Piraeus Port Authority (PPA S.A.) posted first-half 2026 net profits of €35.4 million, down 24.4% from €46.7 million a year earlier, as Pier I construction works and an exceptional 2025 cargo surge reversed into a tough year-on-year comparison.

Total revenues fell 8.9% to €111.9 million from €122.8 million in the first half of 2025. Total assets climbed 8.8% from end-2025 levels to €750.3 million, reflecting the port operator's accelerating capital programme: PPA invested €106.7 million in infrastructure projects and equipment during the period.

The company attributed the revenue decline almost entirely to Pier I. The comparison base was inflated: in the first half of 2025, shippers pulled domestic cargo volumes through Piraeus early, driven by fears that new tariffs would hit global trade. That front-loading lifted throughput to levels the port has not matched this year.

The second factor is self-inflicted, but deliberate. PPA is implementing Mandatory Investment projects 5.5 and 5.7 at Pier I. The works have temporarily reduced storage capacity in the container stacking areas, constraining throughput capacity while construction is under way.

The trade-off is explicit. PPA says the projects are of strategic importance and will deliver substantial gains in capacity, productivity and overall operational capability at Pier I in the coming years — with a clear target date in mind: full readiness for the increased cargo volumes expected once the Suez Canal fully reopens to transits.

That positioning matters commercially for carriers and forwarders routing Asia–Europe cargo via the Mediterranean. Piraeus, majority-owned by COSCO Shipping Ports, has been a key transshipment hub for Asia–Europe strings, and its ability to absorb redirected Suez traffic at scale depends on Pier I regaining — and expanding — its stacking and throughput capacity before the recovery arrives.

The first half was not uniform bad news. Revenues at Piers II and III grew, driven by better throughput performance in recent months, and contributed meaningfully to the organisation's revenues and profitability. PPA said the improvement strengthened from July onwards and will show up in third-quarter 2026 results, implying the worst of the earnings contraction came in the opening months of the financial year. The company also noted the negative year-on-year earnings change narrowed compared with first-quarter results.

CEO Su Xudong framed the half-year as evidence of resilience rather than retreat. "The performance of the first half of 2026 confirms the resilience of the Port of Piraeus and its readiness to lead in a demanding global market," he said. "Guided steadily by digital and ecological transformation, we are implementing an extensive investment program that not only enhances our operational capabilities but also safeguards our sustainability and minimizes our environmental footprint."

Su pointed to the planned Logistics Centre as the next revenue driver. "In particular, we are accelerating our pace towards the realization of the Logistics Centre, which will generate new revenue streams and increased added value for the local community," he said. "We believe that despite the challenging economic environment and numerous uncertainties, we have solid reasons to be optimistic about the prospects of the Piraeus Port Authority."

For shippers and box carriers, the practical reading is straightforward: Pier I capacity remains constrained in the near term while Mandatory Investments 5.5 and 5.7 progress, but Piers II and III are performing better and the momentum built through July should carry into the third quarter. Longer term, the €106.7 million invested in the first half signals PPA is spending ahead of a demand curve it expects to steepen with the Suez Canal's full reopening — capacity it will need to have in place before the cargo returns.