Grigeo Group revenue increased by 34% in the fourth quarter of 2025 compared to the same period last year, mainly due to the acquisition of a German company. The paper segment led the expansion, and integration appears smooth – with no cost of sales control issues. Compared to 2024, Grigeo Group’s gross profit grew by 42% (€4.1M) this quarter.

Results by segments, 2025 Q4

However, operating expenses were significantly harder to control, surging by 55% in the fourth quarter of 2025 – €4.3M more than a year earlier. As a result, the entire increase in gross profit was wiped out by rising costs.

In addition, operating profit in the fourth quarter of 2024 was significantly boosted by the sale of emission allowances amounting to €4.6M, whereas in the same quarter last year only €0.6M worth of allowances were sold.

As a result of these two factors, the picture at the operating profit level is the opposite – in the fourth quarter of 2025, it was 53% lower than a year earlier.

Operating profit without other gains/(losses) – net 

In 2025, the company earned 20% less net profit – €16.8M, compared to €20.9M a year earlier. However, the main part of this difference was not due to the company’s core operations, but rather other net gains/(losses), which was €3M lower in 2025 than in 2024.

Net profit

While 2023 marked peak profitability, the past two years have shown a declining trend. Therefore, despite acquisitions and revenue growth, bottom-line expansion has not followed.

Profitability

Funds from operations in 2025 amounted to €28.2M, only 5% lower than in 2024. However, no free cash flow was generated in 2025, as the company invested heavily – €31M in long-term asset and €7M in an acquisition.

Free cash flow

Nonetheless, due to its very low level of financial debt, the company is able to invest actively while maintaining a healthy balance sheet. At the end of 2025, financial debt increased to €12.4M, but this represents only 6% of the company’s assets.