Athens Water Supply And Sewerage Company S.a. · ATHEX:EYDAP
Athens Water Supply And Sewerage — FY2025 Earnings Presentation
48 slides from Athens Water Supply And Sewerage's earnings presentation, Apr 30, 2025
Slide 1: Financial Results 2025
Financial Results 2025 A Year of Transition – The new regulatory framework and the accelerating investment footprint offer strong prospects Harry Sachinis EYDAP CEO April 30, 2025
Slide 2: EYDAP is the largest water cycle management company in Greece
EYDAP IS THE LARGEST WATER CYCLE MANAGEMENT COMPANY IN GREECE 4.4 million (40%) 14,000 km 1.1 million m³ 15% -> 10% Water supply customers Water supply network Daily water supply 3.7 million + 8,500 + 1,500 km 0.7 million m³ Reduction in losses Sewerage customers Sewer network Daily wastewater treat
Slide 3: Exceptional quality throughout the entire water cycle
EXCEPTIONAL QUALITY THROUGHOUT THE ENTIRE WATER CYCLE WATER SUPPLY WASTEWATER • 170,000+ laboratory analyses per year on 12,000 water • 16,000+ samples & 92,000+ laboratory analyses annually samples • ISO 17025-accredited laboratories for wastewater analysis • Continuous quality control 365 days a y
Slide 4: Strengthening our workforce supports the future of the water cycle
STRENGTHENING OUR WORKFORCE SUPPORTS THE FUTURE OF THE WATER CYCLE FOR CONSUMERS 2,035 70% ISO 17025 #1: 74% Customer satisfaction vs. Employees Women in senior positions “Clean Water for All” Public Services The driving force and supporter of EYDAP’s work is its people, which, with their specialize
Slide 5: Transition year with strong underlying operating performance
TRANSITION YEAR WITH STRONG UNDERLYING OPERATING PERFORMANCE RESULTS (Published) ADJUSTED RESULTS Revenue Revenue €364.7 million €406.6 million ↓ -2.4% YoY ↑ +8.8% YoY EBITDA EBITDA €32.1 million €78.6 million ↓ -44% YoY → ↑ +38% YoY Net Income Net Income -€21.3 million €36.1 million Losses ↑ +147%
Slide 6: The new regulatory framework drives visibility and growth
THE NEW REGULATORY FRAMEWORK DRIVES VISIBILITY AND GROWTH WHAT THE NEW FRAMEWORK MEANS + €78.3 million/year Annual revenue increase (2026–2029) • Regulatory framework based on the Regulated Asset Base (RAB) • Revenue visibility through 2029 and beyond, with flexibility in cost recovery • The Regulat
Slide 7: Accelerated 10-year investment plan: €2.5 billion
ACCELERATED 10-YEAR INVESTMENT PLAN: €2.5 BILLION €2.5 billion 181 €77.5 million +27.6% 56% 2025 CAPEX execution: 5x Execution of Investments Total 10-year CAPEX Active projects higher vs. average of the past EU-funded in 2025 increase vs. 2024 six years Other EIB 6% Financing 10% Sewerage Projects
Slide 8: Targeted interventions have helped address water scarcity
TARGETED INTERVENTIONS HAVE HELPED ADDRESS WATER SCARCITY EYDAP is already implementing projects in Attica in collaboration with the government (Mavrosouvala, Evinos, Ougra). Medium-Term Interventions • Reduction of Water Losses • Reduction of Network Leaks • Resource Conservation • Water Reuse Evri
Slide 9: Flexibility and development
FLEXIBILITY AND DEVELOPMENT D R A F T L A W F O C U SE S O N F L E X I B I LI T Y The proposed regulations create a clearer, flexible, and functional framework—clarifying tax issues, facilitating reserves management, and enhancing organizational flexibility contribute to strengthening our financial
Slide 10: Financial Results
@©EYDAP Financial Results 2025
Slide 11: Main Points affecting Financial Results 2025
Main Points affecting Financial Results 2025 ✓ New Regulatory Framework for 2025-2029 applicable in 2026 onwards. ✓ Revenues Decrease by €9 million (- €2.4%) due to 1.6% decline in consumption, from 407M cubic meters to 400M cubic meters of water. ✓ Increase Provisions for Litigation Expenses by €14
Slide 12: New Regulatory Framework 2025-2029
New Regulatory Framework 2025-2029 Not Applied 2024 2025 2026 2027 2028 2029 Total Revenues from Water Consumptiom 230.045 € 225.254 € 455.299 € Revenues from Sewer Usage 104.051 € 101.940 € 205.991 € Total Regulated Revenue 334.096 € 327.194 € 661.290 € Allowed Revenue 1st regulatory period 2025-20
Slide 13: Financial Results 2025 (Company) Adjusted
Financial Results 2025 (Company) Adjusted Adjusted % 2025 vs Adjusted 2025 ‘000€ 2023 2024 2025 2025 2024 vs 2024 Turnover 351.574 373.703 364.699 -2,4% 406.599 8,8% Gross Profits 133.836 152.622 136.161 -10,8% 178.061 16,7% % of turnover 38,1% 40,8% 37,3% 43,8% EBITDA 60.824 57.064 32.131 -44% 78.5
Slide 14: EBITDA 2025
EBITDA 2025 (΄000 €) 60.000 € -24.933/-44% 55.000 € 57.064 € 5.310 € 50.000 € -5.486 € -2.087 € 5.264 € 4.079 € -1.766 € -4.851 € 45.000 € -1.634 € -1.592 € -1.507 € -4.546 € 40.000 € -1.469 € 35.000 € 32.131 € -14.648 € 30.000 € 25.000 €
Slide 15: Earnings Before Taxes (EBT) 2025
Earnings Before Taxes (EBT) 2025 (΄000 €) 50.000 -31.274/-125% 40.000 30.000 25.056 20.000 10.000 0 272 -24.933 -1.128 -10.000 -5.485 -6.218 EBT 2024 EBITDA D&A Financial Income Financial Expenses EBT 2025 (Losses)
Slide 16: EBITDA without Various Provisions 2025
EBITDA without Various Provisions 2025 (΄000 €) 2023 2024 2025 Y-o-Y Y-o-Y% EBITDA 60.824 57.064 32.131 -24.933 -44% Various Provisions 1.307 1.301 12.397 11.096 853% EBITDA-Various Provisions 62.131 58.365 44.528 -13.837 -24% VARIOUS PROVISIONS 2023 2024 2025 Y-o-Y Bad Debt Expenses -477 6.501 2.42
Slide 17: EBITDA 2025 Adjusted
EBITDA 2025 Adjusted (‘000 €) 95.000 € +21.513/+38% 85.000 € 41.900 € 75.000 € 78.577 € 65.000 € 57.064 € 55.000 € 5.310 € -5.486 € 5.264 € 4.079 € -2.087 €-1.766 € 45.000 € -1.634 €-1.592 € -4.851 € -1.507 €-1.469 € -4.546 € 4.546 € 35.000 € 32.131 € -14.648 € 25.000 € 15.000 € Litigation Provision
Slide 18: Earnings Before Taxes (EBT) 2025 Adjusted
Earnings Before Taxes (EBT) 2025 Adjusted (‘ 000 €) 70.000 € +18.276/+73% 60.000 € 50.000 € 41.900 € 43.332 € 40.000 € 30.000 € 25.056 € 20.000 € 10.000 € 7.650 € - € 272 € -24.933 € -1.128 € -10.000 € -5.485 € -6.218 € -20.000 € EBITDA Financial Income ΕΒΤ 2025 Regulatory Revenue EBT 2024 D&A Finan
Slide 19: Turnover Breakdown
Turnover Breakdown 2025 (‘000 €) TURNOVER 2023 2024 2025 Y-O-Y Revenues from Water Supply and Related Services 222.918 239.226 233.740 -2,3% % of turnover 63,4% 62,8% 64,1% Revenues from Sewerage Services 101.606 106.656 104.570 -2,0% % of turnover 28,9% 28,0% 28,7% Revenues from Electric Power Gene
Slide 20: Turnover
Turnover 2025 (‘000 €) - 9.004 € - 2,4% 385.000 380.000 375.000 373.703 5.486 370.000 2.087 -2,3% 591 840 364.699 365.000 -2% - -96,9% 360.000 355.000 350.000 Turnover 12m 2024 Water Sector Revenues Sewerage Sector Revenues from Electric Sales of Stock Turnover 12m 2025 Revenues Power Generation
Slide 21: Revenues from Water Supply and Related Services
Revenues from Water Supply and Related Services 2025 (‘000 €) WATER SUPPLY AND RELATED SERVICES 2023 2024 2025 Υ-Ο-Υ Revenues from Water Consumption 215.410 230.045 225.254 -2,1% % of the total of water supply and related services 96,6% 96,2% 96,4% New Water Supply Connections 3.985 4.511 4.882 8,2%
Slide 22: Revenues from Water Supply and Related Services
Revenues from Water Supply and Related Services 2025 (‘000 €) - 5.486 € - 2,3% 253.000 250.000 247.000 244.000 241.000 239.226 4.791 238.000 1.142 371 233.740 235.000 27 49 232.000 -2,1% -30,6% +7,9% +8,4% +8,2% 229.000 226.000 223.000 Revenues from Water- Revenues from Water Others Connection Fees
Slide 23: Revenues from Sewerage Services
Revenues from Sewerage Services 2025 (‘000 €) Sewerage Revenues 2023 2024 2025 Υ-Ο-Υ Revenues from Sewer Usage 99.077 104.051 101.940 -2,0% % of the total Revenues from Sewerage Services 97,5% 97,6% 97,5% Connection Fees 868 983 1.016 3,3% % of the total Revenues from Sewerage Services 0,9% 0,9% 1,0
Slide 24: Revenues from Sewerage Services
Revenues from Sewerage Services 2025 (‘000 €) 110.000 -2.087 € -2% 108.000 106.656 2.111 106.000 19 11 33 104.570 +0,7% + 3,3% 104.000 -2% -27,4% 102.000 Revenues from Sewerage Revenues from Sewerage Sewerage Works Sewerage Charges (from Connection Fees Revenues from Sewerage Services 12m 2024 Usage
Slide 25: Operating Expenses Breakdown
Operating Expenses Breakdown* 2025 (‘000 €) OPERATING EXPENSES 2023 2024 2025 Υ-O-Y Personnel Costs 128.620 140.259 134.995 -4% % of Operating Expenses 44% 44% 41% Utility Expenses 55.919 56.997 51.904 -9% % of Operating Expenses 19% 18% 16% Third-party Expenses and Fees 58.009 67.044 76.043 13% % o
Slide 26: Operating Expenses
Operating Expenses * 2025 (‘000 €) +11.996 € +4% 340.000 330.000 11.096 328.259 320.000 8.999 316.263 5.264 5.093 +853% 310.000 -4% 2.512 4.400 1.100 1.469 +13% -9% -28% +27% 300.000 -4% +10% 290.000 280.000 270.000 OPEX 2024 Personnel Costs Utility Expenses Expenses for Self- Cost for Raw Raw mater
Slide 27: Personnel Costs Breakdown
Personnel Costs Breakdown 2025 (‘000 €) PERSONNEL COSTS 2023 2024 2025 Υ-O-Y Wages and Salaries 94.797 104.805 102.599 -2% % of the total of Personnel Costs 74% 75% 76% Social Security Costs 22.045 23.577 19.704 -16% % of the total of Personnel Costs 17% 17% 15% Provisions for post-employment health
Slide 28: Personnel Costs
Personnel Costs 2025 (‘000 €) -5.264 € -4 % 145.000 143.000 141.000 140.259 3.872 139.000 137.000 2.206 -16% 1.006 134.995 135.000 406 214 -2% +10% +14% 133.000 -16% 131.000 129.000 127.000 125.000 Personnel Costs 2024 Social Security Costs Wages and Salaries Provisions for other DB Provisions for p
Slide 29: Breakdown of Third-Party Expenses & Fees
Breakdown of Third-Party Expenses & Fees 2025: (‘ 000 €) THIRD-PARTY EXPENSES & FEES 2023 2024 2025 Y-o-Y O&M Contractors 30.963 33.635 35.401 5% Personnel Contractors 10.709 11.853 13.487 14% Various Third Party Expenses without tax 5.225 7.479 9.296 24% Security and Fire protection Contractors 4.1
Slide 30: Third-Party Expenses & Fees
Third-Party Expenses & Fees 2025: (‘ 000 €) +8.999€ +13% 80.000 76.043 2.459 75.000 1.821 1.766 +194% 1.635 +24% 70.000 67.044 1.262 122 63 60 25 19 305 +5% +14% 65.000 -5% -5% -12% -11% +2% +34% +20% 60.000 55.000 50.000 Third-Party Third Party Third Party Third Party Social Security Third Party Αμ
Slide 31: Breakdown of Charges for Outside Services
Breakdown of Charges for Outside Services 2025 (‘000 €) UTILITY EXPENSES 2023 2024 2025 Y-o-Y Electricity 32.873 29.994 24.685 -18% % of the total of Utility Expenses 59% 53% 48% Natural Gas 107 57 24 -58% % of the total of Utility Expenses 0% 0% 0% Rents 8.733 9.182 9.357 2% % of the total of Utili
Slide 32: Charges for Outside Services
Charges for Outside Services 2025 (‘000 €) -5.093€ 70.000 -9% 65.000 60.000 56.997 5.310 55.000 804 1.507 51.904 629 33 175 50.000 -18% -17% -15% +17% -58% +2% 45.000 40.000 35.000 30.000 Utility Expenses 2024 Electricity Other Utility Expenses Mail Services - Natural Gas Rents Repair and Utility Ex
Slide 33: Breakdown of Other Expenses
Breakdown of Other Expenses 2025 (‘000 €) OTHER EXPENSES 2023 2024 2025 Y-o-Y Taxes and duties 4.700 4.959 5.174 4% % of the total of Other Expenses 36% 31% 25% Consumables 3.130 3.738 3.963 6% % of the total of Other Expenses 24% 23% 19% Promotion and Advertising Expenses 1.125 1.843 3.435 86% % of
Slide 34: Other Expenses
Other Expenses 2025 (‘000 €) +4.400 € +27% 1.593 20.575 20.000 1.547 +86% 18.000 1.028 225 +48% 16.175 209 216 16.000 +6% +97% -15% +4% 14.000 12.000 10.000 Other Expenses 2024 Donations and Grants Taxes and duties Consumables Transportation Expenses Various Other Expenses Promotion and Other Expens
Slide 35: Balance Sheet
Balance Sheet 2025 (‘000 €) ASSETS 2024 2025 25-24% Tangible Assets 807.175 847.476 5,0% Intagible Assets 71.736 67.382 -6,1% Right-of-Use Assets 2.819 10.811 283,5% Other Non Current Assets 98.918 113.813 15,1% Inventories 21.037 21.647 2,9% Trade Receivables-Contract Assets 187.513 169.674 -9,5% O
Slide 36: Breakdown Receivables from Customers and Contract Assets
Breakdown Receivables from Customers and Contract Assets 2025 (‘000 €) Receivables from Customers and Contract Assets 2024 2025 Receivables from Customers and Contract Assets before provisions 293.140 277.723 Provisions for doubtful receivables and Contract Assets 105.627 108.049 Total Receivables f
Slide 37: Cash Flow Statement
Cash Flow Statement 2025 (‘000 €) 2023 2024 2025 Cash Flow from operating activities Profit before tax 27.988 25.056 -6.218 Adjustments for non-cash items 40.658 40.045 59.346 Adjustments in operating assets and liabilities -53.521 -35.815 -34.891 Late payment charges collected 8.467 7.082 8.289 Int
Slide 38: Cash Balances 2025
Cash Balances 2025 (‘000€) 350.000 € -23.124/-8% 340.000 € 330.000 € 320.000 € 16.828 € 310.000 € 300.000 € 298.797 € 290.000 € 280.000 € -30.990 € 275.673 € 270.000 € -8.962 € 260.000 € 250.000 € Cash Beginning Period(2025) Operational Activities Investing Activities Financing Activities Cash Endin
Slide 39: CAPEX
CAPEX
Slide 40: Total Capex 2025
Total Capex 2025 83,9 90,0 80,0 66,8 70,0 60,0 52,5 47,7 50,0 40,0 31,3 30,0 19,1 20,0 10,0 0,0 Water Sewerage Total Capex 2024 2025
Slide 41: Investments Actual 2025 vs 2024
Investments Actual 2025 vs 2024 +15% +55% 68% Water Supply Sewerage Network 78% Absorption rate Investments Investments Absorption rate 2024 (31,3 vs 19,1) (52,5 vs 47,7) 2025 m. € m.€ +17,1 m. € (+26% ΥoΥ) 4,9 83,9 12,2 87% 0,0 66,8 93% m€ ACTUAL WATER SUPPLY SEWERAGE NETWORK ENERGY ACTUAL 2024 INV
Slide 42: Investment Projects & Fixed Assets 2025 vs 2024
Investment Projects & Fixed Assets 2025 vs 2024 FIXED ASSETS PTOJECTS TOTAL % Change (2025-2024) +6% +28% +26% (FIXED ASSETS +PROJECTS) 83,9 6,4 66,8 6,0 77,5 Fixed Assets m€ Projects 60,7 Απολογισμός 2024 Actual 2024 Απολογισμός 2025 Actual 2025
Slide 43: Investment Projects Evolution 2021-2025
Investment Projects Evolution 2021-2025 100 80 77,5 60,7 60 m€ 44,3 40 87% 30,5 74% 20 18,3 96% 93% 58% 0 2021 2022 2023 2024 2025 Απολογισμός Actual Absorption rate (%)
Slide 44: Main Investment Projects 2025
Main Investment Projects 2025 2025 (m. €) Sewage Collection and Treatment Projects in the East Attica Region 39,2 Optimization of the water supply network 11,7 Energy optimization and upgrading of the Psyttalia WWTP 4,8 1 Upgrading of old pipelines of the central pantororic network 3,7 Digital Gover
Slide 45: Stock Price Evolution
Stock Price Evolution 2025
Slide 46: Stock Price Evolution 1/1/2025-31/12/2025
Stock Price Evolution 1/1/2025-31/12/2025 +32% 7,86 PRICE 5,94 VOLUME
Slide 47: Disclaimer
DI SCL AI M ER This presentation has been prepared by EYDAP S.A. (or the “Company”) for informational purposes only. The information contained in this presentation has not been independently verified, and no representation or warranty, express or implied, is made as to the accuracy, completeness, or
Slide 48: Athens Water Supply & Sewerage Company S.A.
Athens Water Supply & Sewerage Company S.A. 156 Oropou Street, Galatsi | 11146 Athens, Greece www.eydap.gr April 2025 | 2025 Annual Financial Results
Athens Water Supply and Sewerage Company S.A. (EYDAP) — FY2025 Earnings Presentation on 6ix