Avax S.A.

Investor Presentation • Apr 29, 2025

Brief Presentation FY2024 Results| April 2025

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1 FY 2024 Group Results review

2 ESG Progress

3 Business Segments Review & Strategy

Construction

Concessions

4 Appendix

Other

1 FY 2024 Group Results review

2 ESG Progress

3 Business Segments Review & Strategy

Construction

Concessions

4 Appendix

Other

Proposed dividend distribution: €0,07/share

-

1,0

2,0

3,0

4,0

5,0

6,0

7,0

8,0

(1) EBITDA for 2024 not including extra-ordinary capital gain €8,8m from the sale of Volterra

(2) Profit after tax including extra-ordinary capital gain €8,8m from the sale of Volterra

(3) Net Debt including finance leases (machinery under IFRS 16)

Construction Backlog Bridge 2024 (€m)

(1) Total backlog €3,2b includes projects € 0,3b pending signature (see annex for detailed analysis)

Note: Group concessions are consolidated through a) the fair value through other comprehensive income (participation stake less than 20%, such as Moreas) b) the equity method (participation stake between 20% and 50%, such as Attiki Odos, Olympia Odos, Aegean Motorway, Flyover, Ilia Waste Management and Limassol Marina) and c) full consolidation (participation stake more than 50%, such as Athens Marina). For both the fair value through OCI & equity method, consolidated EBITDA reflects the proportion (% participation stake) of each concession company's profit after tax, while no revenue is reflected in both cases.

(1) Total Backlog including contracts pending signature on each reference date as per the published data of each company (data as of 30.06.2024 have been taken into consideration for 2024)

(2) Market share as of 30.06.2024 as per the published data of each company

EBITDA growth driven equally from margin improvement & construction revenue growth

Note: Group concessions are consolidated through a) the fair value through other comprehensive income (participation stake less than 20%, such as Moreas) b) the equity method (participation stake between 20% and 50%, such as Attiki Odos, Olympia Odos, Aegean Motorway, Flyover, Ilia Waste Management and Limassol Marina) and c) full consolidation (participation stake more than 50%, such as Athens Marina). For both the fair value through OCI & equity method, consolidated EBITDA reflects the proportion (% participation stake) of each concession company's profit after tax, while no revenue is reflected in both cases.

Profit after tax Bridge 2024 (€m)

€m	FY2024	FY2023	y-o-y
Revenue	651,5	453,5	43,6%
EBITDA	105,3	60,8	73,3%
Provisions	(19,7)	(5,1)	289,6%
Depreciation	(22,9)	(18,2)	26,0%
EBIT	62,7	37,5	67,0%
Interest Expense	(24,7)	(20,8)	18,5%
Earnings before taxes	38,0	16,7	127,6%
Income Tax	(16,4)	(6,7)	145,8%
Net Earnings after taxes from continuing operations	21,6	10,0	115,5%
Net Earnings after tax from discontinued operations	8,8	0,4
Net Earnings after tax from continuing & discontinued operations	30,4	10,4	192,4%
Minorities	(0,3)	(0,1)	227,8%
Net earnings after taxes & minorities	30,1	10,3	192,1%
Net Earnings after taxes & minorities per share (EPS)	0,20	0,07

from Subs)

Gross Debt (excl. non-finance leases) (€m)

Net Debt at Avax SA – ParentCo level: €61,6m

EBITDA (€m)

Net debt (excl. non-finance leases) (€m)

-

50

100

150

200

250

Net debt (incl. non-finance leases) (€m)

Note: Non-finance leases include: 1) the PV of rents of the Avax HQ's in Maroussi (€17m) with Trastor REIC as the lessor and Avax SA as the lessee, 2) the PV of concession rents of the Athens Marina (€28m) with Hellenic Public Properties Co as the asset owner and Athens Marina SA as the concessionaire, 3) the lease of plots of land of Auteco (€2m), 4) the lease of corporate cars & other equipment (€8m)

0,0 1,0 2,0 3,0 4,0 5,0 6,0 7,0 8,0

Bank Debt & Finance Lease maturities (€m)

129

Notes:

(1) Not including repayment of S/T loans

(2) Avax Concessions Loan not including mandatory prepayments (on top of contractual repayments) from future income from concessions

New Bond Loan (€m)

• Majority of the group long term debt (€180m) was fully refinanced at the Avax Concessions SA level on a long term basis (7years) and a repayment schedule fully backed by proceeds from concessions 1
• Additional funding of €120m was secured to finance new investments in concessions (additional stake in Olympia Odos, FlyOver and new projects). 2
• Ring-fencing of the existing long term debt unlocks operating cash flows from the construction activity aiming to fund further growth in Concessions & Real Estate. 3

New Bond Loan disbursements & repayments during 2024 (€m)

Avg maturity of the concessions income is > 2,5x the avg maturity of the outstanding loan

Stock performance & shareholders' structure

Shareholders	%
Major shareholders with BoD presence
Kostas Mitzalis family	23,8
Christos Joannou family	21,6
Kostas Kouvaras family	9,4
Total	54,8
Other
Institutional investors	10,5
Individual investors	34,7
Total	45,2

Share price (28/04/2025):	€2,11	Share capital:	€44.496.455
Market capitalization (25/04/2025):	€312.958.399	Shares outstanding:	148.321.516
52 weeks high (26/02/2025)	€2,38	Nominal value:	€0,30
52 weeks low (05/08/2024)	€1,22	Tickers:	AVAX (Athex) AVAr.AT (Reuters) AVAX:GA (Bloomberg)
52 weeks average daily volume	190.819 shares
		Participation in indexes:	FTSEA, FTSEM, General Index, HELMSI, FTSE_IN, ATHEX_ESG

1 FY 2024 Group Results review

2 ESG Progress

3 Business Segments Review & Strategy

Construction

Concessions

4 Appendix

Other

Avax Group continues to implement ESG strategies aiming to improve critical KPI's y-o-y

1 FY 2024 Group Results review

2 ESG Progress

3 Business Segments Review & Strategy

Construction

Concessions

4 Appendix

Other

Avax Group is a key construction player well diversified in Concessions & Real Estate

Financials	Revenue	EBITDA	EBITDA construction margin	Net Debt / EBITDA
FY2023	€454m 13%	€61m 4%	6,2%	3,6x
FY2024	€651m 44%	€105m 73%	10,4%	2,3x

Who we are

P
September 1998

Positioned as a preferred EPC partner in the construction sector thanks to our successful track record and unique EPC capabilities ready to capitalize on vast opportunities in Greece and abroad.

Diversified portfolio achievable through greenfield development from opportunities arising primarily from synergies with the core business (Concessions, Real Estate & Energy) that offer superior returns.

Strong, tested and solid management team with a vested interest in the company owning 50%+ of the equity ensuring interest alignment.

Implementation of ESG practices with strong footprint in the society & environment

Strategy

Capitalize on our unique expertise and increase our market share in the next generation of public works in Greece and abroad.

Focus on long term cooperation with infrastructure & private sponsors (Lamda Development. SNF, large scale DFI's) aiming to secure sustainable margins through mutually beneficial schemes (Avax has pioneered the Early Contractor's Involvement scheme in the past).

Capitalize on our unrivalled EPC capabilities in Energy Infrastructure & Utilities Grids aiming to maintain leadership in gas networks in Greece & further expand in the EPC of CCGT's, renewables & networks abroad.

Deploy the profits from its core business in relevant greenfield investments to achieve non cyclical cash flows with superior returns.

Significant deleverage in the last 5 years =>

Net Debt / EBITDA from 7,4x in 2020 to 2,3x in 2024

Operational reorganization & selective focus on profitable projects =>

Construction EBITDA improvement from 6% in 2023 to 10% in 2024 & 10%+ in the next years

Diversification of cash flows & strategic positioning in Concessions & Residential Real Estate (target EBITDA > 40% of total in 5years)

Organic growth driven by reinvestment of operating cash flows / Stable dividend payout policy

Construction shall remain #1 driver with concessions & real estate to play a key role

		EBITDA 2024 (€m)	% of total	EBITDA 2028 (€m)	% of total	Strategy
g n ri r u c e R	Construction	64	60%	90	60%	Remain #1 value contributor
	Concessions	33	30%	36	25%	Retain position
	Marinas (1)	5	5%	8	5%	Retain position
g n ri r u c	Real Estate Development	0	0%	8	5%	Selective Growth
e r n - o N	Other	3	3%	8	5%	Value maximization
	Total	105	100%	150	100%

(1) Marinas are reported in the Concessions business segment on the consolidated Annual Statements – for the purposes of this strategy analysis, Marinas' activity is reported separately.

~40% of total EBITDA

Revenue (€m)	FY2023	FY2024	Δ value	Δ %
Construction	427,8	622,6	+194,8	+46%
Concessions	4,0	5,0	+1,0	+25%
Other	21,7	23,9	+2,1	+10%
Total	453,5	651,5	+197,9	+44%

EBITDA (€m)	FY2023	FY2024	Δ value	Δ %
Construction	26,7	64,4	+37,8	+142%
Concessions	30,6	37,9	+7,3	+24%
Other	3,5	2,8	-0,7	-19%
Total	60,8	105,2	+44,4	+73%

1 FY 2024 Group Results review

2 ESG Progress

3 Business Segments Review & Strategy

Construction

Concessions

4 Appendix

Other

Top 8 projects account for ~80% of total backlog with majority at early stage of progress

Athens Metro Stavros Niarchos Line 4 Foundation – 3 Hospitals		Ellinikon Infrastructure Works		Bralos – Amfissa National Road
Contract	€1.022m	Contract	€443m	Contract	€308m	Contract	€245m
Backlog	€792m	Backlog	€413m	Backlog	€150m	Backlog	€217m
% completion	22%	% completion	7%	% completion	51%	% completion	11%
% total	25%	% total	13%	% total	5%	% total	7%
Flyover Thessaloniki PPP (50% participation)		Ioannina – National Road	Kakavia	Mintia Power Plant 1.750MW (Romania)		Bismayah 282MW (Iraq)	Power Plant
Contract	€191m	Contract	€172m	Contract	€709m	Contract	€77m
Backlog	€159m	Backlog	€172m	Backlog	€576m	Backlog	€66m
% completion	17%	% completion	0%	% completion	19%	% completion	14%

Note: Visible Market Pipeline includes 23 PPP's, 10 public & 10 private projects (already auctioned), which are currently under review by Avax

1 FY 2024 Group Results review

2 ESG Progress

3 Business Segments Review & Strategy

Construction

Concessions

4 Appendix

Other

Despite the recent handover of Attiki Odos, concessions shall continue to play a key role

Toll Transactions (m) - Olympia Odos

Capex reflects the equity participation in each concession company given that Avax has minority stakes in both the existing & the secured concessions. EBITDA reflects the income from each concession under the fair value through OCU and the equity method (consolidation method for participations < 50%).

Existing Portfolio CAPEX includes the acquisition of additional stake in Olympia Odos and the Secured Portfolio CAPEX includes the equity contribution to Flyover & Tavropos

1 FY 2024 Group Results review

2 ESG Progress

3 Business Segments Review & Strategy

Construction

Concessions

4 Appendix

Other

Pityoussa Residential Complex, Spetses Island

GSA (sqm): 10.200 # of units: 74

Uptown Residences, Athens Metropolitan Area

GSA (sqm): 8.400 # of units: 70

Limassol Marina, Cyprus

GSA (sqm): 38.000 (residential only) # of units: 285

Selected Portfolio under construction (€72,4m)

	Panorama Village Chania	H2 Residences Ellinikon	Olealand Chania	Petra Salis Chania	Koufonissi	Other (Chania, Astypalea)
GAV	€6,0m	€8,5m	€6,4m	€6,2m	€6,1m	€39,2m
GSA	1.377sqm	1.774sqm	1.306sqm	1.158sqm	900sqm	7.800sqm
Completion	Q4 2023	Q1 2025	Q3 2025	Q3 2026	TBA	under design

(1) MOIC (Multiple on Invested Capital) = GAV / CAPEX

Target

Note: EBITDA from Marinas includes the EBITDA of Athens Marina (fully consolidated) & the proportion of profit after tax of Limassol Marina (consolidation under the equity method). Athens Marina's revenue growth driven by 40% increase of capacity by 2026 as a result of a €5m Capex Plan (already in progress) and a reasonable y-o-y increase in prices due to increasing demand vs limited supply in the Athenian Riviera.

• Highly fragmented market consolidation is expected within the next years with serious players to take position
• Working Capital demanding activity with no significant CAPEX requirements
• Avax to focus on organic growth through a more aggressive commercial strategy

• High margin activity with significant barriers to entry due to heavy CAPEX requirements.
• Potential upside from the expected solution of pending regulatory issues.
• Growth can arise only through acquisitions

• Minority stakes in centrally located parking stations in Athens & Piraeus
• Synergetic economies of scale can arise from potential partnerships with other parking operators.

Avax Group has proven experience in greenfield development of RES projects

Current portfolio under development
Wind:	300MW
BESS:	50MW / 100MWh
Hybrid (PV / Storage):	2MW / 5MWh

• Construction shall remain the #1 value creator given the recently signed contracts and the visible new contracts creation in the following years
• Construction EBITDA is expected to overweight the consolidated EBITDA within the next 2-3 years due to the limited creation of additional nonconstruction activity
• Successful realization of the additional concessions could restore the construction to nonconstruction activity ratio to reasonable levels within the next 3-5 years.
• Even in the case of additional investment in concessions, Net Debt is expected to decrease substantially by 2028 through cash flows from construction at a level < 0,5xEBITDA.

1 FY 2024 Group Results review

2 ESG Progress

3 Business Segments Review & Strategy

Construction

Concessions

Other

4 Appendix

€ '000	2022	2023	2024
Sales	402 709 ,	453 547 ,	651 496 ,
Cost of Sales	(381 838) ,	(416 770) ,	(569 154) ,
profit Gross	20 871 ,	36 776 ,	82 343 ,
Administrative & distribution expenses	(40 961) ,	(31 860) ,	(34 881) ,
Income from assocciates / dividends	54 027 ,	39 002 ,	44 187 ,
Other / operating income expenses	5 350 ,	(6 405) ,	(28 989) ,
Profit before interest & (EBIT) tax	39 287 ,	37 513 ,	62 659 ,
Net financial result	(20 744) ,	(20 827) ,	(24 676) ,
(EBT) Profit before income tax	18 543 ,	16 687 ,	37 983 ,
Taxes	(5 627) ,	(6 661) ,	(16 374) ,
Profit for period from continuing operations the	12 916 ,	10 026 ,	21 609 ,
Profit for the period from discontinued operations	26 966 ,	0 382 ,	8 830 ,
Profit for the period from continuing & discontinued operations	39 882 ,	10 408 ,	30 439 ,
Earnings before interest depreciation and amortization (EBITDA) taxes , ,	58 228 ,	60 764 ,	105 312 ,

Historical financials – Group statement of financial position (1/2)

€ '000	31 12 2022	31 12 2023	31 12 2024
Assets
Net , plant & equipments property	41 704 ,	42 182 ,	51 939 ,
of Right assets use	85 557 ,	109 358 ,	105 586 ,
Investment property	11 538 ,	6 944 ,	041 7 ,
Intangible assets	0 455 ,	0 934 ,	0 526 ,
Investments in subsidiaries / associates & other companies	163 297 ,	174 383 ,	267 239 ,
fair OCI Financial value through assets at	132 176 ,	137 080 ,	4 453 ,
Other non-current assets	6 652 ,	6 416 ,	6 384 ,
Other long receivables term	0 159 ,	0 166 ,	0 156 ,
Deferred tax assets	22 765 ,	24 506 ,	22 058 ,
Total non-current assets	464 304 ,	501 971 ,	465 384 ,
Inventories	21 320 ,	31 901 ,	47 888 ,
Contractual assets	148 638 ,	214 630 ,	282 855 ,
Trade receivables	150 263 ,	139 129 ,	130 027 ,
Other receivables	120 258 ,	172 739 ,	232 869 ,
Restricted cash deposits	1 864 ,	0 452 ,	0 770 ,
Cash and cash equivalents	84 762 ,	76 492 ,	70 204 ,
Total current assets	527 104 ,	635 343 ,	764 613 ,
Assets held for sale	85 061 ,	65 440 ,	-
Total assets	1 076 469 ,	754 1 202 ,	1 229 997 ,

Historical financials – Group statement of financial position (2/2)

€ '000	31 12 2022	31 12 2023	31 12 2024
Equity Liabilities &
Share capital	43 296 ,	44 496 ,	44 496 ,
Share premium	146 652 ,	145 452 ,	145 452 ,
Fair value reserves	87 838 ,	95 103 ,	(27 655) ,
Other reserves	345 099 ,	50 919 ,	85 786 ,
Retained earnings	(468 879) ,	(177 357) ,	(91 623) ,
Equity attributable parent's shareholders to	154 006 ,	158 614 ,	156 455 ,
Non-controlling interests	0 904 ,	1 109 ,	1 124 ,
Total equity	154 910 ,	159 722 ,	157 579 ,
Long loans term	228 928 ,	197 027 ,	210 463 ,
Deferred liabilities tax	18 047 ,	24 360 ,	37 552 ,
for Provisions retirement liablities	3 176 ,	3 418 ,	4 023 ,
Non leasing liabilities current	63 694 ,	70 437 ,	58 435 ,
Other provisions & liabilities non-current	162 954 ,	204 364 ,	191 369 ,
Total liabilities non-current	476 799 ,	499 606 ,	501 843 ,
Trade & other creditors	273 084 ,	398 324 ,	458 969 ,
Contractual liabilities	7 030 ,	4 955 ,	4 072 ,
Income and other liabilities tax	12 025 ,	14 273 ,	13 294 ,
Leasing liabilities	12 088 ,	21 416 ,	23 357 ,
Short loans term	78 121 ,	62 403 ,	70 883 ,
Total laibilities current	382 347 ,	501 370 ,	570 575 ,
Liabilities held for sale	62 412 ,	42 055 ,	-
Total liabilities	558 921 ,	1 043 032 ,	1 072 418 ,
Total Equity & liabilities	1 076 469 ,	754 1 202 ,	1 229 997 ,

Historical financials – Group annual & interim cash flow statement

€ '000	2022	2023	2024
Cash flow from operating activities
Profit / (loss) before tax from continuing operations	18,543	16,687	37,983
Profit / (loss) before tax from discontinued operations	27,791	0,378	9,056
Profit / (loss) before tax from continuing and discontinued operations	46,334	17,065	47,039
Adjustments for:
Depreciation	12,561	18,314	23,014
Profit / (loss) on fair value of property	(0,289)	(0,236)	(0,123)
Provisions / bad debts	7,509	6,840	20,125
Income from sub-debts	(6,278)	(6,557)	(5,977)
Interest income	(2,739)	(1,231)	(1,330)
Interest expense	22,219	21,614	25,762
Gain from sale of subsidiary	(39,095)	-	(10,881)
Loss from Impairment of participations / fixed assets	-	-	0,329
Losses / (profit) from financial instruments / dividends	(41,875)	(32,445)	(38,210)
Exchange rate differences	(0,566)	(1,670)	2,108
Other non cash and cash equivalents	0,543	2,577	3,604
Plus or minus for working capital changes:
(Increase) / decrease in inventories	5,681	(10,496)	(15,987)
(Increase) / decrease in trade and other receivables	15,475	(118,128)	(122,788)
Increase / (decrease) in non-banking payables	(28,481)	162,834	46,988
Less:
Taxes paid	(5,444)	(8,188)	(10,485)
Total cash inflow / (outflow) from continuing and discontinued operating activities (a)	(14,447)	50,293	(36,812)
Cash flow from investing activities
Purchase of tangible and intangible assets	(4,278)	(13,254)	(16,537)
Proceeds from disposal of tangible and intangible assets	1,165	3,533	1,270
Proceeds from sale of assets held for investment	0,500	4,830	0,150
Decrease / (increase) in secondary loans (subdebt) and bond loans	3,689	(5,071)	49,149
Disposal / (acquisition) of participations	55,749	(2,079)	(24,403)
Inrerest received	0,253	1,231	1,330
Income from sub-debts	6,448	5,165	3,263
Income from subsidiaries disposal (minus subsidiaries cash and cash equivalent)	54,396	11,000	5,894
Dividends received	40,014	29,842	34,140
Cash flow from continuing and discontinued investing activities (b)	157,937	35,197	54,256
Cash flow from financing activities
Proceeds from loans	(135,648)	(48,862)	21,146
Payment for leasing liabilities	(5,526)	(17,153)	(21,655)
Interest paid	(19,257)	(16,640)	(20,918)
Purchase of own shares	-	-	(0,239)
Dividend paid to shareholders	-	(10,103)	(4,450)
Interest payment for operating leases	(2,962)	(4,973)	(5,392)
Cash flow from continuing and discontinued financing activities (c)	(163,393)	(97,732)	(31,508)
Net increase / (decrease) in cash and cash equivalents (a)+(b)+(c)	(19,903)	(12,242)	(14,064)
Cash and cash equivalents at the beginning of the year	109,609	95,976	85,145
Cash and cash equivalents from continuing and discontinued operations at the end of the year	95,976	85,145	70,204
Cash and cash equivalents from discontinued operations at the end of the year	11,214	8,653	-
Cash and cash equivalents from continuing operations at the end of the year	84,762	76,492	70,204

Group structure – FY2024 Revenue & EBITDA breakdown

Group structure – FY2024 Net Debt (excl. non-finance leases) breakdown

Main Projects

Project	Country	Contract Value (€m)	% completion	Backlog 31.12.2024	% total
Athens Metro, Line 4	Greece	1.022	22%	792	25%
Mintia 1.750MW Power Station	Romania	709	19%	576	18%
S. Niarchos Foundation Sponsored Hospitals	Greece	443	7%	413	13%
Bralos – Amfissa Road Section	Greece	245	11%	217	7%
Ellinikon Infrastructure Works (Phase 1)	Greece	308	51%	150	5%
Thessaloniki Flyover (PPP)	Greece	191	17%	159	5%
Ioannina – Kakavia Motorway	Greece	172	0%	172	5%
Bismayah 282MW Power Station	Iraq	77	14%	66	2%
Patra – Pyrgos (Olympia Odos)	Greece	155	70%	47	1%
Other				270	9%
Total – signed until 31.12.2024 (I)				2.892	90%
Papastratos Factory expansion	Greece	30	0%	30	1%
Other	Greece	9	0%	9	0%
Total – signed after 31.12.2024 (II)				39	1%
Restoration Road works (Daniel Storm)	Greece	170	0%	170	5%
Tavropos Irrigation Network (PPP)	Greece	52	0%	52	2%
Restoration Rail works (Daniel Storm)	Greece	47	0%	47	1%
Total – pending signature (III)				268	8%
Grand Total (I+II+III)				3.199	100%

Thank you!