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Ave S.A. Investor Presentation 2026
2679_rns_2026-04-02_2bfbf24c-e34c-423a-8919-ab7492b0beee.pdf
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ENGINEERING
FUTURE
ACCOMPLISHMENTS
FY 2025 Results | April 2nd 2026
Legal Disclaimer
AVAX
This presentation and the information contained herein (unless otherwise indicated), including any accompanying oral presentation, question and answer session and any other document or materials distributed at or in connection with this presentation, has been prepared by AVAX S.A. ("AVAX", or the "Company", together with its consolidated subsidiaries, the "Group") for information purposes only.
The information is supplied in summary form and is therefore not necessarily complete. The information contained is not an invitation to invest in shares or other securities, or any other products or services or otherwise deal in these or enter into a contract with AVAX or any other company.
This presentation may not be disclosed, reproduced, disseminated, quoted or referred to, in whole or in part, without the prior written express consent of AVAX and may not be used for any other purpose. None of the Group, or any of its affiliates or employees, directors, representatives, officers, agents or advisors (collectively, the "representatives"), shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. The information contained in this presentation is provided as at the date hereof and is subject to change without notice. The information contained in this presentation may be updated, completed, revised and amended and such information may change materially in the future. The information contained herein should not be construed as legal, tax, accounting or investment advice, representation or a personal recommendation. This presentation is not intended to form the basis of any investment decision, financial opinion or investment advice.
The past performance of AVAX or any other company referred to on the presentation cannot be relied upon as a guide to its future performance. The price of shares and the income derived from them can go down as well as up and investors may not recoup the amount originally invested. Forward-looking statements concerning the Company's future results, operations, financial statements/ condition/ performance, business strategies and plans, involve risks and uncertainties related to events that may or may not happen in the future. AVAX assumes no obligation to update any forward-looking statements. Should one or more of the risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from the expectations described in this presentation.
Processing any information contained in the presentation is governed by the laws of Greece and any other person accesses this presentation, processes and uses this information agrees that the Greek courts shall have exclusive jurisdiction in any dispute.
The presentation is not directed to any person in any jurisdiction where (by reason of that person's nationality, residence or otherwise) the publication or availability of the presentation is prohibited. Persons in respect of whom such prohibitions apply must not access the presentation. This presentation is only being distributed to, and is only directed at, qualified investors within the meaning of the Regulation (EU) 2017/1129. Persons who do not fall within the category of relevant persons should not take any action on the basis of this presentation and should not act or rely upon it. The presentation is intended for use by professional and business investors only.
A VAX
- FY2025 Financial Results
- Strategy & Outlook
- Stock
- Appendix
Group Structure
Historical Financials
FY2025 Highlights
A
| Revenue
FY2025
€958m
(+47% yoy) | EBITDA
FY2025
€121m
(+15% yoy) | Construction
EBITDA margin
FY2025
10,8% | Net Profit
FY2025
€48m
(+58% yoy) |
| --- | --- | --- | --- |
| Cash Flow from Operations 2025
€48m
(-€37m in 2024) | Cash
31.12.2025
€130m | Net Debt
31.12.2025
€201m
(-14% yoy) | Net Debt / EBITDA
1,7x |
| Backlog
31.12.2025
€2,8bn | EV / EBITDA
5,4x | Price / EPS
9,4x | Proposed Dividend
€0,10/share
(+43% yoy)
DY 3,3% |
Milestones from January 1st 2025 to date
A V A X
Revenue & EBITDA doubled from 2023 to 2025 with Net Debt declining further
AVAX
Revenue (€m)
EBITDA(1)(€m)
Net Debt(2) (€m)
Proposed dividend distribution: €0,10/share (vs €0,07 in 2025 +43%)
Profit After Tax(3) (€m)
(1) EBITDA for 2024 not including extra-ordinary capital gain €8.8m from the sale of Volterra
(2) Net Debt including finance leases (machinery under IFRS 16)
(3) Profit after tax for 2024 including extra-ordinary capital gain €8.8m from the sale of Volterra
Revenue growth driven from accelerated execution of the €2,8b backlog
A V A X
Revenue Bridge 2025 (€m)
Backlog Bridge 2025 (€m)
Backlog breakdown 31.12.2025
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.
Construction EBITDA growth more than offset the lower EBITDA from concessions
A V A X
EBITDA Bridge 2025 (€m)
EBITDA construction margin (%)
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.
ΔEBITDA €15m converts to additional €26m PAT due to lower provisions & interest expenses
A VAX
Profit After Tax Bridge 2025 (€m)
Note: Profit after tax in 2024 included extra-ordinary capital gain €9m from the sale of the energy supply business of Volterra to Metlen
Consolidated Income Statement
AVAX
| €m | FY2025 | FY2024 | y-o-y |
|---|---|---|---|
| Revenue | 958,2 | 651,5 | 47,1% |
| EBITDA | 120,8 | 105,3 | 14,7% |
| Provisions | (10,7) | (19,7) | (45,6%) |
| Depreciation | (25,1) | (23,0) | 9,2% |
| EBIT | 84,9 | 62,6 | 35,7% |
| Interest Expense | (18,8) | (24,7) | (23,9%) |
| Earnings before taxes | 66,1 | 37,9 | 74,4% |
| Income Tax | (18,1) | (16,4) | 10,4% |
| Net Earnings after taxes from continuing operations | 48,0 | 21,5 | 123,2% |
| Net Earnings after tax from discontinued operations | - | 8,8 | (100%) |
| Net Earnings after tax from continuing & discontinued operations | 48,0 | 30,3 | 58,2% |
| Net Earnings after taxes & minorities per share (EPS) | 0,32 | 0,20 | 58,4% |
Business segments analysis
AVAX
| Revenue (€m) | 2025 | 2024 | ΔValue | Δ% |
|---|---|---|---|---|
| Construction | 923,2 | 622,6 | 300,5 | 48,3% |
| Concessions | 5,1 | 5,0 | 0,1 | 1,3% |
| Real Estate | 10,6 | 4,0 | 6,6 | 166,9% |
| Other | 19,4 | 19,9 | (0,5) | (2,5%) |
| Total | 958,2 | 651,1 | 306,7 | 47,1% |
| EBITDA (€m) | 2025 | 2024 | ΔValue | Δ% |
| --- | --- | --- | --- | --- |
| Construction | 99,6 | 64,6 | 35,0 | 54,2% |
| %margin | 10,8% | 10,4% | ||
| Concessions | 14,8 | 36,7 | (21,9) | (59,7%) |
| Real Estate | 3,6 | 1,0 | 2,6 | (259,0%) |
| Other | 2,8 | 3,0 | (0,2) | (7,8%) |
| Total | 120,8 | 105,3 | 15,4 | 14,7% |
Normalization of working capital results in strong operating cash flow during 2025...
A
Cash Flow Bridge 2025 (€m)
(1) Operating Cash Flow includes positive change €14m 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 €62m and actual Cash on 31.12.2025 equal to €130m.
A VAX
...and creates the potential for strong recurring operating cash flows in the future
A VAX
Decreasing net debt in 2025 with further improvement in leverage ratio & avg cost of debt
Total Gross Debt excl. Non-Finance Leases (€m)
Total Gross Debt incl. Non-Finance Leases (€m)
Cash & Cash equivalents (€m)
Net debt excl. Non-Finance Leases (€m)
Net debt incl. Non-Finance Leases (€m)
Group Weighted Average cost of debt (%)
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)
A VAX
- FY2025 Financial Results
- Strategy & Outlook
- Stock
- Appendix
Group Structure
Historical Financials
Strong cash flows combined with additional leverage capacity create significant firepower
AYAX
Total Firepower 2026 – 2030 given stable Net Debt / EBITDA 2,0x by 2030 (€m)
Uses of capital 2026 – 2030 (€m)
(1) Committed CAPEX & Investments include €87m capex in equipment, €5m expansion capex in Athens Marina and €18m remaining equity investments in Flyover & Tavropos PPP
A
Construction shall remain #1 driver with other sectors to play a key role
| €m | EBITDA 2025 | % of total | EBITDA 2030 | % of total | Strategy |
|---|---|---|---|---|---|
| Construction | 100 | 83% | 90 | 60% | Remain #1 value contributor |
| Concessions | 9 | 7% | 35 | 23% | Retain position |
| Marinas (1) | 6 | 5% | 10 | 7% | Maintain position |
| Real Estate Development | 4 | 3% | 10 | 7% | Selective Growth |
| Facility Management | 2 | 2% | 5 | 3% | Organic Growth |
| Energy Solutions | (1) | (1%) | Under Review | Re-enter the sector | |
| Other (2) | 2 | 2% | 0 | 0% | |
| Total | 121 | 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.
(2) Other activities include Auteco SA, which is now under a sale process and other immaterial activities
Top 8 projects account for ~85% of total backlog with majority at early stage of progress
A V A X
Athens Metro Line 4
| Contract | €980m |
|---|---|
| Backlog | €694m |
| % completion | 29% |
| % total | 27% |
Stavros Niarchos Foundation – 3 Hospitals
| Contract | €443m |
|---|---|
| Backlog | €356m |
| % completion | 20% |
| % total | 14% |
Ellinikon Infrastructure Works
| Contract | €456m |
|---|---|
| Backlog | €253m |
| % completion | 45% |
| % total | 10% |
Bralos – Amfissa National Road
| Contract | €307m |
|---|---|
| Backlog | €238m |
| % completion | 23% |
| % total | 9% |
Mintia Power Plant 1.750MW (Romania)
| Contract | €717m |
|---|---|
| Backlog | €218m |
| % completion | 70% |
| % total | 8% |
Ioannina – Kakavia National Road
| Contract | €172m |
|---|---|
| Backlog | €165m |
| % completion | 4% |
| % total | 6% |
Road & Rail restoration works from Daniel storm
| Contract | €175m |
|---|---|
| Backlog | €159m |
| % completion | 9% |
| % total | 6% |
Flyover Thessaloniki PPP (50% participation)
| Contract | €223m |
|---|---|
| Backlog | €127m |
| % completion | 43% |
| % total | 5% |
Avoxa
Avax to maintain its current market share in Greece and to selectively grow abroad
AVAX
Visible Market Pipeline in Greece (€b)
Avax expects > €150m from existing concessions until 2030
AVAX
Fair Value of Concessions(1) (€m)
Expected income stream from existing concessions(2) (€m)
(1) Athens Marina is fully consolidated and not included in the fair valuation of subsidiaries in the consolidated statements – fair value of €37m is based on the DCF of future dividends with a WACC of 8%, (2) Marina's fair value & expected income (in the form of dividend & capital return) are included in the above charts – however for the purposes of this analysis, EBITDA contribution from Marina is reported separately on the Marina's segment.
| 1 | FY2025 Financial Results |
|---|---|
| 2 | Strategy & Outlook |
| 3 | Stock |
| 4 | Appendix |
| Group Structure | |
| Historical Financials |
Avax stock (AVAX.AT) overview
AVAX
Stock price vs General Index
01.04.2026
Share price: €3,05
Market cap: €452m
Avg daily volume ('000 shares)
Avg daily volume ('000 €)
Stock return vs General Index return
Shareholders
Own shares bought per year ('000 shares)
Families:
- K. Mitzalis 23,8%
- C. Ioannou 21,6%
- K. Kouvaras 9,4%
% of total
Avax aims to follow a stable dividend payout policy in the next years
AVAX
Group Profit after tax (€m)
Dividend per share (€)
Note: Profit after tax from discontinued operations included extra-ordinary capital gain €27m from the sale of the RES business of Volterra to PPC in 2022 and extra-ordinary capital gain €9m from the sale of the energy supply business of Volterra to Metlen
A VAX
- FY2025 Financial Results
- Strategy & Outlook
- Stock
- Appendix
Group Structure
Historical Financials
Group structure – FY2025 Revenue & EBITDA breakdown
AVAX
Concessions & PPP's
Real Estate & Marinas
Other
A VAX
- FY2025 Financial Results
- Strategy & Outlook
- Stock
- Appendix
Group Structure
Historical Financials
Historical financials – Group annual statement of comprehensive income
AVAX
| € '000 | 2023 | 2024 | 2025 |
|---|---|---|---|
| Sales | 453.547 | 651.496 | 958.198 |
| Cost of Sales | (416.770) | (569.154) | (845.132) |
| Gross profit | 36.776 | 82.343 | 113.066 |
| Administrative & distribution expenses | (31.860) | (34.881) | (40.716) |
| Income from associates / dividends | 39.002 | 44.187 | 25.917 |
| Other operating income / expenses | (6.405) | (28.989) | (13.400) |
| Profit before interest & tax (EBIT) | 37.513 | 62.659 | 84.867 |
| Net financial result | (20.827) | (24.676) | (18.775) |
| Profit before income tax (EBT) | 16.687 | 37.983 | 66.092 |
| Taxes | (6.661) | (16.374) | (18.078) |
| Profit for the period from continuing operations | 10.026 | 21.609 | 48.015 |
| Profit for the period from discontinued operations | 382 | 8.830 | - |
| Profit for the period from continuing & discontinued operations | 10.408 | 30.439 | 48.015 |
| Earnings before interest, taxes, depreciation and amortization (EBITDA) | 60.764 | 105.312 | 120.752 |
Historical financials – Group statement of financial position (1/2)
AVAX
| € '000 | 31.12.2023 | 31.12.2024 | 31.12.2025 |
|---|---|---|---|
| Assets | |||
| Net property, plant & equipments | 42.182 | 51.939 | 58.195 |
| Right of use assets | 109.358 | 105.586 | 101.879 |
| Investment property | 6.944 | 7.041 | 7.438 |
| Intangible assets | 934 | 526 | 395 |
| Investments in subsidiaries / associates & other companies | 174.383 | 267.239 | 274.166 |
| Financial assets at fair value through OCI | 137.080 | 4.453 | 11.134 |
| Other non-current assets | 6.416 | 6.384 | 6.361 |
| Other long term receivables | 166 | 13.575 | 33.714 |
| Deferred tax assets | 24.506 | 22.058 | 20.630 |
| Total non-current assets | 501.971 | 478.803 | 513.911 |
| Inventories | 31.901 | 47.888 | 80.485 |
| Contractual assets | 214.630 | 282.855 | 283.080 |
| Trade receivables | 139.129 | 119.608 | 105.425 |
| Other receivables | 172.739 | 229.869 | 289.660 |
| Restricted cash deposits | 452 | 770 | 14.543 |
| Cash and cash equivalents | 76.492 | 70.204 | 115.496 |
| Total current assets | 635.343 | 751.194 | 888.690 |
| Assets held for sale | 65.440 | - | - |
| Total assets | 1.202.754 | 1.229.997 | 1.402.601 |
Historical financials – Group statement of financial position (2/2)
AVAX
| € '000 | 31.12.2023 | 31.12.2024 | 31.12.2025 |
|---|---|---|---|
| Equity & Liabilities | |||
| Share capital | 44.496 | 44.496 | 44.496 |
| Share premium | 145.452 | 145.452 | 145.452 |
| Fair value reserves | 95.103 | (27.655) | (23.364) |
| Other reserves | 50.919 | 85.786 | 109.966 |
| Retained earnings | (177.357) | (91.623) | (66.877) |
| Equity attributable to parent's shareholders | 158.614 | 156.455 | 209.673 |
| Non-controlling interests | 1.109 | 1.124 | 1.330 |
| Total equity | 159.722 | 157.579 | 211.003 |
| Long term loans | 197.027 | 210.463 | 173.538 |
| Deferred tax liabilities | 24.360 | 37.552 | 52.756 |
| Provisions for retirement liabilities | 3.418 | 4.023 | 4.747 |
| Non current leasing liabilities | 70.437 | 58.435 | 55.532 |
| Other provisions & non-current liabilities | 204.364 | 191.369 | 182.203 |
| Total non-current liabilities | 499.606 | 501.843 | 468.777 |
| Trade & other creditors | 398.324 | 458.969 | 533.626 |
| Contractual liabilities | 4.955 | 4.072 | 16.818 |
| Income and other tax liabilities | 14.273 | 13.294 | 15.391 |
| Leasing liabilities | 21.416 | 23.357 | 14.655 |
| Short term loans | 62.403 | 70.883 | 142.330 |
| Total current liabilities | 501.370 | 570.575 | 722.821 |
| Liabilities held for sale | 42.055 | - | - |
| Total liabilities | 1.043.032 | 1.072.418 | 1.191.598 |
| Total Equity & liabilities | 1.202.754 | 1.229.997 | 1.402.601 |
Historical financials – Group annual & interim cash flow statement
AVAX
| € '000 | 2023 | 2024 | 2025 |
|---|---|---|---|
| Cash flow from operating activities | |||
| Profit / (loss) before tax from continuing operations | 16.687 | 37.983 | 66.092 |
| Profit / (loss) before tax from discontinued operations | 378 | 9.056 | - |
| Profit / (loss) before tax from continuing and discontinued operations | 17.065 | 47.039 | 66.092 |
| Adjustments for: | |||
| Depreciation | 18.314 | 23.014 | 25.142 |
| Profit / (loss) on fair value of property | (236) | (123) | (381) |
| Provisions / bad debts | 6.840 | 20.125 | 10.743 |
| Income from sub-debts | (6.557) | (5.977) | (3.435) |
| Interest income | (1.231) | (1.330) | (1.056) |
| Interest expense | 21.614 | 25.762 | 19.831 |
| Gain from sale of subsidiary | - | (10.881) | - |
| Loss from Impairment of participations / fixed assets | - | 329 | 942 |
| Losses / (profit) from financial instruments / dividends | (32.445) | (38.210) | (17.482) |
| Exchange rate differences | (1.670) | 2.108 | (1.913) |
| Other non cash and cash equivalents | 2.577 | 3.604 | 803 |
| Plus or minus for working capital changes: | |||
| (Increase) / decrease in inventories | (10.496) | (15.987) | (32.598) |
| (Increase) / decrease in trade and other receivables | (118.128) | (123.665) | (84.676) |
| Increase / (decrease) in non-banking payables | 162.834 | 46.988 | 78.267 |
| Less: | |||
| Taxes paid | (8.188) | (10.485) | (12.020) |
| Total cash inflow / (outflow) from continuing and discontinued operating activities (a) | 50.293 | (37.689) | 48.258 |
| Cash flow from investing activities | |||
| Purchase of tangible and intangible assets | (13.254) | (16.537) | (11.336) |
| Proceeds from disposal of tangible and intangible assets | 3.533 | 1.270 | 166 |
| Proceeds from sale of assets held for investment | 4.830 | 150 | - |
| Decrease / (increase) in secondary loans (subdebt) and bond loans | (5.071) | 49.149 | (13.724) |
| Disposal / (acquisition) of participations | (2.079) | (24.403) | (3.299) |
| Interest received | 1.231 | 1.330 | 365 |
| Income from sub-debts | 5.165 | 3.263 | 1.648 |
| Income from subsidiaries disposal (minus subsidiaries cash and cash equivalent) | 11.000 | 5.894 | 3.000 |
| Dividends received | 29.842 | 34.140 | 36.753 |
| Cash flow from continuing and discontinued investing activities (b) | 35.197 | 54.256 | 13.573 |
| Cash flow from financing activities | |||
| Proceeds from loans | (48.862) | 21.146 | 38.025 |
| Payment for leasing liabilities | (17.153) | (21.655) | (24.439) |
| Interest paid | (16.640) | (20.918) | (14.941) |
| Purchase of own shares | - | (239) | (552) |
| Dividend paid to shareholders | (10.103) | (4.450) | (10.368) |
| Interest payment for operating leases | (4.973) | (5.392) | (4.265) |
| Cash flow from continuing and discontinued financing activities (c) | (97.732) | (31.508) | (16.540) |
| Net increase / (decrease) in cash and cash equivalents (a)+(b)+(c) | (12.242) | (14.941) | 45.292 |
| Cash and cash equivalents at the beginning of the year | 95.976 | 85.145 | 70.204 |
| Cash and cash equivalents from continuing and discontinued operations at the end of the year | 85.145 | 70.204 | 115.496 |
| Cash and cash equivalents from discontinued operations at the end of the year | 8.653 | - | - |
| Cash and cash equivalents from continuing operations at the end of the year | 76.492 | 70.204 | 115.496 |
Thank you!