Atlantic Grupa increased its net profit by 42.2% to €46 million in the first nine months of 2026, supported by stronger sales, improved margins and tighter operating cost management. The Zagreb-based consumer goods group recorded revenue of €962.6 million, up 9.5% year-on-year, while EBITDA rose 23% to €108.6 million.
The company has raised its full-year profitability forecast, expecting normalised EBITDA to exceed €125 million. Serbia remains Atlantic’s largest individual distribution market. Its Serbian operations generated €159.9 million in revenue during the first half of 2026, an increase of 9.1% compared with the same period a year earlier.
Serbian distribution portfolio expands
Atlantic’s Serbian business combines domestic manufacturing, established consumer brands and distribution agreements with international producers. Its portfolio includes Grand kafa, Don cafe, Smoki, Argeta, Cedevita and Donat, alongside products from external brand owners.
A significant addition came through the agreement to take over distribution of Podravka Group products from July 2026. The portfolio includes Vegeta, Podravka soups, Eva and Lino Lada, with estimated annual product turnover of approximately €20 million.
Podravka has become Atlantic’s largest external distribution principal in Serbia and the third-largest across Atlantic Brands’ overall distribution portfolio. The agreement expands the range supplied through Atlantic’s existing retail network and logistics infrastructure. The €20 million represents estimated annual product turnover, not necessarily additional group revenue or profit. Its financial contribution will depend on distribution margins, contractual conditions, logistics costs and promotional expenditure. The full annual effect is expected to become clearer during 2027.
Operating earnings grow faster than sales
Atlantic’s EBITDA margin increased to approximately 11.3%, compared with around 10% in the corresponding period of 2025. The improvement follows earlier pressure from higher raw material, energy, wage and transport costs, with elevated coffee and cocoa prices affecting profitability in 2025. The group’s sales structure remains dominated by its own brands, which accounted for 62.8% of nine-month sales. Products from external principals contributed 27.8%, while pharmacy operations represented 9.4%.
Pharmacy revenue recorded the strongest growth, rising 18.2%. Savoury spreads increased 11.9%, while beverages grew 6.1%. The company’s distribution scale supports warehouse utilisation, delivery efficiency and relationships with major retail chains. However, larger networks also require effective inventory and receivables management, while dependence on major retail customers and supplier agreements can affect margins and working-capital requirements.
Western European growth supports production investment
Atlantic is also expanding beyond Southeast Europe. Sales in Germany increased 46% during the first nine months of 2026, while revenue in Austria rose 17.8%, reflecting demand for brands including Argeta, Donat and Smoki.
The group strengthened its manufacturing platform through the acquisition of Slovenian food producer Osem, completed in September. It plans approximately €40 million in investment, including acquisition costs, to develop the Murska Sobota facility as an additional production centre for savoury spreads. The project will complement existing production operations in Slovenia and Bosnia and Herzegovina, supporting Atlantic’s strategy of combining regional manufacturing with sales in Western European markets.
Investment in functional hydration brand
Atlantic has also announced an €11 million minority equity investment in Waterdrop, an international functional hydration brand already distributed through its network in several European countries, including Serbia.
The investment gives Atlantic exposure to a new consumer category while allowing it to use existing distribution channels. Unlike a distribution agreement, returns from the equity participation will depend on Waterdrop’s growth, profitability, valuation and potential future exit opportunities. Serbia remains a central part of Atlantic’s regional business, providing its largest distribution platform and a substantial market for both owned and externally distributed brands. The group’s future performance will depend on converting its expanding product portfolio and logistics scale into sustainable operating margins.
