2025 was for the Group AVAX a year of continuation of the impressive course recorded in 2024 and which resulted in the doubling of turnover and EBITDA as well as the fivefold increase in net profits cumulatively over the last two years, emphasized the group’s chairman, Christos Ioannou, during the annual ordinary general meeting.
At the same time, he underlined that strong operating profitability, continued deleveraging, the strengthening of institutional investors’ participation and the diversification of the business model create the conditions for the continuation of the group’s growth trajectory, with the strategic goal of achieving EBITDA of 150 million euros in the coming years.
The CEO of AVAX Group, Konstantinos Mitzalis, referring to the progress of project implementation, underlined that “despite the difficulties, every day we prove our unparalleled ability to move forward and deliver quality projects”.
During the general meeting, a one-minute silence was observed in memory of the recently deceased Konstantinos Kouvaras, one of the founders of AVAX and for 40 consecutive years a top executive of the management and shareholder of the company.
Key points of the General Meeting
AVAX management reiterated the strategic goal of achieving EBITDA of 150 million euros in the coming years, with more than 40% coming from non-construction activities, through further development in the sectors of concessions, real estate and energy, while at the same time maintaining construction as the group’s main growth driver.
Based on the financial results of the fiscal year, the board of directors proposed the distribution of a dividend of 0.10 euros per share, increased by 40% compared to the previous fiscal year. It should be noted that after the 20 million euro share capital increase implemented in 2020, the group has already returned in the form of dividends, including that of 2025, an amount of 38 million euros. That is, in just six years it returned to its shareholders almost twice the amount of money they had entrusted to it.
Referring to the share’s performance, the group chairman noted that, despite the more than doubling rise recorded over the last two years, AVAX continues to trade at an EV/EBITDA ratio below 6.5x, a level corresponding to a significant discount compared to comparable companies in the sector. At the same time, the brokerage firms covering the stock maintain target prices above 4.50 euros.
The participation of institutional investors in the company’s share capital increased to approximately 15%, compared to 6.6% about a year and a half ago, following the successful placement of a 4.4% stake by the main shareholders. At the same time, the significant increase in the stock’s liquidity, with daily transactions above 1 million euros, creates the conditions for further participation by international institutional investors.
Net debt was reduced to approximately 200 million euros, with the net debt to EBITDA ratio falling for the first time below two times (1.7x), confirming the continuous improvement of the group’s financial position.
The group’s turnover in 2025 increased by 47%, to 958 million euros, compared to 651 million euros in 2024, while EBITDA amounted to 121 million euros, up by 15%, with the EBITDA margin from construction exceeding 10%, which is also the company’s long-term target.
Net profits after taxes amounted to 48 million euros, compared to 30 million euros in 2024. Overall, over the last two years, the group has more than doubled its turnover and EBITDA, while it has increased its net profits fivefold.
The positive course continues in 2026 as well, as in the first quarter turnover increased by 17%, to 208 million euros, while net profits remained at 11 million euros, a fact which, according to management, creates the conditions for yet another year with good results.
The backlog of projects remains at the particularly high level of 2.8 billion euros, while construction turnover 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, offering significant visibility for the next two years. The group continues to follow a selective strategy in undertaking new projects, placing emphasis on contracts with sufficient profit margins.
Concessions continue to be a key pillar of the group’s growth strategy. The portfolio includes holdings in Olympia Odos, Aegean Motorway, Thessaloniki Flyover, Moreas, the irrigation project Tavropos, as well as the marinas of Athens and Limassol. The total fair value of the portfolio amounts to 435 million euros, while total revenues from dividends and capital returns are estimated to approach 1 billion euros in the coming years. At the same time, the group actively participates 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 underway in Chania, while new projects are expected to begin in the coming period in Astypalaia and Koufonisi. At the same time, two new developments are being launched in Nicosia (an office building and a residential tower), as well as the development of a luxury residential complex on the former property of the Ionios School in Filothei.