Ellaktor SA

Latest Results (09.12.2025):

Ellaktor SA — FY 2024 (full year ended 31 Dec 2024; also covering Q4 2024 results). The group reported materially lower top‑line and EBITDA vs. FY2023 driven by the disposal/hand‑over of large assets and the classification of Environment as discontinued operations, but remained profitable for the year. Consolidated revenue fell to €353.8m (‑56% YoY), consolidated EBITDA to €170.0m (‑26% YoY) and consolidated net profit to €57.4m (‑33% YoY). The group preserved liquidity and reduced gross debt while executing significant asset and capital‑return transactions during and after the year.

Key financials (FY2024)

Consolidated revenue €353.8m (vs €808.5m in FY2023); consolidated EBITDA €170.0m (vs €228.5m); profit before tax €87.8m (vs €116.3m); consolidated net income €57.4m (vs €85.2m). Continuing operations revenue €253.6m and continuing operations EBITDA €149.6m. Continuing‑operations net profit €44.0m (vs €107.4m).

Margins and cash flow

Continuing‑operations EBITDA margin ~59% (group EBITDA margin ≈48%). Operating cash flow (total) was positive at €32.2m for FY2024. Cash and equivalents at year‑end (cash & equivalents) were reported at €172.9m (cash incl. restricted cash on the balance sheet shown as €208.8m). Group liquidity reported as €293m as of Dec‑2024. Net cash (excluding Moreas and IFRS16 lease liabilities) was €226m vs €308m at end‑2023.

Balance sheet and leverage

Total assets declined to €1,503.2m from €1,984.7m a year earlier. Total borrowings decreased to €426.8m (‑29% YoY from €601.4m). Equity fell (total equity €776.8m vs €974.7m), mainly reflecting large capital returns and dividend distributions referenced in the report.

Major transactions and shareholder returns

Capital returns and disposals were a prominent theme: a €174.1m capital return (≈€0.50/share) was implemented July‑2024 and a €296m capital return (€0.85/share) was implemented March‑2025 (reported in the update). Other items: acquisition of an extra 3.48% stake in Olympia Odos for €20.6m raising the holding to 20.48%; sale of Helector to Motor Oil closed Jan‑2025 (equity consideration €113.8m); SPA signed Apr‑2025 for sale of Cambas & Gournes for €85.6m (expected closing July‑2025).

Real estate & corporate actions

Real Estate: acquisition of Athens Properties BV for €80m (adds 10 prime mixed‑use buildings, implied yield 7.4%); REDS delisting approved (effective 21.6.2024). REDS/AKTOR Concessions transfers and Alimos Marina equity/sub‑debt consideration of €31m were reported. Remaining 25% of Anemos RES sold to MORE for €123.5m in Jan‑2024.

Financing actions

A €275m bond loan was issued (100% subscribed by Piraeus Bank) to refinance debt and for general corporate purposes; €177m had been drawn by 28.01.2025. The group recorded significant loan repayments and reduced gross debt during the year (drivers include AKTOR Concessions repayments).

Segment highlights

Concessions: revenue €249.2m (‑12% YoY) and EBITDA €166.8m (‑7%), impacted by the hand‑over of Attiki Odos to the Hellenic Republic (05.10.2024). Real Estate: revenue fell to €3.7m and reported an EBITDA loss of €1.4m (post Smart Park divestment). Environment (classified as discontinued ops): FY revenue €100.2m with EBITDA up to €20.4m (+44%), driven by cost optimizations and improved commodity/pricing in the period.

Notable balance sheet explanations

Receivables decreased significantly due to reclassification of the Environment segment to held‑for‑sale and loan repayments from AKTOR, Thermaiki Odos and Aegean Motorway. Equity reduction was attributed principally to the capital return (~€174m) and minority payouts from Attiki Odos (~€32.5m). Trade payables and other provisions also fell following reclassifications and completion of heavy maintenance items.

Outlook and management actions

Management emphasizes balance sheet transformation and active liquidity management (generating interest income), selective divestments and acquisitions to sharpen the asset base (real estate acquisitions, hospitality leasing) and ongoing pursuit of profitable PPP/concession opportunities. A non‑binding offer for AKTOR was reported and exclusivity for due diligence was granted until 30.04.2025.