Ellaktor S.A.

For full-year 2025, group revenue was EUR 89 million, down from EUR 354 million in 2024, a decline of about 75%. Net profit after tax was EUR 152 million versus EUR 57.4 million in 2024, driven by EUR 187.3 million of capital gains from asset sales. Group EBITDA was a loss of EUR 11.6 million versus profit of EUR 170 million in 2024; continuing operations posted EUR 46 million of operating losses, partly offset by EUR 34.4 million EBITDA from discontinued operations. Cash and cash equivalents were about EUR 307 million, compared with EUR 293 million at end-2024, total equity was about EUR 487 million, and equity attributable to shareholders was EUR 438 million, or EUR 1.26 per share. Total borrowings excluding lease liabilities were below EUR 26 million. On guidance, management declined to forecast full-year 2026 profitability or EBITDA this early in the year, and said the final dividend will be a board and AGM decision.

The CEO framed 2025 as a pivotal transformation year, saying Ellaktor moved from a construction, energy, concessions and waste-management profile toward a real-estate infrastructure group with less reliance on the public sector. He emphasized the completion of the planned disposals, the substantial cash build, and the resulting ability to make significant capital returns. He also pointed to the new growth platform in hospitality and real estate, including the hotel lease, Hestia apartments, a new office acquisition, and progress on Alimos Marina. His tone was confident but cautious on near-term earnings visibility, saying it is too early to make definitive 2026 statements.

The CFO reiterated that the major financial story was transaction-driven: the bottom line benefited from about EUR 187 million of capital gains from the Helector and Aktor Concessions sales, while shareholder rewards totaled EUR 470 million in 2025, split between a EUR 296 million capital return and a EUR 174 million interim dividend. He said year-end equity attributable to shareholders was EUR 438 million, or EUR 1.26 per share, and stressed the group is “practically unlevered” with strong liquidity. He also gave ESG metrics, including 1,000 tonnes of CO2 equivalent emissions, 4,000 MWh of energy consumption, 39% women representation, and no recorded human-rights, data-breach, GDPR, corruption or bribery incidents.

The main analyst question focused on whether the new hotel could make 2026 breakeven at the EBITDA or bottom line and on whether a final dividend would be paid. Management said it was too early to forecast full-year 2026 results and suggested waiting until at least the first half is completed before updating guidance. On the dividend, management said any proposal is a board decision that will go to the general meeting in the coming months, so they would not preempt it.