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Attica Holdings S.A. (the “Company”) announces its financial results for the fiscal year 2025, during which revenue remained resilient, while results were impacted by the increase in operating costs.
Consolidated revenue amounted to €756.9 mln, compared to €747.8 mln in 2024, while operating costs reached €668.6 mln, versus €624.0 mln in the previous fiscal year.
The increase in operating costs was primarily driven by the implementation of the new environmental regulatory framework (EU ETS, FuelEU Maritime, SECA), along with elevated expenses associated with fleet upgrades and maintenance, as well as higher crew remuneration costs.
More specifically, environmental compliance costs are estimated at approximately €63 mln for 2025, while compared to the previous financial year, expenditure on vessel upgrades and repairs increased by €13 mln, and crew remuneration expenses rose by €4.9 mln, reflecting the implementation of the new collective labour agreement.
As a result, consolidated Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) stood at €85.4 mln, compared to €96.3 mln in 2024.
The Group reported a net loss after tax of €33.7 mln, including non-recurring expenses of €23.6 mln. In 2024, the Group reported a net profit of €17.5 mln, which included non-recurring expenses of €28.2 mln, as well as gains of €20.2 mln from the divestment of overseas operations..
The Group maintains a robust capital structure and strong liquidity, despite the execution of an extensive investment program.
Total equity stood at €440.8 mln, compared to €501.5 mln as of 31 December 2024, while net debt amounted to €515.6 mln, versus €540.4 mln. The leverage ratio stood at 54%, compared to 52% as of 31 December 2024.
Τhe Board of Directors will propose to the General Meeting that no dividend be distributed out of the parent company’s profits for the financial year.
Operating markets and traffic volumes
The Group's fleet numbered thirty-seven (37) vessels as of 31 December 2025, sailing under the trademarks “Superfast Ferries”, “Blue Star Ferries”, “Hellenic Seaways” and “Anek Lines”.
During 2025, the Group’s vessels operated on Greek domestic routes (Cyclades, Dodecanese, Crete, North-East Aegean and the Saronic Gulf) and on the international Greece - Italy route (Ancona, Bari, Venice).
In 2025, the Group vessels transported 6.96 mln passengers compared to 7.29 mln in 2024 (-4.5%), 1.26 mln private vehicles compared to 1.30 mln (-3.4%), and 0.54 mln freight units compared to 0.53 mln (+0.5%), while the number of sailings decreased by 1.6%.
Investment Program
The Group continues the implementation of its strategic planning, focused on the green transition and fleet renewal, customer centricity, and transitioning towards a more efficient operating model.
In the context of the fleet’s energy transition, investments of €22.6 mln were deployed for the installation of energy efficiency and emissions abatement technologies..
In parallel, the Group is accelerating fleet renewal through the divestment of older vessels and the acquisition of new, more energy efficient units. The program is being further extended into 2026, with the disposal of six older vessels and the acquisition of three newer vessels.
At the same time, the Group is further strengthening its customer-centric strategy by accelerating its digital transformation, with a focus on enhancing customer experience, leveraging data, and developing personalised services. To this end, the Company is implementing a series of initiatives focused on the development of digital applications and the enhancement of value-added services for its passengers..
As part of its operational efficiency initiatives, the Group is consolidating its Adriatic operations into a single corporate structure, replacing the previously fragmented multi-entity model.
In parallel, targeted actions are underway to contain costs and enhance fleet efficiency, including the deployment of energy-efficient technologies, scrubber installations, and fleet optimisation measures.
2026 Outlook
Managing the Group’s operating costs remains a key priority for 2026, as expanding environmental regulatory requirements continue to impact the cost base in combination with the sharp increase in fuel prices due to the geopolitical developments in the Middle East, notably, Brent crude price just recently exceeding $125/bbl, up from $60.9/bbl as of 31 December 2025.
Having partially hedged its fuel costs ahead of the crisis, Management has already implemented a range of initiatives to optimize fuel consumption. The Group continues to closely monitor developments, while assessing all potential additional measures to address a potential prolonged period of uncertainty.
The Annual Financial Statements for Financial Year 2025 of the Company and the Group will be made available on 30 April 2026 on the websites of Euronext Athens (https://athens.euronext.com) and the Company (www.attica-group.com). All amounts in this announcement are presented in million euros; any discrepancies may arise due to rounding.