Athens Water Supply and Sewerage Company SA (EYDAP) investor relations material

Executive summary

• H1 2026 marked a return to profitability with net profit of €17.1 million, reversing prior-year losses, and revenue rising 17.3% to €203.2 million, driven by a new tariff and regulatory framework.

• EBITDA surged 300% to €42.6 million (20.9% margin), with positive operating cash flow of €25.2 million and free cash flow of €5.0 million.

• Major institutional reforms and new legislation expanded operational scope, supporting infrastructure renewal, digital transformation, and investment acceleration.

• Share price increased by 85% year-over-year, reflecting value creation for shareholders.

Financial highlights

• Turnover reached €203.2 million (+17.3% YoY); EBITDA was €42.6 million (+300% YoY); EBIT reached €20.5 million (10.1% margin); net profit was €17.1 million (8% margin).

• Gross profit increased 58% to €89.0 million, with gross margin rising to 43.8% from 32.5%.

• Operating cash flow improved to €25.2 million from negative €1.7 million; free cash flow was €5.0 million versus negative €26.4 million.

• Cash and cash equivalents stood at €280.4 million at period end.

• Equity increased by 2.1% to €823.3 million.

Outlook and guidance

• EUR 2.8 billion investment plan extends beyond 2035, with accelerated project execution and expansion into irrigation and agriculture.

• Focus remains on sustaining profitability, positive cash flow, and managing risks from water scarcity, energy costs, and regulatory changes.

• Merger of 43 smaller utilities expected within a year, with asset valuation ongoing and integration aimed at revenue growth.

• Execution of the investment plan is a priority, with efforts to accelerate delivery and meet regulatory commitments.

• Expansion under new legislation will increase operational scope, with financial impact to be determined after due diligence.