Santo Wines ended 2025 with sharply lower revenue as weaker tourism and historically low grape production hit Santorini, but the cooperative still recorded a strong improvement in profitability.
Total revenue fell 22.3% to €8.247 million, from €10.620 million in 2024. Despite the €2.37 million decline in turnover, net profit increased more than fivefold to €317,000, from €62,000 a year earlier. Pre-tax profit rose to €329,000 from €69,000.
Wine tourism revenue falls by €869,000
Wine tourism was one of the most affected activities. Revenue from winery visits, tastings, cruises, weddings and receptions fell to €1.040 million, from €1.909 million in 2024, a decline of approximately €869,000.
Even more, wine tourism accounted for 12.6% of total revenue, down from around 18% a year earlier. In 2023, the same activity had generated €1.824 million.
Product sales fall 24%
Sales of Santo Wines products, including wine, fava and other goods produced by the cooperative, declined 24.3% to €4.711 million. Merchandise sales fell 16.9% to €2.456 million.
At the same time, cost of sales declined faster than revenue, falling 27.9%. As a result, gross margin improved to 58.51%, from 55.30% in 2024. Distribution expenses were reduced to €4.554 million, from €6.027 million.
Santorini tourism and grape production both weaken
The results came during a difficult year for Santorini. Turnover in accommodation businesses in the Thira regional unit fell 17.2% in 2025, while food-service turnover declined 15.5%.
The island’s vineyard also faced severe pressure from drought and high temperatures. Santorini Assyrtiko production fell from around 2,500 tonnes in 2022 to approximately 500 tonnes in 2025. Initial estimates for the 2026 harvest point to another decline of around 30%.
€1.31 million investment
The cooperative continued investing despite weaker sales. Additions to fixed assets reached €1.311 million in 2025, taking investment over the past three years to more than €4 million.
Around €639,000 was invested in buildings and facilities, including reconstruction of the olive mill, work on the old wine-aging industrial building and energy upgrades and reconstruction at the winery. A further €566,000 was spent on equipment.
Santo Wines represents around 1,200 growers
The cooperative traces its roots to 1911 and today says it represents around 1,200 active growers. Its modern form dates from 1947, while the Santo tomato-processing plant opened in 1952.
The first Santo Wines PDO Santorini wine was bottled in 1985, and the current winery in Pyrgos followed in 1993. Alongside PDO Santorini wines, Santo Wines produces Santorini PDO fava, Santorini PDO cherry tomatoes, capers, tomato paste, sauces, traditional sweets and olive oil.
