Piraeus Port Authority (PPA) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 reached €122.8 million, up 14.7% year-over-year, driven by strong growth in container, concession, and cruise segments, partially offset by declines in car terminal, ship repair, and ferry sectors.

• Net profit after tax was €46.7 million, a 15.3% increase compared to H1 2024.

• Total assets rose to €682.4 million (+3.0%), while total liabilities decreased to €226.6 million (-10.7%) due to early loan repayments and reduced lease obligations.

Financial highlights

• Gross profit margin improved to 59.2% (H1 2025) from 58.1% (H1 2024).

• EBITDA margin was 56.4% (H1 2025) versus 57.3% (H1 2024).

• Earnings per share increased to €1.87 from €1.62 year-over-year.

• Share price surged 50.2% in H1 2025, outperforming the Athens Stock Exchange index (+27.1%).

Outlook and guidance

• Continued growth expected in cruise and container segments, with peak cruise season anticipated in Q3.

• Ferry revenues will be impacted by a 50% reduction in port dues for one year, affecting sector profitability.

• Macroeconomic risks include global trade disruptions, Red Sea rerouting, and new EU-US tariffs.