Ellaktor S.A.

First-half 2026 revenue was EUR 649 million, up 44% year over year, with gross profit of EUR 82 million, up 11%. Reported EBITDA was EUR 91 million, up 38%, while EBITDA pro forma for Helector and Thalis was EUR 120 million, up 85%, with a 50% margin versus 10.5% a year ago. The group reported pro forma profit before tax of EUR 37 million, more than double last year's EUR 17 million. Backlog stood at EUR 4.5 billion, after more than EUR 0.5 billion of execution in the half. On the balance sheet, pro forma cash was EUR 1.1 billion, equity about EUR 1 billion, and net debt EUR 429 million, or 1.9x EBITDA. Management reiterated adjusted EBITDA guidance of EUR 375 million-EUR 425 million for the medium term and said the second half should be strong, with turnover a bit better than the first half.

Alexandros Exarchou framed the half year as proof that the company's post-transformation structure is now operating in full, with six subsidiaries and a holding company focused on capital allocation rather than operations. He stressed that AKTOR is building multiple long-duration cash-flow pillars on top of construction, especially concessions, renewables, LNG, circular economy, and water, and said the capital raise and bond fully fund the five-year investment plan. His tone was confident and assertive, repeatedly emphasizing execution, discipline, and the view that the group is now financially stronger than any peer in Greece.

Kostas Adamopoulos focused on the quality and mix of earnings, noting that the group is construction-led and that the gross margin in construction sits at 14%, the upper end of guidance. He highlighted reported EBITDA of EUR 91 million, pro forma EBITDA of EUR 120 million, and pro forma profit before tax of EUR 37 million, and explained that the pro forma view better captures the full impact of recent acquisitions. On liquidity, he said net debt falls to around EUR 430 million pro forma for the EUR 650 million equity raise and EUR 300 million bond, with leverage at 1.9x and about 80% of gross debt maturing from 2031 onward. He also said the investment phase starts with significant headroom versus the company's leverage policy and that the plan is funded.

Analysts pressed on second-half 2026 expectations, the medium-term EBITDA target, the Helector and Thalis deal, pump-storage economics, curtailment in renewables, concessions timing, and the Motor Oil FSRU project. Management said the second half should be strong and slightly better on turnover, reaffirmed the EUR 375 million-EUR 425 million adjusted EBITDA target, and said around 65% of it is already secured. On Helector and Thalis, management said the deal is finalized apart from Competition Commission approval and expects EUR 41 million EBITDA plus about EUR 1 billion of backlog, but emphasized the strategic value of entering recycling, waste management, and water. On renewables, management said curtailment is being underwritten in valuations and that batteries are the solution; on the second FSRU, they said the project could be finalized within one to two months but completion timing is still too early to forecast, though they want it ready before 2030.