Thank you very much for joining us today for the presentation of the results of AKTOR for the first half of 2026. A year ago, we were presenting you a group that has just completed its transformation into six operating subsidiaries.

Today, we are presenting the first half year in which the structures have worked in full: six subsidiaries, each with its own management, its own financial statements, and its own targets, and a holding company that does exactly what we said it would do—it allocates capital and it does not operate. Four of them carry the growth plan: construction, concessions, renewables, and LNG, with construction as the backbone.

What we are building on top of it are cash flows that do not depend on construction, but benefit from it. On that basis, the group almost doubled its EBITDA, secured 900- €950 million of new capital, and closed or announced the trans- transactions that build the two newest pillars: LNG, and now circular economy and water.

Slide 6 gives you the key figures, and I will highlight the main ones. Turnover at €649 million, up 44%.

I would like to remind everybody that for for a construction-led group, the first half is always the lighter one. Gross profit at €82 million, up 11%.

EBITDA pro forma for HELECTOR and Thalis at €120 million, up 85% from a year ago with a margin of 15% from 2000 from 10.5% a year ago and from 4% when we started the journey in 2023. The backlog stands at €4.5 billion, after a half year in which we executed more than €0.5 billion of it.

The balance sheet pro forma for the capital increase and the bond: cash position of 1.5 €1.1 billion, equity of €1 billion, net debt at €429 million—1.9 times EBITDA, and a market capitalization of €2.6 billion as of the 22nd of September. I will not say more on these figures; Kostas will analyze them later.

What I want to stress is that everyone of them is moving in the direction we described to you in July. In July, we completed the share capital increase of €650 million, a book that was 3.6 times oversubscribed, and in August, the €300 million, 5-year senior unsecured bond, 1.5 1.7 times oversubscribed.

I would like to put these two numbers in perspective. At the general meeting in July, I said it was the last time I would make historical historical comparisons, I will make one exceptions.

When we acquired the majority of INTRAKAT in 2022, the company had a market capitalization of €250 million. Since then, we have raised €100 million in 2023, €200 million in 2025, and €650 million this summer—more than €900 million of new equity in 3.5 years.

Every time with a clear purpose, and every time delivering what we promised to the investors who supported us. This time, the purpose is the plan we presented in June: approximately €3 billion of capex over 5 years, more than half of it already contracted, taking the group towards a long-term EBITDA of about €600 million.

With the equity and the bond, that plan is fully funded. There is no financial gap.

We start the investment phase with leverage well below the levels we guided to. As I said in July, at this capital increase, AKTOR will be the strongest, and by a wide margin, the financially healthiest company of its kind in Greece.

Today, that is a fact, not an intention. In 4 years, our share- shareholders have put close to €1 billion of equity into the company, and €1.5 billion including the two bonds, and every euro of it had one purpose: to grow without ever again letting debt run ahead of the business.

Slide 8 is central to the new to how we measure ourselves, because growth of for us is important, but creating value for our shareholders is even more important. Since 2022, AKTOR share has return- returned 600- 605% against 189% of the Athens market, and 51% for the STOXX Europe 600, and the market capitalization has gone from 2002 to- €234 million to €2.6 billion.

The capital crease changed the quality of our shareholder base as well. The free float rose from 200- from 25% to 35%, and more than 200 new international institutional investors joined the register, a 9% 90% increase in the number of investors.

I would like to welcome them today, and to assure them and all of you of the same discipline that produced this chart. We invest where the return is certain, we protect the margin, and we keep leverage under control.

Slide 9 shows what we did in the first 9 months of the year, and I will not read the timeline; I will pick out what matters. In the beginning of the year, we put the place in place the new organizational chart with a vertically integrated model for the six subsidiaries.

In January, Atlantic Sea made its first LNG sale and delivered the first US cargo to Ukraine through Revithoussa. The LNG pillar became a physical business, not a plan.

In February and March, we signed the binding agreement for 30 36% of of the VOAK concession and 30% of its construction, and we signed the strategic MOU with Suez International and the party with Thonex for the Elefsina Port concession bid. We acquired 100% of Aiolos Evia, 145 MW of ready-to-build wind project.

In April, AKTOR LNG USA signed a 20-year agreement with Albania and Bosnia and Herzegovina for 1.5 bcm a year from 2030, all of them, of course, for and on behalf of of Atlantic Sea LNG. In June, we presented the new growth plan and doubled the supply contract with Venture Global to 1 million tons a year, an agreement, of course, related and assumed by Atlantic Sea LNG.

In the third quarter, with €950 million of new capital in the bank, we moved on three- three three transactions that define the next phase: 75% of HELECTOR and Thalis from Motor Oil, 50% of the Dioriga Dioriga Gas FSRU, and in renewables, the two pumped storage projects in Western Macedonia, just a- just over 1 GW of licensed long-duration storage at development stage, and in- investment of about 1.5 €1.2 billion over 6 years, together with 51% of a 471 MW hybrid and storage portfolio from DEPA. Slide 10: HELECTOR and Thalis, because this is a transaction that adds to a new pillar to the group, and let me set out the logic behind it.

Greece has to increase its recycling rate almost four times from 17% today to 65% by 2035 and to stop sending waste to landfill. That request- requires around €3 billion of waste treatment investment and about 5 million tons of new capacity within the next 9 years.

It is the same logic as the concessions and LNG: a market that has grown because of a European obligation, long-dated contracts, and a position where we are the only fully integrated player. HELECTOR and Thalis bring exactly that position: more than 10 facilities in operation, a backlog of about €1 billion, and an expected EBITDA of €41 million in 2026.

With the MOU we signed with Suez in February, we cover the full water cycle from development and design to construction and operation. The share purchase agreement with Motor Oil was signed in August, and closes closing is expected in the first quarter of 2027, subject to competition commission approval.

As I told you our shareholders in July, the purpose is also very practical: creating a vertically integrated force in circular economy, positioned for the tender pipeline in waste and water that the Greek state is about to launch. Before I hand over, one word on the environment.

Construction in Greece is strong. The pipeline of public-private part- partnerships is the largest we have ever seen.

Romania is preparing its first concession tenders, and the gas market this year confirms the whole thesis of our LNG business. The environment is with us.

What we have to do is execute, and the first half shows that we are executing. I will now ask Kostas Adamopoulos to take you through the financial results in detail.

Good afternoon from me as well. Alexandros has covered the headlines and the strategic picture.

The next few pages go one level underneath—what is driving the numbers, what is not yet in them, and what they say about the balance of the year. Starting with the top line, our revenue is up low single digits year-on-year.

The growth rate is not the message here. We are a construction-led group with a second half weighting that appears every year.

Last year, for example, the second half was 24% larger than the first. By the way, we said explicitly in July that '26 will be the year in which the deed is in the margin, not in the top line.

The group margin is, first of all, a construction margin. Construction operations generate close to 80% of the group, and the gross margin of the construction sits at 14% at the upper end of the guidance that we give.

In page 13 is the page to spend most time on. The reported EBITDA is €91 million, up 38% at a margin of 14%.

I think the pro forma figure figure of €120 million, which incorporates the full impact of the recent acquisitions, I think it's the more useful lens. It adds Entelecheia from January to April since we consolidated it from May 1st, and HELECTOR-Thalis for the full 6 months.

That is let's say the perimeter you will see in our reporting numbers from 2027 onwards. The closing of HELECTOR-Thalis acquisition is expected in the first quarter of '27, like Alexandros said, subject to clearance by the competition commission.

On that basis, the EBITDA is up 85% and the margin is 15%. The mix of EBITDA is also the point we emphasized in July, and it's already moving.

Construction was about 90% of group EBITDA in 2024, 70% in 2025, and this half, we're already around 55%, while construction EBITDA itself is growing. Our stated target is for the three investment pillars—that is concessions, renewables, and LNG—to reach roughly 2/3 of the group EBITDA in the long term.

The first half is a measurable step in that direction. On a pro forma basis also, the group the profit before tax stood at €37 million, more than double last year's €17 million.

The new acquisitions are profitable at the bottom line, and that is the profile where the the report numbers converge to from 2027. Page 14, it's the debt structure as of June 30th, 4 weeks, that is, before the proceeds of the capital increase and the bond arrived.

On that basis, the net debt is a little over €1 billion. Pro forma for the equity and the bond proceeds, net debt falls to around €430 million, which is 1.9 the last 12-month EBITDA.

The holding company moves to a net cash positive of €0.5 billion. Equity, adjusted for the raise, is approximately €1 billion.

That is 2.5 times more of what it was in June. The relevant benchmark here is is the guidance that we gave back in July—net leverage of less than 4.2 through the investment cycle, settling within the 3.5 to 4.0 policy over the long term.

The investment phase starts at 1.9. The leverage will rise as the capital is deployed into the concessions and the renewables portfolio.

That is the plan, and the plan is funded, and it rises from a base that leaves considerable headroom against the guidance. One observation from the right-hand side of the page: 80% of the gross debt, including the new bond, matures from 2031 onwards, beyond the heaviest years of the capex plan.

Page 15 makes three points. First, our working capital needs are seasonal.

Every year, the first quarter funds execution ahead of certification, and the cash comes back as the year as the year progresses. This year, the second quarter was already breakeven, and the first quarter outflows was smaller than last year's.

Second, the capital increase and the bond have rebased the whole balance sheet. The leverage that came with last year's acquisitions returns to 1.9 times, and every liquidity ratio moves to a new level.

Third, that liquidity covers the debt maturing through 2029 about five times, and most of our debt matures after 2030, beyond the heaviest years of the investment plan. Page 16 walks you through the cash from the end of 2025 till now.

We start from 324 of cash at the end of 2025. Before working capital, operations generated €65 million that half.

Working capital absorbed €120 million in the first quarter as projects ramped up ahead of certification, and a further €26 million in the second quarter when receivables started to release and we deduce the supplier balances. Financing flows were €58 million, essentially the interest expense; investing activities, €37 million, mainly some development from the renewables platform.

That brings the position to 148, and the capital increase and the bond issuance had more than €900 million. The cash position is €1.1 billion, the liquidity with which we start the new investment phase.

Now, a few words about each segment. Slide 18: construction.

The backlog stands at €4.5 billion, of which 67% is signed. Around a fifth is our own investment project—the PPPs in Crete, Peloponnese, and Thessaly—where the group is the contractor and the owner at the same time, and the construction margin stays inside the group.

As we said in July, that captive volume is what defends margin through the cycle. That share that share arises also from here: the VOAK the VOAK construction contract, the waste and water plants of the new pillar, the storage projects are all our own investment work.

The plan takes captive volume to about half of the construction activity over its life. Slide 19: the revenue is stable, and the reason is the base, not the demand.

The first half of '25 was the peak execution period for large projects since completed and handed over, like Patras-Pyrgos and the Kalamaria extension of the Thessaloniki Metro. The revenue rolled off faster than the new awards ramped up.

The gross margin increased to 14%, and the operating expense fell to 4.8% as a percentage of sales from 5.7. EBITDA of €65 million keeps the margin at double digits, 11.4%, and the profit before tax up to €39 million.

Slide 20 showcases concessions platform in its first full half year inside the group. The map on page 20 gives the shape: seven assets in operation, five under construction, five where we are preferred bidder, one of the two largest portfolios in its kind in Greece.

The operating assets are long-dated: Moreas and Aegean Motorway run to 2038, the Rion-Antirion Bridge to 2040, and Olympia Odos to 2044. The pipeline also behind them is the largest the platform has ever had.

We are in 23 tenders as we speak, with a participation value of €3.2 billion, and preferred bidder of five PPPs worth of about half a billion to the group. Slide 21: the EBITDA of the platform of €27 million for the first half, 63% more than in the same 6 months last year on a like-for-like basis.

This growth comes from the assets already in operation. Those under construction practically do not contribute yet.

On that point, Pylia and Chersonissos-Neapoli section of VOAK enter into operation in mid-2028, the Crete student residences in 2029, the Tavropos irrigation networks also in early '29. When they do, the platform's EBITDA moves from €47 million in '25, let's say, as an annualized run rate, to more than €140 €140 million in the medium term, almost all of it from assets already in operation or under construction.

The sector results below EBITDA is negative in this phase. Net financial cost of €23 million is the interest expense on the debt of the concession companies, including the PPPs still under construction.

That is the typical profile of any concession platform in its construction phase in this market and elsewhere, everywhere, and it turns positive as each asset enters operation and its payment starts. It does not change the value of the platform, which is the fastest-growing part of our plan.

Renewables, page 22: Greece already has about 19 GW of renewables installed against a national target of 25 by 2030. Renewables and hydro now cover more than half of electricity demand.

Curtailment, negative prices are the consequence of that growth, and the policy answer is storage. The national plan now targets 6.2 GW by 2030, of which 4.3 GW in batteries and 1.9 GW of hydro pumps.

That is why our portfolio now is moving from a standalone solar to storage and hybrids. On the portfolio, the year started with 160 MW in operation, and June ended with just under 200 MW.

By December, with the acquisition of Sanforce 2 and the remaining storage units, the operating and ready-to-connect portfolio reaches roughly 520 MW, the milestone we set in April. Two September transactions, though, change the scale of the of the segment.

First, we sign the agreement, as we previously discussed, to acquire the two pumped storage projects in Western Macedonia, subject to the customary conditions. We're talking about 1 GW of licensed storage capacity, with environmental approval already granted.

These are development-stage assets, with an invest- investment of about €1.2 billion over roughly 5 to 6 years, funded by a combination of equity and project debt, and about €1 billion of future construction work for our own construction segment. Second, the memorandum with DEPA Commercial for 51% of a 470 MW hybrid and storage portfolio, with definitive agreements expected in in Q4.

On slide 23, the financials are lagging to what we just described. The revenue of €4.4 million and EBITDA of 2.7 are below the run rate indicated at the full year, for two reasons that the slide names: curtailment and negative prices in the spring, and later than planned energization of specific parks.

Starting from 2027, though, the delayed parks will contribute for full years, with an estimated EBITDA of €200 million per year. The storage rollout is the structural answer to the curtailment.

LNG, page 24, which appears in our numbers for the first time with physical volumes: revenue of €31 million from the first cargo into the Southeast European corridor, and a slightly negative EBITDA, around €3 million, while the trading platform is being built. That is consistent with what we said in July: a small contribution in the medium term, with a step change from 2030, when the 20-year take-or-pay contract start.

Given the market backdrop, you should expect further cargoes over the coming months from AKTOR. This year's gas market showed why the region wants this supply.

Now, the first half disruption pushed European gas prices sharply higher, while Henry Hub, to which our supply is indexed, barely moved. Price stability, security of supply are what we offer to the buyers of Southeast Europe, and they are the basis of the offtake agreements that we are signing, as we speak.

Page 25 is the execution record. In less than a year, we have secured the supply—1.5 bcm from Venture Global.

We made the first sale to Naftogaz, delivered the first US cargo through Revithoussa, signed offtake agreements in Albania and Bosnia for 1.5 bcm a year from 2030, and booked capacity for the vertical corridor for the years to 2030. The last piece of the puzzle is regasification.

In July, we signed the framework agreement with Motor Oil to acquire 50% of Dioriga Gas, which is building Greece's second FSRU, sized for roughly 30% of the national gas imports, with construction due in 2027. It will move the group from trader to infrastructure owner, and it give us our own it gives our own contracted volumes their own route into Greece and onwards, with under 10% of the capex plan of the planned capital committed to LNG.

Finally, on on real estate, page 26, small non-core portfolio, revenue around €8 million. In August, we agreed to acquire the Paiania campus that houses the group for €45 million, with a final contract scheduled by the end of September: 65,000 square meters of land, 30,000 square meters of building, bringing all our activities under one roof.

Facility management, page 27: revenues of €38 million, EBITDA up 22%. One item after the period: in July, the group received the letter of acceptance for the operation and maintenance of International Airport in Doha, a 5-year contract of about €130 million, starting in January 2027.

In Greece, where the signed where the signed backlog is about €100 million across airports, data centers, motorways, hospitals, the plan is to build integrated facility management on the group of the group's own assets: the concessions, the new pillars, and the campus. With that, back to Alexandros.

Thank you, Kostas. Let me close by summarizing where we stand.

We are very satisfied and very proud of the first half of 2026. The numbers are significantly better, the structure works, the capital is in place, and the plan is moving on every pillar.

2025 was the year we built the new AKTOR. 2026 is the year it delivers.

Credibility is earned through consistency. At AKTOR Group, we execute against our strategy and consistently deliver on the commitments we have made to the market.

As we continue to outperform and deliver robust results, our priority remains absolute fidelity to our strategic roadmap and sustainable long-term value. Thank you very much.

We are now at your disposal for questions.

Yes. Hello.

Many thanks for the presentation. A quick question regarding the management expectations for the second half of 2026.

I think, Kostas, you mentioned a bit that it's more heavily weighted in the second half, but if you could give a bit more color, it would be great. Also, maybe if you could give us a bit longer-term or medium-term, I would say, if you think that you're still on track to meet the guidance you have given for adjusted EBITDA of €375 to €425 [million] for the medium term?

Thank you.

Thanks. The second half, we expect it to be strong, equally strong like the first quarter.

We expect a little bit better in terms of turnover because this is construction-driven, therefore we expect a little bit better results in terms of turnover. Other than that, we feel confident that we're going to conclude the year with as satisfactory results as the one you have in front of you today.

Generally, we affirm our adjusted EBITDA guidance of €375 to €425 million. Approximately 65% of the medium target is already secured through various agreements that we either have already signed or we are in the process of negotiating to sign.

What is critical in looking forward is the two agreements we have made with Motor Oil, the one related to Thalis and HELECTOR is very important for us, and, of course, the one we currently negotiate to finalize, which is the one related to the second FSRU in Corinthos. Both of them will start producing results next year, and we are looking forward to that because we believe that puts us on track to a guidance we have given for medium-term EBITDA at the level of €375 to €425 million.

We are optimistic that we're going to achieve, hopefully earlier than we expected, the targets we have announced back in July.

Great. Thank you.

Hi. Thank you for taking my questions.

Just a question on HELECTOR and Thalis. Could you please give us an update on where the deal stands now and what kind of impact you expect it to have on the group's financials?

As that agreement is finalized. It's now in the process of being reviewed by the Competition Commission.

As soon as we're going to have the green light of it, it will be finalized. There is nothing pending other than the decision of the Commission, we assume that we're going to have secured that towards the end of the year or beginning of the next.

We're expecting to actually increase our EBITDA €41 million on the back of results of Thalis on 2025 and an additional backlog of €1 billion. However, these are the numbers.

The importance of the agreement for us is the market. We are actually securing a very strong position with significant leverage in a new market which is recycling, waste management, and water.

Business-wise, this acquisition completes in practice what we want to create, which is an infra conglomerate. I think that was missing from our portfolio, and securing that, together with the fact that we have a very strong partner with a percentage of 25%, give us comfort that we're going to take the reasonable share in the market we expect after this acquisition.

That for us is more important than the actual figures in terms of the additional EBITDA or the additional backlog.

Clear. Just one question on pumped storage.

Could you give us some color on the projects around the expected development timeline and the profitability prospects? Maybe a broader question on your business plan.

You've announced quite a few agreements recently like Dioriga, HELECTOR, the pumped storage. Could you give us some color on how all these fit into the group's overall business plan?

Look, per se, the acquisitions were not in the business plan as the acquisitions per se. Overall, the guidance are not changed.

It is in the segment that we serve with the market that we want to focus in the next years. We're talking about segments with contracted cash flows.

If you exclude the hydropump storage, which is obviously a big project and it's not in the business plan, the circular economy investments and the other investments are embedded in the capex plan that we announced back in July. Now, for the hydropump, let's say it's a wild card for us in the business plan.

It came after the announcement, after the capital increase. It gives us good optionality, good construction margin, and I think financing this project, it's going to be really easy for us.

The hydropump is over and above the business plan that we announced back in July. Can you please repeat the other question, please?

It was about pumped storage, anything about the profitability prospects?

It's too early for this. I think it's going to resemble the guaranteed returns kind of profile that you have seen in other similar projects.

At this point, it's far too early to establish any kind of future projections about these kinds of projects. As I said, big construction margin and guaranteed IRR in any kind of form, that's the plan here.

Like concessions.

Give you back more information in the next quarters when this will mature and materialize, okay?

Clear. Thanks.

Thank you.

Can you hear me now? Apologies.

Sorry about that. Thank you very much for the presentation.

Just on my side, please. With the rising curtailment in Greece for renewable operators as the grid connection rises, how do you see the group's broad renewables and storage strategy playing out from here?

That's the first one. Then with regards to the concession segment, just wanted to get if possible color on how are these projects advancing?

Are the projects under construction pressing according to schedule? Thank you.

I'll take the first one, the second one is for Kostas. I have been discussing this issue of curtailment for quite some time.

I think it was discussed in the previous investor call and of course, several times during the road show in July. We started investing in renewables when curtailment was well known at significant level.

When we evaluate the investment, we take account of not only the current curtailment, but what we expect the curtailment to reach at the level of 20%. Therefore, the price by which we acquire always plans includes the valuation of the current level of curtailment and higher.

Also, I am saying, and I do understand that these days there is a lot of discussion as it was expected some time ago of the intention of the Greek state to at long last, I would add, start investing significantly in batteries. This is a significant development that we were expecting when deciding to invest in renewables.

Therefore, we also, as you can see from acquisition of DEPA, we will be there investing in batteries heavily to actually take the uplift of our investments of at the level of 20%, because if we manage in as far as our parks is concerned to limit curtailment to zero, we will have an immediate uplift of the valuation of our plants by 20%. Batteries is the solution.

It appears the Greek state is looking to invest heavily on the level of batteries enough to tackle the curtailment problem, and that was exactly what we were expecting when initiating the investment on renewables. I'm happy to see that whatever we took into consideration when we took the risk to invest in renewables is actually here, and we are very optimistic, not only that we will manage to have the return on equity that we have anticipated initially, but we are going to have significantly better results on the back of the battery developments.

The second question is for you, Kostas.

Yes. About the equity participations, look, the operating assets are long-dated.

Moreas and the Aegean Motorway, as we discussed, run until 2038, the bridge until 2040, Olympia Odos to 2044. Now, obviously, the growth that we envisage in the plan will come from those that are under construction and practically they do not contribute anything yet.

Pylia and the Hersonissos-Neapoli section of VOAK enter into operation in mid-2028, the Crete student residences in 2029, Tavropos the irrigation network again in '29, plus a couple of smaller concessions. All these PPPs are going to contribute more than 50 60 I think €70 million of EBITDA in full operation.

That's why we have the guidance for €140, €150 million of EBITDA coming in the concessions in the midterm.

Understood. Thank you.

Hello. Thank you for taking my question.

A question regarding the FSRU with Motor Oil. Correct me if I am wrong, there is still pending the FID from both parties.

My question is, when should we expect the finalization of the project? Also, subject to positive decision from both parties, when should we expect completion of the project?

Thank you.

I think the basic elements of the agreement are already there. We are looking into the business plan currently, and we hope to complete it within the next 1 to 2 months.

I'm looking forward to have finalized this before the end of the year, I think even earlier. Now, in terms of actually completing the project and having a second FSRU in place, I'm not ready now to give you a target.

We are striving to have it ready prior to 2030, when we will actually need it for the quantity secured by Atlantic LNG. At this stage, today, I'm not in a position to forecast completion of the project.

Okay. Thank you.

As we said earlier, I'm particularly proud of the results and, of course, of what has happened last July in terms of the increase of share capital and the bond. We have spent the last 4 years building the foundations of a healthy, strong, and sizeable infra conglomerate.

Now, we are there. From here on, we have the leverage necessary and the financial capability to proceed with the investments we have forecasted in an attempt to follow our business plan and reach the target for 2030.

Up till now, the last few years, we have outperformed our expectations, and we now have everything we need and the stable foundations that we were seeking to create for the last 4 years in order to be able to validly believe that we are going to reach our target for an EBITDA for 2030 at the level of €600 to €700 million. I'm very optimistic of achieving the targets of our business plan.

On that, thank you very much for attending. We will be back in three in 6 months.

Thank you. Thank you all.