Attica Group Reports 30% Revenue Increase for First Half of 2024

• Integration of ANEK S.A.’s financial data for the first time in an entire semester.
• The Group’s turnover reached €317.2 million in the first half of 2024, compared to €244.3 million in 2023.
• Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) amounted to €19.5 million, down from €47.5 million in the first half of 2023.
• The Group continues to advance its investment program, which is focused on fleet renewal, environmental upgrades, and further digitization of operations.

Attica S.A. Holdings has announced its results for the first half of 2024, including the integration of "ANONYMI NAVITLIAKI ETERIA CRETE S.A." and its subsidiaries ("ANEK") for the first time over an entire semester. This follows the completion of the merger by absorption of ANEK by the Company as of December 4, 2023. A major focus during this period was the operational integration of ANEK and the successful implementation of plans for the upcoming summer season, covering fleet management, human resources, systems, and practices.

The Group’s turnover for the first half of 2024 increased across both geographic areas of activity (Greek and international shipping). Specifically, consolidated turnover rose by 29.9%, reaching €317.2 million, up from €244.3 million in the first half of 2023.

Consolidated EBITDA was €19.5 million, compared to €47.5 million in the first half of 2023. Consolidated losses after taxes were €4.5 million, compared to a profit of €3.3 million in the first half of 2023. For comparison, had the ANEK merger occurred on January 1, 2023, pro forma results would show a turnover of €325 million, EBITDA of €45.1 million, and consolidated losses after taxes of €12.5 million.

The results for the first half of 2024 are impacted by one-time costs related to the merger and ANEK’s operational integration, such as the voluntary exit program, ship upgrades, training and integration of crews and shore staff, and other merger-related expenses. Full operational integration is expected to be completed by the end of the year. Additionally, the Group’s operating costs were affected by a 9% increase in average fuel prices compared to the first half of 2023 and the new costs associated with the European Union's Emissions Trading System, which began on January 1, 2024.

In the first half of 2024, the Group divested its interest in Africa Morocco Links (AML), generating a profit of €22.8 million from the sale, along with the sale of the E/G—O/G ship Morocco Star. Morocco Express 1 (formerly Highspeed 3), part of the agreement for the sale of the aforementioned interest, was completed in July 2024.

As of June 30, 2024, cash and cash equivalents amounted to €157.8 million (€103.4 million as of December 31, 2023), with unused financing limits totaling €44 million. The Group had total investment cash outflows of €55 million for the first half of 2024. On July 26, 2024, the Group fully repaid its common bond loan, amounting to €175 million. The Group's equity stood at €495.2 million (€495.7 million as of December 31, 2023).

Shopping and Transport Project

The Group’s fleet, operating under the brands "Superfast Ferries," "Blue Star Ferries," "Hellenic Seaways," and "Anek Lines," consists of 42 ships: 28 conventional passenger-vehicle ferries, 12 high-speed ships, and 2 cargo ferries. All but two passenger ferries are privately owned.

In the first half of 2024, the Group’s ships operated routes in Greece (Cyclades, Dodecanese, Crete, NE Aegean, Saronic, Sporades) and internationally between Greece and Italy (Ancona, Bari, Venice).

The Group’s transport activities increased compared to the first half of 2023. In particular, the Group’s ships carried 2.8 million passengers (up 16.7% from 2.4 million), 462 thousand passenger vehicles (up 26.6% from 365 thousand), and 266 thousand trucks (up 27.3% from 209 thousand). The number of ship itineraries for the first half of 2024 was 8,406, up 5.5% from 7,968 in the first half of 2023. Pro forma data for the first half of 2023, had ANEK been included, would have shown 2.7 million passengers, 438 thousand passenger vehicles, and 261 thousand trucks. Compared to these pro forma figures, transport activity in the first half of 2024 increased by 3.7% for passengers, 5.5% for vehicles, and 1.9% for trucks.

The Group operates in a highly seasonal industry, with peak traffic from July to September and lower traffic from November to February. Truck traffic, however, is less seasonal and distributed throughout the year.

Investments - Innovation - Environment

Attica Group continues to advance its green transition and fleet renewal plans. The Group has signed an agreement with Stena RoRo for the long-term charter with an option to purchase 2 E-Flexer vessels. These vessels will be methanol and battery-ready, with engines designed for three fuel types and equipped with cutting-edge technology for optimal environmental performance. Delivery is scheduled for April and August 2027.

In the second half of 2024, the Group acquired the passenger ferry ships KISSAMOS and KYDO, previously part of the fleet under long-term bareboat charter agreements. The acquisition was completed for €4.4 million and €4.5 million, respectively.

Additionally, Attica Group is expanding into the hotel sector. Since 2021, the Group has acquired hotel complexes on islands where its ships operate. In the first half of 2024, the Group invested €14 million in acquiring its second hotel complex in Naxos, further expanding its presence on the island.