New Risk • May 11
New major risk - Revenue and earnings growth Earnings have declined by 3.9% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (15% average weekly change). Earnings have declined by 3.9% per year over the past 5 years. Shareholders have been substantially diluted in the past year (400% increase in shares outstanding). Minor Risk Market cap is less than US$100m (€46.7m market cap, or US$54.9m). Announcement • May 02
Y/Knot Invest S.A. to Report First Half, 2026 Results on Sep 30, 2026 Y/Knot Invest S.A. announced that they will report first half, 2026 results on Sep 30, 2026 Announcement • May 01
Y/Knot Invest S.A. to Report Fiscal Year 2025 Results on Apr 30, 2026 Y/Knot Invest S.A. announced that they will report fiscal year 2025 results After-Market on Apr 30, 2026 Announcement • Apr 30
Y/Knot Invest S.A., Annual General Meeting, Jun 30, 2026 Y/Knot Invest S.A., Annual General Meeting, Jun 30, 2026. New Risk • Apr 30
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 400% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (14% average weekly change). Shareholders have been substantially diluted in the past year (400% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Market cap is less than US$100m (€42.2m market cap, or US$49.2m). New Risk • Apr 19
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Market cap is less than US$10m (€8.13m market cap, or US$9.56m). Minor Risk Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). New Risk • Mar 27
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €8.35m (US$9.62m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Market cap is less than US$10m (€8.35m market cap, or US$9.62m). Announcement • Mar 27
Y/Knot Invest S.A. has filed a Follow-on Equity Offering in the amount of €22.78548 million. Y/Knot Invest S.A. has filed a Follow-on Equity Offering in the amount of €22.78548 million.
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 30,380,640
Price\Range: €0.75
Transaction Features: Reserved Share Offering; Rights Offering Announcement • Feb 25
An undisclosed buyer acquired 70% stake in SARL Kiriacoulis France from Y/Knot Invest S.A. (ATSE:YKNOT) for €1. An undisclosed buyer acquired 70% stake in SARL Kiriacoulis France from Y/Knot Invest S.A. (ATSE:YKNOT) for €1 on February 18, 2026. A cash consideration of €1 will be paid by the buyer. As part of consideration, €1 is paid towards common equity of SARL Kiriacoulis France.
An undisclosed buyer completed the acquisition of 70% stake in SARL Kiriacoulis France from Y/Knot Invest S.A. (ATSE:YKNOT) for €1 on February 18, 2026 New Risk • Nov 26
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Greek stocks, typically moving 6.8% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-€926k free cash flow). Share price has been highly volatile over the past 3 months (6.8% average weekly change). Minor Risk Market cap is less than US$100m (€20.6m market cap, or US$23.9m). Announcement • Oct 03
Kiriacoulis Mediterranean Cruises Shipping SA to Report First Half, 2025 Results on Sep 30, 2025 Kiriacoulis Mediterranean Cruises Shipping SA announced that they will report first half, 2025 results on Sep 30, 2025 Announcement • Apr 30
Kiriacoulis Mediterranean Cruises Shipping SA, Annual General Meeting, Jul 28, 2025 Kiriacoulis Mediterranean Cruises Shipping SA, Annual General Meeting, Jul 28, 2025. New Risk • Apr 19
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (6.8% average weekly change). Earnings have declined by 7.0% per year over the past 5 years. Market cap is less than US$10m (€5.98m market cap, or US$6.82m). Minor Risk Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). New Risk • Feb 18
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Greek stocks, typically moving 5.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 7.0% per year over the past 5 years. Market cap is less than US$10m (€7.97m market cap, or US$8.34m). Minor Risk Share price has been volatile over the past 3 months (5.6% average weekly change). Reported Earnings • Oct 06
First half 2024 earnings released: €0.065 loss per share (vs €0.001 profit in 1H 2023) First half 2024 results: €0.065 loss per share (down from €0.001 profit in 1H 2023). Revenue: €27.8m (down 4.1% from 1H 2023). Net loss: €493.0k (down €496.8k from profit in 1H 2023). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. New Risk • Jun 10
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €9.27m (US$9.95m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-€495k free cash flow). Share price has been highly volatile over the past 3 months (9.8% average weekly change). Earnings have declined by 19% per year over the past 5 years. Market cap is less than US$10m (€9.27m market cap, or US$9.95m). Reported Earnings • May 05
Full year 2023 earnings released Full year 2023 results: Revenue: €40.5m (up 41% from FY 2022). Net loss: €2.01m (loss narrowed 31% from FY 2022). Announcement • Apr 28
Kiriacoulis Mediterranean Cruises Shipping SA to Report Fiscal Year 2023 Results on Apr 30, 2024 Kiriacoulis Mediterranean Cruises Shipping SA announced that they will report fiscal year 2023 results on Apr 30, 2024 New Risk • Apr 15
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 32% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Market cap is less than US$100m (€10.8m market cap, or US$11.5m). Reported Earnings • Oct 02
First half 2023 earnings released: EPS: €0 (vs €0.19 loss in 1H 2022) First half 2023 results: EPS: €0 (improved from €0.19 loss in 1H 2022). Revenue: €29.0m (up 47% from 1H 2022). Net income: €683 (up €1.46m from 1H 2022). Profit margin: 0% (up from net loss in 1H 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. New Risk • Oct 01
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -€839k This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-€839k free cash flow). Earnings have declined by 32% per year over the past 5 years. Market cap is less than US$10m (€7.56m market cap, or US$8.00m). New Risk • Jul 31
New major risk - Revenue and earnings growth Earnings have declined by 45% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.5% average weekly change). Earnings have declined by 45% per year over the past 5 years. Market cap is less than US$10m (€7.79m market cap, or US$8.59m). Announcement • Jul 01
Kiriacoulis Mediterranean Cruises Shipping SA, Annual General Meeting, Jul 31, 2023 Kiriacoulis Mediterranean Cruises Shipping SA, Annual General Meeting, Jul 31, 2023. Location: 7 ALIMOU AVE., ALIMOS, 174 55 Alimos Greece Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 3 highly experienced directors. 2 independent directors (4 non-independent directors). MD & Executive Director Theofanis Kiriacoulis was the last director to join the board, commencing their role in 2002. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Oct 02
First half 2022 earnings released: €0.19 loss per share (vs €0.31 loss in 1H 2021) First half 2022 results: €0.19 loss per share (improved from €0.31 loss in 1H 2021). Revenue: €19.7m (up 42% from 1H 2021). Net loss: €1.46m (loss narrowed 39% from 1H 2021). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 27
Full year 2021 earnings released: €0.28 loss per share (vs €0.67 loss in FY 2020) Full year 2021 results: €0.28 loss per share (up from €0.67 loss in FY 2020). Revenue: €20.7m (down 22% from FY 2020). Net loss: €2.13m (loss narrowed 58% from FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 3 highly experienced directors. 2 independent directors (4 non-independent directors). MD & Executive Director Theofanis Kiriacoulis was the last director to join the board, commencing their role in 2002. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Apr 23
Full year 2021 earnings released: €0.28 loss per share (vs €0.67 loss in FY 2020) Full year 2021 results: €0.28 loss per share (up from €0.67 loss in FY 2020). Revenue: €20.7m (down 22% from FY 2020). Net loss: €2.13m (loss narrowed 58% from FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 74 percentage points per year, which is a significant difference in performance. Announcement • Apr 23
Kiriacoulis Mediterranean Cruises Shipping SA to Report Fiscal Year 2021 Results on Apr 21, 2022 Kiriacoulis Mediterranean Cruises Shipping SA announced that they will report fiscal year 2021 results on Apr 21, 2022 Reported Earnings • Oct 03
First half 2021 earnings released: €0.31 loss per share (vs €0.65 loss in 1H 2020) The company reported a decent first half result with reduced losses and improved control over expenses, although revenues were weaker. First half 2021 results: Revenue: €13.9m (down 13% from 1H 2020). Net loss: €2.38m (loss narrowed 52% from 1H 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 103 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Mar 10
New 90-day high: €1.26 The company is up 5.0% from its price of €1.21 on 10 December 2020. The Greek market is up 4.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Hospitality industry, which is up 8.0% over the same period. Is New 90 Day High Low • Nov 19
New 90-day high: €1.12 The company is up 8.0% from its price of €1.04 on 21 August 2020. The Greek market is up 7.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Hospitality industry, which is up 9.0% over the same period. Is New 90 Day High Low • Oct 30
New 90-day low: €0.85 The company is down 25% from its price of €1.13 on 31 July 2020. The Greek market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is down 4.0% over the same period. Is New 90 Day High Low • Oct 13
New 90-day low: €0.90 The company is down 19% from its price of €1.12 on 15 July 2020. The Greek market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is down 3.0% over the same period. Is New 90 Day High Low • Sep 26
New 90-day low: €0.96 The company is down 18% from its price of €1.17 on 26 June 2020. The Greek market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is down 9.0% over the same period. 
