Greek F&B sector update · Q1 2026

In Q1 2026, easing commodity costs, evolving trade dynamics and indirect geopolitical risks influenced the Greek food and beverage sector. Cocoa prices continued to decline as the market shifted from deficit to surplus, though lower input costs are not yet fully reflected in the production costs of Greek chocolate manufacturers.

European F&B transaction activity declined by around 19% quarter on quarter, the lowest quarterly level in the past three years. Strategic buyer appetite stayed resilient, but acquirers took a more targeted approach aimed at product and category gaps rather than broad consolidation. Private equity remained focused on premium assets in wellness, clean-label and international expansion.

Greek producers continued investing in new facilities and advanced equipment to expand capacity and optimise production, while Greek PE funds, holding significant dry powder, kept looking for high-growth businesses in the sector.

What is inside

1. 01 Q1 market and sector overview Cocoa prices, the EU–Mercosur trade deal and the macro backdrop behind Greek margins.
2. 02 Company Q1 updates Facility upgrades, portfolio expansion and where Greek PE is deploying dry powder.
3. 03 Sector performance Sub-sector returns over the quarter and the last twelve months.
4. 04 Valuation multiples Median LTM EV/EBITDA by sub-sector, against the twelve-month average.
5. 05 Europe M&A update Quarterly deal volume, strategic versus private-equity appetite.
6. 06 Trading comparables Listed peers across nine sub-sectors, with sales growth and multiples.
7. 07 Notable Greek transactions Deals from 2020 to Q1 2026, with values and multiples where disclosed.

Key findings