Aim for EBITDA (Profits Prior to interest, tax and depreciation) EUR 150 million and net lending of less than € 100 million, the next five years are set by the AVAX.
Continuing to the strong performance of 2024, further reduction in net lending, investment initiatives to differentiate the mix of activities as well as a steadily generous reward of shareholders in the coming years was announced by the President of the AVAX Group, Mr. Last year, at 0.07 euros per share. Mr Ioannou stressed that based on the existing Business Plan, Avax’s net lending is expected to be below 100m euros in levels in the next 5 years as a result of the link between the loan, as it turned out after the recent refinancing of € 50 million in € 50 million. On the other hand, the production of strong cash flows from the construction industry. Expected capital deduction, coupled with the increase in EBITDA earnings before interest, tax and depreciation) to 150 million euros within the next five years -as a result of both the execution of projects with increased profitability (EBITDA margin at least 10%) and the creation Residential projects- make Avax’s stock a secure investment refuge that will combine danger dispersion through the differentiated portfolio of activities and a stable dividend policy for shareholders.
Analyzing the Group’s strategy, Mr. Ioannou stressed that the strong dynamics presented by the Group in 2024 – with a historic EBITDA record of 105m euros and continued for the first quarter of 2025 with a 23%increase in turnover – they proceed with further reinforcement of positive results. He noted that a strategic goal is 40% of EBITDA coming from non -construction activity, although construction is the core of the group.
AVAX: Early Delivery 9 km from the first section of Patras – Pyrgos at the end of July
The CEO of the Avax Group, Mr. Konstantinos Mitzalis, referred to the projects being implemented. On line 4 of the Athens Metro noted that the construction of the tunnel is moving completely within the timetable, as one metropolitan has already traveled 60% of his journey, and is at 3.3 km, approaching the campus station, while the latter has already reached 1.6 km. For the Thessaloniki Flyover, he stressed that it is being implemented normally and that it will be ready in 2027, and all three HOSN hospitals will be ready in early 2027. Referring to the forthcoming – in a few days – a tradition of the release of the Second and 3rd Division of Patras – Pyrgos, Mr. Mitzalis announced that Avax, which manufactures the first 21 km, at the end of July, instead of 3 km, would deliver 12 km of road.
Key points of the General Meeting:
- The strong financial results, coupled with the continued reduction in net lending, which in terms of net lending to EBITDA was first reduced to less than 2.5 times versus 7.4 times in 2020, allow the proposal to distribute an increased dividend by € 130% to 0.07 euros from the profits of 2024.
- In March 2025 and in an attempt to expand the participation of institutional investors in the company’s share capital, the 4.4% percentage of the main shareholders occupied, thus raising the overall percentage of institutional investors to about 11%. Basic shareholders still hold 55% of the company’s shares.
- By recording a significant +50% increase since the beginning of 2025, Avax’s share has significantly exceeded the performance of the Athens Stock Exchange Index, thereby reflecting only part of the fair value and prospects of both the construction and portfolio and portfolio. With the EV/EBITDA index respectively, it is 5.5 times that is a significant discount compared to domestic and international competition.
- Consolidated sales in 2024 increased by 44%to € 651 million as a result of acceleration in recently undertaken projects, such as Athens subway, Romania electricity plant, Flyover, Greek projects and Hospitals of the Stavros Foundation.
- The Group’s backlog remains at € 3 billion due to the new conventions signed in the last six months, such as projects to repair the damage from Daniel natural disaster and the private works of Papastratos and Sklavenitis.
- With the new bond loan of € 300 million in August 2024, Avax concessions was refinanced by a significant part of the existing € 180 million loan and additional € 120m funding was secured for new investments, such as the acquisition of an additional amount of the Flyover, such as the acquisition of the Flyover and the acquisition of the Flyover. Cash flows from construction in order to finance future investment plans in the areas of concessions, energy and real estate.
- Following refinancing, net lending at a parent company is just 62m euros, and after repayments mainly from the return of the Aegean Motorway capital, the remainder of the bond loan is € 189m with additional € 33m disbursement.
Regarding the group’s subsequent investment moves, the effort is focused on securing new PPP projects next time. The implementation of the investment program for the development and sale of residential complexes with a total area of 15,000 sqm and a commercial value of more than € 70 million in island destinations is in full swing. Also, the undertaking investment initiatives, through the subsidiary Ixion Energy in activities that the Group has traditionally been present, such as energy, through the recent submission of a proposal for connecting 100mWh energy storage that intends to build in the Boeotia area.