The AKTOR Group is implementing its largest strategic financing program to date, accelerating the next phase of its growth. It is proceeding with a €650 million share capital increase and a €300 million bond issuance, securing access to up to €1 billion in new capital.
With this strategic move, it ensures the faster implementation of its development plan, with a total budget of up to €3 billion over the next five years, aimed at transforming its business profile from a construction-focused model to a more comprehensive infrastructure group, with an expanded and strengthened presence in Concessions—PPPs, Renewable Energy Sources (RES), and LNG.
According to the relevant announcement, upon its completion, this initiative will make the AKTOR Group the most strongly capitalized infrastructure group in Southeast Europe, ensuring greater financial flexibility and speed in implementing its investment plans and further strengthening its position as an international, vertically integrated, and diversified group with a strong footprint in the region’s infrastructure sector.
This is a move of strategic importance that fully reflects the AKTOR Group’s outward-looking orientation and is expected to contribute decisively to the expansion of its investment base through the participation of long-term international investors, strengthening its investment profile, and solidifying its position in international markets.
Upon completion of the rights offering and the bond issuance, the AKTOR Group is expected to have raised a total of approximately €1.5 billion over a four-year period through rights offerings and bond issuances.
According to the relevant announcement, this initiative aims to accelerate the Group’s investment program for the period 2027–2031, with investments in both existing projects and new opportunities, focusing on three key growth pillars:
- Transportation, storage, and regasification of liquefied natural gas (LNG & FSRU), with a guaranteed turnover of €9 billion for the period 2030–2050 through long-term binding agreements.
- Further expansion of the PPP and concession project portfolio in Greece and abroad to ensure steady cash flows.
- Vertical integration of energy production and scaling up the Group’s activities in the renewable energy sector, with the aim of contributing to the energy transition and generating strong EBITDA.
The construction sector naturally remains at the core of the Group’s activities and will continue to contribute significantly to the overall business model, the announcement continues.
The international firms
Bank of America Securities Europe SA, Goldman Sachs Bank Europe SE, and UBS Europe SE are acting as underwriters for the rights offering, underscoring their confidence in and support for the Group’s growth momentum and its strategic transformation plan for the next five years.
The AMK is targeted 80% toward the international investment community and 20% toward Greek investors.
Bond Issuance Underwritten by UBS Europe
In addition, the AKTOR Group will proceed with a bond issuance and has agreed with UBS Europe to underwrite the bond offering.
Strong Confidence from Major Shareholders
At the same time, the Company’s major shareholders, WINEX Investments Limited and Castellano Properties Limited, have already expressed their intention to participate in the rights offering with a total investment of up to €300 million, demonstrating their strong support for the Group’s strategic development plan.
The 2026–2031 Growth Plan
A key priority for the AKTOR Group is to accelerate the implementation of its strategic investment and growth plan, totaling €3 billion by 2031. The goal of the new strategy is to become more outward-looking and to significantly increase both the scale and quality of revenue over the long term, by strengthening recurring revenue streams within the Group’s EBITDA mix and further diversifying revenue from operations in the Infrastructure and Energy sectors in Southeast Europe.
Specifically, the goal is to increase EBITDA from €207 million on a pro forma basis for 2025 to €600 million – €650 million over the medium to long term, with approximately 60% coming from operations with stable and predictable revenue streams (Concessions and Energy).
Strategy by Sector
The Group will invest in the Concessions – PPPs, Renewable Energy, and LNG sectors, leveraging synergies from its Construction division as part of its strategic plan, which is supported by a favorable international environment.
These include participation in large-scale, long-term infrastructure projects, the establishment of a strong portfolio of PPP and concession projects, the acceleration of investment in renewable energy and energy storage systems, and a broader push for energy diversification and security in Europe through LNG.
The Group will aim for a combination of high growth and gradual deleveraging, targeting in the medium term revenues of €2.3 billion – €2.8 billion and EBITDA of €375 million – €425 million, and in the long term revenues of €4.5 billion – €5 billion in revenue and €600 million – €650 million in EBITDA Long-term EBITDA of over €300 million has already been secured through long-term LNG contracts, the concession portfolio, renewable energy projects, and the construction backlog. Furthermore, the goal is for net debt leverage to range at approximately 4.0x in the medium term and 3.5x–4.0x of EBITDA in the long term.
Construction
The Group is entering this new phase of growth from a position of strength in Construction, with a robust backlog (amounting to €4.7 billion) that provides visibility into revenue generation, with significant expected revenues and an operating model that leverages modern technologies for better cost control, project oversight, and improvement of project profit margins.
Construction remains at the core of the Group’s activities and serves as a catalyst for its broader transformation.
LNG
In the LNG sector, the AKTOR Group is positioned in the market as a key player in energy security in Southeast Europe, having already secured commercial LNG agreements totaling 1.5 bcm, while aiming for additional agreements totaling 5 bcm in the near future.
The Group’s LNG strategy also focuses on investments in energy infrastructure, such as a natural gas-fired power plant in Albania and an FSRU in Greece, with the goal of ensuring the ability to regasify LNG and improve the sector’s profit margins.
The sector’s long-term EBITDA target is €75 million–€125 million, and will be supported by investments of €200 million. The LNG strategy was designed to capitalize on broader changes in regional gas flows and energy policy in Europe.
Concessions - PPPs
Concession and PPP projects are emerging as a key source of future revenue, supported by a portfolio of projects with a remaining life cycle of 20–30 years. The sector’s long-term EBITDA target is €100–€150 million and will be supported by €900 million in investments in next-generation projects, such as the student housing complexes in Crete, Pylia Road, the BOAK, and the Tavropos PPP irrigation project, all of which are scheduled to begin operations in 2028–2029 and have concession terms of 25–30 years. It also aims to undertake new PPP and concession projects abroad, beyond Romania. The Group’s model was designed to generate value both during construction and throughout the operational period, thereby supporting optimal project performance.
Renewable Energy
In the renewable energy sector, 97% of the Group’s operational portfolio already benefits from contracted revenues (tariffs). The Group aims to develop a portfolio of renewable energy and energy storage systems with a total capacity of 1.1 GW – 1.2 GW by 2031, as well as expanding into the retail electricity market with the goal of creating a vertically integrated model that will link electricity generation, distribution, and supply. It also aims to develop energy storage systems abroad.
For the renewable energy sector, the target is an EBITDA of €125 million to €175 million, supported by investments of €1.1 billion. By the end of 2026, a project portfolio of approximately 515 MW will be operational, which is expected to reach 1.2 GW by 2031. The mix of renewable energy projects will be designed to provide balance and diversification across technologies.