The Piraeus Port Authority (PPA) of Greece reported first half 2026 revenue of €111.9 million (US$126.9 million) on Tuesday, September 29, indicating a decrease of 8.9 per cent as work at Pier I constrained container operations.
Net profit after tax fell 24.4 per cent to €35.4 million (US$40.2 million), compared with €46.7 million (US$53 million) in H1 2025. Revenue in H1 2025 was €122.8 million (US$139.3 million).
The PPA attributed the decline mainly to Pier I, where domestic cargo throughput had been elevated in H1 2025 amid fears of possible tariffs on global trade. That increase created a higher base for comparison this year.
Mandatory Investment 5.5 and 5.7 projects at Pier I have temporarily reduced storage capacity in container stacking areas, limiting throughput. PPA expects the works to increase the terminal’s capacity and productivity in the coming years.
The authority linked the upgrades to an expected increase in cargo volumes following a full reopening of the Suez Canal.
PPA invested €106.7 million (US$121 million) in infrastructure projects and equipment in the first six months of 2026. Its total assets stood at €750.3 million (US$851 million) at the end of June, up 8.8 per cent from the end of 2025.
Revenue from Piers II and III rose as container throughput improved in recent months, PPA said. The authority reported a stronger trend from July and expects the improvement to be reflected in its Q3 2026 results.
PPA chief executive Su Xudong said the investment programme was intended to strengthen operations and reduce the port’s environmental footprint.
“In particular, we are accelerating our pace towards the realisation of the logistics centre, which will generate new revenue streams and increased added value for the local community.”
Group revenue fell 8.7 per cent year-on-year to €47.1 million (US$53.4 million) in Q1 2026, while net profit after tax dropped 29.3 per cent to €12.1 million (US$13.7 million). The H1 totals put Q2 revenue at €64.8 million (US$73.5 million) and net profit after tax at €23.3 million (US$26.4 million).
Pier I handled 112,668 TEUs in the first quarter, down 42.5 per cent from 195,937 TEUs in Q1 2025. Local cargo fell 33 per cent to 42,645 TEUs, compared with 63,689 TEUs in the same period last year.
PPA’s nine-month 2025 results showed Pier I throughput rising 32 per cent, including a 15.3 per cent increase in local cargo and a 44.1 per cent increase in transshipment volumes. Group revenue rose 11.3 per cent to €194.7 million (US$220.8 million), while net profit after tax grew 8.3 per cent to €76 million (US$82 million).
