EYDAP Reports H1 2026: Growth Plans, Execution Delays and €2.8B Investment Push

EYDAP, Greece’s Athens-based water utility, reported progress in its H1 2026 financials, highlighting a €17 million increase in customer billing activity and a €2.8 billion investment program—up from €2.5 billion in prior plans—primarily driven by the expansion of the Psyttalia project. The company’s stock closed at €12.12 (up 85% year-over-year) after a 1.14% decline to a 52-week low of €6.20, though it remains within its €12.92 high range. Management emphasized that pending judicial proceedings on €185 million in outstanding receivables, along with provisions of €68 million for revenue cutoffs, do not pose impairment risks but require careful execution timing. Project execution rates stood at 75% on average, with water services operations running at 140% of planned capacity, though overall investment progress slowed to 81% from 86% in the prior year. CEO Harry Sachinis reiterated that consolidation of 43 peripheral utilities—valuations for which are underway—would drive revenue growth without immediate losses, though completion remains contingent on a timeline shift to Q3 2027 or January 2028 for financial alignment. CFO Stamou noted acceleration in H2 investment execution, supported by contractor agreements and Project Management Office (PMO) oversight. The company’s water use breakdown in Greece remains unchanged: 80% agricultural and 20% potable demand.