Autohellas S.A.

Ladies and gentlemen, thank you for standing by. I'm Polina, your chorus call operator. Welcome and thank you for joining the AutoElas conference call to present and discuss the full year 2025 financial results. All participants will be in listen-only mode and the conference is being recorded. The presentation will be followed by a question and answer session. Should anyone need assistance during the conference call, you may signal an operator by pressing star and zero on your telephone. At this time, I would like to turn the conference over to Mr. Aftigios Vasilakis, CEO. Mr. Vasilakis, you may now proceed.

Yes. Good afternoon, everybody, and welcome to our call on the annual results of 2025. Thank you for being here. I'll make some brief comments, and then I'll turn over to Mr. Vasilakis, our controller, to describe the results of last year. After he goes through the numbers, I'll make some comments with regards to Outlook. What we're happy to report on is that last year was, once again, a year of very solid numbers for us. has reached a level of operation and profitability since 22 in essence, which is more or less double of what we had before COVID. So, 22, 23, 24, and 25 have all been excellent years for us. We're able to develop our revenues and, as I said, reach very high levels of EBITDA and final bottom-line profitability. And 2025 was, again, a year at that level. The reason I'm highlighting the stability at these levels is because our sector, whether we define the sector as short-term rent-a-car, leasing, or car trading, any combination thereof. Typically, if we look at most of our competitors who are listed in different places in the world, we will see a significantly higher level of instability in the results for the high level of volatility, depending on how things like rent-a-car prices, depreciation, real depreciation of used cars, and or the margins of the car trading business affect the industry. The fact has reached and retained levels of revenue around 1 billion euro and actually levels of bottom line performance where we've been for the last four years is for us a testament to the fact that the model is quite solid. and can withstand a reasonable amount of pressure depending on how changing situations evolve. This is a reason that we'll be able to once again suggest to the AGM, propose to the AGM that we will distribute 85 cents per share, which of course leads to a very interesting yield to our shareholders, despite the fact that, again, we find ourselves over the last month and for a period that we, of course, cannot evaluate on our own in a situation of war in the Middle East, which, of course, is never good either for macro, nor for confidence, nor for the travel habits of people, which all affect industries like Iran. So, I will turn over to Zachos to give you the particulars of the year that we now have behind us. And I'll come back towards the end to make some comments about how we feel on the way forward, to the degree, of course, that this can be described within a war environment in our not exact proximity, but not too far away from here either. Thank you, Zaho.

Good afternoon, everyone. Thank you for joining the call. So, I will begin with a concise overview of photo-alias group performance in 2025. And we will highlight some key trends and drivers. So starting with the top line, as we said earlier, the consolidated revenue surpassed the 1 billion, which is 5% above 2024. And it's a record revenue year because it's higher also than the previous record year of 2023. So the main growth driver was the strong demand in short and long-term rentals in Greece, but there was also some continued positive momentum in the car trade. On the consolidated revenue, on top, we add the Italian motion revenue production, which was 170 million. This number is not consolidated, so if we look at the total footprint of PhotoLas Group in revenue, this amounts to 1.2 billion. Zooming in on a by segment basis, as we said, the Greece rentals was the main driver. This segment has grown by 12% in 2025. One key driver is the international arrivals that increased 6% in 2025. There was another seasonality improvement, which means that the first quarter and the last quarter were stronger. Small numbers, but stronger performance. So having tourism as the main driver, the short-term rentals have also increased. Despite the high vehicle availability in the market and some price pressures that we experienced from the competition, We saw the improvement in all the KPIs we have in the short-term rentals, like fleet utilization or customer satisfaction or revenue per car. At the same time, we had also long-term leasing being a key growth engine for another year. In the Greek market, the corporate or fleet registration, as we call it, have rose by 12%. So out of the total car registration, 60% were fleet registrations. And this confirms a shift from owning cars to leasing cars and supports the leasing business. Now, looking at the auto trade where we operate in Greece, the market overall of car registration has increased by 5%. And this growth, as we said earlier, is led by the corporate fleet sales. AutoLS Group has managed to retain the market share, although the profitability has softened a bit due to channel mix and some competition, some intense competition. In 2025, we also added in our portfolio some Chinese brands, Shangan and Xpeng, that diversified and increased our portfolio. Looking at international activity, the Balkans and Cyprus has also delivered a positive momentum in growth, both in long and short-term rentals, and contributed to the group, while at the same time, in Portugal, where we operate only, we do not have operating leasing, we only have rent-a-car, we face some We faced a competitive environment, so our main focus there was to take some operational and fleet optimization actions. So, now looking at the profit ratios, the EBITDA has followed the revenue increase. It reached 295 million, which is 5% rise year over year. On the operating profit or EBIT, we managed to reach 123 million which was 5% down from 2024 and this was mainly due to the margin pressures we had in auto trade and the Portugal segment as we said earlier. Now on the net profit, we reached 80 million compared to 85 million we had in 2024. And in this number, this result is also supported by 10 million of dividends, which we had also in 2024. This growth and stability that we said is reflected also in the balance sheet. Our assets have increased by 200 million relative to 100 million of increase in net debt and 95 million of increase in equity. So we retained a strong balance sheet. This asset growth is mainly from fleet increase. We managed to reach 65,000 units under management and we also performed a strong fleet renewal during the year, which means that we invested 366 million in buying approximately 20,000 units. Overall, the group in 2025 demonstrated resilience. In some segments, we had some market share gains and we try to optimize our fleet management and continue our investments to support our sustainable growth.