Aktor Societe Anonyme Holding Company Technical And Energy Projects · ATHEX:AKTR
Aktor Societe Anonyme Holding Company Technical And Energy Projects — AKTOR Group of Companies — FY2025 Earnings Presentation
48 slides from Aktor Societe Anonyme Holding Company Technical And Energy Projects's earnings presentation, Apr 30, 2026
Slide 1: FY 2025 Financial Results
WE CREATE VALUE WE DRIVE GROWTH FY 2025 FINANCIAL RESULTS April 30th, 2026
Slide 2: Disclaimer
Disclaimer Some of the information in this presentation contains forward-looking statements within the meaning of securities laws. All forward-looking statements address matters that involve risk and uncertainties and there are many important risks, uncertainties and other factors that could cause t
Slide 3: Agenda
Agenda 01 OVERVIEW 02 FINANCIAL RESULTS 03 GOING FORWARD 04 ESG 3 05 ANNEX 3 3
Slide 4: Overview
OVERVIEW
Slide 5: Another year of exceptional growth for the Group, delivering on every dimension
Another year of exceptional growth for the Group, delivering on every dimension Group Group Proforma Group Group Turnover Gross Profit EBITDA Backlog €1.4bn €182mn €207mn €4.7bn (+11% y-o-y) (+47% y-o-y) (+137% y-o-y) (as of 31.12.2025) Cash Equity Net Recourse Market Cap €324mn €399mn Debt €2.2bn (
Slide 6: Strong momentum maintained across key metrics
Strong momentum maintained across key metrics. Disciplined and resilient capital structure to fulfill investment plan Reported EBITDA’25 Proforma EBITDA Turnover (€mn) +11% yoy EBITDA (€mn) +94% yoy +137% yoy 6x 1,395mn 220 207mn 1500 169mn Full-year 1200 170 Consolidation of 1,255 Aktor Concessions
Slide 7: Continuous shareholder value creation, consistently outperforming the market
Continuous shareholder value creation, consistently outperforming the market Market cap (€mn) Continuously outperforming the market since 2022 2500 2300 10x 2.2bn 2100 Aktor 1900 944% 1700 1500 1300 1100 Euronext 900 Athens 429% 700 Market Cap 500 €234mn STOXX 300 234 Europe 600 134% 100 03/20
Slide 8: Completed corporate transformation with six distinct strategic segments
Completed corporate transformation with six distinct strategic segments New target operating model for the Group launched and fully operational CLEAR ORG STRUCTURE & STANDARDIZED & ACCOUNTABILITY SCALABLE PROCESSES Dedicated management 50+ new end-to-end . teams per pillar processes, embedding suppo
Slide 9: Bold investment strategy delivering across segments
Bold investment strategy delivering across segments Segment Announced Investments Actions Taken Up Today 2025PF EBITDA(2) Acquisition of a specialized construction company and a quarry facility in strategic location in Greece • Full integration of Aktor S.A. & redesign operating model • Acquisition
Slide 10: A defining year of transformative moves that are reshaping the Group
A defining year of transformative moves that are reshaping the Group Q1.25 Q2.25 Q3.25 Q4.25 30.4.26 ⚫ Successful completion of ⚫ Binding agreement for the ⚫ Completion of acquisition of ⚫ Atlantic See LNG Trade SA ⚫ ATLANTIC SEE LNG TRADE €200mn SCI acquisition of Aktor 51% of Sunforce One establis
Slide 11: Structural shift in European gas markets creating a generational LNG opportunity
LNG Structural shift in European gas markets creating a generational LNG opportunity European Market Overview | Natural Gas Import (bcm) ~56 bcm/year regional demand, with ~20 bcm tied to Russian supply 400 Slovakia Ukraine 350 21 4.2 55 19 300 67 52 83 US 157 84 250 47 1.6 54 Russia 200 37 Hungary
Slide 12: Integrated LNG value chain via tested SEE Vertical Corridor infrastructure
LNG Integrated LNG value chain via tested SEE Vertical Corridor infrastructure A. Supply E. Sales Atlantic SEE JV B. LNG Shipping E. Sales Atlantic SEE JV 3rd party Ship Cos Atlantic SEE JV D. Transmission Atlantic SEE JV Greek Infrastructure in place & expanding: ⚫ 1st U.S. LNG cargo to Ukraine via
Slide 13: Proven LNG offtake demand underpinned by recent SEE long term agreements
LNG Proven LNG offtake demand underpinned by recent SEE long term agreements, while delivering first LNG at record speed LNG Suppliers Aktor LNG / Atlantic SEE JV Regional Buyers Jan’ 26 to Mar’ 26 Cargo2 British Petroleum Naftogaz of ~0.7MTPA Venture Global 2030 to 2050 Naftogaz LoI3 FOB SPA1 for 0
Slide 14: Financial Results
FINANCIAL RESULTS
Slide 15: Execution-led revenue of €1.4bn, accelerating into H2, with a diversified €4.7bn backlog
Execution-led revenue of €1.4bn, accelerating into H2, with a diversified €4.7bn backlog Turnover (€mn) +24% H2/H1.25 +11% yoy Revenue by Segment Equity Facility Construction Participatio Renewables Real Estate 1,600 ns Management +12% 1,395mn 1.289 29 4 81 10 1,400 772 1,200 1,255 Backlog Breakdown
Slide 16: Strong profitability and margin expansion across the group
Strong profitability and margin expansion across the group, with EBITDA more than doubling year-on-year and proforma margins reaching 14% Reported EBITDA’25 Proforma EBITDA vs.FY24 Gross Profit (€mn) +46% H2/H1.25 +47% yoy EBITDA (€mn) +62% H2/H1.25 +94% yoy +137% yoy 200 +47% 182mn 220 >x2 207mn 10
Slide 17: Prudent capital deployment, with €340m raised
Prudent capital deployment, with €340m raised funding €223m of value-accretive M&A and €83m of growth CapEx Cash Flow Breakdown (€mn) A In Jan.25 a share capital increase was completed with 700 cash payment and pre-emptive right in favour of the existing shareholders 600 B The bulk of the increase i
Slide 18: Disciplined capital structure to support investment plan
Disciplined capital structure to support investment plan, with low recourse leverage and the majority of debt maturing beyond 2030 Gross Debt Maturities (€mn) Aktor Group of HoldCo Equity Facility Recourse Non-Recourse (€mn) Companies & Other Construction Participations Renewables Management Rea
Slide 19: Greek construction on the rise, rapidly converging with EU27
CONSTRUCTION Greek construction on the rise, rapidly converging with EU27 Construction Production1 Index (2015=100) Construction GFCF2 / GDP (%) 120 12 EU27 avg Greece EU27 avg 10 100 8 80 Greece 6 60 4 40 2 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2015 2016 2017 2018 2019 2020 2021 20
Slide 20: Construction segment continues to lead group growth, with record backlog
CONSTRUCTION Construction segment continues to lead group growth, with record backlog and strong project execution driving significant margin expansion Backlog breakdown (as of 28.4.2026) Contract Asset Analysis (€mn) FY25 FY24 Δ% Reflecting accelerated execution across our project €990mn New Turnov
Slide 21: EBITDA growth driven by margin expansion and operational efficiencies
CONSTRUCTION EBITDA growth driven by margin expansion and operational efficiencies Gross Margin vs. Operating Leverage EBITDA Bridge FY25-24 (€mn) Gross Margin% 160 ΔEBITDA:+66mn 14% 13% 141mn 140 +1 12% 11% Due to Depreciation & Other +21 120 10% 9% 9% Leverage Due to Operating 100 +32 8% 80 78mn +
Slide 22: Executing a robust 2025 pipeline, delivering major projects
CONSTRUCTION Executing a robust 2025 pipeline, successfully delivering major projects and securing new contracts Major projects delivered in 2025 Patras – Pyrgos highway Bucharest Ring LOT3 Provatonas bypass €149mn €320mn €9mn Contract value Contract value Contract value Major projects signed in 202
Slide 23: Greece's PPP and concessions market is entering a new era of growth
EQUITY PARTICIPATIONS Greece’s PPP and concessions market is entering a new era of growth opportunities Growing opportunities in the Greek market Key considerations 15,500 250 GDP (€bn) ⚫ Overall, infrastructure projects in Greece could be speeded up 236 considerably, with private sector’s active co
Slide 24: A leading and growing platform, generating durable long-term value
EQUITY PARTICIPATIONS A leading and growing platform, generating durable long-term value Combined portfolio post Aktor Concessions acquisition (€mn) FY25 2025PF 7 PPPs and Concessions in operation Turnover 29 92 Cost of Sales (24) (77) Gross Profit 5 15 4 PPPs under construction Operating Expenses (
Slide 25: Flagship Concession projects in operation
EQUITY PARTICIPATIONS Flagship Concession projects in operation 87% 28% 21% 22% 800 160 2,500 1,200 2024 700 +3.6% yoy 2024 140 +1.4% yoy +4.7% yoy +2.7% yoy Cumulative traffic volume 2022 2,000 2024 1,000 2024 600 2022 120 2022 2022 800 500 100 1,500 (k vehicles) 400 80 600 300 60 1,000 400 200 40
Slide 26: A set of landmark PPPs being built to serve Greece for decades
EQUITY PARTICIPATIONS A set of landmark PPPs being built to serve Greece for decades TALAIA Student Pylia Odos Pasifai - VOAK Tavropos Accommodations in Peloponnese in Crete Irrigation Network in Crete in Thessaly 100% 100% 45% 60% • Completion: 2028 • Completion: 2028 • Completion: 2028 • Completio
Slide 27: Compelling pipeline that cements our leadership in Greek infrastructure
EQUITY PARTICIPATIONS Compelling pipeline that cements our leadership in Greek infrastructure Awarded / Granted projects in our portfolio Selected projects in our pipeline (in tender phase) THRACE STUDENT RESIDENCE CAPEX: €135mn Participation: 100% 23 ~€4bn projects participation in of which partici
Slide 28: Greece's energy transition is accelerating and offers a strong growth opportunity
RENEWABLES Greece's energy transition is accelerating and offers a strong growth opportunity Major RES penetration in Ambitious RES targets in the National Newly established Curtailment Greek Electricity demand Energy & Climate Plan effect driven by RES Growth 100% Estimated further 35 50 46 32 90%
Slide 29: Already securing ~50% of our 2030 capacity target
RENEWABLES Already securing ~50% of our 2030 capacity target — through 420MW of solar PV and the launch of 100MW storage, on track toward ~1.3GW by 2029 Installed capacity evolution (MW) and Ready to Build (Rtb) projects Launch of RES Platform driving mid-term growth Operating + RtB Going Forward 70
Slide 30: Building a scalable renewables platform with solid performance in 2025
RENEWABLES Building a scalable renewables platform with solid performance in 2025 Our Operations footprint, including Ready-to-Build (RtB) projects (€mn) FY25 2025PF BESS Turnover 4 7 PV Cost of Sales (4) (5) Gross Profit 1 2 Operating Expenses (3) (3) Other (4) (4) EBIT (6) (5) Adjusted EBITDA 0 2
Slide 31: Structural shifts in Greek and Middle Eastern FM markets
FACILITY MANAGEMENT Structural shifts in Greek and Middle Eastern FM markets create a clear opportunity for AKTOR FM to drive growth through its enhanced offering Market Outlook Market expansion via infrastructure investments, PPP1 projects & (€mn) FY25 2025PF corporate outsourcing Turnover 81 84 De
Slide 32: AKTOR Real Estate is transforming into a diversified portfolio
REAL ESTATE AKTOR Real Estate is transforming into a diversified portfolio with strong development capabilities and a disciplined growth pipeline Market Outlook Shift towards premium, experience-led and quality-focused (€mn) FY25 consumption Turnover 10 Cost of Sales (7) Tourism-driven demand underp
Slide 33: Going Forward
GOING FORWARD
Slide 34: Strategic ambition: transforming Aktor into the leading infrastructure platform
Strategic ambition:going Our key priorities transforming forward; Aktor into the leveraging ourleading infrastructure future-ready group platform, in SE to unlock Europe, anchoring further value for theour position across construction, concessions, energy and LNG Group Translate the construction b
Slide 35: New Guidance for 2030
New Guidance for 2030 2030 2025 Estimate in Proforma Estimate in Investor Day 2025 Investor Day '25e '25a Old BP new BP (October 2024) Actual (Oct. 2024) '25e '25a Old BP new BP Revenues - 92 15 103 Revenues 1,475 1,463 3.2bn Revenues 1,297 1,289 2,910 2,607 EBITDA - 47 40 89 EBITDA 183 207 430 EBIT
Slide 36: ESG
ESG
Slide 37: ESG Objectives and 2025 Achievements
ESG Objectives and 2025 Achievements Environmentally Inclusive Growth Business Resilience Sustainable Operations & Shared Prosperity & Robust Partnerships • Achieved an EcoVadis Silver Rating – Top 15% globally (first assessment) ESG Ratings & Distinctions • Confirms robust initial level of ESG matu
Slide 38: Looking Ahead
Looking Ahead ESG Targets & Projects Environmentally Inclusive Growth Business Resilience Sustainable Operations & Shared Prosperity & Robust Partnerships • Reduce absolute Scope 1 and 2 • Maintain gender pay equity by 2030 • Achieve a Top Score in Carbon GHG emissions by 40% by 2030 Disclosure Proj
Slide 39: Annex
ANNEX
Slide 40: Corporate Actions Inventory: a year of holistic transformation
Corporate Actions Inventory: a year of holistic transformation 67+ €340m €340m+ 2 12 €9bn+ Discrete transactions Capital raised — equity + bond M&A consideration deployed Division spin-offs New subsidiaries founded Lifetime LNG SPAs locked Capital actions Acquisitions — 2025 Acquisitions — post-peri
Slide 41: Balance Sheet
Balance Sheet THE GROUP THE COMPANY (€mn) 31.12.2025 31.12.2024 31.12.2025 31.12.2024 ASSETS: Non-current assets 1,295 401 297 308 Contractual assets 670 436 - 140 Trade receivables and other current assets 510 526 107 232 Total Cash 324 149 122 36 TOTAL ASSETS 2,799 1,512 526 716 EQUITY & LIABILITI
Slide 42: Profit & Loss Account
Profit & Loss Account THE GROUP THE COMPANY (€mn) 01.01-31.12.2025 01.01-31.12.2024 01.01-31.12.2025 01.01-31.12.2024 Turnover 1,395 1,255 350 482 Cost of sales (1,213) (1,131) (345) (453) Gross Profit 182 124 5 29 Other income and profits / (losses) (10) 27 15 38 Administrative expenses (90) (78) (
Slide 43: AKTOR Group P&L per Segment
AKTOR Group P&L per Segment (€mn) Aktor Group of Intersegment Construction Equity Participations Renewables Facility Management Real Estate Other Companies eliminations Turnover 1.395 1.289 29 4 81 10 4 (22) Cost of Sales (1.213) (1.138) (24) (4) (64) (7) (4) 27 Gross Profit 182 151 5 1 17 3 (0) 5 O
Slide 44: Statement of Cash Flows
Statement of Cash Flows THE GROUP THE COMPANY (€mn) 31.12.2025 31.12.2024 31.12.2025 31.12.2024 Cash Flows from operating activities: Adjusted EBITDA 169 87 (25) (8) Other Adjustments (26) (8) (12) (2) (Increase)/Decrease Inventories & Receivables (26) (201) (140) (97) Increase/(Decrease) Payables &
Slide 45: Important Projects Under Execution (Backlog)
Important Projects Under Execution (Backlog) BACKLOG Description (€mn) AKTOR S.A.– Rehabilitation of the Brasov–Simeria railway line, part of the Rhine–Danube corridor, for operation at a maximum speed of 160 km/h, section Brasov–Sighisoara, sub-sections: Apata Cata LOT 2 (Romania) 338.4 TALAIA ESTI
Slide 46: Liquid stock with robust returns, strongly outperforming ATHEX and SX600
Liquid stock with robust returns, strongly outperforming ATHEX and SX600 Constructions & Materials Key stock / trading metrics Shares 204,002,463 Outstanding Free Float Type of Shares Common Registered (<5%) 24.95% ISIN GRS432003028 Winex Aktor Investments 944% AKTR (Euronext Athens), AKTR:GA Tick
Slide 47: Contact Details
Contact Details Alexandros Exarchou Konstantinos Adamopoulos Chairman & Group CEO Group CFO AKTOR GROUP S.A. 19km Markopoulo Avenue, 19002 Paiania Τel +30 210 667 4700 | E-mail: ir@aktor.gr www.aktor.gr 4 7 47
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AKTOR Group of Companies — FY2025 Earnings Presentation on 6ix