AVAXIndustrials · Engineering & Construction · ΧΑ

Avax

€3.205

−0.00(−0.16%)

Close 26/10/2026 · end-of-day price, not real-time

Avax (AVAX) closed at €3.205 on 26/10/2026, -0.16% on the day. Market cap €471.8m, P/E 10.3, dividend yield 3.12%.

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26/10/2026Close 3.21−0.16%Vol 159.3k+2.6% since start

Key statistics

12 months to Jun 2026 unless a figure says otherwise

Profile

At the 26 Oct close

Market value: €471.8m
Enterprise valueDec 2025est.: €729.2m
Shares outstandingOct 2026: 147.2m
Revenue12 months to Jun 2026: €962.7m
Employees: 2,884
Free floatest.: 54.9%
Traded a day, 3-month average: €923.3k

Valuation

12 months to Jun 2026

P/E: 10.3×
P/B: 2.3×
EV/Salesest.: 0.76×
EV/EBITDAest.: 6.1×
P/FCFFY2023: 12.7×
Dividend yield: 3.1%

Margins

12 months to Jun 2026

GrossFY2025: 11.8%
EBITDA: 12.4%
Operating (EBIT): 9.0%
Pre-tax: 7.0%
Net: 4.9%
Free cash flowFY2023: 8.2%

Net margin = the shareholders' profit ÷ group revenue.

Returns

12 months to Jun 2026

ROE: 22.5%
ROCE: 18.6%
ROICest.: 13.5%
ROAFY2025: 3.4%
ROE, 5-year averageFY2021–25: 14.0%
Tax rateFY2025: 27.4%

Financial health

Dec 2025

Cash: €115.5m
Net debt: €256m
Net debt ÷ EBITDA: 2.2×
Debt ÷ equity: 183.0%
Interest coverFY2025: 5.5×

Growth

Revenue, last yearFY2025: +47.1%
Revenue, last halfH1 2026: +1.0%
EPS, last yearFY2025: +57.6%
EPS, last halfH1 2026: −5.3%
Revenue, 3 yearsFY2022–25, a year: +33.5%
Revenue, 5 yearsFY2020–25, a year: +15.7%
EPS, 3 yearsFY2022–25, a year: +6.6%
Shares, 3 yearsFY2022–25est.: +2.6%

Dividends

FY2025

Yield, last 12 months: 3.1%
Per share: €0.100
Payout: 31.3%
Years paid, last fiveFY2021–25: 4

Trading and risk

From our closes, dividends reinvested

Total return, 1 year: +37.8%
3 years, a year: +39.3%
5 years, a year: +27.7%
10 years, a year: +27.0%
Volatility, 1 year: 37.8%
Beta to the General Index: 1.30×
Deepest fall, 1 year / 5 years: −21.3% / −38.3%
52-week range: €2.30–€3.885

est.worked out by usread with care: tap for why

Where the figures come from: the company's reports, reviewed by us · annual accounts filed in ESEF format · results announcements on the exchange · our own closing prices. No forecasts or target prices are stored.

Financial charts

From the stored figures: the reviewed dossier first, then the annual reports (ESEF) and results announcements

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Valuation

3 companies

Metric	AVAX	Peer median	Peer range
P/E	10.3	—
P/B	2.3	2.5	2.3 2.7
P/S	0.49	1.60	1.14 2.05
EV/EBITDA	6.1	—
Dividend yield	3.1%	0.0%	0.0% 1.7%
Payout ratio	31.3%	0.0%	0.0% 18.9%
Gross margin	11.8%	16.2%	13.4% 19.0%
Operating margin	9.0%	9.7%	6.0% 13.4%
Net margin	4.9%	4.8%	0.5% 9.1%
ROE	22.5%	10.0%	1.7% 18.4%
Revenue growth (last full year)	47.1%	11.2%	10.8% 15.6%
Net debt	€256.0m	€1.1m	-€7.3m €1.2bn

Twelve Data · latest quarter 30/06/2026

Peers: Construction

EV/EBITDADay

AKTOR GroupAKTR19.0+1.3%

AvaxAVAX6.1−0.2%

EKTEREKTER7.5+1.6%

Domiki KritisDOMIK32.3+1.7%

Not compared: GEKTERNA (motorway concessions)

Compare in depth

The company

AI-drafted

AVAX is a construction group listed on Euronext Athens. It builds metro lines, motorways, hospitals, power plants, solar parks and gas pipelines in Greece and abroad; construction produced 96% of 2025 revenue. It holds minority stakes in motorway concessions and PPPs, runs Athens Marina, owns a third of Limassol Marina and develops real estate.

How it makes moneyH1 2026 · basis: revenue

Construction¹²97.6%
Other activities¹²1.4%
Real estate¹²0.3%
Concessions¹²(profits from concession stakes are equity-accounted and do not appear as revenue)0.6%
Energy¹²0.1%

It is

A construction group first: construction produced 96.3% of revenue and €99.6m of the €120.8m EBITDA in 2025.⁵
Without a majority shareholder: the Joannou and Mitzalis families, both on the board, together control about 45%.^2,11

It is not

No longer J&P-AVAX: it reverted to the AVAX S.A. name in 2019, and J&P (Investments) sold its 22% stake in 2022.^5,7
Not a motorway operator by revenue: its concession stakes are equity-accounted minority holdings that add profit, not revenue.⁵
Not a power producer: it sold Volterra's renewables to PPC Renewables in 2022 and the supply business to Metlen; energy revenue was €1.3m in 2025.^5,6,7

Recent developmentsAll company events →

Sep 2026H1 2026 results showed €472.0m revenue, €68.3m EBITDA and €27.3m profit; signed backlog after July–September contracts reached €3.0bn.^12,13,14
Sep 2026The CEO confirmed two contracts for 230 km of pipeline; the deck values the Karperi–Komotini contract with DESFA at €105m.^10,13
Aug 2026Larissa Thermoelectric awarded AVAX its 794 MW net combined-cycle plant and substation; the final investment decision is expected by end-2026.⁸
Aug 2026€100.2m contract with PPC Renewables for a 275.5 MW solar park in Romania, the fourth in a row with that client after a 525 MW park in Kozani.⁹
Jul 2026The AGM approved a €0.10 dividend per share and a new buyback of up to 5,000,000 shares, ending the previous programme early.³
Apr 2026A ministerial decision found no present basis to reclaim the €41.6m Metro Line 4 premium after the project extension.¹²

Key figures

Signed backlog €3.0bn 2026-09-22¹²
New contracts signed €365m FY2025⁵
Construction EBITDA margin 12.6% H1 2026^13,14
Largest client's share of revenue 22% H1 2026¹²
Net debt to EBITDA 2.1x 2026-06-30^13,14

Key facts

Chairman Christos Joannou controls 21.6% through CSME Holdings and CEO Konstantinos Mitzalis holds 16.0%; the Mitzalis family holds 23.8% in all.^1,2,11
H1 2026 revenue was €472.0m, EBITDA €68.3m and profit after tax €27.3m; the FY2025 dividend was €0.10 per share.^4,12,14
Athens Metro Line 4, a €980m contract, is 27% of backlog; completion moved to 3 September 2032, while an April ministerial decision found no present basis to reclaim a €41.6m premium.^2,5,12
Concession stakes include Olympia Odos 23.01%, Aegean Motorway 23.61%, the Thessaloniki Flyover PPP 50%, Limassol Marina 33.5% and Athens Marina 99.96%.⁵
Founded in 1986 and listed since 1994; renamed J&P-AVAX in 2002 and back to AVAX in 2019.⁵

Sources

1.Shareholder StructureAVAX S.A.official
2.Corporate Presentation, August 2026AVAX S.A. · 27/08/2026official
3.Resolutions of Annual General Meeting, 02.07.2026AVAX S.A. · 03/07/2026official
4.Dividend Payment for 2025AVAX S.A. · 03/07/2026official
5.Annual Financial Report 2025AVAX S.A. · 02/04/2026official
6.FY2025 Results, investor presentationAVAX S.A. · 02/04/2026official
7.FY2022 Results, investor presentationAVAX S.A. · 26/04/2023official
8.New project signed with Larissa ThermoelectricAVAX S.A. · 05/08/2026official
9.AVAX Group: Contract for a new 275.5MW solar park in RomaniaAVAX S.A. · 03/08/2026official
10.Press release in Greek: CEO K. Mitzalis on backlog and €700m of new projectsAVAX S.A. · 07/09/2026official
11.Notice of regulated information, JCGH merged into CSME HoldingsAVAX S.A. · 26/06/2026official
12.Interim Financial Report to 30 June 2026 (Greek)AVAX S.A. · 23/09/2026official
13.H1 2026 Financial Results investor deckAVAX S.A. · 23/09/2026official
14.H1 2026 results releaseAVAX S.A. · 23/09/2026official

AI-drafted from the cited sources · 24/09/2026 · v2 · ✓ checked by an independent second modelAvax S.A.Website ↗

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