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Thessaloniki Port (OLTH) logo
OLTHIndustrials · Infrastructure Operations · ΧΑ

Thessaloniki Port (OLTH)

€40.00
+0.20(+0.50%)
Close 26/10/2026 · end-of-day price, not real-time

Thessaloniki Port (OLTH) (OLTH) closed at €40.00 on 26/10/2026, +0.50% on the day, on 3.6× its 10-day average volume. Market cap €403.2m, P/E 12.8, dividend yield 5.50%.

Why it moved today

No published cause yet.

My view
Private · MENTOR takes it into account
+4.7%6M
Drag sideways across the chart to pick a period, or click an event's dot below it, then ask MENTOR about it.
26/10/2026Close 40.00+0.50%+4.7% since start

Key statistics

12 months to Jun 2026 unless a figure says otherwise

Profile

At the 26 Oct close
Market value
€403.2m
Enterprise valueJun 2026est.
€287.6m
Shares outstandingJun 2026
10.1m
Revenue12 months to Jun 2026
€112.1m
Employees
474
Free float
19.8%
Traded a day, 3-month average
€39.4k

Valuation

12 months to Jun 2026
P/E
12.8×
P/B
2.0×
EV/Salesest.
2.6×
EV/EBITDAest.
5.8×

5 years, on reported full years: 3.2–7.1×, median 4.6×. Today 5.7×, higher than 85% of months.

P/FCF
22.5×
Dividend yield
5.5%

Margins

12 months to Jun 2026
Gross
46.2%
EBITDA
44.1%
Operating (EBIT)
35.7%
Pre-taxFY2025
37.5%
Net
28.0%
Free cash flow
16.0%

Net margin = the shareholders' profit ÷ group revenue.

Returns

12 months to Jun 2026
ROE
15.5%
ROCE
19.7%
ROICest.
15.1%
ROAFY2025
10.9%
ROE, 5-year averageFY2021–25
12.6%
Tax rateFY2025
23.5%

Financial health

Jun 2026
CashDec 2025
€77.1m
Net debt
−€115.6m
Net debt ÷ EBITDA
−2.3×
Interest cover12 months to Jun 2026
—

not meaningful here

Growth

Revenue, last yearFY2025
+6.7%
Revenue, last halfH1 2026
+8.8%
EPS, last yearFY2025
+10.1%
EPS, last halfH1 2026
+3.5%
Revenue, 3 yearsFY2022–25, a year
+8.0%
EPS, 3 yearsFY2022–25, a year
+18.5%
Shares, 3 yearsFY2022–25
+0.0%

Dividends

FY2025
Yield, last 12 months
5.5%
Per share
€2.20
Payout
71.9%
Covered by free cash flow
1.0×
Years paid, last fiveFY2021–25
5

Trading and risk

From our closes, dividends reinvested
Total return, 1 year
+15.3%
3 years, a year
+28.1%
5 years, a year
+15.3%
10 years, a year
+13.1%
Volatility, 1 year
22.1%
Beta to the General Index
0.42×
Deepest fall, 1 year / 5 years
−13.6% / −18.4%
52-week range
€33.60–€41.30
est.worked out by us

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

Loading the charts…

Valuation

vs PPA
MetricOLTHPPA
P/E12.8—
P/B2.0—
P/S3.64.4
EV/EBITDAdeposits5.87.7
Dividend yield5.5%4.3%
Payout ratio71.9%—
Gross margin46.2%—
Operating margin35.7%—
Net margin28.0%34.4%
ROE15.5%—
Revenue growth (last full year)6.7%8.6%
Net debt−€115.6m−€89.0m
Twelve Data · latest quarter 30/06/2026

Peers: Ports

EV/EBITDADay
Piraeus Port (OLP)PPA7.7+0.5%
Thessaloniki Port (OLTH)OLTH5.8+0.5%
related
GEK TernaGEKTERNA15.8+3.4%
Athens International AirportAIA12.1−0.3%

Not compared: SBLK, SB (dry-bulk shipping)

Compare in depth

The company

AI-drafted

ThPA S.A. operates the Port of Thessaloniki under a concession from the Greek State running to 27 June 2051. It handles containers, conventional cargo, cruise and ferry passengers, rents out premises and runs intermodal rail services into the Balkans. SEGT Ltd holds 67% and the ultimate controlling person is Nikos Savvidis.

How it makes moneyH1 2026 · basis: revenue
  • Container Terminal675.1%
  • Conventional Cargo Terminal618.9%
  • Exploitation of premises64.6%
  • Cruise and ferry61.2%
  • Intermodal60.1%
It is
  • Concessionaire of the Port of Thessaloniki to 27 June 2051, paying the State 3.5% of consolidated revenue and obliged to hand the assets back at expiry.1
  • A controlled company: SEGT Ltd 67.00%, Belterra Investments 5.91%, HCAP 7.27% and the investing public 19.82%.6
It is not
  • Not a shipping company: it owns no vessels and earns no freight revenue — all revenue comes from port services inside one port.1
  • No longer state-owned: the State sold control in 2018 and keeps only 7.27% through HCAP.1,6
  • No bank or bond debt: €115.6m of cash and time deposits at 30 June 2026 (calculated) against €46.0m of lease liabilities, with up to €140m of long-term financing under review.6,2
Recent developmentsAll company events →
  • Sep 2026H1 2026: revenue €58.0m (+8.9%), EBITDA €26.1m and net profit €16.5m.6,7
  • Sep 2026Agreement with affiliate UVALONE LTD to develop, restore and operate areas within the port, guaranteed by DIMERA and Belterra.6
  • Jul 2026The procurement authority annulled the cancellation of the Volos Port Authority tender; the Growth Fund appealed to the Council of State, hearing on 3 November 2026.5,6
  • Jul 2026The first of 21 caissons of the Pier 6 expansion was installed.8
  • May 2026The AGM approved a dividend of €2.20 per share for FY2025.3,4
  • Nov 2025Pier 6 expansion contract signed with the METKA–TEKAL joint venture for €195.6m plus VAT, over 40 months.1
Key figures
  • Container throughput 331,220 TEU H1 20266
  • Conventional cargo 1.32m t H1 20266
  • EBITDA margin 45.0% H1 20266
  • Revenue per container move €221.19 H1 20266
  • Mandatory capex done to date €28.7m H1 20266
Key facts
  • The concession expires on 27 June 2051, when the assets revert to the Greek State.1
  • Three customers, each above 10%, together made up 38.52% of H1 2026 revenue.6
  • A €180m mandatory investment programme runs to 22 March 2030, with about €28.7m done.1,6
  • FY2025 dividend of €2.20 per share, paid from 20 May 2026.4,6
  • Proposals for up to €140m of long-term financing are under review; there is no borrowing.6
Sources
  1. 1.Annual report 2025ThPA · 15/04/2026official
  2. 2.Analyst Day 2026 deckThPA · 21/04/2026official
  3. 3.AGM decisions 2026ThPA · 12/05/2026official
  4. 4.FY2025 dividend noticeThPA · 12/05/2026official
  5. 5.Volos updateThPA · 31/07/2026official
  6. 6.H1 2026 interimThPA · 25/09/2026official
  7. 7.H1 2026 resultsThPA · 25/09/2026official
  8. 8.First Pier 6 caissonThPA · 10/07/2026official
AI-drafted from the cited sources · 23/10/2026 · v4 · ✓ checked by an independent second modelThessaloniki Port Authority S.A.Website ↗
MENTORFree beta
Why it moved
+0.50% on 3.6× volume
News & events
News and what's next
Peers
No listed peers
Results
How it did vs last year
Valuation
No listed peers
More
Asks“Is 3.6× volume unusual for Thessaloniki Port (OLTH)?”
Data: Twelve Data · End-of-day prices · Nothing here is investment advice.