Slide 1: AVAX Group Brief Presentation FY2024 Results
AVAX GROUP Athens, Greece Brief Presentation FY2024 Results| April 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 FY 2024 Group Results review 2 ESG Progress 3 Business Segments Review & Strategy Construction Concessions Other 4 Appendix
Slide 4: FY 2024 Group Results review
1 FY 2024 Group Results review 2 ESG Progress 3 Business Segments Review & Strategy Construction Concessions Other 4 Appendix
Slide 5: Avax continues to deliver strong results in full 2024
Avax continues to deliver strong results in full 2024 in line with 1st half 2024 trend Revenue (€m) EBITDA(1) (€m) Profit after tax(2) (€m) Net Debt(3) (€m) +198 +44 +20 +16 8,0 +44% +73% +192% +7% 105 30 250 237 7,0 651 221 6,0 200 454 5,0 61 150 3,6 4,0 3,0 10 100 2,3 2,0 50 1,0 - - 2023 2024 2023
Slide 6: Milestones from January 1st 2024 to date
Milestones from January 1st 2024 to date 2024 2025 Signing of Preferred Signing of Successful Refinancing construction bidder in 2 construction placement of debt at contract damage contract of 4,4% of Avax “Ioannina – restoration “125MW shares on Concessions Kakavia projects Solar Plant”, the Athens
Slide 7: Revenue growth driven by accelerated execution of the €3,2b backlog
Revenue growth driven mainly from accelerated execution of the €3,2b backlog (1) Revenue Bridge 2024 (€m) Revenue breakdown: 651 3 29 Greece 81% 195 + €198m (+44%) 454 International 26 19% 623 Construction Backlog Bridge 2024 (€m) 428 151 317 3.047 2.892 (623) More than 60% already approved Revenue
Slide 8: Backlog doubled in the last 5 years
Backlog doubled in the last 5 years – Avax has outperformed the peer group Total Market Backlog (1) & Avax's market share (€bn) 14,7 14,0 14,0 3,1 11,4 3,2 12,0 9,9 1,9 10,0 1,4 8,0 7,2 1,0 6,0 23% 4,0 21% 2,0 16% 14% 14% - 12% 2020 2021 2022 2023 2024 Avax Avax's market share Breakdown of Avax’s ba
Slide 9: EBITDA growth driven by margin improvement and construction revenue
EBITDA growth driven equally from margin improvement & construction revenue growth EBITDA Bridge 2024 (€m) Construction EBITDA margin (%) 105 7 10,4% 9,1% 41 6,2% 38 4,7% + €44m 2,9% 61 (+73%) 2020 2021 2022 2023 2024 34 65 ΔConstruction Δ Rev Margin Δ EBITDA Margin 2023 2024 Rev 27 4,2% €428m 10,4%
Slide 10: Increased EBITDA allows for additional provisions
Increased EBITDA allows for additional provisions for already completed projects Profit after tax Bridge 2024 (€m) Additional provisions €15m due to write-off of claim related to the “Construction of Thermal 9 Plant” in Lebanon. (5) 44 (15) (4) 30 (10) 10 Profit after tax Δ Capital gain Δ Δ Δ Δ Prof
Slide 11: Consolidated Income Statement
Consolidated Income Statement €m FY2024 FY2023 y-o-y Revenue 651,5 453,5 43,6% EBITDA 105,3 60,8 73,3% Provisions (19,7) (5,1) 289,6% Depreciation (22,9) (18,2) 26,0% EBIT 62,7 37,5 67,0% Interest Expense (24,7) (20,8) 18,5% Earnings before taxes 38,0 16,7 127,6% Income Tax (16,4) (6,7) 145,8% Net E
Slide 12: Avax maintains its cash position despite W/C needs
Avax continues to maintain its cash position despite the significant W/C needs Cash Flow Bridge 2024 (€m) Mainly dividends from Attiki Acquisition of Olympia Odos Odos (€27m) & capital return additional stake: (€24m) from Aegean Motorway (€56m) Equity in Flyover: (€8m) Temporary effect due to increa
Slide 13: Significant deleverage results in leverage ratio < 2,5x
Significant deleverage in the last 5 years results in a leverage ratio < 2,5x Net Debt (excl non-finance leases) (€m) Net Debt at Avax SA – ParentCo level: €61,6m -227 500 464 -49% 15,0 14,0 450 Avax 13,0 400 12,0 Concessions 74% 328 11,0 350 10,0 300 7,4 9,0 246 237 8,0 250 6,4 221 7,0 200 6,0 Pare
Slide 14: Debt breakdown per type
Debt breakdown per type Total Gross Debt (excl. Total Gross Debt (incl. Cash & Cash non-finance leases) (€m) non-finance leases) (€m) equivalents (€m) 363 351 308 298 55 27 53 38 27 52 38 28 28 52 232 229 232 229 77 71 2023 2024 2023 2024 2023 2024 L/T S/T Finance L/T S/T Finance Non-finance Loans L
Slide 15: No significant repayments anticipated in the next years
Following the recent refinancing no significant repayments are anticipated in the next yrs Bank Debt & Finance Lease maturities (€m) 129 55 2 11 36 35 7 18 11 43 19 17 - 1-12 13-24 3-5 >5 months months years years Avax Concessions L/T Finance Bond Loan Loans Leases Notes: (1) Not including repayment
Slide 16: Recent restructuring provides additional funding
Recent restructuring provides additional funding & unlocks cash flows from construction New 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 2024-2030 payment re
Slide 17: Outstanding balance of the new Bond Loan at €189m
The current outstanding balance of the new Bond Loan stands at €189m New Bond Loan disbursements & repayments during 2024 (€m) 8 50 (8) 13 24 189 180 (77) Total disbursements until 31.12.2024: €267m Payment of interest & Available for disbursement: €33m capital through proceeds from: - Attiki Odos:
Slide 18: Avg maturity of concessions income vs 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 19: Stock performance & shareholders’ structure
Stock performance & shareholders’ structure 1.200.000 2,50 Shareholders % Major shareholders with BoD presence 1.000.000 2,00 Kostas Mitzalis family 23,8 800.000 Christos Joannou family 21,6 1,50 Kostas Kouvaras family 9,4 600.000 Total 54,8 1,00 400.000 Other 0,50 Institutional investors 10,5 200.0
Slide 20: ESG Progress
1 FY 2024 Group Results review 2 ESG Progress 3 Business Segments Review & Strategy Construction Concessions Other 4 Appendix
Slide 21: ESG – Key priorities for Avax Group
ESG – Key priorities for Avax Group
Slide 22: 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 23: Business Segments Review & Strategy
1 FY 2024 Group Results review 2 ESG Progress 3 Business Segments Review & Strategy Construction Concessions Other 4 Appendix
Slide 24: Avax Group is a key construction player 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 €3,2b major • 3,3k employees (incl J/V’s) shareholders 55% Concessions & PPP’s Real Estate & Marinas Other • 3
Slide 25: Engineering Future Accomplishments
Engineering Future Accomplishments Who we are Strategy Positioned as a preferred EPC partner in the Capitalize on our unique expertise and increase construction sector thanks to our successful our market share in the next generation of public track record and unique EPC capabilities ready works in G
Slide 26: Following deleverage Avax focus on operational improvement & diversification
Following significant deleverage Avax focus on operational improvement & diversification Significant deleverage in the last 5 years => Net Debt / EBITDA from 7,4x in 2020 to 2,3x in 2024 Operational reorganization & selective focus on profitable projects => Construction EBITDA improvement from 6% in
Slide 27: Construction shall remain #1 driver with concessions & real estate key
Construction shall remain #1 driver with concessions & real estate to play a key role EBITDA 2024 % EBITDA 2028 % (€m) of total (€m) of total Strategy Remain #1 Construction 65 60% 90 60% value contributor Recurring Retain Concessions 33 30% 36 25% position Retain Marinas (1) 5 5% 8 5% position ~40%
Slide 28: Business Segment Contribution
Business Segment Contribution Revenue (€m) FY2023 FY2024 Δ value Δ% Construction 427,8 622,6 +194,8 +46% Concessions 4,0 5,0 +1,0 +25% Other 21,7 23,9 +2,1 +10% Total 453,5 651,5 +198,0 +44% EBITDA (€m) FY2023 FY2024 Δ value Δ% Construction 26,7 64,6 +37,9 +142% Concessions 30,6 38,2 +7,6 +25% Other
Slide 29: Construction
1 FY 2024 Group Results review 2 ESG Progress 3 Business Segments Review & Strategy Construction Concessions Other 4 Appendix
Slide 30: Top projects account for ~80% of total backlog
Top 8 projects account for ~80% of total backlog with majority at early stage of progress Athens Metro Stavros Niarchos Ellinikon Infrastructure Bralos – Amfissa Line 4 Foundation – 3 Hospitals Works National Road Contract €1.022m Contract €443m Contract €308m Contract €245m Backlog €792m Backlog €4
Slide 31: Avax to maintain market share in Greece and 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 5,9 PPP's Total 4,2 x Avax’s Market Share €11,4b 3,2 Public 4,7 secured visible Total pipeline pipeline Note: Visible Market Pipeli
Slide 32: Concessions
1 FY 2024 Group Results review 2 ESG Progress 3 Business Segments Review & Strategy Construction Concessions Other 4 Appendix
Slide 33: Concessions shall continue to play a key role
Despite the recent handover of Attiki Odos, concessions shall continue to play a key role Thessaloniki Flyover Malliakos - Kleidi Avax %: 50% CAPEX: €458m Avax %: 24% Length: 12km CAPEX: €1.758m Term: 2022-2052 Length: 230km Term: 2008-2038 Sales ‘23: €91m EBITDA ’23: €53m Elefsina – Korinthos – Pat
Slide 34: Traffic in motorway concessions returned to pre Covid levels
Traffic in the 3 motorway concessions has returned to pre Covid levels Toll Transactions (m) - Aegean Motorway Toll Transactions (m) - Olympia Odos 30,0 60,0 25,0 50,0 20,0 40,0 15,0 30,0 10,0 20,0 5,0 10,0 0,0 0,0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2015 2016 2017 2018 2019 2020 2021 2022
Slide 35: Avax needs additional PPP contracts to replace Attiki Odos income
Avax needs to secure additional PPP contracts to replace the lost income from Attiki Odos EBITDA Bridge CAPEX (€m) 2024 - 2028 (€m) 40 36 37 35 33 31 13 15 25 17 7 35 30 24 17 15 14 2024 2025 2026 2027 2028 2024 2028 Existing Secured Future Portfolio Portfolio Pipeline Capex reflects the equity part
Slide 36: Other
1 FY 2024 Group Results review 2 ESG Progress 3 Business Segments Review & Strategy Construction Concessions Other 4 Appendix
Slide 37: Proven track record in development of residential projects
Avax has unique expertise & proven track record in development of residential projects Pityoussa Residential Complex, Limassol Marina, Cyprus Spetses Island GSA (sqm): 38.000 (residential only) GSA (sqm): 10.200 # of units: 285 # of units: 74 Uptown Residences, Athens Metropolitan Area GSA (sqm): 8.
Slide 38: Secured pipeline of residential & mixed-use projects
Secured pipeline of 11 residential & mixed-use projects (3 already under construction) Selected Residential Portfolio (€72,4m GAV) Panorama H2 Olealand Petra Salis Other Village Residences Residences Residences (Chania, Astypalea, Chania Ellinikon Chania Chania Koufonissi) GAV €6,0m €8,5m €6,4m €6,2
Slide 39: Two marinas well positioned in Athens & Limassol
Two marinas well positioned in Athens & Limassol to benefit from the market upside EBITDA Bridge 2024 - 2028 (€m) 8 5 34% Avax participation 100% Avax participation 650 berths 102 berths (+39 from 2026) 14 F&B outlets Start of Concession: 2008 Start of Concession: 2008 End of concession: 2043 End of
Slide 40: Other activities can add €5m organic EBITDA
Other activities can add €5m organic EBITDA in the next few years 4 2 2 1 1 1 2024 2028 2024 2028 2024 2028 Target Target Target EBITDA (€m) EBITDA (€m) EBITDA (€m) • Highly fragmented market – • High margin activity with • Minority stakes in centrally consolidation is expected within significant ba
Slide 41: Proven experience in greenfield development of RES projects
Avax Group has proven experience in greenfield development of RES projects 2010 2018 2020 2022 2023 Establishment Commissioning Commissioning Sale of 55% of Sale of supply of Volterra SA of Wind Farm of Wind Farm RES portfolio business to “Kouromantri” “Lykovouni” to PPC Metlen 16MW 54MW Sale of 45%
Slide 42: Investment in additional concessions to maintain diversified income
Investment in additional concessions to maintain a well diversified income stream Consolidated EBITDA (€m) 150 15 105 45 • Construction shall remain the #1 value creator given the recently signed contracts and the visible 41 new contracts creation in the following years • Construction EBITDA is expe
Slide 43: Appendix
1 FY 2024 Group Results review 2 ESG Progress 3 Business Segments Review & Strategy Construction Concessions Other 4 Appendix
Slide 44: Historical financials – Statement of comprehensive income
Historical financials – Group annual statement of comprehensive income € '000 2022 2023 2024 Sales 402,709 453,547 651,496 Cost of Sales (381,838) (416,770) (569,154) Gross profit 20,871 36,776 82,343 Administrative & distribution expenses (40,961) (31,860) (34,881) Income from assocciates / dividen
Slide 45: Historical financials – Statement of financial position (1/2)
Historical financials – Group statement of financial position (1/2) € '000 31.12.2022 31.12.2023 31.12.2024 Assets Net property, plant & equipments 41,704 42,182 51,939 Right of use assets 85,557 109,358 105,586 Investment property 11,538 6,944 7,041 Intangible assets 0,455 0,934 0,526 Investments i
Slide 46: Historical financials – Statement of financial position (2/2)
Historical financials – Group statement of financial position (2/2) € '000 31.12.2022 31.12.2023 31.12.2024 Equity & Liabilities Share capital 43,296 44,496 44,496 Share premium 146,652 145,452 145,452 Fair value reserves 87,838 95,103 (27,655) Other reserves 345,099 50,919 85,786 Retained earnings
Slide 47: Historical financials – Cash flow statement
Historical financials – Group annual & interim cash flow statement € '000 2022 2023 2024 Cash flow from operating activities Profit / (loss) before tax from continuing operations 18,543 16,687 37,983 Profit / (loss) before tax from discontinued operations 27,791 0,378 9,056 Profit / (loss) before ta
Slide 48: 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 Ixion SA EBITDA: (€7m) Development SA EBITDA: €0m EBITDA: (€1m) 100% Revenue: €5m 100% Reven
Slide 49: 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% 100% 24% Aegean Motorway Athens Marina SA €2m Auteco SA (€1m) SA 34% 100% 23% Limassol Marina (€1m) Olympia Odo
Slide 50: Main Projects
Main Projects Contract % Backlog % Project Country Value (€m) completion 31.12.2024 total Athens Metro, Line 4 Greece 1.022 22% 792 25% Mintia 1.750MW Power Station Romania 709 19% 576 18% S. Niarchos Foundation Sponsored Hospitals Greece 443 7% 413 13% Bralos – Amfissa Road Section Greece 245 11% 2
Slide 51: Thank you!
Thank you! Ik HE BB ry ys