Athens Water Supply and Sewerage Company SA (EYDAP) H1 2024 earnings summary

Executive summary

• Turnover increased by 7.2% to €174.5 million in H1 2024, driven by a 7.5% rise in water consumption due to prolonged high temperatures.

• Profit before tax surged 674% to €14.5 million year-over-year, reflecting improved operational efficiency and cost control.

• EBITDA rose 57% to €30.2 million, with the EBITDA margin improving to 17.3% from 11.8% in H1 2023.

• The company implemented measures to address climate change and water scarcity, including alternative water sources and consumer awareness campaigns.

Financial highlights

• Revenue increased by €11.7 million year-over-year to €174.5 million.

• Operating costs rose slightly by 1.5% to €166.1 million, mainly due to one-off personnel payments and a new collective agreement.

• EBIT improved to €8.5 million from a loss of €0.3 million in H1 2023, with the EBIT margin rising to 4.9%.

• Operating cash flow was negative at €-5 million, an improvement from €-19 million in H1 2023.

• Investing cash flow was €-11.2 million, reflecting increased capital expenditures.

Outlook and guidance

• Consumption is expected to normalize as temperatures drop and conservation efforts increase.

• The company awaits a new regulatory framework for water pricing, which will impact future tariffs and revenue.

• Expansion is anticipated into additional regions, pending legislative and regulatory developments.