Aktor Group reported strong first-half 2026 results, with revenue climbing 44% year-over-year to €649 million and pro forma EBITDA rising 85% to €120 million, even as its shares slipped 1.8% to $9.80 on the NYSE.
Reported EBITDA reached €91 million, up 38%, with a margin of 14%. On a pro forma basis, EBITDA margin expanded to 15%. Gross profit grew 11% to €82 million, while construction operating expenses fell to 4.8% of sales from 5.7% a year earlier. Pro forma profit before tax more than doubled to €37 million from €17 million.
The Greek diversified group, which trades under the ticker AKTRr, has been executing a strategic pivot away from its historical reliance on construction. Construction now accounts for roughly 55% of group EBITDA, down from around 90% in 2024. Management targets concessions, renewables, and LNG to eventually represent two-thirds of total EBITDA.
"2025 was the year we built the new Aktor," Chairman and CEO Alexandros Exarchou said. "2026 is the year it delivers."
Aktor completed two significant capital raises this summer. A €650 million share capital increase in July was 3.6 times oversubscribed, followed by a €300 million five-year senior unsecured bond offering in August that saw 1.7 times demand. Total equity raised over 3.5 years now exceeds €900 million, with combined equity and bonds approaching €1.5 billion.
The company entered the half with a pro forma cash position of €1.1 billion and net debt of €429 million, implying leverage of 1.9 times EBITDA. That ratio is expected to rise as capital is deployed into concessions and the renewables portfolio, CFO Kostas Adamopoulos confirmed.
Construction backlog stands at €4.5 billion, with 67% already signed. More than €500 million was executed during the first half.
On the investment side, Aktor outlined a €3 billion capital expenditure program over five years, more than half already contracted and fully funded. Key milestones include the acquisition of HELECTOR and THALIS, expected to close in Q1 2027 pending Hellenic Competition Commission approval, contributing an estimated €41 million in 2026 EBITDA. The group also faces a final decision within one to two months on the Dioriga Gas FSRU project, targeted for completion before 2030.
In LNG, Aktor signed an agreement in April with Atlantic-SEE LNG Trade and Aktor LNG USA for 1.5 billion cubic meters per year starting in 2030, supplying Albania and Bosnia. A separate supply contract with Venture Global was doubled to 1 million tons annually.
"It will move the group from a trader to infrastructure owner," Adamopoulos said of the LNG strategy.
The company also highlighted a pump storage project in western Macedonia, with over 1 gigawatt of licensed long-duration storage at development stage. Targeted for completion around 2030, the project carries an investment of approximately €1.2 billion over six years alongside a 51% hybrid and storage portfolio from DEPA. Exarchou described it as a "wild card" offering construction margin and optionality.
Medium-term, Aktor targets adjusted EBITDA of €375 million to €425 million, with about 65% already secured through signed agreements or advanced negotiations. Long-term, the company aims for €600 million to €700 million in EBITDA by 2030.
First major concessions are expected to enter operation in mid-2028. Greece's recycling rate, currently at 17%, is targeted to reach 65% by 2035, requiring roughly €3 billion in waste treatment investments—a market Aktor is positioning to serve.
Aktor's market capitalization stood at €2.6 billion as of September 22, 2026, up from €234 million when majority ownership was acquired in 2022. Shares have returned 605% since then, compared with 189% for the Athens market and 51% for the STOXX Europe 2600. Free float rose to 35% from 25%, with over 200 new international institutional investors joining, a 90% increase.
