Ellaktor Group repositions strategy toward real estate and hospitality

The financial results for 2025 clearly reflect this transition: a year marked by significant corporate transactions, divestments, and capital reallocation.

According to statements made by management during yesterday’s (April 20) conference call with analysts on the presentation of the group’s financial results, 2025 was described as a “milestone year” for the group’s transformation.

The sale of AKTOR Concessions and HELECTOR, combined with the expiration of the Attiki Odos concession, marked the exit from traditional infrastructure and environmental sectors. At the same time, these transactions significantly strengthened liquidity, with cash reserves reaching €306.2 million, while debt was reduced to just €25.7 million — effectively negligible relative to the group’s size.

Net profit after tax reached €152.1 million, compared with €57.4 million in 2024; however, this figure was heavily influenced by capital gains of €187.3 million arising from divestments. In contrast, EBITDA stood at a negative €11.6 million, indicating that the group’s new core activities are still in an early stage of development.

Revenue declined by 74.8% to €89.2 million, reflecting this transition: fewer but more focused activities, with an emphasis on sectors offering stable returns and potential for value creation.

Shift to Real Estate and Hospitality

The primary growth pillar for the next phase is now the real estate sector. Revenue from property development and management increased significantly by 388%, reaching €18 million.

The group’s strategy is focused on high-quality, income-generating assets. A notable transaction was the March 2026 acquisition of a fully leased 8,500 sq.m. office building on Vasilissis Sofias Avenue for €44 million, through the newly established LANDMARK HOLDINGS. This investment strengthens the group’s exposure to prime real estate in the heart of Athens.

At the same time, entry into the hospitality sector is gaining strategic depth. The 25-year lease of the The Fiction Athens hotel on Kifisias Avenue, which began operations in March 2026, marks the group’s structured presence in the hotel industry. The project is complemented by Hestia Apartments — a portfolio of 10 properties with furnished units for short- and medium-term rental, providing stable cash flows.

Alimos Marina: the Flagship Project

At the core of the new strategy lies the development of Alimos Marina, a project expected to become a landmark of the Athens Riviera. CEO Thymios Bouloutas stated that all required documentation has already been submitted, and the company is awaiting final approvals in the coming months.

Construction is expected to begin in 2026, with a completion horizon of 24 to 30 months. The project includes both waterfront and onshore development, creating a fully integrated ecosystem of leisure, tourism, and retail.

The marina is not merely a standalone project but a catalyst for transforming Ellaktor into a modern real estate investment group, focused on large-scale urban developments.

Asset Monetisation and Portfolio Reallocation

As part of its restructuring strategy, the group also proceeded with significant asset disposals. The sale of the Gournes site in Heraklion for €40 million and the Kampas Estate for €45.8 million further enhanced liquidity, enabling capital to be redirected toward higher-yield investments.

In parallel, through the sale of AKTOR Concessions, selected legacy assets worth approximately €110 million were retained, including participations and real estate holdings, acting as a bridge between the group’s former and new structure.

Strong Capital Base, but Challenges Ahead

Despite strong liquidity, equity decreased to €486.4 million, mainly due to capital returns and dividends to shareholders exceeding €470 million in 2025. This reflects confidence in the new strategy but also increases the need for efficient deployment of available capital.

The next phase for Ellaktor depends largely on the successful execution of investments in real estate and hospitality. With over €300 million in available cash and minimal leverage, the group has the flexibility to move aggressively in the market.

The challenge is no longer restructuring — that phase is complete. The focus now is on generating recurring income and unlocking value from flagship projects, with Alimos Marina representing the first major test of the group’s new era.