In a press briefing held in 2025, the management of AVAX Group provided key updates regarding the Group’s strategic trajectory and project pipeline. With newly signed contracts worth €39 million and an additional €268 million pending signature, the Group’s total project backlog is expected to reach approximately €3.2 billion. Of this, 51% pertains to private projects and Public-Private Partnerships (PPPs), 49% to public works, and 21% originates from international markets.
According to AVAX Chairman Mr. Christos Ioannou, the Group’s vision for the next five years is encapsulated in the motto “Engineering – Future – Accomplishments”, which reflects both its working philosophy and long-term aspirations.
"Having now consolidated our market position, we are ready to chart our five-year strategic plan. Our goal is to reinvest construction cash flows in sectors where we possess proven expertise and can deliver substantial added value — specifically in concessions, residential development, marina infrastructure, and selectively in the energy sector. Through these strategic moves, we aim to sustain the contribution of non-construction EBITDA at or above 40%," Mr. Ioannou stated.
Key Project Developments
Progress on Athens Metro Line 4 continues rapidly. According to AVAX’s management, the tunnel boring machine that commenced from Galatsi has covered 2 km, while the one starting from Katechaki has reached nearly 3 km — part of the 12.5 km segment assigned to AVAX. The Group currently employs 150 staff on this project, a figure which, including subcontractors, rises to between 1,000 and 1,500 — underscoring the project’s scale.
In the Hellinikon urban regeneration project led by Lamda Development, AVAX is nearing completion of most concrete works on Poseidonos Avenue. Despite some bureaucratic delays, the project remains on schedule and AVAX’s infrastructure works are expected to be completed by 2027.
Two major road projects are also in full progress:
Bralos–Amfissa, where earthworks are underway and one bridge has been completed.
Ioannina–Kakavia, currently in the topographical surveying and design phase, with site infrastructure being established while awaiting some expropriations.
AVAX also plays a pivotal role in Northern Greece, notably in the Thessaloniki Flyover and the three hospitals funded by the Stavros Niarchos Foundation in Thessaloniki, Komotini, and Sparta. Komotini’s hospital, which broke ground first, is the most advanced, with all three currently in the concrete works phase.
Financial Performance
The year 2024 marked a pivotal turning point for AVAX Group, with a 192% surge in net profitability, a 44% increase in revenue, and record-high EBITDA. According to the published financial results, net profit after tax reached €30.4 million, up from €10.4 million in 2023. EBITDA climbed to an all-time high of €105.3 million, up from €60.8 million in the previous year. Consolidated revenue from continuing operations grew 43.6%, amounting to €651.5 million, compared to €453.5 million in 2023.
A notable increase was observed in the construction segment’s EBITDA, rising from €27 million to €65 million, an improvement attributed equally to increased turnover and a stronger EBITDA margin (from 6.2% in 2023 to 10.4% in 2024). The Group anticipates that this level of performance is sustainable, thanks to the accelerated implementation of new, higher-margin projects.
The Board of Directors will propose a dividend of €0.07 per share (representing 34.5% of 2024 net profits) at the upcoming Annual General Meeting — an increase of 133% over the previous year's €0.03 per share.
As of 2024, net bank debt stood at €237.5 million, reflecting a 49% reduction compared to 2020, with a leverage ratio of 2.25x. Meanwhile, AVAX Concessions secured a €300 million bond loan, strengthening liquidity for investments in concessions, real estate development, and energy. The Group’s portfolio in concessions, PPPs, and marinas remains robust, offering long-term dividend potential. AVAX Concessions also continues to selectively participate in new tenders.
Commenting on the results, Mr. Antonis Mitzalis, Executive Director of AVAX Group, noted:
"The strong growth in revenue is the clearest indicator of our ability to successfully execute complex and demanding projects. Looking ahead, the next generation of infrastructure must be shaped with careful planning — not only for the construction industry, but for the broader future of the country."
Mr. Mitzalis also offered an in-depth overview of AVAX’s large-scale and smaller projects currently underway.
AVAX Supports the Keros Excavation Project
Chairman Christos Ioannou announced a new ESG initiative by AVAX: the sponsorship of an archaeological research program on the island of Keros, home to the world’s oldest known maritime sanctuary. This effort represents a culturally and nationally symbolic contribution and is recognized as the most significant excavation in the region in the past 50 years.
“Our decision to support this iconic project clearly reflects our philosophy: to invest not only in the present but in our enduring cultural heritage,” said Mr. Ioannou. Over the next five years, AVAX will fund the participation costs for four Greek scientists annually, including four university students, in the excavation program.
