Avax S A : PRESS RELEASE AVAX Group 2023 Financial Results

AVAX Group

2023 Financial Results

• Turnover up 12.6% to €453.5m vs €402.7m in 2022
• EBITDA from continuing operations +4.4% to €60.8m vs €58.2m in 2022
• Net Profit from continuing operations at €10.0m vs €12.9m in 2022 (which included a €9.4m extraordinary gain from the sale of a participation)
• Significant improvement in the performance of the construction segment, with the construction EBITDA margin widening to 6.2% from 4.7% in 2022
• Further drop in Net Debt by €37.9m in 2023 (-17.2% since 2022, and -59.8% since 2020)
• Record-highWork-in-Hand of ~€3.3 billion
• Proposed dividend per share of €0.03 (44% of net earnings)

DIVIDEND DISTRIBUTION

AVAX Group (the "Company") announces the financial results for 2023, a year in which large new projects were added and are expected to lead to substantially improved financial performance in 2024 and the medium term. To this extent, management will propose to shareholders at the upcoming Annual General Meeting the distribution of a gross dividend of €0.03 per share, which corresponds to 44.4% of net profits from continuing activities in 2023.

IMPROVEMENT OF FINANCIAL RESULTS

According to the financial statements for 2023, the Group's consolidated turnover from continuing operations, ie excluding the discontinued operations of subsidiary Volterra SA, increased 12.6% to €453.5 million compared to €402.7 million in 2022. The relatively low turnover of 2023, despite the high work-in- hand, is due to the ongoing delays in the start of some new projects that have been added and signed as

AVAX SA, 16 Amarousiou-Halandriou Street, Marousi, 151 25, Greece, tel [phone], www.avax.gr

General Commercial Registry #913601000, TIN #094183623, Athens Corporation Tax Bureau

early as 2022. Those delays are gradually being overcome and the new projects are already moving into the implementation phase with increased profit margins.

The Group's earnings before taxes, financial expenses and depreciation (EBITDA) from continuing operations amounted to €60.8 million in 2023 compared to €58.2 million in the previous year. Parent company EBITDA amounted to €53.3 million in 2023 versus €89.3 million in 2022, a year in which a capital gain from the sale of assets had been recorded.

Profit after tax from continuing operations at Group level amounted to €10.0 million in 2023 (€8.8 million at Company level) compared to €12.9 million in 2022 (€50.8 million at Company level), when a €9.4 million capital gain from the sale of a participation had been recorded.

The performance of the construction segment improved, with profit margins widening. Specifically, the construction EBITDA margin increased to 6.2% in 2023 from 4.7% in 2022, a trend which is expected to continue as the pace of implementation of new projects accelerates.

FURTHER DEBT REDUCTION

The Group's total bank debt dropped to €259.4 million at the end of 2023, following repayments of €47.6 million within the year, while net debt fell €37.9 million to €182.5 million at end-2023. Overall reduction in net debt since the end of 2020 amounts to around 60%, resulting in a broadly unchanged charge for Group financial cost of €20.8 million in 2023 compared to €20.7 million in 2022, despite the rise in lending rates.

VALUABLE PARTICIPATIONS PORTFOLIO

The value of the Group's portfolio of concessions, PPPs and marinas remains high, offering high projected dividends in the long term, while the Group selectively participates in the bidding processes for new concessions and PPPs in our country.

Following the sale of a portfolio of 112MW RES projects and the participation in the concession of the Rio- Antirio Bridge in 2022, the Group continued in 2023 to disinvest from mature non-strategic holdings. More specifically, the Group withdrew from the activities of electricity and natural gas supply by signing an

AVAX SA, 16 Amarousiou-Halandriou Street, Marousi, 151 25, Greece, tel [phone], www.avax.gr

General Commercial Registry #913601000, TIN #094183623, Athens Corporation Tax Bureau

agreement to sell Volterra, opting to focus on the segments of construction, concessions and real estate that show positive growth prospects in the coming years.

GROWING WORK-IN-HAND OF SIGNED PROJECTS

At the end of 2023, the Group's work-in-hand of signed projects reached €3.05 billion (vs €1.86 billion at the end of 2022). So far in 2024, the group has signed new contracts of low value, while there are also contracts to be signed, with a total value of €0.25 billion. Including all the above projects, the balance of work-in-hand currently amounts to around €3.3 billion, of which 46% corresponds to public projects and the remaining 54% to private projects and PPPs.

Marousi, April 26, 2024

THE BOARD OF DIRECTORS

AVAX SA, 16 Amarousiou-Halandriou Street, Marousi, 151 25, Greece, tel [phone], www.avax.gr

General Commercial Registry #913601000, TIN #094183623, Athens Corporation Tax Bureau