Slide 1: AVAX Group FY 2025 Results
AVAX GROUP Athens, Greece Brief Presentation FY 2025 Results | April 2nd 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: Agenda
1 FY2025 Financial Results 2 Strategy & Outlook 3 Stock 4 Appendix Group Structure Historical Financials
Slide 4: FY2025 Highlights
FY2025 Highlights Revenue EBITDA EBITDA Construction Net Net Profit Profit FY2025 FY2025 FY2025 EBITDA margin FY2025 FY2025 €958m €121m €121m FY2025 €48m €48m (+47% yoy) (+15% yoy) (+15% yoy) 10,8% (+58% yoy) (+58% yoy) NetFlow Cash Debt from Net Debt NetCash Debt / Net Debt / 31.12.2025 Operations
Slide 5: Milestones from January 1st 2025 to date
Milestones from January 1st 2025 to date 2025 2026 Signing of Signing of construction Signing of road construction Completion & Signing of PV Signing of PPP contract restoration contract final delivery of 525MW in N. “Tavropos “Papastratos project caused “Sklavenitis the section Greece, budget Irrig
Slide 6: Revenue & EBITDA doubled from 2023 to 2025 with Net Debt declining further
Revenue & EBITDA doubled from 2023 to 2025 with Net Debt declining further Revenue (€m) EBITDA(1)(€m) +307 +15 +47% +15% 30,0% 140 +45 958 +73% 121 +198 25,0% 120 105 +44% 651 100 20,0% 80 15,0% 454 61 10,8% 10,4% 60 10,0% 40 6,2% 20 5,0% - 0,0% 2023 2024 2025 2023 2024 2025 Construction EBITDA marg
Slide 7: Revenue growth driven from accelerated execution of the €2,8b backlog
Revenue growth driven from accelerated execution of the €2,8b backlog Revenue Bridge 2025 (€m) Backlog Bridge 2025 (€m) 0,2 0,4 958 2,9 0,2 2,8 35 2,6 6 (0,9) 301 + €307m 651 (+47%) 29 Backlog New Existing Construction Backlog Contracts Total 31.12.2024 contracts contracts Revenue 31.12.2025 pending
Slide 8: Construction EBITDA growth more than offset the lower EBITDA from concessions
Construction EBITDA growth more than offset the lower EBITDA from concessions EBITDA Bridge 2025 (€m) EBITDA construction margin (%) 10,4% 10,8% (20) 121 9,1% 35 105 + €15m 6,2% 21 (+15%) 4,7% 2,9% 41 2020 2021 2022 2023 2024 2025 100 ΔConstruction Δ Rev Margin Δ 65 EBITDA Margin 2024 2025 Rev 0,4%
Slide 9: ΔEBITDA €15m converts to additional €26m PAT
ΔEBITDA €15m converts to additional €26m PAT due to lower provisions & interest expenses Profit After Tax Bridge 2025 (€m) 6 48 (2) 9 15 (2) +€11m 30 22 (9) PAT minus Adj. PAT Δ Δ Δ Δ Δ PAT 2024 Profit from 2024 EBITDA Depreciation Provisions Interest Income 2025 disc operations Expense Tax Note: Pr
Slide 10: Consolidated Income Statement
Consolidated Income Statement €m 2025 2024 y-o-y Revenue 958,2 651,5 47,1% EBITDA 120,8 105,3 14,7% Provisions (10,7) (19,7) (45,6%) Depreciation (25,1) (23,0) 9,2% EBIT 84,9 62,6 35,7% Interest Expense (18,8) (24,7) (23,9%) Earnings before taxes 66,1 37,9 74,4% Income Tax (18,1) (16,4) 10,4% Net Ea
Slide 11: Business segments analysis
Business segments analysis Revenue (€m) 2025 2024 ΔValue Δ% Construction 923,2 622,6 300,5 48,3% Concessions 5,1 5,0 0,1 1,3% Real Estate 10,6 4,0 6,6 166,9% Other 19,4 19,9 (0,5) (2,5%) Total 958,2 651,5 306,7 47,1% EBITDA (€m) 2025 2024 ΔValue Δ% Construction 99,6 64,6 35,0 54,2% %margin 10,8% 10,
Slide 12: Normalization of working capital results in strong operating cash flow
Normalization of working capital results in strong operating cash flow during 2025…. Cash Flow Bridge 2025 (€m) Operating Cash Flow €48m in 2025 vs -€38m in 2024 99 42 14 (11) (39) (17) (19) 115 (12) (11) 70 Operating Cash Flow (OCF): €48m Investing Cash Flow (ICF): €14m Financing Cash Flow (FCF): (
Slide 13: Potential for strong recurring operating cash flows in the future
…and creates the potential for strong recurring operating cash flows in the future 2023 2024 2025 Target Key drivers Trade Receivables (DSO) Normalization of payment terms 112 according to the market standards days 67 40 + Net Contract Shift to shorter duration projects & Assets 169 156 101 faster c
Slide 14: Decreasing net debt in 2025 with further improvement in leverage ratio
Decreasing net debt in 2025 with further improvement in leverage ratio & avg cost of debt Total Gross Debt excl. Total Gross Debt incl. Cash & Non-Finance Leases (€m) Non-Finance Leases (€m) Cash equivalents (€m) 386 331 363 308 15 55 27 55 15 111 27 52 52 111 130 15 71 229 229 204 204 115 70 31.12.
Slide 15: Agenda: Strategy & Outlook
1 FY2025 Financial Results 2 Strategy & Outlook 3 Stock 4 Appendix Group Structure Historical Financials
Slide 16: Strong cash flows combined with additional leverage capacity create significant firepower
Strong cash flows combined with additional leverage capacity create significant firepower Total Firepower 2026 – 2030 given Uses of capital stable Net Debt / EBITDA 2,0x by 2030 (€m) 2026 – 2030 (€m) 300 800 Additional Investments & 450 Shareholders 500 Returns Committed 240 Debt Service Committed 1
Slide 17: Construction shall remain #1 driver with other sectors to play a key role
Construction shall remain #1 driver with other sectors to play a key role EBITDA % EBITDA % €m 2025 of total 2030 of total Strategy Remain #1 value Construction 100 83% 90 60% contributor Concessions 9 7% 35 23% Retain position Marinas (1) 6 5% 10 7% Maintain position >40% of Real Estate total 4 3%
Slide 18: Top 8 projects account for ~85% of total backlog
Top 8 projects account for ~85% of total backlog with majority at early stage of progress Athens Metro Stavros Niarchos Ellinikon Infrastructure Bralos – Amfissa National Line 4 Foundation – 3 Hospitals Works Road Contract €980m Contract €443m Contract €456m Contract €307m Backlog €694m Backlog €356
Slide 19: Avax to maintain its current market share in Greece and to 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) - AIA expansion €1,4b - Attiki Odos extensions €1,5b - Energy (PV’s) €0,4b - EYDAP projects €2,5b - Buildings €0,4b - Residential & hotels (3) €0,8
Slide 20: Avax expects > €150m from existing concessions until 2030
Avax expects > €150m from existing concessions until 2030 Fair Value of Expected income stream Concessions(1) (€m) from existing concessions(2) (€m) 435 Other 29 366 964 29 37 46 51 442 63 181 156 31.12.2025 2026 - 2030 2031 - 2040 2041 - Total end of concessions (1) Athens Marina is fully consolida
Slide 21: Agenda: Stock
1 FY2025 Financial Results 2 Strategy & Outlook 3 Stock 4 Appendix Group Structure Historical Financials
Slide 22: Avax stock (AVAX.AT) overview
Avax stock (AVAX.AT) overview 01.04.2026 Stock price vs Share price : €3,05 Avg daily volume Avg daily volume Market cap: €452m General Index (‘000 shares) (‘000 €) 4,00 4,00 1.364 500 3,50 3,50 450 421 3,00 3,00 400 2,50 2,50 350 290 2,00 2,00 300 640 1,50 1,50 250 1,00 1,00 200 144 150 0,50 0,50 1
Slide 23: Avax aims to follow a stable dividend payout policy in the next years
Avax aims to follow a stable dividend payout policy in the next years 70 Group Profit after tax (€m) 70 Dividend per share (€) 400% 60 60 0,14 350% 50 48 0,12 50 300% 0,10 40 0,1 40 40 250% 30 0,08 0,07 0,07 200% 30 30 27 9 0,06 150% 20 20 0,04 100% 0,03 10 10 22 10 44% 0,02 34% 31% 50% 13 25% 10 0
Slide 24: Agenda: Appendix
1 FY2025 Financial Results 2 Strategy & Outlook 3 Stock 4 Appendix Group Structure Historical Financials
Slide 25: Group structure – FY2025 Revenue & EBITDA breakdown
Group structure – FY2025 Revenue & EBITDA breakdown Revenue: €922m AVAX SA EBITDA: €100m 100% Revenue: €15m ETETH SA EBITDA: (€2m) 100% Revenue: €0m 100% Avax Development Revenue: €2m 100% Revenue: €1m AVAX Concessions SA Ixion SA EBITDA: (€1m) EBITDA: €17m SA EBITDA: (€0m) 100% Revenue: €5m 94% Rev
Slide 26: Agenda: Historical Financials
1 FY2025 Financial Results 2 Strategy & Outlook 3 Stock 4 Appendix Group Structure Historical Financials
Slide 27: Historical financials – Group annual statement of comprehensive income
Historical financials – Group annual statement of comprehensive income € '000 2023 2024 2025 Sales 453.547 651.496 958.198 Cost of Sales (416.770) (569.154) (845.132) Gross profit 36.776 82.343 113.066 Administrative & distribution expenses (31.860) (34.881) (40.716) Income from assocciates / divide
Slide 28: Historical financials – Group statement of financial position (1/2)
Historical financials – Group statement of financial position (1/2) € '000 31.12.2023 31.12.2024 31.12.2025 Assets Net property, plant & equipments 42.182 51.939 58.195 Right of use assets 109.358 105.586 101.879 Investment property 6.944 7.041 7.438 Intangible assets 934 526 395 Investments in subs
Slide 29: Historical financials – Group statement of financial position (2/2)
Historical financials – Group statement of financial position (2/2) € '000 31.12.2023 31.12.2024 31.12.2025 Equity & Liabilities Share capital 44.496 44.496 44.496 Share premium 145.452 145.452 145.452 Fair value reserves 95.103 (27.655) (23.364) Other reserves 50.919 85.786 109.966 Retained earning
Slide 30: Historical financials – Group annual & interim cash flow statement
Historical financials – Group annual & interim cash flow statement € '000 2023 2024 2025 Cash flow from operating activities Profit / (loss) before tax from continuing operations 16.687 37.983 66.092 Profit / (loss) before tax from discontinued operations 378 9.056 - Profit / (loss) before tax from
Slide 31: Thank you!
Thank you!