Slide 1: Q12025 Results | June 2025
AVAX GROUP Athens, Greece Brief Presentation Q12025 Results | June 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: Avax continues to deliver strong results in Q12025 in line with FY2024 trend
Avax continues to deliver strong results in Q12025 in line with FY2024 trend Revenue (€m) EBITDA (€m) Net Debt(1) (€m) PAT(2) (€m) 8,0 +4 +33 +2 300 +17 +23% +6% +7% +47% 178 7,0 12 26 254 25 250 237 6,0 145 200 5,0 8 150 4,0 3,0 2,3 2,4 100 2,0 50 1,0 - - Q1 2024 Q1 2025 Q1 2024 Q1 2025 31.12.2024
Slide 4: Milestones from January 1st 2025 to date
Milestones from January 1st 2025 to date Signing of Signing of Signing of road construction construction restoration contract contract project “Sklavenitis “Papastratos caused by factory” in factory “Daniel Magoula, expansion”, Storm” in budget budget Thessaly, €35m with €30m with budget Sklavenitis
Slide 5: Revenue growth driven mainly from accelerated execution of the €3,0b backlog
Revenue growth driven mainly from accelerated execution of the €3,0b backlog (1) Revenue Bridge Q12025 (€m) Backlog evolution (€m) 178 6 3.020 (1) 52 34 + €33m 214 145 (+23%) 7 171 3.047 2.892 2.754 138 Revenue Construction Concessions & Revenue 31.12.2023 31.12.2024 31.03.3025 Q12024 other Q12025 s
Slide 6: Construction EBITDA growth driven mainly from revenue growth
Construction EBITDA growth driven mainly from revenue growth EBITDA Bridge Q12025 (€m) EBITDA construction margin (%) 13,0% (4) 10,4% 6 26 9,1% 25 6,2% + €2m 4 4,7% (+6%) 2,9% 8 2020 2021 2022 2023 2024 Q12025 ΔConstruction Δ Rev Margin Δ 22 EBITDA Margin Q12024 Q12025 Rev 1,0% €138m 13,0% €34m 17 €
Slide 7: Consolidated Income Statement
Consolidated Income Statement €m Q1 2025 Q1 2024 y-o-y Revenue 177,7 144,5 22,9% EBITDA 26,2 24,7 6,4% Provisions (0,1) (4,4) (98,6%) Depreciation (5,3) (6,3) (16,3%) EBIT 20,9 14,0 49,5% Interest Expense (4,1) (6,2) (33,4%) Earnings before taxes 16,8 7,8 114,7% Income Tax (4,9) (1,9) 157,1% Net Ear
Slide 8: Business Segment Contribution
Business Segment Contribution Revenue (€m) Q1 2024 Q1 2025 Δ value Δ% Construction 137,7 171,3 33,6 24% Concessions 1,2 1,0 (0,2) (17%) Other 5,7 5,4 (0,3) (5%) Total 144,6 177,7 33,1 23% EBITDA (€m) Q1 2024 Q1 2025 Δ value Δ% Construction 16,6 22,2 5,6 34% % margin 12,0% 13,0% 1,0% Concessions 8,4
Slide 9: Avax continues to maintain its cash position despite the significant W/C needs
Avax continues to maintain its cash position despite the significant W/C needs Cash Flow Bridge Q12025 (€m) Temporary effect due to increased sales & delayed certifications 25 71 1 2 60 (33) (5) (1) Operating Cash Flow (OCF): (€8m) Investing Cash Flow (ICF): (€4m) Financing Cash Flow (FCF): €1m Cash
Slide 10: Debt breakdown per type
Debt breakdown per type Total Gross Debt excl. Total Gross Debt incl. Cash & Cash equivalents Non-Finance Leases (€m) Non-Finance Leases (€m) (€m) 363 365 308 315 26 55 54 27 27 26 52 52 52 52 229 234 229 234 71 60 31.12.2024 31.03.2025 31.12.2024 31.03.2025 31.12.2024 31.03.2025 L/T S/T Finance L/T
Slide 11: Thank you!
Thank you!