Sixty-five years after the first tray of galaktoboureko left its small pastry shop near the Agios Nikolaos metro station in Athens, Kosmikon continues to expand, with its operating company delivering another record financial year.
Palamidis D. Yioi D. Teloni & Co. S.A. reported revenue of €11.73 million in 2025, up 5.46% from €11.13 million a year earlier, marking a fourth consecutive annual record. Gross profit increased 4.68% to €6.01 million, while the gross profit margin remained broadly stable at 51.20%.
Operating profitability remained resilient. EBITDA stood at €2.31 million, compared with €2.38 million in the previous year, a marginal decline that management described as ”virtually unchanged.” Net profit after tax slipped to €1.63 million from €1.71 million.
The workforce remained unchanged at 120 employees, but payroll expenses surged 10.8% to €4.25 million. Electricity costs for production jumped 41%, rising to €349,775 from €247,788, while store rental expenses increased to €274,322, compared with €253,386 in 2024.
A family business built on one recipe
Kosmikon’s story began in September 1961, when two friends from the Greek regions of Ilia and Arcadia opened a small pastry shop in Agios Nikolaos, Athens. What started with a single tray of galaktoboureko evolved into a six-store chain, with the company’s first dedicated production facility opening in 1968.
During the 1970s, Kosmikon’s signature dessert gained recognition well beyond Athens, reaching Greek communities abroad. In the following decade, the company expanded its product range with traditional pastries such as kataifi, further strengthening its brand.
Its newest store opened in Agia Marina, Aigaleo, in 2017. Today, the company remains controlled by the founding families of Leonidas Palamidis and Dimitris Telonis, a rare example of multi-generational continuity in Greece’s small and medium-sized business sector.
