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.
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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.







