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

Executive summary

• Turnover declined by 0.7% year-over-year to €173.3m, mainly due to a 0.9% drop in water consumption and a 1.2% decrease in water supply revenues.

• EBITDA fell 65% to €10.6m, with the margin dropping to 6.1% from 17.3% year-over-year, mainly due to increased litigation provisions and regulatory delays.

• Net loss of €5.6m was recorded, compared to a net profit of €10m in 1H2024, driven by increased litigation provisions and delayed regulatory framework implementation.

• Investment program accelerated, with €31m invested in 1H2025 (+38% YoY), as part of a ten-year €2.5bn plan.

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

Financial highlights

• Operating costs rose 10.3% to €162.1m, mainly due to €18.3m higher litigation provisions; excluding provisions, costs would have decreased by 0.4%.

• Water supply revenues fell 1.2% to €108.3m, while sewerage revenues increased 1.8% to €51.4m.

• EBIT turned negative at -€10.5m versus +€8.5m in 1H2024; EBIT margin dropped to -6.0% from +4.9%.

• Gross profit dropped 23% year-over-year to €56.3m.

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

Outlook and guidance

• Awaiting regulator's tariff decision; any under-recovery of allowed revenue is expected to be recovered in future periods.

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

• €250m financing agreement signed with EIB for modernization investments.

• Strategic water sufficiency plan submitted to the Ministry of Environment & Energy.