Piraeus Port Authority S.A. has announced its key financial results for the third quarter of 2026. For the nine-month period, revenue was €178.8 million, down 8.2% from €194.7 million in the first nine months of 2025. Pre-tax profit was €76.8 million, down 20.7% from €96.9 million in the corresponding period of 2025, while post-tax profit was €59.7 million, down 21.5% from €76.0 million in the first nine months of 2025.
Despite the decline, the company maintained high levels of profitability and continued to implement its investment plan without interruption, the relevant announcement said.
Geopolitical developments in the Middle East continued to create uncertainty for international container shipping and the global supply chain. Their direct impact on the company’s overall activity remained limited, but they affected demand and commercial flows at the Container Terminal, mainly during the first half of the year. In the third quarter, however, throughput at Pier I recorded marginal organic growth of 0.3%, or 524 TEUs, compared with the same quarter of 2025, marking the first positive quarterly performance of the financial year.
The company is addressing international challenges with operational discipline, maintaining a strong financial position and focusing on the uninterrupted implementation of its key investments.
- Pier I recorded marginal growth in throughput in the third quarter.
- Revenue from Piers II and III increased, with a significant recovery in throughput.
- Cruise and the Car Terminal recorded strong performances, although they did not reach the record results of previous years, while the coastal shipping sector performed particularly well.
- Operational discipline supported profitability, and the revenue shortfall compared with the previous record year is narrowing.
- Profitability remained high, although it was lower than in the particularly strong corresponding period of 2025.
- The expanded investment programme was supported by operating cash flows, available funds and short-term credit lines.
Key financial results
Results: Ytd Q3 2026 vs Ytd Q3 2025
| Amounts in € | 01.01 - 30.09.2026 | 01.01 - 30.09.2025 | % change |
|---|
| Statement of Comprehensive Income |
| Revenue | 178.831.217 | 194.735.470 | -8,2% |
| Gross profit | 102.017.919 | 118.029.823 | -13,6% |
| EBITDA | 92.615.014 | 111.500.713 | -16,9% |
| Earnings before interest and tax | 78.147.047 | 97.221.832 | -19,6% |
| Profit before tax | 76.782.495 | 96.877.243 | -20,7% |
| Profit after tax | 59.664.067 | 76.049.431 | -21,5% |
Results: Q3 2026 vs Q3 2025
| Amounts in € | 01.07 - 30.09.2026 | 01.07 - 30.09.2025 | % change |
|---|
| Statement of Comprehensive Income |
| Revenue | 66.919.685 | 71.963.427 | -7,0% |
| Gross profit | 39.698.272 | 45.337.338 | -12,4% |
| EBITDA | 36.529.890 | 42.232.366 | -13,5% |
| Earnings before interest and tax | 31.677.931 | 37.447.925 | -15,4% |
| Profit before tax | 30.909.209 | 37.127.129 | -16,7% |
| Profit after tax | 24.313.456 | 29.309.658 | -17,0% |
Balance sheet
| Amounts in € | 30.09.2026 | 31.12.2025 | % change |
|---|
| Statement of Financial Position |
| Equity | 459.479.780 | 447.215.713 | 2,7% |
| Net cash position | -56.441.649 | 89.016.115 | -163,4% |
| Total borrowings | 139.187.762 | 60.757.488 | 129,1% |
| Gearing ratio | 30,3% | 13,6% | 123,0% |
NOTE: The results presented above for the periods ended 30 September 2026 and 30 September 2025, and the statement of financial position as at 30 September 2026, are unaudited financial information prepared in accordance with IFRS.
Net cash position = Cash and cash equivalents – Total borrowings. A negative net cash position indicates net debt.
Total borrowings = Short- and long-term bank borrowings + lease liabilities.
EBITDA = Earnings before interest, tax, depreciation and amortisation
EBIT = Earnings before interest and tax
Gearing ratio = Total borrowings / Equity
Despite the continuing decline compared with the previous financial year, the third quarter of 2026 was the strongest quarter of the current financial year.
Developments by business activity
Ytd Q3 2026 – Amounts in €m
| Ytd Q3 2026 | Container Terminal, Pier I | Piers II & III concession | Car throughput | Cruise | Coastal shipping | Ship repair | Other sectors | Corporate level | Total |
|---|
| Revenue | 34,8 | 70,7 | 17,0 | 25,8 | 9,5 | 10,8 | 10,3 | 0,0 | 178,8 |
| Gross profit | 1,8 | 67,8 | 9,5 | 15,4 | 3,6 | 0,9 | 3,0 | 0,0 | 102,0 |
| EBITDA | 1,8 | 58,9 | 8,2 | 13,3 | 3,2 | 1,2 | 6,6 | -0,6 | 92,6 |
| Profit before tax | -3,9 | 56,3 | 6,7 | 11,5 | 2,2 | -0,9 | 5,1 | -0,3 | 76,8 |
| Profit after tax | -3,9 | 56,3 | 6,7 | 11,5 | 2,2 | -0,9 | 5,1 | -17,4 | 59,7 |
Ytd Q3 2025 – Amounts in €m
| Ytd Q3 2025 | Container Terminal, Pier I | Piers II & III concession | Car throughput | Cruise | Coastal shipping | Ship repair | Other sectors | Corporate level | 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 | 1,5 | 3,9 | 0,0 | 118,0 |
| EBITDA | 12,1 | 59,1 | 11,5 | 18,9 | 2,1 | 2,1 | 7,4 | -1,7 | 111,5 |
| Profit before tax | 6,5 | 56,4 | 10,0 | 17,2 | 1,2 | 0,1 | 6,1 | -0,6 | 96,9 |
| Profit after tax | 6,5 | 56,4 | 10,0 | 17,2 | 1,2 | 0,1 | 6,1 | -21,4 | 76,0 |
Total revenue was down compared with the same period last year (€15.9 million, or 8.2%), mainly owing to the Container Terminal at Pier I and the Cruise sector.
Although affected by lower revenue and a controlled increase in operating expenses, the company’s results and profitability indicators remain strongly positive, despite the decline.
Operating segments: organic performance
Throughput volumes
| Operating segments | Ytd Q3-2026 | Ytd Q3-2025 | % change |
|---|
| PIER I |
| TEUs (Local) | 131.799 | 199.873 | -34,1% |
| TEUs (Total) | 394.338 | 546.399 | -27,8% |
| CRUISE |
| Ships (Homeport) | 431 | 548 | -21,4% |
| Ships (Total) | 584 | 698 | -16,3% |
| Passengers (Homeport) | 712.991 | 915.785 | -22,1% |
| Passengers (Total) | 1.264.350 | 1.561.854 | -19,0% |
| COASTAL SHIPPING |
| Ships | 13.709 | 13.428 | 2,1% |
| Passengers | 14.116.063 | 14.134.504 | -0,1% |
| Vehicles | 2.424.083 | 2.458.483 | -1,4% |
| CAR THROUGHPUT |
| Vehicles - Units (Local) | 114.697 | 118.538 | -3,2% |
| Vehicles - Units (Total) | 216.668 | 216.493 | 0,1% |
| SHIP REPAIR |
| Dry dock (Ships) | 90 | 78 | 15,4% |
| Repairs (Ships) | 182 | 193 | -5,7% |
Throughput across OLP’s operating segments presented a mixed picture compared with the first nine months of 2025.
- The Cruise sector continues to be affected by geopolitical developments in the Middle East, although its medium-term outlook remains particularly positive. In the first nine months of 2026, cruise ship calls totalled 584, compared with 698 in the same period of 2025, a decline of 16.3%, while cruise passengers fell by 19.0% to 1,264,350 from 1,561,854.
- The Car Terminal recorded marginal growth of 0.1% in total cargo compared with the same period last year, owing to an increase in transhipment vehicles. Despite this rise, lower domestic cargo volumes and a significant fall in storage revenue (€2.4 million, or 27.7%) — as the supply chain normalised and cargo dwell times returned to normal levels — were the main reasons for the sector’s lower revenue.
- The Coastal Shipping sector recorded generally stable operating indicators, reflecting the positive performance of the Greek market and tourism. Revenue rose 32.9% to €9.5 million from €7.1 million in 2025, while pre-tax profit increased 83.3% to €2.2 million from €1.2 million. A 50% reduction in vessel and passenger fees applied from 1 May 2025 to 30 April 2026. Following the expiry of the temporary measure on 30 April 2026, fees returned to their previous levels, improving the comparability of the sector’s performance over the remainder of the financial year.
- Activity at the Container Terminal was affected by the significant decline in commercial flows in the first half of 2026. Revenue at Pier I fell 26.0% to €34.8 million from €47.0 million in the first nine months of 2025, and the sector posted a pre-tax loss of €3.9 million, compared with a profit of €6.5 million. In the third quarter, however, throughput edged up 0.3%, or 524 TEUs, compared with the same quarter of 2025, while August and September saw an increase of 11.5%, or 10,161 TEUs. The company notes that it successfully concluded container-handling agreements at Pier I with Piraeus Container Terminal S.A. and with the sector’s main customer, with retroactive effect from July. The agreements are boosting, and are expected to further increase in the coming months, container throughput at Pier I and its revenue, as they provide for improved rates and handling volumes. By way of example, in October a further five container ships and 7,843 TEUs were handled at Pier I under the above agreement with Piraeus Container Terminal S.A.
- Revenue from the concession of Piers II and III rose 3.2% to €70.7 million from €68.4 million in 2025. The increase was even stronger in the third quarter, at 9% compared with the same period of 2025, confirming the segment’s robust momentum.
Liquidity and borrowing
- The company raised €80.0 million in new short-term borrowing, compared with no new borrowing proceeds in the corresponding period of 2025, through credit agreements involving a revolving current account. As at 30 September 2026, cash and cash equivalents stood at €82.7 million, down 44.8% from €149.8 million on 31 December 2025. Total borrowings increased 129.1% to €139.2 million from €60.8 million, and the net cash position shifted to net debt of €56.4 million from a net cash position of €89.0 million at the end of the previous financial year.
- Payment of dividends for 2025 totalling €47.4 million, or €1.896 per share.
- The company’s investment activity is continuing in line with its business plan. Total investment in the first nine months of 2026 amounted to €126.6 million (+84.5%), compared with €68.6 million in the corresponding period of the previous year (31.12.2025: €113.0 million).
Developments in the Middle East
The company’s management is systematically monitoring and assessing developments in the Middle East and their potential impact on the macroeconomic and financial environment. Key risks include possible volatility in energy markets, higher energy costs, inflationary pressures and disruption to international shipping and global trade. The company is taking appropriate measures to limit any potential impact on its operations.
As part of the company’s activities, containers are handled that either originate from or are destined for ports in the countries involved or in neighbouring areas. Such movements in the first nine months of 2026 were not significant relative to the company’s overall activity.
In any event, the resumption of container ship routes through the Suez Canal is becoming established in the fourth quarter of 2026, and transits are expected to increase in the coming months, with traffic estimated to be fully restored by May 2027. This development is expected to have a significantly positive impact on OLP S.A.’s main source of revenue and profit: container throughput.
*OLP’s detailed nine-month results are published in the “Accompanying Material” column on the right.