It is estimated that the backlog of remaining projects of Avax will amount to 2.8 billion euros for 2026, that is, at roughly the same levels as last year, while the group's growth will be based on the three pillars of concessions, energy and real estate, as management stated at yesterday's General Assembly.
Although the company does not provide annual guidance, it stated that it targets EBITDA of 150 million by 2030 with 40% of revenues coming from non-construction activity.
“We have learned to live with construction, but we do not stop there”, said the CEO, Konstantinos Mitzalis.
The total fair value of the concessions 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 constitute a strategic sector for the group's further growth and the securing of stable cash flows, and in this context we actively participate in almost all tenders for PPP projects in Greece”, according to the chairman, Christos Ioannou.
The projects and the challenges
Referring to the projects under way and Attica's traffic problem, Mr. Mitzalis noted that “only Attica's underground projects can provide a solution to the traffic problem”
As regards the construction of Metro Line 4 undertaken by AVAX, the CEO stressed that “unfortunately, it has many problems which have still not been resolved. During these last years some are being resolved, but it will be delayed, and we have received an extension from Elliniko Metro, without contractor responsibility, and at this moment it appears that we will finish in 2032”.
In other important projects, such as the Thessaloniki flyover, a project worth 223 million euros, its completion is forecast for 2027, while at Elliniko, the undergrounding of Poseidonos Avenue will be opened to the public in 2028.
Regarding the group's energy projects, the construction of the Mintia Combined Cycle Power Plant in Romania, a project with a budget of 673.5 million euros, will likely be delivered in the first half of 2027 after the initial delay in permits.
In PPC projects, sources report that the delivery of the photovoltaic projects in Megalopoli will take place in the fourth quarter of 2026, while the Kozani projects, worth 175 million euros, are intended for 2028.
The plans in real estate
In the real estate sector, investments are also being launched. Through AVAX Development, the group has a portfolio under development with a total commercial value of approximately 165 million euros. Three residential developments in Chania are under way, while in the coming period new projects are expected to start in Astypalaia and Koufonisi.
At the same time, two new developments are being launched in Nicosia (4,000 sq.m. office building and 5,700 sq.m. residential tower). Also, the development of a 3,000 sq.m. luxury residences complex is beginning on the former property of the Ionios School in Filothei.