AVAX will seek compensation from the State for the freeze of the Metro excavation in Kypseli, with management estimating that the Tunnel Boring Machine will resume operation in the coming period.
In a conference call with analysts held yesterday on the occasion of the presentation of the first-half results, management also spoke about the positive course of the group's project backlog, which increased by 850 million euros since the beginning of the year to 3 billion euros.
As regards the construction of Line 4 by the consortium (AVAX - Ghella – Alstom), the Executive Director of the AVAX group, Antonis (photo), stated that an updated study has been submitted to Elliniko Metro on how the Tunnel Boring Machine can safely get going again.
“The earlier approval is given, the smaller the compensation we will be entitled to. The longer it is delayed, the longer our personnel and equipment remain idle, which creates our right to seek compensation,” he explained.
It is noted that construction works for Line 4 have been halted since May 8 due to the damage caused by the operation of the Tunnel Boring Machine to houses in the area. The Ministry of Transport maintains that work will restart once there is an overall picture of the damage caused, based on the expert assessments of the Technical Chamber of Greece.
At the financial level, net profits of AVAX before taxes amounted to 44.5 million euros in the first half of 2026, increased by 3.8% from the same period in 2025.
The project backlog is following a positive course, reaching 3 billion euros, with management speaking of a diversified portfolio. In fact, according to the company's estimates, the pipeline will lead the group to sustainable growth for the next two to three years.
At the same time, the profit margin in construction is expected to remain stable at 10% despite inflationary pressures.
Regarding the progress of the projects already under execution, more than 64% of the Thessaloniki Flyover has been completed and is expected to be delivered in mid-2027, while 47% of the Line 4 project has been completed.