EYAPSUtilities · Utilities - Regulated Water · ΧΑ

Thessaloniki Water & Sewage

€4.085

−0.08(−1.92%)

Close 08/10/2026 · end-of-day price, not real-time

Thessaloniki Water & Sewage (EYAPS) closed at €4.085 on 08/10/2026, -1.92% on the day. Market cap €155m, P/E 20.21, dividend yield 1.83%.

My view

Private · MENTOR takes it into account

+6.4%6M

08/10/2026Close 4.09−1.92%Vol 24.7k+6.4% since start

Valuation

Peers: 4

Metric	EYAPS	Peer median
P/E	20.2	17.9
P/E (forward)	—	13.5
P/B	0.82	1.55
P/S	1.6	2.4
EV/EBITDA	6.9	14.7
Dividend yield	1.8%	1.3%
Payout ratio	25.9%	35.0%
Gross margin	37.0%	34.2%
Operating margin	9.5%	10.6%
Net margin	7.5%	5.0%
ROE	3.7%	6.8%
Revenue growth (quarter, y/y)	14.5%	5.9%
Net debt	−€44.4m	€1.4bn

Twelve Data · latest quarter 31/12/2025

Same sector: Utilities

EV/EBITDADay

Public Power CorporationPPC8.7−0.5%MetlenMTLN17.5−2.0%ADMIE HoldingADMIE20.3−4.8%EYDAPEYDAP11.8−3.1%

Thessaloniki Water & SewageEYAPS6.9−1.9%

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 moneyFY2025 · basis: revenue

Water supply services¹69.9%
Sewerage services¹30.1%

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 →

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
Jul 2026A €0.0746 dividend was approved, with payment scheduled from 1 September 2026.⁷
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 €87.527m FY2025¹
EBITDA €16.094m FY2025¹
Group net profit €7.706m FY2025¹
Cash and cash equivalents €48.819m 2025-12-31¹
Water consumption 57m m³ FY2025⁵

Key facts

The State controls 69.02% directly and through HCAP.⁹
The approved FY2025 gross dividend is €0.0746 per share.⁷
The exclusive service right was extended through 2038, according to the company announcement.⁶
The 2023 figures were restated and are not fully comparable with earlier years.^2,3,4

Sources

1.Annual Financial Report 2025 EnglishEYATH / Euronext Athens · 28/04/2026official
2.EYATH listed group Annual Financial Report 2024 EnglishEYATH / Euronext Athens · 28/04/2025official
3.Annual Financial Report 2023EYATH / Euronext Athens · 05/04/2024official
4.Annual Financial Report 2022EYATH / Euronext Athens · 20/04/2023official
5.Investor Presentation July 2026EYATH / Euronext Athens · 07/2026official
6.Expansion of the Responsibilities of EYATH S.A.EYATH / Euronext Athens · 06/08/2026official
7.ANNOUNCEMENT OF DIVIDEND PAY DATE USE 2025EYATH / Euronext Athens · 17/07/2026official
8.Announcement for the approval of EYATH S.A.’s new pricing policyEYATH / Euronext Athens · 27/05/2026official
9.NOTIFICATION OF PERCENTAGE CHANGE IN VOTING RIGHTS >=5%EYATH / Euronext Athens · 11/12/2025official
10.RAAEY decision Y-3/2026RAAEY · 30/04/2026

AI-drafted from the cited sources · 24/09/2026 · v2 · ✓ checked by an independent second modelThessaloniki Water & Sewage Co. S.A.Website ↗

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Why it moved

-1.92% · volume 1.1×

News & events

News and what's next

Peers

4 listed peers

Results

How it did vs last year

Valuation

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