AKTOR Group of Companies announced the completion of a €950 million capital increase, the largest in Greek corporate history. The raise comprised a €650 million share issue, which was 3.6 times oversubscribed at €11.25 per share, and a €300 million five‑year senior unsecured bond that attracted 1.7 times oversubscription. The proceeds lifted pro‑forma cash to €1.1 billion and equity to €1.0 billion, a 157 % year‑to‑date increase.
On a pro‑forma basis, net debt stood at €429 million, giving a leverage ratio of 1.9 times LTM EBITDA. Gross debt totaled €1.188 billion, split between €841 million non‑recourse and €347 million recourse components.
Revenue for the first half of 2026 reached €649 million, up 4 % year‑over‑year. Gross profit rose 11 % to €82 million, expanding the gross margin to 13 %. EBITDA increased 38 % to €91 million; when the full consolidation of recent acquisitions is included, EBITDA climbs 85 % to €120 million, reflecting a 15 % margin.
The group reported a backlog of €4.5 billion as of June 30, 2026, with 67 % of contracts signed. The backlog is supported by a €3 billion investment plan that underpins AKTOR’s ambition to generate €600 million of annual EBITDA by 2031.
Construction contributed 79 % of group gross profit, delivering €65 million of adjusted EBITDA on €573 million of revenue, a 1 % dip due to timing. Gross profit in the segment rose 14 % to €75 million (margin 13.2 %). Contract assets fell 11 % to €597 million, while profit before tax more than doubled to €39 million.
The concessions segment posted adjusted EBITDA of €27 million on a 61.8 % margin, with traffic volumes on major motorways increasing 1.4 % to an average of 4.7 %.
Renewables capacity reached 145 MW, with an additional 52 MW ready to connect. AKTOR aims for 520 MW by year‑end 2026 and 1.2 GW by 2031, following acquisitions of Eolos Evia Energy (100 % stake, 145 MW wind) and 51 % stakes in Sun Force Two (340 MW RES) and a 471 MW photovoltaic‑battery portfolio.
In LNG, the Venture Global contract was expanded to 1 million tonnes per annum for 2030‑2050. Commercial agreements were signed to supply 1 bcm to Albgaz (Albania) and 0.5 bcm to Aluminij (Bosnia). The Dioriga Gas FSRU, slated for 2027, is sized to handle roughly 30 % of Greece’s gas imports (21‑24 TWh).
Facility management generated €38 million of revenue and €5 million of adjusted EBITDA (12.9 % margin), and secured a €130 million, five‑year cargo‑terminal contract at Qatar International Airport starting January 2027. Real‑estate activity grew 170 % YoY to €8 million of revenue and €2 million of adjusted EBITDA, with the AKTOR Campus covering 64,800 m² of land and over 30,000 m² of built space.
Since late 2022, AKTOR shares have risen 605 % versus a 189 % gain in the Euronext Athens index and 51 % in the STOXX Europe 600. The stock traded at €9.98 on September 23, 2026, down 34 % from its 52‑week high of €15.06, giving a market capitalisation of €2.6 billion. Free float increased to 35 % after adding more than 200 new international investors. Major shareholders include Winex Investments (33.4 %), Castellano Properties (20.3 %) and Blue Silk (11.3 %).
Chairman and CEO Alexandros Exarchou called 2026 “the most significant year in our history,” citing acquisitions, the capital raise and a shift toward a multifaceted infrastructure model. Management highlighted a focus on profitable, quality projects and noted that renewable curtailment and negative pricing effects are expected to unwind from FY2027 onward. The Dioriga Gas FSRU was described as a strategic move that transforms AKTOR from an LNG trader to an infrastructure owner, de‑risking South‑East Europe’s gas commitments.
