For the ABAX Group, 2025 marked a continuation of the impressive performance recorded in 2024, which resulted in a doubling of revenue and EBITDA, as well as a fivefold increase in net profits cumulatively over the past two years, emphasized the group’s chairman, Christos Ioannou, during the annual general meeting.
At the same time, he emphasized that strong operating profitability, ongoing deleveraging, increased participation by institutional investors, and diversification of the business model are creating the conditions for the group to continue on its growth trajectory, with a strategic goal of achieving EBITDA of 150 million euros in the coming years.
The CEO of the ABAX Group, Konstantinos Mitsalis, referring to the progress of project implementation, emphasized that “despite the difficulties, we demonstrate our unparalleled ability to move forward and deliver high-quality projects every day.”
During the general meeting, a minute of silence was observed in memory of the recently deceased Konstantinos Kouvaras, one of the founders of ABAX and, for 40 consecutive years, a top executive and shareholder of the company.
Key Points of the General Meeting
ABAX management reiterated its strategic goal of achieving an EBITDA of 150 million euros in the coming years, with more than 40% coming from non-construction activities, through further expansion in the sectors of concessions, real estate, and energy, while maintaining construction as the Group’s primary growth driver.
Based on the financial results for the fiscal year, the board of directors proposed a dividend of 0.10 euros per share, a 40% increase compared to the previous fiscal year. It should be noted that following the €20 million capital increase carried out in 2020, the group has already returned €38 million to shareholders in the form of dividends, including this 2025 dividend. In other words, in just six years, it has returned to its shareholders nearly twice the amount they entrusted to it.
Referring to the stock’s performance, the group’s chairman noted that, despite having more than doubled in value over the past two years, ABAX continues to trade at an EV/EBITDA ratio below 6.5 times, a level that represents a significant discount compared to peer companies in the sector. At the same time, brokerage firms covering the stock maintain target prices above 4.50 euros.
Institutional investors’ stake in the company’s share capital has risen to approximately 15%, up from 6.6% about a year and a half ago, following the successful sale of a 4.4% stake by major shareholders. At the same time, the significant increase in the stock’s liquidity, with daily trading volume exceeding 1 million euros, is creating the conditions for further participation by international institutional investors.
Net debt decreased to approximately 200 million euros, with the net debt-to-EBITDA ratio falling below two times (1.7x) for the first time, confirming the continued improvement in the Group’s financial position.
The Group’s revenue in 2025 increased by 47%, to 958 million euros, compared to 651 million euros in 2024, while EBITDA reached 121 million euros, up 15%, with the EBITDA margin from construction exceeding 10%, which is also the company’s long-term target.
Net income after taxes stood at 48 million euros, compared to 30 million euros in 2024. Overall, over the past two years, the group has more than doubled its revenue and EBITDA, while quintupling its net income.
This positive trend continued in 2026, as revenue increased by 17% in the first quarter, to 208 million euros, while net profits remained at 11 million euros—a figure that, according to management, sets the stage for another year of strong results.
The order backlog remains at the exceptionally high level of 2.8 billion euros, while construction revenue exceeded 900 million euros in 2025. The backlog was strengthened through the signing of new contracts and the revision of existing projects totaling approximately 800 million euros, providing significant visibility for the next two years. The group continues to pursue a selective strategy in undertaking new projects, emphasizing contracts with adequate profit margins.
Concessions remain a key pillar of the Group’s growth strategy. The portfolio includes stakes in Olympia Odos, the Aegean Motorway, the Thessaloniki Flyover, Moreas, the Tavropos irrigation project, as well as the marinas in Athens and Limassol. The total fair value of the portfolio amounts to 435 million euros, while total revenue from dividends and capital returns is estimated to approach 1 billion euros in the coming years. At the same time, the group is actively participating in tenders for new PPP projects in Greece.
In the real estate sector, through AVAX Development, the group has a portfolio under development with a total commercial value of approximately 165 million euros. Three residential developments are currently underway in Chania, while new projects in Astypalea and Koufonisia are expected to begin in the near future. At the same time, two new developments are being planned in Nicosia (an office building and a residential tower), as well as the development of a luxury residential complex on the former site of the Ionian School in Filothei.