The ABAX Group (the “Company”) announces its financial results for the first quarter of 2026 (unaudited by Certified Public Accountants), which demonstrate strong resilience despite the significant challenges posed by the changing environment in the wider region, as noted in the relevant announcement.
Specifically, the Group’s consolidated revenue for the first quarter of 2026 increased by 17.3% to €208.4 million compared to €177.7 million in the comparable period of the previous year, as a result of significant progress made on all projects the Group is executing in Greece and Romania.
Following the effective execution of all major contracts that have now entered a mature phase, the Group’s earnings before interest, financial expenses, and depreciation (EBITDA) reached €26.7 million in the first quarter of 2026 compared to €26.2 million in the previous year, with the construction sector’s EBITDA margin (10.7%) remaining at levels similar to those for the full year 2025 (10.8%)
The Group’s net profit after tax amounted to €10.6 million in the first quarter of 2026, compared to €11.9 million in 2025.
Loan Development
The Group’s net bank debt (including equipment lease obligations) increased to €239.6 million as of March 31, 2026, compared to €200.9 million as of December 31, 2025, as a result of temporary pressure on working capital caused by delays in project certifications, as well as the targeted policy of streamlining the transaction cycle with the leverage ratio (Net Debt / Last 12-Month EBITDA) will nevertheless remain at low levels: 2.0x as of March 31, 2026, compared to 1.7x at the end of 2025.
Portfolio
The Group holds a high-quality portfolio of significant concessions and PPPs, with a fair value of €401.7 million as of March 31, 2026, compared to €397.7 million at the end of the previous year. Of the above total, €106.2 million is not reflected in the consolidated balance sheet, specifically in equity, due to the difference in valuation methods between fair value and equity.
The backlog
The Group’s backlog of signed and pending construction contracts for the current period remained unchanged at €2.6 billion compared to the end of 2025, as a result of the signing of new contracts worth €0.2 billion during the same period.
* See details in the Supporting Materials column