TABLE OF CONTENTS

TABLE OF CONTENTS

Summary
Methodology of Sector Studies
Study Restrictions

1. Introduction – General Information
1.1 Introduction
1.2 General Characteristics of the Sector – Historical Overview
1.2.1 Burger Restaurant Chains
1.2.2 Pizza Restaurant Chains
1.2.3 Snack – Sandwich Restaurant Chains
1.2.4 Other Chains
1.3 The Franchise System in Greece
1.4 Regulatory Framework

2. Factors that Shape Demand
2.1 Social and Demographic Factors
2.2 Online Food Ordering
2.3 Per Capita Income
2.4 Inflation Development – General Consumer Price Index
2.5 Household Budget Survey
2.6 Macroeconomic Environment
Appendix Chapter 2

3. Sector Supply
3.1 Structure and Breakdown of the Sector – General Characteristics
3.2 Overview of Fast Food Restaurant Chain Operators
3.3 Sales of Fast Food Restaurant Chain Operators
3.4 Ranking of Companies by Average Annual Sales Growth Rate
3.5 Store Networks
Appendix Chapter 3

4. Sector Risk Analysis
4.1 Creditworthiness Assessment
4.1.2 Change in the Evaluation of the Companies Included in the Study
4.1.3 Creditworthiness of the Sector: “Restaurants – Entertainment Centres”
4.2 Development of the Sector’s Transaction Behaviour
4.2.1 Transaction Behaviour of the Companies Included in the Study
4.2.2 Transaction Behaviour of the Sector: “Restaurants – Entertainment Centres”
Appendix Chapter 4

5. Financial Analysis
5.1 Financial Ratios of Sector Companies
-Profitability
-Performance
-Liquidity
-Financial Structure
-Activity
5.2 Consolidated Balance Sheet
5.2.1 Consolidated Balance Sheet Analysis
5.2.2 Structure of the Assets and Liabilities of the Consolidated Balance Sheet into Major Accounts
5.3 Shares of Leading Sector Companies in Total EBITDA
5.4 Benchmarking of Companies’ Financial Ratios against the Sector
5.5 Ranking of Companies based on Selected Accounts
5.6 Ranking of Companies based on Selected Ratios
5.7 Financial Ratios of Sector Companies (2021-2025)
Appendix Chapter 5

6. The Fast Food Restaurant Chain Market
6.1 Development of the Total Domestic Market
6.2 Market Structure by Main Foodservice Category
6.3 Market Shares of Sector Chains – Degree of Concentration
6.4 Average Sales by Store Category

7. Sustainable Development and ESG Actions
7.1 Results of Primary Research on Sustainable Development & ESG in Businesses
7.2 ESG Actions of Sector Companies

8. International Foodservice Market Data
8.1 Leading Fast-Food Chains in the USA
8.2 The Restaurant Market in the EU
Appendix Chapter 8

9. Sector Strategic Analysis – Prospects
9.1 Analysis of the Competitive Environment
General
-Threat of New Entrants
-Threat of Substitute Products
-Bargaining Power of Suppliers and Partners
-Bargaining Power of Customers
-Competitive Rivalry within the Industry
9.2 SWOT Analysis
9.3 Conclusions – Trends & Prospects
9.4 Proposals to Improve the Competitiveness of Sector Companies
Appendix I: Economic Overview
Appendix II: Balance Sheets of Sector Companies
Appendix III: List of Sector Studies carried out by the Department of Economic Research, ICAP CRIF S.A.

•Benchmarking of Sector Companies

TABLES & GRAPHS

TABLES

Table 2.1 Number of Unemployed Persons and Unemployment Rate (2008-2026)
Table 2.2 Distribution of All Households by Size (2024)
Table 2.3 Trends in the General Consumer Price Index and the CPI for Fast Food (Non-Served Food) (2020-2026)
Table 2.4 Trends in the Consumer Price Index by Foodservice Category (2020-2026)
App. Table 2.1 Average Annual Hours Worked per Employee Internationally (2021-2025)
App. Table 2.2 Average Monthly Household Expenditure by Region (2024)
Table 3.1 Overview of Fast Food Restaurant Chain Operators
Table 3.2 Sales of Fast Food Restaurant Chain Operators (2020-2024)
Table 3.3 Ranking of Companies by Average Annual Sales Growth Rate (2020-2024)
Table 3.4 Sales of Sector Companies (2024-2025)
Table 3.5 Number of Stores by Foodservice Category
App. Table 3.1 Number of Fast Food Foodservice Businesses in Selected Prefectures (2026)
App. Table 3.2 Geographical Distribution of Burger-Based Restaurant Chains (September 2026)
App. Table 3.4 Geographical Distribution of Snack-Sandwich Restaurant Chains (September 2026)
App. Table 3.5 Geographical Distribution of Other Restaurant Chains (September 2026)
Table 4.1 Creditworthiness of the Companies Included in the Study (2026-2025)
Table 4.2 Change in the Evaluation of the Companies Included in the Study (2026/2025)
Table 4.3 Creditworthiness of the Sector: Restaurants – Entertainment Centres (2026)
Table 4.4 Transaction Behaviour of the Companies Included in the Study (2026-2025)
Table 4.5 Transaction Behaviour of the Sector: Restaurants – Entertainment Centres (2026-2025)
App. Table 4.1 ICAP CRIF SCORE Credit Rating Categories
Table 5.1 Profitability Ratios of Sector Companies (2020-2024)
Table 5.2 Return Ratios of Sector Companies (2020-2024)
Table 5.3 Liquidity Ratios of Sector Companies (2020-2024)
Table 5.4 Financial Structure Ratios of Sector Companies (2020-2024)
Table 5.5 Activity Ratios of Sector Companies (2020-2024)
Table 5.6 Consolidated Balance Sheet of Sector Companies (2020-2024, in €)
Table 5.7 Percentage Changes in the Consolidated Balance Sheet of Sector Companies (2020-2024)
Tables 5.8-5.19 Financial Ratios of Leading Companies and Comparison with the Sector (2022-2024)
Table 5.20 Ranking of Sector Companies by Gross Profit (2023-2024)
Table 5.21 Ranking of Sector Companies by Net Profit (2023-2024)
Table 5.22 Ranking of Sector Companies by EBITDA (2023-2024)
Table 5.23 Ranking of Sector Companies by Total Assets (2023-2024)
Table 5.24 Ranking of Sector Companies by Shareholders’ Equity (2023-2024)
Table 5.25 Profitability Ratios of Sector Companies (2021-2025)
Table 5.26 Return Ratios of Sector Companies (2021-2025)
Table 5.27 Liquidity Ratios of Sector Companies (2021-2025)
Table 5.28 Financial Structure Ratios of Sector Companies (2021-2025)
Table 5.29 Activity Ratios of Sector Companies (2021-2025)
Table 5.30 Ranking of Sector Companies by Shareholders’ Equity (2024-2025)
Table 5.31 Ranking of Sector Companies by EBITDA (2024-2025)
Table 5.32 Ranking of Sector Companies by Total Assets (2024-2025)
Table 5.33 Ranking of Sector Companies by Net Profit (2024-2025)
App. Table 5.1 Financial Ratio Formulae
Table 6.1 Size of the Domestic Foodservice Market through Organised Quick-Service Restaurant Chains (1992-2026)
Table 6.2 Size of the Domestic Foodservice Market through Organised Quick-Service Restaurant Chains by Category (2004-2026)
Table 6.3 Percentage Distribution of the Domestic Quick-Service Restaurant Chain Market by Main Category (2010-2025)
Table 6.4 Market Shares of Chains in the Total Foodservice Market through Organised Quick-Service Restaurant Chains (2025)
Table 6.5 Market Shares of Burger-Type Quick-Service Restaurant Chains (2025)
Table 6.6 Market Shares of Pizza-Type Quick-Service Restaurant Chains (2025)
Table 6.7 Average Sales by Quick-Service Store Category (2025)
Table 8.1 Number of Stores of Leading Restaurant Chains
Table 8.2 Number of Enterprises in the Foodservice Sector by Country in the EU-27 and Europe (2022-2024)
Table 8.3 Number of Employees in the Foodservice Sector by Country in the EU-27 and Europe (2022-2024)
Table 8.4 Total Turnover in the Foodservice Sector by Country in the EU-27 and Europe (in € million, 2022-2024)
App. Table 8.1 The Top 50 Quick-Service Restaurant Chains in the USA by Category (2024)
Table 9.1 Forecast of Total Market Size (2026-2028)

GRAPHS

Graph 2.1 Leading Countries Worldwide by Average Annual Hours Worked (hours, 2025)
Graph 2.2 Trends in the Number of Total and Single-Person Households (2014-2024)
Graph 2.3 Trends in Per Capita Net National Disposable Income (in €, 2014-2024)
Graph 2.4 Annual Change in the General Consumer Price Index and the CPI for Fast Food (Non-Served Food) (2020-2026)
Graph 2.5 Percentage Distribution of Average Monthly Expenditure by Foodservice Category (2024)
Graph 2.6 Average Monthly Expenditure in Restaurants, Cafés and Similar Establishments with Limited Table Service (2024)
Graph 2.7 Annual GDP Growth Rate (%) in Volume Terms in Greece (2011-2025)
Graph 2.8 Trends in Key Indicators for Greece and the EU-27 (2025-2027)
Graph 3.1 Distribution of Companies by Category
Graph 3.2 Geographical Distribution of Fast-Food Businesses
Graph 3.3 Year of Establishment of the First Stores of Quick-Service Restaurant Chains in Greece
Graph 3.4 Distribution of Companies by Average Annual Sales Growth Rate (2020-2024)
Graph 3.5 Geographical Distribution of the Stores of the Largest Quick-Service Restaurant Chains in the Sector (September 2026)
Graph 3.6 Store Structure of the Largest Quick-Service Restaurant Chains in the Sector by Category (September 2026)
Graph 4.1 Ranking of the Companies Included in the Study by Creditworthiness (2026)
Graph 4.2 Change in the ICAP CRIF SCORE Ratings of the Companies Included in the Study (2026/2025)
Graph 4.3 Ranking of Companies in the “Restaurants – Entertainment Centres” Sector by Creditworthiness (2026)
Graph 5.1 Trends in Profitability Ratios (2020-2024)
Graph 5.2 Trends in Return Ratios (2020-2024)
Graph 5.3 Trends in Activity Ratios (2020-2024)
Graph 5.4 Asset and Liability Structure of Sector Companies* (2024)
Graph 5.5 Shares of Leading Sector Companies in Total EBITDA (2024)
Graph 5.6 Number of Companies Reporting an Improvement or Deterioration in Selected Accounts (2024/2023)
Graph 5.7 Ranking of the Top 10 Sector Companies by Net Profit Margin (2024)
Graph 5.8 Ranking of the Top 10 Sector Companies by EBITDA Margin (2024)
Graph 5.9 Ranking of the Top 10 Sector Companies by Current Ratio (2024)
Graph 5.10 Ranking of the Top 10 Sector Companies by Return on Equity (2024)
Graph 5.11 Number of Companies Reporting an Improvement or Deterioration in Selected Accounts (2025/2024)
Graph 5.12 Ranking of the Top 10 Sector Companies by Net Profit Margin (2025)
Graph 5.13 Ranking of the Top 10 Sector Companies by EBITDA Margin (2025)
Graph 5.14 Ranking of the Top 10 Sector Companies by Return on Equity (2025)
Graph 5.15 Ranking of the Top 10 Sector Companies by Current Ratio (2025)
Graph 6.1 Trends in the Foodservice Market through Organised Quick-Service Restaurant Chains (2012-2026)
Graph 6.2 Distribution (%) of the Domestic Quick-Service Restaurant Chain Market by Category (2025)
Graph 6.3 Market Shares of the 10 Largest Quick-Service Restaurant Chains (2025)
Graph 7.1 Importance of Sustainable Development and Degree of ESG Practice Implementation at Corporate and National Level
Graph 7.2 Comparative Results Regarding the Degree of ESG Practice Adoption at Corporate and National Level (2026-2025)
Graph 7.3 Distribution (%) of Companies’ Total ESG Budget by Main Pillar (2025)
Graph 7.4 Which ESG Initiatives Do You Consider Most Important to Share with All Stakeholders?
Graph 7.5 Department Responsible for Managing ESG Initiatives
Graph 7.6 Communication Channels Used to Report ESG Initiatives
Graph 7.7 Usefulness of Benchmarking Your Company’s ESG Performance against Other Companies in the Sector
Graph 7.8 Frequency of Assessing and Monitoring Progress on ESG Matters
Graph 7.9 Use of Software to Collect and Monitor ESG Performance Data
Graph 7.10 Participation in National and International Networks Related to Sustainable Development and ESG
Graph 7.11 Cost of ESG Initiatives (2025)
Graph 7.12 Change in Expenditure on ESG Initiatives (2025/2024)
Graph 7.13 Level of Familiarity with the Omnibus Directive
Graph 7.14 Degree of Impact of the Omnibus Directive
Graph 7.15 Impact of the Omnibus Directive on Companies’ ESG Timelines
Graph 7.16 Impact of the Extension on Greek Companies
Graph 7.17 Degree of Implementation of Environmental ESG Initiatives
Graph 7.18 Degree of Implementation of Social ESG Initiatives
Graph 7.19 Degree of Implementation of Corporate Governance ESG Initiatives
Graph 7.20 Benefits Derived by Companies from Implementing ESG Practices
Graph 7.21 Main Barriers to the Implementation of ESG Initiatives
Graph 8.1 Distribution of Sales of the Top 50 Chains by Food Category (2024)
Graph 8.3 The 10 European Countries with the Highest Turnover in the Foodservice Sector (% share of the EU-27 total, 2024)