Avax S.a.ATHEX: AVAX

Group Financial Results 6Μ 2024

· Issued by Avax S.a.


H1 2025 Results | September 2025

Revenue

€468m (+62% yoy)

EBITDA

€70m (+29% yoy)

Construction EBITDA margin 13,6%

Net Profit

€29m (+74% yoy)

Net Debt

€238m (+0% yoy)

Net Debt / EBITDA L12M2,0x

Cash

€98m

Backlog

€2,8bn

EV / EBITDA L12M5,0x

Price / EPS L12M8,7x

Projected Revenue FY2025

€800m+

Projected EBITDA FY2025

€120m+

Signing of construction contract "Papastratos factory expansion", budget €30m with Philip Morris

Signing of road restoration project caused by "Daniel

Storm" in Thessaly, budget€130m

Signing of construction contract "Sklavenitis factory" in Magoula, budget €35m with Sklavenitis SA

Signing of PPP

"Tavropos Irrigation Network",

budget €53m

(Avax stake)

Payment of dividend

€0,07/share

versus

€0,03/share in 2024 Feb Mar Apr May Jul Aug Sep

Construction completion & start of operation of ''Bismayah Power Plant'' 282MW,

budget $82m

in Iraq

Partial completion of the section "Patra -Pyrgos'' of Olympia Odos, budget €155m Total completion in Nov 2025

Signing of rail restoration project caused by "Daniel

Storm" in Thessaly, budget€45m

Successful placement of 4,4% of shares to institutional investors

Completion of 75% of the tunnel Katehaki - Evangelismos & 30% of the tunnel Veikou -

Evangelismos (Athens Metro Line 4)



+178

+16

+1

+62%

+29%

+0%



468

70

237

238

Revenue (€m)

EBITDA (€m)

Net Debt(1)(€m)

PAT (€m)



+74%

29

16





+12

289

-

54

9,4% 13,6%


H1 2024 H1 2025

H1 2024 H1 2025

Construction EBITDA margin

31.12.2024 30.06.2025

0,0%

2,0 2,3


Net Debt / L12M EBITDA

H1 2024 H1 2025

  1. Net Debt including finance leases (machinery under IFRS 16)

  2. Profit after tax for H2024 includes loss €2,9m from Volterra (discontinued business activity)

Revenue Bridge H1 2025 (€m)

(5)

+ €178m

(+62%)

184

468

Backlog Bridge Η1 2025 (€m)

2.892

2.695

(459)

262

9

289

275

14

459

Backlog 31.12.2024

New contracts

signed in Η125

Construction

Revenue Η125

Backlog 30.06.2025

International 15%

Greece

85%



Backlog breakdown 30.06.2025

Revenue H1 2024

Construction Concessions & other

Revenue H1 2025

  1. Total backlog €2,8b includes projects €0,1b signed after 30.06.2025

  2. Note: Group concessions are consolidated through a)the fair value through other comprehensive income (participation stake less than 20%, such as Moreas) b)the equity method (participation stake between 20% and 50%, such as Olympia Odos, Aegean Motorway, Flyover, Ilia Waste Management and Limassol Marina) and c)full consolidation (participation stake more than 50%, such as Athens Marina). For both the fair value through OCI & equity method, consolidated EBITDA reflects the proportion (% participation stake) of each concession company's profit after tax, while no revenue is reflected in both cases.

Earlier from Avax

All Avax news releases