Athens Water Supply and Sewerage S A : Financial Results 2023

Athens, 25 April 2024

EYDAP increased turnover and reduced operating costs

improving all efficiency indicators for 2023

Growth Acceleration - Resilience to challenges

• Increase in turnover by 2.4% to € 351.6 million
• Operating costs decrease by 1.8% to €329.8 million
• 56% increase in EBITDA to €60.8 million
• Profit before tax up 163% to €28 million
• Increase of the absorption of the investment program by 45.5% compared to 2022.
• Dividend distribution of €0,10

In 2023 EYDAP increased turnover and reduced operating costs by 1.8%. All efficiency indicators showed significant improvement despite inflation pressures and the fixed tariff the Company has maintained since 2013. The Company prioritized the implementation of its investment plan by increasing the absorption of the investment program by 45% compared to 2022.

High energy costs contributed to lower water demand in the winter months, but water consumption benefited from the prolonged high temperatures of the summer period and showed a slight increase of 0.6%.

The Company's turnover amounted to € 351.6 million from € 343.5 million in 2022, representing an increase of 2.4% (+€ 8.1 million). Overall, from its main activities (water supply and sewerage), the Company recorded an increase in revenues of €8 million (+2.5%).

The Company's total operating costs decreased by -1.8% or -€6 million to €329.8 million from €335.8 million in 2022 mainly due to a 26% decrease in electricity costs (-€11.5 million) and a 3% decrease in staff salaries and expenses (-€3.4 million). Costs were negatively impacted by a €12.1 million increase in provisions (+112%)

Earnings before interest, taxes, depreciation and amortization (EBITDA)* increased significantly by 56% or €21.8 million to €60.8 million from €39 million in 2022, while EBITDA margin* increased to 17.3% from 11.4% in 2022.

The increase in EBITDA impacted the Company's earnings before interest and taxes (EBIT), which increased from just € 117 thousand in 2022 to € 21.5 million in 2023. The EBIT margin was 6.1%, up from 0.0% in 2022.

The Company's profit before taxes was €28 million from €10.6 million in 2022, an increase of +163% or €17.4 million.

Income tax was €7.7 million from €5.6 million in 2022, resulting in a 302% increase in the Company's profit after tax to €20.3 million from €5 million in 2022. The net profit margin was 5.8% from 1.5% in 2022.

Shareholder Service and Corporate Announcements [e-mail]

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The Board of Directors of the Company approved the proposal to the Annual General Meeting of Shareholders for the distribution of a dividend of 0.10 cents (€ 0.10) per share (total gross amount of € 10.650 thousand) for the financial year 2023.

Investment triples compared to 2019

In 2023 the absorption of the investment program amounted to € 44.2 million, an increase of 45% compared to the absorption of 2022, which amounted to EUR 30.45 million and an increase of 140% compared to the absorption of 2021, which amounted to EUR 18.3 million.

The 2024-2033 investment program concerns :

• major projects in East Attica (€958.7 million)
• water supply network projects (€681.6 million)
• sewerage projects (€364.5 million)
• building, digital governance and transformation projects (€103.8 million)

50% of the project budget is funded by the EU.

Expansion of EYDAP in East and West Attica

On 1.9.2023, EYDAP took over the municipal water supply and sewerage networks and the WWTP of the city of Megara as well as other municipal networks with their related facilities of the wider area. The total water supply networks have a length of 270 km of pipelines and supply water to 13,500 supplies.

Similarly, the sewerage network of the city of Megara and the Nea Peramos area has a total length of 96 km of pipelines, which includes approximately 6,600 constructed external branches of properties. At the Megara WWTP, secondary treatment with nitrogen removal and disinfection is carried out.

In mid-December 2023, the management and operation of the Koropi-Peania Wastewater Treatment Plant was transferred to EYDAP.

The plant has a capacity to treat wastewater of a population equivalent of 99,486.

Expansion projects are planned for the Koropi-Peania WWTP, involving a future new treatment line (2nd treatment line) to accommodate the additional hydraulic and pollutant load of wastewater from the coastal areas of the Municipality of Saronicos & Kropia.

The plant is subject to secondary treatment with nitrogen and phosphorus removal and disinfection.

Draft law to be passed with development flexibility for EYDAP

In April 2024, the Ministry of Environment and Energy consulted on the draft law "Regulations to address the multi-levelimpacts of climate change in the areas of: a) water management, b) forest management and protection, c) urban resilience and policy, d) combating unauthorized construction, e) energy security".

The relevant articles of the bill concern regulations for EYDAP S.A. and among others, on issues such as:

1. carrying out outside Attica the operation and maintenance of water supply and sewerage networks and installations,

1. the possibility of acquiring control of businesses in related sectors,

1. flexibility concerning the development in renewable energy and reuse of recycled water,

1. simplifying procedures for the commissioning of the maintenance, operation and upgrade of the EWS

1. the possibility of entrusting to EYDAP the maintenance of manholes and interconnections of stormwater pipelines.

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Organized action plan against climate change and water scarcity

EYDAP approaches climate risks as an opportunity to transition to a more sustainable, low-carbon future and implements mitigation measures. In order to address climate change problems but mainly to avoid them, the Company is already taking preventive actions that are part of its investment program.

The risk of water scarcity is also a consequence of climate change. To manage it, control mechanisms are in place to ensure that the Water Treatment Plants are adequately supplied with raw water, in cases where the routed inputs will be put under insufficient flow. According to the updated water resources management plan for the water supply of Athens, prepared by the Civil Engineering Department of the National Technical University of Athens in cooperation with EYDAP, based on the existing data of the reserves, around mid-July 2024, the use of the Yliki branch will be required with the operation of the Mavrosouvala boreholes and the Yliki branch pumping stations.

In the event that the stocks of the Evinos-Mornos system continue to decline, a medium- term plan is planned:

1. to increase the pumping of the Yliki branch,
2. to activate the wells of the Boeotikos Kifissos Middle Stream which, through the Unitary Aqueduct of Distomo, supply the Mornos Aqueduct.

Finally, long-term alternatives are already under consideration, including desalination, recharging the groundwater aquifer with recycled water, and connecting to other water reservoirs.

Responding to the impact of the geopolitical and energy crisis

The geopolitical crisis, combined with the energy crisis, has led to a further increase in energy costs, especially during the first half of 2023, which has led the market to appreciate. According to published Hellenic Statistic Company's data, the average CPI for 2023, compared to the corresponding index for 2022, showed an increase of 3.5%. The consequence of the above is the burden on the family and business budget, which negatively affected the volume of consumption especially in the general tariff related to residential consumers due to the change in consumption habits to save energy (washing machines, water heaters, etc.) especially during the winter months of 2023.

In 2023 the cost of electricity showed a significant decrease of €11.5 million, while the cost of electricity generation decreased (-26%) and the cost of gas generation decreased by -536 thousand (-83%),

EYDAP has incorporated in its strategy approaches to optimize the energy utilization of all process products and shields the company against any impact from energy price fluctuations, which have been proven to affect its operating costs and profitability. The company is involved in a number of projects focused on reducing energy consumption and recycling to the maximum extent feasible. To mitigate the risk of rising energy costs in the future, it is strategically focusing on new technologies for sludge management and energy recovery in the management of process products.

Aiming for the highest possible penetration of renewable energy based on best available technologies and practices to avoid impacts on the natural environment

Consistency in commitments to implement ESG strategy and criteria

The dynamic triptych of safety - efficiency - growth defines the Company's strategic axes with emphasis on sustainable development, sustainable water management and the implementation of responsible environmental practices for the benefit of customers, society, shareholders and the environment.

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The Company has set strategic ESG targets and the ESG rating in all the international rating agencies it participated in continued to improve. EYDAP's goal is to continue to align with ESG criteria and create value by formulating effective strategies with a long- term horizon.

The clear objective of the Company's strategy is to reduce our carbon footprint and to contribute significantly to strengthening the resilience of its infrastructure and the communities in which it operates and develops, as well as to enhance its adaptive capacity to the risks and natural disasters resulting from climate change. EYDAP aims to achieve zero carbon water by 2030, which will make the company largely independent from the energy market.

Waiting for the implementation of the regulatory framework

EYDAP is awaiting the issuance of the new JMD which will replace the decision of the inter- ministerial National Water Committee, annulled by the Council of State (CoE) No. 135275/19.05.2017, on water pricing rules. After the issuance of the CMD, the Company will recommend to the Ministry of Environment and Energy, since the RAEWW is not yet fully operational, the new tariff based on the allowed revenue methodology.

In view of the anticipated implementation of the regulatory framework, we continue our efforts to rationalize costs and design a ten-year investment plan that includes only the necessary projects for uninterrupted supply, ensuring water quality and water and sanitation services and climate change resilience.

Higher satisfaction compared to other Utilities

In November 2023, a telephone customer satisfaction survey using a structured questionnaire was conducted in the Region of Attica. The results were particularly positive as the EYDAP Satisfaction Index reached 75%, at levels similar to 2019 (74%).

The Company's Net Promoter Score (NPS) is significantly positive at +32, with nearly 1 in 2 being promoters of the business.

Also, the use of electronic services by customers and the electronic payment method is particularly high.

Consumers rate EYDAP's services as better by 14 to 22 percentage points, compared to other Utilities.

Commenting on the 2023 financial results, the Company's CEO, Harry Sahinis, said:

"In 2023, the Company demonstrated its resilience for yet another year, significantly improving its financials and the absorption of its investment plan, despite continued inflation pressures. But the challenges ahead require quick reflexes and decisions to ensure that no one is left without their most precious asset. Our goal is that for every euro that EYDAP customers pay, they will enjoy multiple service benefits throughout the water cycle, and in particular water of sufficient quantity and superior quality, at the lowest possible cost."

The Annual Report and the FY 2023 Data and Information are available on the company's website www.eydap.gr

• Alternative performance measurement indicator. See Alternative Performance Measurement Indicators section in the 2023 Annual Financial Report posted on the corporate website at www.eydap.gr. The financial measures reported in the release relate to the Company unless otherwise noted