AVAX Group announced a significant 23% increase in revenue and a remarkable 47% surge in net after-tax profits compared to the same period last year, according to first quarter financial results that reflect the strong momentum the Group has achieved.
Specifically, according to the financial statements for Q1 2025, the Group’s consolidated revenue increased by 22.9% to €177.7 million compared to €144.5 million in the corresponding quarter of 2024. The increased revenue for the current year is attributed to new projects entering full execution phase.
The Group’s earnings before interest, taxes, depreciation and amortization (EBITDA) reached €26.2 million in Q1 2025 compared to €24.7 million in the comparable quarter of the previous year, mainly due to the significant increase in construction sector EBITDA as a result of executing projects that offer significantly higher profit margins.
The Group’s net after-tax profits reached €11.9 million in this year’s first quarter, compared to €8.1 million in the corresponding period last year.
The Group’s net bank debt (including equipment leasing obligations) showed a small increase of €16.9 million, but the leverage ratio (Net Debt / EBITDA) remains particularly low at 2.38x. The small increase in debt is due to the payment of capital participation in the Kedrinos Lofos PPP (Thessaloniki Flyover) and the increase in Working Capital due to revenue growth.
The unexecuted backlog of the Group’s signed projects currently amounts to €3 billion with no substantial change compared to the end of 2024. Within 2025, the Group has signed contracts worth approximately €250 million, while there are also contracts pending signature. The unexecuted backlog is almost equally divided between public and private projects & PPPs, while international projects represent 18% of the total.
