Piraeus, 30.10.2025
PPA SA: - Financial Results for the 9Months of 2025 -Continued Positive Performance and Resilience ANNOUNCEMENT 3rdQuarter 2025 I Financial ResultsPPA SA announces financial results for the third quarter of 2025, focusing on the financial performance and strategic developments which configures its growth.
The Company continues the upward trajectory of previous quarters, reinforcing its ongoing development, despite the ongoing challenges it faces. The main points of the third quarter of 2025:
Significant improvement in revenues
Strengthening of its profitability indicators
Strong liquidity and financial strength despite the full repayment of (bank) loan obligations of € 26.5 million and the payment of dividends for the year 2024 amounting to €48.0 million.
-
PnL: Ytd 3rd Quarter 2025 vs Ytd 3rd Quarter 2024
PnL: 3rd Quarter 2025 vs 3rd Quarter 2024
Amounts in €
01.01 -
30.09.2025
01.01 -
30.09.2024
% Δ
P&L Figures
Revenue
194.735.470
174.926.379
11,3%
Gross Profit
118.029.823
104.986.680
12,4%
EBITDA
111.500.713
103.258.714
8,0%
EBIT
97.221.832
88.865.029
9,4%
EBT
96.877.243
90.874.092
6,6%
EAT
76.049.431
70.199.378
8,3%
Amounts in €
01.07 -
30.09.2025
01.07 -
30.09.2024
% Δ
P&L Figures
Revenue
71.963.427
67.867.129
6,0%
Gross Profit
45.337.338
42.769.681
6,0%
EBITDA
42.232.366
41.947.521
0,7%
EBIT
37.447.925
37.226.895
0,6%
EBT
37.127.129
37.877.187
-2,0%
EAT
29.309.658
29.751.577
-1,5%
-
Balance Sheet
Amounts in €
30.09.2025
31.12.2024
% Δ
Balance Sheet Figures
Shareholders' Equity
437.118.343
409.068.912
6,9%
Net Cash
72.711.037
116.010.140
-37,3%
Total Debt
60.131.717
88.486.580
-32,0%
Total Debt-to-Equity Ratio
13,8%
21,6%
-36,4%
REMARK: All of the figures presented above with reference dates of 30 September 2025 and 30 September 2024 are unaudited financial information prepared in accordance with IFRS.
Net Cash = Cash & Cash equivalents - Total Debt Total Debt = Bank loans + Finance Lease Liabilities
EBITDA = Earnings Before Interest, Taxes, Depreciation & Amortisation
LEVERAGE CONTRACTOR = Total Debt / Equity
Amounts in million €
194,7
175,0
103,3
111,5
62,0
67,9
70,2
71,2
72,0
76,0
45,1
51,6
38,6
41,9
43,3
42,2
22,7 13,9
26,6
29,8
26,0 17,1
29,7
29,3
1 Q 24 2 Q 24 3 Q 24 Y TD 3 Q 24 1 Q 25 2 Q 25 3 Q 25 Y TD 3 Q 25
Average quarterly growth
1Q25 | 2Q25 | 3Q25 | Ytd 3Q25 | ||
vs | vs | vs | vs | ||
1Q24 | 2Q24 | 3Q24 | Ytd 3Q24 | y-o-y | |
Revenue | 14,5% | 14,7% | 6,0% | 11,3% | 11,3% |
EBITDA | 14,2% | 12,2% | 0,7% | 8,0% | 8,0% |
EAT | 23,0% | 11,6% | -1,5% | 8,3% | 8,3% |
-
Development by segment
Ytd 3Q25
Amounts in million €
CONTAINER PIER I
CONCESSION PIER II & III
RORO
CRUISE
FERRY
SHIP REPAIR
OTHERS SEGMENTS
COMPANY
TOTAL
Revenue
47,0
68,4
19,5
31,4
7,1
10,7
10,6
0,0
194,7
Gross Profit
12,3
64,9
12,4
21,0
2,1
1,4
3,9
0,0
118,0
EBITDA
12,1
59,1
11,5
18,9
2,1
3,2
6,4
-1,7
111,5
EBT
6,5
56,4
10,0
17,2
1,2
1,2
5,0
-0,6
96,9
EAT
6,5
56,4
10,0
17,2
1,2
1,2
5,0
-21,4
76,0
Ytd 3Q24
Amounts in million €
CONTAINER PIER I
CONCESSION PIER II & III
RORO
CRUISE
FERRY
SHIP REPAIR
OTHERS SEGMENTS
COMPANY
TOTAL
Revenue
36,7
59,8
22,0
24,4
10,0
12,2
9,8
0,0
174,9
Gross Profit
5,2
56,5
15,4
15,2
5,5
3,4
3,7
0,0
105,0
EBITDA
6,4
51,8
14,2
13,9
5,2
4,9
6,0
0,8
103,3
EBT
0,6
49,0
12,6
12,4
4,2
2,9
4,7
4,5
90,9
EAT
0,6
49,0
12,6
12,4
4,2
2,9
4,7
-16,2
70,2
Revenues continued the upward trend of the previous periods. Spearheading this growth are the Container Terminal, Cruise, and, of course, the concession revenue from Piers II & III, which offsets the reduced revenues from the Car Terminal, Coastal Shipping, and the Ship Repair Zone.
The improved results and profit margins reflect not only the improved revenue performance but also the effective cost management policy implemented by the Company's Management, despite the ongoing challenges of the general inflationary economic environment.
Organic growth of the segmentsVolumes
Business Units
3Q253Q24% Δ
Container (Pier I)
TEUs (Local)
199.873
173.362
15,3%
TEUs (Total)
546.399
413.865
32,0%
Cruise
Vessels (Homeport)
547
488
12,1%
Vessels (Total)
697
641
8,7%
Passengers (Homeport)
915.785
831.289
10,2%
Passengers (Total)
1.561.883
1.383.162
12,9%
Ferry
Vessels
13.428
12.131
10,7%
Passengers
14.133.977
13.903.784
1,7%
Vehicles
2.458.483
2.429.689
1,2%
RORO
Units (Local)
118.538
105.904
11,9%
Units (Total)
216.493
180.777
19,8%
Ship repair
Dry dock (vessels)
78
111
-29,7%
Repaired (Vessels)
193
188
2,7%
An increase in throughput compared to the third quarter of 2024 was recorded in most of PPA's operational sectors.
The pioneer of this growth is the Container Terminal sector where an increase of +32.0% in total cargo service is recorded. This extremely upward trend is supported both by the performance of domestic cargo, which is
increased by +15.3% compared to the corresponding quarter of the previous year (from 173,362 to 199,873 TEUs) following the growth path of the Greek economy, as well as the impressive increase in transshipment cargoes compared to the corresponding quarter of the previous year (+44.1% | from 240,502 to 346,526 TEUs).
The Cruise sector, having now established itself as a leading cruise port in the Mediterranean, continues its upward trend, influenced both by the increase in the number of homeport cruise passengers by +10.2% compared to the corresponding quarter of the previous year (from 831,289 to 915,758 passengers), and by the number of cruise passengers who used the port of Piraeus as an intermediate station +17.1% compared to the corresponding period of last year (from 551,873 to 646,098 passengers).
The Ferry sector recorded notable increases in all indicators, following the positive trend of the Greek market and Greek tourism. From May 1, 2025, and for a period of one (1) year, the Company implemented a 50% reduction in ferry and passenger fees, in line with the relevant amendment by the Ministry of Maritime Affairs and Insular Policy (Amendment to paragraph 2 of article 18 of law 743/1977 and article 96 of law 4504/2017 - Article 233 of law 5193/2025, Issue A, Government Gazette 56). The amendment has a significant impact on the sector's revenue for the nine-month period of the current year, and is the main reason for the decreased results of the sector compared to the corresponding period last year, despite its organic growth.
The Car Terminal recorded an increase in total loads by +19.8% compared to the corresponding period last year (from 180,777 to 216,493 vehicles), mainly due to the increase in transshipment vehicles by +30.8% (from 74,873 to 97,955 vehicles), as well as domestic loads +11.9% (from 105,904 to 118,538 vehicles). However, despite the increase in overall vehicle throughput levels during the current nine-month period compared to the corresponding period in 2024, the sector's total revenues show a decrease of € -2.5 million for the same period. This is mainly due to the resolution of most of the problems that had occurred in the industry's supply chain, both domestically and internationally, during the previous financial year. As a result, the storage time for cars on the port's piers has been "normalized", which had previously led to significantly increased storage service fees (YTD Q3 2025: €8.5 million, YTD Q3 2024: €12.9 million).
Concession revenue collected by Piraeus Container Terminal S.A. for the operation of Piers II & III increased by approximately € 8.7 million (+14.5%) during the current nine months of the year compared to the corresponding period of last year, due to the increase in transit cargo.
Ship repair recorded a decrease of the revenue by 12,3% compared to the correspondent period of 2024 which attributed to the maintenance works in the Floating Dock 2 and the decrease in total days of stay of vessels, especially in the Central Port area, where the number of temporary ship repair positions has been decreased due to the construction works and dredging.
- Liquidity
The company proceeded to a full and early repayment of its (bank) loan obligations of € 26.5 million on 7/3/2025, significantly reducing its exposure to interest rate risk, while maintaining its cash strength. Its strong liquidity allows it to both invest in short-term deposits and continue the smooth implementation of its huge investment plan and overall operation. The significant generation of positive cash flows and the very low debt-to-equity ratio indicate the Company's capability and stable development.
Cash availability clearly reflects the company's strong liquidity. It is noted that the reduction in the balance during the current period is mainly due to the early repayment of its bank loans and the payment of dividends for the fiscal year 2024.
The Company's investment activity continues based on its business plan. During the nine months of 2025, total investments of €68.5 million were made, compared to €32.2 million in the corresponding period of the previous year (31.12.2024: €60.8 million), which were mainly financed by equity.