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

Executive summary

• 2025 was a transition year with the implementation of a new regulatory framework and accelerated investment activities, setting the stage for predictable and growing profitability from 2026 onward.

• Extraordinary and non-recurring factors, including tax charges and litigation provisions, negatively impacted reported results, masking improved underlying operating performance.

• The company maintained its position as Greece's largest water cycle management provider, serving 4.4 million water supply and 3.7 million sewerage customers.

• Operational excellence was demonstrated through high-quality water and wastewater management, with top European performance in quality indices.

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

Financial highlights

• Reported revenue was €364.7 million, down 2.4% year-over-year, while adjusted revenue (including regulatory revenue) was €406.6 million, up 8.8%.

• Reported EBITDA fell 44% to €32.1 million, but adjusted EBITDA rose 38% to €78.6 million.

• Net income showed a loss of €21.3 million due to one-off tax charges and increased provisions, but adjusted net income was €36.1 million, up 147% year-over-year.

• Operating expenses increased by 4% to €328.3 million, driven by higher third-party expenses and provisions.

• Cash and cash equivalents at year-end were €275.7 million, down from €298.8 million.

Outlook and guidance

• The new regulatory framework, based on a Regulated Asset Base, ensures annual revenue visibility of €400 million through 2029, with an average incremental revenue of €78.3 million per year.

• The company is evaluating its capital structure and long-term dividend policy to optimize value for shareholders and customers.

• Growth opportunities include expansion into new regions, irrigation, and a projected 10% increase in the customer base.

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