The AKTOR Group recorded strong financial performance in 2025, which not only confirms but also exceeds the estimates presented by the Group’s Management in October 2024, as shown in the Financial Statements for 2025 announced today on the Euronext Athens Stock Exchange. In a milestone year for its history, the AKTOR Group completed significant acquisitions, expanding its portfolio across almost all sectors of its activity and implementing remarkable investments. At the same time, it completed a dynamic, complex and holistic corporate transformation, which led to the creation of a multidimensional Holdings Group with a new organizational structure and operating model, strengthening its vertical integration, corporate governance and development dynamics.
Consistency of words and actions
Commenting on the 2025 financial statements, the Chairman and CEO of the AKTOR Group, Alexandros Exarchou stated: “2025 was the year we accelerated our effort to make the AKTOR Group large and strong, implementing with consistency and determination everything we promised 1.5 years ago and recording performance that exceeds our commitments. We implemented a dynamic corporate transformation, maximized all market opportunities, nationally and internationally, with a steady priority to further strengthen our Group. Today, the AKTOR Group is a multifaceted business organization that achieves impressive results while securing its future prospects.”
Mr. Exarchou added: “We now have the healthiest – and one of the largest – concession portfolios in Greece, which we are expanding with projects that offer us even greater security for the future. Through undertaking next-generation projects, we achieved strong net profitability in the Construction sector. In energy, consistent with our planning, we formed a strong portfolio of renewable energy projects, which will gradually make us a protagonist in Greece’s energy market, as well as the broader region.
We recognized favorable international conditions early and entered the LNG space, where we are investing strategically. With the trust of our shareholders and the investment community in our vision, in 2025 we raised significant capital of €340 million that allows us to safely strengthen the Group further. And our stock market capitalization, which now exceeds €2.2 billion, reflects this effort, confirming the consistency of our strategy and the prospects that the investment community sees in our Group.
At the AKTOR Group we are committed to consistency between words and actions: We commit. We implement. We secure the future. And we continue to work hard to bring, together with our 7,000 employees, value for our shareholders and society.”
Six-fold turnover increase from 2022, with strong private sector share and international focus
In 2025, the Group recorded strong performance, with revenues increasing from €1.255 billion to €1.395 billion, achieving 11% growth, thanks to the development of the Construction sector and the expansion of its footprint in the Facility Management and PPP and Concession project sectors, with private sector revenues and PPP projects representing 45% of turnover. The role of international activities is also significant, generating approximately 25% of revenues. The Group’s turnover is now six times larger than in 2022, the year when Winex Investments entered the company’s share capital.
Adjusted pro forma EBITDA increased by 137%
In 2025, pro forma adjusted earnings before taxes, interest and depreciation (EBITDA), consolidating acquired companies on an annual basis, were significantly strengthened, reaching €207 million from €87 million in 2024 (137% increase). Excluding one-off extraordinary expenses that will not be repeated in future years, recurring pre-tax profits amounted to €41 million from a nearly neutral result in 2024 and negative profits in previous years. Gross profits reached €182 million, increased by 47% compared to 2024. While net profits exceeded €15 million versus €3.7 million in the previous year (309% increase).
Healthy capital structure
Equity reached €400 million, cash available €324 million and adjusted net debt was €144 million, reflecting the Group’s healthy capital structure. The significant increase in net debt, which reached €861 million, is due to debt transferred to the Group from acquisitions made in 2025. It should be noted that this specific debt is serviced by the cash flows of the acquired companies, has a maturity horizon beyond 2030 and does not substantially burden the parent company (non-recourse basis).
High backlog, with new projects worth €1 billion
Despite the delivery of several projects, thanks to securing new significant contracts (in total, during 2025 new project contracts worth almost €1 billion were signed), the backlog increased to €4.7 billion – from €4.6 billion last year.
Record capitalization
The AKTOR Group’s capitalization has reached €2.2 billion and is approximately 10 times larger than in 2022.
Success story in the construction sector
The construction sector generated €1.289 billion, i.e., 91% of the AKTOR Group’s revenues and achieved a radical reversal of its figures with strong profitability of €34 million, from losses of €9 million last year, undertaking, implementing and delivering major infrastructure projects in Greece and abroad and recording adjusted EBITDA of €141 million, increased by 70% compared to €83 million in 2024.
Building a strong portfolio in the Concessions-PPP sector
In 2025, the AKTOR Group completed the acquisition of AKTOR Concessions, which contributed to expanding its market footprint. The Group now has one of the largest and healthiest portfolios of PPP and Concession projects in Greece. Including the recent entry of the AKTOR Group into the major BOAK concession project with a budget of €2 billion, the Group today participates in 16 PPP and Concession projects and in dozens more related tenders for upcoming projects.
Significant acquisitions in the renewable energy sector forming a strong portfolio
From 2025 to today, the AKTOR Group has proceeded with a series of acquisitions that strengthen its renewable energy portfolio. It will have in operation by the end of 2026, photovoltaic power station projects of 420 MW and battery storage stations of 100 MW. The portfolio, which will be in full development within the coming months, is expected to contribute annual EBITDA of approximately €33.7 million to the Group. It also has a portfolio of wind stations of 145 MW with an operational horizon around the end of 2028, with estimated annual EBITDA of approximately €25 million. Additionally, renewable energy and energy storage projects are in the maturation process, whose cumulative capacity will exceed 1.3 GW and from the development of part of them, combined with targeted acquisitions, the strategic goal of developing the renewable energy sector is expected to be achieved, with investments exceeding €1 billion by the 2028-2029 period.
The first long-term agreements in the LNG sector
In 2025, the AKTOR Group entered the Liquefied Natural Gas (LNG) sector and subsequently signed a 20-year commercial agreement with Albania’s ALBGAZ for the supply, on an annual basis, of 1 BCM of natural gas, with estimated revenues of €6 billion over the contract duration. Additionally, it has signed a 20-year agreement with ALUMINIJ INDUSTRIES of Bosnia-Herzegovina (and its parent company M.T. Abraham) for the supply of 0.5 BCM of natural gas annually, with estimated revenues of €3 billion over the contract duration, as well as Memoranda of Understanding (MoU) for long-term LNG sales with companies from Bulgaria, Ukraine and Romania. The estimated EBITDA profits from all agreements that have already been signed or initiated will approach €90 million annually by 2030, i.e., €1.8 billion over the twenty-year period.
Strong development in facility management
In 2025, the Facility Management sector achieved significant improvement in its financial performance, recording profits of €7 million from losses of almost €1 million in the previous year. The AKTOR Group acquired 55% of Oceanic Group companies, consolidating its market position, while it is dynamically active in the Middle East, with a strong project portfolio, having undertaken significant new contracts in the geographical region in 2025, where it has a backlog of €265 million.
