Aktor Societe Anonyme Holding Company Technical and Energy Projects (AKTR) H1 2024 earnings summary

Executive summary

• Group sales surged to €533.1m in H1 2024, up 32% year-over-year, driven by the integration of AKTOR and accelerated project execution.

• Major progress made on landmark infrastructure projects in Greece and Romania, including Thessaloniki Metro and Patra-Pyrgos Roadway.

• Integration of AKTOR contributed to improved consolidated figures and profitability.

• Focus on Romania enhanced profitability and growth potential, leveraging technical resources and TBM capabilities.

• Major transaction: transfer of RES projects to PPC Renewables, generating a profit of €23m.

Financial highlights

• Turnover reached €533.1m, up from €404m (proforma) in H1 2023.

• Gross profit rose to €51m (gross margin 10%), up from €17.2m year-over-year.

• EBITDA increased to €31m (adjusted: €30.8m), with EBITDA margin stable at 6%.

• Net profit for the period was €11.2m, compared to €17.7m in H1 2023.

• Cash position at €115m and net debt at €142m as of June 30, 2024.

Outlook and guidance

• Backlog remains high at €4.5bn, with €3.6bn signed and €0.9bn pending signature.

• Expansion in Romania expected to accelerate, leveraging technical capabilities and upcoming tenders such as the €1.5bn Brasov-Predeal project.

• New RES projects planned for FY 2025, including wind and battery storage.

• Continued focus on ESG initiatives and sustainability reporting.

• Ongoing operational and administrative restructuring to support growth.