Athens Water Supply and Sewerage Company SA (EYDAP) H1 2025 earnings summary

Executive summary

• Turnover remained essentially stable at €173.3 million, down 0.7% year-over-year.

• EBITDA dropped sharply by 65% to €10.6 million, mainly due to increased provisions for litigation and regulatory delays.

• Net results after taxes turned negative at -€5.6 million, compared to €10 million profit in H1 2024.

• Investment program accelerated, with project absorption up 38% to €31 million.

• Delay in regulatory framework implementation significantly impacted financial results and sustainability.

Financial highlights

• Water revenue declined by 1.2%, while sewerage revenue increased by 1.8%.

• Operating costs before depreciation and amortization rose 10.3% to €162.1 million, mainly due to litigation provisions.

• Financial income increased by 6.7% to €11.3 million; financial expenses rose to €6.7 million.

• Operating cash flows improved to -€1.7 million from -€5 million year-over-year.

Outlook and guidance

• Regulatory framework implementation is essential for future sustainability and investment continuation.

• Any under-recovery due to regulatory delays is expected to be recovered in future periods.