Ellaktor (ELLAKTOR) H1 2026 earnings summary

Executive summary

• Completed transformation into six operating subsidiaries, each with independent management and targets, and presented results for continuing and discontinued operations.

• Four main growth pillars: construction, concessions, renewables, and LNG, with new additions in circular economy and water.

• Nearly doubled pro forma EBITDA and secured €950 million in new capital.

• Share capital increase of €650 million and €300 million bond, both oversubscribed.

• Shareholder returns since 2022 reached 605%, with market capitalization rising from €234 million to €2.6 billion.

Financial highlights

• Turnover at €649 million, up 44% year-over-year.

• Gross profit at €82 million, up 11% year-over-year.

• Pro forma EBITDA at €120 million, up 85% year-over-year, margin at 15%.

• Net debt at €429 million (1.9x EBITDA), cash position €1.1 billion, equity €1 billion.

• Profit before tax (pro forma) at €37 million, more than double last year.

Outlook and guidance

• Second half expected to be strong, with turnover slightly higher due to construction seasonality.

• Affirmed medium-term adjusted EBITDA guidance of €375–425 million, with 65% already secured.

• Long-term EBITDA target of €600–700 million by 2030.

• Major new projects (Helector, Thalis, FSRU) expected to contribute from 2027.

• Alimos Marina project entered pre-construction phase, with construction to begin in 2026.