Admie Holding (ADMIE) Q3 2025 earnings summary

Executive summary

• Revenue and net profit declined year-over-year for both the holding and the IPTO Group, with consolidated revenue down 3.3% and net profit down 9.2% for the nine months ended September 30, 2025.

• Major infrastructure and interconnection projects progressed, including the completion of the Crete-Attica (Ariadne) trial operation and ongoing work on the Cyclades, Dodecanese, and international interconnections.

• Dividend per share increased by 50% from 2024 to 2025, with EUR 14.5 million distributed as the remaining 2024 dividend and EUR 28 million as interim 2025 dividend.

• The Group completed the disposal of a 20% stake in ARIADNE INTERCONNECTION S.P.S.A. for EUR 62 million, recognizing a gain of over EUR 20 million.

• Board of Directors reconstituted and term extended to June 2028.

Financial highlights

• ADMIE Holding income: EUR 58.0 million (down 9.1% year-over-year); net profit: EUR 57.7 million (down 8.7%).

• IPTO Group revenue: EUR 344.8 million (down 3.3% year-over-year); EBITDA: EUR 242.3 million (down 6.8%); adjusted EBITDA: EUR 244.1 million (down 7.8%); net income: EUR 113.6 million (down 9.2%); adjusted net profit: EUR 115 million (down 10.7%).

• Capital expenditures: EUR 451.8 million, up 13.3% year-over-year, mainly for major interconnection projects.

• Net debt: EUR 1,331.7 million as of September 30, 2025, up from EUR 1,047 million at end-2024.

• Cash and cash equivalents: EUR 116.9 million for the Group; EUR 44.1 million for the Holding, both with zero debt at the Holding level.

Outlook and guidance

• Major interconnection projects are underway, with total remaining capex of EUR 7.8 billion through 2034, including Greece-Italy, Greece-Egypt, and Saudi Arabia interconnections.

• Regulatory allowed revenue for 2025 set at EUR 478.8 million, with WACC at 7.45%.

• The company highlights ongoing risks and uncertainties, including macroeconomic and regulatory factors, and cautions that forward-looking statements are subject to change.