Avoiding EU maritime emission costs means the TEU drop in Piers 2 and 3, operated by Cosco, continued in November. This time it was a milder -17% yoy drop vs the ones witnessed in August to October. But big enough to make us revisit our H2/FY 2025 numbers given that Piers 2&3 contribute 35% of sales and 55% of EBITDA.

We knew traffic in Piers 2&3 (monthly throughput reported by Cosco) was down -15% yoy in Q3 (Aug -20%, Sep -18% yoy). The results announced today showed traffic in Pier 1 was also down -5% yoy (local -6%; transit -4%), bringing the total TEU decline to -13.6% yoy. We are mostly puzzled with the steep drop in Aug-Sep in concession Piers 2&3.

H1 2025 revenues/EBITDA/net grew +15%/+13%/+16% at E123m/E69m/E47m with the heavyweight container and cruise businesses offsetting weakness in ferry, car and ship repair segments.  Adjusting for the latter, and even though July-September Cosco/PCT traffic is down yoy, we see upside risk to our 2025 estimates.

PPA reported strong, volume-driven results in Q4 with significant growth in TEU, cruise, and storage metrics. Revenues/EBITDA/net at E56m/E26m/E17m showed a +7% beat on EBITDA and a +40% beat on net income compared to our estimates, driven by higher PCT concession revenues and lower taxes.

This is our BoP Greek equities briefing. We have not made many changes compared to our semi-annual one in July: we downgraded Alpha and Helex; and upgraded Eurobank. Plus, we re-visited GEK, reiterating OI and replacing its soon-to-be-delisted RES subsidiary, Terna Energy.