AVAX — Construction momentum drives record profitability

AVAX delivered a robust performance in the first nine months of 2025 (9M25), with revenue climbing 65% y-o-y to €682.2m and EBITDA up 37% to €94.5m. The results reflect accelerated execution across the group’s €2.5bn backlog, with new projects entering full build-out phase, driving both volume growth and margin expansion. Construction EBITDA margins improved to 11.3% (9M24: 9.4%), continuing the upward trajectory established through FY24 when margins reached 10.4%, up from 6.2% in FY23. Net profit improved to €42.1m versus €4.9m in FY24, due to lower provisions (Lebanon-related charges affected 9M24), reduced finance costs and operational gearing. Net debt fell to €209.2m (FY24: €237.5m), resulting in the company’s net debt/EBITDA ratio falling to 1.6x (FY24: 2.25x). Management is guiding towards FY25e revenue of over €800m and EBITDA to exceed €120m, with further commentary on the fact that, on a medium-term horizon, the company expects to continue to convert operating results into high net profitability, with the end goal of rewarding shareholders through the distribution of high dividends.