PRESS RELEASE

7 October 2024

Papoutsanis: Announcement of turnover for Q3 2024

Papoutsanis SA, leading Greek soap and liquid cosmetics industry in Greece and the largest producer of solid soaps in Europe, announces its turnover for Q3 2024.

Specifically, turnover amounted to EUR 49.6 million (compared to EUR 47.4 million in the corresponding period of 2023), an increase of 5%, with the value of exports accounting for 53% of total turnover.

For the year as a whole, a further strengthening of turnover is estimated compared to 2023, as we are already seeing in the first nine months the positive effect of the new partnerships that started in 2024 and will be in full swing in the last quarter of the year.

The Company is also in negotiations with large multinationals and smaller companies for new projects that will further enhance turnover and profitability, while new projects have already been agreed with existing customers which will boost turnover next year.

Overview by Activity Sector

Branded Products: The category shows strong growth of 14% compared to Q3 2023, largely driven by the ARKADI brand, which with its entry into the new laundry care and dishwashing liquid categories is showing an 80% increase in sales. Excluding ARKADI, sales of PAPOUTSANIS' branded personal care products show a 2% increase compared to Q3 of 2023 driven mainly by exports, which recorded a 28% growth. Papoutsanis' branded products pillar is a strategic priority and is expected to be further strengthened in the last quarter of 2024 through enriching the product range, dynamic advertising support and strengthening our in-store presence.

Hotel Products: Hotel products sales declined 5% in the first nine months of 2024, driven by third-party hotel product sales overseas. Third-party overseas sales lagged the prior-year period due to one-off deliveries in early 2023, but improved significantly in Q3 2024. Sales of PAPOUTSANIS branded hotel products moved positively, showing sales growth of 10%, driven by exports, which grew at a strong double-digit rate in the first nine months of 2024 (+70%) compared to the same period last year, creating strong foundations for dynamic growth and strengthening the presence of PAPOUTSANIS brands abroad.

Third party products (industrial sales, private label): sales in this category remained at last year's levels during the nine month period, showing a significant improvement during Q3 2024, with new partnerships paying off and reversing the downward trend of H1 2024.

Industrial soap sales: Soap bases sales increased 14% compared to Q3 2023. The Company's goal remains to continuously expand its customer base and further develop its synthetic soap bases.