From construction to energy superpower: AKTOR – The €3 billion plan by Exarchou that will yield €700 million in EBITDA

The growth of the AKTOR Group is extremely significant, and even more important is the value generation for shareholders, emphasized the group's head, Alexandros Exarchou, during a presentation to analysts regarding the details of the €3 billion investment plan, the €650 million capital increase (share capital increase), and the €300 million bond loan. Mr. Exarchou also stated he is convinced that the Group's strategic plan offers security regarding its prospects, as it is characterized by improved profit margins and optimal use of debt with the aim of achieving better financial balance and economic performance for the company. According to the Group's management, the €3 billion investments are secured and do not present a funding gap, while any new debt will not burden the Group, as it will be serviced by the cash flows of the subsidiaries, and its risk will be limited at the asset level. According to Mr. Exarchou, the goal of the €3 billion investment plan—which will be financed by the Group's cash flows, the impending €650 million capital increase, and the €300 million bond loan—is for the Group to achieve, in the long term, EBITDA in the range of €600–€700 million starting from 2031, through the parallel business development of new sectors such as RES, LNG, and PPP-Concession projects.

Investments from cash flows and synergies

The Group's management emphasized the importance of revenues that will result from stable contracted flows, such as Concession and PPP projects, RES, and LNG, which create solid foundations for the success of the venture, as more than half of the investment costs are considered secured through these flows. Furthermore, he praised the importance of scale and the internal synergies of the Group through the Construction Sector, which creates better profit margins, greater return on capital, optimal cost management, higher quality of projects, and improved timelines.

Change in the EBITDA mix

According to the investment planning, the goal is to gradually double EBITDA to €400 million in the coming years and triple it to over €600 million for the period after 2030, when the long-term LNG sales contracts through the Vertical Corridor will be implemented. This transition will bring about a drastic change in the EBITDA mix (which is currently dominated by Construction), as the pillars of activities characterized by contracted revenues will have a 2/3 share of the total EBITDA, without this implying a reduction in activity in the Construction Sector, which remains at the core of the Group. In fact, as management highlighted, since these are secured future flows, even in the extreme scenario where Construction slows down due to a reduction in the backlog and a lack of new project auctions in Greece and abroad, the Group will have sufficient strength thanks to the diversification of other activity sectors.

Strategic moves

It is worth noting that the group's priorities also include strengthening activity in Romania, where the Group has an excellent market positioning. At the same time, the completion of the interconnection of critical digital systems will bring one of the most advanced cost control systems in the industry, contributing to the generation of cash flows. The acquisition of Storage Systems in Bulgaria will improve the performance of the Group's RES projects in Greece and will enhance its ability to operate vertically in the retail electricity market, while the resolution of curtailment in Greece will make investments in Storage more attractive and will bring added value to the RES project acquisitions already implemented by the Group. Finally, an attempt will be made to expand LNG activity into other countries of the Vertical Corridor, such as North Macedonia, Moldova, and the Western Balkans, while the Group is evaluating the chartering of its LNG transport fleet and, in parallel, is examining the leasing of LNG Carriers to be used as fuel storage and as a "safety net" so that LNG transport is not affected by adverse Atlantic weather conditions.

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