Avax S.a. · ATHEX:AVAX
Avax — Investor Presentation (December 2025)
45 slides from Avax's investor presentation, December 2025
Slide 1: Corporate Presentation | December 2025
AVAX GROUP Athens, Greece Brief Presentation Corporate Presentation | December 2025
Slide 2: Legal Disclaimer
Legal Disclaimer This presentation and the information contained herein (unless otherwise indicated), including any accompanying oral presentation, question and answer session and any other document or materials distributed at or in connection with this presentation, has been prepared by AVAX S.A. (
Slide 3: Agenda
1 Group Overview & Strategy 2 Business Segments Review Construction Concessions Other 3 H12025 Financial Results 4 Share Price & Shareholding structure 5 Appendix ESG Progress Group Structure
Slide 4: Avax Group is a key construction player well diversified in Concessions & Real Estate
Avax Group is a key construction player well diversified in Concessions & Real Estate Construction (ParentCo) freefloat 45% • 2 BU’s: Infrastructure & Buildings, Energy & Networks • Backlog €2,8b major • 3,3k employees (incl J/V’s) shareholders 55% Concessions & PPP’s Real Estate & Marinas Other • 3
Slide 5: Avax continues to deliver strong results in H1 2025
Avax continues to deliver strong results in H2025 in line with both FY2024 & Q12025 trend Revenue (€m) EBITDA (€m) Net Debt(1) (€m) PAT (€m) +178 +16 40,0% +1 8,0 +12 +62% 80 +29% +0% +74% 468 35,0% 7,0 29 70 250 237 238 70 30,0% 6,0 60 54 200 25,0% 5,0 50 289 150 20,0% 16 4,0 40 13,6% 15,0% 3,0 30
Slide 6: Following significant deleverage Avax focus on operational improvement & diversification
Following significant deleverage Avax focus on operational improvement & diversification Significant deleverage in the last 5 years Long Term Goal 7,4 Net Debt / EBITDA 2,3 2,0 <3,5x 2020 2024 H12025 Selective focus on profitable projects Long Term Goal Construction 13,6% 10,4% EBITDA margin (%) 6,2
Slide 7: Significant deleverage in the last years results in a leverage ratio < 2,5x
Significant deleverage in the last 5 years results in a leverage ratio < 2,5x Net Debt excl non-finance leases Net Debt allocation (€m) (227) (49%) 0 15,0 464 14,0 0 Avax 13,0 0 12,0 Concessions 74% 11,0 0 328 10,0 0 9,0 7,4 246 237 8,0 0 6,4 221 7,0 ParentCo 0 6,0 26% 4,2 5,0 0 3,6 4,0 0 2,3 3,0 2,
Slide 8: Recent restructuring is fully backed with concessions income
Recent restructuring is fully backed with concessions income & unlocks cash flows from construction New Q42024 Bond Loan (€m) Servicing of the New Bond Loan 2024-2030 (€m) 63 120 300 300 (63) 180 109 (191) Current Loan New funding Total New Bond Interest Interest Capital Remaining refinancing Loan 2
Slide 9: Avg maturity of the concessions income is > 2,5x the avg maturity of the outstanding loan
Avg maturity of the concessions income is > 2,5x the avg maturity of the outstanding loan Concessions Loan Income stream (incl. int exp) multiple Amount (€m) 970 363 2,7x Avg Maturity (yrs) 14,2 5,4 2,6x 970 717 Income from concessions 253 6,6x 2,7x 1,0x (109) Principal repayment (191) (300) (63) In
Slide 10: Construction shall remain #1 driver with concessions & real estate to play a key role
Construction shall remain #1 driver with concessions & real estate to play a key role EBITDA EBITDA 2024 % in 3 – 5yrs % (€m) of total (€m) of total Strategy Remain #1 Construction 65 62% 90 60% value contributor Recurring Retain Concessions 33 31% 36 25% position Retain Marinas (1) 5 5% 8 5% positi
Slide 11: Business Segments Review - Construction
1 Group Overview & Strategy 2 Business Segments Review Construction Concessions Other 3 H12025 Financial Results 4 Share Price & Shareholding structure 5 Appendix ESG Progress Group Structure
Slide 12: Business Segments Review - Construction
1 Group Overview & Strategy 2 Business Segments Review Construction Concessions Other 3 H12025 Financial Results 4 Share Price & Shareholding structure 5 Appendix ESG Progress Group Structure
Slide 13: Avax is a key player with landmark projects in Greece, SE Europe & Middle East
Avax is a key player with landmark projects in Greece, SE Europe & Middle East for almost 40 years Infrastructure & Buildings Energy & Networks 40+ yrs history 2,4k projects completed 3,3k employees 8 countries
Slide 14: Avax Group has completed the two largest energy projects ever awarded to a Greek company abroad
Avax Group has completed the two largest energy projects ever awarded to a Greek company abroad Besmaya CCGT Phase 2 Besmaya CCGT Phase 3 Mintia CCGT Peer group: Client: Mass Group Client: Mass Group Client: Mass Group Power: 1.500MW Power: 1.650MW Power: 1.750MW Location: Baghdad, Iraq Location: Ba
Slide 15: Avax Group has completed the largest gas pipeline projects in the last 20 years
Avax Group has completed the largest gas pipeline projects in the last 20 years in Greece Trans Adriatic Pipeline Interconnector Greece West Macedonia High Peer group: Greek section Lots 2&3 Bulgaria Pressure network Client: TAP AG Client: ICGB AD Client: Prometheus (BP, SOCAR, (Bulgarian Gas Snam,
Slide 16: Avax to maintain its current market share in Greece and to selectively grow abroad
Avax to maintain its current market share in Greece and to selectively grow abroad Visible Market Pipeline in Greece (€b) Avax’s Potential Pipeline (€b) Private 2,5 2,6 5,4 PPP's Total 4,2 x Avax’s Market Share €11,4b 2,8 Public 4,7 secured visible Total pipeline pipeline Note: Visible Market Pipeli
Slide 17: Avax to focus on delivering sustainable construction EBITDA 10%+ in the long run
Avax to focus on delivering sustainable construction EBITDA 10%+ in the long run Construction Revenue Construction EBITDA (€m) (€m) 1.000 900 900 100 30% 800 90 90 25% 700 80 623 600 70 65 20% 60 500 50 15% 400 40 10% 10% 300 10% 30 200 20 5% 100 10 - - 0% 2024 2029 2024 2029 Actual Forecast Actual
Slide 18: Business Segments Review - Concessions
1 Group Overview & Strategy 2 Business Segments Review Construction Concessions Other 3 H12025 Financial Results 4 Share Price & Shareholding structure 5 Appendix ESG Progress Group Structure
Slide 19: Despite the recent handover of Attiki Odos, concessions shall continue to play a key role
Despite the recent handover of Attiki Odos, concessions shall continue to play a key role 50% 24% 40% Tavropos Irrigation Network (PPP) 23% 15% 50% Ilia Waste Management (PPP) % Avax share
Slide 20: Traffic in the motorway concessions has surpassed pre Covid levels
Traffic in the 3 motorway concessions has surpassed pre Covid levels Toll Transactions (m) Toll Transactions (m) 30 60 25 50 20 40 15 30 20 10 10 5 0 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Toll Transactions (m) 25 20 15 10 5 0 2015 2016
Slide 21: Avax expects > €150m from existing concessions until 2029
Despite the expiration of Attiki Odos Avax expects > €150m from existing concessions until 2029 Fair Value of Expected income stream Concessions (€m) from existing concessions (€m) 423 740 890 150 30.06.2025 2025 - 2029 2030 - Total end of concessions
Slide 22: Avax needs to secure additional PPP contracts to replace the lost income from Attiki Odos
Avax needs to secure additional PPP contracts to replace the lost income from Attiki Odos Ongoing Capex Plan EBITDA Bridge PPP tenders 2024 – 2029 (€m) 2024 – 2029 (€m) 3 projects at final bids stage 36 €0,8bn 33 15 4 projects at prequalification stage €1,8bn 90 7 70 4 projects at near tendering sta
Slide 23: Business Segments Review - Other
1 Group Overview & Strategy 2 Business Segments Review Construction Concessions Other 3 H12025 Financial Results 4 Share Price & Shareholding structure 5 Appendix ESG Progress Group Structure
Slide 24: Secured pipeline of residential projects
Secured pipeline of 10 residential projects (175 appts with GSA 15k sqm & GAV €72m) H2 Residences (Ellnikon) Olealand (Chania) Petra Salis (Chania) Panorama Village (Chania) Blue Echoes (Astypalaia) Aplotis (Koufonissi)
Slide 25: Marinas & other activities can add ~€15m organic EBITDA in the next few years
Marinas & other activities can add ~€15m organic EBITDA in the next few years EBITDA (€m) EBITDA (€m) 8 5 4 1 2024 2029 2024 2029 EBITDA (€m) EBITDA (€m) 2 2 1 1 2024 2029 2024 2029
Slide 26: Ample operating cash flows combined with additional leverage capacity create significant firepower
Ample operating cash flows combined with additional leverage capacity create significant firepower Total Firepower 2025 – 2029 given Uses of capital stable Net Debt / EBITDA 2,0x by 2029 (€m) 2025 – 2029 (€m) 200 730 Additional 300 Investments & 530 Shareholders Returns Committed 230 Debt Service Co
Slide 27: Low financial leverage results in a high conversion rate of EBITDA to net profit
Low financial leverage results in a high conversion rate of EBITDA to net profit in the next 5 years 100% 100% ~40 – 45% ~5555% – 60% -45% ~12 – 18% ~3737% – 48% -18% EBITDA Interest, PAT Dividend Retained Depreciation & Earnings Tax
Slide 28: Avax aims to follow a stable dividend payout policy in the next years
Avax aims to follow a stable dividend payout policy in the next years 70 Group Profit after tax (€m) 70 Dividend per share (€m) 400 60 60 0,14 350 0,12 50 50 300 Sale of RES assets 0,1 40 of Volterra to PPC 250 40 Sale of energy supply 40 business to Metlen 0,08 30 0,07 0,07 200 29 30 30 27 9 0,06 1
Slide 29: H1 2025 Financial Results
1 Group Overview & Strategy 2 Business Segments Review Construction Concessions Other 3 H12025 Financial Results 4 Share Price & Shareholding structure 5 Appendix ESG Progress Group Structure
Slide 30: Accelerated projects execution contribute to new record EBITDA
Accelerated projects execution combined with sustainable margins contribute to new record EBITDA Revenue EBITDA Net Profit Construction H12025 H12025 H12025 EBITDA margin €468m €70m €29m 13,6% (+62% yoy) (+29% yoy) (+74% yoy) Net Debt Net Debt / Cash Backlog 30.06.25 EBITDA L12M 30.06.25 30.06.25 €2
Slide 31: Revenue growth driven from accelerated execution of the €2,8b backlog
Revenue growth driven from accelerated execution of the €2,8b backlog(1) Revenue Bridge H1 2025 (€m) Backlog Bridge Η1 2025 (€m) 468 262 2.892 (5) 9 2.695 (459) 184 + €178m (+62%) 289 14 Backlog New contracts Construction Backlog 31.12.2024 signed in Η125 Revenue Η125 30.06.2025 459 Backlog breakdow
Slide 32: Construction EBITDA growth more than offset the EBITDA loss from the handover of Attiki Odos
Construction EBITDA growth more than offset the EBITDA loss from the handover of Attiki Odos EBITDA Bridge H2025 (€m) EBITDA construction margin (%) 13,6% (21) 10,4% 9,1% 70 36 6,2% 4,7% 8 + €16m 2,9% 54 (+29%) 2020 2021 2022 2023 2024 H2025 28 ΔConstruction Δ Rev Margin Δ EBITDA Margin H2024 H2025
Slide 33: Avax expects > €150m from existing concessions until 2029
Despite the expiration of Attiki Odos Avax expects > €150m from existing concessions until 2029 Fair Value of Expected income stream Concessions (€m) from existing concessions (€m) Total €156m 423 42 39 38 42 19 39 18 38 19 18 30.06.2025 2025 2026 2027 2028 2029
Slide 34: Reversal to positive OCF €12m in H1 2025 from negative €37m in FY2024
Reversal to positive OCF €12m in H1 12025 from negative €37m in FY2024 Cash Flow Bridge H1 2025 (€m) Lower W/C needs due to accelerated certifications & improved payment terms 55 25 90 4 (9) (43) 70 (11) Operating Cash Flow (OCF): €12m Investing Cash Flow (ICF): (€8m) Financing Cash Flow (FCF): €16m
Slide 35: Steady net debt position in H1 2025 with further improvement in leverage ratio
Steady net debt position in H1 2025 with further improvement in leverage ratio Total Gross Debt excl. Total Gross Debt incl. Cash & Non-Finance Leases (€m) Non-Finance Leases (€m) Cash equivalents (€m) 336 390 308 363 23 54 27 55 23 86 52 27 86 52 229 227 98 229 227 71 31.12.2024 30.06.2025 31.12.20
Slide 36: Share Price & Shareholding structure
1 Group Overview & Strategy 2 Business Segments Review Construction Concessions Other 3 H12025 Financial Results 4 Share Price & Shareholding structure 5 Appendix ESG Progress Group Structure
Slide 37: Avax share has significantly outperformed the ASE General Index in the last 12 months
Avax share has significantly outperformed the ASE General Index in the last 12 months 1.200.000 3,00 Shareholders % Major shareholders with BoD presence 1.000.000 2,50 Kostas Mitzalis family 23,8 800.000 2,00 Christos Joannou family 21,6 Kostas Kouvaras family 9,4 600.000 1,50 Total 54,8 400.000 1,0
Slide 38: Appendix
1 Group Overview & Strategy 2 Business Segments Review Construction Concessions Other 3 H12025 Financial Results 4 Share Price & Shareholding structure 5 Appendix ESG Progress Group Structure
Slide 39: Appendix
1 Group Overview & Strategy 2 Business Segments Review Construction Concessions Other 3 H12025 Financial Results 4 Share Price & Shareholding structure 5 Appendix ESG Progress Group Structure
Slide 40: ESG – Key priorities for Avax Group
ESG – Key priorities for Avax Group
Slide 41: Avax Group continues to implement ESG strategies
Avax Group continues to implement ESG strategies aiming to improve critical KPI’s y-o-y Environment 67.857 MWh 2.108.172 tn 16.873 tn CO2 3.492 tn CO2 Total energy Waste Scope 1 Scope 2 consumption emissions emissions Social 3.307 521 100% employees 109.194 € Total employees Women employees are cove
Slide 42: Group Structure
1 Group Overview & Strategy 2 Business Segments Review Construction Concessions Other 3 H12025 Financial Results 4 Share Price & Shareholding structure 5 Appendix ESG Progress Group Structure
Slide 43: Group structure – FY2024 Revenue & EBITDA breakdown
Group structure – FY2024 Revenue & EBITDA breakdown Revenue: €598m AVAX SA EBITDA: €105m 100% Revenue: €24m ETETH SA EBITDA: €9m 100% Revenue: €0m 100% Avax Revenue: €4m 100% Revenue: €2m AVAX Concessions SA EBITDA: (€7m) Ixion SA EBITDA: (€1m) Development SA EBITDA: €0m 100% Revenue: €5m 94% Revenu
Slide 44: Group structure – FY2024 Net Debt breakdown
Group structure – FY2024 Net Debt (excl. non-finance leases) breakdown AVAX SA €62m 100% ETETH SA (€4m) 100% 100% Avax 100% AVAX Concessions SA €182m (€1m) Ixion SA €0m Development SA 100% 94% 24% Aegean Motorway Athens Marina SA €2m Auteco SA (€1m) SA 34% 100% 23% Limassol Marina (€1m) Olympia Odos
Slide 45: Thank you!
Thank you!