Piraeus Port Authority (PPA) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 was €119.9 million, down 8.9% year-over-year, mainly due to declines in container and cruise sectors, partially offset by growth in ship repair and car terminal activities.

• Net profit after taxes fell 24.4% to €35.4 million compared to H1 2025, reflecting lower revenues and increased payroll costs.

• Total assets increased to €750.3 million, driven by investments in property, plant, and equipment.

• The company accelerated its investment program, with €109.5 million invested in property, plant, and equipment in H1 2026.

• CEO highlighted ongoing digital and ecological transformation and optimism for future prospects.

Financial highlights

• EBITDA margin declined to 50.1% from 56.4% year-over-year.

• Gross profit margin was 55.7%, down from 59.2% in H1 2025.

• Earnings per share dropped to €1.414 from €1.870 year-over-year.

• Cash and cash equivalents decreased by €66.7 million to €83.1 million, mainly due to investment outflows.

• Payroll costs rose 10.4% to €40.1 million, reflecting workforce expansion and wage increases.

Outlook and guidance

• The outlook for the remainder of 2026 is cautiously positive, with growth in the Greek economy and vehicle throughput, but continued risks from geopolitical instability, energy prices, and global trade volatility.

• Investments in strategic projects are expected to improve capacity and efficiency, positioning the port for increased cargo volumes after the Suez Canal fully reopens.

• Positive throughput trends in Piers II and III from July onwards are anticipated to boost Q3 2026 results.

• The Logistics Centre project is expected to generate new revenue streams and added value.