If Q2 was bittersweet, with top-line growth slowing down but with all earnings lines and their respective margins growing significantly, Q3 was bad (trading update, no conf call). Sales -3% yoy (L4L -0.3%), EBITDA -7%, pre-tax -10%, and margins 50-110bps lower vs Q3 last year.

Q2 showed a flattish top-line (+1% yoy) whereas EBITDA (+25% yoy) and EBIT (+25% yoy) grew impressively, pushing margins up +300bps yoy. SAR lowered its FY 2025 sales guidance by 2.5% but reiterated its earnings targets. No change in 2026-2028.

Sarantis Q4/FY results showed a stronger underlying performance vs guidance and our own estimates, leading to a higher dividend for the year and a higher guidance for 2025. Not least in cash flow terms.

This is our BoP Greek equities briefing. We have not made many changes compared to our semi-annual one in July: we downgraded Alpha and Helex; and upgraded Eurobank. Plus, we re-visited GEK, reiterating OI and replacing its soon-to-be-delisted RES subsidiary, Terna Energy.

Sarantis published H1 results showing impressive sales and EBIT growth with or without the first-time consolidation of Stella Pack. We thought the latter’s contribution would be the catalyst this year. But what really blew us away was the spectacular performance of the Beauty & Skin care segment with sales +37% yoy, reaching 92% of full year 2023 sales; and EBIT +130% yoy, reaching 93% of full year 2022 and 2023 EBIT combined! It EBIT margin catapulted to 21% from 13% the same period last year.