Green Beverages Group, the umbrella company controlled by the Hitos family behind Zagori and Green Cola, kept revenue broadly unchanged at €119 million in 2025 while improving EBITDA to €8.5 million from €7.4 million a year earlier.
The group’s Greek water business faced a tougher summer than management had expected, especially in HORECA, where inflation continued to pressure demand, while rivals that had suffered quality issues in early 2024 returned more aggressively to the market.
Even so, bottled-water volumes fell only about 3%, and the company says higher prices and a better product mix kept revenue flat, while tighter cost control and lower administrative and promotional spending pushed Greek EBITDA to about €10 million.
Green Beverages also says it completed more than €10 million of domestic investment, including solar panels, a new glass line and a new line at its Zireia plant in Corinthia, with the benefits beginning to show in the second half of 2025.
Licensing becomes the growth engine
In Japan, Green Beverages has signed an exclusive distribution agreement with Asahi Soft Drinks covering Japan, Taiwan and Mongolia, with royalties of 3% on gross revenue up to ¥3 billion and 1% above that threshold. A Green Cola PET launch is planned for May 2026.
Management is also in advanced talks in India with a consumer group that has 19,821 stores, while in the US it is shifting carbonated drinks to a licensing model with Arizona Beverage Company and gaining Greek distribution rights for Arizona in return.
In Saudi Arabia, the company says it is close to a local production and bottling deal with Al Rabie Saudi Foods, a move that would reduce shipping costs and fit the market’s restrictions on artificially sweetened drinks.
2026 outlook
For 2026, management is targeting revenue above €125 million and EBITDA margin above 10%, which would imply operating profit of more than €12.5 million if achieved. The key domestic variables are the expansion of the Zireia brand in southern Greece, the relocation of Athens private-label volumes to the Zireia plant, and the rollout of Greece’s deposit return system.
