H1 2025 Results | September 2025
Revenue
€468m (+62% yoy)
EBITDA
€70m (+29% yoy)
Construction EBITDA margin 13,6%
Net Profit
€29m (+74% yoy)
Net Debt
€238m (+0% yoy)
Net Debt / EBITDA L12M2,0x
Cash
€98m
Backlog
€2,8bn
EV / EBITDA L12M5,0x
Price / EPS L12M8,7x
Projected Revenue FY2025
€800m+
Projected EBITDA FY2025
€120m+
Signing of construction contract "Papastratos factory expansion", budget €30m with Philip Morris
Signing of road restoration project caused by "Daniel
Storm" in Thessaly, budget€130mSigning of construction contract "Sklavenitis factory" in Magoula, budget €35m with Sklavenitis SA
Signing of PPP
"Tavropos Irrigation Network",budget €53m
(Avax stake)
Payment of dividend
€0,07/shareversus
€0,03/share in 2024 Feb Mar Apr May Jul Aug SepConstruction completion & start of operation of ''Bismayah Power Plant'' 282MW,
budget $82m
in Iraq
Partial completion of the section "Patra -Pyrgos'' of Olympia Odos, budget €155m Total completion in Nov 2025
Signing of rail restoration project caused by "Daniel
Storm" in Thessaly, budget€45mSuccessful placement of 4,4% of shares to institutional investors
Completion of 75% of the tunnel Katehaki - Evangelismos & 30% of the tunnel Veikou -
Evangelismos (Athens Metro Line 4)
+178 | +16 | +1 | ||
+62% | +29% | +0% | ||
468 | 70 | 237 | 238 |
Revenue (€m)
EBITDA (€m)
Net Debt(1)(€m)
PAT (€m)
+74%
29
16
+12
289
-
54
9,4% 13,6%H1 2024 H1 2025
H1 2024 H1 2025
31.12.2024 30.06.2025
0,0%
2,0 2,3H1 2024 H1 2025
Net Debt including finance leases (machinery under IFRS 16)
Profit after tax for H2024 includes loss €2,9m from Volterra (discontinued business activity)
Revenue Bridge H1 2025 (€m)
(5)
+ €178m
(+62%)
184
468
Backlog Bridge Η1 2025 (€m)
2.892
2.695
(459)
262
9
289
27514
Backlog 31.12.2024
New contracts
signed in Η125
Construction
Revenue Η125
Backlog 30.06.2025
International 15%
Greece
85%
Backlog breakdown 30.06.2025
Revenue H1 2024
Construction Concessions & other
Revenue H1 2025
Total backlog €2,8b includes projects €0,1b signed after 30.06.2025
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.