Business
Ellaktor S A : Financial Results FY 2025 – Presentation
Ellaktor S A : Financial Results FY 2025 –
About this update from Ellaktor Sa
Full Year 2025 Financial Results FY'25 Financial Results 1 April 17, 2026 Group Business Update . Balance Sheet Transformation €307m Group liquidity (as of December 2025) and a solid capital structure, provide enhanced flexibility for strategic investments and/or shareholder rewards €296m capital return (€0.85/share) implemented in March '25 €174m dividend (€0.50/share) distributed in December '25 Active management of liquidity generating substantial interest income Business Outlook Real Estate Acquisition from Prodea Investments in March '26 of a landmark fully leased office building - total area of 8.5k sqm in a prime location on Vasilisis Sofias Ave., Athens - for €44m, enhancing exposure to prime assets Expansion into the hospitality sector through a 25-year lease of The Fiction Athens (40-key upscale city hotel on Kifissias Ave.), establishing presence in the hospitality segment following its opening in March '26 Acquisition of 10 yielding assets (Hestia Apartments), comprising serviced apartments targeting short- to mid-term stays, strengthening recurring income visibility Alimos Marina development underway Transactions Concessions SPA signed with Aktor in Apr '25 for the sale of Aktor Concessions (EV €367m, cash-free debt-free). Following HCC's approval (mid-Sept) the financial closing was completed in Sep '25, with a final equity consideration of c. €252m A condition precedent for the financial closing of the transaction was the transfer ("Carve-Out") of certain assets to ELLAKTOR. In particular, Attiki Odos, Attika Diodia, REA Aioliki, Thermaiki Odos and the Ethnos Building, have been transferred to Ellaktor for a total consideration of ~€110m, paid partly in cash (€57.5m) and partly (€51.9m) as a dividend-in-kind Real Estate Completion of Gournes sale to DIMAND in Sep '25 for a total consideration of €40m Completion of the sale of Cambas to DIMAND for €45.8m in Feb '26. Environment Completion of the sale of Helector to Motor Oil in Jan '25 following the SPA signed in Jul '24 for an equity consideration of €113.8m FY'25 Financial Results 3 Contents . 1 . Group Financial & Business Update 2 . Key Financial Figures 3 . ESG 4 . Appendix FY'25 Financial Results 4 Group Financial & Business Update Financial Highlights for FY 2025 . 12M'24 12M'25 Δ% 3.7 18.0 >100% 187.6 0.6 (100%) (0.1) - 100% 191.2 18.6 (90%) 162.7 70.6 (57%) 353.8 89.2 (75%) €m Real Estate Other Eliminations Continuing Operations Discontinued Operations * Total Group Revenue at €89.2m (C.O. €18.6m) , 75% lower compared to the same period last year Revenue Group EBITDA at -€11.6m (C.O. -€46.0m), compared to €170m (C.O. €124.8m) in FY'24. Group EBITDA margin at -13% Group Pre-tax Profit at -€32.1m (C.O. -€52.6m) vs. €87.8m in FY'24 12M'24 12M'25 Δ% (0.5) 4.5 >100% 125.4 (50.5) <(100%) 124.8 (46.0) <(100%) 45.1 34.4 (24%) 170.0 (11.6) <(100%) 48% (13%) - - 187.3 - 57.4 152.1 >100% €m Real Estate Other Continuing Operations Discontinued Operations * Total EBITDA Margin % Gain from transactions Net Income Group Net Income at €152.1m (C.O. -€52.5m) driven by capital gains of €187.3m, linked to the executed transactions EBITDA Group C.O. Net Cash : €280.5m vs. Net Cash (1) equal to €213.1m at the end of 2024 Equity attributable to shareholders at €438.0m (~71% of total assets) , or €1.26 per share Group Operating Cash Flow at -€26.4m , compared to €32.2m during the same period last year Net Cash as at 31.12.2024 restated excluding Concessions segment for comparability with Group C.O. Net Cash as at 31.12.2025. Lease liabilities (IFRS 16) excluded throughout D.O.: Environment / Concessions after Carve-out / Gournes-Cambas-CLH Srl C.O.: Continuing Operations FY'25 Financial Results 6 Key Financial Consolidated P&L - IFRS 5 . Continuing Operations Discontinued Operations Total €m 12M'24 12M'25 Δ% 12M'24 12M'25 Δ% 12M'24 12M'25 Δ% Net sales 191.2 18.6 (90.3%) 162.7 70.6 (56.6%) 353.8 89.2 (74.8%) Cost of Sales* (48.4) (23.0) 52.5% (100.0) (43.3) 56.7% (148.4) (66.3) 55.3% Gross profit 142.7 (4.4) <(100%) 62.7 27.3 (56.5%) 205.4 22.9 (88.9%) Selling & Admin. expenses* (27.1) (39.0) (44.2%) (20.9) (7.7) 62.9% (48.0) (46.8) 2.5% Other income & Other gain/(loss)* 8.4 (2.2) <(100%) (2.2) (1.0) 54.7% 6.2 (3.2) <(100%) Share of profit/(loss) from associates 0.8 (0.3) <(100%) 5.5 15.9 >100% 6.3 15.6 >100% EBITDA 124.8 (46.0) <(100%) 45.1 34.4 (23.8%) 170.0 (11.6) <(100%) EBITDA Margin (%) 65% (247%) 28% 49% 48% (13%) Depreciation/Amortization (44.8) (9.5) 78.8% (17.0) (4.1) 76.0% (61.9) (13.6) 78.0% Operating results 80.0 (55.5) <(100%) 28.1 30.3 7.9% 108.1 (25.2) <(100%) Income from dividends 0.0 - (100.0%) 2.6 0.0 (100.0%) 2.6 0.0 (100.0%) Financial income & (expenses) 5.2 2.9 (44.7%) (28.1) (9.8) 65.1% (22.9) (7.0) 69.6% Profit/(Loss) before tax 85.2 (52.6) <(100%) 2.6 20.5 >100% 87.8 (32.1) <(100%) Income tax (25.3) 0.1 >100% (5.1) (3.2) 36.5% (30.4) (3.1) 89.8% Gain from transactions - - - - 187.3 - - 187.3 - Net profit/(loss) 59.9 (52.5) <(100%) (2.5) 204.6 >100% 57.4 152.1 >100% * Excluding Depreciation and Amortization FY'25 Financial Results 8 Consolidated Balance Sheet (IFRS 5) . €m Dec.'24 Dec.'25 Δ% PPE, Intangible assets & Investment Property 453.0 210.3 (54%) Investment in subsidiaries, associates and joint ventures 195.2 3.2 (98%) Financial assets at amortized cost and at FV through OCI 24.0 119.9 >100% State financial contribution 174.5 0.0 (100%) Receivables* 159.6 34.6 (78%) Other non-current assets 26.8 5.7 (79%) Other current assets 3.3 0.0 (100%) Time deposits over 3 months 71.4 9.7 (86%) Cash (incl. restricted cash) 208.8 186.8 (11%) Assets classified as held for sale 186.7 48.7 (74%) Total Assets 1,503.2 618.9 (59%) €m Dec.'24 Dec.'25 Δ% Equity excl. non-controlling interests 757.3 438.0 (42%) Non-controlling interests 19.5 48.3 >100% Equity 776.8 486.4 (37%) Total borrowings* 426.8 25.7 (94%) Lease liabilities* 70.8 68.4 (3%) Trade and other payables 49.1 32.6 (33%) Current income tax liabilities 0.8 0.8 (9%) Dividends payable 0.0 0.0 0% Other current provisions 22.8 0.6 (97%) Derivative financial instruments 52.5 0.0 (100%) Other non-current liabilities 47.7 4.2 (91%) Liabilities classified as held for sale 56.0 0.2 (100%) Total liabilities 726.5 132.5 (82%) Total Equity and Liabilities 1,503.2 618.9 (59%) Key Developments / Significant Variations Equity decrease mainly due to capital return to shareholders of €296m implemented in March '25 Decrease in Total Assets by 59% and in Total Liabilities by 82% due to the completion of the sale of Environment segment in Jan '25. and the Concession segment in Sep '25 * Including current and non-current FY'25 Financial Results 9 Group Cash & Debt Breakdown . Total Debt (€m) Cash & Liquid Assets (€m) Net Cash (€m) 0.4 306 307 0.4 281 281 26 26 31.12.2025 Group C.O. Held for Sale 31.12.2025 Group C.O. Held for Sale 31.12.2025 Group C.O. Held for Sale * Lease liabilities (IFRS 16) excluded throughout FY'25 Financial Results 10 Consolidated Cash Flow (IFRS 5) . €m 12M '24 12M '25 Δ% Cash and equivalents at start of period 302.9 172.9 (43%) CFs from Operating Activities (C.O.) 0.5 (34.2) <(100%) CFs from Operating Activities (D.O.) 31.7 7.8 (75%) Total CFs from Operating Activities 32.2 (26.4) <(100%) CFs from Investment Activities (C.O.) 129.2 438.9 >100% CFs from Investment Activities (D.O.) 109.3 (149.9) <(100%) Total CFs from Investment Activities 238.5 289.0 21% CFs from Financing Activities (C.O.) (204.1) (486.3) <(100%) CFs from Financing Activities (D.O.) (161.8) 227.6 >100% Total CFs from Financing Activities (365.8) (258.8) 29% Net increase / (decr.) in cash & equivalents (95.2) 3.8 >100% Exchange differences in cash & eq./Cash of D.O. (34.8) (0.4) 99% Cash and equivalents at end of period 172.9 176.3 2% CF from Investment Activities Inflow of €113.8m from the sale of Helector Inflow of €194.6m from the sale of Aktor Concessions Inflow of €40.1m from the sale of Gournes & Cambas Inflow of €61.7m from maturity of time deposits >3 months Inflow of €70m from AKTOR SA to ELLAKTOR Outflow of €92.2m for ELLAKTOR's investment in Money market liquidity funds & other liquid assets CF from Financing Activities Outflow for Capital Return to shareholders amounting to €296m Outflow for dividend distribution to shareholders equal to c. €174m Inflow from decrease in restricted cash €4m * D.O. historically comparable FY'25 Financial Results 11 ESG ESG KPIs . E S G CO 2 eq. emissions produced 38 1,009 tCO 2 eq. 40 255 Employees 60 10 10 Non-Employees 90 62 Scope 1 (%) Scope 2 (%) (1) Incidents of personal data breaches or noncompliance with GDPR 0 0 Confirmed incidents of corruption, bribery, and conflicts of interest Energy consumption Fossil energy consumption (%) Male (%) 0 Female (%) 23 3,957 ΜWh 77 Confirmed incidents of severe Human Rights violations connected to 703 Hours of training on Compliance topics for 174 employees Energy consumption from renewable sources (%) consumers and/or end-users (1) Location based FY'25 Financial Results 13 2025 ESG Achievements . Achieved an ESG Transparency Score of 95% from the Athens Stock Exchange (ATHEX) Included in the 2025 national list of "The 50 Most Sustainable Companies in Greece" by the QualityNet Foundation ELLAKTOR Group achieved an A rating on Synesgy for the second consecutive year A Group-wide Human Rights training program was successfully delivered to all employees ELLAKTOR Group's near-term target has been validated by the Science Based Targets initiative (SBTi) Received a "B" rating from CDP for climate data disclosure Empowering employees through the successful completion of the "SDGs Coffee Breaks" initiative 3rd year supporting We4All's "GREEN FUTURE" program, for environmental awareness and climate action in schools FY'25 Financial Results 14 ESG Ratings . Score Rating Scale Rating Agency 2022 2 2 4 2023 2024 2025 2 1 6 7 9 1 1 (low to high) 1 1 10 - 1 Comments Environment Social Governance 69.9 73.1 98.3 98.8 80 79 77 78 29.8 29.3 30.8 30.8 40 45 50 55 0 - 100 0 - 100 100 - 0 0 - 100 16 th out of the 338 Construction & Engineering companies 57 th out of the 353 Construction & Engineering companies Percentile ranking: 92 Industry CSA Score Average: 30/100 3.6 3.7 3.9 4.3 0 - 5 Percentile ranking: 97 December 2025 status Y-o-y improvement Y-o-y deterioration FY'25 Financial Results 15 EU Taxonomy . Revenues OpEx CapEx C.O. 0.0% 6.0% 74.1% 19.9% C.O. 16.0% C.O. 4.9% C.O. 0.1% 1.3% 97.5% C.O. 0.7% 1.3% C.O. 61.1% C.O. 4.3% 51.7% 4.8% C.O. 42.8% 43.6% C.O. 43.6% Total C.O. D.O. Aligned (A1) Eligible, but not aligned (A2) Not Eligible (B) Aligned (A1) Eligible, but not aligned (A2) Not Eligible (B) Aligned (A1) Eligible, but not aligned (A2) Not Eligible (B) FY'25 Financial Results 16 4 . Appendix P&L by Segment FY'24 . 12M'24 in €m Real Estate Other Elimin. Continuing Operations Environment Gournes, Cambas & CLH Concessions Discontinued Operations Total Net sales 3.7 187.6 (0.1) 191.2 100.2 - 62.5 162.7 353.8 Cost of Sales* (1.7) (46.8) 0.1 (48.4) (66.7) - (33.2) (100.0) (148.4) Gross profit 2.0 140.8 (0.1) 142.7 33.4 - 29.3 62.7 205.4 Selling & Administrative expenses* (2.9) (24.6) 0.4 (27.1) (10.9) (0.9) (9.1) (20.9) (48.0) Other income & Other gain/(losses)* 0.3 8.4 (0.4) 8.4 (2.1) (0.0) (0.0) (2.2) 6.2 Share of profit/(loss) from associates - 0.8 - 0.8 (0.0) - 5.6 5.5 6.3 EBITDA (0.5) 125.4 0.0 124.8 20.4 (0.9) 25.6 45.1 170.0 Depreciation/Amortization (0.5) (44.3) - (44.8) (2.0) (0.1) (14.9) (17.0) (61.9) Operating results (1.0) 81.0 0.0 80.0 18.4 (1.0) 10.7 28.1 108.1 Income from dividends - 0.0 - 0.0 - - 2.6 2.6 2.6 Financial income & (expenses) (0.6) 5.8 (0.0) 5.2 1.3 (0.0) (29.4) (28.1) (22.9) Profit/(Loss) before income tax (1.6) 86.8 0.0 85.2 19.7 (1.0) (16.1) 2.6 87.8 Income tax (0.2) (25.1) - (25.3) (6.2) 0.0 1.1 (5.1) (30.4) Net profit/(loss) (1.8) 61.7 0.0 59.9 13.4 (1.0) (15.0) (2.5) 57.4 * Excluding Depreciation and Amortization FY'25 Financial Results 18 P&L by Segment FY'25 . 12M'25 in €m Real Estate Other Elimin. Continuing Operations Environment Gournes, Cambas & CLH Concessions Discontinued Operations Total Net sales 18.0 0.6 - 18.6 8.2 - 62.4 70.6 89.2 Cost of Sales* (4.8) (18.3) 0.1 (23.0) (5.2) - (38.1) (43.3) (66.3) Gross profit 13.2 (17.7) 0.1 (4.4) 3.0 - 24.3 27.3 22.9 Selling & Administrative expenses* (6.3) (32.8) (0.0) (39.0) (0.7) (0.3) (6.8) (7.7) (46.8) Other income & Other gain/(losses)* (2.4) 0.3 (0.1) (2.2) 0.2 0.0 (1.2) (1.0) (3.2) Share of profit/(loss) from associates - (0.3) - (0.3) (0.0) - 15.9 15.9 15.6 EBITDA 4.5 (50.5) 0.0 (46.0) 2.4 (0.3) 32.3 34.4 (11.6) Depreciation/Amortization (3.2) (6.3) - (9.5) (0.4) (0.1) (3.6) (4.1) (13.6) Operating results 1.3 (56.8) 0.0 (55.5) 2.0 (0.4) 28.7 30.3 (25.2) Income from dividends - - - - - - 0.0 0.0 0.0 Financial income & (expenses) (4.6) 7.5 (0.0) 2.9 0.2 (0.0) (10.0) (9.8) (7.0) Profit/(Loss) before income tax (3.3) (49.4) (0.0) (52.6) 2.2 (0.4) 18.7 20.5 (32.1) Income tax 0.8 (0.6) - 0.1 (0.4) (0.0) (2.8) (3.2) (3.1) Net profit/(loss) (2.5) (50.0) (0.0) (52.5) 1.8 (0.4) 15.9 17.3 (35.2) Gain from transactions - - - - (1.4) (0.3) 189.0 187.3 187.3 Net profit/(loss) (2.5) (50.0) (0.0) (52.5) 0.4 (0.7) 204.9 204.6 152.1 * Excluding Depreciation and Amortization FY'25 Financial Results 19 Net Debt by Segment . 31.12.2025 in € m Real Estate Other & Carved-out assets Group C.O. Concessions Recourse Moreas (non-recourse) Gournes & Cambas Held for Sale Total Group Short-term Debt 2.6 (0.0) 2.6 - - - - 2.6 Long-term Debt 23.1 0.0 23.1 - - - - 23.1 Total Debt 25.7 0.0 25.7 - - - - 25.7 Cash 35.5 140.7 176.3 - - 0.4 0.4 176.6 Time deposits over 3 months - 9.7 9.7 - - - - 9.7 Restricted Cash - 10.5 10.5 - - - - 10.5 Financial Assets at amortized cost - 109.7 109.7 - - - - 109.7 Total Cash + Liquid Assets 35.5 270.7 306.2 - - 0.4 0.4 306.6 Net Debt/ (Cash) (9.8) (270.7) (280.5) - - (0.4) (0.4) (280.9) Intra-segment debt 30.0 (30.0) - - - - - - 31.12.2024 in € m Concessions (excl. Moreas) Real Estate Other Group (excl. Moreas) Moreas (non-recourse) Group Environment-Held for Sale Total Group Short-term Debt 0.0 2.5 (0.0) 2.5 25.7 28.3 6.7 34.9 Long-term Debt 31.1 23.5 0.0 54.6 344.0 398.6 7.8 406.4 Total Debt 31.2 26.0 (0.0) 57.1 369.7 426.9 14.5 441.4 Cash 116.6 39.4 5.5 161.5 11.4 172.9 34.8 207.7 Time deposits over 3 months 71.4 - - 71.4 - 71.4 - 71.4 Restricted Cash - 14.9 0.1 15.0 20.9 35.9 2.3 38.2 Financial Assets at amortized cost 7.8 - 5.2 12.9 - 12.9 - 12.9 Total Cash + Liquid Assets 195.8 54.3 10.8 260.9 32.3 293.2 37.1 330.3 Net Debt/ (Cash) (164.6) (28.3) (10.8) (203.8) 337.5 133.7 (22.6) 111.1 Intra-segment debt (182.0) 65.0 32.5 (84.5) 84.5 - - - * Lease liabilities (IFRS 16) excluded throughout FY'25 Financial Results 20 FY 25 Financial Results Attention : This is an excerpt of the original content. To continue reading it, access the original document here .