KIRIACOULIS MEDITERRANEAN CRUISES SHIPPING SA

PRESS RELEASE

COMMENTARY ON PERFORMANCE AND FINANCIAL POSITION FOR THE PERIOD

1/1/2024 -31/12/2024

The Annual Financial Report for the Parent Company and the Group for the 2024 financial year has been posted on the corporate website at www.kiriacoulis.com and on the Athens Exchange Group at www.athexgroup.gr.

Selected figures from the Statement of Comprehensive Income for the 2024 financial year and their comparative 2023 figures are presented below:

From the table above, the following arise:

During the financial year 2024, the Parent Company recorded a decrease in net sales revenue, which is exclusively due to charters of privately used yachts, by €944.728 or 28,40% compared to 2023. This change is mainly due to a 24,14% decrease in charter contracts per yacht.

As for other revenue categories, other revenue increased by €224.944 or 13,87%, and financial revenue increased by €180,000.

Regarding expenses, cost of sales – which includes expenses of yachts – decreased by €24.284 or 0,67%, selling expenses increased by €32.390 or 15,36%, administrative expenses decreased by €53.034 or 6,10%, expenses from other activities decreased by €1.102.889 or 61,74%, and financial expenses decreased by €439.756 or 51,60%.

As a result of the above changes, losses before income taxes decreased by €999.220 or 41,36% compared to 2023.

Total comprehensive losses, net of tax, for 2024 decreased by €1.250.435 or 46,88% compared to 2023.

It is noted that the Parent Company had no revenues or expenses from discontinued operations or other comprehensive income in either 2024 or 2023.

The Parent Company’s profit/(loss) before financial revenues/expenses, taxes, and depreciation reversed from a loss of €332.307 to a profit of €485.035.

During 2024, the Group’s net sales revenue increased by €373.332 or 0,92% compared to 2023. This increase is mainly due to the increase in sales of brand-new yachts made by the indirect subsidiary Sarl Vent Portant.

Group losses before taxes increased by €828.339 or 71,00% compared to 2023. The majority of yacht expenses are fixed (depreciation, mooring fees, insurance fees, and tonnage tax). As a result, the reduction in total yacht expenses (fixed and variable) was smaller than the decrease in revenue from executed charter contracts, leading to greater losses from the chartering of owned and leased yachts.

Total comprehensive losses after tax attributable to the shareholders of the Parent Company increased by €128.295 or 6,40% compared to the corresponding figure in 2023.

The Group’s profit/(loss)before financial revenues/expenses, taxes, and depreciation decreased by €794.298 between 31/12/2023 and 31/12/2024.

The policies to be implemented starting in 2025 to improve the financial results of the Group’s existing operating segments include a more systematic measurement of charterer satisfaction; a change in the mix of media used to promote and advertise the provided services; the geographic reallocation of the Group’s fleet of privately owned and leased yachts; the implementation of a stricter credit policy; the improvement of intra-group communication channels; the enhancement of a culture of innovation within the Group; the disposal of tangible fixed assets that either generate losses during their operation or are unrelated to maritime tourism; and the reorganization of the consolidated French subsidiaries.

Selected figures from the Statement of Financial Position as of 31/12/2024 and their comparative 2023 figures are presented below:

From the table above, the following arise:

The Parent Company's borrowings as of 31/12/2024 decreased by €218.020 or 4,50% compared to 31/12/2023.

Lease liabilities to financial institutions for the Parent Company decreased by €142.562 or 11,72% compared to 31/12/2023

The Group’s borrowings decreased by €535.374 or 9,81% compared to 31/12/2023.

The Group’s lease liabilities to financial institutions decreased by €257.385 or 15,83% compared to 31/12/2023.

Selected figures from the Statement of Cash Flows for 2024 and comparative 2023 figures are presented below:

From the table above, the following arise:

The Parent Company's net cash from operating activities reversed from negative €512.143 in 2023 to positive €151.813 in 2024.

The Group’s net cash from operating activities increased from €144.219 in 2023 to €515.044 in 2024 (an increase of €370.825 or 257,13%).