During its 2024 Annual General Meeting, the management team of AVAX Group reported a historic financial performance, achieving record EBITDA of €105 million. This strong momentum continued into the first quarter of 2025, with revenues increasing by 23% to €177.7 million, compared to €144.5 million in the same period the previous year.
The company remains focused on diversifying its earnings profile, aiming for 40% of future EBITDA to come from non-construction activities. At the same time, it maintains a commitment to financial discipline, targeting net debt levels below €100 million.
So far in 2025, AVAX has signed contracts worth approximately €250 million, with additional agreements expected. The group’s backlog is evenly split between public and private sector projects, including Public-Private Partnerships (PPPs), while international contracts account for 18% of the total.
Chairman Christos Ioannou emphasized the group’s commitment to continued financial improvement and shareholder value creation. He announced a 130% increase in the dividend to €0.07 per share for 2024, up from €0.03 in the previous year, reflecting robust performance and strong free cash flow. He also noted that, under the group’s current business plan, net debt is projected to remain under €100 million over the next five years. This is supported by the restructuring of a significant portion of AVAX’s debt, now linked exclusively to projected concession revenues estimated at €150 million over the same period, and by steady cash flow generation from the construction segment.
EBITDA is expected to grow to €150 million over the next five years, driven by higher-margin construction projects (with EBITDA margins of at least 10%), recurring revenues from concessions, existing marinas, and the group’s expanding real estate developments. These trends, combined with a diversified operations portfolio and a stable dividend policy, position AVAX as a low-risk, high-potential investment opportunity.
CEO Konstantinos Mitzalis provided updates on major projects. Construction of Line 4 of the Athens Metro is progressing on schedule: one tunnel boring machine has already covered 60% of its route (3.3 km), nearing the University Station, while the second has completed 1.6 km, moving toward Elikonos Station. The Thessaloniki Flyover is also advancing according to plan, with completion scheduled for 2027. In the same year, three hospitals developed under the Stavros Niarchos Foundation Initiative are also expected to be delivered.
Highlighting progress in road infrastructure, Mr. Mitzalis announced that AVAX will deliver 12 kilometers of the first section of the Patras–Pyrgos highway by the end of July—nine kilometers of which are being delivered four months ahead of the contractual deadline.
Strong financial performance, coupled with a significant reduction in net leverage—now below 2.5× Net Debt/EBITDA compared to 7.4× in 2020—enables the company to reward shareholders with the aforementioned dividend increase.
In March 2025, AVAX successfully completed the placement of a 4.4% stake previously held by major shareholders, increasing the overall shareholding of institutional investors to approximately 11%. The founding shareholders continue to hold 55% of the company’s equity.
The AVAX share price has risen over 50% since the beginning of 2025, significantly outperforming the Athens Stock Exchange general index. Despite this rally, the stock still trades at an EV/EBITDA multiple of 5.5×, reflecting a notable discount compared to domestic and international peers.
Consolidated revenues for 2024 increased by 44% year-over-year, reaching €651 million. This was driven by accelerated execution of recently awarded projects, including the Athens Metro, a power plant in Romania, the Thessaloniki Flyover, the Ellinikon development, and the SNF hospitals. The total pipeline remains at €3 billion, supported by new contracts signed over the past six months, such as disaster recovery projects following Storm Daniel and large private sector contracts with Papastratos and Sklavenitis.
In August 2024, AVAX Concessions issued a €300 million corporate bond. This allowed the refinancing of €180 million in existing group debt and secured an additional €120 million for new investments, including the acquisition of a larger stake in Olympia Odos and further participation in the Flyover project. As a result, cash flow from construction activities was freed up to support upcoming investment plans in concessions, energy, and real estate.
Following this refinancing, net debt at the parent company level stands at just €62 million. After capital returns from the Aegean Motorway concession, the outstanding bond balance is €189 million, with an additional €33 million still available for drawdown.
Looking ahead, the group is actively pursuing new PPP opportunities. AVAX Development is also executing a residential investment program totaling 15,000 square meters, primarily on Greek islands, with an estimated market value exceeding €70 million. Additionally, through its subsidiary iXiON ENERGY, AVAX is expanding into energy infrastructure. The group has recently submitted a grid connection application for a 100 MWh energy storage facility it plans to build in the Boeotia region.
