Piraeus Port Authority S.a. · ATHEX:PPA
Piraeus Port Authority — FY2025 & 1H 2026 Earnings Presentation
40 slides from Piraeus Port Authority's earnings presentation, September 2026
Slide 1: Piraeus Port Authority Full Year 2025 & 1H 2026 Results
Piraeus Port Authority FULL YEAR 2025 & 1 ST H A L F 2 0 2 6 R E S U L T S CORPORATE PRESENTATION 1
Slide 2: PPA facilities: A port with dynamic present
PPA facilities: A port with dynamic present 2
Slide 3: Feeder Network of Piraeus
Feeder Network of Piraeus 3
Slide 4: Financial Highlights
Financial Highlights FY25 EBITDA € 132.29m Strong Cash position at € 83.06m 1H26 EBITDA € 56.09m Zero Bank Debt FY25 Revenue Stable € 250.79m Dividend Payout Ratio 1H26 Revenue at 55% € 111.91m 4
Slide 5: P&L Highlights
P&L 2024 Highlights Highlights Revenue (€ m) 93.08 102.42 107.06 122.77 111.91 1H 2022 1H 2023 1H 2024 1H 2025 1H 2026 EBITDA (€ m) and EBITDA mgn. (%) 140 EBITDA EBITDA Margin 100% 120 80% 100 58.90% 57.27% 56.42% 47.17% 50.12% 60% 80 60 40% 40 20% 20 43.90 60.33 61.31 69.27 56.09 0 0% 1H 2022 1H 2
Slide 6: P&L Expenses
P&L Amounts in € m 1H 2026 1H 2025 Revenue 111.91 122.77 Cost of Sales -49.59 -50.08 Gross profit 62.32 72.69 Administrative expenses -18.55 15.35 Net impairment losses on financial assets 0.30 0.38 Other operating expenses 0.55 0.21 Other operating income 3.54 3.02 Financial income 0.64 1.32 Financ
Slide 7: Balance Sheet Highlights
Balance Sheet Highlights Cash and Cash Equivalents (€ m) Net Debt (€ m) -50.62 -75.61 -118.63 -118.22 -24.36 155.26 173.05 209.07 177.83 83.06 1H 2022 1H 2023 1H 2024 1H 2025 1H 2026 1H 2022 1H 2023 1H 2024 1H 2025 1H 2026 Shareholders Equity (€ m) Assets (€ m) 302.07 353.24 395.52 455.81 435.17 573
Slide 8: Balance Sheet
Balance Sheet Amounts in € m Property, plant and equipment Right-of-use assets Investment property Intangible assets Other non-current assets Deferred finance fees Deferred tax assets Total non-current assets Inventories Trade and other Receivables Prepaid expenses Cash and Cash Equivalents Total Cu
Slide 9: 1H26 Cash Flow
1H26 Cash Flow • Investment program in progress (€ 106.72m) (Amounts in € m) 9
Slide 10: Volume Evolution
° FOAM <gese Volume Evolution —_ 1H 2026 1H 2025 | Chg.% Container Terminal: Pier 1 {TEUs} 241,290 393,876 -38.74% Concession Arrangement: Pier 2&3 {TEUs) 1,995,200 | 2,054,900 -2.91% Container Terminals (Pier 1, 2&3 - TEUs} 2,236,490 | 2,448,776 8.67% Car Terminal (units} 149,587 138,517 7.99% Crui
Slide 11: Cargo Handling Activities / Cruise Sector Ferry Terminal
Cargo Handling Activities Cruise Sector Ferry Terminal 16.2 m passengers Increased by 7.9% y-o-y Concession Container Arrangement Car Terminal Terminal: Pier 1 11
Slide 12: Container Terminals
Container Terminals • Top 5 largest container ports in Europe (in terms of throughput) • Hub for transhipment in the Mediterranean and Black Sea countries • One of the fastest growing terminals globally • Ideal gateway to the East Mediterranean • Serves 24x7 the largest shipping companies and has ro
Slide 13: Concession Arrangement Pier 2&3
Concession Arrangement Pier 2&3 Revenue (€ m) TEUs (m) 70.10 82.72 87.38 81.71 90.51 4.70 4.35 4.59 4.23 3.98 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 EBITDA (€ m) FY25 Revenue at € 90.51m, +10.78% y-o-y ➢ Despite the -5.95% in TEUs FY25 EBITDA at € 76.22, +9.28% y-o-y, 84.21% mgn. 59.49 72
Slide 14: Concession Arrangement Pier 2&3
Concession Arrangement Pier 2&3 Revenue (€ m) TEUs (m) 46.20 46.50 39.33 41.49 37.65 2.14 2.25 1.96 2.05 2.00 1H 2022 1H 2023 1H 2024 1H 2025 1H 2026 1H 2022 1H 2023 1H 2024 1H 2025 1H 2026 EBITDA (€ m) 1H26 Revenue at € 46.50m, +0.64% y-o-y ➢ Despite the slight decline in TEUs 39.89 38.29 34.40 36.
Slide 15: Container Terminal Pier 1
Container Terminal Pier 1 • Pier 1 has an annual capacity of about 1.0m TEU and total storage area of 72.400 m² • Total Pier Length: 1.150m, Max depth: 18m • Pier I can serve Mega container vessels 1H26 Revenue decreased by 30.50% y-o-y at € 22.57m 1H26 EBITDA reached € 0.33m TEUs throughput at 241,
Slide 16: Container Terminal: Pier 1
Container Terminal: Pier 1 Revenue (€ m) Volumes in TEUs 2025 2024 % Local 254,591 232,252 9.62% Transshipment 409,990 331,473 23.69% 29.61 40.03 45.39 49.97 58.47 Total 664,581 563,725 17.89% 2021 2022 2023 2024 2025 EBITDA (€ m) TEUs (m) Local Transshipment 3.85 7.48 7.38 10.85 0.33 0.41 -3.97 0.5
Slide 17: Container Terminal: Pier 1
Container Terminal: Pier 1 Revenue (€ m) Volumes in TEUs 1H 2026 1H 2025 % Local 91,967 137,379 -33.06% Transshipment 149,323 256,497 -41.78% 21.48 22.12 22.99 32.47 22.57 Total 241,290 393,876 -38.74% 1H 2022 1H 2023 1H 2024 1H 2025 1H 2026 EBITDA (€ m) TEUs (m) Local Transshipment 0.26 0.26 0.15 0
Slide 18: Car Terminal
Car Terminal • Leading Car terminal in Eastern Europe • Act as transshipment hub for Eastern Mediterranean, Balkans and Black Sea countries • Currently operates 1 terminal of approx. 145,000 m2 with storage capacity of 6,700 cars • Multiple port facilities 1H26 Revenue at € 12.14m (-4.27% y-o-y) 1H2
Slide 19: Car Terminal
Car Terminal Revenue (€ m) Volumes in units 2025 2024 % Local 153,213 137,825 11.16% Transshipment 138,074 109,775 25.78% 14.13 17.49 21.11 27.06 25.59 Total 291,287 247,600 17.64% 2021 2022 2023 2024 2025 EBITDA (€ m) Vehicles (m) Local Transshipment 0.16 0.11 0.14 0.33 0.23 4.41 8.66 11.59 16.59 1
Slide 20: Car Terminal
Car Terminal Revenue (€ m) Volumes in units 1H 2026 1H 2025 % Local 84,470 80,578 4.83% Transshipment 65,117 57,939 12.39% 9.37 10.33 16.52 12.68 12.14 Total 149,587 138,517 7.99% 1H 2022 1H 2023 1H 2024 1H 2025 1H 2026 EBITDA (€ m) Vehicles (m) Local Transshipment 0.09 0.05 0.06 0.07 0.13 4.66 5.53
Slide 21: Passenger Traffic Activities
Passenger Traffic Activities Cruise Sector Ferry Terminal 21
Slide 22: Cruise Terminal
Cruise Terminal • Close proximity to tourist destinations in the Aegean Sea • Operates (24x7) 3 passenger stations (15,000 m2) with 20 x-ray machines and offers free shuttle bus service around the cruise port • 9-11 simultaneous berthing places including 2-3 berths for the largest cruise vessels • M
Slide 23: Cruise Terminal
Cruise Cruise Terminal Sector Revenue (€ m) Passenger Traffic (m) Homeport Transit Covid-19 0.77 disruptions 0.69 0.69 0.50 9.51 17.62 26.33 30.41 37.93 0.17 0.38 0.80 1.01 1.09 0.14 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 EBITDA (€ m) Cruise calls Homeport Transit 186 189 197 236 159 4.68
Slide 24: Cruise Terminal
Cruise Cruise Terminal Sector Revenue (€ m) Passenger Traffic (m) Homeport Transit 0.27 0.23 0.24 0.22 0.13 5.53 8.88 10.05 13.08 11.74 0.11 0.27 0.32 0.36 0.32 1H 2022 1H 2023 1H 2024 1H 2025 1H 2026 1H 2022 1H 2023 1H 2024 1H 2025 1H 2026 EBITDA (€ m) Cruise calls Homeport Transit 74 58 78 68 82 2
Slide 25: Ferry Terminal
Ferry Terminal • Among the largest passenger port in Europe • Provides access to key tourist destinations in Athens within 30 minutes • Operates multiple daily coastal connections to most of the Aegean islands • Offers free shuttle bus service around the coastal port 1H26 Revenue at € 4.73m, (+3.42%
Slide 26: Ferry Terminal
FerryFerry Terminal Terminal Revenue (€ m) Passenger Traffic (in m passengers) Coastal Line Saronic Gulf Salamis 7.15 7.66 7.59 6.84 6.00 2.76 2.95 3.18 2.38 1.53 9.44 11.36 11.76 12.53 8.97 4.36 5.75 6.25 6.44 6.51 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 EBITDA (€ m) Vehicles Traffic (€ m
Slide 27: Ferry Terminal
FerryFerry Terminal Terminal Revenue (€ m) Passenger Traffic (in m passengers) Coastal Line Saronic Gulf Salamis 3.36 3.63 3.60 3.66 3.23 1.26 1.35 1.37 0.94 1.12 4.66 5.09 5.39 4.57 4.73 1.92 2.19 2.33 2.30 2.24 1H 2022 1H 2023 1H 2024 1H 2025 1H 2026 1H 2022 1H 2023 1H 2024 1H 2025 1H 2026 EBITDA
Slide 28: Ship Repair Zone
Ship Repair Zone Floating Dock Piraeus Perama Ship Repair Yard Lifting I nternal Length (m) Capacity (tn) breadth(m) Floating Dock Piraeus I I I 22,000 240 35 Floating Dock Piraeus I I I 4,000 113 18 Floating Dock Piraeus I 15,000 202 31 Graving Dry-Dock Vasiliadi Coast, Drapetsona Large Grav ing Dr
Slide 29: Ship Repair Zone
Ship Repair Zone Revenue (€ m) Vessels (units) Vessels (Docks) Vessels (Ship Repair) 264 280 270 275 256 13.37 15.00 15.81 15.90 14.76 141 133 154 143 115 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 EBITDA (€ m) Docks Working days 4.30 5.58 5.93 5.59 3.83 1,161 1,304 1,439 1,389 1,317 2021 202
Slide 30: Ship Repair Zone
Ship Repair Zone Revenue (€ m) Vessels (units) Vessels (Docks) Vessels (Ship Repair) 139 118 130 124 131 8.03 8.89 8.64 7.31 7.78 85 85 76 53 66 1H 2022 1H 2023 1H 2024 1H 2025 1H 2026 1H 2022 1H 2023 1H 2024 1H 2025 1H 2026 EBITDA (€ m) Docks Working days 3.36 3.73 3.57 1.60 1.31 734 819 731 627 77
Slide 31: Performance Evolution FY
Performance Evolution FY (€ m) 250.79 230.88 219.82 194.57 149.22 154.19 132.93 132.90 129.48 132.29 115.98 111.53 103.50 95.57 67.47 70.30 56.68 57.96 86.15 87.46 34.67 66.85 24.66 52.89 6.70 27.88 35.45 26.41 36.76 11.29 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Revenue EBITDA Earnings aft
Slide 32: Performance Evolution 1H
Performance Evolution 1H (€ m) 122.77 111.91 107.06 102.42 93.08 70.58 72.00 69.27 66.50 63.51 60.33 61.31 56.09 52.04 43.90 46.74 31.70 31.10 31.35 35.35 25.73 38.75 40.45 15.17 25.90 13.26 15.52 15.87 15.09 4.44 1H 2017 1H 2018 1H 2019 1H 2020 1H 2021 1H 2022 1H 2023 1H 2024 1H 2025 1H 2026 Revenu
Slide 33: Segment Information
Segment Information (€ m) CONTAINER CONCESSION CAR OTHERS 2025 COASTAL CRUISE SHIP REPAIR COMPANY TOTAL PIER I PIERS II & III TERMINAL SEGMENTS Rev enue 58.47 90.51 25.59 8.97 37.93 14.76 14.55 0.00 250.79 Gross Profit 11.65 85.80 15.82 2.11 24.29 1.94 5.61 0.00 147.22 EBITDA 10.85 76.22 14.05 2.03
Slide 34: Segment Information
Segment Information (€m) 1H 2026 CONTAINER: | CONCESSION CAR COASTAL CRUISE SHIP REPAIR OTHERS COMPANY TOTAL PIER | PIERS Il & Ill TERMINAL SEGMENTS Revenue 22.57 46.50 12.14 473 1174 7.78 645 0.00 111.91 Gross Profit 045 44.63 694 1.15 6.05 1.25 1.86 0.00 62.32 EBITDA 0.33 36.29 5.88 1.01 5.15 1.31
Slide 35: Share price movement
Share price movement 60.00 50.00 40.00 30.00 20.00 10.00 0.00 35
Slide 36: Investment Plan
Investment Plan * As of 30/06/2026 36
Slide 37: Other Investments
Other Investments Construction of a Cruise Passenger Terminal Development of a logistics center of 60,000m² (Budgeted cost: EUR55m) (Budgeted cost: EUR77.5m) Concerns the construction of the Passenger Terminal A subsidiary is being established for the development and buildings, upon the completion o
Slide 38: Distributions to Shareholders
Distributions to Shareholders Dividend Payout Ratio (%) 2.50 Dividend per Share Dividend Yield (%) 8.0% 6.6% 6.4% 7.0% 2.00 5.8% 6.0% 4.6% 1.50 5.0% 3.6% 4.0% 1.00 3.0% 2.0% 0.50 1.0% 0.628 1.040 1.336 1.920 1.896 43% 49% 50% 55% 55% 0.00 0.0% 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 • Prop
Slide 39: Cash Evolution / and Dividend Policy; Return for the Society
Cash Evolution / and Contribution Dividend HighPolicy Return for the Society Construction of a new modern Grant of the SILO warehouse to the park/ playground Ministry of Culture for the creation of the Museum of Sea Antiquities 39
Slide 40: Contact details
Contact details: Nektarios Demenopoulos Ioannis Karalis IR Manager IR Officer Tel.: +30 210 4550226 Tel.: +30 210 4550276 Mob.: +30 694 7931026 Email: karalisi@olp.gr Email: demenopoulosn@olp.gr 40
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