The AKTOR Group has announced the launch of its largest strategic financing program to date, accelerating the next phase of its growth. In a press conference, Chairman and CEO Alexandros Exarchou revealed that the Group is proceeding with a Share Capital Increase (SCI) of €650 million and a bond issuance of €300 million, securing access to up to €1 billion in new capital. This strategic move is designed to fast-track the Group’s development plan — with a total budget of up to €3 billion over the next five years — and marks a fundamental transformation of its business profile: from a construction-focused model to a fully integrated infrastructure group with an expanded and reinforced presence in Concessions/PPPs, Renewable Energy Sources (RES), and LNG.
Upon completion, this initiative is expected to make AKTOR Group the most strongly capitalized infrastructure group in Southeast Europe, providing greater financial flexibility and execution speed for its investment roadmap, while further cementing its position as an international, vertically integrated, and diversified group with a powerful footprint in the region’s infrastructure sector.
According to official communications, this is a move of strategic importance that fully reflects AKTOR Group’s outward-looking orientation. It is expected to play a decisive role in broadening the Group’s investor base — through the participation of long-term international investors — strengthening its investment profile, and enhancing its positioning in global markets.
As Mr. Exarchou noted, upon completion of the SCI and bond issuance, AKTOR Group will have raised a total of approximately €1.5 billion in capital over four years through share capital increases and bond issuances.
This initiative aims to accelerate the Group’s investment program for the period 2027–2031, covering both existing projects and new opportunities, with a focus on three core growth pillars:
- Transportation, storage, and regasification of Liquefied Natural Gas (LNG & FSRU), backed by long-term binding agreements securing a revenue pipeline of €9 billion for the period 2030–2050.
- Further development of the PPP and Concession project portfolio in Greece and abroad, to ensure steady and predictable cash flows.
- Vertical integration of energy production and scaling of the Group’s Renewable Energy activities, with the aim of contributing to the energy transition and generating strong EBITDA.
According to the announcement, the construction sector remains at the core of the Group’s operations and will continue to make a significant contribution to the overall business model.
The SCI has received a strong show of confidence from some of the world’s leading financial institutions, who have expressed their support for the Group’s investment plan and growth outlook.
The capital increase is being underwritten by Bank of America Securities Europe SA, Goldman Sachs Bank Europe SE, and UBS Europe SE — a clear endorsement of the Group’s growth momentum and its strategic transformation plan for the next five years.
The SCI is directed 80% toward the international investment community and 20% toward Greek investors.
According to the official announcement:
Bond issuance underwritten by UBS Europe
In addition, AKTOR Group will proceed with a bond issuance and has agreed with UBS Europe to underwrite the bond loan issuance.
Strong commitment from major shareholders
The Company’s major shareholders, WINEX Investments Limited and Castellano Properties Limited, have already expressed their intention to participate in the SCI with a combined investment of up to €300 million, signaling their strong backing of the Group’s strategic development plan.
The 2026–2031 development plan
AKTOR Group’s overriding priority is to accelerate the execution of its strategic investment and development plan, valued at €3 billion through to 2031. The new strategy targets greater international reach and a significant increase in both the scale and quality of revenues over time, with a higher proportion of recurring revenue streams in the Group’s EBITDA mix and greater diversification of income from Infrastructure and Energy activities across Southeast Europe. Specifically, the goal is to grow EBITDA from €207 million on a pro forma basis for 2025 to €600–€650 million over the medium-to-long term, with approximately 60% derived from activities generating stable and predictable revenue streams (Concessions and Energy).
Sector-by-sector strategy
The Group will invest across the Concessions/PPP, RES, and LNG sectors, leveraging Construction synergies within its strategic plan, which is supported by a favorable international environment. These include participation in major infrastructure projects over the long term, the build-up of a strong PPP and Concession project portfolio, the acceleration of investment in RES and Storage Systems, and a broader push toward energy diversification and security across Europe through LNG.
The Group will target a combination of high growth and gradual deleveraging, with medium-term revenues of €2.3–€2.8 billion and EBITDA of €375–€425 million, and long-term revenues of €4.5–€5 billion and EBITDA of €600–€650 million. Long-term EBITDA of over €300 million has already been secured through long-term LNG contracts, the concessions portfolio, RES, and the Construction backlog. The Group also targets a net debt leverage ratio of approximately 4.0x in the medium term and 3.5x–4.0x of EBITDA in the long term.
Construction
The Group enters this new phase of growth from a position of strength in Construction, underpinned by a robust backlog (valued at €4.7 billion) that provides clear revenue visibility, significant expected revenues, and an operating model that leverages modern technologies for better cost control, project oversight, and improved project margins. Construction remains at the core of the Group’s operations and serves as a catalyst for its broader transformation.
LNG
In the LNG sector, AKTOR Group is positioning itself in the market as an energy security player in Southeast Europe, having already secured LNG commercial agreements of 1.5 bcm while targeting additional agreements of 5 bcm in the near future. The Group’s LNG strategy also targets investments in energy infrastructure, including a natural gas power generation unit in Albania and an FSRU in Greece, with the goal of securing LNG regasification capacity and improving sector margins. The long-term EBITDA target for this sector is €75–€125 million, supported by investments of €200 million. The LNG strategy has been designed to capitalize on broader shifts in regional gas flows and European energy policy.
Concessions – PPPs
Concession and PPP projects are emerging as a primary source of future revenue, supported by a project portfolio with a remaining life of 20–30 years. The long-term EBITDA target for this sector is €100–€150 million, backed by €900 million in investments in next-generation projects, including the Crete Student Housing scheme, the Pylia Road, the BOAK motorway, and the Tavropos Irrigation PPP — all of which are expected to become operational in 2028–2029 with concession periods of 25–30 years. The Group also aims to take on new PPP and Concession projects abroad, beyond Romania. The Group’s model has been designed to generate value both during the construction phase and throughout the operational period, thereby supporting stronger project-level returns.
Renewable energy sources (RES)
In the RES sector, the Group’s operational portfolio already benefits from contracted revenues (tariffs) at a rate of 97%. The Group is targeting the development of a RES and Storage Systems portfolio with a total capacity of 1.1–1.2 GW by 2031, as well as expansion into the retail electricity market, with the aim of creating a vertically integrated model linking electricity generation, distribution, and supply. The Group also targets the development of Storage Systems abroad. For the RES sector, the EBITDA target is €125–€175 million, supported by €1.1 billion in investments. By end-2026, an operational project portfolio of approximately 515 MW is expected to be in place, with this figure projected to reach 1.2 GW by 2031. The RES project mix will be structured to offer balance and diversification across technologies.
