Athens Water Supply and Sewerage Company SA (EYDAP) H2 2024 earnings summary

Executive summary

• Turnover increased by 6.3% year-over-year to €373.7 million, driven by higher water consumption due to elevated temperatures.

• Investments quadrupled over five years, reaching €60.7 million in 2024, with significant EU funding.

• Profit before tax declined by 10% to €25.1 million, impacted by rising operating costs and higher depreciation.

• Stable tariffs maintained despite regulatory changes and increased costs.

Financial highlights

• Revenue rose to €373.7 million from €351.6 million in 2023, a 6.3% increase year-over-year.

• EBITDA decreased by 6% to €57.1 million, with margin dropping to 15.3% from 17.3%.

• EBIT fell to €15.1 million from €21.5 million, with margin at 4.0% versus 6.1% in 2023.

• Net operating cash flow increased to €26.3 million, while net investing cash flow outflow widened to €41 million.

• Dividend of €0.07 per share proposed, totaling €7.455 million.

Outlook and guidance

• Approved €2.16 billion investment program for 2025-2034, focusing on major water and sewerage projects, with 50% EU funding.

• Regulatory framework changes underway, with new tariffs to be determined based on allowed revenue.

• Ongoing cooperation with the State to address water scarcity and ensure supply security.