AVAX: €3B backlog as profit and EBITDA remain at historic highs

A key feature of the results announced by AVAX is the Group’s construction backlog, which has now reached €3 billion, marking a new high and increasing by approximately €200 million from €2.8 billion at the end of 2025. The increase reflects the significant inflow of new contracts, as well as the continued momentum of the Group’s construction business.

At the same time, the listed group has maintained its net debt-to-EBITDA ratio at 2.1x, a level which, according to management, leaves room for further leverage and the financing of future investments.

Revenue Reaches €472 Million

The Group’s consolidated revenue amounted to €472 million in H1 2026, compared with €467.5 million in the corresponding period of 2025, representing an increase of 0.9%.

The performance is attributed to the continued high pace of execution of projects undertaken by the Group, both in Greece and Romania.

At the operating profit level, EBITDA amounted to €68.3 million, compared with €70.1 million in H1 2025. Despite the slight decline in absolute terms, the EBITDA margin in the construction segment stood at 12.6%, remaining above the corresponding full-year 2025 level of 10.8%.

Net profit after tax amounted to €27.3 million, compared with €28.5 million in H1 2025.

The results point to the stability of the Group’s key financial metrics at a time when inflationary pressures on construction costs and the broader geopolitical environment continue to affect project execution.

€850 Million in New Contracts Signed in 2026

The evolution of AVAX’s construction backlog is particularly significant for the Group’s outlook. Despite the high pace of execution of existing contracts, the backlog has not only remained at elevated levels but has continued to expand.

Specifically, new contracts worth a total of €850 million have been signed in 2026, bringing the total backlog of signed construction projects to €3 billion.

The largest share of the portfolio relates to the Greek market, with domestic projects accounting for 96% of the total backlog. By project category, public works account for 41%, while private projects and Public-Private Partnerships (PPPs) account for 59%.

Another important factor supporting the continuity of the Group’s activity is its high proportion of repeat customers, reflecting long-standing relationships across the market.

Low Leverage Leaves Room for New Investments

On the financial front, AVAX continues to maintain net debt at controlled levels. The net debt-to-EBITDA ratio stands at 2.1x, preserving the Group’s financial flexibility.

The level of leverage is particularly relevant given the high level of construction activity and the investment opportunities arising from the strong pipeline of new projects, concessions and PPPs.

Maintaining the ratio at these levels, combined with the Group’s strong backlog, provides the conditions for financing new investments without materially altering its existing financial profile.

Fair Value of Participations Reaches €408 Million

The portfolio of concession and PPP participations is an important component of AVAX’s overall profile and represents a significant asset for the Group. The fair value of these participations amounts to €408 million, compared with €398 million at the end of 2025, representing an increase of €10 million.

Of the total €408 million, approximately €125 million is not reflected in the consolidated balance sheet, and specifically in shareholders’ equity, due to the difference between the fair-value valuation and the net equity of the respective participations.

The concessions and PPP portfolio therefore enhances the Group’s overall value while providing exposure to long-term investments and infrastructure assets generating recurring cash flows.

Stable Performance Despite Cost Pressures

AVAX’s H1 2026 results are characterised by stability, with the Group’s key financial metrics remaining close to the high levels recorded in the previous financial year, despite continued pressure from inflation in project execution costs and international geopolitical uncertainty.

The first-half performance combines revenue of €472 million, EBITDA of €68.3 million, net profit of €27.3 million and a €3 billion backlog, while the net debt-to-EBITDA ratio remains at 2.1x.

With the Group’s project contracts now largely entering a mature execution phase, its performance over the coming period will depend to a significant extent on the pace of delivery of its substantial backlog, as well as on the continued inflow of new projects across construction, concessions and PPPs.