AVAX — Project acceleration and construction margin expansion

AVAX delivered record H125 results, with revenue up 62% y-o-y to €468m and EBITDA up 29% y-o-y to €70m, driven by accelerated project execution and improved construction margins. The construction EBITDA margin expanded materially to 13.6% (H124: 9.4%), reflecting higher-margin project mix and operational efficiencies as new contracts enter the full execution phase. Net profit increased 74% y-o-y to €29m, net debt remained flat at €238m and net debt/EBITDA improved to 2.0x (FY24: 2.3x), providing flexibility for future growth investments. AVAX’s robust €2.8bn backlog (85% domestic, 15% international), combined with management’s guidance of €800m+ in revenue and €120m+ in EBITDA for FY25, should position it for a period of sustained growth momentum. Our forecasts and valuation remain under review.