Ellaktor S.A.

First-half 2026 revenue was EUR 649 million, up 44%, and gross profit was EUR 82 million, up 11%. Reported EBITDA was EUR 91 million, up 38%, at a 14% margin; pro forma EBITDA, including the full impact of recent acquisitions, was EUR 120 million, up 85%, at a 50% margin. Pro forma profit before tax was EUR 37 million, more than double EUR 17 million a year ago. Backlog stood at EUR 4.5 billion, and the group said it executed more than EUR 0.5 billion from backlog in the half. Pro forma cash was EUR 1.1 billion, equity about EUR 1 billion, and net debt EUR 429 million, or 1.9x EBITDA. For Helector and Thalis, management expects combined EBITDA of EUR 41 million and a backlog of about EUR 1 billion; closing is expected in Q1 2027, subject to Competition Commission approval. Management reaffirmed the medium-term adjusted EBITDA guidance of EUR 375 million-EUR 425 million.

Alexandros Exarchou framed the half as proof that AKTOR’s post-transformation structure is working, emphasizing that the group now has six operating subsidiaries and that the holding company is focused on capital allocation rather than operations. He said the company has secured new capital, closed or announced transactions that add pillars in LNG and circular economy, and has fully funded its roughly EUR 3 billion CapEx plan. His tone was highly confident, repeatedly saying the company is now financially strong, disciplined, and executing the roadmap it laid out in July and June.

Kostas Adamopoulos focused on margin quality, balance-sheet strength, and the mix shift away from construction. He said reported EBITDA was EUR 91 million, while pro forma EBITDA was EUR 120 million, and noted that construction margin was 14%, at the upper end of guidance. He also highlighted pro forma net debt of around EUR 430 million, leverage of 1.9x, cash of EUR 1.1 billion, and that 80% of gross debt, including the new bond, matures from 2031 onward. He said working capital was seasonal, the second quarter was already breakeven, and the capital increase and bond “rebased” the balance sheet.

Analysts pressed on second-half expectations and whether management was still on track for the EUR 375 million-EUR 425 million adjusted EBITDA target; management said the second half should be strong and reaffirmed the target, adding that about 65% of the medium-term goal is already secured or in negotiation. On Helector and Thalis, management said the agreement is finalized and only awaits Competition Commission approval, with EUR 41 million of combined EBITDA expected and a stronger position in waste, recycling, and water. Questions also covered pump storage, curtailment in renewables, the concession pipeline, and the Motor Oil FSRU; management said curtailment was built into acquisition valuations, batteries are the structural solution, and the second FSRU is being targeted for completion before 2030 but is not yet fully timed.