MEDITERRANEAN

AVRAMAR projects €300 million in revenue and €50 million EBITDA for 2025

Athens, Greece, 15 October 2025 |

AVRAMAR granja en Grecia

Greek aquaculture leader AVRAMAR expects a significant turnaround in its financial results for 2025, forecasting €300 million in consolidated revenue and an EBITDA of around €50 million, according to sources cited by Naftemporiki, a Greek financial and business media outlet.

These figures refer to the AVRAMAR Group as a whole, encompassing both its Greek and Spanish operations. The group’s total production capacity is estimated at 62,000 tonnes, with 47,000 tonnes in Greece and 15,000 tonnes in Spain, confirming that the revenue forecast includes contributions from both markets.

As part of its restructuring process, AVRAMAR has reached an agreement in principle with its creditor banks and the preferred investor Aqua Bridge. The term sheet, signed on 16 September 2025, provides for a 70 percent write-off of bank debt and a €60 million capital injection from the new investor, according to the media.

The restructuring is being conducted under Greek jurisdiction, as the parent company and main debt obligations are based in Greece. AVRAMAR must submit its rehabilitation plan to the Athens Court of First Instance by 31 October 2025, in accordance with Law 4738/2020, which will also formalise the transfer of ownership to Aqua Bridge.

At the end of 2024, the AVRAMAR Group’s total liabilities stood at €580.23 million, of which €546.6 million were short-term, including €340 million in financial loans. Despite losses of €48.9 million in 2024, this marked an improvement from €96.8 million the previous year. The company’s turnover declined from €340.3 million in 2023 to €275.7 million in 2024, mainly due to lower production volumes and higher input costs, as reported by Naftemporiki.

Meanwhile, Canadian seafood giant Cooke Inc. has submitted a binding offer to acquire AVRAMAR, but sources told Ekathimerini that the bid is “destined for rejection”, as creditor banks have already committed to Aqua Bridge as the preferred buyer.

The success of the rehabilitation plan will be crucial not only for the group’s financial stability but also for the future of Greece’s aquaculture sector, currently under regulatory review following the rejection of AVRAMAR’s coastal expansion plans.