Alexandros Exarchou did not use AKTOR’s Annual General Meeting merely to present another corporate update. He used it to outline a transformation strategy aimed at turning the group into one of the strongest infrastructure, construction and energy companies in Greece and Southeast Europe.
The message to investors was clear: market appetite is exceeding expectations, and the company is now seriously considering increasing the size of its planned €650 million share capital increase, reflecting exceptionally strong interest from both domestic and international investors.
If confirmed, the move would represent one of the largest equity raisings by a Greek corporate group in recent years, significantly strengthening AKTOR’s balance sheet and investment capacity.
“We are making AKTOR great again”
Addressing shareholders, Chairman and Chief Executive Officer Alexandros Exarchou declared that a four-year restructuring effort is reaching its conclusion.
“Today we complete the effort we started four years ago to make AKTOR great again.”
He went even further, describing what he believes will be the company’s new position once the capital increase is completed.
“Following the capital increase, AKTOR will become the strongest and financially healthiest company in the sector in Greece and Eastern Europe.”
The statement reflects management’s confidence that the company has fully emerged from the operational and financial challenges that characterized previous years and is now entering a new phase focused on expansion rather than recovery.
Investor confidence exceeds expectations
Perhaps the most significant announcement was Exarchou’s revelation that investor demand has already surpassed initial forecasts.
The order book is expected to open early next week, yet management is already evaluating whether the offering should be increased beyond the initially announced €650 million.
“Because of the exceptionally strong investor interest we are seeing, the Board is seriously considering increasing the size of the capital increase.”
He also described investor demand for AKTOR’s upcoming corporate bond issue as particularly strong. The bond book-building process is scheduled to begin on 23 July.
Market participants note that the transaction is backed by three of the world’s leading investment banks—Bank of America Securities Europe, Goldman Sachs Bank Europe and UBS Europe—a signal that international financial institutions have confidence in AKTOR’s long-term investment strategy.
The structure of the offering is equally noteworthy, with 80% allocated to international institutional investors and 20% reserved for Greek investors, underlining the group’s ambition to broaden its international shareholder base.
A diversified business model
The transformation extends far beyond construction.
Exarchou presented a strategy designed to reduce the company’s historical dependence on construction revenues by building businesses capable of generating stable, recurring cash flows.
The group’s future will rest on four strategic pillars:
- Construction
- Concessions
- LNG infrastructure
- Renewable Energy
Construction will remain AKTOR’s core activity, but management’s objective is to increase the contribution of long-term infrastructure and energy assets, making earnings more resilient and less dependent on the cyclical nature of public works.
This is a model increasingly adopted by Europe’s largest infrastructure groups, combining engineering expertise with regulated and recurring revenue streams.
Motor Oil partnership reshapes the group
One of the key milestones in this transformation is the expected completion in September of AKTOR’s acquisition of 75% of Thalis and HELECTOR from Motor Oil.
The transaction substantially strengthens the group’s project backlog while significantly expanding its presence in environmental infrastructure, waste management and circular economy activities—businesses that generate predictable long-term income.
At the same time, the strategic partnership with Motor Oil extends into the energy sector through the joint development of the FSRU terminal off Agioi Theodoroi, a project expected to play an important role in Greece’s evolving energy infrastructure.
Expansion beyond Greece
AKTOR’s ambitions also extend into Southeast Europe.
Exarchou revealed that negotiations are currently underway for the acquisition of two battery energy storage projects in Bulgaria, reflecting the company’s broader strategy of building a regional renewable energy platform.
Energy storage has become one of Europe’s fastest-growing investment segments as countries accelerate renewable energy deployment and seek greater grid stability.
Management also confirmed its objective of listing AKTOR Renewables independently on the Athens Stock Exchange by 2030, a move that could unlock additional shareholder value while providing direct access to capital markets for future expansion.
Turning the page
Exarchou stressed that this year’s General Meeting marks the final occasion on which management compares today’s company with the one it inherited in 2022.
“Today’s AKTOR bears no resemblance to the company we took over.”
The message is symbolic but important.
Management believes the restructuring phase has ended and that the company is entering a period defined by growth, acquisitions and long-term investment rather than balance-sheet repair.
A defining moment for AKTOR
For investors, the forthcoming capital increase represents a crucial test of confidence in AKTOR’s new strategic direction.
Should the offering be significantly oversubscribed—and should management decide to expand it beyond the planned €650 million—the company would emerge with one of the strongest financial positions in the Greek infrastructure sector.
That capital would support acquisitions, renewable energy investments, LNG infrastructure and large-scale construction projects, positioning AKTOR to compete not only in Greece but increasingly across Southeast Europe.
Alexandros Exarchou has made no secret of his ambition.
The market’s response now suggests that international investors may be increasingly willing to back it.