Avax S.a. · ATHEX:AVAX
Avax — 9M 2025 Earnings Presentation
14 slides from Avax's earnings presentation, Dec 11, 2025
Slide 1: AVAX Group Brief Presentation 9M 2025 Results
AVAX GROUP Athens, Greece Brief Presentation 9M 2025 Results | December 11th 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: Accelerated projects execution combined with sustainable margins contribute to new record EBITDA
Accelerated projects execution combined with sustainable margins contribute to new record EBITDA Revenue EBITDA Construction Net Profit 9M 2025 9M 2025 EBITDA margin 9M 2025 €682m €94m 9M 2025 €42m (+65% yoy) (+37% yoy) 11,3% (+761% yoy) Net Debt Net Debt / Cash Backlog 30.09.2025 EBITDA L12M 30.09.
Slide 4: Milestones from January 1st 2025 to date
Milestones from January 1st 2025 to date Signing of Signing of Signing of construction construction Signing of road Payment of contract contract PPP restoration dividend “Papastratos “Sklavenitis “Tavropos project caused €0,07/share factory factory” in Irrigation by “Daniel versus expansion”, Magoul
Slide 5: Avax continues to deliver strong results in 9M2025
Avax continues to deliver strong results in 9M2025 in line with both FY2024 & H2025 trend Revenue (€m) EBITDA (€m) Net Debt (€m) (1) PAT (€m) +268 +26 (28) 30,0% 8,0 +37 +65% +37% (12%) +761% 682 100 94 250 25,0% 237 7,0 42 209 6,0 80 200 20,0% 69 5,0 415 60 150 15,0% 4,0 11,3% 40 9,4% 3,0 100 10,0%
Slide 6: Revenue growth driven from accelerated execution of the €2,5b backlog
Revenue growth driven from accelerated execution of the €2,5b backlog Revenue Bridge 9M 2025 (€m) Backlog Bridge 9M 2025 (€m) 305 2.892 682 2.538 (659) 23 3 265 + €268m 415 (+65%) 21 Backlog New contracts Construction Backlog 31.12.2024 signed in 9M25 Revenue 9M25 30.09.2025 659 Backlog breakdown 30
Slide 7: 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 9M 2025 (€m) EBITDA construction margin (%) (12) 95 11,3% 10,4% 9,1% 37 20 6,2% 4,7% + €26m 69 2,9% (+37%) 2020 2021 2022 2023 2024 9M 2025 32 ΔConstruction Δ Rev Margin Δ EBITDA Margin 9M2024
Slide 8: Savings below EBITDA contribute to net profit conversion ratio > 100%
Savings below EBITDA contribute to net profit conversion ratio > 100% Profit after tax Bridge 9M 2025 (€m) 5 42 (1) 10 26 +€12m (2) ΔEBITDA €26m converts to €37m PAT (ratio 142%) 5 Profit after tax Δ Δ Δ Δ Δ Profit after tax 9M 2024 EBITDA Depreciation Provisions Interest Income 9M 2025 Expense Tax
Slide 9: Consolidated Income Statement
Consolidated Income Statement €m 9M 2025 9M 2024 y-o-y Revenue 682,2 414,6 64,6% EBITDA 94,5 68,8 37,2% Provisions (9,6) (19,5) (50,6%) Depreciation (17,8) (16,0) 11,2% EBIT 67,1 33,4 100,9% Interest Expense (13,8) (18,4) (25,2%) Earnings before taxes 53,3 15,0 255,8% Income Tax (11,2) (10,1) 10,8%
Slide 10: Business Segment Contribution
Business Segment Contribution Revenue (€m) 9M 2025 9M 2024 Δ value Δ% Construction 658,8 393,8 265,0 67,3% Concessions 3,8 3,7 0,1 2,7% Other 19,6 17,1 2,5 14,6% Total 682,2 414,6 267,6 64,5% EBITDA (€m) 9M 2025 9M 2024 Δ value Δ% Construction 74,4 37,2 37,2 100,0% % margin 11,3% 9,4% Concessions 17
Slide 11: Cash Flow Bridge 9M 2025 (€m)
Reversal to positive Adj OCF(1) €42m in 9M 2025 from negative €37m in FY2024 Actual W/C needs equal to (€27m) & Cash Flow Bridge 9M 2025 (€m) Generation of Restricted Cash (€40m) (see footnote) 69 118 35 14 Restricted ΔRestricted Cash Cash 40 (40) (21) (12) 70 (10) (67) Unrestricted Cash 77 Operatin
Slide 12: Decreasing net debt position in 9M 2025 with further improvement in leverage ratio
Decreasing net debt position in 9M 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) 327 382 308 363 18 54 27 55 77 18 52 27 77 52 118 71 41 229 232 229 232 70 77 31.12.2024 30.09
Slide 13: 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 Shareholders % 1.200.000 3,00 Major shareholders with BoD presence 1.000.000 2,50 Kostas Mitzalis family 23,8 Christos Joannou family 21,6 800.000 2,00 Kostas Kouvaras family 9,4 600.000 1,50 Total 54,8 400.000 1,0
Slide 14: Thank you!
Thank you!