What Avax does

AVAX Group is a Greek construction and infrastructure conglomerate headquartered in Maroussi, Athens, listed on Euronext Athens since 1994 under the ticker AVAX. The company traces its origins to a 1989 founding and the 2002 merger of J&P Group with AVAX, and operates today through three core pillars: construction (civil engineering, buildings, roads, ports, hydraulics, electrical, pipelines, refineries, LNG terminals, industrial and environmental works), concessions and PPPs (18 active assets across transport, parking, marinas, and school buildings, valued at EUR 401.7 million), and energy (Volterra, fully owned since 2017, operating a 330 MW portfolio with over 1.7% of Greek electricity consumption share, plus IXION ENERGY in photovoltaics). The group employs approximately 3,300 people and operates in Greece, Cyprus, Qatar, UAE, Iraq, and Romania.

The company executes projects primarily through competitive public tendering and consortium arrangements, with clients spanning the Greek government, public utilities (PPC, DESFA), private industrial customers (Papastratos, Sklavenitis), and international energy infrastructure (Trans Adriatic Pipeline). Notable ongoing or awarded work includes Athens Metro Line 4, the Patras-Pyrgos highway, a EUR 673.5 million Romania power station, a EUR 125 million Malta LNG project, and a 157 km natural gas pipeline to Western Macedonia. AVAX holds a comprehensive ISO certification suite (9001, 14001, 45001, 50001, 37001, 39001, 27001, 27701, 22301) and BIM 'Lead Appointed Party' certification from TUV NORD Greece.

Revenue is generated through one-time construction contracts, recurring concession/PPP dividends, and recurring energy production/trading income. Q1 2026 turnover was EUR 208.4 million (+17% YoY), Q1 EBITDA was EUR 26.7 million, and management has set a strategic full-year EBITDA target of EUR 150 million alongside a 40% dividend increase. The order backlog of EUR 2.6 billion as of June 2026 provides approximately 2-3 years of revenue visibility, supporting a trajectory of strong forward growth subject to public sector execution.

Name

Avax

Legal name

AVAX S.A. (ΑΒΑΞ Α.Ε.)

Website

https://avax.gr

Company type

Public

Founded year

1994

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

AVAX Group is one of Greece's largest publicly listed construction conglomerates, executing civil, building, energy, and infrastructure projects for the Greek government, public utilities, and industrial clients, and operating 18 active concessions plus a vertically integrated energy subsidiary (Volterra) with a 330 MW portfolio.

Ownership category

akta.pro rank

Headquarters

HQ city

Amaroúsion

HQ country

Greece

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Construction Contracts: Revenue from construction contracts for civil engineering, building, infrastructure, energy, and industrial projects. Major contracts include public works, private sector projects, and international construction projects.
2. Concessions and PPP: Income from concessions and Public-Private Partnership (PPP) projects including transport infrastructures, car parks, marinas, and school buildings. The Group maintains 18 active concessions generating dividends.
3. Energy Production and Trading: Revenue from Volterra subsidiary through electricity production, trading and retail supply, including renewable energy projects. Volterra holds market share exceeding 1.7% of Greek electricity consumption.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels3 records

Core offering

AVAX Group is a Greek construction and infrastructure conglomerate that delivers civil engineering, building, and energy projects (power plants, refineries, LNG terminals, pipelines, road and port works) primarily for public-sector clients via competitive tendering and for private industrial clients via direct engagement. The group also generates recurring revenue through 18 active concessions and Public-Private Partnerships (transport, parking, marinas, school buildings) and operates a vertically integrated energy subsidiary (Volterra) producing, trading, and retailing electricity and natural gas with 330 MW of capacity.

Product overview

AVAX Group is a construction and infrastructure conglomerate operating through multiple specialized subsidiaries. The company operates across three core business pillars: Construction (civil engineering, buildings, infrastructure, energy installations), Concessions/PPPs (transport, parking, marinas, schools), and Energy (power production, Volterra subsidiary for electricity/natural gas trading). Additional operations include real estate development, vehicle inspection (AUTECO), facilities management (TASK AVAX), and marina operations (Marina Athens). The group applies integrated management systems certified to multiple ISO standards across all activities.

Differentiator

Problem solved

Functional benefit

Brands

• IXION ENERGY: Subsidiary specializing in photovoltaic and renewable energy projects, including 8 solar projects along Olympia Odos highway
• VOLTERRA

Products and services

• Construction Services (Civil Engineering and Infrastructure) End-to-end construction services covering civil engineering, building projects, hydraulics, port and road works, electrical engineering, industrial works, pipeline and natural gas networks, environmental projects, and public infrastructure (hospitals, metro, roads, schools) for government and private-sector clients in Greece and internationally.
• Energy and Industrial Projects Construction of power plants, refineries, liquefied natural gas terminals, industrial energy projects, and energy-related infrastructure, delivered via the Volterra subsidiary and AVAX's own project teams.
• Concessions and Public-Private Partnerships (PPP) Long-term concession and PPP projects covering transport infrastructure, car parks, marinas, and school buildings; the group maintains 18 active concessions that generate recurring dividends, with portfolio fair value of €401.7 million as of Q1 2026.
• Real Estate Development Property development and investment activities delivered through the AVAX Development S.A. wholly-owned subsidiary, including commercial and residential projects.
• Vehicle Technical Inspection (AUTECO) Technical inspection and certification services for vehicles, operated through the AUTECO (AVAX IKTEO) subsidiary.
• Facilities Management and Parking Operations (TASK AVAX) Management and operation of constructed facilities and parking spaces, delivered through the TASK AVAX subsidiary.
• Renewable Energy (IXION ENERGY) Photovoltaic and renewable energy project development, including 8 solar projects along the Olympia Odos highway, operated through the IXION ENERGY subsidiary.
• Marina Operations (Marina Athens) Marina operation and management services delivered through the Marina Athens (ΜΑΡΙΝΑ ΑΘΗΝΩΝ Α.Ε.) subsidiary.
• Electricity Production, Trading and Retail Supply (Volterra) Electricity production, trading and retail supply of electricity and natural gas, including renewable energy, delivered via 100%-owned subsidiary Volterra S.A. The portfolio totals 330 MW in various development stages and exceeds 1.7% market share of Greek electricity consumption; Volterra holds a 25-year electricity supply license for 300 MW capacity.
• Wood Preservation and Treatment (ELVIEX) Wood preservation and treatment services delivered through the ELVIEX S.A. subsidiary.

Quantifiable outcome

• Revenue of EUR 208.4 million in Q1 2026 (+17% YoY)
• +3 more outcomes

Named customers7 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Eleven partnerships are on record, tiered core and minor.

• Sorgenia GroupcoreStrategic or Co-development Partner · 11 March 2010Strategic cooperation in Greek energy sector through Volterra SA (50:50 joint venture) for electricity production, trading and retail supply. AVAX later acquired full ownership of Volterra in 2017.
• Limassol Marina LtdcoreStrategic or Co-development Partner · 19 February 2010AVAX Group participates with 31% stake in Limassol Marina concession project, which includes construction of marina with 1,000 vessel capacity and 50,000 sqm residential/commercial development worth EUR 360 million total.
• Volterra SAcoreOthers100% owned subsidiary specializing in energy production, trading and retail supply. Portfolio includes 330 MW capacity in various development stages and over 1.7% market share in Greek electricity consumption.
• TASK AVAXcoreOthersSubsidiary for technical vehicle inspection and related services.
• AUTECO (AVAX IKTEO)coreOthersSubsidiary company in the AVAX Group.
• ETETHcoreOthers100% subsidiary of AVAX Group, participates in various construction projects.
• Athens MarinacoreOthersMarina concession operation under the Group.
• ELVIEXminorOthersWood treatment subsidiary company.
• IXION ENERGYcoreOthersEnergy subsidiary specializing in photovoltaic projects, constructing 8 solar projects along Olympia Odos highway.
• AVAX DEVELOPMENTcoreOthersReal estate development subsidiary.
• Ghella-Alstom ConsortiumcoreStrategic or Co-development PartnerConsortium partner for Athens Metro Line 4 project. AVAX leads the consortium offering 12.19% discount.

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• GEK Terna: Greece's largest construction and concessions group, with overlapping activity in infrastructure, PPPs, and energy — including a €2.4B+ backlog and significant concessions portfolio. The closest direct competitor to AVAX in the Greek market and the principal benchmark for domestic share-of-wallet.
• Intracom Holdings: Greek diversified group with construction, IT, and energy operations. Overlaps with AVAX in infrastructure construction and energy projects, and competes for similar Greek public-sector contracts.
• Ellaktor: Greek construction and infrastructure group operating in civil engineering, buildings, and concessions. Directly competes with AVAX on Greek public tenders and PPP projects, with a comparable concession and infrastructure footprint.

Broad incumbents

• Bouygues Construction: European construction major active in civil engineering, energy, and infrastructure. Comparable to AVAX in core construction services and energy project execution, though with a much broader international footprint.
• VINCI: Global construction and concessions leader with extensive PPP/concession operations. Comparable to AVAX in business model mix (construction + concessions), but operating at vastly larger scale and international breadth.
• Hochtief: European construction major with significant concessions and energy infrastructure expertise. Comparable to AVAX in the concessions and energy infrastructure space, but with a primarily German and US footprint.
• Skanska: Global construction and project development company with strong PPP/concession operations. Comparable to AVAX in business model and infrastructure project focus, but with a much larger scale and more diversified geography.

Regional players

• Mytilineos (Metlen Energy & Metals): Greek industrial and energy group with significant power plant construction and renewables operations. Comparable to AVAX's Volterra energy business and industrial project portfolio, particularly in Southeastern Europe.
• Strabag: European construction major with strong Central and Eastern European operations. Comparable to AVAX in international project execution and energy infrastructure, though focused primarily on CEE rather than the Mediterranean/Middle East.

Others

• Public Power Corporation (PPC): Greek electricity utility and a major customer of AVAX's power plant construction. Relevant as a customer reference and for benchmarking the Volterra energy trading business in the Greek electricity market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/avax-group
• Instagraminstagram.com/avax_group

Compliance9 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries12 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Avax