Avax’s backlog of projects for 2026 is estimated to reach 2.8 billion euros, roughly the same level as last year, while the group’s growth will be based on the three pillars of concessions, energy, and real estate, as management reported at yesterday’s Annual General Meeting.
Although the company does not provide annual guidance, it stated that it aims for an EBITDA of 150 million by 2030, with 40% of revenue coming from non-construction activities.
“We have learned to thrive in construction, but we are not stopping there,” said CEO Konstantinos Mitsalis.
The total fair value of the concession portfolio stands at 435 million euros and is expected to reach a total of 1 billion in the coming years.
“It should be noted here that concessions will continue to be a strategic sector for the group’s further growth and for securing stable cash flows, and in this context, we are actively participating in nearly all tenders for PPP projects in Greece,” according to the chairman, Christos Ioannou.
Projects and Challenges
Referring to the projects currently underway and the traffic situation in Attica, Mr. Mitsalis noted that “only underground projects in Attica can provide a solution to the traffic problem.”
Regarding the construction of Metro Line 4, which AVAX has undertaken, the CEO emphasized that “unfortunately, there are many problems that have not yet been resolved. Some have been resolved over the past few years, but there will be delays, and we have received an extension from Hellenic Metro—through no fault of the contractor—and at this point it looks like we’ll be finishing in 2032.”
As for other major projects, such as the Thessaloniki flyover—a €223 million project—completion is scheduled for 2027, while at Elliniko, the underground section of Poseidonos Avenue will open to the public in 2028.
Regarding the group’s energy projects, construction of the Mintia Combined Cycle Power Plant in Romania—a project with a budget of 673.5 million euros—is likely to be completed in the first half of 2027 following an initial delay in obtaining permits.
Regarding PPC’s projects, sources indicate that the photovoltaic projects in Megalopolis will be delivered in the fourth quarter of 2026, while the projects in Kozani, valued at 175 million euros, are scheduled for 2028.
Real Estate Plans
Investments are also underway 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 are expected to begin soon in Astypalea and Koufonisia.
At the same time, two new developments are being planned in Nicosia (a 4,000-square-meter office building and a 5,700-square-meter residential tower). In addition, development is beginning on a 3,000-square-meter luxury residential complex on the former site of the Ionian School in Filothei.