Ellaktor (ELLAKTOR) H1 2026 earnings summary

Executive summary

• H1 2026 marked completion of the corporate transformation, with results presented for continuing and discontinued operations.

• Continuing-operations revenue rose 27.7% year-over-year to €11.425m.

• Continuing EBITDA loss narrowed to €11.0m from €28.0m; total net loss narrowed to €13.5m from €29.9m.

• Portfolio strategy focuses on real estate, hospitality and tourism, including Alimos Marina, a new Athens hotel and selective property investment and disposals.

Financial highlights

• Continuing revenue was €11.425m versus €8.945m; gross profit before depreciation and amortisation improved to €1.8m from a €3.3m loss.

• Continuing EBITDA loss was €11.0m versus €28.0m; EBIT loss was €13.8m versus €33.3m, and net loss was €15.0m versus €33.2m.

• Total net loss, including discontinued operations and the €1.7m Cambas disposal gain, was €13.5m versus €29.9m in H1 2025.

• Operating cash outflow was €5.3m, investing outflow €65.0m and financing inflow €3.5m; continuing-operations cash and equivalents ended at €109.3m.

• Group equity decreased to €454.2m, mainly due to dividend distribution and net loss.

Outlook and guidance

• Alimos Marina received building permits in May and entered pre-construction, with construction scheduled to start within 2026.

• The marina plan includes upgraded port infrastructure and a ~210,000 sq.m. landside development with retail, food and beverage, offices, recreation and public areas.

• Fiction Athens and the serviced-apartment portfolio contribute to operating revenue and cash flows; further growth is expected as operations mature.

• Strategy prioritizes real estate, hospitality and tourism assets intended to provide greater resilience and more predictable medium-term returns.