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Attica Holdings S.A. (the 'Company') announces its results for the 1st half of 2024, integrating for the first time the business operation of ANEK LINES S.A. and its subsidiaries ('ANEK') for the entire period, following the completion of its merger by absorption on December 4, 2023. In the 1st half of 2024, the Group focused on the operational integration of ANEK and the successful implementation of respective planning regarding fleet operations, human resources, systems and practices in anticipation of the summer peak season.

In the 1st half of 2024, the Group's revenue increased across both geographic segments (in Greek domestic and international routes). Overall, compared to the 1st half of 2023, the consolidated revenue rose by 29.9%, reaching € 317.2mln, up from € 244.3mln.

The consolidated Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) amounted to € 19.5mln, compared to € 47.5mln in the 1st half of 2023, while the consolidated losses after taxes amounted to € 4.5mln, compared to earnings of € 3.3mln in the 1st half of 2023. For comparison purposes, it is noted that if the merger of ANEK had taken place from January 1st, 2023, pro-forma consolidated key figures would be: Revenue of € 325mln, Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) of € 45.1mln, while consolidated losses after taxes would amount to € 12.5mln.

It should be noted that the results for the 1st half of the year, and for 2024 fiscal year overall, are burdened by non-recurring expenses related to the merger and the operational integration of ANEK., including costs associated with the voluntary exit program, the fleet upgrading, the training and integration of crew and onshore personnel, as well as other merger-related costs. Overall, the operational integration is expected to be completed by the end of the year. In addition, the Group's operating cost was affected by a 9% increase in the average fuel price compared to the 1st half of 2023, as well as the emission allowances purchase cost, in compliance with the European Union Emissions Trading System requirement which came into effect on January 1, 2024.

In the 1st half of 2024, the Group divested its stake in the affiliate company Africa Morocco Links (AML), with the total gain from this sale, including the sale of the Ro-Pax vessel Morocco Star, amounting to €22.8mln. The sale of the Morocco Express 1 (ex. Highspeed 3) vessel, which was part of the agreement related to the sale of the aforementioned stake, was completed in July 2024.

Cash and cash equivalents as of June 30, 2024, stood at € 157.8mln (€ 103.4mln as of December 31, 2023), with unutilized credit lines amounting to € 44mln, while total Group investment cash outflows for the 1st half of 2024 amounted to € 55mln. The common bond loan of €175mln, publicly traded on Athens Stock Exchange, was fully repaid on July 26, 2024. The Group's equity stood at €495.2mln (€495.7mln as of December 31, 2023).

OPERATING MARKETS & TRAFFIC VOLUMES

The Group's fleet numbers 42 vessels, sailing under the trademarks “Superfast Ferries”, “Blue Star Ferries”, “Hellenic Seaways” and “Anek Lines”, of which twenty-eight (28) are conventional Ro-Pax vessels, twelve (12) are highspeed vessels and two (2) are Ro-Ro carriers. All vessels are fully owned by the Group, except for two (2) Ro-Pax vessels which are chartered.

In the 1st half of 2024, the Group's vessels operated on Greek domestic routes (Cyclades, Dodecanese, Crete, North-East Aegean, Saronic Gulf and Sporades) and on the international Greece-Italy route (Ancona, Bari, Venice).

The Group’s traffic volumes increased compared to the 1st half of 2023. More specifically, in the 1st half of 2024, the Group vessels transported 2.8mln passengers (2.4mln passengers in the 1st half of 2023- increase of 16.7%), 462 thousand private vehicles, (365 thousand private vehicles in the 1st half of 2023-increase of 26.6%) and 266 thousand freight units (209 thousand freight units in the 1st half of 2023-increase of 27.3%). The number of sailings for the 1st half of 2024 reached 8,406 (7,968 in the 1st half of 2023-increase of 5.5%). For comparison purposes, it is noted that according to pro forma figures for the 1st half of 2023, the consolidated traffic volume of the Group including ANEK, would have amounted to 2.7mln passengers, 438 thousand private vehicles and 261 thousand freight units. In the 1st half of 2024 as compared to pro-forma figures for the 1st half of 2023, traffic volumes increased by 3.7% for passengers, 5.5% for private vehicles, and 1.9% for freight units.

The Group’s revenues are highly seasonal particularly in relation to passengers and private vehicles, experiencing peak activity from July to September and a decrease from November to February. On the other hand, freight units traffic volume is more evenly distributed throughout the year, exhibiting significantly less seasonal variation.

INVESTMENTS – INNOVATION – ENVIRONMENT

Within the content of Attica Group’s investment plan towards green transition and fleet renewal, the Group has signed a long-term charter agreement with Stena RoRo, including a purchase option for two newbuilding E-Flexer vessels. These vessels will be certified as methanol-ready and battery-ready, featuring engines capable of running on three different types of fuel. They will also be equipped with cutting-edge technology to optimize environmental performance and reduce greenhouse gas emissions. The delivery of the vessels is scheduled to take place in April and August 2027.

In the 2nd half of 2024, the Company acquired the Ro-Pax vessels KISSAMOS and KYDON, which were already part of the Group's fleet under long-term bareboat charter agreements. The acquisition of the two vessels was the result of exercising the respective purchase options under the bareboat charter agreements, for a total consideration of € 4.4mln and € 4.5mln, respectively.

At the same time, Attica Group continues the expansion of its operations in the hospitality sector. This strategy is gradually implemented since 2021 through the acquisition of hotel complexes on islands where the Group's vessels operate. In this context, and following its two prior acquisitions, the Company invested € 14mln in the 1st half of 2024 for the acquisition of a second hotel complex in the island of Naxos, Greece, further expanding its presence on the island.

The Interim Financial Statements of the Company and the Group will be posted on the website of the Athens Stock Exchange (www.athexgroup.gr) and the Company (www.attica-group.com) the 11th of September, 2024.