Greek infrastructure group AKTOR is embarking on the largest capital raising in its history, seeking to fund a €3 billion investment plan that would transform the company from a traditional construction contractor into a diversified infrastructure, energy and concessions operator by the end of the decade.
The company, led by Chairman and Chief Executive Alexandros Exarchou, plans to raise €950 million through a €650 million share offering and a €300 million bond issue. After estimated issuance costs of around 4%, AKTOR expects to receive net proceeds of approximately €912 million.
The equity offering is scheduled to open on July 21, preceded by investor roadshows in the U.K. and the U.S. aimed at attracting long-term international institutional investors. Existing shareholders WINEX Investments and Castellano have already indicated they intend to subscribe for as much as €300 million. Market participants also expect interest from a U.S.-based investment fund, although its identity has not been disclosed publicly. Roughly 80% of the share offering is being marketed to overseas investors as AKTOR seeks to broaden its shareholder base beyond Greece.
The capital raise underpins an ambitious strategy that targets earnings before interest, taxes, depreciation and amortization (EBITDA) of €700 million by 2030. Rather than relying primarily on construction activity, the company aims to build recurring cash flows from infrastructure concessions, public-private partnership projects and energy assets.
Around 40% of the planned investment program will be allocated to concessions and PPPs, another 40% to energy projects, with the remainder directed toward construction and liquefied natural gas (LNG) infrastructure. Management has also pledged to maintain financial discipline by keeping net debt below four times EBITDA, implying net borrowings of no more than €2.8 billion by 2030.
Energy has emerged as the centerpiece of AKTOR's long-term strategy. The company is pursuing vertical integration across the sector and is evaluating entry into electricity retailing, although management has not clarified whether this would involve Volton, the Greek electricity supplier in which it already has an interest. AKTOR is also placing increasing emphasis on energy storage, arguing that growing renewable energy curtailments in Greece could create financial stress across the sector and potentially lead to a new wave of non-performing loans.
In LNG, the group confirmed its interest in acquiring a stake in Greece's second planned floating storage and regasification unit (FSRU), the Dioryga Gas project being developed by Motor Oil. Market estimates suggest AKTOR could invest around €200 million in the project, strengthening its presence in Greece's expanding natural gas infrastructure.
Beyond Greece, the company is evaluating concession opportunities in Romania, including the Constanta–Alexandroupolis transport corridor and the Port of Constanta. It is also exploring investments in recycling, water management and drought mitigation, while expressing interest in the planned concession of the Port of Elefsina in Greece. Construction will remain a core business, management said, although future projects will be selected with greater emphasis on predictable, long-term returns.
The real challenge for Exarchou's management team, however, will begin once the capital has been secured. Delivering a €3 billion investment pipeline over the next five years will require the successful execution of acquisitions across multiple industries, the integration of new businesses and strict adherence to leverage targets. The strategy also depends heavily on continued access to international capital, the timely development of major infrastructure projects and supportive conditions in both energy and financial markets.
