2026 is shaping up to be the most significant year in the history of AKTOR Group, as acquisitions, investments in new business activities, financial strengthening, and strategic partnerships begin to bear fruit — all within the framework of the company’s development roadmap through 2031. This is confirmed by the Group’s H1 2026 Financial Statements, announced today, which highlight AKTOR’s dynamic business growth and its transformation into a diversified infrastructure group.
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AKTOR Group: Strong growth in revenue and profits
In H1 2026, the Group’s turnover reached €649 million, while gross profit climbed to €82 million, an increase of 11%. Group EBITDA rose by 38% to €91 million, while on a pro forma basis it surged by 85% to €120 million compared to the same period last year. A key driver of this improvement was the expansion of the EBITDA margin from 11% to 15% year-on-year, alongside further operational restructuring across the Group. Pre-tax profit remained at a satisfactory level of €11 million, while on a pro forma basis it reached €37 million — a 114% increase.
Strong liquidity and robust backlog
AKTOR Group also significantly strengthened its liquidity position, reporting pro forma cash and cash equivalents of €1.1 billion and equity of €1 billion — up 157%. Net debt stood at €429 million, with a net debt-to-adjusted pro forma EBITDA ratio of 1.9x, reflecting a healthy financial base, readiness for further investment, and disciplined adherence to the Group’s low-leverage strategy.
Despite executing €500 million worth of projects in H1 2026, the Group’s backlog remained strong at €4.5 billion — 67% of which comprises signed contracts, with the remaining 33% representing contracts pending signature. As of September 24, 2026, the Group’s market capitalization stood at €2.6 billion.
2026: A landmark year for the Group
Commenting on the H1 2026 financial results, AKTOR Group Chairman and CEO Alexandros Exarchou stated: “2026 is a transformative year for AKTOR Group. Our recent acquisitions have started to be reflected in our financial results and offer a very promising preview of what lies ahead. In our top strategic priority — PPP and Concession projects — we have agreed to acquire a significant stake in the Northern Road Axis of Crete, the largest infrastructure project currently underway in Greece, thereby expanding our portfolio. In LNG, we have begun to give real substance to the Vertical Corridor: we delivered the first volumes of American LNG to Europe, doubled the contracted quantities with our supplier, and secured our first long-term agreements with customers — while also agreeing to participate in the development of Greece’s new FSRU, which will give us a competitive edge in the market. We are making a dynamic entry into the circular economy through the acquisitions of ILECTOR and THALES — a sector in which we will invest strategically and which will be a major focus going forward. We are also strengthening our renewables and storage portfolio with significant investments aimed at generating recurring revenues. We are broadening our strategic partnerships to position ourselves optimally to capitalize on the opportunities ahead. In short, we are seeing our development vision of a diversified infrastructure group come to life and deliver results.”
Mr. Exarchou added: “And we’re not stopping there. This summer, we completed the largest capital raise in our history — a successful €650 million share capital increase and a €300 million bond issuance — providing us with a strong capital base to execute our €3 billion investment program. By 2031, we aim to generate profits across a wide range of activities and consolidate our leading position in the Southeast European market.”
The €3 billion investment plan
Following the successful €950 million capital raise through the share capital increase and bond issuance, AKTOR Group now has sufficient resources to fully fund its €3 billion investment plan, with a target completion horizon of 2031 and a long-term goal of generating EBITDA in excess of €600 million through the development of new business activities.
Construction: The engine of growth
AKTOR Group’s Construction Division achieved a 160% increase in pro forma pre-tax profit, rising to €39 million from €15 million in the prior year — despite a 1% decline in revenues. This was made possible by maintaining a high gross profit margin of 14%, while simultaneously reducing operating costs through a selective focus on high-quality, profitable projects and the use of digital technologies for better cost control.
Focus on circular economy and water management projects
AKTOR Group expects the full integration of THALES, ILECTOR, and ENTELECHEIA to make a decisive contribution to sustaining high profitability in the near term. In particular, the first two — in which the Group will hold a 75% stake upon completion of the acquisition, as part of a strategic partnership with Motor Oil Group, which will hold the remaining 25% — are expected to provide strategic advantages and new capabilities, enabling the Group to optimally capitalize on upcoming market opportunities. Greece requires large-scale waste recycling infrastructure, and a significant number of environmental projects with a total estimated value of up to €3 billion are expected to be tendered in the coming years.
The combined EBITDA of these two companies, which hold notable market shares in their respective sectors, have 10 waste management units under construction, and maintain a backlog of approximately €1 billion, reached €41 million in 2025. The environmental projects segment is further bolstered by AKTOR Group’s strategic partnership with Suez International — a leading global water cycle group — which will support the formation of a new, integrated, and vertically structured pillar of activity in the circular economy and strengthen the Group’s market positioning.
Strategic shift toward PPP and Concession projects
AKTOR Group currently participates in 17 PPP and Concession projects as contractor or preferred bidder. The adjusted EBITDA of the PPP and Concessions Division increased by 63% in H1 compared to the same period last year, achieving an EBITDA margin of 62% — a 16-percentage-point improvement — driven by the full integration of AKTOR Concessions and the strong performance of the operational toll motorways in which the Group participates. The Group is also actively participating in over 25 related tenders and is well-positioned to expand its PPP and Concession project portfolio with next-generation projects. During the period, the Group also agreed to acquire a significant stake in the Northern Road Axis of Crete Concession project — the largest infrastructure concession in Greece.
Investments in renewable energy and storage
The Group is decisively building a strong renewables and energy storage portfolio, with a medium-term target of 520 MW — including 100 MW of Battery Energy Storage Systems (BESS) — further enhanced through targeted acquisitions. This portfolio is expected to be operational or under grid connection by year-end, contributing to increased EBITDA in the sector. The gradual activation of storage systems will further strengthen the Group’s financial resilience by protecting it against negative electricity prices and mandatory curtailments.
The Group’s investment plan targets the development of an integrated renewables portfolio of 1.2 GW by 2031, with a key focus on diversification and parallel expansion into wind energy to ensure a balanced energy mix and cash flow stability. AKTOR Group is also continuing to expand its renewables division through a recent strategic partnership with DEPA Emporias for the joint development of renewable energy and storage projects totaling over 470 MW, in which AKTOR Group will hold a 51% stake and DEPA Emporias 49%. Additionally, the Group is pursuing major investments in energy storage systems by entering the large-scale pumped hydro storage project in Western Macedonia — a €1 billion initiative targeting 1 GW of capacity — making a decisive contribution to the sector’s diversification.
LNG Division: Building a regional energy platform
AKTOR Group is developing a fully integrated LNG platform aimed at securing supply and shielding Southeast Europe from natural gas price volatility through the Vertical Corridor. Its subsidiary Atlantic SEE LNG Trade — in which the Group holds a 60% stake and DEPA Emporias 40% — has already agreed to double contracted volumes from the United States. In H1 2026, the Group also signed long-term binding agreements for the sale of LNG to Albania and Bosnia-Herzegovina, totaling 1.5 billion cubic meters per year, making the Vertical Corridor a tangible reality. As part of the strategic partnership with Motor Oil Group, the Group has also agreed to acquire a 50% stake in Dioriga Gas, which is developing Greece’s second FSRU. The combination of infrastructure assets and long-term contracts provides greater value chain control and a sustained competitive advantage for the Group.
Facility Management strengthens the Group’s footprint
The Facility Management Division has been enhanced to deliver holistic services, contributing to the Group’s broader market presence and profitability. The Group employs nearly 3,000 people in this division across Greece, Qatar, and the United Arab Emirates, and recently secured a major contract worth €130 million for facility management services at Hamad International Airport in Qatar.
