Athens Water Supply And Sewerage Company S.a. · ATHEX:EYDAP
Athens Water Supply And Sewerage — H1 2025 Earnings Presentation
36 slides from Athens Water Supply And Sewerage's earnings presentation, Sep 25, 2025
Slide 1: Financial Results 1st Half 2025
Financial Results 1st Half 2025 Harry Sachinis CEO September 25th, 2025 Yliki Reservoir 1
Slide 2: First Half 2025 Key Points
First Half 2025 Key Points Water consumption • Total water consumption slightly decreased (-0.9%) and consequently revenue had a slight decline of 0,7% Financial drivers • Because of the delay of the implementation of the regulatory framework and the increase of the litigation provisions, the Compan
Slide 3: First Half 2025 Financial Results Summary
First Half 2025 Financial Results Summary Turnover: Slight decline of -0.7% (€173.3m vs. €174.5m in 1H2024), mainly due to lower water supply revenues (-1.2%). Operating Costs: Significant increase of +10.3% (17.1 million euro), driven by higher litigation provisions (+€18,3 million euro). The curre
Slide 4: Water scarcity is a global challenge and Greece is called upon to manage it
Water scarcity is a global challenge and Greece is called upon to manage it with emphasis on Attica HISTORICAL WATER RESERVES ? 2008-2021 2021-2025 Date Reserves Annual ➢ reduction in annual rainfall by about Water reserves significant and (in million m3) Deficit 25% stable at 1.1 systematic ➢ incre
Slide 5: EYDAP S.A. is assisting the Greek State with the plan to face water scarcity
EYDAP S.A. is assisting the Greek State with the plan to face water scarcity 0-2 years: "We Buy Time" with: A. Operation of Mavrosouvala Drilling →32 million cubic meters per year B. Reduction by 70% of the 1st environmental supply of the Evinos Reservoir → 22 million m³ per year C. Groundwater abst
Slide 6: The RAB based regulatory framework which ensures cost recovery has not yet been implemented
The RAB based regulatory framework which ensures cost recovery has not yet been implemented Methodology for calculating allowable income based on the Regulated Asset Base (RAB) model Allowable Income Return on RAB Operating Cost Depreciation RAB Value WACC •EYDAP has fully met its obligations, submi
Slide 7: The implementation of the new regulatory framework unlocks €2.5 billion in investments
The implementation of the new regulatory framework unlocks €2.5 billion in investments by EYDAP that will address... Aging infrastructure The development of Attica Environmental obligations and Some of the challenges of the climate crisis … as well as €0.5 billion for projects of the State to addres
Slide 8: EYDAP is implementing a demanding ten-year investment plan of €2.5 billion
EYDAP is implementing a demanding ten-year investment plan of €2.5 billion… CATEGORIES OF THE 167 PROJECTS OF THE INVESTMENT PROGRAM2025-2034 BY 39% SUBSIDIZED Buildings Digital Upgrade 56.227.199,18 61.022.235,26 2% 14.677.521,02 €; 1% 470.508.967,96 €; 19% 2% Water Supply Networks & Treatment Plan
Slide 9: Financial Highlights
Financial Highlights H1 2025 Results M a ra t h o n D a m
Slide 10: Financial Results 1H 2025 (Company)
Financial Results 1H 2025 (Company) In thousands of € 1H 2023 1H 2024 1H 2025 Y-O-Y Turnover 162.764 174.486 173.263 -1% Gross Profits 55.317 72.782 56.317 -23% % of turnover 34,0% 41,7% 32,5% EBITDA 19.203 30.210 10.646 -65% % of turnover 11,8% 17,3% 6,1% EBIT -329 8.510 -10.471 -223% % of turnover
Slide 11: EBITDA 1H 2025
EBITDA 1H 2025 (in thousands of €) In all presentation diagrams the size increases are shown in blue and the decreases in red. If the total change is positive for the company's profits it is displayed in green while if it is negative in orange
Slide 12: EBITDA without Various Provisions 1H 2025
EBITDA without Various Provisions 1Η 2025 (in thousands of €) 1H 2023 1H 2024 1H 2025 Y-O-Y Y-O-Y % EBITDA 19.203 30.210 10.646 -19.564 -65% Various Provisions 2.312 -6.955 11.324 18.279 263% EBITDA-Various Provisions 21.515 23.255 21.970 -1.286 -6% VARIOUS PROVISIONS 1H 2023 1H 2024 1H 2025 Y-o-Y P
Slide 13: EBITDA without Various Provisions
EBITDA without Various Provisions 1Η 2025 (in thousands of €)
Slide 14: EBIT without Various Provisions 1H 2025
EBIT without Various Provisions 1Η 2025 (in thousands of €) ΑΠΟΛΟΓΙΣΜΟΣ 1H 2023 1H 2024 1H 2025 Y-O-Y Y-O-Y % EBITDA-Various Provisions 21.515 23.255 21.970 -1.286 -6% D&A 19.532 21.700 21.117 -583 -3% EBIT-Various Provisions 1.984 1.555 852 -702 -45% 14
Slide 15: Earnings Before Taxes (EBT)
Earnings Before Taxes (EBT) 1Η 2025 (in thousands of €) In all presentation diagrams the size increases are shown in blue and the decreases in red. If the total change is positive for the company's profits it is displayed in green while if it is negative in orange
Slide 16: Production of Water Treatment Plants until 21/9/2025
Production of Water Treatment Plants until 21/9/2025 (in mil. cubic meters)
Slide 17: Turnover Breakdown
Turnover Breakdown 1Η 2025 (in thousands of €) TURNOVER 1H 2023 1H 2024 1H 2025 Y-O-Y Revenues from Water Supply and Related Services 101.299 109.588 108.324 -1,2% % of turnover 62,2% 62,8% 62,5% Revenues from Sewerage Services 47.837 50.556 51.443 1,8% % of turnover 29,4% 29,0% 29,7% Revenues from
Slide 18: Turnover
Turnover 1Η 2025 (in thousands of €) In all presentation diagrams the size increases are shown in blue and the decreases in red. If the total change is positive for the company's profits it is displayed in green while if it is negative in orange
Slide 19: Revenues from Water Supply and Related Services
Revenues from Water Supply and Related Services 1Η 2025 (in thousands of €) WATER SUPPLY AND RELATED SERVICES 1H 2023 1H 2024 1H 2025 Υ-Ο-Υ Revenues from Water Consumption 97.511 105.307 104.366 -0,9% % of the total of water supply and related services 96,3% 96,1% 96,3% New Water Supply Connections
Slide 20: Revenues from Water Supply and Related Services
Revenues from Water Supply and Related Services 1Η 2025 (in thousands of €) In all presentation diagrams the size increases are shown in blue and the decreases in red. If the total change is positive for the company's profits it is displayed in green while if it is negative in orange
Slide 21: Revenues from Sewerage Services
Revenues from Sewerage Services 1Η 2025 (in thousands of €) Sewerage Revenues 1Η 2023 1Η 2024 1Η 2025 Υ-Ο-Υ Revenues from Sewer Usage 46.596 49.277 50.145 1,8% % of the total Revenues from Sewerage Services 97,4% 97,5% 97,5% Connection Fees 420 494 474 -4,1% % of the total Revenues from Sewerage Ser
Slide 22: Revenues from Sewerage Services
Revenues from Sewerage Services 1Η 2025 (in thousands of €) In all presentation diagrams the size increases are shown in blue and the decreases in red. If the total change is positive for the company's profits it is displayed in green while if it is negative in orange
Slide 23: Operating Expenses Breakdown
Operating Expenses Breakdown* 1Η 2025 (in thousands of €) OPERATING EXPENSES* 1H 2023 1H 2024 1H 2025 Υ-O-Y Personnel Costs 63.740 69.879 67.728 -3% % of Operating Expenses 44% 48% 42% Utility Expenses 28.324 24.754 23.978 -3% % of Operating Expenses 20% 17% 15% Third-party Expenses and Fees 27.620
Slide 24: Operating Expenses Breakdown 1H 2025
Operating Expenses Breakdown* 1Η 2025 (amounts in thousands of €) *before D&A expenses In all presentation diagrams the size increases are shown in blue and the decreases in red. If the total change is positive for the company's profits it is displayed in green while if it is negative in orange
Slide 25: Personnel Costs Breakdown 1H 2025
Personnel Costs Breakdown 1Η 2025 (amounts in thousands of €) PERSONNEL COSTS 1H 2023 1H 2024 1H 2025 Υ-O-Y Wages and Salaries 47.636 52.512 51.426 -2% % of the total of Personnel Costs 75% 75% 76% Social Security Costs 11.110 12.034 10.684 -11% % of the total of Personnel Costs 17% 17% 16% Provisio
Slide 26: Personnel Costs 1H 2025
Personnel Costs 1Η 2025 (amounts in thousands of €) In all presentation diagrams the size increases are shown in blue and the decreases in red. If the total change is positive for the company's profits it is displayed in green while if it is negative in orange
Slide 27: Breakdown of Various Provisions 1H 2025
Breakdown of Various Provisions 1Η 2025 (amounts in thousands of €) VARIOUS PROVISIONS 1H 2023 1H 2024 1H 2025 Y-o-Y Provisions for Impairment of Receivables * 1.924 2.057 1.648 -20% Provisions for Litigations Cases 429 -8.488 9.625 213% Provisions for Obsοlete Inventories -40 -523 50 110% Total of
Slide 28: Breakdown of Third-Party Expenses & Fees
Breakdown of Third-Party Expenses & Fees 1Η 2025 (in thousands of €) THIRD-PARTY EXPENSES & FEES 1H 2023 1H 2024 1H 2025 Y-o-Y O&M Contractors 15.852 17.015 18.207 7% Personnel Contractors 4.562 5.407 5.133 -5% Various Third Party Expenses without tax 2.147 2.900 3.635 25% Security and Fire protecti
Slide 29: Third-Party Expenses & Fees
Third-Party Expenses & Fees 1Η 2025 (in thousands of €) In all presentation diagrams the size increases are shown in blue and the decreases in red. If the total change is positive for the company's profits it is displayed in green while if it is negative in orange
Slide 30: Breakdown of Utility Expenses
Breakdown of Utility Expenses 1Η 2025 (in thousands of €) UTILITY EXPENSES 1H 2023 1H 2024 1H 2025 Y-o-Y Electricity 17.249 12.637 10.929 -14% % of the total of Utility Expenses 61% 51% 46% Natural Gas 68 25 10 -60% % of the total of Utility Expenses 0% 0% 0% Rents 4.484 4.450 4.521 2% % of the tota
Slide 31: Utility Expenses
Utility Expenses 1Η 2025 (in thousands of €) In all presentation diagrams the size increases are shown in blue and the decreases in red. If the total change is positive for the company's profits it is displayed in green while if it is negative in orange
Slide 32: Breakdown of Other Expenses
Breakdown of Other Expenses 1Η 2025 (in thousands of €) OTHER EXPENSES 1Η 2023 1Η 2024 1Η 2025 Y-o-Y Taxes and duties 2.666 2.729 2.847 4% % of the total of Other Expenses 41% 41% 36% Consumables 1.348 1.923 1.809 -6% % of the total of Other Expenses 21% 21% 25% Promotion and Advertising Expenses 60
Slide 33: Other Expenses 1H 2025
Other Expenses 1Η 2025 (amounts in thousands of €) In all presentation diagrams the size increases are shown in blue and the decreases in red. If the total change is positive for the company's profits it is displayed in green while if it is negative in orange
Slide 34: Balance Sheet Items
Balance Sheet Items 1Η 2025 (in thousands of €) ASSETS 2024 1H 2025 1Η25-FY24 % Tangible Assets 807.175 819.996 1,6% Intagible Assets 71.736 70.594 -1,6% Right-of-Use Assets 2.819 6.035 114,1% Other Non Current Assets 98.918 115.514 16,8% Inventories 21.037 21.503 2,2% Trade Receivables-Contract Ass
Slide 35: Breakdown Receivables from Customers and Contract Assets
Breakdown Receivables from Customers and Contract Assets 1Η 2025 (in thousands of €) Receivables from Customers and Contract Assets 2024 1Η 2025 Receivables from Customers and Contract Assets before provisions 293.140 280.919 Provisions for doubtful receivables and Contract Assets 105.627 107.275 To
Slide 36: Cash Flow Statement 1H 2025
Cash Flow Statement 1Η 2025 (amounts in thousands of €) 1H 2023 1H 2024 1H 2025 Cash Flow from operating activities Profit before tax 1.873 14.488 -5.821 Adjustments for non-cash items 19.177 6.706 24.454 Adjustments in operating assets and liabilities -43.544 -28.305 -20.064 Late payment charges co
Athens Water Supply and Sewerage Company S.A. (EYDAP) — H1 2025 Earnings Presentation on 6ix