32 slides from Athens Water Supply And Sewerage's earnings presentation, September 2026
Slide 1: Financial Results H1 2026
IR EDITION Financial Results H1 2026 A stronger financial base for investment-led growth EYDAP September 2026 EYDAP S.A | H1 2026 FINANCIAL RESULTS H1 2026 RESULTS – INVESTOR PRESENTATION
Slide 2: H1 2026 results reflect progress on our strategic priorities
STRATEGIC CONTEXT IR EDITION H1 2026 results reflect progress on our strategic priorities 01 02 03 The new tariff is delivering Greater regulatory and institutional clarity From foundation to execution The new tariff is in effect and its financial impact is Greater regulatory and institutional clari
Slide 3: Financial summary: Stronger profitability and cash generation
FINANCIAL SUMMARY IR EDITION Financial summary: Stronger profitability and cash generation RE VE NUE E BITDA NE T P RO FIT O P E RATING CASH FL O W CASH AND CASH E Q UIVAL E NTS €203,2 million €42,6 million €17,1 million €25,2 million €279,6 million Up 17.3%, mainly due to the Versus €10.6 million,
Slide 4: Regulatory framework: Linking investment to long-term returns
REGULATORY FRAMEWORK IR EDITION Regulatory framework: Linking investment to long-term returns 2025–2029 The 2025–2029 framework enhances revenue visibility and enables more systematic investment and funding planning. HO W INVE STME NT TRANSLATE S INTO RE VE NUE FIXE D CHARG E S AS A SHARE O F BIL L
Slide 5: Investment and funding: Growth with capital discipline
INVESTMENT & FUNDING IR EDITION Investment and funding: Growth with capital discipline TO TAL INVE STME NT P RO G RAMME H1 INVE STME NT E AST ATTICA €2,8 bn €43,2 million 456 km Ten-year+ horizon +22% · 75% budget execution of pipelines · 15,065 external connections The €2.8 billion investment progr
Slide 6: Water resilience and efficiency: Protecting services and financial performance
WATER RESILIENCE & EFFICIENCY IR EDITION Water resilience and efficiency: Protecting services and financial performance 01 Water resilience 02 Clear management of responsibilities and costs Reservoir levels at 30 June were higher than in 2025, but below Water security actions are implemented within
Slide 7: Modernisation: Better productivity, customer service and energy performance
MODERNISATION IR EDITION Modernisation: Better productivity, customer service and energy performance H1 progress and developments through the results presentation. 01 Digital transformation 02 Smart metering Implementation of the new ERP and expansion of digital services We are preparing the next ph
Slide 8: Expansion: Broadening operations and capturing economies of scale
EXPANSION IR EDITION Expansion: Broadening operations and capturing economies of scale Post-period development — July 2026 1 2 3 4 Expanded remit Growth levers Phased integration Area-by-area planning Water supply Sewerage Growth opportunities include We are preparing the phased Five-year investment
Slide 9: Outlook and priorities: Sustaining momentum, accelerating delivery
OUTLOOK & PRIORITIES IR EDITION Outlook and priorities: Sustaining momentum, accelerating delivery Financial outlook Execution capability The new tariff base and H1 performance provide a stronger We are advancing integrated investment portfolio management starting point for the remainder of the year
Slide 10: H1 performance at a glance
EXECUTIVE SNAPSHOT IR EDITION H1 performance at a glance REVENUE EBITDA CASH AND CASH INVESTMENT PROFIT BEFORE TAX EPS EQUIVALENTS €203,2 m €42,6 m €23,5 m €0,16/share €279,6 m €43,2 m +€29,9m | 17,3% vs H1 2025 +€31,9 m|+300% vs H1 2025 +€29,3 m|503% vs H1 2025 +€0,21/Share +€3,9m|+1,4% vs H1 2025
Slide 11: H1 performance at a glance
EXECUTIVE SNAPSHOT IR EDITION H1 performance at a glance WATER NETWORK EMERGENCY FAILURE EBITDA MARGIN* EBIT MARGIN* GROSS PROFIT MARGIN* FCFF REPLACEMENTS REPAIRS 20,94% 10,1% 43,8% €5,0 m ~38 km 11.649 vs 6,14% in H1 2025 |+14.8pp vs -6% in H1 2025 | +16.1pp vs 32,5% in H1 2025 |+11.3pp Increased
Slide 12: Why Invest in EYDAP Today?
INVESTMENT HIGHLIGHTS IR SESSION Why Invest in EYDAP Today? A clearer regulatory framework, stronger earnings and a funded platform for long-term growth 01 02 03 04 Earnings inflection Regulatory visibility Investment-led growth Financial resilience €42.6m EBITDA 2025–2029 €2.8bn €279.6m cash +300%
Slide 13: EYDAP investment case in four pillars
INVESTMENT CASE IR EDITION EYDAP investment case in four pillars 01 02 03 04 Stronger earnings power Stronger cash generation Visible growth platform Improved regulatory visibility Earnings have structurally improved and The tariff reset is working. operating cash flow has returned to A €2.8 billion
Slide 14: What drove H1 performance & Focus Areas
PERFORMANCE DRIVERS IR EDITION What drove H1 performance & Focus Areas POSITIVE DRIVERS AREAS OF MANAGEMENT FOCUS New tariff base Deliver the Investment Programme MANAGEMENT LENS Accelerate execution of investments supporting Profitability improvement is driven Revenue increased by €29.9 million or
Slide 15: Water resilience: higher reservoir levels, lower consumption
OPERATIONAL CONTEXT IR EDITION Water resilience: higher reservoir levels, lower consumption 40 RESERVOIR LEVELS 30/06/2026 725,8 m m³ +28,4% vs 2025 35 H1 CONSUMPTION 30 190 m m³ -2,1% vs 2025 25 Jan Feb Mar Apr May Jun 2025 2026 Monthly drinking water consumption | million m³ Higher reservoir level
Slide 16: Revenue growth is broad-based, supported by the new regulatory framework
REVENUE IR EDITION Revenue growth is broad-based, supported by the new regulatory framework 22 19,1 +€29,9 m 18 Total change Revenue increased by 17.3%. 14 11,1 10 €19,1 m Water supply 6 Increase of 17.6%, mainly due to the new tariff. 2 €11,1 m -0,2 -2 Sewerage Water supply Sewerage Other Increase
Slide 17: EBITDA vs H1 2025: Strong growth driven by revenue and operating cost control
PROFITABILITY BRIDGE IR EDITION EBITDA vs H1 2025: Strong growth was driven primarily by revenue and operating cost control +31.908/+300% Due to the new tariff EBITDA €42,6 m | +€31,9 m | +300% vs H1 2025 17 EYDAP S.A | H1 2026 FINANCIAL RESULTS H1 2026 RESULTS – INVESTOR PRESENTATION
Slide 18: EBITDA pro forma vs H1 2025: €8m impact from phased incorporation of fixed charges
PROFITABILITY BRIDGE IR EDITION EBITDA pro forma vs H1 2025: €8m impact from the phased incorporation of fixed charges due to the billing cycle +39.908/+375% Due to the new tariff EBITDA €50,6 m | +€39,9 m | +375% vs H1 2025 18 EYDAP S.A | H1 2026 FINANCIAL RESULTS H1 2026 RESULTS – INVESTOR PRESENT
Slide 19: EBITDA Adjusted vs H1 2025: Strong growth driven by revenue and cost containment
PROFITABILITY BRIDGE IR EDITION EBITDA Adjusted* vs H1 2025: Strong growth was driven primarily by revenue and operating cost containment +22.269/+101% Due to the new tariff * Excluding provisions EBITDA Adjusted* €44,2 m | +€22,3 m | +101% vs H1 2025 EYDAP S.A | H1 2026 FINANCIAL RESULTS H1 2026 RE
Slide 20: EBT vs H1 2025: Higher water supply revenue and operating cost containment
PROFITABILITY BRIDGE IR EDITION EBT vs H1 2025: The increase is driven by higher water supply revenue and operating cost containment +29.286/+503% EBT €23,5 m | +€29,3 m | +503% vs H1 2025 EYDAP S.A | H1 2026 FINANCIAL RESULTS H1 2026 RESULTS – INVESTOR PRESENTATION 20
Slide 21: EBT Pro Forma vs H1 2025: Full financial impact of the tariff change
PROFITABILITY BRIDGE EBT Pro Forma vs H1 2025: Adjusted profitability highlights the full financial impact of the tariff change. 40.000 € +37.286/+641% 35.000 € 8.000 € 31.465 € 30.000 € 31.908 € 25.000 € -952 € 633 € 23.465 € -2.303 € 20.000 € 15.000 € 10.000 € 5.000 € - € -5.000 € -5.821 € -10.000
Slide 22: Operating expenses vs H1 2025: Broadly stable, with a shift in the mix
COST DISCIPLINE IR EDITION Operating expenses vs H1 2025: Broadly stable, with a shift in the mix TOTAL OPEX + 199 / +0,1% €162,3 m +€0,2 m | +0,1% Comments • Other expenses increased by €4.0m, mainly due to promotion and advertising expenses (€1.9m), transportation expenses of €0.5m and donations a
Slide 23: Investment delivery continues to accelerate
CAPITAL DEPLOYMENT IR EDITION Investment delivery continues to accelerate TOTAL INVESTMENT TOTAL PROJECT INVESTMENT TOTAL FIXED-ASSET INVESTMENT €43,2 m €39,2 m €4,0 m +22% vs H1 2025 +27% vs H1 2025 -9% vs H1 2025 TOTAL INVESTMENT EXECUTION PROJECT EXECUTION FIXED-ASSET EXECUTION 75% 81% 42% Additi
Slide 24: Growth is focused on water supply and sewerage
INVESTMENT MIX IR EDITION Growth is focused on water supply and sewerage €21,5 m €21,7 m Water supply Sewerage +50% vs H1 2025. +3% vs H1 2025. 50% 50% 43% €7,9 m EU funding YoY increase Total investment vs H1 2025. Water supply Sewerage 24 EYDAP S.A | H1 2026 FINANCIAL RESULTS H1 2026 RESULTS – INV
Slide 25: Balance sheet: Stable capital base and strong liquidity
BALANCE SHEET IR EDITION Balance sheet: Stable capital base and strong liquidity €1,56 bn €823,3 m €279,6 m Total assets Equity Cash & cash equivalents Increase of €3.9 million in the available balance sheet Increase of 2.7% versus the previous reporting period. Increase of 2.1%, supported by higher
Slide 26: Cash flow: Operating cash generation funds growth
CASH FLOW IR EDITION Cash flow: Operating cash generation funds growth 450.000 € +3.897/+1,4% €25,2 m 400.000 € Operating cash flow Strong positive contribution. 350.000 € 25.231 € -€20,3 m 300.000 € 275.674 € 279.572 € -20.254 € -1.079 € 250.000 € Investing cash flow Net outflow from investing acti
Slide 27: Workforce: Total headcount broadly stable, shift to contractor personnel
FTES IR EDITION Workforce: Total headcount remained broadly stable, with a shift from permanent to contractor personnel 3.000 2.726 2.730 2.056 FTEs Permanent personnel 2.500 -93 FTEs | - 4% vs H1 2025. 2.149 2.056 2.000 674 FTEs 1.500 Contractor personnel +97 FTEs | +17% vs H1 2025. 1.000 674 577 2
Slide 28: Share price: +85% since 30/6/2025 | +544% in trading volume
STOCK PRICE IR EDITION Share price: +85% since 30/6/2025 | +544% in trading volume 3000 12 +85% TRADING VOLUME 2500 +32% 10 H1 2026 25,3m 2000 8 Shares TRADING VOLUME 1500 6 H1 2025 3,9m Shares 1000 4 500 2 0 0 1/7/2029 1/8/2029 1/9/2029 1/10/2029 1/11/2029 1/12/2029 1/1/2030 1/2/2030 1/3/2030 1/4/2
Slide 29: Shareholder structure
SHAREHOLDER’S STRUCTURE IR EDITION Shareholder structure HELLENIC REPUBLIC 19,6% GEK TERNA URBAN SERVICES SINGLE-MEMBER S.A. 0,8% HELLENIC CORPORATION OF ASSETS AND 1,0% PARTICIPATIONS S.A. 4,5% EFG BANK AG ZURICH 50,0% EUROCLEAR BANK SA/NV 11,3% EUROBANK EQUITIES SINGLE-MEMBER INVESTMENT SERVICES S
Slide 30: Path to year-end: Converting momentum into sustainable value
FY2026 OUTLOOK IR EDITION Path to year-end: Converting momentum into sustainable value Profitability Liquidity Investments Earnings visibility improving Strong balance-sheet flexibility Scaling investment delivery The new tariff base and OPEX containment Cash and cash equivalents of €279.6 million 7
Slide 31: Key value drivers to monitor
KEY VALUE DRIVERS IR EDITION Key value drivers to monitor 1 Revenue evolution Track revenue performance and collections under the new tariff framework. 2 Operating cost efficiency Maintain cost discipline and operating leverage as the revenue base strengthens. 3 Investment programme Scale project an
Slide 32: From stronger performance to sustainable value creation
FINAL TAKEAWAYS From stronger performance to sustainable value creation 01 02 03 Execute the investment Deliver long-term value Sustain earnings growth pipeline creation Build on the new tariff framework through Scale project and fixed-asset delivery to Balance investment, financial resilience and r