The company announced a fourfold increase in investments compared to five years ago, from €14.2 million in 2019 to €60.7 million in 2024. Furthermore, as stated in a relevant announcement, the company's Board of Directors will propose to the General Assembly of Shareholders the distribution of a dividend of €0.07 per share.
According to the company’s statement, the high temperatures that prevailed in 2024 led to a significant 6.2% increase in consumption, which in turn resulted in a 6.3% increase in revenue, reaching €373.7 million, up from €351.6 million in 2023. Specifically, revenue from water supply and related services increased by €16.3 million (+7.3%), while revenue from wastewater services also rose by €5.1 million (+5.0%). Meanwhile, operating costs increased by 9%, amounting to €316.3 million, up from €290.5 million in 2023.
The key reasons for the rise in operating costs are:
A) An increase in personnel wages and expenses by 9% (€11.6 million), mainly due to one-off payments, compliance with Law 5035/23, and the signing of a new Collective Labor Agreement.
B) An increase in third-party expenses by 16% (€9 million), mainly due to increased maintenance costs for the Megara and Koropi Wastewater Treatment Plants, which were integrated into the company's operations, as well as security expenses for new facilities.
As a result of the above, the company's earnings before interest, taxes, financial results, and depreciation (EBITDA) decreased by €3.8 million (-6%), totaling €57.1 million, compared to €60.8 million in 2023. The EBITDA margin decreased to 15.3%, down from 17.3% in 2023. The decrease in EBITDA, combined with a €2.7 million (7%) increase in depreciation, affected the company’s earnings before interest and taxes (EBIT), which dropped from €21.5 million in 2023 to €15.1 million in 2024. The EBIT margin fell to 4.0%, down from 6.1% in 2023.
Financial income increased by €2.216 million (+12%), amounting to €20 million, compared to €17.8 million in 2023.
The company’s profit before taxes amounted to €25.1 million, down from €28 million in 2023, reflecting a decrease of 10% or €2.9 million.
The group’s net operating cash inflows increased from €20.6 million in 2023 to €26.3 million in 2024, marking a €6 million increase. The group’s net investment cash flows amounted to an outflow of €41 million, compared to €14.1 million in 2023. The purchase of tangible fixed assets amounted to approximately €63.7 million in 2024, up from €44.2 million in 2023, while interest income rose from €9.9 million in 2023 to €11.2 million in 2024.
Fourfold Investment Increase
In 2024, the absorption of the investment program reached €60.7 million, a 37% increase compared to the absorption in 2023. 24% of the 2024 absorption was funded by the EU. In absolute terms, investments in 2024 have more than quadrupled compared to five years ago, from €14.2 million in 2019 to €60.7 million in 2024. In Q4 2024, quarterly absorption increased to 99%, compared to 78% in Q3 2024, 59% in Q2 2024, and 57% in Q1 2024.
The approved investment program for 2025-2034, amounting to €2.16 billion, includes:
Major projects in Eastern Attica (€968.8 million)
Water supply network projects (€715.8 million)
Wastewater projects (€370.3 million)
Building, digital governance, and transformation projects (€108.6 million)
50% of the projects' budget is financed by the EU.
Regulatory Framework Implementation
On September 27, 2024, the new Joint Ministerial Decision (JMD) under Law 5438/2024, "Establishment of General Costing and Pricing Rules for Water Services, Improvement Measures, and Procedures for Recovering the Costs of Water Services for Various Uses," was published. This replaced the canceled decision (No. 135275/19.05.2017) by the Inter-Ministerial National Water Committee, which previously set water pricing rules.
In February 2025, the Council of State (CoS) discussed a petition filed by trade unions representing employees of water and wastewater companies and individuals who use the services of these companies, regarding the JMD (Law 5438/2024).
On October 11, 2024, the Ministry of Environment and Energy published in the Government Gazette (FEK B’ 5657/11.10.2024) the act recognizing the staffing and exercise of new responsibilities of the Regulatory Authority for Water and Wastewater (RAAEY) for water and urban wastewater.
In March 2025, RAAEY, as part of its responsibilities under Articles 12A and 12B of Law 4001/2011 (A’ 179) and Decision No. ΥΠΕΝ/ΔΣΔΥΥ/53924/460/2023 (B’ 3309), recognized the management capacity of EYDAP SA to provide water services.
The company is in continuous communication with the regulator regarding the implementation of the regulatory framework based on the JMD. The process is currently at the stage of reviewing the data by RAAEY to calculate the allowed revenue for EYDAP SA, which will lead to the new pricing structure.
Drought Risk
In 2024, prolonged drought, combined with increased consumption due to high temperatures, led to a significant reduction in the reserves of the EYDAP Fixed Assets Reservoirs, the state-owned company that supplies untreated water to EYDAP SA under the 2021 agreement between the Greek Government, EYDAP Fixed Assets Company, and EYDAP SA.
According to the announcement, EYDAP, due to the importance of untreated water availability in its operations, has collaborated with the Ministry of Energy and Environment. As the system operator, EYDAP has implemented measures to mitigate the effects of drought, including activating alternative water sources (wells, Yliki Lake) and launching public awareness campaigns to prevent wastage of the precious resource. The Ministry of Environment and Energy has entrusted EYDAP with studies that are already underway for necessary medium- and long-term projects to ensure that the water supply to EYDAP is not threatened, thus safeguarding the secure water supply for citizens.
Furthermore, the company emphasized that if the same climatic and hydrological conditions from the past three years continue, and if the government, in collaboration with EYDAP, does not take the necessary actions, it is projected that the reserves in the reservoirs supplying Athens will last until the end of the 2026-2027 hydrological period.
The CEO of the company, Haris Sakhinis, commented on the financial results for the year: "The increase in consumption and, consequently, the increase in revenue in 2024 did not translate into profits for the company, as operating costs rose due to factors such as geographical expansion, acceleration of the investment program, and the impact of new legislative and regulatory frameworks."
"The implementation of the new regulatory framework is essential for executing the company's necessary €2.1 billion investment program to address the aging networks and strengthen its infrastructure to protect us from the climate crisis, ensuring continuous water supply across Athens, protecting the environment, and guaranteeing the highest quality of services. EYDAP is working closely and continuously with the Greek Government, which supplies untreated water, to ensure that citizens' water supply is not threatened by the increasing risk of drought."
