Greek ferry operator, Attica Holdings, has reported an increase in consolidated revenue across both geographical operational segments – Greek domestic and international routes – for the first half of this year.
Compared to the corresponding period in 2024, overall revenue increased by 2.96%, reaching €326.6 mill from €317.2 mill.
During 1H25, the Group’s OPEX reached €321 mill, compared to €281.4 mill in the first half of 2024, representing a 14% increase.
This escalation was primarily driven by the increased cost of emissions allowances and compliance with evolving environmental regulations, alongside broader inflationary pressures, which have affected fleet maintenance, procurement, and crew payroll costs.
Attica’s consolidated gross profit was €5.6 mill, compared to €35.8 mill in 1H24, while EBITDA stood at €4.1 mill, down from €19.5 mill in the corresponding period last year.
Net results from continuing operations after taxes resulted in a loss of €52.3 mill, which included non-recurring expenses of €17.3 mill, compared to a loss of €23.8 mill in 1H24, which included non-recurring expenses of €11 mill.
Cash and cash equivalents as of 30th June, stood at €78.6 mill, up from €75.8 mill as of 31st December, 2024.
During the period, total investment cash outflows reached €46.5 mill and were primarily allocated for the installation of advanced technologies across the Group’s existing fleet, aimed at improving energy efficiency and minimising the environmental footprint, as well as to the extensive renovation of the Group’s Tinos island hotel.
Attica’s fleet numbered 37 vessels, sailing under the banners of Superfast Ferries, Blue Star Ferries, Hellenic Seaways and Anek Lines, of which 25 were conventional ropaxes, 10 were high speed vessels and two were ro-ros.
All of the vessels are wholly owned by the Group, except for two ropaxes, which are chartered in.
In 1H25, the Group’s vessels operated on Greek domestic routes (Cyclades, Dodecanese, Crete, Northeast Aegean and Saronic Gulf) and on the international Greece/Italy route (Ancona, Bari, Venice).
Regarding the Group’s traffic volumes, the vessels carried 2.7 mill passengers in 1H25, compared with 2.8 mill in the first half of 2024, a decrease of 3.6%; 456,000 private vehicles (462,000 in 1H24, a decrease of 1.3%) and 276,000 freight units (266,000 in 1H24, an increase of 3.8%).
The number of 1H25 sailings reached 8,272 (8,406 in 1H24, a decrease of 1.6%).
It was thought that the Group’s traffic volumes were affected by the rising inflationary trends in Greece and across Europe, which impacted passengers’ disposable income and consumer spending; by the impact of the prolonged seismic activity in the Santorini region; as well as by the uncertainty arising from geopolitical developments in the Eastern Mediterranean.
In alignment with its commitment to green transition and fleet renewal, Attica Group has placed an order for new generation E-Flexer vessels, featuring alternative fuel technologies and hybrid propulsion systems.
The Group also completed the sale for safe and environmentally sound recycling of older vessels, finalised the sale of its ‘Flying Dolphin’ type vessels, and entered into bareboat charter agreements with purchase obligations for two ageing vessels, thus reducing the average fleet age by 2.2 years (from 27.1 to 24.9 years).
Moreover, energy efficiency upgrades were implemented across existing vessels through the installation of advanced technologies, including energy saving devices and scrubbers, for a total investment of €10.2 mill.
The Group also said that it remained committed to the implementation of its strategic plan, focusing on three key pillars – customer-centricity, green transition and fleet renewal, plus operational optimisation.
In this context, Attica has initiated organisational changes through the establishment of a new executive pillar, with the aim of enhancing customer value.
Moreover, the first phase of the ‘Seanthesis’ project has been completed, focusing on the development of digital applications designed to integrate systems and deliver personalised services to passengers.
Meanwhile, the shipbuilding and investment programme for the installation of new technologies on vessels was steadily progressing in 1H25, targeting improved energy efficiency and reduced environmental footprint.
At the same time, the Group is implementing a series of initiatives to optimise operations and rationalise costs, leveraging digital technologies.
Attica’s financial performance in 2H25 is expected to be affected by market inflationary pressures, which are minimise consumers’ disposable income.
In this context, and despite increased environmental costs, the Group did not proceed with a material adjustment in passenger ticket prices, aiming to stimulate transport activity, while also taking into account the announced 50% reduction in port fees at coastal shipping ports for a year.
An additional factor is the intensified seasonal competition the Group faces, due to the deployment of additional vessels.
During this transitional period, management closely monitors macroeconomic developments, evaluates the factors affecting traffic volumes and the cost base, and takes the necessary measures to ensure the Group’s sustainable growth.
This effort is supported by leveraging the Group’s strong balance sheet, high liquidity, and extensive investment programme, while planning routes optimisation initiatives both during the winter months and the peak season, and adopting measures to stimulate traffic volumes and strengthen the Group’s revenue.
