New Risk • Apr 19
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (7.7% average weekly change). Shareholders have been substantially diluted in the past year (36% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Revenue is less than US$5m (€3.5m revenue, or US$4.1m). Market cap is less than US$100m (€46.0m market cap, or US$54.2m). Announcement • Apr 08
Frigoglass S.A.I.C., Annual General Meeting, Jul 31, 2026 Frigoglass S.A.I.C., Annual General Meeting, Jul 31, 2026. New Risk • Jan 02
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Greek stocks, typically moving 7.4% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-€2.7m free cash flow). Share price has been highly volatile over the past 3 months (7.4% average weekly change). Shareholders have been substantially diluted in the past year (36% increase in shares outstanding). Minor Risks Revenue is less than US$5m (€3.5m revenue, or US$4.1m). Market cap is less than US$100m (€59.5m market cap, or US$69.8m). Announcement • Sep 02
An undisclosed buyer agreed to acquire Frigoglass Eurasia LLC from Frigoglass S.A.I.C. (ATSE:FRIGO). An undisclosed buyer agreed to acquire Frigoglass Eurasia LLC from Frigoglass S.A.I.C. (ATSE:FRIGO) on September 2, 2025. The transaction will result in the Frigoglass Group completely ceasing its operations in Russia. The total cash consideration will reflect a mandatory 60% discount of the appraised value and the payment of significant exit taxes by the buyer.
The transaction is subject to significant approvals, including from the Russian Government Commission on the Control of Foreign Investments, various sanctions and export control units in the Netherlands, Cyprus, and the United States, and consent from noteholders of Frigo Debtco PLC. Subject to these approvals, the transaction is expected to be completed in the fourth quarter of 2025. New Risk • Jun 27
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 36% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Shareholders have been substantially diluted in the past year (36% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (€69.1m market cap, or US$80.9m). New Risk • Jun 08
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 0.5% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (0.5% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (11% average weekly change). Negative equity (-€35m). Market cap is less than US$10m (€25.5k market cap, or US$29.1k). Announcement • Apr 29
Frigoglass S.A.I.C., Annual General Meeting, Sep 09, 2025 Frigoglass S.A.I.C., Annual General Meeting, Sep 09, 2025. New Risk • Apr 14
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 2.8% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Market cap is less than US$100m (€21.6m market cap, or US$24.5m). New Risk • Dec 30
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Share price has been highly volatile over the past 3 months (9.7% average weekly change). High level of non-cash earnings (77% accrual ratio). Minor Risk Market cap is less than US$100m (€20.8m market cap, or US$21.7m). New Risk • Sep 29
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended June 2023. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported June 2023 fiscal period end). Share price has been highly volatile over the past 3 months (9.4% average weekly change). Revenue has declined by 158% over the past year. Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (€24.2m market cap, or US$27.1m). Announcement • Apr 24
Frigoglass S.A.I.C. to Report Q1, 2024 Results on Apr 30, 2024 Frigoglass S.A.I.C. announced that they will report Q1, 2024 results on Apr 30, 2024 New Risk • Apr 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 61% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Market cap is less than US$100m (€25.8m market cap, or US$27.5m). Announcement • Feb 01
Frigoglass Group Appoints Serge Joris as Group CEO Frigoglass Group announced that Serge Maurice Charles Joris, a seasoned and visionary executive with significant global experience, joins its senior leadership team as Group CEO on February 1st, 2024. Given his extensive experience and skills, the appointment of Serge Joris will be instrumental in maximizing the Group's potential and return on assets, and accelerating its growth. With an academic background in Computer Sciences and Business Engineering, Mr. Joris combines innovation, entrepreneurship, and agility. And has a proven track record in building strong and dedicated teams, achieving sustainable and profitable growth, and driving transformative projects. During his long and successful career, Mr. Joris has served in executive and senior management roles in a wide range of companies across Europe, Asia, and USA – from start-ups to family-owned firms to global multi-industrial conglomerates. Before joining Frigoglass, he served as CEO and President of Girbau Group. Prior to that, he had a 15-year tenure at Dover Corporation, where he was CEO and President of Hydro Systems and held several leadership roles at Markem-Imaje. Announcement • Aug 03
Frigoglass S.A.I.C., Annual General Meeting, Sep 05, 2023 Frigoglass S.A.I.C., Annual General Meeting, Sep 05, 2023, at 11:00 E. Europe Standard Time. Location: Business Center "PYRNA", at 15, Andrea Metaxa str., Attica Kifissia Greece Agenda: To consider Submission and approval of the Annual Financial Statements (Company's and Consolidated) for the fiscal year 2022 including the Management's Report and the Audit Certificate of the Company's Statutory Auditor; to consider Submission of the Annual Activity Report of the Audit Committee for the fiscal year 2022 to the shareholders of the Company; to consider approval of the overall management of the Company by the Board of Directors in accordance with article 108 of Law 4548/2018 and discharge of the Statutory Auditor of the Company from any liability for compensation for the fiscal year 2022; to consider Submission and vote on the Remuneration Report for the fiscal year 2022; to consider approval of the remuneration of the members of the Board of Directors for their participation in the meetings of the Board of Directors and other senior executives for their services to the Company for the fiscal year 2022; and to consider other matters. New Risk • Jun 29
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -€113m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-€113m free cash flow). Share price has been highly volatile over the past 3 months (10.0% average weekly change). Negative equity (-€147m). Earnings have declined by 65% per year over the past 5 years. Minor Risk Market cap is less than US$100m (€21.7m market cap, or US$23.7m). Board Change • Jun 18
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Vice Chairman & Senior Independent Director Wura Abiola was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jan 20
Frigoglass S.A.I.C. announced that it has received €10 million in funding from Frigoglass Finance B.V., Frigoinvest Holdings B.V. On January 19, 2023, Frigoglass S.A.I.C. closed the transaction. Reported Earnings • Oct 02
Second quarter 2022 earnings released: EPS: €0.019 (vs €0.034 loss in 2Q 2021) Second quarter 2022 results: EPS: €0.019 (up from €0.034 loss in 2Q 2021). Revenue: €128.8m (up 22% from 2Q 2021). Net income: €6.77m (up €19.0m from 2Q 2021). Profit margin: 5.3% (up from net loss in 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Reported Earnings • May 20
First quarter 2022 earnings released: €0.01 loss per share (vs €0.003 profit in 1Q 2021) First quarter 2022 results: €0.01 loss per share (down from €0.003 profit in 1Q 2021). Revenue: €119.4m (up 25% from 1Q 2021). Net loss: €2.07m (down 272% from profit in 1Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 14
Full year 2021 earnings released: €0.02 loss per share (vs €0.044 loss in FY 2020) Full year 2021 results: €0.02 loss per share (up from €0.044 loss in FY 2020). Revenue: €384.3m (up 15% from FY 2020). Net loss: €5.68m (loss narrowed 64% from FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 64 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 19
Third quarter 2021 earnings released: EPS €0.02 (vs €0.022 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €91.6m (up 50% from 3Q 2020). Net income: €7.26m (up €15.0m from 3Q 2020). Profit margin: 7.9% (up from net loss in 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 125 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 06
Second quarter 2021 earnings released: €0.03 loss per share (vs €0.011 loss in 2Q 2020) The company reported a mediocre second quarter result with increased losses and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: €105.7m (up 45% from 2Q 2020). Net loss: €12.2m (loss widened 217% from 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 118 percentage points per year, which is a significant difference in performance. Reported Earnings • May 22
First quarter 2021 earnings released: EPS €0.003 (vs €0.013 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: €95.9m (down 29% from 1Q 2020). Net income: €1.21m (down 73% from 1Q 2020). Profit margin: 1.3% (down from 3.3% in 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 108 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 20
Full year 2020 earnings released: €0.04 loss per share (vs €0.016 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: €333.2m (down 31% from FY 2019). Net loss: €15.8m (down 384% from profit in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 100 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 20
Third quarter 2020 earnings released: €0.02 loss per share The company reported a poor third quarter result with increased losses and weaker revenues and control over expenses. Third quarter 2020 results: Revenue: €61.1m (down 37% from 3Q 2019). Net loss: €7.74m (loss widened 372% from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. 
