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Ave S.A. Investor Presentation 2026
2679_rns_2026-06-04_82973f55-f9f5-450e-aeac-bd316f47cd06.pdf
Investor Presentation
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ENGINEERING
FUTURE
ACCOMPLISHMENTS
Q1 2026 Financial Results | June 4th 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.
Q1 2026 Highlights
A
| Revenue
Q1 2026
€208m
(+17% yoy) | EBITDA
Q1 2026
€27m
(+2% yoy) | Construction
EBITDA margin
Q1 2026
10,7% | Net Profit
Q1 2026
€11m
(-11% yoy) |
| --- | --- | --- | --- |
| Cash
31.03.2026
€82m | Net Debt
31.03.2026
€240m
(+19% yoy) | Net Debt / EBITDA
2,0x | Backlog
31.03.2026
€2,6bn
(incl pending signing) |
| Market Cap
03.06.2026
€535m | EV / EBITDA L12M
6,4x | Price / EPS L12M
11,5x | |
Strong performance with construction projects in full execution mode
A V A X
Revenue (€m)
EBITDA(€m)
Net Debt(1) (€m)
(1) Net Debt including finance leases (machinery under IFRS 16)
Profit After Tax (€m)
Strong revenue growth driven from the execution of the €2,6b backlog
A V A X
Revenue Bridge Q1 2026 (€m)
Backlog Bridge Q1 2026 (€b)
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.
Resilient construction EBITDA margin in line with the last 2-years margins
AVAX
EBITDA Bridge Q1 2026 (€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, Ila 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.
Consolidated Income Statement
AVAX
| €m | Q1 2026 | Q1 2025 | y-o-y |
|---|---|---|---|
| Revenue | 208,4 | 177,7 | 17,3% |
| EBITDA | 26,7 | 26,2 | 1,6% |
| Provisions | (0,1) | (0,1) | (1,6%) |
| Depreciation | (6,3) | (5,3) | 19,9% |
| EBIT | 20,3 | 20,9 | (3,0%) |
| Interest Expense | (4,1) | (4,1) | (0,4%) |
| Earnings before taxes | 16,2 | 16,8 | (3,6%) |
| Income Tax | (5,6) | (4,9) | 15,1% |
| Net Earnings after taxes | 10,6 | 11,9 | (11,2%) |
| Net Earnings after taxes & minorities per share (EPS) | 0,07 | 0,08 | (10,9%) |
Business segments analysis
AVAX
| Revenue (€m) | Q1 2026 | Q1 2025 | Δvalue | Δ% |
|---|---|---|---|---|
| Construction | 203,8 | 171,3 | 32,5 | 19,0% |
| Concessions | 1,2 | 1,0 | 0,2 | 20,0% |
| Real Estate | 0,0 | 0,0 | 0,0 | - |
| Other | 3,3 | 5,4 | (2,1) | (38,9%) |
| Total | 208,4 | 177,7 | 30,7 | 17,3% |
| EBITDA (€m) | Q1 2026 | Q1 2025 | ΔValue | Δ% |
| --- | --- | --- | --- | --- |
| Construction | 21,9 | 22,2 | (0,3) | (1,4%) |
| %margin | 10,7% | 13,0% | ||
| Concessions | 4,2 | 3,7 | 0,5 | 13,5% |
| Real Estate | (0,3) | 0,5 | (0,8) | n/a |
| Other | 0,8 | (0,1) | 0,9 | n/a |
| Total | 26,7 | 26,2 | 0,4 | 1,6% |
Challenging working capital driven by cash conversion cycle normalization initiatives
AYAX
Cash Flow Bridge Q1 2026 (€m)
A VAX
...with leverage ratio remaining still low (2,0x)
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)
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)
Thank you!
