Avax S.a. · ATHEX:AVAX
Avax — Q1 2026 Earnings Presentation
11 slides from Avax's earnings presentation, Jun 4, 2026
Slide 1: Q1 2026 Financial Results
AVAX GROUP Athens, Greece Brief Presentation Q1 2026 Financial Results | June 4th 2026
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: Q1 2026 Highlights
Q1 2026 Highlights Revenue EBITDA EBITDA Construction Net Net Profit Profit Q1 2026 FY2025 Q1 2026 EBITDA margin FY2025 Q1 2026 €208m €27m €121m Q1 2026 €11m €48m (+17% yoy) (+2% yoy) (+15% yoy) 10,7% (-11% yoy) (+58% yoy) Net Debt Net Debt Cash Backlog Net Debt / 31.03.2026 Net Debt / 31.12.2025 31
Slide 4: Strong performance with construction projects in full execution mode
Strong performance with construction projects in full execution mode Revenue (€m) 40 EBITDA (€m) 30,0% +31 35 +1 +17% 25,0% +2% 30 27 26 208 20,0% 25 178 20 13,0% 15,0% 10,7% 15 10,0% 10 5,0% 5 - 0,0% Q1 2025 Q1 2026 Q1 2025 Q1 2026 Construction EBITDA margin Net Debt(1) (€m) Profit After Tax (€m) +
Slide 5: Strong revenue growth driven from the execution of the €2,6b backlog
Strong revenue growth driven from the execution of the €2,6b backlog Revenue Bridge Q1 2026 (€m) Backlog Bridge Q1 2026 (€b) 208 2,6 0,2 2,6 5 (2) 33 178 (0,2) 6 + €31m (+17%) 204 171 Revenue Construction Concessions & Revenue Backlog Construction Contracts Total Q1 2025 other Q1 2026 31.12.2025 Rev
Slide 6: Resilient construction EBITDA margin in line with the last 2-years margins
Resilient construction EBITDA margin in line with the last 2-years margins EBITDA Bridge Q1 2026 (€m) EBITDA construction margin (%) 26 27 1 4 + €1m 5 (+2%) 10,4% 10,8% 10,7% 22 22 6,2% 4,7% EBITDA Construction Concessions & EBITDA 2022 2023 2024 2025 Q12026 Q1 2025 other Q1 2026 Note: Group concess
Slide 7: Consolidated Income Statement
Consolidated Income Statement €m Q1 2026 Q1 2025 y-o-y Revenue 208,4 177,7 17,3% EBITDA 26,7 26,2 1,6% Provisions (0,1) (0,1) (1,6%) Depreciation (6,3) (5,3) 19,9% EBIT 20,3 20.9 (3,0%) Interest Expense (4,1) (4,1) (0,4%) Earnings before taxes 16,2 16,8 (3,6%) Income Tax (5,6) (4,9) 15,1% Net Earnin
Slide 8: Business segments analysis
Business segments analysis Revenue (€m) Q1 2026 Q1 2025 Δvalue Δ% Construction 203,8 171,3 32,5 19,0% Concessions 1,2 1,0 0,2 20,0% Real Estate 0,0 0,0 0,0 - Other 3,3 5,4 (2,1) (38,9%) Total 208,4 177,7 30,7 17,3% EBITDA (€m) Q1 2026 Q1 2025 ΔValue Δ% Construction 21,9 22,2 (0,3) (1,4%) %margin 10,
Slide 9: Challenging working capital driven by cash conversion cycle normalization initiatives
Challenging working capital driven by cash conversion cycle normalization initiatives Cash Flow Bridge Q1 2026 (€m) 23 130 (46) (1) (4) (16) 82 (2) (2) Operating Cash Flow (OCF): Investing Cash Flow (ICF): Financing Cash Flow (FCF): (€24m) (€5m) (€20m) Cash adj. EBITDA Net WC CAPEX Net Investments C
Slide 10: …with leverage ratio remaining still low (2,0x)
…with leverage ratio remaining still low (2,0x) Total Gross Debt excl. Total Gross Debt incl. Cash & Non-Finance Leases (€m) Non-Finance Leases (€m) Cash equivalents (€m) 386 376 331 321 55 55 15 15 16 16 111 106 111 106 130 15 82 6 204 199 204 199 115 76 31.12.2025 31.03.2026 31.12.2025 31.03.2026
Slide 11: Thank you!
Thank you!