Avax S.A.

Investor Presentation • Dec 11, 2025

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Revenue 9M 2025 €682m (+65% yoy) EBITDA 9M 2025 €94m (+37% yoy) Construction EBITDA margin 9M 2025 11,3% Net Profit 9M 2025 €42m (+761% yoy) Net Debt 30.09.2025 €209m (-12% yoy) Net Debt / EBITDA L12M 1,6x Projected Revenue FY2025 €800m+ Projected EBITDA FY2025 €120m+ EV / EBITDA L12M 4,6x Price / EPS L12M 5,8x Cash 30.09.2025 €118m Backlog 30.09.2025 €2,5bn

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.

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 9M 2025 (€m)

Consolidated Income Statement

€m	9M 2025	9M 2024	y-o-y
Revenue	682,2	414,6	64,6%
EBITDA	94,5	68,8	37,2%
Provisions	(9,6)	(19,5)	(50,6%)
Depreciation	(17,8)	(16,0)	11,2%
EBIT	67,1	33,4	100,9%
Interest Expense	(13,8)	(18,4)	(25,2%)
Earnings before taxes	53,3	15,0	255,8%
Income Tax	(11,2)	(10,1)	10,8%
Net Earnings after taxes	42,1	4,9	760,6%

Business Segment Contribution

Revenue (€m)	9M 2025	9M 2024	Δ value	Δ %
Construction	658,8	393,8	265,0	67,3%
Concessions	3,8	3,7	0,1	2,7%
Other	19,6	17,1	2,5	14,6%
Total	682,2	414,6	267,6	64,5%

EBITDA (€m)	9M 2025	9M 2024	Δ value	Δ %
Construction	74,4	37,2	37,2	100,0%
% margin	11,3%	9,4%
Concessions	17,5	30,5	(13,0)	(42,6%)
Other	2,6	1,1	1,5	136,4%
Total	94,5	68,8	25,7	37,4%

⁽¹⁾ Operating Cash Flow includes positive change €40m of restricted cash generated by income from concessions (Investing Cash Flow item) & earmarked for debt repayment in the future. If this was not included in the W/C changes, actual Operating Cash Flow would be €42m and actual Cash on 30.09.2025 equal to €118m.

Note: Non-finance leases include: 1) the PV of rents of the Avax HQ's in Maroussi ( $\leq$ 17m) with Trastor REIC as the lessor and Avax SA as the lessee, 2) the PV of concession rents of the Athens Marina ( $\leq$ 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 ( $\leq$ 2m), 4) the lease of corporate cars & other equipment ( $\leq$ 8m)

Avax share has significantly outperformed the ASE General Index in the last 12 months

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	11,0
Individual investors	34,2
Total	45,2

Share price (10/12/2025):	€2,65
Market capitalization (10/12/2025):	€392.544.500
52 weeks high (10/12/2025)	€2,65
52 weeks low (12/12/2024)	€1,49
52 weeks average daily volume	282.172 shares

Date	Share Price	Return until 25/11/2025	ASE return	Avax vs ASE
10/12/2024	1,51	+75%	+43%	+32%
31/12/2024	1,52	+74%	+42%	+32%
10/12/2025	2,65