According to the financial statements for Q1 2025, the Group’s consolidated turnover increased 22.9% to €177.7 million compared to €144.5 million in the respective quarter of 2024. The rise in turnover is due to new projects entering an accelerated implementation phase.
Group earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to €26.2 million in the first quarter of 2025 compared to €24.7 million in the year-earlier period, mainly due to increased construction EBITDA, as a result of the implementation of projects offering superior profit margins.
Group net profit after tax amounted to €11.9 million in the first quarter of 2025, up from €8.1 million in the respective period of 2024 when a €2.2 million net profit was recorded from the sale of Volterra.
Group net bank debt (including equipment leasing) grew €16.9 million to €254.3 million on 31.03.2025 from €237.5 million on 31.12.2024, nevertheless the gearing ratio (net Debt / EBITDA) remains rather low at 2.38x. The increase in indebtedness is due to capital injection to the Flyover PPP and increased Working Capital needs on the back of turnover growth.
The Group’s work-in-hand based on signed projects currently amounts to €3.0 billion, practically unchanged from the end of 2024, despite the speed up in the implementation of projects. During 2025, the Group has signed contracts for projects worth around €0.25 billion, while there are also contracts pending to be signed. Work-in-hand is equally split between public projects and private projects & PPPs, while foreign projects represent 18% of the total.
