TABLE OF CONTENTS

Summary
Methodology of Sector Studies
Restrictions

1. Introduction – General Information
1.1 Introduction
1.2 General Information on Coffee
1.3 Regulatory Framework and Taxation

2. The Demand for Coffee
2.1 Factors that Shape Demand
2.2 Inflation Development
2.3 National Income – Per Capita Income
2.4 Family Budget Survey Results
2.5 Macroeconomic Environment
Appendix Chapter 2

3. Coffee Supply
3.1 Structure and Breakdown of the Sector
3.2 Coffee Processing Companies
3.3 Sales of Coffee Processing Companies
3.4 Average Annual Rate of Change of Coffee Processing Companies’ Sales
3.5 Coffee Importers
3.6 Sales of Coffee Importers
3.7 Average Annual Rate of Change of Coffee Importers’ Sales

4. Sector Risk Analysis
4.1 Creditworthiness of Assessed Businesses
4.1.1 Creditworthiness Assessment of Sector Businesses
4.1.2 Change in the Evaluation of Assessed Businesses
4.1.3 Creditworthiness of the Broader Foodstuff Sector
4.2 Assessment of Transaction Behavior
4.2.1 Transaction Behaviour of Assessed Businesses
4.2.2 Transaction Behaviour of the of the Broader Foodstuff Sector
Appendix Chapter 4

5. Financial Analysis Of Sector Companies
5.1 Financial Ratios of Coffee Processing Companies
-Profitability
-Performance
-Liquidity
-Financial Structure
-Activity
5.2 Consolidated Balance Sheet Analysis of Coffee Processing Companies
5.3 Structure of the Assets and Liabilities of the Consolidated Balance Sheet into Major Accounts
5.4 Share (%) of the Major Coffee Processing Companies in total EBITDA
5.5 Benchmarking of Coffee Processing Companies
5.6 Ranking of Coffee Processing Companies based on Selected Accounts
5.7 Ranking of Coffee Processing Companies based on Selected Ratios
5.8 Financial Ratios of Coffee Importers
-Profitability
-Performance
-Liquidity
-Financial Structure
-Activity
5.9 Consolidated Balance Sheet Analysis of Coffee Importers
5.10 Structure of the Assets and Liabilities of the Consolidated Balance Sheet into Major Accounts
5.11 Share (%) of the Major Coffee Importers in total EBITDA
5.12 Benchmarking of Coffee Importers
5.13 Ranking of Coffee Importers based on Selected Accounts
5.14 Ranking of Coffee Importers based on Selected Ratios
Appendix Chapter 5

6. The Domestic Coffee Market
6.1 Foreign Trade of Coffee
6.1.1 Coffee Imports Over Time
6.1.2 Coffee Exports Over Time
6.1.3 Balassa Competitiveness Index and Trade Balance
6.2 The Domestic Coffee Market
6.2.1 Domestic Coffee Consumption
6.2.2 Market Shares
6.2.3 Distribution Channels
Appendix Chapter 6

7. Café Chains
7.1 Factors Affecting Demand for Coffee Beverages
7.2 General Characteristics of Café Chains
7.3 Leading Café Chains
7.4 Sales of Café Chain Operating Companies
7.5 Average Annual Rate of Change of Café Chain Operating and Management Companies
7.6 The Domestic Café Chain Market
7.7 Coffee Roastery Chains
Appendix Chapter 7

8. The International Market of Coffee
8.1 Global Coffee Market
8.2 Ranking of Countries by Per Capita Coffee Consumption
8.3 Coffee Imports by European Countries
8.4 Coffee Taxation in EU Countries
8.5 Leading European Café Chains

9. Sustainable Development And Esg Actions
9.1 Results of Primary Research on Sustainable Development & ESG in Businesses
9.2 ESG Actions of Sector Companies

10. Sector Strategic Analysis – Prospects
General Information
10.1 Analysis of the Competitive Environment
-Threat of New Entrants
-Threat of Substitute Products
-Bargaining Power of Suppliers
-Bargaining Power of Customers
-Competitive Rivalry within the Industry
10.2 SWOT Analysis
10.3 Sector Prospects
Proposals to Improve Competitiveness
Appendix Ι Economic Overview (latest ALPHA BANK financial report)
Appendix ΙΙ Balance Sheets of Sector Companies
Appendix ΙΙΙ List of Sector Studies carried out by the Department of Economic Research, ICAP CRIF S.A.

Benchmarking of Sector Companies

TABLES & GRAPHS

TABLES

Table 1.1 Key Characteristics of the Main Coffee Categories
Table 1.2 Excise Duty on Coffee Products
Table 2.1 Permanent Population of Greece by Sex and Age Group (2021)
Table 2.2 General Consumer Price Index and Coffee Price Index (2016–2026)
App. Table 2.1 Population Projections for Greece (2026–2050)
App. Table 2.2 Average Monthly Household Expenditure by Region (2023)
App. Table 2.3 Average Monthly Household Expenditure by Region (2024)
App. Table 2.4 Average Monthly Household Expenditure by Monthly Total Purchase Value Bracket (2024)
Table 3.1 Overview of Coffee Processing Companies
Table 3.2 Sales of Coffee Processing Companies (2020–2024)
Table 3.3 Sales of Coffee Processing Companies (2024–2025)
Table 3.4 Ranking of Coffee Processing Companies by Average Annual Sales Growth Rate (2020–2024)
Table 3.5 Overview of Coffee Importing Companies
Table 3.6 Sales of Coffee Importers (2020–2024)
Table 3.7 Sales of Coffee Importers (2024–2025)
Table 3.8 Ranking of Coffee Importersby Average Annual Sales Growth Rate (2020–2024)
Table 4.1 Creditworthiness of Assessed Businesses (2026–2025)
Table 4.2 Change in the evaluation of assessed businesses (2026/2025)
Table 4.4 Creditworthiness of the Food Manufacturing Sector (2026*)
Table 4.3 Creditworthiness of the Food Trading Sector (2026*)
Table 4.5 Transaction Behaviour of the assessed businesses (2025–2026*)
Table 4.6 Transaction Behaviour of the Food Manufacturing Sector (2025–2026*)
Table 4.7 Transaction Behaviour of the Food Trading Sector (2025–2026*)
App. Table 4.1 ICAP SCORE Credit Rating Categories
Table 5.1 Profitability Ratios of Coffee Processing Companies (2020–2024)
Table 5.2 Return Ratios of Coffee Processing Companies (2020–2024)
Table 5.3 Liquidity Ratios of Coffee Processing Companies (2020–2024)
Table 5.4 Financial Structure Ratios of Coffee Processing Companies (2020–2024)
Table 5.5 Activity Ratios of Coffee Processing Companies (2020–2024)
Table 5.6 Consolidated Balance Sheet of Coffee Processing Companies (2020–2024, in €)
Table 5.7 Percentage Changes in the Consolidated Balance Sheet of Coffee Processing Companies (2020–2024)
Tables 5.8–5.25 Financial Ratios of Leading Companies and Comparison with the Sector (2022–2024)
Table 5.26 Ranking of Coffee Processing Companies by Gross Profit (2023–2024)
Table 5.27 Ranking of Coffee Processing Companies by Net Profit (2023–2024)
Table 5.28 Ranking of Coffee Processing Companies by EBITDA (2023–2024)
Table 5.29 Ranking of Coffee Processing Companies by Total Assets (2023–2024)
Table 5.30 Ranking of Coffee Processing Companies by Shareholders’ Equity (2023–2024)
Table 5.31 Profitability Ratios of Coffee Importers(2020–2024)
Table 5.32 Return Ratios of Coffee Importers (2020–2024)
Table 5.33 Liquidity Ratios of Coffee Importers (2020–2024)
Table 5.34 Financial Structure Ratios of Coffee Importers(2020–2024)
Table 5.35 Activity Ratios of Coffee Importers(2020–2024)
Table 5.36 Consolidated Balance Sheet of Coffee Importers(2020–2024, in €)
Table 5.37 Percentage Changes in the Consolidated Balance Sheet of Coffee Importers(2020–2024)
Tables 5.38–5.48 Financial Ratios of Leading Companies and Comparison with the Sector (2022–2024)
Table 5.49 Ranking of Coffee Importers by Gross Profit (2023–2024)
Table 5.50 Ranking of Coffee Importers by Net Profit (2023–2024)
Table 5.51 Ranking of Coffee Importers by EBITDA (2023–2024)
Table 5.52 Ranking of Coffee Importers by Total Assets (2023–2024)
Table 5.53 Ranking of Coffee Importers by Shareholders’ Equity (2023–2024)
App. Table 5.1 Financial Ratio Formulae
Table 6.1 Coffee Imports (2016–2025)
Table 6.2 Coffee Exports (2016–2025)
Table 6.3 Coffee Competitiveness Index (2016–2025)
Table 6.4 Domestic Coffee Consumption by Category (1993–2026)
Table 6.5 Breakdown of Coffee Consumption by Main Category (2021–2026)
Table 6.6 Breakdown of Greek Coffee Consumption (1993, 2003, 2013–2026)
App. Table 6.1 Coffee Imports by Product Category (2020–2025)
App. Table 6.2 Coffee Imports by Country of Origin (2024–2025)
App. Table 6.3 Coffee Exports by Product Category (2020–2025)
App. Table 6.4 Coffee Exports by Country of Destination (2024–2025)
Table 7.1 Total Employment and Number of Employees (2016–2025)
Table 7.2 Arrivals of Non-Residents in Greece (2016–2025)
Table 7.3 Household Consumption Expenditure and Disposable Income (2020–2025)
Table 7.4 Overview of Café Chain Operating and Management Companies
Table 7.5 Sales of Café Chain Operating and Management Companies* (2020–2024)
Table 7.6 Sales of Selected Café Chain Operating and Management Companies* (2024–2025)
Table 7.7 Ranking of Café Chain Operating and Management Companies by Average Annual Sales Growth Rate (2020–2024)
Table 7.8 Sales Trends of Café Chains (2006–2026)
Table 7.9 Market Shares of Café Chains (2025)
App. Table 7.1 Geographical Distribution of Grigoris Chain Outlets
App. Table 7.2 Geographical Distribution of Coffeebrands Chain Outlets
App. Table 7.3 Geographical Distribution of Mikel Chain Outlets
App. Table 7.4 Geographical Distribution of Starbucks Chain Outlets
App. Table 7.5 Geographical Distribution of Coffee Island Chain Outlets
App. Table 7.6 Geographical Distribution of Coffee Lab Chain Outlets
App. Table 7.7 Geographical Distribution of Coffeeway Chain Outlets
App. Table 7.8 Geographical Distribution of Coffee Berry Chain Outlets
App. Table 7.9 Geographical Distribution of De-Tox Cafe Chain Outlets
App. Table 7.10 Geographical Distribution of Bruno Coffee Stores Chain Outlets
App. Table 7.11 Geographical Distribution of Cultivos Coffee Chain Outlets
App. Table 7.12 Geographical Distribution of Il Toto Chain Outlets
App. Table 7.13 Geographical Distribution of Franklin Coffee House Chain Outlets
App. Table 7.14 Geographical Distribution of Langano Espresso Bar Chain Outlets
App. Table 7.15 Geographical Distribution of Carpo Chain Outlets
App. Table 7.16 Geographical Distribution of BlyssCafe Chain Outlets
App. Table 7.17 Geographical Distribution of menta Chain Outlets
App. Table 7.18 Geographical Distribution of VENETI GO! Chain Outlets
Table 8.1 Global Coffee Production by Variety (2020–2024)
Table 8.2 Indicative Coffee Selling Prices (2014–2024)
Table 8.3 Coffee Production by Geographical Region (2020–2024)
Table 8.4 Global Coffee Consumption in ICO Member Countries (2020–2024)
Table 8.5 Coffee Imports by EU Country* (2023–2024)
Table 8.6 Taxes and Customs Duties on Coffee in EU Countries
Table 10.1 Forecast of Total Domestic Coffee Consumption (2026–2028)
Table 10.2 Forecast of Total Café Chain Sales (2026–2028)

GRAPHS

Graph 2.1 Trends in Per Capita Net National Disposable Income (in €, 2011–2024)
Graph 2.2 Annual GDP Growth Rate (%) in Volume Terms in Greece (2011–2025)
Graph 2.3 Trends in Key Indicators for Greece and the EU-27 (2025–2027)
Graph 3.1 Distribution of Coffee Processing Companies by Legal Form (2026)
Graph 3.2 Distribution of Coffee Processing Companies by Geographical Region (2026)
Graph 3.3 Distribution of Coffee Importers by Legal Form (2026)
Graph 3.4 Distribution of Coffee Importers by Geographical Region (2026)
Graph 4.1 Ranking of the assessed businesses by Creditworthiness (2026)
Graph 4.2 Changes in the Creditworthiness Assessments of the assessed businesses (2026/2025)
Graph 5.1 Trends in the Profitability Ratios of Coffee Processing Companies (2020–2024)
Graph 5.2 Trends in the Return Ratios of Coffee Processing Companies (2020–2024)
Graph 5.3 Trends in the Activity Ratios of Coffee Processing Companies (2020–2024)
Graph 5.4 Asset and Liability Structure of 17 Coffee Processing Companies (2024)
Graph 5.5 Shares (%) of Selected Leading Coffee Processing Companies in Total EBITDA (2024)
Graph 5.6 Number of Coffee Processing Companies Reporting an Improvement or Deterioration in Selected Financial Statement Items (2024/2023)
Graph 5.7 Ranking of Companies by Gross Profit Margin (2024)
Graph 5.8 Ranking of Companies by Net Profit Margin (2024)
Graph 5.9 Ranking of Companies by EBITDA Margin (2024)
Graph 5.10 Ranking of Companies by Return on Equity (2024)
Graph 5.11 Trends in the Profitability Ratios of Coffee Importers (2020–2024)
Graph 5.12 Trends in the Return Ratios of Coffee Importers (2020–2024)
Graph 5.13 Trends in the Activity Ratios of Coffee Importers (2020–2024)
Graph 5.14 Asset and Liability Structure of 24 Coffee Importers (2024)
Graph 5.15 Shares (%) of Selected Leading Coffee Importers in Total EBITDA (2024)
Graph 5.16 Number of Coffee Importers Reporting an Improvement or Deterioration in Selected Financial Statement Items (2024/2023)
Graph 5.17 Ranking of Companies by Gross Profit Margin (2024)
Graph 5.18 Ranking of Companies by Net Profit Margin (2024)
Graph 5.19 Ranking of Companies by EBITDA Margin (2024)
Graph 5.20 Ranking of Companies by Current Ratio (2024)
Graph 6.1 Breakdown of Domestic Coffee Consumption by Category (2025)
Graph 6.2 Distribution of the Domestic Coffee Market by Value (2025)
Graph 7.1 Structure of the Store Networks of 22 Café Chains in Greece (2026)
Graph 7.2 Geographical Distribution of 22 Café Chains in Greece (2026)
Graph 8.1 Ranking of European Countries by Per Capita Coffee Consumption (2023)
Graph 8.2 Shares of EU Countries in Total Green Coffee Import Volumes (2024)
Graph 9.1 Importance of Sustainable Development and Degree of ESG Practice Implementation at Corporate and National Level
Graph 9.2 Comparative Results Regarding the Degree of ESG Practice Adoption at Corporate and National Level (2026–2025)
Graph 9.3 Distribution (%) of Companies’ Total ESG Budget by Main Pillar (2025)
Graph 9.4 Which ESG Initiatives Do You Consider Most Important to Share with All Stakeholders?
Graph 9.5 Department Responsible for Managing ESG Initiatives
Graph 9.6 Communication Channels Used to Report ESG Initiatives
Graph 9.7 Usefulness of Benchmarking Your Company’s ESG Performance against Other Companies in the Sector
Graph 9.8 Frequency of Assessing and Monitoring Progress on ESG Matters
Graph 9.9 Use of Software to Collect and Monitor ESG Performance Data
Graph 9.10 Participation in National and International Networks Related to Sustainable Development and ESG
Graph 9.11 Cost of ESG Initiatives (2025)
Graph 9.12 Change in Expenditure on ESG Initiatives (2025/2024)
Graph 9.13 Level of Familiarity with the Omnibus Directive
Graph 9.14 Degree of Impact of the Omnibus Directive
Graph 9.15 Impact of the Omnibus Directive on Companies’ ESG Timelines
Graph 9.16 Impact of the Extension on Greek Companies
Graph 9.17 Degree of Implementation of Environmental ESG Initiatives
Graph 9.18 Degree of Implementation of Social ESG Initiatives
Graph 9.19 Degree of Implementation of Corporate Governance ESG Initiatives
Graph 9.20 Benefits Derived by Companies from Implementing ESG Practices
Graph 9.21 Main Barriers to the Implementation of ESG Initiatives