Ladies and gentlemen, thank you for standing by. I am Geli, your Chorus Call operator. Welcome, and thank you for joining the AKTOR Group of Companies conference call and live webcast to present and discuss the first half 2026 financial results. All participants will be in listen-only mode, and the conference is being recorded. The presentation will be followed by a question- and- answer session. Should anyone need assistance during the conference call, you may signal an operator by pressing star and zero on your telephone. At this time, I would like to turn the conference over to Mr. Alexandros Exarchou, Chairman and CEO. Mr. Exarchou, you may now proceed.
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 the 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 EBITDA, secured EUR 950 million of new capital, and closed or announced the transactions that build the two newest pillars, LNG and now circular economy and water. Slide six gives you the key figures, and I will highlight the main ones.
Turnover at EUR 649 million, up 44%. I would like to remind everybody that for a construction-led group, the first half is always the lighter one. Gross profit at EUR 82 million, up 11%. EBITDA pro forma for Helector and Thalis at EUR 120 million, up 85% from a year ago, with a margin of 50% from 10.5% a year ago, and from 4% when we started the journey in 2023. The backlog stands at EUR 4.5 billion after a half year in which we executed more than EUR 0.5 billion for it.
The balance sheet pro forma for the capital increase in the bond, cash position of EUR 1.1 billion, equity of EUR 1 billion, net debt of EUR 429 million, 1.9x EBITDA, and a market capitalization of EUR 2.6 billion as of September 22nd. I will not say more on these figures. Kostas will analyze them later. What I want to stress is that every one of them is moving in the direction we described to you in July. In July, we completed a share capital increase of EUR 650 million, a book that was 3.6x oversubscribed, and in August, the EUR 300 million five-year senior unsecured bond, 1.7x oversubscribed.
I would like to put these two numbers in perspective, and at the general meeting in July, I said it was the last time I would make historical comparisons, so I will make one exception. When we acquired the majority of Intrakat in 2022, the company had a market capitalization of EUR 250 million. Since then, we have raised EUR 100 million in 2023, EUR 200 million in 2025, and EUR 650 million this summer, more than EUR 900 million of new equity in three point five years, every time with a clear purpose and every time delivering what we promised to the investor who supported us. This time, the purpose is the plan we presented in June.
Approximately EUR 3 billion of CapEx over five years, more than half of it already contracted, taking the group towards a long-term EBITDA of about EUR 600 million. With the equity and the bond, that plan is fully funded. There is no financial gap, and we start the investment phase with leverage well below the levels we guided to. As I said in July, that 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 four years, our shareholders have put close to EUR 1 billion of equity into the company and EUR 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 eight is central to how we measure ourselves because growth for us is important, but creating value for our shareholders is even more important. Since 2022, AKTOR share has returned 605% against 189% of the Athens market and 51% for the STOXX Europe 600, and the market capitalization has gone from EUR 234 million to EUR 2.6 billion.
The capital increase changed the quality of our shareholder base as well. The free float rose from 25%- 35%, and more than 200 new international institutional investors joined the register, a 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 nine shows what we did in the first nine 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 in place the new organization chart with a vertically integrated model for the six subsidiaries. In January, Atlantic Sea made its first LNG sale and delivered the first U.S. 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 36% of the BOAK concession and 30% of its construction, and we signed the strategic MoU with SUEZ International and the partnership with ONEX 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 for 1.5 BCM a year from 2030, all of them, of course, for and on behalf of Atlantic Sea LNG. In June, we presented the new growth plant 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 EUR 950 million of new capital in the bank, we moved on three transactions that define the next phase, 75% of Helector and Thalis from Motor Oil, 50% of the Dioriga Gas FSRU, and in renewables, the two pump storage projects in Western Macedonia, just over one giga of licensed long-duration storage at development stage. An investment of about EUR 1.2 billion over six years, together with 51% of 471 MW hybrid and storage portfolio from DEPA. Slide 10, Helector and Thalis, because this is a transaction that adds 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 requires around EUR 3 billion of waste treatment investment and about 5 billion tons of new capacity within the next nine 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 the position, more than 10 facilities in operation, a backlog of about EUR 1 billion, and an expected EBITDA of EUR 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 closing is expected in the first quarter of 2027, subject to Competition Commission approval. As I told our shareholders in July, the purpose is also very practical, creating a vertically integrated force in circular economy, position 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 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. 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 2026 will be the year in which the rate is in the margin, not in the top line. The group margin is first of all the construction margin. Construction operations generate close to 80% of the group, and the gross margin of the construction sits at 14% at the upper range of the guidance that we give. In page 13 is the page to spend the most time on. The reported EBITDA is EUR 91 million, up 38% at a margin of 14%.
I think the pro forma figure of EUR 120 million, which incorporates the full impact of the recent acquisitions, I think it's the more useful lens. It adds in the Elea from January to April, since we consolidated from May 1st, and Helector and Thalis for the full six months. That is, let's say, the perimeter you will see in our reported numbers from 2027 onwards. The closing of Helector and Thalis acquisition is expected in the first quarter of 2027, 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 are 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 profit before tax stood at EUR 37 million, more than double last year's EUR 17 million.
The new acquisitions are profitable at the bottom line, and that is the profile where the reported numbers convert to from 2027. Page 14, it's the debt structure as of June 30th. Four weeks, that is, before the proceeds of the capital increase and the bond arrived. On that basis, the net debt is a little over EUR 1 billion. Pro forma for the equity and the bond proceeds, net debt falls to around EUR 430 million, which is 1.9x the last 12-month EBITDA, and the hold company moves to a net cash positive of EUR 0.5 billion.
Equity, adjusted for the raise, is approximately EUR 1 billion. That is 2.5x more of what it was in June. The relevant benchmark here is the guidance that we gave back in July on net leverage of less than 4.2x through the investment cycle, settling within the 3.5x-4.0x policy over the long term. The investment phase starts at 1.9x. 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 progresses. This year, the second quarter was already breakeven, and the first quarter outflows were 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 1.9x , and every liquidity ratio moves to a new level. Third, that liquidity covers the debts maturing to 2029 about 5x . 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 EUR 324 million of cash at the end of 2025. Before working capital, operations generated EUR 65 million, about half.
Working capital absorbed EUR 120 million in the first quarter as projects ramped up ahead of certification and a further EUR 26 million in the second quarter when receivables started to release and would reduce the supplier balances. Financing flows were EUR 58 million, essentially it's the interest expense. Investing activity is EUR 37 million, mainly some development from the renewables platform. That brings the position to EUR 148 million, and the capital increase and the bond issuance add more than EUR 900 million. So the cash position is EUR 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 EUR 4.5 billion, of which 67% is signed. Around 1/5 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 arises also from here, the BOAK construction contract, the waste and water plant of the new pillar, the storage projects are all our own investment work, and 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 2025 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 EUR 65 million keeps the margin at double digits, 11.4%, and the profit before tax up to EUR 39 million.
Slide 20 showcases the 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 Antirrio motorway run to 2038, the Rio-Antirrio bridge to 2040, and there'll be others 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 EUR 3.2 billion and preferred bidder of five PPPs worth about EUR 500 million to the group. Slide 21, the EBITDA of the platform of EUR 27 million for the first half, 63% more than in the same six 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, Pelea and Hersonissos-Neapoli section of BOAK enter in operation in mid-2028, the Crete, Peloponnese and Thessaly in 2029, the Tavropos irrigation networks also in early 2029.
When they do, the platform's EBITDA moves from EUR 47 million, let's say, as an annualization rate, to more than EUR 140 million in the midterm. Almost all of it from assets already in operation or under construction. The second result below EBITDA is negative in this phase. A net financial cost of EUR 23 million is the interest expense on the debt of the concession companies, including the PPPs still under construction.
That is a 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 GW 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 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 acquisition of SunForce Two 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, changed the scale of the segment.
First, we signed the agreement, as we previously discussed, to acquire the two pumped storage projects in Western Macedonia, subject to the customary conditions. We are talking about 1 GW of licensed storage capacity with environmental approval already granted. These are development-stage assets with an investment of about EUR 1.2 billion over roughly five to six years, funded by a combination of equity and project debt, and about EUR 1 billion of future construction work for our own construction segment.
Second, the memorandum with DEPA Commercial for 51% of 470 MW hybrid and storage portfolio, with definite agreements expected in Q4. On slide 23, the financials are lagging to what we just described. The revenue of EUR 4.4 million and EBITDA of EUR 2.7 million, 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 EUR 200 million per year, and 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 EUR 31 million from the first cargo into the Southeast European corridor, and a slightly negative EBITDA, around EUR 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 starts. 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 the supply.
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 the 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 U.S. cargo through Revithoussa, signed offtake agreements in Albania and Bosnia for 1.5 BCM a year from 2030, and book capacity for the vertical corridor for the years to 2030. The last piece of the puzzle is regasification.
In July, we signed a framework agreement with Motor Oil to acquire 50% of the 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 a trader to infrastructure owner, and it gives our own contracted volumes their own route into Greece and onwards, with under 10% of the CapEx plan, of the plan capital committed to LNG. Finally, on real estate, page 26, small non-core portfolio, revenue around EUR 8 million. In August, we agreed to acquire the Paiania Campus that houses the group for EUR 45 million, with the final contract scheduled by the end of September.
65,000 sq m of land, 30,000 sq m of building, bringing all our activities under one roof. Facility management, page 27, revenues of EUR 38 million, EBITDA up 22%. And one item after the period, in July, the group received a letter of acceptance for the operation and maintenance of international airport in Doha, a five-year contract of about EUR 130 million, starting in January 2027. In Greece, with signed backlogs, about EUR 100 million across airports, data centers, motorways, hospitals. The plan is to build the integrated facility management on the group's own assets, the concessions, the new pillars, and the campus. And 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.
Ladies and gentlemen, at this time, we will begin the question- and- answer session. Anyone who wishes to ask a question may press star followed by one on their telephone. If you wish to remove yourself from the questioning queue, then you may press star and two. Please use your headset when asking your question for better quality. Anyone who has a question may press star and one at this time. One moment for the first question, please. The first question is from the line of Alexandros Boulougouris with Euroxx Securities. Please go ahead.
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 is 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 are still on track to meet the guidance you had given for adjusted EBITDA of EUR 375 million- EUR 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, so therefore, we expect a little bit better results in terms of turnover. Other than that, we feel confident that we are 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 EUR 375 million- EUR 425 million. Approximately 65% of the medium-term 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, it is very important for us.
Of course, the one we currently negotiate to finalize, which is the one related to the second FSRU in Corinth. Both of them will start producing results next year, and we are looking forward to that because we believe that put us on track to the guidance we have given for medium-term EBITDA at the level of EUR 375 million- EUR 425 million. So we are optimistic that we are going to achieve, hopefully, earlier than we expected, the targets we have announced back in July.
Great. Thank you.
The next question is from the line of George Vrekos with Piraeus Securities. Please go ahead. Mr. Vrekos, can you hear us?
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?
Well, as you know, the agreement is finalized. It is now in the process of being reviewed by the Competition Commission. As soon as we are going to have the green light of it will be finalized. There is nothing pending other than the decision of the commission. So we assume that we are going to have secured that towards the end of the year or beginning of the next. The results, the business combined EBITDA, we are looking to actually increase our EBITDA to EUR 41 million on the back of the results of Thalis on 2025, and an additional backlog of EUR 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 the 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%, gives us comfort that we are 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 additional EBITDA or the additional backlog.
Clear. Just one question on pump storage. Could you give us some color on the projects around the expected development timeline and profitability prospects? Maybe a broader question on your business plan. You have announced quite a few agreements recently, like the Dioriga, Helector, the pump storage. Could you give us some color on how all this fits into the group's overall business plan?
Look, per se, the acquisitions were not in the business plan as the acquisition per se. Overall, the targets are not changed. It is in the segments that we serve the market that we want to focus in the next years. We are talking about segments with contracted cash flows. If you exclude the hydro pump storage, which is obviously a big project and it is not in the business plan, the cyclical economy investments and other investments are embedded in the CapEx plan that we announced back in July.
Now, for the hydro pump, let us say it is a wild card for us in the business plan. It came after the announcement, after the capital increase. Give us good optionality, good construction margin, and I think financing this project, it is going to be really easy for us. The hydro pump, it is over and above the business plan that we announced back in July. Can you please repeat the other question, please?
It was about pump storage. Anything about 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, to be announced, about this kind 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.
The next question is from the line of Osman Memisoglu with AMBROSIA CAPITAL . Please go ahead. Mr. Memisoglu, can you hear us? Mr. Memisoglu, I am sorry, we cannot hear you. We will move on. Mr. Memisoglu.
Can you hear me now? Apologies.
No problem.
Sorry about that.
Please continue.
Thank you very much for the presentation. Just my side, please. With the rising curtailment in Greece for renewable operators as the grid consumption 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 progressing according to schedule? Thank you.
Well, I will take the first one. The second one is for Kostas. Well, I have been discussing this issue of curtailment for quite some time. I think it was discussed in a previous investment call, and of course, several times during also in July. We started investing in renewables when curtailment was well known at a 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 all these plants 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 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%.
So batteries is the solution. It appears that 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 investment on renewables. I am 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 all 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 GN waterway, as we discussed, run until 2038, the bridge to 2040, and Olympia Odos 2044. Now, obviously, the growth that we envisaged in the plan will come from those that are under construction, and they practically do not contribute anything yet. Pelea and the Pasiphae, the Hersonissos-Neapoli section of BOAK entered into operation in mid-2028, the Ted Siden residences in 2028, 2029, Tavropos, the irrigation network, again in 2029, plus a couple smaller concessions. All these PPPs are going to contribute more than EUR 50 million, EUR 60 million, I think 70 million of EBITDA in full operation. That is why we have the guidance for EUR 140 million, EUR 150 million of EBITDA coming in the concessions in the midterm.
Understood. Thank you.
The next question is from the line of Nestoras Katsios with Optima Bank. Please go ahead.
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.
Well, 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 one to two months. I am 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 am 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 am not in a position to forecast completion of the project.
Okay, thank you.
Once again, to register for a question, please press star and one on your telephone. As a final reminder, to register for a question, please press star and one on your telephone. Ladies and gentlemen, there are no further questions at this time. I will now turn the conference over to Mr. Exarchou for any closing comments. Thank you.
Well, as we said earlier, I am particularly proud of the results and of course, of what has happened last July in terms of the increase of share capital and the bonds. We have spent the last four years building the foundations of a healthy, strong and sizable 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.
We usually, up till now, the last few years, we have overperformed our expectations, and we now have everything we need and the stable foundations that we were seeking to create for the last four years in order to be able to validly believe that we are going to reach our target for an EBITDA by 2030 at a level of EUR 600 million- EUR 700 million. I am very optimistic of achieving the targets of our business plan. On that, thank you very much for attending. We will be back in six months. Thank you. Thank you all.
Ladies and gentlemen, the conference is now concluded, and you may disconnect your telephone. Thank you for calling, and have a good evening.