EYAPSUtilities · Utilities - Regulated Water · ΧΑ

Thessaloniki Water & Sewage

€4.32

+0.03(+0.70%)

Close 26/10/2026 · end-of-day price, not real-time

Thessaloniki Water & Sewage (EYAPS) closed at €4.32 on 26/10/2026, +0.70% on the day. Market cap €156.8m, P/E 22.5, dividend yield 1.73%.

My view

Private · MENTOR takes it into account

+15.0%6M

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26/10/2026Close 4.32+0.70%Vol 11.8k+15.0% since start

Key statistics

12 months to Jun 2026 unless a figure says otherwise

Profile

At the 26 Oct close

Market value: €156.8m
Enterprise valueJun 2026est.: €112.4m
Shares outstandingJun 2026: 36.3m
Revenue12 months to Jun 2026: €93.5m
Employees: 341
Free floatest.: 25.5%
Traded a day, 3-month average: €118.1k

Valuation

12 months to Jun 2026

P/E: 22.5×
P/B: 0.83×
EV/Salesest.: 1.2×
EV/EBITDAest.: 6.9×
P/FCF: —
Dividend yield: 1.7%

Margins

12 months to Jun 2026

Gross: 27.8%
EBITDA: 17.4%
Operating (EBIT): 9.6%
Pre-tax: 10.5%
Net: 7.5%
Free cash flow: −17.2%

Net margin = the shareholders' profit ÷ group revenue.

Returns

12 months to Jun 2026

ROE: 3.7%
ROCE: 4.7%
ROICest.: 3.5%
ROAFY2025: 3.2%
ROE, 5-year averageFY2021–25: 2.4%
Tax rateFY2025: 25.4%

Financial health

Jun 2026

CashDec 2025: €48.8m
Net debt: −€44.4m
Net debt ÷ EBITDA: −2.7×
Interest cover12 months to Jun 2026: —

Growth

Revenue, last yearFY2025: +2.4%
Revenue, last halfH1 2026: +14.5%
EPS, last yearFY2025: +31.6%
EPS, last halfH1 2026: −22.1%
Revenue, 3 yearsFY2022–25, a year: +7.3%
Revenue, 5 yearsFY2020–25, a year: +4.0%
EPS, 3 yearsFY2022–25, a year: —
Shares, 3 yearsFY2022–25: +0.0%

Dividends

FY2025

Yield, last 12 months: 1.7%
Per share: €0.075
Payout: 35.1%
Covered by free cash flow: −4.4×
Years paid, last fiveFY2021–25: 4

Trading and risk

From our closes, dividends reinvested

Total return, 1 year: +21.2%
3 years, a year: +14.6%
5 years, a year: −0.0%
10 years, a year: +5.2%
Volatility, 1 year: 29.5%
Beta to the General Index: 0.30×
Deepest fall, 1 year / 5 years: −20.4% / −36.2%
52-week range: €3.47–€5.21

est.worked out by usread with care: tap for why

Where the figures come from: the company's reports, reviewed by us · annual accounts filed in ESEF format · results announcements on the exchange · our own closing prices. No forecasts or target prices are stored.

Financial charts

From the stored figures: the reviewed dossier first, then the annual reports (ESEF) and results announcements

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Valuation

vs EYDAP

Metric	EYAPS	EYDAP
P/Eone-off	22.5	—
P/B	0.83	1.80
P/S	1.7	3.8
EV/EBITDAone-off	6.9	—
Dividend yield	1.7%	0.0%
Payout ratio	35.1%	—
Gross margin	27.8%	37.3%
Operating margin	9.6%	—
Net margin	7.5%	—
ROE	3.7%	—
Revenue growth (last full year)	2.4%	−2.4%
Net debt	−€44.4m	−€280.4m

Twelve Data · latest quarter 30/06/2026

Peers: Water utilities

P/BDay

EYDAPEYDAP1.8+0.1%

Thessaloniki Water & SewageEYAPS0.8+0.7%

ADMIE HoldingADMIE1.1+0.1%

Not compared: PPC (power utilities)

Compare in depth

The company

AI-drafted

EYATH supplies water and wastewater services around Thessaloniki under Greek State control. Revenue combines regulated customer charges with concession-construction accounting. A new tariff framework and planned expansion into Chalkidiki accompany a substantial investment programme.

How it makes moneyH1 2026 · basis: revenue

Water supply services¹¹69.9%
Sewerage services¹¹30.1%

It is

A State-controlled water and wastewater utility with regulated charges.^1,9

It is not

The same entity as the State's EYATH Fixed Assets counterparty.¹
A company free of lease and concession obligations merely because it has no bank borrowing.¹

Recent developmentsAll company events →

Sep 2026H1 2026 results: revenue €47.4m (+14.5%), net profit €2.6m (−22%), cash €45.2m and no bank debt.^11,12
Sep 2026A €0.0746 dividend was paid from 1 September 2026 (ex-dividend on 25 August).^7,13
Aug 2026A new law provides for expansion across the remaining Thessaloniki regional unit and Chalkidiki by July 2027, subject to due diligence and valuation.^6,11
May 2026The new tariff applies from 1 May, with household and social customers' final charges unchanged.^8,10
Dec 2025HCAP sold an existing 5% stake, reducing its holding to 19.02% without raising new cash for EYATH.⁹

Key figures

Revenue €47.429m H1 2026¹¹
EBITDA €8.088m H1 2026¹¹
Group net profit €2.568m H1 2026¹¹
Cash and cash equivalents €45.248m 2026-06-30¹¹
Water consumption 57m m³ FY2025⁵

Key facts

The State controls 69.02% directly and through HCAP.^9,11
The FY2025 gross dividend of €0.0746 per share was paid from 1 September 2026.^7,13
The exclusive service right was extended through 2038, according to the company announcement.^6,11
The 2023 figures were restated and are not fully comparable with earlier years.^2,3,4
In H1 2026 revenue rose 14.5%, net profit fell 22.1% and the group had no bank borrowing.^11,12

Sources

1.Annual Financial Report 2025EYATH · 28/04/2026official
2.Annual Financial Report 2024 (listed group)EYATH · 28/04/2025official
3.Annual Financial Report 2023EYATH · 05/04/2024official
4.Annual Financial Report 2022EYATH · 20/04/2023official
5.Investor Presentation July 2026EYATH · 07/2026official
6.Expansion of the Responsibilities of EYATH S.A.EYATH / Euronext Athens · 06/08/2026official
7.Dividend pay date notice for 2025EYATH / Euronext Athens · 17/07/2026official
8.Approval of the new pricing policyEYATH / Euronext Athens · 27/05/2026official
9.Voting-rights change notification, 5% thresholdEYATH / Euronext Athens · 11/12/2025official
10.RAAEY decision Y-3/2026RAAEY · 30/04/2026
11.H1 2026 interim financial report, Greek editionEYATH · 25/09/2026official
12.H1 2026 results releaseEYATH / Euronext Athens · 25/09/2026official
13.Cash distributions recordEuronext Athens · 22/10/2026official

AI-drafted from the cited sources · 22/10/2026 · v4 · ✓ checked by an independent second modelThessaloniki Water & Sewage Co. S.A.Website ↗

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Why it moved

+0.70% · volume 0.3×

News & events

News and what's next

Peers

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Results

How it did vs last year

Valuation

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Data: Twelve Data · End-of-day prices · Nothing here is investment advice.