1.45 EUR
Financial Results
Group revenue in 1st half of 2026 amounted to € 329.8 mln, compared to € 326.6 mln in the corresponding period of 2025, recording an increase of 1%, despite a 12.8% reduction in sailings.
Group operating expenses amounted to € 316.2 mln in the 1st half of 2026, compared to € 321.0 mln in the corresponding period of 2025, decreasing by € 4.8 mln or 1.5%. This performance reflects a significant reduction in the underlying cost base by € 21.8 mln, excluding fuel expenses and charges arising from environmental regulations. The reduction was primarily driven by rationalisation initiatives and fleet optimisation measures, which resulted in an 11% reduction in fuel consumption, including the replacement of older vessels and the termination of charter agreements. These initiatives mitigated the increase in fuel costs and the charges associated with the implementation of the ETS, FuelEU and SECA regulations.
Consolidated gross profit amounted to € 13.6 mln in the 1st half of 2026, compared to € 5.6 mln in the corresponding period of 2025, while EBITDA amounted to € 15.7 mln, compared to € 4.1 mln in the first half of the previous year, as a result of improved operational efficiency and the rationalisation of the cost base.
At net results level, losses after tax were reduced to € 13.5 mln, compared to € 52.3 mln in the 1st half of 2025. It is noted that the results of the current period include profits from asset disposals amounting to € 14.8 mln, compared to € 1.7 mln in the corresponding period of 2025.
Regarding capital structure and liquidity, Group equity amounted to € 458.3 mln, compared to € 440.8 mln as at 31.12.2025, while net debt stood at € 564.1 mln, compared to € 515.6 mln as at 31.12.2025. The leverage ratio amounted to 55%, compared to 54% as at 31.12.2025. Cash and cash equivalents stood at € 97.5 mln, compared to € 96.1 mln as at 31.12.2025, while undrawn credit facilities available from financial institutions amounted to €53.9 mln as at 30.06.2026.
Fleet Renewal and Enhancement of Operational Efficiency
Against a backdrop of increased energy and environmental costs, as well as continuing geopolitical uncertainty, the Group is implementing targeted initiatives aimed at enhancing operational efficiency.
The fleet renewal programme continues steadily, introducing newer and more energy-efficient vessels to replace older units, while the shipbuilding and investment programme aimed at improving energy efficiency and reducing the fleet’s environmental footprint remains ongoing.
Within this framework, the average age of the vessels operating in the Saronic Gulf has been reduced to 5.8 years from 18 years. In the Adriatic Sea, following the deployment of SUPERFAST V and the delivery of the two newbuild vessels currently under construction in 2027, the average age of the fleet is expected to decline to 8.6 years, compared to 24.8 years previously.
The installation of exhaust gas cleaning systems (scrubbers) on ten vessels and the deployment of Energy Saving Devices contribute to improving energy efficiency and reducing energy costs, while the relevant programme is being expanded to four additional vessels.
At the organisational level, the Group is proceeding with the simplification of its corporate structure by consolidating its ferry operations into two companies, one for Greek coastal shipping and one for international routes. The consolidation of international route operations into a single company from four previously has already been completed, while the corresponding process for Greek domestic services is expected to be completed by year-end. This reorganisation enables the integration of administrative functions and processes, improving efficiency and reducing operating costs.
As part of its digital transformation strategy, the Seanthesis project is entering the commercial deployment phase, focusing on enhancing digital sales and booking channels and developing a unified customer view across all Group brands. This initiative lays the foundation for more targeted communication, personalised services and an enhanced travel experience, while also strengthening the utilisation of operational and financial data to support decision-making.
In the hospitality sector, the extensive renovation works at the Tinos Beach hotel were completed during the 1st half of 2026, allowing the hotel to commence operations within the current tourist season. At the same time, the first phase of the upgrade and modernisation programme of the Naxos Resort hotel was completed.
Operating Markets and Traffic Volumes
The Group operates under four commercial brands (Superfast Ferries, Blue Star Ferries, Hellenic Seaways and Anek Lines) and, as at 30.06.2026, had a fleet of 36 vessels.
During the 1st half of 2026, the Group transported 2.5 mln passengers (2.7 mln passengers in the 1st half of 2025, a decrease of 6.1%), 448 thousand private vehicles (455 thousand private vehicles in the 1st half of 2025, a decrease of 1.7%) and 265 thousand freight units (276 thousand freight units in the 1st half of 2025, a decrease of 4.1%). Vessel sailings decreased by 12.8% compared to the corresponding period of 2025.
The Group’s traffic volumes were impacted by fleet optimisation initiatives, including targeted sailings adjustments in response to changing market conditions, primarily driven by fuel prices. These initiatives resulted in improved utilisation of available capacity and an increase in the average number of passengers and vehicles carried per sailing.
Developments in the Group’s Business Activity
Ongoing geopolitical developments and volatility in international fuel prices continue to create an increased level of uncertainty for the second half of 2026, with Brent crude oil prices remaining above USD 100/bbl and marine gas oil (MGO) prices increasing even further, exceeding € 1,400 per metric tonne (from € 573 per metric tonne as at 31.12.2025). Management continuously monitors market developments and assesses their impact on the Group’s operations and financial performance, adapting operational plans where necessary.
Despite the prevailing uncertainties, the Group remains firmly focused on executing its investment programme, enhancing operational efficiency, maintaining cost discipline and further strengthening its customer-centric approach.
The Interim Financial Statements of the Company and the Group will be posted on the website of the Euronext Athens (https://athens.euronext.com/) and the Company (www.attica-group.com) the 30th of September 2026.