Sector: Construction

AVAX Group, listed on the Athens Stock Exchange since 1994, stands as one of Greece’s leading construction and infrastructure groups, with over four decades of experience in both domestic and international markets. Headquartered in Athens and employing approximately 3.300 people, the Group has played a pivotal role in shaping Greece’s modern infrastructure through landmark projects in transportation, energy, urban development, and public facilities.

Operating across four main business segments—Construction, Concessions & Public-Private Partnerships, Real Estate & Marinas, and Energy & Facility Management—AVAX follows a diversified business model. This approach secures a balanced income stream, combining revenue from large-scale construction projects with recurring income from concessions and non-construction activities.

Over the years, AVAX has participated in iconic projects such as the Athens Metro, the Rio–Antirrio Bridge, and key sections of Greece’s modern highway network, including Attiki Odos, Olympia Odos, and the Aegean Motorway. The current project backlog, amounting to approximately €3 billion with 80% in Greece and 20% abroad, includes major works such as Line 4 of the Athens Metro, the Thessaloniki FlyOver elevated highway, three new hospitals funded by the Stavros Niarchos Foundation, power stations in Romania and Iraq, natural gas networks, key motorway expansions, and infrastructure works for the landmark Ellinikon urban redevelopment project—one of Europe’s largest regeneration initiatives.

Financially, the Group has demonstrated robust growth in recent years. In 2024, consolidated revenue reached €651 million, representing a 44% increase year-on-year. EBITDA achieved a record €105 million, while net profits surged by 192% to €30 million. Following significant deleveraging over the past five years, net debt stood at €237 million as of December 31, 2024, representing a ratio of 2,3 times 2024 EBITDA.

Looking ahead, AVAX aims to secure recurring income from concessions and non-construction activities at 40% of EBITDA over the next five years. This will be supported by new investment opportunities in concessions, real estate, energy, and facilities management, financed through a combination of operating cash flows from construction activities and non-recourse debt at the project or target level.

With a stable management team holding 55% of the shares, a strong financial position and a clear strategic vision, AVAX Group remains a cornerstone of Greece’s infrastructure development and an increasingly important player in international markets.