Greece’s listed construction companies are reporting a standout performance, underscoring a broader infrastructure boom that is reshaping the country’s economic outlook.
According to annual financial results released by four major groups—GEK TERNA Group, AKTOR Group, AVAX Group, and Metlen (METKA)—their combined project backlog has reached €18.56 billion.
This backlog includes both public and private sector contracts that have either already been signed or are expected to be finalized after successful bids. The figure is equivalent to roughly 6% of Greece’s GDP, highlighting the central role infrastructure investment plays in the country’s growth trajectory.
Executives told analysts during earnings presentations that the infrastructure market in Greece is experiencing sustained growth, with further expansion on the horizon. New project tenders worth €8 billion to €10 billion are expected over the next 18 to 24 months. The surge is fueled by investments in highways, airports, urban regeneration, and tourism-related developments—key pillars of Greece’s post-crisis recovery strategy and long-term growth model.
GEK TERNA Dominates Backlog
Among the four groups, GEK TERNA holds the largest share of the total backlog.
The company reported a signed backlog of €6.6 billion as of Dec. 31, 2025, up from €4.1 billion a year earlier. An additional €2.6 billion in projects are pending signature, bringing its total backlog to €9.1 billion. Notably, about 77% of this backlog consists of self-funded and private-sector projects, a mix the company describes as lower risk and higher quality.
Key projects include major Greek infrastructure developments such as the Egnatia Motorway, the Northern Crete Highway (BOAK), the new airport in Kasteli on the island of Crete, and large-scale investments in the Ellinikon redevelopment project in Athens—a flagship urban regeneration initiative on the site of the former capital airport.
Greece’s Minister of Infrastructure and Transport, Christos Dimas, visited the construction site of the new Heraklion airport in Kasteli, Saturday, July 5, 2025. (Stefanos Rapanis/EUROKINISSI)
For 2025, GEK TERNA reported total revenue of €3.8 billion, with construction contributing €1.68 billion. Earnings before interest, taxes, depreciation, and amortization (EBITDA) reached €631.4 million, with concessions—long-term infrastructure operations like toll roads—serving as the group’s main cash-flow driver.
AKTOR Expands Through Transformation
AKTOR also posted solid results, with its backlog rising to €4.7 billion from €4.6 billion the previous year.
The company described 2025 as a transformative year, marked by acquisitions including AKTOR Concessions, strengthening its presence in infrastructure operations.
The chairman and CEO of AKTOR Group during the handover of the project it undertook on the Patras–Pyrgos highway, Thursday, July 31, 2025. (Dimitris Christodoulopoulos/EUROKINISSI)
Approximately 75% of AKTOR’s backlog is tied to projects in Greece, with 19% in Romania and the remaining 9% in other international markets. Contracts worth about €1 billion were signed during 2025 alone.
AVAX Boosted by Athens Metro Line 4
AVAX also delivered record performance, with its backlog reaching €2.76 billion. Public works account for 51% of the total, while private projects and public-private partnerships (PPPs) make up 49%.
Among its most prominent projects is Line 4 of the Athens Metro, one of the capital’s largest ongoing infrastructure works, with a contract value of €980 million. The new metro line is expected to significantly expand the city’s transit network.
Other key projects include three hospitals funded by the Stavros Niarchos Foundation, infrastructure works at the Ellinikon redevelopment, and the Bralos–Amfissa highway project.
AVAX reported €958 million in revenue for 2025, with €923.2 million coming from construction. EBITDA reached €120.8 million, with the bulk generated by construction activity and additional contributions from concessions.
Metlen’s METKA Unit Gains Momentum
Metlen’s infrastructure and concessions division, operated through METKA, is also expanding rapidly, with a backlog of €2 billion.
Revenue in the segment more than doubled to €567 million in 2025 from €256 million in 2024, while EBITDA rose to €100 million. The company expects further growth in 2026, targeting EBITDA of €140 million to €150 million.
Completion of the Katehaki–Evangelismos tunnel on Line 4 of the Athens Metro, Thursday, Feb. 12, 2026. (Tatiana Bolari/EUROKINISSI)
This expansion comes despite inflationary pressures on construction materials linked to ongoing conflicts in Ukraine and the Middle East.
In February 2026, METKA secured a 30% stake in a construction consortium alongside TERNA and AKTOR for a major section of the Northern Crete Highway (BOAK), a strategic transport project connecting Chania and Heraklion on the island of Crete.
Market Trends and Outlook
The sector’s strong performance is underpinned by several structural trends: continued investment in transport infrastructure and urban regeneration, a robust pipeline of PPP and concession projects, and rising demand for tourism and commercial developments—especially in high-traffic destinations.
Construction of the flyover on Thessaloniki’s ring road. (EUROKINISSI/Lia Foka)
Construction firms are also increasingly adopting modern building technologies and sustainability practices to improve efficiency and project management, while leveraging European and national funding tools.
Medium-term prospects for Greece’s construction sector remain particularly positive, with both public and private investment expected to stay strong. Concessions and PPPs are seen as key growth drivers, positioning the country’s major builders at the center of its ongoing economic transformation.
