PepsiCo: What Drove Its Losses in Greece

With a strong portfolio of brands, from Pepsi to Lay’s and Doritos, PepsiCo Hellas failed to sustain the growth recorded the previous year in 2025.

Sales remained essentially flat, while the company swung to losses from a profit in 2024.

According to the company’s 2025 financial statements, sales edged down to €243.25 million, from €243.32 million in 2024. Lay’s, Ruffles, Doritos, Kinder, Lipton and Pepsi made a significant contribution to turnover.

Gross profit fell to €101.6 million, from €102.5 million, as the cost of sales increased to €141.6 million, from €140.8 million.

Pressure on Profitability

The pressure was more pronounced at the bottom line, with PepsiCo Hellas reporting a pre-tax loss of €2.19 million, compared with a profit of €2.4 million in 2024. At the operating level, earnings before interest and taxes (EBIT) had already turned negative, with a loss of €829,000, compared with a profit of €4.17 million in the previous year.

A significant drag came from other expenses and losses, which rose to €3.16 million from €633,500 in 2024. Almost the entire increase was attributable to additional supplier charges for exceptional expenses, which jumped to €2.62 million from just €92,600 a year earlier. Meanwhile, selling expenses increased to €91.14 million from €86.55 million, while administrative expenses declined to €16.82 million from €18.06 million.

New Management at the Helm

PepsiCo Hellas enters 2025 with a new management team at the helm. The company is now headed in Greece and Cyprus by Konstantin Merkviladze, who took over at the end of last year, succeeding Inga Dengel. The change coincided with the integration of Greece and Cyprus into PepsiCo’s new regional structure for Southeastern Europe and the Baltics, which encompasses a total of 16 markets.

At the end of 2025, PepsiCo Hellas employed 722 people, compared with 752 at the end of 2024, representing a reduction of 30 employees over the course of the year.

The Plan for 2026

For 2026, management acknowledges that the international macroeconomic environment may continue to affect PepsiCo Hellas’ financial results and performance, with the main pressures stemming from raw material prices, energy and transportation costs, as well as labor costs. The company says it is closely monitoring developments, adjusting its pricing and commercial strategy accordingly, while maintaining flexibility in its cost base.

Against this backdrop, the strategy and targets for the current financial year focus on the following priorities:

• Further developing existing products and promoting new ones, with an emphasis on evolving consumer preferences and dietary trends;
• Achieving cost synergies aimed at reducing operating expenses and improving financial performance;
• Further leveraging the production efficiency of the plant through the establishment of new strategic partnerships;
• Transforming the supply chain, with a focus on optimizing product pricing.