Piraeus Port Authority posts €47.1M in revenue for the first quarter of 2026

At the same time, business segments such as cruise operations, vehicle handling, and ship repair activities continued to serve as key resilience drivers, partially offsetting weaker revenue performance in the container terminal and coastal shipping sectors.

According to the financial results announced by Piraeus Port Authority, total revenues reached €47.1 million in the first quarter of 2026, compared with €51.6 million during the corresponding period of 2025, reflecting a decline of 8.7%.

Gross profit decreased to €23.6 million from €27.8 million, marking a reduction of 14.9%, while EBITDA fell to €20.7 million from €26 million, down 20.1% year-on-year.

Earnings before interest and taxes (EBIT) declined by 24.5% to €16 million, compared with €21.2 million in the first quarter of 2025. Pre-tax profits stood at €15.8 million versus €21.4 million in the same period last year, representing a decrease of 26%, while net profit after tax fell by 29.3% to €12.1 million from €17.1 million.

Despite pressure on profitability, the company maintained a strong balance sheet. Shareholders’ equity increased to €459.3 million from €447.2 million at the end of 2025, up 2.7%, while the net cash position stood at €53.5 million. Total borrowing remained broadly unchanged at €61.3 million, with the leverage ratio maintained at a low 13.3%.

At the same time, the company accelerated the execution of its investment programme, with total investments nearly doubling to €31.4 million in the first quarter of 2026, compared with €16.1 million during the corresponding period of the previous year, representing an increase of 95%.

Pressure on Container Throughput and Coastal Shipping

Piraeus Port Authority reported significant pressure on its first-quarter financial performance, primarily due to weaker activity at Container Terminal Pier I and reduced revenues from the coastal shipping segment.

According to the company’s management, the decline in Pier I activity reflected both the exceptionally strong comparative base of the first quarter of 2025 — when domestic cargo volumes surged amid concerns over potential tariffs in international trade — and the subsequent slowdown in domestic cargo traffic during the first quarter of 2026.

In the coastal shipping sector, the decline in revenues was mainly attributed to the implementation of a legislative amendment introduced by the Ministry of Maritime Affairs and Insular Policy, under which vessel and passenger fees for coastal shipping services were reduced by 50% for a one-year period beginning on 1 May 2025. Although operational indicators remained broadly stable, the measure had a material impact on the segment’s financial contribution.

Total container throughput at Pier I fell to 112,668 TEUs in the first quarter of 2026, compared with 195,937 TEUs during the same period of 2025, representing a decline of 42.5%. Domestic (local) cargo volumes also decreased by 33%, falling to 42,645 TEUs from 63,689 TEUs.

Cruise, Automotive and Ship Repair Segments Post Positive Performance

In the coastal shipping sector, the number of vessel calls increased marginally to 2,524 from 2,498 (+1%), while passenger traffic recorded a slight decline of 0.5%, reaching 2,647,198 passengers compared with 2,659,832 during the first quarter of 2025. Vehicle traffic also declined by 3.2% to 576,491 units from 595,459.

By contrast, the cruise sector delivered a strong performance, with Piraeus further consolidating its position as a leading homeport destination in the Eastern Mediterranean. Homeport cruise passengers increased by 23.1% to 48,216 from 39,165, while total cruise passenger traffic rose by 9.2% to 74,453 passengers from 68,200.

At the same time, the total number of cruise vessel calls increased to 33 from 31, while homeport cruise vessels rose to 20 from 19 during the same period last year.

The vehicle handling segment also recorded positive momentum, with total vehicle throughput increasing by 4.6% to 72,607 units from 69,420, mainly driven by stronger transshipment activity. Domestic vehicle volumes, however, recorded a marginal decline of 2.5%, falling to 36,628 units from 37,584.

Meanwhile, the ship repair sector remained on a positive trajectory, with dry-docking operations increasing by 52.6% to 29 vessels from 19 during the corresponding period of 2025, while ship repair works rose slightly to 64 vessels from 63.