Piraeus Port Authority reports H1 2026 profit decline

Piraeus Port Authority (PPA) reported a decline in financial performance for the first half of 2026. Total revenue fell 8.9% to €111.9 million, while net profit after tax decreased 24.4% to €35.4 million compared to the same period in 2025.

The company attributed the downturn primarily to lower performance at Pier I. This was caused by mandatory infrastructure upgrades (projects 5.5 and 5.7) which temporarily reduced storage capacity and handling throughput. Additionally, the 2025 results were bolstered by an unusual spike in domestic cargo as businesses moved goods ahead of potential global trade tariffs.

Despite the drop in profits, PPA accelerated its investment program, spending €106.7 million on infrastructure and equipment. Total assets rose 8.3% to approximately €750 million. Management noted that revenue from Piers II and III showed improvement due to stronger handling activity in recent months. These strategic investments are intended to increase long-term productivity and prepare the port for expected increases in cargo volumes following the full reopening of the Suez Canal.