Greek ferry operator Attica Holdings posted revenue of €326.6 million ($383.8 million) for the first half of 2025, up 2.96 per cent from €317.2 million in the same period last year, supported by growth across its Greek domestic and international routes.
Operating costs rose 14 per cent year on year to €321 million, compared with €281.4 million in the first half of 2024. The company attributed the increase to higher emissions allowance costs, compliance with environmental regulations, and broader inflationary pressures affecting fleet maintenance, procurement, and crew payroll.
Gross profit fell to €5.6 million, down from €35.8 million in the prior-year period, while EBITDA declined to €4.1 million from €19.5 million. Net loss from continuing operations after tax widened to €52.3 million, including €17.3 million in non-recurring expenses.
This compared with a €23.8 million loss in the first half of 2024, which included €11 million in non-recurring expenses. Last year’s results also reflected €19.3 million in profit from the disposal of AML, bringing total net loss for H1 2024 to €4.5 million.
Cash and cash equivalents stood at €78.6 million as of June 30, compared with €75.8 million on December 31, 2024. Investment outflows in the first half totalled €46.5 million, mainly directed towards fleet energy-efficiency upgrades among others.
In the first half of 2025, Attica transported 2.7 million passengers, down 3.6 per cent year on year. Private vehicle volumes fell 1.3 per cent to 456,000, while freight units rose 3.8 per cent to 276,000. Sailings declined 1.6 per cent to 8,272.
Management said traffic volumes were affected by inflationary pressures in Greece and Europe, reduced consumer spending, seismic activity in the Santorini region, and geopolitical uncertainty in the Eastern Mediterranean.
The group operated 37 vessels under the Superfast Ferries, Blue Star Ferries, Hellenic Seaways and Anek Lines brands. Of these, 25 were conventional Ro-Pax vessels, 10 were high-speed vessels and two were Ro-Ro vessels.
Attica advanced its fleet renewal programme during the period, placing orders for new Ro-Pax ferries with alternative fuel and hybrid propulsion systems.
The company also recycled older vessels, disposed of its Flying Dolphin fleet, and entered bareboat charters with purchase obligations for two ageing vessels, reducing average fleet age to 24.9 years from 27.1 years. Energy-efficiency upgrades across existing vessels cost €10.2 million.
The company said second-half performance will continue to face pressure from inflation and environmental costs. It did not materially raise passenger ticket prices, in part due to a one-year 50 per cent reduction in port fees at coastal shipping ports.
Management noted strong liquidity and a solid balance sheet will support operations and investments, while route optimisation and cost-control measures are being implemented.