EYDAP: return to profitability as revenue jumps 17.3%

EYDAP’s revenue increased by 17.3% to €203.2 million, while EBITDA reached €42.6 million, compared with €10.6 million in the corresponding period of 2025. The company also returned to net profitability, reporting net income of €17.1 million, compared with a €5.6 million loss a year earlier.

The improved financial performance was accompanied by positive operating cash flows and an acceleration of the investment programme, with total investment rising by 22% to €43.2 million.

Revenue Up 17.3%

The new tariff structure took effect on January 1, 2026, marking the first period of implementation of the new tariff framework under the 2025–2029 regulatory period.

EYDAP’s revenue increased by €29.9 million, or 17.3%, to €203.2 million, compared with €173.3 million in the first half of 2025.

Revenue from the company’s core water supply and sewerage activities increased by €30.2 million, or 18.9%.

Specifically:

• Revenue from water supply and related services increased by €19.1 million, or 17.6%, to €127.4 million.
• Revenue from sewerage services increased by €11.1 million, or 21.6%, to €62.6 million.
• Total billed revenue from water sales and sewerage usage charges reached €178 million, up 17.4%.

Notably, fixed charges accounted for a larger share of total billed revenue, rising to 17.7%, from 9% in the first half of 2025. This development strengthens the company’s recurring revenue base.

Operating Costs Remain Stable

At the same time, EYDAP managed to contain operating costs before depreciation, which stood at €162.3 million, compared with €162.1 million in the first half of 2025.

The broadly stable result was attributable, among other factors, to a significant reduction in provisions compared with the previous year, which offset higher expenses in other operating cost categories.

Total operating costs, including depreciation and other operating items, amounted to €184.4 million, up just 0.6%. Combined with the increase in revenue, this had a direct impact on profitability and highlighted the company’s operating leverage.

Gross Profit Jumps 58%

Gross profit increased by 58% to €89 million, while the gross margin rose significantly to 43.8%, from 32.5% in the first half of 2025.

EBITDA showed an even stronger improvement, reaching €42.6 million, compared with €10.6 million a year earlier, while the EBITDA margin increased to 20.9%, from 6.1%.

Adjusted EBITDA reached €44.2 million, compared with €22 million last year, representing a 101% increase.

Meanwhile:

• EBIT reached €20.5 million, compared with a €10.5 million loss.
• Profit before tax reached €23.5 million, compared with a €5.8 million loss.
• Net profit reached €17.1 million, compared with a €5.6 million loss.
• Earnings per share amounted to €0.16.

The return to profitability was primarily driven by strong revenue growth combined with tight control of operating costs.

Positive Cash Flow

EYDAP also recorded a significant improvement in cash flow. Operating cash flow reached €25.2 million, compared with negative €1.7 million in the first half of 2025.

Free cash flow (FCFF) also turned positive, reaching €5 million, compared with negative €26.4 million a year earlier.

The improvement strengthens the company’s financial position at a time when it is implementing an extensive investment programme.

Investment Reaches €43.2 Million
EYDAP accelerated investment activity during the first half of the year. Total investment reached €43.2 million, up 22% from the first half of 2025.

Of this amount, €39.2 million related to projects included in the investment programme, an increase of 27%, while €4 million was allocated to other investments in fixed assets and software.

Investment programme expenditure included:

€18.7 million for water supply projects;

€16.5 million for major projects in Eastern Attica;

€3.7 million for sewerage projects; and

€0.4 million for building projects and digital governance and transformation initiatives.

The European Union financed 43% of investment programme expenditure.

Overall, EYDAP’s investment programme amounts to approximately €2.8 billion and includes major projects in Eastern Attica, investments in water supply and sewerage networks, as well as digital transformation and modern infrastructure projects.

Water Reserves Improve
Alongside its financial performance, EYDAP also reported an improvement in the water reserves of its main reservoirs.

Available reserves increased from 399.7 million cubic metres on January 1, 2026, to 725.8 million cubic metres on June 30, 2026, primarily due to increased rainfall.

Total water consumption, meanwhile, stood at 192.7 million cubic metres, down 1.7% from the first half of 2025. Billed consumption remained broadly stable at 139.3 million cubic metres, representing a marginal 0.1% decline.

EYDAP continues to monitor hydrological conditions and strengthen the resilience of its infrastructure in cooperation with the relevant authorities.

New Regulatory Framework

The first half of 2026 marked the first period of implementation of the new water and sewerage tariff structure under the 2025–2029 regulatory period.

The new tariff structure includes an adjustment to the fixed water-supply charge, changes to individual tariff categories, and the introduction of a fixed sewerage usage charge.

The multi-year regulatory framework is designed to improve revenue predictability by linking the recovery of allowed revenue to investment delivery, operating efficiency and the quality of services provided.

Law 5301/2026 also introduced provisions concerning specific tax, contractual and organizational matters. Following the end of the reporting period, Law 5325/2026 expanded EYDAP’s geographical and operational remit and provided for procedures covering special succession, due diligence, valuation and the preparation of investment plans for the new areas.

According to the company, the full financial impact and the timing of its realization will be assessed once the required reviews and implementation procedures have been completed.

EYDAP CEO Charis Sachinis said:

“The first-half 2026 results mark EYDAP’s return to profitability and the acceleration of its investment programme. The implementation of the new regulatory and tariff framework strengthens our financial position and our ability to execute our long-term strategy. Our priority is to translate this financial strengthening into projects that ensure reliable water supply, upgrade water and sewerage services, and strengthen infrastructure against climate change. With investments of €43.2 million in the first half, up 22%, we are advancing this commitment. At the same time, we are preparing to expand our activities, with the aim of extending the benefits of our expertise to more areas and creating sustainable value for society and our shareholders.”