Two Greek construction groups rank among the world’s 100 largest listed construction companies, posting significant sales growth in a year when total revenue across the international ranking edged down.
The two Greek companies recorded combined sales of $5.936 billion in 2025, up 21.8% in dollar terms from 2024, compared with a 0.4% decline across the 100 largest groups in the ranking.
The figures come from the ninth edition of Deloitte’s annual Global Powers of Construction 2025 study, which examines the financial performance, strategies and prospects of the world’s largest listed construction companies. The ranking is based on the total sales of companies with significant activity in building construction and infrastructure projects, and also includes revenue from their other business activities.
The study highlights short-term pressures from macroeconomic uncertainty, financing constraints and difficulties in supply chains, as well as growth prospects created by urbanisation, infrastructure investment and the energy transition.
GEK TERNA and AKTOR in the global ranking
According to Deloitte’s detailed tables, GEK TERNA ranks 70th, with total sales of $4.359 billion in 2025, up 24% from the previous year. AKTOR ranks 94th, with sales of $1.577 billion, an annual increase of 16.2%.
The two groups are the only Greek representatives in the ranking. Their combined sales rose by 16.6% in local currency terms, compared with 21.8% in dollar terms. Their combined market capitalisation also reached $5.324 billion, up 77.4% in dollars and 68.4% in local currency terms from 2024.
Revenue of $1.97 trillion, with China dominant
The 100 largest listed construction companies in the ranking recorded total sales of about $1.97 trillion in 2025. Although sales fell by 0.4% in dollar terms, they rose by 1.9% in local currency terms, highlighting the impact of exchange-rate movements.
According to the report, performance varied significantly between companies and regions. Increased infrastructure investment and substantial project backlogs supported some groups, while others were affected by activity returning to normal after strong performance in previous years and weaker demand in the residential sector.
China retained its dominant position, with 11 companies accounting for 48.5% of total sales. Chinese groups generated about $957 billion in revenue, down 5.5%. Chinese companies occupy the top five places in the ranking, led by China State Construction Engineering Corporation, which recorded sales of about $289.7 billion.
Europe accounts for 24.5% of total sales, with European groups recording growth of about 9% in local currency terms. Companies based in Spain posted a 17.1% increase in dollar terms, while those in France rose 7.9%. By contrast, US companies recorded a slight decline of about 0.9%, while South Korean companies fell 7.9%.
Despite subdued sales, the 100 groups’ combined market capitalisation rose 12% to $892.7 billion. Deloitte said the increase reflected more positive investor expectations for the sector’s future prospects. The market value of European companies rose by about $104 billion, while that of US companies fell by about $29 billion.
Annual growth of 5.9% through 2030
Despite short-term challenges, the construction sector’s long-term prospects remain positive. Global construction output is expected to rise by 1.5% in 2026, following an estimated decline of 0.2% in 2025, while the market’s average annual growth rate is projected at 5.9% through 2030.
Urbanisation is a key driver. About 50% of the world’s population currently lives in urban areas, and cities are expected to account for nearly two-thirds of global population growth by 2050. This is increasing demand for housing, transport networks, energy facilities and essential infrastructure.
According to estimates by McKinsey cited in the study, global infrastructure investment needs are put at $106 trillion through 2040. Of that total, about $70 trillion is for Asia, $16 trillion for the Americas, $13 trillion for Europe, $5 trillion for Africa and $2 trillion for Oceania.
The greatest needs are in transport and logistics, at $36 trillion; energy, at $23 trillion; and digital infrastructure, at $19 trillion. These are followed by social infrastructure, at $16 trillion, and waste and water management, at $6 trillion.
The energy transition, upgrades to electricity grids, and the development of artificial intelligence infrastructure and data centres are also emerging as significant sources of construction demand, requiring new facilities and large-scale investment.
Internationalisation and diversification
Deloitte identifies internationalisation and diversification as key strategies for strengthening the resilience of the largest construction groups.
In 2025, 26.7% of the top 30 companies’ total sales came from activities outside the construction sector, while 24.7% came from foreign markets, up from 21.3% in 2024.
European groups have the highest level of internationalisation, with 67% of their sales generated outside their home countries. By contrast, large companies in China and the United States continue to rely mainly on their domestic markets.
At the same time, leading construction groups are expanding beyond their traditional construction core into areas such as real estate and industrial services. Some companies are also active in sectors such as media and financial services, as they seek to diversify their revenue streams.
European prospects and challenges
In Europe, construction output across the 19 countries covered by Euroconstruct is expected to rise by 2% in 2026, following a marginal increase of 0.2% in 2025. Growth of 2.2% is forecast for 2027, followed by an increase of 1.9% in 2028, signalling a gradual recovery after declines in previous years.
However, macroeconomic uncertainty, financing constraints and supply chain challenges continue to affect investment and project delivery.
SOURCE: AMNA
Dimitris Nektarios, Partner, Infrastructure & Capital Projects Leader at Deloitte Greece, said: “The trends seen internationally confirm that the construction sector is entering a period of significant growth opportunities, despite short-term challenges. Increased investment in infrastructure, combined with the diversification and internationalisation of activities, is expected to be a key factor in value creation for construction companies in the coming years.”