Q4 followed the same pattern as the previous two quarters -lower sales, higher EBITDA margin- yet it was not enough to ensure the company would meet its FY guidance. Results fell short of our Q4 estimates too, by 5% at the sales level and 15% at the EBIT line.

 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.