The first implementation of the new water supply and sewerage tariff, combined with the containment of operating costs before depreciation, led to a substantial strengthening of the revenues, profitability and cash flows of EYDAP during the first half of 2026.
Turnover increased by 17.3%, EBITDA amounted to €42.6 million and the Company returned to profitability, while also recording positive operating cash flows. Its stronger financial base supports the acceleration of the investment program and the next phase of the corporate transformation.
Total investments amounted to €43.2 million, up 22% compared with the first half of 2025. During the same period, EYDAP is preparing for the next phase of its operational and geographic expansion.
Consumption and billed revenues
Total water consumption amounted to 192.7 million cubic meters, down 1.7% compared with the first half of 2025. Billed consumption remained essentially stable at 139.3 million cubic meters, with a marginal decrease of 0.1%.
Total billed revenues amounted to €178.0 million, up 17.4%. The share of fixed charges in total billed revenues increased to 17.7%, from 9.0% in the first half of 2025, strengthening the stable component of the Company's revenues.
Turnover and new tariff base
The Company's turnover increased by €29.9 million or 17.3% and amounted to €203.2 million, compared with €173.3 million in the first half of 2025. From the main water supply and sewerage activities, revenues increased overall by €30.2 million or 18.9%.
• Revenues from water supply and related services increased by €19.1 million or 17.6%, to €127.4 million.
• Revenues from sewerage services increased by €11.1 million or 21.6%, to €62.6 million.
Total billed revenues from water sales and sewer usage rights increased by 17.4%, to €178.0 million.
The new tariff structure came into effect on 1 January 2026 and includes an adjustment of the fixed water supply charge, changes in individual tariff categories and the introduction of a fixed sewer usage right charge.
Operating cost and profitability
Operating cost before depreciation amounted to €162.3 million, compared with €162.1 million in the first half of 2025, remaining essentially stable. This development reflects the significant reduction in provisions compared with the corresponding period last year, which offset increased expenses in other operating cost categories.
Total operating cost, including depreciation and other operating items, amounted to €184.4 million, up 0.6%.
The significant improvement in profitability came mainly from the strengthening of revenues, while operating cost before depreciation remained essentially unchanged, highlighting the Company's operating leverage.
Gross profit increased by 58.0% and amounted to €89.0 million, with the gross margin strengthening to 43.8% from 32.5%.
• EBITDA amounted to €42.6 million, from €10.6 million, and the EBITDA margin to 20.9% from 6.1%.
• Adjusted EBITDA amounted to €44.2 million, from €22.0 million, recording an increase of 101%.
• EBIT amounted to €20.5 million, from losses of €10.5 million, with an EBIT margin of 10.1%.
• Profit before tax amounted to €23.5 million, compared with losses of €5.8 million.
• Net profits amounted to €17.1 million, compared with losses of €5.6 million, and earnings per share to €0.16.
Cash flows and financial position
Operating cash flows amounted to €25.2 million, compared with negative €1.7 million in the corresponding half-year of 2025. Free cash flows (FCFF) amounted to positive €5.0 million, from negative €26.4 million.
Acceleration of the investment program
Total investments amounted to €43.2 million, up 22% compared with the first half of 2025. Of this amount, €39.2 million concerned investment program projects, which increased by 27%, while €4.0 million concerned other investments in fixed assets and software.
Of the total investments in projects, €18.7 million concerned water supply projects, €16.5 million major projects.
In Eastern Attica, €3.7 million concerned sewerage projects and €0.4 million building projects and digital governance and transformation projects.
43% of the absorption was financed by the European Union. EYDAP's total investment program amounts to approximately €2.8 billion and includes major projects in Eastern Attica, water supply and sewerage network projects, as well as digital transformation and modern infrastructure projects.
Water resilience and operational efficiency
The recoverable reserves of the main reservoirs increased from 399.7 million cubic meters on 1 January 2026 to 725.8 million cubic meters on 30 June 2026, mainly due to increased rainfall. Despite the improvement, the Company continues to monitor hydrological conditions in cooperation with the competent bodies and to strengthen the resilience of its infrastructure.
New regulatory and institutional environment
The first half of 2026 was the first period of implementation of the new water supply and sewerage tariff within the framework of the 2025-2029 regulatory period. The multi-year framework enhances the predictability of revenue development and links the recovery of allowed revenue with the implementation of investments, operational efficiency and the quality of the services provided.
Law 5301/2026 introduced regulations for individual tax, contractual and organizational issues. After the end of the reporting period, Law 5325/2026 expanded EYDAP's geographic and operational jurisdiction and provided for special succession, due diligence, valuation and investment plan preparation procedures for the new areas.
The new regulatory framework strengthens the predictability of EYDAP's revenues, providing for the recovery of recognized costs and depreciation, as well as a reasonable return on the Regulated Asset Base. These principles create the conditions so that the expansion of activities as well, with the necessary investments accompanying it, contributes to the long-term creation of value for the Company. The assessment of the overall financial impact and the time horizon of its manifestation will become possible upon completion of the prescribed audits and implementation procedures.
Prospects for the second half of 2026
During the second half of 2026, EYDAP will continue the execution of its operational and investment planning, with priority on:
• upgrading water supply and sewerage infrastructure and the progress of the Eastern Attica projects,
• strengthening water resilience and operational continuity,
• digital transformation and energy efficiency,
• preparation for the implementation of Law 5325/2026 and the assessment of the organizational, operational and investment requirements of the expansion.
The CEO of EYDAP, Haris Sahinis, stated:
“The results of the first half of 2026 mark EYDAP's return to profitability and the acceleration of its investments. The implementation of the new regulatory and tariff framework strengthens our financial position and our ability to implement our long-term planning. Our priority is for this financial strengthening to be transformed into projects that ensure reliable water supply, upgrade water supply and sewerage services and shield infrastructure against climate change.
With investments of €43.2 million in the half-year, up 22%, we are moving forward with the implementation of this commitment. At the same time, we are preparing the expansion of our activities, with the aim of extending the benefits of our expertise to more areas and creating sustainable value for society and our shareholders.”