Piraeus Port Authority (PPA) Q3 2026 earnings summary

Executive summary

• Nine-month 2026 revenue fell 8.2% YoY to €178.8m; profit before tax fell 20.7% to €76.8m and profit after tax fell 21.5% to €59.7m, while profitability remained high.

• Q3 was the strongest quarter of 2026; Pier I throughput rose 0.3% YoY, its first positive quarterly comparison this year.

Financial highlights

• 9M revenue was €178.8m, gross profit €102.0m, EBITDA €92.6m and EBIT €78.1m, down 8.2%, 13.6%, 16.9% and 19.6% YoY, respectively.

• 9M profit before tax was €76.8m and profit after tax €59.7m, down 20.7% and 21.5% YoY, respectively.

• Q3 revenue was €66.9m, EBITDA €36.5m, EBIT €31.7m and profit after tax €24.3m; each declined YoY, by 7.0%, 13.5%, 15.4% and 17.0%, respectively.

• Q3 gross profit was €39.7m, down 12.4% YoY; profit before tax was €30.9m, down 16.7%.

Outlook and guidance

• Pier I's new handling agreements provide improved tariffs and volumes and are expected to strengthen throughput and related revenue in coming months.

• Suez Canal transits are expected to increase in coming months, with full traffic recovery estimated by May 2027; this is expected to benefit container handling.

• Investment activity continued in line with the business plan, supported by operating cash flows, cash and cash equivalents, and short-term credit facilities.