Piraeus Port Authority (PPA) H2 2025 earnings summary

Executive summary

• Revenue increased by 8.6% year-over-year to €250.8 million, driven by growth in container terminal, cruise, and concession revenues.

• Net profit after tax reached €86.2 million, with a gross margin of 58.7% and EBITDA margin of 52.8%.

• Strong operational performance in container throughput (+17.9%), cruise passengers (+9.7%), and car terminal volumes (+17.6%).

• Early repayment of all long-term loans, resulting in a debt/EBITDA ratio of 0.46.

• Dividend of €1.92/share for 2024 approved; proposed 2025 dividend is €1.896/share.

Financial highlights

• Revenue: €250.8 million (+8.6% YoY); Net profit: €86.2 million; EBITDA: €132.3 million.

• Gross profit: €147.2 million; Operating expenses increased mainly due to payroll and third-party services.

• Total assets: €689.8 million (+4.1% YoY); Equity: €447.2 million (+9.3% YoY).

• Cash and cash equivalents: €149.8 million (down from €204.5 million), reflecting investments and loan repayments.

• Total liabilities: €242.6 million (down 4.4% YoY); provisions for legal cases at €14.6 million.

Outlook and guidance

• Greek economy expected to grow above Eurozone average in 2025-2026; gradual volume build-up at the port anticipated.

• Ongoing investments in infrastructure, digitalization, and sustainability to support future growth.

• Management expects continued resilience despite geopolitical and macroeconomic uncertainties.