AKTOR: Major capital moves to drive new growth phase

Speaking at the 2026 Annual General Meeting, AKTOR Group Chairman and CEO Alexandros Exarchou described the two initiatives as the most significant corporate developments of recent years, stressing that their completion will provide the Group with the necessary capital base to implement an investment programme worth €3 billion.

“We promised that we would make AKTOR big again, and we are delivering on that promise. AKTOR has returned,” he stated, adding that following the completion of the capital increase and the bond issuance, the Group’s profile will bear little resemblance either to the former Intrakat or to the historic AKTOR.

€1.5 billion in capital since 2022

The Group’s CEO noted that, from 2022 to date, total capital inflows of €1.5 billion have either been secured or are expected to be secured. He emphasised that the new capital increase and bond issuance are not intended to cover funding needs, but rather to maintain a strong and healthy balance sheet.

As he explained, management’s strategic choice is for growth to be supported by a sustainable capital structure rather than excessive leverage.

“AKTOR will never again experience what happened to it in the past,” Mr Exarchou stressed, explaining that the company aims to finance its expansion without placing excessive pressure on its borrowing levels.

€3 billion investment programme

Management presented the Group’s investment plan for the coming years, which includes total investments of €3 billion.

The allocation includes:

€1.3 billion for Public-Private Partnerships (PPPs) and concession projects.
€1 billion for investments in Renewable Energy Sources (RES).
The remaining amount will be directed towards the Group’s other activities, with a focus on construction and LNG.

The programme will be financed through project finance, proceeds from the capital increase, and the new corporate bond issuance.

AKTOR’s four growth pillars

Management also presented the Group’s new strategy, which will be based on four key pillars:

Construction
Concessions and Public-Private Partnerships
LNG
Renewable Energy Sources

According to Mr Exarchou, the objective is to further strengthen AKTOR’s construction activities in Greece and abroad, while simultaneously creating stable, recurring cash flows from sectors that are not solely dependent on construction activity.

This strategy aims to gradually increase the contribution of concessions, renewable energy, and LNG to the Group’s operating profitability.

Agreements with Motor Oil underway

Particular reference was made to discussions with the Motor Oil Group.

Mr Exarchou revealed that negotiations are at an advanced stage regarding AKTOR’s 50% participation in the planned Agioi Theodoroi Floating Storage and Regasification Unit (FSRU) project. He noted that the investment is expected to significantly strengthen AKTOR’s LNG activities and improve the profitability of this segment.

At the same time, the process for the acquisition of a 75% stake in the companies HELECTOR and THALIS from Motor Oil is progressing, with management estimating that the relevant agreements will be completed by September.

Acceleration of renewable energy investments

In the energy sector, management announced a significant acceleration of its investment plans.

The installed capacity of the Group’s renewable energy portfolio is expected to reach 550 MW during 2026 and 1 GW by 2027, with new wind farms serving as the main growth driver.

At the same time, the Group is in negotiations to acquire two energy storage projects (battery facilities) in Bulgaria.

The objective is to create a fully integrated energy platform encompassing power generation, storage, and electricity retail supply, while leaving open the possibility of a future standalone listing of this business on the stock exchange.

Financial guidance for the coming years

Management also presented the Group’s updated financial targets.

Over the medium term, AKTOR expects to achieve:

Revenue between €2.3 billion and €2.8 billion
Adjusted EBITDA of €375 million to €425 million

Over the long term, targets are set at:

Revenue of €4.5 billion–€5 billion
Adjusted EBITDA of €600 million–€700 million

Mr Exarchou clarified that these forecasts are based primarily on already secured cash flows rather than on the assumption of winning new major construction projects.

Objective: maintaining low leverage

A central objective of the new strategy is maintaining the net debt-to-EBITDA ratio at 4 or below, a level management considers appropriate for comparable European groups.

According to the company’s CEO, the need to raise €650 million through the capital increase arose precisely to enable the Group to safely finance its growth programme without excessive increases in debt.

How the capital increase will be carried out

Regarding the capital increase process, Mr Exarchou announced that it will be conducted through the exclusion of existing shareholders’ pre-emptive rights.

The order book is expected to open at the beginning of next week.

Shareholders holding up to 3% will have the opportunity to participate on a preferential basis, while allocations for larger shareholders will depend on the level of oversubscription of the offering.

He estimated that demand will be particularly strong, noting that major shareholders have already expressed their intention to participate with a combined investment of €350 million.

Strong interest from the international investment community

The AKTOR CEO also highlighted that the capital increase has been underwritten by three leading international investment banks — Goldman Sachs, UBS, and Bank of America — a factor that, he said, significantly strengthens confidence in the transaction.

Following a series of investor presentations in London, Paris, and New York, management has identified strong interest from the international investment community in both participation in the capital increase and the corporate bond issuance.

Mr Exarchou also did not rule out the possibility of increasing the size of the capital increase if the order book demonstrates significant oversubscription, noting that the final decision will be taken by the Board of Directors depending on market conditions.