Ellaktor (ELLAKTOR) Q2 2024 earnings summary

Executive summary

• Group liquidity reached €670m as of June 2024, supporting strategic investments and a €174m capital return in July 2024.

• Revenue from continuing operations rose 6.2% year-over-year to €144.7m, with total group revenue at €192.7m including discontinued operations.

• EBITDA for continuing operations reached €89m, up 0.9% year-over-year, with a 61% margin.

• Profit after tax from continuing operations increased 40.7% year-over-year to €40.4m.

• Major transactions included the sale of the remaining 25% of Anemos RES for €123.5m and a signed SPA for the sale of a 94.44% stake in Helector for €114.7m.

Financial highlights

• H1'24 continuing operations revenue was €145m, up 6% year-over-year; C.O. EBITDA was €89m, stable YoY, with a 61% margin.

• C.O. pre-tax profit rose to €55.7m from €40.9m in H1'23; C.O. net income increased to €40.4m from €28.7m.

• Group net cash stood at €458m, up from €302m at end-2023; equity attributable to shareholders was €748m.

• Cash and cash equivalents increased to €643.6m as of 30.06.2024.

• Equity decreased to €779.9m, mainly due to a €174.1m capital return to shareholders.

Outlook and guidance

• Substantial PPP and concessions pipeline, targeting participation in projects worth approximately €6bn.

• The Group aims to expand its concessions portfolio and invest in new PPP projects.

• Real estate projects are maturing, with new opportunities being explored in the hospitality sector.

• Real estate development projects are advancing, with a focus on the Cambas Project, Gournes, and Alimos Marina.

• Greek GDP is expected to grow by 2.2% in 2024 and 2.3% in 2025, outpacing the euro area.