Ave S.A.

Investor Presentation • Sep 25, 2025

Brief Presentation H1 2025 Results | September 2025

AVAX GROUP Athens, Greece

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Revenue	EBITDA	Construction	Net Profit
€468m	€70m	EBITDA margin	€29m
(+62% yoy)	(+29% yoy)	13,6%	(+74% yoy)
Net Debt €238m (+0% yoy)	Net Debt / EBITDA L12M 2,0x	Cash €98m	Backlog €2,8bn
EV /	Price /	Projected	Projected
EBITDA L12M	EPS L12M	Revenue FY2025	EBITDA FY2025
5,0x	8,7x	€800m+	€120m+

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

(2) Profit after tax for H2024 includes loss €2,9m from Volterra (discontinued business activity)

Backlog Bridge Η1 2025 (€m)

(1) Total backlog €2,8b includes projects €0,1b signed after 30.06.2025

(2) 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 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.

26 36 62 28 (21) 8 54 70 EBITDA Bridge H2025 (€m) + €16m (+29%)

Construction Concessions &

other

EBITDA Η1 2024

EBITDA Η1 2025

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 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 H1 2025 (€m)

Consolidated Income Statement

€m	H1 2025	H1 2024	y-o-y
Revenue	467,5	289,1	61,7%
EBITDA	70,1	54,2	29,4%
Provisions	(6,5)	(4,7)	39,0%
Depreciation	(11,5)	(10,4)	10,3%
EBIT	52,1	39,1	33,4%
Interest Expense	(9,2)	(12,0)	(23,6%)
Earnings before taxes	42,9	27,0	58,8%
Income Tax	(14,4)	(7,7)	87,9%
Net Earnings after taxes from continuing operations	28,5	19,4	47,3%
Net Earnings after tax from discontinued operations	-	(2,9)
Net Earnings after tax from continuing & discontinued operations	28,5	16,4	73,6%
Net Earnings after taxes & minorities per share (EPS)	0,19	0,11	73,6%

Revenue (€m)	H1 2025	H1 2024	Δ value	Δ %
Construction	458,8	275,3	183,5	66,7%
Concessions	2,4	2,3	0,1	4,3%
Other	6,3	11,5	(5,2)	(45,2%)
Total	467,5	289,1	178,4	61,7%

EBITDA (€m)	H1 2025	H1 2024	Δ value	Δ %
Construction	63,0	25,8	37,2	141,1%
% margin	13,7%	9,4%
Concessions	7,2	26,7	(19,5)	(71,5%)
Other	0,3	1,7	(1,4)	(82,4%)
Total	70,5	54,2	16,3	29,4%

Cash Flow Bridge H1 2025 (€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

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	10,6
Individual investors	34,7
Total	45,2

Share price (24/09/2025):	€2,49	Date	Share price	Return until	ASE Gen Index	Avax vs ASE
Market capitalization (24/09/2025):	€369.320.575			24/09/2025	return
52 weeks high (25/08/2025)	€2,62	24/09/2024	1,48	+68%	+42%	+26%
52 weeks low (19/11/2024)	€1,34	31/12/2024	1,52	+63%	+41%	+22%
52 weeks average daily volume	255.059 shares	24/09/2025	2,49

Thank you!