Q4 sales rose by +23% yoy thanks to strong foreign yogurt growth (+41%). But a combination of elevated raw material & payroll costs, along with lower yogurt prices in Greece, resulted in EBITDA and net losses of E1.4m and E1.8m, respectively. DPS at E0.40 on a 38% payout. Kri-Kri exceeded its FY sales guidance (E256m vs E245m) but fell short of its EBIT target (E37m vs E39m) as the EBIT margin settled 100bps lower than projected. Management anticipated maintaining a 14%-15% EBIT margin in 2025, implying +15%-20% EBIT growth, on +17% higher sales to E300m.

Q4 sales/EBITDA/net grew by +13%/+11%/+22% yoy on ADV of E169m (+25% yoy) but higher costs (+15% yoy, third party consulting fees) made sure EBITDA came in -7% below our estimates. DPS at E0.29 reflects a 100% payout and a 5.6% yield. The above is old news. 2025 has started off remarkably well with Q1 ADV at E187m (+26% yoy), on avg market cap at E112bn (+18% yoy), or 45% against GDP, driven mainly by banks re-rating towards 1.0x P/TBV 2025, and velocity at 40%.

FY 2024 retail sales and EBITDA OPR** came in at E530m and E42m vs guidance for E550m and E41m respectively. Management said it lost E15m in sales due to the Cyber-attack in Q4. DPS at E0.15 is +25% higher yoy with payout at 40% (from 33%). the dividend payment of E6.3m, additional buy-back of c. E1m and capex of E6.5m.

MOH reported Q4 clean EBITDA of E174m, down 49% yoy, and -19% below our estimates. Volume at 3.2m tn, broadly in line, given the refinery operated below capacity following the fire incident. We expected a stronger refining margin than $9/bbl. FCFE at half our forecast, with net debt ending the year at E1.7bn. Total DPS of E1.40 (E155m or >6.5% yield) including E0.30 paid as interim, exceeded our expectations.

PPA reported strong, volume-driven results in Q4 with significant growth in TEU, cruise, and storage metrics. Revenues/EBITDA/net at E56m/E26m/E17m showed a +7% beat on EBITDA and a +40% beat on net income compared to our estimates, driven by higher PCT concession revenues and lower taxes.