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Pizza Fan Profits Fall 66.5% As Greek Operations Face Investigation

Pizza Fan’s Greek operating company increased turnover by 18.6% to €60.44 million in 2025, up from €50.97 million a year earlier. However, net profit fell 66.5% to €533,112, while EBITDA declined from €3.84 million to €1.94 million. The figures point to mounting pressure on profitability as the company faces a criminal investigation.

Gross profit margin narrowed from 37.68% to 34.36%, and net profit margin fell below 1%. Cash reserves declined to €4.86 million from €6.02 million, while liabilities stood at €17.13 million. These financial results predate the investigation and do not reflect its potential impact.

The company’s audit report also flagged unexamined tax liabilities for 2020–2025, with no provision for potential additional taxes and penalties. It identified missing provisions of approximately €979,000 for doubtful or disputed receivables and €164,000 for employee termination benefits. Recognising these amounts would reduce reported equity of €4.46 million by around €1.14 million. These are accounting reservations, not findings of fraud.

Investigation Disrupts Franchise Network

Pizza Fan has 110 outlets across Greece, with retail sales exceeding €100 million in 2025. This figure represents sales through the network, rather than the Greek operating company’s turnover. Franchisees operate independently but rely on central ordering, procurement and shared marketing.

All outlets across Greece reportedly closed on Thursday, leaving customers unable to place orders by phone or online. The disruption affects franchisees, employees, delivery partners and suppliers.

Authorities are investigating managers at 91 outlets over allegations that software was used to record some cash purchases as complimentary items, potentially concealing sales and associated VAT. The suspected practice allegedly began in 2022, and 22 arrests were reported by Thursday evening. The Greek Association of Organised Catering Businesses has suspended Pizza Fan’s membership pending the investigation’s outcome.

The allegations have not been proven, and those involved are presumed innocent.

Cyprus Connection

Pizza Fan opened two restaurants in Nicosia in 2018 and 2019, although their current operating status has not been confirmed. Its connection to Cyprus appears to be primarily through its holding company, rather than a clearly established local restaurant network.

The immediate priorities are to resume operations in Greece and manage the consequences for franchisees, employees and suppliers, while the investigation proceeds. The company had planned to open another 36 stores this year, a target now facing uncertainty.

Europe’s Deadly Summer Heat Exposed The Cost Of A Warming Continent

Europe experienced its deadliest summer for heat-related deaths on record in 2026, with an estimated 24,400 excess deaths linked to extreme temperatures across 30 countries. Researchers estimate that human-induced climate change was responsible for around 32,000 of the deaths attributed to heat in the study’s broader analysis, accounting for 65% of the total.

The findings highlight the growing public-health consequences of global warming, largely driven by fossil fuel use, as extreme heat becomes more frequent and severe.

A Summer Of Dangerous Heat

Between June and August, heatwaves pushed temperatures in Western Europe to an average of 2.9°C above the 1991–2020 norm, with some days reaching 12°C above average. Nearly a third of estimated heat-related deaths occurred during a particularly intense heatwave between 17 June and 1 July.

“These numbers are a stark reminder that our hotter, more extreme summers are having an increasingly severe impact on public health,” said Dr Clair Barnes, a researcher at Imperial College London and co-author of the study.

The estimated toll exceeded previous peaks of around 29,000 deaths in summer 2022 and 28,000 in 2003 across the region studied.

How Researchers Estimated The Toll

Researchers modelled the relationship between temperature and mortality across 854 urban areas in the EU, UK, Norway and Switzerland, covering around 40% of the population in the 30 countries studied.

The analysis incorporated temperature records, age, socioeconomic conditions, environmental factors and access to healthcare. By comparing actual temperatures with those expected without human-induced warming, the team estimated the additional deaths attributable to climate change.

Final official mortality figures for summer 2026 are not yet available in many countries, and heat-related deaths are often underreported because their effects can be difficult to identify directly.

Older People Face The Greatest Risk

People aged 85 and over accounted for roughly half of the estimated deaths. However, the impact extended across age groups, with around 800 excess deaths among adults aged 20–44 and approximately 6,000 among people under 65.

Southern Europe experienced the highest mortality burden, reflecting hotter temperatures and other vulnerabilities, including air pollution, limited green space and unequal access to healthcare and heat-alert systems.

Italy, France And Spain Record Highest Toll

Italy recorded an estimated 13,303 heat-related excess deaths, followed by France with 7,268 and Spain with 6,824. Germany recorded around 6,340, while the UK saw an estimated 4,354 deaths.

In the UK, the heat also placed significant pressure on healthcare services. Andrew Hartle, Professor of Practice of Anaesthesia at Imperial College Healthcare, said demand during the summer resembled that of a severe winter virus season.

Cities Urged To Strengthen Heat Protection

Researchers say cities can reduce the risks through climate shelters, external shading and building retrofits, alongside measures to help residents avoid exposure during the hottest hours. Checking on vulnerable people, staying hydrated and following heat alerts are also important.

The researchers stress that adaptation must go hand in hand with reducing fossil fuel use to limit further warming. The findings underline that extreme heat is already a major public-health threat across Europe, with thousands of lives at risk each summer.

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