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 and steady tariffs.

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

• Net income declined 28% year-over-year to €14.6 million, reflecting higher personnel and maintenance costs.

• 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

• Gross profit rose 14% to €152.6 million, representing 40.8% of turnover.

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

• EBIT dropped 30% to €15.1 million, and pre-tax profit fell 10% to €25.1 million.

• Operating expenses before depreciation and amortization increased 9% to €316.3 million.

• Cash and cash equivalents at year-end were €298.8 million, down from €325.0 million in 2023.

Outlook and guidance

• The company is accelerating its €2.16 billion ten-year investment plan for 2025-2034, focusing on infrastructure renewal, environmental compliance, and climate resilience, with 50% EU funding.

• Regulatory changes are underway, with new tariff structures expected based on the Regulated Asset Base (RAB) model and allowed revenue.

• Projects to address water scarcity and loss reduction are prioritized, with significant collaboration with the State.