Earnings release
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1 Athens, 24 September 2026 H1 2026 Financial Results EYDAP: Return to profitability and investments up 22% Net profit of €17.1 million and investments of €43.2 million in H1 2026. The new tariff framework supports the financing of infrastructure upgrades. The initial implementation of the new water supply and wastewater tariff, combined with the containment of operating expenses before depreciation and amortisation , led to a substantial improvement in EYDAP’s revenue, profitability and cash flows in H1 2026. Revenue increased by 17.3%, EBITDA reached €42.6 million and the Company returned to profitability, while also generating positive operating cash flows. Its stronger financial position supports the acceleration of the investment program and the next phase of its corporate transformation. Total investments amounted to €43.2 million, up 22% compared with H1 2025. During the same period, EYDAP is preparing for the next phase of its operational and geographical expansion. Key financial figures (in € million) H1 2026 H1 2025 Change Revenue 203.2 173.3 +17.3% Gross profit 89.0 56.3 +58.0% EBITDA 42.6 10.6 +300% EBITDA margin 20.9% 6.1% +14.8 p.p. Adjusted EBITDA* 44.2 22.0 +101% EBIT 20.5 (10.5) +31.0 Profit before tax 23.5 (5.8) +29.3 Net profit 17.1 (5.6) +22.7 Operating cash flows 25.2 (1.7) +26.9 Free cash flow (FCFF) 5.0 (26.4) +31.4 * EBITDA excluding the impact of various provisions. Consumption and billed revenue Total water consumption stood at 192.7 million m³, down 1.7% compared with H1 2025. Billed consumption remained broadly stable at 139.3 million m³, with a marginal decrease of 0.1%. Total billed revenue amounted to €178.0 million, up 17.4%. Fixed charges accounted for 17.7% of total billed revenue, up from 9.0% in H1 2025, strengthening the recurring component of the Company’s revenue.
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2 Revenue and new tariff structure The Company’s revenue increased by €29.9 million, or 17.3%, to €203.2 million, compared with €173.3 million in H1 2025. Revenue from the core water supply and wastewater activities increased by a total of €30.2 million, or 18.9%. • Revenue from water supply and related services increased by €19.1 million, or 17.6%, to €127.4 million. • Revenue from wastewater services increased by €11.1 million, or 21.6%, to €62.6 million. Total billed revenue from water sales and wastewater usage charges increased by 17.4% to €178.0 million. The new tariff structure came into effect on 1 January 2026 and includes an adjustment to the fixed water supply charge, changes to specific tariff categories and the introduction of a fixed wastewater usage charge. Operating expenses and profitability Operating expenses before depreciation and amortisation stood at €162.3 million, compared with €162.1 million in H1 2025, remaining broadly stable. This development reflects the significant reduction in provisions compared with the corresponding period of the previous year, which offset higher expenses in other operating cost categories. Total operating expenses, including depreciation and amortisation and other operating items, amounted to €184.4 million, up 0.6%. The significant improvement in profitability was primarily driven by higher revenue, while operating expenses before depreciation and amortisation remained broadly unchanged, highlighting the Company’s operating leverage. Gross profit increased by 58.0% to €89.0 million, with the gross margin rising to 43.8% from 32.5%. • EBITDA amounted to €42.6 million, compared with €10.6 million, while the EBITDA margin rose to 20.9% from 6.1%. • Adjusted EBITDA amounted to €44.2 million, compared with €22.0 million, an increase of 101%. • EBIT amounted to €20.5 million, compared with a loss of €10.5 million, with an EBIT margin of 10.1%. • Profit before tax amounted to €23.5 million, compared with a loss of €5.8 million. • Net profit amounted to €17.1 million, compared with a loss of €5.6 million, while earnings per share stood at €0.16. Cash flows and financial position Operating cash flows amounted to €25.2 million, compared with negative €1.7 million in the corresponding period of 2025. Free cash flow to the firm (FCFF) was positive at €5.0 million, compared with negative €26.4 million. Acceleration of the investment program Total investments amounted to €43.2 million, up 22% compared with H1 2025. Of this amount, €39.2 million related to projects under the investment programme , representing a 27% increase compared with H1 2025, while €4.0 million related to other investments in fixed assets and