According to the financial statements for the first half of 2025, the Group's consolidated turnover grew 61.7% to €467.5 million compared to €289.1 million in the corresponding half of 2024. The increased turnover this year is due to the fact that new projects are entering a full execution phase.
Group earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to €70.1 million in the first half of 2025 compared to €54.2 million in the year-earlier period, mainly due to increased construction EBITDA, as a result of the execution of projects that offer higher profit margins.
Group net profit after tax amounted to €28.5 million in the first half of this year compared to €16.4 million in the corresponding period of 2024.
DEBT
Group net bank debt (including technical equipment leasing) was practically unchanged in the first half of 2025, edging up to €237.8 million on 30.06.2025 from €237.5 million on 31.12.2024.
The gearing ratio (net Debt / EBITDA) dropped further to 1.96 based on the trailing EBITDA of the last 12 months, on the back of continuing growth in EBITDA and containment of net debt at low levels, despite the increase in turnover.
PARTICIPATIONS PORFTOLIO
The Group has a portfolio of participations in concessions and PPPs of significant value, with an appraisal of €422.5 million at the end of the first half of 2025. Out of this total, an amount of €139.5 million is not reflected in the consolidated balance sheet, and in particular in the equity position, due to the difference in the valuation method between fair value and book value. Net debt of 100% subsidiary AVAX Concessions SA, which is the Group's vehicle for the main participations in concessions, amounted to €188.7 million, slightly increased compared to the end of 2024 despite ongoing investments in participations, due to loan repayments.
HIGH WORK-IN-HAND
The Group's work-in-hand based on signed projects currently amounts to €2.76 billion, lower than end-2024 levels due to the speed up in the implementation of projects. So far during 2025, the Group has signed contracts for projects worth over €0.3 billion. Work-in-hand is equally split between public projects and private projects & PPPs, while foreign projects represent 15% of the total.
