The year 2026 is proving to be the most significant in the history of AKTOR Group, as corporate acquisitions, investments in new activities, the financial strengthening of the company, and its strategic partnerships begin to bear fruit under the development roadmap extending to 2031, as confirmed by the Financial Statements for H1 2026, announced today, highlighting the dynamic business expansion of AKTOR and its transformation into a diversified infrastructure group.
Increase in profit and revenue
In H1 2026, turnover reached 649 million euros, while gross profit reached 82 million euros, rising by 11%. Group EBITDA earnings increased by 38% to reach 91 million euros, while on a pro forma basis they increased by 85% to reach 120 million euros, compared to last year. A key factor behind this improvement was the increase in the EBITDA margin from 11% to 15% relative to the corresponding prior-year period, as well as the further operational restructuring of the Group. Pre-tax profit was maintained at solid levels (11 million euros), while on a pro forma basis it stood at 37 million euros, up by 114%.
Strong liquidity and backlog
Furthermore, AKTOR Group bolstered its liquidity, holding robust cash reserves of 1.1 billion euros (pro forma) and substantial equity of 1 billion euros (+157%). Net debt stood at 429 million euros, with its ratio to adjusted pro forma EBITDA earnings reaching 1.9x, reflecting a sound financial foundation, readiness for investments, and strict adherence to the strategy of maintaining low leverage. Despite executing projects valued at 500 million euros in H1 2026, the Group’s backlog remained at high levels, standing at 4.5 billion euros. Of this, 67% represents signed contracts and 33% represents contracts pending signature. On September 24, 2026, the Group’s market capitalization was 2.6 billion euros.
An epochal year in 2026
Commenting on the financial results for H1 2026, the Chairman and Chief Executive Officer of AKTOR Group, Alexandros Exarchou, stated:
«2026 exhibits epochal characteristics for AKTOR Group. Our recent acquisitions have begun integrating into our financial results, offering a very clear preview of what lies ahead and what the future of AKTOR Group will be. In our top priority, PPP and Concession projects, we agreed to acquire a significant stake in the Northern Road Axis of Crete, the largest infrastructure project in Greece today, expanding our portfolio. In LNG, we began giving substance to the Vertical Corridor: we brought the first quantities of American LNG to Europe, doubled committed volumes from our supplier, and secured our initial long-term contracts with our clients, while concurrently agreeing to participate in the development of Greece’s new FSRU, which will provide us with a competitive edge in the market. We are entering dynamically into the circular economy through the acquisition of the companies ELEKTOR and THALIS, a sector in which we will invest strategically and focus heavily on moving forward. We are strengthening our RES and Storage portfolio with large-scale investments to support our goal of future recurring revenue. We are expanding our strategic partnerships across the market so that we remain in the best possible position to capitalize on incoming opportunities. In short, we see our growth vision for a multifaceted infrastructure group materializing and delivering results».
And Alexandros Exarchou added:
«And we do not stop here. In the summer we concluded the largest capital raise in our history, through the successful 650 million euro share capital increase and the 300 million euro bond issuance, providing us with a robust capital base to execute our major 3 billion euro investment plan so that by 2031, we generate earnings across multiple activities and shield our leading position in the market of Southeastern Europe». The 3 billion euro investment plan: Following the successful 950 million euro capital raise via share capital increase and bond issuance, AKTOR Group holds sufficient resources to fully fund the 3 billion euro investment plan scheduled through 2031, aiming for a long-term target of generating EBITDA earnings exceeding 600 million euros through the development of new activities.
The Construction Sector: Engine of growth
The Construction Sector of AKTOR Group managed on a pro forma basis to increase pre-tax profits by 160%, to 39 million euros from 15 million euros last year, despite a 1% decline in its revenues, as it sustained a high gross profit margin (14%) while concurrently lowering operating expenses through selecting profitable, high-quality projects and utilizing digital technologies for enhanced cost control.
Emphasis on the circular economy and water management projects
AKTOR Group estimates that the full integration of the companies THALIS, ELEKTOR, and ENTELECHEIA will contribute decisively to sustaining high profitability in the foreseeable future. In particular for the first two, in which it will hold a 75% stake following completion of the acquisition under a strategic partnership with Motor Oil Group (which will hold the remaining 25%), they are expected to offer the Group a strategic advantage and new capabilities to optimally capitalize on forthcoming market opportunities, as Greece requires major waste recycling projects and the tendering of a large volume of environmental projects totaling up to 3 billion euros is anticipated over the coming years. The total EBITDA of the two companies, which possess notable market shares, have 10 waste processing units under construction, and hold a backlog of approximately 1 billion euros, stood at 41 million euros in 2025. The environmental projects division is also being expanded via the strategic partnership between AKTOR Group and Suez International, a leading international group in the water cycle, which will contribute to forming a new, integrated, and verticalized operational pillar in the circular economy and positioning the Group appropriately in the market.
Strategic pivot to PPP and Concession projects
AKTOR Group currently participates in 17 PPP and Concession projects as a contractor or preferred bidder. Adjusted EBITDA for the PPP and Concession Sector increased by 63% in H1 compared to the corresponding period last year, achieving an EBITDA margin of 62% (an increase of 16%), owing to the full integration of AKTOR Concessions and the solid performance of operational toll motorways in which it holds a stake. Concurrently, the Group participates in over 25 relevant tenders and is positioned to expand its PPP and Concession portfolio with next-generation projects. In addition, during the financial period, it agreed to acquire a significant stake in the concession project for the Northern Road Axis of Crete (VOAK), which is the largest in Greece.
Investments in RES and Storage
The Group is resolutely developing a robust portfolio of RES and Storage projects, targeting a 520MW portfolio over the medium term, which includes 100MW of Storage Systems reinforced by targeted acquisitions. This portfolio is expected to be operational or undergoing grid connection by the end of the year, contributing to the sector’s EBITDA earnings, while the progressive activation of storage systems will further safeguard its financials, shielding the Group from negative prices and mandatory curtailment. The Group’s investment plan targets the deployment of an integrated RES portfolio with a capacity of 1.2GW by 2031, characterized primarily by diversification and concurrent expansion into wind farms to secure a balanced energy mix and cash flow stability. In parallel, AKTOR Group continues to expand its RES division through its recent strategic collaboration with DEPA Commercial for the joint development of RES and storage projects with a total capacity exceeding 470 MW, in which AKTOR Group will hold a 51% stake and DEPA Commercial 49%. Furthermore, the Group is advancing major investments in Storage Systems, entering the large Pumped Storage project in Western Macedonia, with a budget of 1 billion euros and a target capacity of 1GW, contributing decisively to the sector’s diversification.
Development of the LNG Sector
AKTOR Group is establishing an integrated LNG platform aimed at securing supply and shielding Southeastern Europe from natural gas price volatility via the Vertical Corridor. Its subsidiary Atlantic SEE LNG Trade, owned 60% by the Group and 40% by DEPA Commercial, has already agreed to double contracted volumes from the US. Furthermore, in H1 2026, the Group signed long-term binding agreements for the sale of LNG to Albania and Bosnia and Herzegovina, respectively, totaling 1.5 bcm per year, turning the Vertical Corridor into reality. Meanwhile, within the framework of its strategic partnership with Motor Oil Group, it agreed to acquire 50% of Dioriga Gas, which is developing Greece’s second FSRU. The combination of infrastructure and long-term contracts provides enhanced control over the value chain and a competitive advantage for the Group.
Facility Management strengthens the Group
The Facility Management Sector has been reinforced to deliver holistic services and contribute to broadening the footprint and profitability of the Group. The Group employs nearly 3,000 people in the sector across Greece, Qatar, and the United Arab Emirates, respectively, and recently secured a major 130 million euro contract for facility management at Hamad International Airport in Qatar.
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