Piraeus Port Authority S.a. · ATHEX:PPA
Piraeus Port Authority — FY2024 Earnings Presentation
29 slides from Piraeus Port Authority's earnings presentation, April 2025
Slide 1: Piraeus Port Authority Full-Year Results 2024
Piraeus Port Authority FULL-YEAR RESULTS 2024
Slide 2: 2024 Highlights
2024 Highlights Strong Cash Net Profitability position enhancement Cash Balances at +30.8% y-o-y €204.5m Revenue increase Proposed DPS of +5.0% y-o-y increase of +43.7% y-o-y 2
Slide 3: 2024 Highlights
2024 2024 Highlights Highlights Revenues (€ m) 250 200 150 100 • FY24 Revenues at €230.9m, +5.0% y-o-y 50 • FY24 EBITDA at €129.5m, +11.6% y-o-y 132.9 154.2 194.6 219.8 230.9 0 • Cash balances of €204.5m at year-end 2024 2020 2021 2022 2023 2024 from cash balances of €202.5m at year-end 2023 EBITDA
Slide 4: P&L Expenses
P&L Expenses (€ m) 2024 2023 (€ m) 2024 2023 Revenue 230.9 219.8 Payroll and employee related 71.1 65.5 Cost of Sales -95.0 -88.2 costs Gross profit 135.9 131.6 Third party fees 5.0 3.9 Administrative expenses -31.4 -26.1 Third party services 14.6 14.9 Depreciation and Amortization 19.1 18.7 Net imp
Slide 5: Balance sheet Highlights
Balance sheet Highlights Cash and Cash Equivalent (€ m) Shareholders’ Equity (€ m) 111.4 135.0 171.5 202.5 204.5 246.0 276.2 314.5 355.1 409.1 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 Net debt (€ m) Amounts in € m 2020 2021 2022 2023 2024 5.7 Long-term Borrowings 44.5 38.5 32.5 26.5 20.5 Lo
Slide 6: Balance Sheet
Balance Sheet (€ m) 2024 2023 (€ m) 2024 2023 Fixed Assets 358.0 315.0 Long-term debt 20.5 26.5 Right-of-use assets 53.4 55.3 Lease liabilities 60.6 61.8 Other non-current liabilities 91.1 91.4 Other non-current assets 16.6 15.7 Trade accounts payable 27.9 10.7 Inventories 3.5 4.0 Trade and other Sh
Slide 7: Cash Flow
Cash Flow • Investment program in • €33.4m progress (€ dividends 64.3m) • €6.0m debt repayment • €3.8m inflow from time • €3.7m lease deposits payment (Amounts in € m) 7
Slide 8: Volume Evolution
Volume Evolution 2024 2023 Chg. % Cruise (passengers) 1,698,877 1,484,788 14.4% Coastal Shipping (passengers) 17,053,118 16,158,776 5.5% Vehicle Traffic (units) 3,025,457 2,878,422 5.1% Car Terminal (units) 247,600 317,301 -22.0% Ship Repair Activity (vessels) 275 270 1.9% Docks (vessels) 143 154 -7
Slide 9: Cargo Handling Activities
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 9
Slide 10: 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 11: Concession Arrangement Pier 2&3
Concession Arrangement Pier 2&3 Revenues (€ m) Traffic in TEUs (‘000) 4,897 4,696 4,352 4,587 4,228 66.5 70.1 82.7 87.4 81.7 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 EBITDA (€ m) FY24 Revenues at €81.7m, -6.5% y-o-y FY24 EBITDA at €69.8m, -7.5% y-o-y, 85.4% mgn. 54.4 59.5 72.4 75.4 69.8 TEU
Slide 12: 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 2024 Revenues increased by 10.1% y-o-y at €50.0m 2024 EBITDA reached €7.4m (-1.3% y-o-y, 14.8% mgn.) T
Slide 13: Container Terminal: Pier 1
Container Terminal: Pier 1 Revenues (€ m) Volumes in TEUs 2024 2023 % Local 232,252 172,148 34.9% T/S 331,473 342,234 -3.1% 24.3 29.6 40.0 45.4 50.0 Total 563,725 514,382 9.6% 2020 2021 2022 2023 2024 EBITDA (€ m) TEU traffic evolution (units) Local Transshipment 3.9 7.5 7.4 331,473 342,234 -7.4 -4.
Slide 14: 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 2024 Revenues at €27.1m (+28.2% y-o-y) ➢ St
Slide 15: Car Terminal
Car Terminal Revenues (€ m) Volumes 2024 2023 % Local 137,825 153,381 -10.1% T/S 109,775 163,920 -33.0% 11.1 14.1 17.5 21.1 27.1 Total 247,600 317,301 -22.0% 2020 2021 2022 2023 2024 EBITDA (€ m) Traffic (units) Local Transshipment 328,988 234,238 163,920 217,880 109,775 116,732 153,381 137,825 2.4
Slide 16: Passenger Traffic Activities
Passenger Traffic Activities Cruise Sector Ferry Terminal 16
Slide 17: 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 18: Cruise Terminal
Cruise Cruise Terminal Sector Revenues (€ m) Passenger Traffic (‘000 passengers) Homeport Transit 1,698,877 1,484,788 Covid-19 880,416 outbreak 303,665 2.0 9.5 17.6 26.3 30.4 16,640 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 EBITDA (€ m) Cruise calls Homeport Transit 16.8 14.7 810 760 677 9.6
Slide 19: 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 • Multiple port facilities 2024
Slide 20: Ferry Terminal
FerryFerry Terminal Terminal Revenues (€ m) Passenger Traffic (in m passengers) Coastal Line Saronic Gulf Salamis 17.1 16.2 15.0 8.3 9.4 11.4 11.8 12.5 11.9 2020 2021 2022 2023 2024 10.4 EBITDA (€ m) 4.1 5.1 5.7 6.0 6.1 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 20
Slide 21: 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 22: Ship Repair Zone
Ship Repair Zone Revenues (€ m) Vessels (units) Vessels/Docks Vessels/Ship Repair Total 405 413 424 418 375 264 280 270 275 254 141 133 154 143 121 13.8 13.4 15.0 15.8 15.9 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 EBITDA (€ m) Docks Working days 4.8 4.3 5.6 5.9 5.6 958 1161 1304 1439 1389 2
Slide 23: Segment Information 2024
Segment Information CONTAINER CONSESSION CAR SHIP OTHER 2024 TERMINAL COASTING CRUISE COMPANY TOTAL ARRANGEMENT TERMINAL REPAIRING SEGMENTS OPERATION Revenues 50.0 81.7 27.1 12.5 30.4 15.9 13.3 0.0 230.9 Cost of sales -43.3 -4.4 -8.8 -6.1 -12.0 -12.2 -8.2 0.0 -95.0 Gross 6.7 77.3 18.2 6.4 18.4 3.7 5
Slide 24: Segment Information 2023
CONTAINER CONSESSION CAR SHIP OTHER 2023 TERMINAL COASTING CRUISE COMPANY TOTAL ARRANGEMENT TERMINAL REPAIRING SEGMENTS OPERATION Revenues 45.4 87.4 21.1 11.8 26.3 15.8 12.0 0.0 219.8 Cost of sales -39.9 -4.5 -8.2 -5.6 -10.4 -11.9 -7.6 0.0 -88.2 Gross 5.5 82.8 12.9 6.1 15.9 3.9 4.4 0.0 131.6 profit/
Slide 25: Performance Evolution
Performance Evolution Sales EBITDA Net Profit 231 220 195 154 149 133 133 129 112 116 103 96 67 70 57 58 87 67 35 37 28 28 53 7 11 35 26 2016 2017 2018 2019 2020 2021 2022 2023 2024 25
Slide 26: Share price movement
Share price movement 40.0 € 35.0 € 30.0 € 25.0 € 20.0 € Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 26
Slide 27: Investment Plan
Investment Plan Concession Construction Accumulated Mandatory Agreement Contract Investment Item Name Enhancement Reference Amount Amount until Amount 31-Dec 2024 Passenger Terminal Expansion (South Zone - Phase ME01 136.3 103.0 45.8 A) Repair of pavements, rails and RMG cranes of Pier ME02 8.0 6.8
Slide 28: Distributions to Shareholders
Distributions to Shareholders Dividend per Share Dividend yield (%) Dividend Payout ratio (%) 3.00 6.6% 6.4% 7.0% 5.8% 2.50 6.0% 5.0% 2.00 3.6% 4.0% 1.50 3.0% 2.1% 1.00 2.0% 0.50 1.0% 0.40 0.63 1.04 1.34 1.92 40% 45% 50% 50% 55% 0.00 0.0% 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 • Proposed
Slide 29: Contact details
Contact details: Nektarios Demenopoulos Melina Spyropoulou Deputy Manager IR Officer PR, IR & Company PR, IR & Company Announcements Dpt. Announcements Dpt. Tel.: +30 210 4550226 Tel.: +30 210 4550340 Mob.: +30 694 7931026 Email: spyropouloum@olp.gr Email: demenopoulosn@olp.gr
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