The construction sector shows strong activity with the four largest construction groups recording a positive performance.
The total backlog of projects of GEK Terna, Aktor, Avax and Metka stands at 17.6 billion euros (signed and pending contracts), while their revenues increased by 44%, 17%, 62% and 159% respectively in the first half of the year and their EBITDA (earnings before interest, taxes, depreciation and amortization) by 84%, 112%, 29% and 155%.
The positive course of the sector is recognized by investors, as was evident from the high demand for the bond issue of the GEK Terna Group, amounting to 500 million euros last week. It remains to be seen in the coming days whether the managements of Aktor and Avax will ultimately proceed with similar moves, following the relevant investigation that is currently underway by their managements.
The concessions provided a boost to GEK Terna’s figures (particularly in profitability). The Group’s total motorway portfolio, following the integration of Egnatia Motorway, including the concessions of the Northern Road Axis of Crete (VOAK) and the Attiki Motorway, will approach 2,000 km. This is the largest motorway portfolio in the country and one of the largest in Europe, boosting the Group’s ability to generate stable and recurring revenues over time (based on estimates of a total of 11 billion for the entire life of the projects).
Aktor’s management attributed the Group’s positive results to the launch of new generation and higher margin projects, the acceleration of work on ongoing projects, the delivery of important infrastructure projects and the optimization of operations within the company, which is in a transformation phase.
In the coming period, the completion of the acquisition of Aktor Concessions is expected, which, combined with the Group’s existing portfolio of PPP and concession projects, is estimated to contribute to the generation of cash flows of 1.2 billion in the coming years.
In addition, Aktor is strategically investing in its presence in Romania, which is a high priority and already contributes 22% of revenues and 17% of the backlog.
Avax
The financial figures of the Avax Group reached the highest levels in its history in the first half of the year.
The Group’s management pointed out the increased activity in the construction sector due to the start of new projects and the maturation of contracts that had been undertaken in previous years, moving into a phase of accelerated execution.
It also referred to the significant progress recorded in all major infrastructure projects in which the Group participates, such as the infrastructure in Ellinikon, the Stavros Niarchos Foundation hospitals, Line 4 of the Athens Metro and the Thessaloniki Flyover, as well as in the new projects it has started, such as the Bralos – Amfissa road axis.
It also added that it continues at a rapid pace the execution of major design and construction projects in the energy and industrial sectors, in Greece and abroad.
The most important of these are the 1,750MW power plant in Romania, the 125MW photovoltaic power plant in Megalopolis and the 282MW power plant in Bismayah, Iraq, which was delivered in August 2025.
The Group is pursuing similar projects, mainly abroad where there is high demand for new power plants, LNG terminals and storage facilities and natural gas pipelines, due to developments in international energy markets and the imperative need for Western economies to become energy independent from Russian natural gas imports.
Metka
In the Metka camp (Metlen Group), it is estimated that the figures will be further strengthened with the intensification of the execution of the projects that are in the company’s backlog, the start of work on the contracts signed in the first half of the year, as well as the signing of contracts for the projects in which it is a temporary contractor.
As the management pointed out, the medium-term prospects of the construction sector in Greece are particularly positive, both for public and private projects, as well as for Concessions and Public Private Partnerships (PPP) projects.
