Attica Group cuts first-half losses to €13.5M as EBITDA rises to €15.7M

Financial turnaround and earnings growth

Greek ferry operator Attica Group posted a revenue of 329.8 million euros for the first half of 2026, marking a 1% increase compared to 326.6 million euros recorded in the first half of 2025. This top-line expansion occurred despite a strategic 12.8% reduction in scheduled ferry itineraries. Consolidated gross profit rose to 13.6 million euros during the six-month period, up from 5.6 million euros in the prior-year period. Earnings before interest, taxes, depreciation, and amortization (EBITDA) reached 15.7 million euros, climbing from 4.1 million euros in the first half of 2025. Net losses after taxes narrowed to 13.5 million euros from a loss of 52.3 million euros in the corresponding period of 2025. The net result for the first half of 2026 included 14.8 million euros in gains from asset sales, compared to 1.7 million euros in asset sales during the first half of 2025.

Operational efficiency and fuel savings

Group operating costs decreased by 1.5% to 316.2 million euros in the first half of 2026, down from 321.0 million euros in the first half of 2025. This 4.8 million euro reduction in operating expenditure reflected targeted measures to optimize fleet operations and rationalize the core cost base. Excluding fuel expenses and compliance costs tied to environmental regulations, the company lowered its cost base by 21.8 million euros. Fleet optimization efforts delivered an 11% reduction in total fuel consumption across the group network. These consumption savings helped offset higher underlying fuel prices as well as regulatory charges stemming from the European Union Emissions Trading System (ETS), FuelEU Maritime, and Sulphur Emission Control Area (SECA) rules. Specific initiatives included retiring older vessels and allowing expired charter contracts to conclude.

Balance sheet and liquidity position

Attica Group reinforced its capital structure as total equity rose to 458.3 million euros as of 30 June 2026, up from 440.8 million euros on 31 December 2025. Net debt increased during the same six-month window to 564.1 million euros, compared to 515.6 million euros at the close of 2025. The group leverage ratio stood at 55% at the end of June 2026, slightly above the 54% recorded on 31 December 2025. Cash and cash equivalents reached 97.5 million euros, compared with 96.1 million euros at the end of the previous fiscal year. In addition, the group retained 53.9 million euros in unutilized credit facilities from financial institutions as of 30 June 2026, maintaining operational headroom.

Fleet renewal and emission controls

Management continued its fleet modernization program by replacing older units with younger, energy-efficient vessels to lower its environmental footprint. In the Saronic Gulf network, vessel replacements reduced the average fleet age to 5.8 years, down from 18 years previously. In the Adriatic Sea routes, the integration of the vessel Superfast V and the scheduled delivery of two newbuild vessels in 2027 are set to lower the average fleet age to 8.6 years from an earlier 24.8 years. The group also installed exhaust gas cleaning systems (scrubbers) on 10 vessels to comply with maritime emissions standards and limit energy costs. Ongoing shipbuilding and investment programs remain focused on technical upgrades to improve overall energy efficiency across passenger and freight operations.