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 assetsExpansion 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 €40mCompletion 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 €113.8mFY'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 Sale31.12.2025
Group C.O. Held for Sale31.12.2025
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 GCO2 eq. emissions produced
38
1,009
tCO2 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 Governance69.9 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
16th out of the 338 Construction & Engineering companies
57th 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 deteriorationFY'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
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