Euroxx: Foresees 62% "soaring" for AKTOR - The €3 billion plan, EBITDA at €600 million by 2030

Robust growth prospects for AKTOR Group are foreseen by Euroxx Securities, which updated its valuation model following the completion of the share capital increase and the successful restructuring of the group. The brokerage sets the new target price at €15.30 per share, estimating that the upside potential stands at 62% from current price levels, while projecting a significant transformation of AKTOR over the next five years. According to the analysis, the group is entering a new growth phase led by infrastructure, concessions, Public-Private Partnerships (PPPs), and energy. Euroxx estimates that AKTOR can achieve a compound annual growth rate in EBITDA of 24%, creating one of the most dynamic infrastructure and energy platforms in the market.

€3 billion investment program - EBITDA tripling by 2030

The central pillar of AKTOR's business planning is the execution of an extensive investment program, which for the 2026-2031 period is estimated at approximately €3 billion. Investments will be directed primarily toward concessions, PPPs, and energy, aiming to diversify revenue streams and strengthen recurring profitability. Euroxx projects that by 2030 the group will have formed a broadly diversified business model, with adjusted EBITDA exceeding €600 million, roughly triple relative to the estimated 2026 level. This evolution will fundamentally alter AKTOR's profile, as the cyclicality and cash flow volatility characterizing the construction sector will be increasingly offset by the more stable profitability of concessions, renewable energy sources (RES), waste management, and liquefied natural gas (LNG). In this manner, AKTOR aims to transition from a business model with heavy reliance on construction into a multidimensional infrastructure and energy group with greater revenue and earnings predictability.

Scope for new acquisitions and investments

One of the core conclusions of Euroxx's analysis is that AKTOR's business plan may prove conservative, as the group retains scope for additional investments and acquisitions. The completion of the share capital increase has strengthened its financial position, offering greater flexibility to capitalize on new business opportunities. According to the brokerage, net debt remains at manageable levels following the capital increase. For the first half of 2026, the net debt to adjusted EBITDA ratio, on a pro forma basis and based on trailing 12-month data, stood at 1.9x. Concurrently, excluding non-recourse debt, AKTOR exhibited a net cash position of approximately €400 million. This financial picture establishes room for further expansion of the business platform, whether through mergers and acquisitions (M&A) or via new capital expenditures. Euroxx points out that the above capabilities constitute potential drivers of additional growth beyond what is already incorporated into the current business plan.

RES, battery storage, and LNG as potential catalysts

Euroxx attaches particular importance to the growth prospects of AKTOR's energy operations. The further buildout of Renewable Energy Sources, the expansion of battery energy storage systems, and operations within the LNG sector could provide an additional boost to profitability. According to the brokerage, these specific sectors create room for positive surprises relative to the current targets of the business plan. Developing activities with higher cash flow predictability is expected to enhance the overall resilience of the group and limit its exposure to construction cycle fluctuations. The critical element is that AKTOR no longer relies solely on growing its construction backlog. Its strategy foresees building a broader portfolio of operations capable of generating recurring revenue and supporting long-term profitability.

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