According to its annual financial statements, Franzeluța’s sales revenue increased by 0.5% to 721 million lei. Approximately 85% of its products were sold on the domestic market. Exports grew by nearly 8% compared to the previous year.
The growth in revenue was not enough to offset the increase in production costs. The cost of goods sold rose by 5.4% to 562.2 million lei. The main factors driving this increase were higher prices for flour, auxiliary materials, and electricity, as well as rising personnel costs.
The largest expense category was salaries and social benefits—174.4 million lei, or more than 31% of total expenses. It should be noted that as of the end of 2025, Franzeluța employed 1,190 people. Auxiliary materials accounted for 142.2 million lei, raw materials for 97.7 million lei, and energy resources for 54.9 million lei.
Amid rising costs, pre-tax profit fell by more than half—from 44 million to 20.1 million lei. Net profit decreased by 57.2%, to 16.2 million lei, compared to 37.7 million lei a year earlier.
Despite this, Franzeluța continued to invest in modernizing its production facilities. In 2025, capital expenditures totaled 48.25 million lei—nearly double the amount from the previous year. The funds were allocated to the renovation of production facilities and the purchase of new equipment, including dough dividers, dough sheeters, a vertical packaging line, and equipment for producing waffle cones.
The investment program enabled the company to increase its assets. Over the course of the year, their value rose from 350.8 million to 370.8 million lei. As of the end of 2025, long-term assets totaled 157.4 million lei, while current assets amounted to 213.4 million lei.
The company remains a state-owned enterprise. The state holds a controlling stake in Franzeluța: 55.24% of the shares are held by the Public Property Agency, and another 1.36% is owned by the Chisinau City Hall. Individuals own 40.4% of the company’s shares.
Franzeluța remains the largest player in Moldova’s baking market. The company controls about 30% of the market, and its annual production volume is approximately 22,000 metric tons, or 60 metric tons of products per day. According to Logos Press, in 2026, the company’s sales of Easter baked goods alone exceeded 170 metric tons.
It should be noted that the main suppliers in the Moldovan bread market today are the Chisinau-based companies “Franzeluta,” “Colibri,” “Paninella,” “7 Spice,” “Bon Appetit,” as well as regional companies such as the “Bălți Bakery” (Zernoff Group), “Milina” (Taraclia), and “Brodetski” (Orhei). Their products effectively make up the supply in the country’s retail chains.
According to the Association of Bread Producers and Millers of Moldova, the country’s baking sector comprises about 300 companies, of which roughly two-thirds are small businesses. Despite this, the market is largely consolidated around major players.
