Ellaktor’s new profile is focused on real estate

The profile of Ellaktor—which has disposed of all its business lines except real estate—is reflected in the company’s 2025 financial results.

Ellaktor’s core activity is now focused on real estate development and property as well as hospitality management. Revenue from this segment rose to 18 million euros, compared to 3.7 million euros in 2024, primarily driven by the contribution of Alimos Marina and Athens Properties and its subsidiaries.

Overall, the Group’s turnover amounted to 89.2 million euros.

Net profit after tax reached 152.1 million euros (versus 57.4 million in 2024), including capital gains of 187.3 million from completed transactions. EBITDA (earnings before interest, taxes, depreciation and amortization) recorded a loss of 11.6 million, compared to profits of 170 million in 2024.

Cash and cash equivalents from continuing operations stood at 306.2 million, compared to 293.2 million, while total equity amounted to 486.4 million euros. Total consolidated borrowings (excluding lease liabilities) were reduced to 25.7 million from 426.8 million.

Commenting on the results, management noted that progress continued during the previous financial year on the development of the New Alimos Marina. The company is currently awaiting the issuance of building permits, which will mark the commencement of the construction phase and the gradual rollout of the marina’s new infrastructure and facilities.

In addition, the renovation of the hotel located on Kifisias Avenue in Marousi, Attica, has been completed. The lease has been undertaken by the newly established Reds Hospitality, a wholly owned subsidiary of Reds (itself a subsidiary of Ellaktor), for a 25-year term with an option to extend for an additional 10 years. The fully upgraded hotel has been in operation since March 2026.

It was highlighted that the operation of the new hotel unit, in combination with luxury serviced apartments across eight standalone properties in central Athens, is expected to further strengthen Ellaktor’s presence in the hospitality sector and support the execution of its business strategy.

Moreover, as part of its strategy to reinforce its Real Estate Development and Hospitality segment, Ellaktor established Landmark Holdings in January 2026 with initial capital of 46 million euros. During the year, the company acquired from Prodea Investments a landmark office building on Vasilissis Sofias Avenue in Athens for 44 million.