EYDAP is Greece’s largest water and sewerage utility company, serving the Athens metropolitan area and the broader Attica region. The company provides essential water supply and wastewater management services to 4.4 million water customers and 3.7 million sewerage customers, representing approximately 40% of Greece’s total population.

EYDAP operates as a natural monopoly within its designated service area, managing critical infrastructure that includes four reservoirs, a 495km external aqueduct system, 14,000km of water distribution networks and 8,500km of sewerage networks.

With a market cap of €770m, EYDAP is listed on the Athens Stock Exchange and maintains a strategic position as Greece’s premier water utility provider.

The company’s water sourcing strategy relies on pristine mountain sources in Central Greece, delivering water through gravity-fed systems that minimise energy consumption while ensuring exceptional quality standards. EYDAP ranks first globally for water quality, according to the Yale Environmental Performance Index. Despite this leading quality position, the company maintains one of Europe’s most competitive tariff structures, as measured by Global Water Intelligence.

Here are five key reasons why EYDAP represents an exciting investment case:

• First, the company benefits from an essential service monopoly position, serving a stable and densely populated customer base with limited demand elasticity, which demonstrates stable demand characteristics even during periods of economic uncertainty.
• Second, EYDAP has secured approval for a substantial €2.5bn capital expenditure programme spanning 10 years, representing transformational investment in infrastructure modernisation and network expansion. This capital programme addresses critical infrastructure needs while simultaneously enhancing operational efficiency and service reliability. The European Investment Bank and Ernst & Young have assessed and validated the technical and financial viability of this investment framework.
• Third, EYDAP is transitioning to a new Regulated Asset Base regulatory framework, which provides enhanced visibility on future revenue streams and ensures cost recovery mechanisms aligned with international utility best practices. This regulatory structure supports predictable cash flow generation and facilitates the recovery of invested capital plus a weighted average cost of capital.
• Fourth, the company possesses a substantial infrastructure asset base that has undergone continuous enhancement, positioning EYDAP to meet growing demand while maintaining service quality standards.
• Fifth, EYDAP has developed a comprehensive multi-phase strategy to address water scarcity challenges facing the Attica region. Near-term initiatives focus on operational optimisation, including accelerated leak reduction programmes and demand management measures to preserve existing water resources. Medium-term projects include the development of alternative water sources, such as the expansion of water treatment capacity and the enhancement of interconnection capabilities with neighbouring water systems. Long-term strategic projects encompass major infrastructure investments, including potential desalination facilities and large-scale water transfer schemes to mitigate structural water scarcity risks. This multi-phase approach demonstrates prudent capital allocation focused on ensuring long-term water security for the region.

EYDAP’s financial performance reflects the stability inherent in regulated utility operations, with revenue increasing 6% year-on-year in FY24 to €374m.

The company’s capital investment programme, representing 33% of total programme value focused on network rehabilitation, underpins future rate base expansion. Operating cash flow generation provides the foundation for progressive dividend policies while supporting the substantial capital expenditure requirements.

EYDAP’s strategic positioning combines monopoly market structure, essential service provision, supportive regulatory frameworks and substantial infrastructure investment programmes.

These characteristics establish a solid investment proposition within the European regulated utilities sector.

Published 28 November 2025