Machinery, technical installations and other equipment Vehicles Furniture and other equipment Fixed assets under construction and prepayments Total
Page 50
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 50 During the first half of 2026, additions to fixed assets under construction and prepayments amounted to a total of €6.7m, mainly relating to the acquisition of machinery and equipment in the Company of €2.4m as well as in its subsidiary Stella Pack S.A. in Poland , amounting to €2.8m mainly relating to investments in machinery and equipment and facility modernization projects. Acquisition cost 01.01.2026 16,448,415 96,966,028 10,047,782 103,205,356 5,007,245 19,014,380 28,411,000 279,100,205 Acquisitions 0 93,669 0 537,567 5,870 1,104,960 6,742,782 8,484,848 Reclassifications 742,241 8,316,983 (465,020) 12,313,799 427,321 3,602,063 (25,920,058) (982,671) Revaluation 0 0 (61,278) 0 0 0 0 (61,278) Write-offs 0 (6,750) 0 (359,229) (158,425) (32,531) 0 (556,936) Cost of disposals 0 (4,027) (4,745,791) (126,630) (51,441) (387,589) 0 (5,315,478) Foreign exchange differences (97,474) (670,227) (102,686) (1,391,507) (64,928) (96,092) (118,696) (2,541,610) Value as at 30.06.2026 17,093,182 104,695,675 4,673,007 114,179,356 5,165,641 23,205,191 9,115,028 278,127,080 Fixed assets under construction and prepayments TotalLand - fields Buildings, building facilities and technical projects Investment property Machinery, technical installations and other equipment Vehicles Furniture and other equipment Depreciations 01.01.2026 0 50,449,677 2,037,901 50,462,092 3,230,361 13,833,065 0 120,013,096 Depreciations for the Period 0 1,589,239 0 3,332,230 233,075 995,335 0 6,149,879 Depreciations of reclassifications 0 (535,817) 535,817 (1,397,164) 0 1,397,164 0 0 Depreciation on write-offs 0 (6,749) 0 (321,890) (155,323) (32,536) 0 (516,499) Depreciation of disposals 0 (1,527) (1,058,750) (115,445) (50,038) (247,164) 0 (1,472,924) Foreign exchange differences 0 (121,965) (30,192) (568,193) (38,644) (56,860) 0 (815,853) Depreciations 30.06.2026 0 51,372,858 1,484,775 51,391,630 3,219,431 15,889,005 0 123,357,699 Net book value as at 30.06.2026 17,093,182 53,322,817 3,188,232 62,787,726 1,946,211 7,316,186 9,115,028 154,769,382 Land - fields Buildings, building facilities and technical projects Investment property Machinery, technical installations and other equipment Vehicles Furniture and other equipment Fixed assets under construction and prepayments Total
Page 51
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 51 Additionally, reclassifications from fixed assets under construction and prepayments amounted to a total of €25.9m, mainly related to investments in machinery and equipment of €18.3m by the subsidiary Stella Pack S.A. in Poland, as well as fire protection projects and investments in machinery and equipment of €5.0m by the subsidiary Polipak SP. Z.O.O. These investments were completed, commissioned during the period and transferred to the respective categories of property, plant and equipment. Disposals of investment property relate to the subsidiary Polipak SP. Z.O.O. and, specifically, to the investment property (former non-operational factory) located in the Harcerska area of Poland, whose disposal was completed on 25 June 2026. The total consideration amounted to €3.1m (PLN 13.1m) and was fully collected on the transaction date. The property had been measured under the fair value model in accordance with IAS 40 "Investment Property", with its most recent v aluation performed on 31 December 2025. The sale resulted in a loss of €0.6m, which, together with maintenance expenses of €0.2m incurred during the period, was recognized in the results for the period ended 30 June 2026 under figure “Other operating expenses”. Upon completion of the transaction, the investment property was derecognized from the Statement of Financial Position. Finally, reclassifications of investment property relate to land and building owned by the Company in the Oinofyta area, with a carrying amount of €1.8m, which were transferred to own-used property, plant and equipment following the cessation of their lease to third parties and the commencement of owner occupatio n, as well as to land and building owned by the subsidiary Sarantis Romania S.A., with a carrying amount of €1.4m, which were reclassified from own-used property, plant and equipment to investment property in accordance with IAS 40. Income from leases and direct operating expenses are analyzed as follows: The decrease in rental income is attributable to the cessation of the lease to third parties of the Company's investment prop erty in the Oinofyta area and, additionally, to the disposal, on 25 June 2026, of the investment property (former non-operating factory) owned by the subsidiary Polipak SP. Z.O.O. in the Harcerska area of Poland. Group 01.01 - 30.06.2026 01.01 - 30.06.2025 Rental income from investment property 51,065 99,996 Direct operating expenses arising from investment property that generated rental income during the period 0 70,269 Direct operating expenses arising from investment property that did not generate rental income during the period 0 117,123
Page 52
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 52 The intangible assets of the Group as of December 31, 2025, and June 30, 2026, are as follows: Acquisition cost 01.01.2025 96,152,969 828,470 23,776,381 120,757,820 Acquisitions 951,942 0 9,741,180 10,693,121 Reclassifications 0 0 21,259 21,259 Write-offs (6,468) (4,732) (876,217) (887,416) Foreign exchange differences 790,732 8,956 (31,382) 768,306 Value as at 31.12.2025 97,889,175 832,694 32,631,221 131,353,090 Trademarks Development Expenses Other Intangible Assets Total Depreciations 01.01.2025 14,306,728 102,181 11,937,918 26,346,827 Depreciations for the Period 1,875,344 83,005 2,373,429 4,331,778 Depreciation on write-offs (6,167) (4,732) (875,856) (886,755) Foreign exchange differences 72,154 1,265 3,707 77,125 Depreciations 31.12.2025 16,248,059 181,719 13,439,197 29,868,975 Net book value as at 31.12.2025 81,641,117 650,975 19,192,023 101,484,115 Trademarks Development Expenses Other Intangible Assets Total Acquisition cost 01.01.2026 97,889,175 832,694 32,631,221 131,353,090 Acquisitions 0 0 2,469,724 2,469,724 Reclassifications 0 0 982,671 982,671 Write-offs 0 0 (298,081) (298,081) Foreign exchange differences (644,868) (13,490) (79,810) (738,168) Value as at 30.06.2026 97,244,307 819,205 35,705,724 133,769,236 Trademarks Development Expenses Other Intangible Assets Total
Page 53
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 53 During the first half of 2026, additions to other intangible assets primarily reflect the Group’s investments related to its digital transformation plan. The total of reclassifications resulting from the above tables of own-used tangible fixed assets and intangible assets is zero. The fixed assets of the Group and the Company are free of encumbrances. The right of use assets for the Group as of December 31, 2025, and June 30, 2026, are as follows: Depreciations 01.01.2026 16,248,059 181,719 13,439,197 29,868,975 Depreciations for the Period 944,194 41,473 1,356,794 2,342,462 Depreciation on write-offs 0 0 (284,516) (284,516) Foreign exchange differences (51,430) (3,457) (45,926) (100,812) Depreciations 30.06.2026 17,140,823 219,736 14,465,551 31,826,110 Net book value as at 30.06.2026 80,103,484 599,469 21,240,174 101,943,127 Trademarks Development Expenses Other Intangible Assets Total Acquisition cost 01.01.2025 127,951 28,042,322 22,537 10,231,273 90,351 38,514,434 Acquisitions 25,789 1,953,268 10,068 1,492,164 0 3,481,289 Write-offs 0 (372,223) (22,711) (1,600,482) 0 (1,995,416) Foreign exchange differences (16,652) (31,724) 207 11,848 (2,205) (38,526) Value as at 31.12.2025 137,089 29,591,642 10,100 10,134,802 88,147 39,961,781 Land - fields Buildings, building facilities and technical projects Machinery, technical installations and other equipment Vehicles Furniture and other equipment Total
Page 54
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 54 Depreciations 01.01.2025 39,470 14,515,646 10,800 3,323,185 76,465 17,965,565 Depreciations for the Period 5,656 3,796,189 4,577 2,638,165 12,719 6,457,305 Depreciation on write-offs 0 (235,237) (12,776) (1,287,875) 0 (1,535,888) Foreign exchange differences (5,009) (46,113) 92 803 (2,002) (52,228) Depreciations 31.12.2025 40,117 18,030,486 2,693 4,674,279 87,181 22,834,755 Net book value as at 31.12.2025 96,972 11,561,157 7,408 5,460,523 965 17,127,025 Land - fields Buildings, building facilities and technical projects Machinery, technical installations and other equipment Vehicles Furniture and other equipment Total Acquisition cost 01.01.2026 137,089 29,591,642 10,100 10,134,802 88,147 39,961,781 Acquisitions 68,786 20,639,788 0 1,061,738 0 21,770,312 Write-offs 0 (3,987,492) 0 (555,773) (87,381) (4,630,645) Foreign exchange differences (3,701) (366,945) (164) (38,116) (766) (409,691) Value as at 30.06.2026 202,174 45,876,993 9,937 10,602,653 0 56,691,756 Land - fields Buildings, building facilities and technical projects Machinery, technical installations and other equipment Vehicles Furniture and other equipment Total
Page 55
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 55 During the first half of 2026, additions to right-of-use assets relating to buildings, building facilities and technical projects primarily resulted from the extension of the Company’s lease agreement for warehouse facilities in Avlona, Attica, amounting to €9.3 m, as well as from a new lease agreement entered into by the subsidiary Sarantis Polska S.A. for warehouse and office facilities, amounting to €10.5m. Depreciations 01.01.2026 40,117 18,030,486 2,693 4,674,279 87,181 22,834,755 Depreciations for the Period 3,136 2,186,789 2,299 1,343,789 957 3,536,970 Depreciation on write-offs 0 (3,976,325) 0 (393,387) (87,381) (4,457,093) Foreign exchange differences (1,036) (142,638) (72) (15,102) (757) (159,605) Depreciations 30.06.2026 42,217 16,098,312 4,920 5,609,580 0 21,755,027 Net book value as at 30.06.2026 159,957 29,778,682 5,017 4,993,073 0 34,936,729 Land - fields Buildings, building facilities and technical projects Machinery, technical installations and other equipment Vehicles Furniture and other equipment Total
Page 56
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 56 4.9.17.2 Company The own-used tangible fixed assets and the investment property, as of December 31, 2025, and June 30, 2026, are as follows: Acquisition cost 01.01.2025 10,438,000 63,862,032 2,084,356 27,089,644 1,265,669 14,467,848 1,743,574 120,951,122 Acquisitions 0 27,806 0 1,528,480 100,832 1,476,485 4,363,305 7,496,909 Reclassifications 0 0 0 432,222 0 25,931 (458,153) 0 Revaluation 0 0 (168,735) 0 0 0 0 (168,735) Write-offs 0 (1,093) 0 (282,332) (48,955) (1,095,648) 0 (1,428,028) Cost of disposals 0 0 0 0 (90,228) (16,892) 0 (107,120) Value as at 31.12.2025 10,438,000 63,888,745 1,915,621 28,768,014 1,227,318 14,857,725 5,648,726 126,744,148 Fixed assets under construction and prepayments TotalLand - fields Buildings, building facilities and technical projects Investment property Machinery, technical installations and other equipment Vehicles Furniture and other equipment Depreciations 01.01.2025 0 41,803,126 390 16,269,082 977,084 10,931,180 0 69,980,862 Depreciations for the Period 0 2,278,498 0 1,640,200 80,809 1,277,261 0 5,276,767 Depreciation on write-offs 0 (1,092) 0 (282,314) (48,955) (1,093,115) 0 (1,425,476) Depreciation of disposals 0 0 0 0 (90,228) (9,904) 0 (100,132) Depreciations 31.12.2025 0 44,080,531 390 17,626,968 918,711 11,105,421 0 73,732,020 Net book value as at 31.12.2025 10,438,000 19,808,214 1,915,232 11,141,046 308,607 3,752,304 5,648,726 53,012,128 Land - fields Buildings, building facilities and technical projects Investment property Machinery, technical installations and other equipment Vehicles Furniture and other equipment Fixed assets under construction and prepayments Total
Page 57
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 57 During the first half of 2026, additions to fixed assets under construction and prepayments are mainly related to the acquisition of machinery and equipment in the Company. Additionally, reclassifications of investment property relate to land and building owned by the Company in the Oinofyta area, which were transferred to own-used property, plant and equipment following the cessation of their lease to third parties and the commencement of owner occupation. Acquisition cost 01.01.2026 10,438,000 63,888,745 1,915,621 28,768,014 1,227,318 14,857,725 5,648,726 126,744,148 Acquisitions 0 93,669 0 318,106 5,092 1,000,386 2,365,848 3,783,100 Reclassifications 840,000 985,722 (1,825,722) 0 0 0 (950,988) (950,988) Revaluation 0 0 (61,278) 0 0 0 0 (61,278) Cost of disposals 0 0 0 0 (2,580) (13,999) 0 (16,579) Value as at 30.06.2026 11,278,000 64,968,136 28,621 29,086,120 1,229,830 15,844,111 7,063,585 129,498,403 Fixed assets under construction and prepayments TotalLand - fields Buildings, building facilities and technical projects Investment property Machinery, technical installations and other equipment Vehicles Furniture and other equipment Depreciations 01.01.2026 0 44,080,531 390 17,626,968 918,711 11,105,421 0 73,732,020 Depreciations for the Period 0 1,137,273 0 896,090 41,967 632,658 0 2,707,988 Depreciation of disposals 0 0 0 0 (2,580) (11,427) 0 (14,007) Depreciations 30.06.2026 0 45,217,805 390 18,523,058 958,098 11,726,651 0 76,426,001 Net book value as at 30.06.2026 11,278,000 19,750,331 28,232 10,563,062 271,732 4,117,460 7,063,585 53,072,402 Land - fields Buildings, building facilities and technical projects Investment property Machinery, technical installations and other equipment Vehicles Furniture and other equipment Fixed assets under construction and prepayments Total
Page 58
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 58 Income from leases and direct operating expenses are analyzed as follows: The decrease in rental income is attributable to the cessation of the lease to third parties of the Company's investment property in the Oinofyta area. The intangible assets of the Company as of December 31, 2025, and June 30, 2026, are as follows: Company 01.01 - 30.06.2026 01.01 - 30.06.2025 Rental income from investment property 51,065 59,726 Direct operating expenses arising from investment property that generated rental income during the period 0 0 Direct operating expenses arising from investment property that did not generate rental income during the period 0 0 Acquisition cost 01.01.2025 32,013,073 15,980,291 47,993,364 Acquisitions 950,000 9,233,909 10,183,909 Write-offs 0 (258,688) (258,688) Value as at 31.12.2025 32,963,073 24,955,511 57,918,584 Trademarks Other Intangible Assets Total Depreciations 01.01.2025 8,313,073 7,075,458 15,388,531 Depreciations for the Period 576,856 1,620,469 2,197,325 Depreciation on write-offs 0 (258,688) (258,688) Depreciations 31.12.2025 8,889,929 8,437,240 17,327,168 Net book value as at 31.12.2025 24,073,145 16,518,272 40,591,416 Trademarks Other Intangible Assets Total
Page 59
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 59 During the first half of 2026, additions to other intangible assets primarily reflect the Company’s investments related to its digital transformation plan. The total of reclassifications resulting from the above tables of own-used tangible fixed assets and intangible assets is zero. The fixed assets of the Company are free of encumbrances. The right of use assets for the Company as of December 31, 2025, and June 30, 2026, are as follows: Acquisition cost 01.01.2026 32,963,073 24,955,511 57,918,584 Acquisitions 0 2,287,787 2,287,787 Reclassifications 0 950,988 950,988 Value as at 30.06.2026 32,963,073 28,194,287 61,157,360 Trademarks Other Intangible Assets Total Depreciations 01.01.2026 8,889,929 8,437,240 17,327,168 Depreciations for the Period 299,474 1,005,214 1,304,689 Depreciations 30.06.2026 9,189,403 9,442,454 18,631,857 Net book value as at 30.06.2026 23,773,670 18,751,833 42,525,503 Trademarks Other Intangible Assets Total Acquisition cost 01.01.2025 11,171,766 3,277,208 14,448,973 Acquisitions 115,679 369,249 484,928 Write-offs 0 (172,743) (172,743) Value as at 31.12.2025 11,287,445 3,473,713 14,761,158 Buildings, building facilities and technical projects Vehicles Total
Page 60
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 60 During the first half of 2026, additions to right -of-use assets relating to buildings, building facilities and technical projects primarily resulted from the extension of the Com pany’s lease agreement for warehouse facilities in Avlona, Attica. Depreciations 01.01.2025 5,744,985 1,086,594 6,831,579 Depreciations for the Period 1,295,812 880,018 2,175,831 Depreciation on write-offs 0 (105,176) (105,176) Depreciations 31.12.2025 7,040,798 1,861,436 8,902,234 Net book value as at 31.12.2025 4,246,647 1,612,277 5,858,924 Buildings, building facilities and technical projects Vehicles Total Acquisition cost 01.01.2026 11,287,445 3,473,713 14,761,158 Acquisitions 9,318,318 267,926 9,586,244 Write-offs 0 (122,922) (122,922) Value as at 30.06.2026 20,605,763 3,618,716 24,224,479 Buildings, building facilities and technical projects Vehicles Total Depreciations 01.01.2026 7,040,798 1,861,436 8,902,234 Depreciations for the Period 650,868 447,463 1,098,331 Depreciation on write-offs 0 (98,596) (98,596) Depreciations 30.06.2026 7,691,665 2,210,303 9,901,968 Net book value as at 30.06.2026 12,914,097 1,408,414 14,322,511 Buildings, building facilities and technical projects Vehicles Total
Page 61
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 61 4.9.18 Number of Employees The number of employees for the Group and Company is as follows: 4.9.19 Litigation Cases There are no pending or under arbitration litigation cases and decisions by judicial or arbitration bodies which may significantly affect the financial statements of the Group and the Company. 4.9.20 Contingent Liabilities There are no contingent liabilities either in the Group or the Company. Additionally, there are various legal cases involving the Company and the Group, from which the Management estimates that no significant additional liabilities are expected to arise, except for those included in the financial statements as of June 30, 2026. 4.9.21 Commitments and Contractual Obligations A. Guarantees The Group and the Company do not have any guarantees against loan liabilities as of 30/06/2026. B. Capital Investment commitments There are no commitments for capital expenditures either for the Group or for the Company. 4.9.22 Events after the reporting date of the financial statements Loans The Company was informed by Alpha Bank on 31 July 2026 that a credit facility of €120.0m had been approved for general corporate purposes. As of the date of approval of the interim financial statements, no amount had been drawn under this facility. In addition, in August 2026 the Company notified National Bank of Greece (NBG) of its intention to proceed with the early repayment of the outstanding loan balance of €6.0m, under their €12.0m loan agreement, with repayment scheduled for September 29, 2026. Distribution of Möller’s Products in Greece On 1 July 2026, the Group assumed the distribution of Möller’s products in the Greek market, adding the brand to its portfolio, specifically within the Health & Care Division distribution channel. Möller’s is a well -established brand in the Omega -3 and dietary supplements category, and the partnership is expected to further strengthen the Group’s presence in the growing Vitamins & Supplements category. Other than the above, there have been no significant events subsequent to 30 June 2026 and up to the date of approval of the interim financial statements that require disclosure. 01.01 - 30.06.2026 01.01 - 30.06.2025 01.01 - 30.06.2026 01.01 - 30.06.2025 Regular employees 2,619 2,567 733 743 Day-wage employees 416 446 135 142 Total Employees 3,035 3,013 868 885 Group Company
Page 62
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 62 4.9.23 Related party transactions The most significant transactions between the Company and its related parties, as such are defined by International Accounting Standard 24, are presented below: Subsidiaries Trade receivables 30.06.2026 31.12.2025 Sarantis Belgrade D.O.O 283,414 6,625 Sarantis Banja Luka D.O.O 230,649 8,955 Sarantis Zagreb D.O.O. 2,300 0 Sarantis Skopje D.O.O 42,000 0 Sarantis Bulgaria LTD 230,749 138,355 Sarantis Romania S.A. 1,705,250 1,770,737 Sarantis Polska S.A. 843,704 3,636,732 Stella Pack S.A. 139,000 26,352 Sarantis Czech Republic S.R.O. 1,158,514 129,035 Polipak SP.Z.O.O. 110,500 33,841 Sarantis Slovakia S.R.O 25,875 8,380 Ergopack LLC 403,180 319,814 Sarantis Hungary Kft. 252,401 245,863 Sarantis Portugal Lda 805,118 1,025,519 Elode France SARL 3,578 1,763 Sarkk S.A. 18,219 22,372 Total 6,254,452 7,374,342 Company Receivables from dividends 30.06.2026 31.12.2025 Sarantis Belgrade D.O.O 0 4,503,975 Sarantis Bulgaria LTD 2,249,961 1,408,189 Sarantis Romania S.A. 3,157,192 0 Zetafin LTD 15,788,381 15,788,381 Total 21,195,534 21,700,545 Grand total receivables 27,449,987 29,074,888 Trade liabilities 30.06.2026 31.12.2025 Sarantis Belgrade D.O.O 0 1,454,780 Sarantis Skopje D.O.O 476,792 218,613 Sarantis Polska S.A. 15,554 124,952 Stella Pack S.A. 14,810 10,575 Polipak SP.Z.O.O. 248,592 195,198 Sarantis France SARL 24,601 26,470 Dirty Laundry S.A. 412 412 Sarkk S.A. 585 1,394 Total 781,345 2,032,393 Liabilities from loans 30.06.2026 31.12.2025 Sarantis Belgrade D.O.O 9,178,521 9,000,000 Zetafin LTD 536,664 528,885 Total 9,715,184 9,528,885
Page 63
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 63 Lease liabilities 30.06.2026 31.12.2025 Lenidi S.A. 3,702,080 3,905,156 Total 3,702,080 3,905,156 Grand total liabilities 14,198,610 15,466,434 Income Income from sale of merchandise 01.01 - 30.06.2026 01.01 - 30.06.2025 Sarantis Belgrade D.O.O 1,710,897 1,841,092 Sarantis Banja Luka D.O.O 184,271 121,664 Sarantis Skopje D.O.O 443,113 548,352 Sarantis Bulgaria LTD 1,276,740 1,283,951 Sarantis Romania S.A. 3,696,342 4,646,255 Sarantis Polska S.A. 4,121,356 5,862,032 Stella Pack S.A. 21,164 91,347 Sarantis Czech Republic S.R.O. 4,451,455 4,528,051 Ergopack LLC 236,643 517,980 Sarantis Hungary Kft. 530,409 904,398 Sarantis Portugal Lda 556,513 835,318 Lenidi Bulgaria LTD 0 3,884 Dirty Laundry S.A. 0 456 Sarkk S.A. 62,780 14,363 Total 17,291,683 21,199,145 Other income 01.01 - 30.06.2026 01.01 - 30.06.2025 Sarantis Belgrade D.O.O 210,098 111,931 Sarantis Banja Luka D.O.O 46,377 4,940 Sarantis Zagreb D.O.O. 2,300 0 Sarantis Skopje D.O.O 47,285 12,126 Sarantis Bulgaria LTD 160,376 42,568 Sarantis Romania S.A. 406,091 163,206 Sarantis Polska S.A. 643,351 625,852 Stella Pack S.A. 139,259 42,551 Sarantis Czech Republic S.R.O. 263,074 164,133 Polipak SP.Z.O.O. 110,500 46,732 Sarantis Slovakia S.R.O 25,875 2,612 Ergopack LLC 252,147 198,773 Sarantis Hungary Kft. 111,644 70,590 Sarantis Portugal Lda 52,234 54,355 Total 2,470,613 1,540,369
Page 64
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 64 Income from dividends 01.01 - 30.06.2026 01.01 - 30.06.2025 Sarantis Bulgaria LTD 3,499,961 3,308,189 Sarantis Romania S.A. 12,433,061 12,334,279 Sarantis Polska S.A. 11,127,658 5,157,056 Sarantis Czech Republic S.R.O. 5,186,984 4,378,972 Astrid T.M. A.S. 200,990 182,178 Sarantis Hungary Kft. 1,281,808 935,691 Total 33,730,462 26,296,363 Grand total income 53,492,757 49,035,877 Expenses and Purchases Purchases of merchandise - services - assets 01.01 - 30.06.2026 01.01 - 30.06.2025 Sarantis Polska S.A. 41,137 1,034,875 Stella Pack S.A. 181,648 473,976 Sarantis Czech Republic S.R.O. 0 2 Polipak SP.Z.O.O. 1,385,262 1,455,952 Dirty Laundry S.A. 0 3,299 Sarkk S.A. 325 2,799 Total 1,608,372 2,970,902 Expenses – interest 01.01 - 30.06.2026 01.01 - 30.06.2025 Sarantis Belgrade D.O.O 178,489 178,513 Zetafin LTD 7,779 7,779 Lenidi S.A. 101,795 109,171 Total 288,062 295,464 Other expenses 01.01 - 30.06.2026 01.01 - 30.06.2025 Polipak SP.Z.O.O. 0 495 Total 0 495 Grand total expenses 1,896,435 3,266,861 Table of disclosures of related parties Group Company a) Income 438,165 53,492,757 b) Expenses 150,599 1,896,435 c) Receivables 248,351 27,449,987 d) Liabilities 3,703,077 14,198,610 e) Transactions and remuneration of senior executives and management 1,425,609 1,400,846 f) Receivables from senior executives and management 0 0 g) Liabilities towards senior executives and management 11,899 0 h) Receivables from associates 0 0 i) Liabilities to associates 0 0
Page 65
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 65 4.9.24 Business Units and Geographical Analysis tables 4.9.24.1 Breakdown by Business Unit SBU Turnover (€ mil) H1 2026 % H1 2025 Beauty/Skin/Sun Care 53,9 -2,0% 55,0 % of Total 17,5% 18,1% Personal Care 49,4 -2,7% 50,7 % of Total 16,0% 16,7% Home Care Solutions 95,0 3,0% 92,3 % of Total 30,8% 30,3% Private Label 35,2 0,5% 35,0 % of Total 11,4% 11,5% Strategic Partneships 74,8 4,9% 71,3 % of Total 24,3% 23,4% Mass Distribution 52,7 11,9% 47,1 % of SBU 70,4% 66,0% Selective Distribution 22,2 -8,6% 24,2 % of SBU 29,6% 34,0% Total Turnover 308,3 1,3% 304,3 Analysis of Consolidated Sales
Page 66
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 66 * The underlying financial figures included in the table above are presented excluding the total charge of €0.8m arising from the disposal of the investment property (former non -operating factory) of Polipak S P. Z.O.O. on 25 June 2026, which has been recognized in the reported results for the period (see Note 4.9.17). It should be noted that the comparative financial figures for the “Private Label” category have been restated to include the corresponding private label figures outside Poland, which in the previous presentation were included in the “Home Care Solutions” category. SBU EBIT (€ mil) H1 2026 % H1 2025 Beauty/Skin/Sun Care 17,1 7,4% 15,9 Margin 31,7% 28,9% % EBIT 46,5% 42,4% Personal Care 7,0 -17,2% 8,5 Margin 14,2% 16,7% % EBIT 19,1% 22,6% Home Care Solutions 10,8 3,6% 10,4 Margin 11,4% 11,3% % EBIT 29,5% 27,8% Private Label* 0,0 56,9% -0,1 Margin -0,1% -0,3% % EBIT -0,1% -0,2% Strategic Partnerships 1,9 -33,6% 2,8 Margin 2,5% 3,9% % EBIT 5,1% 7,4% Mass Distribution 2,2 -5,6% 2,3 Margin 4,2% 4,9% % EBIT 6,0% 6,2% Selective Distribution -0,3 > -100,0% 0,5 Margin -1,5% 1,9% % EBIT -0,9% 1,2% Total Underlying EBIT* 36,7 -2,1% 37,5 Margin 11,9% 12,3% EBIT Analysis
Page 67
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 67 4.9.24.2 Geographical Breakdown For administrative purposes, the Group monitors its operating results separately by country of activity. The allocation of operating expenses is performed in order to serve the evaluation of performance and facilitate the decision-making process by business unit. * The geographical region of West Balkans includes Serbia, Bosnia-Herzegovina, North Macedonia, Slovenia and Croatia. ** The underlying financial figures included in the table above are presented excluding the total charge of €0.8m arising from the disposal of the investment property (former non -operating factory) of Polipak S P. Z.O.O. on 25 June 2026, which has been recognized in the reported results for the period (see Note 4.9.17). Country Turnover (€mil) H1 2026 % H1 2025 Greece 81,6 1,9% 80,0 % of Total Turnover 26,5% 26,3% Selected International Markets & Portugal 15,0 -14,7% 17,6 Poland 94,3 4,9% 89,9 Poland (Branded Product Portfolio) 65,7 2,3% 64,3 Poland (Private Label) 28,5 11,4% 25,6 Romania 44,0 -4,4% 46,0 Czech-Slovakia-Hungary 34,5 11,5% 31,0 West Balkans* 17,9 -4,9% 18,9 Bulgaria 11,5 10,3% 10,4 Ukraine 9,5 -9,6% 10,5 International Network 226,7 1,1% 224,3 % of Total Turnover 73,5% 73,7% Total Turnover 308,3 1,3% 304,3 Analysis of Consolidated Sales Country EBIT (€mil) H1 2026 % H1 2025 Greece 12.1 -0.1% 12.1 % of Total EBIT 33.0% 32.3% Selected International Markets & Portugal 6.0 -16.6% 7.2 Poland** 6.3 20.1% 5.2 Poland (Branded Product Portfolio) 6.6 11.8% 5.9 Poland (Private Label)** -0.4 46.8% -0.7 Romania 5.7 -16.8% 6.9 Czech-Slovakia-Hungary 4.5 21.7% 3.7 West Balkans* 1.2 -24.7% 1.6 Bulgaria 1.6 25.5% 1.3 Ukraine -0.7 -49.1% -0.4 International Network 24.6 -3.1% 25.4 % of Total EBIT 67.0% 67.7% Total Underlying EBIT** 36.7 -2.1% 37.5 Analysis of Consolidated EBIT
Page 68
SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY 2026 - 30 JUNE 2026 68 Marousi, September 8th 2026 CHAIRMAN OF THE BOARD VICE CHAIRMAN OF THE BOARD CEO & BOARD MEMBER GROUP CHIEF FINANCIAL OFFICER ACCOUNTING MANAGER KYRIAKOS SARANTIS GRIGORIS SARANTIS IOANNIS BOURAS CHRISTOS VARSOS ELENI GOUNARI ID NO. A03841845/2026 ID NO. X 080619/2003 ID NO. A04127155/2026 ID NO. AO 547315/2020 ID NO. A00958070/2024 REG. NO. OF E.C. 0121693 A CLASS