Athens Water Supply and Sewerage Company SA (EYDAP) H2 2025 earnings summary

Executive summary

• Fiscal year 2025 was marked by extraordinary and non-recurring factors, including tax charges and litigation provisions, which negatively impacted reported results, masking improved underlying operating performance.

• The new regulatory framework, effective from 2026, is expected to provide enhanced revenue visibility and stability, supporting future growth.

• Total water consumption declined by 1.4% year-over-year due to milder weather and increased consumer awareness of water scarcity.

Financial highlights

• Turnover decreased by 2.4% to €364.7 million in 2025, mainly due to lower consumption.

• Reported EBITDA dropped 44% to €32.1 million, with EBITDA margin falling to 8.8% from 15.3%.

• Net profit turned negative at €-21.3 million, down from €14.6 million in 2024, with a net margin of -5.8%.

• Adjusted for regulatory income and non-recurring charges, EBITDA rose 38% to €78.6 million and net profit increased to €36.1 million.

Outlook and guidance

• The new regulatory framework for 2025-2029 ensures recovery of operating costs, depreciation, and a 6.24% WACC, with average annual revenue expected to rise by €78.3 million from 2026.

• The investment plan for 2026-2035 totals €2.5 billion, focusing on major infrastructure and digital transformation projects.