AVAX delivers record operating performance with €2.76B backlog

Turnover increased by 47% compared to 2024, a development primarily attributed to the launch of new projects and their transition into an accelerated execution phase, alongside a parallel expansion in profit margins.

At the operating level, earnings before interest, taxes, depreciation and amortization (EBITDA) reached a historic high of €120.8 million, reflecting the significant strengthening of the construction segment. The EBITDA margin of this division stood at 10.8%, compared to 10.4% in 2024, confirming improved efficiency.

Growth was even more pronounced at the bottom line, with net profit rising by 57.7%, driven by both stronger operating profitability and reduced financial expenses. According to management, this development is linked to an improvement in the interest margin, resulting from the company’s upgraded credit rating.

At the same time, the Group continued to deleverage. Net bank debt, including equipment leasing liabilities, declined to €200.9 million from €237.5 million in 2024. As a result, the leverage ratio (Net Debt / EBITDA) improved significantly to 1.66x, from 2.25x a year earlier.

Of particular importance for future revenue visibility is the high backlog of projects, which stood at approximately €2.76 billion as of March 2026. Of this total, 51% relates to public works, while the remaining 49% derives from private projects and public-private partnerships (PPPs), highlighting the diversification of the portfolio.

At the same time, the Group maintains a strong portfolio of participations in concessions and PPPs, with a total fair value of €397.7 million at the end of 2025, broadly unchanged compared to the previous year. It is noted that an amount of €115.4 million is not reflected in the consolidated balance sheet—specifically in equity—due to the different valuation methods between fair value and the equity method.

Regarding shareholder returns, management intends to propose at the upcoming Annual General Meeting the distribution of a gross dividend of €0.10 per share, increased from €0.07 in the previous year.

Overall, the picture reflects a Group with strong growth momentum, an improved capital structure, and enhanced revenue visibility for the coming years.