AKTOR Group and GEK TERNA have cemented their presence on the global construction map, with both Greek conglomerates featured in the ranking of the world’s 100 largest listed construction companies, according to Deloitte’s “Global Powers of Construction 2025” report.
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Strong revenue growth and surging market capitalization
The two Greek companies are posting significantly higher revenue growth rates than the global average, while their market capitalization saw an impressive surge throughout 2025.
GEK TERNA ranks 70th in Deloitte’s global ranking, recording revenues of $4.359 billion in 2025. The group’s turnover increased by 24% in US dollar terms and by 18.6% in local currency, confirming strong year-on-year growth.
AKTOR GROUP comes in at 94th place, with revenues of $1.577 billion — up 16.2% in dollar terms and 11.2% in euros.
Combined, the market capitalization of the two Greek groups reached $5.324 billion, representing a remarkable annual increase of 77.4%. This performance significantly outpaces the 12% growth recorded across the total market capitalization of the world’s 100 largest listed construction groups. Excluding currency effects, the increase for the Greek companies stood at 68.4%, compared to just 6.8% globally.
Challenges facing the construction industry
The picture in the Greek market stands in contrast to broader trends across the international construction sector. According to Deloitte, total revenues for the 100 largest listed construction groups amounted to approximately $1.97 trillion in 2025, reflecting a slight decline of 0.4% in dollar terms — though revenues grew by 1.9% at constant exchange rates.
Meanwhile, their combined market capitalization rose from $797.4 billion in 2024 to $892.7 billion in 2025. The divergence between near-flat revenue performance and rising valuations reflects, according to the report, improved investor expectations regarding the sector’s medium-term outlook.
Deloitte notes that construction companies continue to face significant headwinds, including rising costs, labor shortages, raw material price volatility, and supply chain constraints. Nevertheless, investment in transport infrastructure, energy projects, telecommunications, and digital infrastructure continues to generate new growth opportunities.
China’s dominance
China continues to dominate the global construction industry. The 11 Chinese companies in the ranking collectively generate revenues of approximately $956.8 billion, accounting for 48.5% of the total turnover of all 100 groups. That said, their revenues fell by 5.5% in dollar terms compared to 2024. China State Construction Engineering Corporation retains the top spot in the global ranking, with revenues of approximately $289.7 billion. Together with China Railway Group and China Railway Construction Corporation, these three Chinese giants account for roughly 30% of the total revenues on the list.
Europe holds the largest representation by number of companies, with 40 groups in the top 100 and a 24.5% share of total revenues. Performance was particularly strong in Spain, where revenues grew by 17.1% in dollar terms, and in France, with an increase of 7.9%. Overall, European companies saw sales rise by approximately 9% in local currency terms.
On the other end of the spectrum, US construction firms recorded a modest 0.8% revenue decline, while their combined market capitalization fell by 12.6%, driven primarily by weaker conditions in the residential development sector.
Key growth drivers for the years ahead
Looking ahead, Deloitte identifies infrastructure investment, the energy transition, digitalization, and sustainable construction as the primary growth drivers for the coming years. At the same time, the report underscores the need for improved profitability and more effective management of both financial and operational risks.
