olivLaw · European equity research
ΕΚΤΕΡ Α.Ε. (EKTER) EKTER.AT
Greece · Athens Stock Exchange · ISIN GRS222213001 · Vertical: Listed companies from Greece
EKTER S.A. is a Greek construction company active in property development, engineering works and PPP-type projects, listed in Athens. Its 2025 annual report shows growth in sales and pre-tax profit, alongside a larger project portfolio.
At the close of 06 Nov 2026, ΕΚΤΕΡ Α.Ε. (EKTER) (EKTER.AT) stock was 4.40 EUR (−2.22% on the day), with beta 0.91, 52-week range 2.84–5.57 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 29.8
- oversold (≤ 30)
- Bollinger (20, 2)
- 4.45 – 4.83
- below the lower band · %B -0.13 · band width 8.3%
- SMA 50 / 200
- 4.85 / 4.61
- mixed trend
- MACD (12, 26, 9)
- -0.10 / -0.09
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −7.9% | −0.6% | −7.3 pp | — |
| 3 months | −14.6% | −4.2% | −10.4 pp | — |
| 6 months | −3.1% | +4.3% | −7.4 pp | — |
| Year to date | +17.0% | +7.5% | +9.5 pp | — |
| 1 year | +43.3% | +9.9% | +33.4 pp | −1.9% |
| 3 years | +175.9% | +49.8% | +126.0 pp | +33.3% |
| 5 years | +598.4% | +42.8% | +555.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 79.1 m | 86.2 m | 95.5 m |
| Revenue YoY | unavailable | +9.1% | +10.8% |
| Net income | 9.0 m | 9.4 m | 11.4 m |
| Net income YoY | unavailable | +4.9% | +21.1% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 11.4% | 10.9% | 11.9% |
| Free cash flow | 12.6 m | -995.9 k | 6.9 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 12.4 m EUR
- Financial debt
- 12.6 m EUR
- Net debt
- 205.2 k EUR
- Equity
- 55.7 m EUR
- Total assets
- 99.3 m EUR
- Debt / equity
- 0.23x
- Current ratio
- 2.08x
- ROE
- 22.8%
- ROA
- 11.9%
- FCF margin
- 7.3%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 79.1 m | 86.2 m | 95.5 m | esef· 23 Oct 2026verified |
| Cost of revenue | 66.6 m | 70.6 m | 74.5 m | esef· 23 Oct 2026verified |
| Gross profit | 12.5 m | 15.7 m | 21.0 m | esef· 23 Oct 2026verified |
| Operating income | 12.1 m | 12.9 m | 16.0 m | esef· 23 Oct 2026verified |
| Interest expense | 642.8 k | 1.5 m | 1.7 m | esef· 23 Oct 2026verified |
| Pre-tax income | 11.7 m | 11.6 m | 15.2 m | esef· 23 Oct 2026verified |
| Income tax | 2.7 m | 2.2 m | 3.8 m | esef· 23 Oct 2026verified |
| Net income | 9.0 m | 9.4 m | 11.4 m | esef· 23 Oct 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 15.2 m | 10.2 m | 12.4 m | esef· 23 Oct 2026verified |
| Current assets | 38.9 m | 50.2 m | 56.2 m | esef· 23 Oct 2026verified |
| Property, plant & equipment, net | 1.1 m | 32.8 m | 34.5 m | esef· 23 Oct 2026verified |
| Intangibles (excl. goodwill) | 37.1 k | 54.2 k | 45.3 k | esef· 23 Oct 2026verified |
| Total assets | 51.1 m | 91.6 m | 99.3 m | esef· 23 Oct 2026verified |
| Accounts payable | 9.3 m | 12.9 m | 8.1 m | esef· 23 Oct 2026verified |
| Short-term debt | 1.1 m | 2.2 m | 1.2 m | esef· 23 Oct 2026verified |
| Long-term debt | 1.1 m | 12.5 m | 11.4 m | esef· 23 Oct 2026verified |
| Current liabilities | 22.9 m | 31.3 m | 27.0 m | esef· 23 Oct 2026verified |
| Total liabilities | 24.4 m | 47.5 m | 43.5 m | esef· 23 Oct 2026verified |
| Equity | 26.8 m | 44.1 m | 55.7 m | esef· 23 Oct 2026verified |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 12.7 m | -102.1 k | 9.7 m | esef· 23 Oct 2026verified |
| Capex | 111.8 k | 893.8 k | 2.8 m | esef· 23 Oct 2026verified |
| Free cash flow | 12.6 m ≈ | -995.9 k ≈ | 6.9 m ≈ | esef· 23 Oct 2026derived |
| Investing cash flow | -1.0 m | -896.3 k | -2.8 m | esef· 23 Oct 2026verified |
| Financing cash flow | -5.1 m | -4.7 m | -4.7 m | esef· 23 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 23.0% | 89 (vs peers) | 31% |
| Net margin · Quality | 11.9% | 59 (vs peers) | 19% |
| FCF conversion · Quality | 60.8% | 44 (on a fixed band) | 19% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 9.4x | 100 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 2.1x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality68/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
EΚΤΕΡ ΑΝΩΝΥΜΗ ΤΕΧΝΙΚΗ - ΟΙΚΟΔΟΜΙΚΗ - ΚΤΗΜΑΤΙΚΗ - ΞΕΝΟΔΟΧΕΙΑΚΗ - ΕΜΠΟΡΙΚΗ - ΒΙΟΜΗΧΑΝΙΚΗ ΕΤΑΙΡΕΙΑ (EKTER.AT). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 95.5 m EUR in 2025; YoY growth 10.8%; net margin 11.9%; ROE 22.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 23.0%
- Interest coverage: 9.4x
- Current ratio: 2.1x
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Greece · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| EUROB.ATΤραπεζα Eurobank Ανωνυμη Eταιρεια | 16.5 bn | 12.1 | 14.0% | 39.7% | +2.7% | +32% / +165% |
| ETE.ATΕθνικη Τραπεζα Της Ελλαδος Α.ε. | 14.8 bn | 12.7 | 13.3% | 42.5% | −5.4% | +21% / +159% |
| ELPE.ATHelleniq Energy Ανωνυμη Εταιρεια Συμμετοχων | 4.9 bn | 28.2 | 6.4% | 1.5% | −9.0% | +95% / +111% |
| CENER.ATCenergy Holdings | 4.4 bn | 22.9 | 24.3% | 9.4% | +14.7% | +41% / +199% |
| BELA.ATJumbo Ανωνυμη Εμπορικη Εταιρεια | 3.7 bn | 11.5 | 21.5% | 26.0% | +7.2% | +0% / +14% |
| AKTR.ATΑκtor Ανώνυμη Εταιρεία Συμμετοχών, Τεχνικών Και Ενεργειακών Έργων | 2.0 bn | 110.6 | 6.7% | 1.3% | +11.2% | +7% / +186% |
| EYDAP.ATΕταιρια Υδρευσεως Και Αποχετευσεως Πρωτευουσης Ανωνυμη Εταιρια | 1.4 bn | — | -2.6% | -5.9% | −2.4% | +83% / +132% |
| ELHA.ATEλβαλχαλκορ Ελληνικη Βιομηχανια Χαλκου Και Αλουμινιου Ανωνυμος Εταιρεια | 1.3 bn | 12.2 | 9.8% | 2.9% | +5.1% | +4% / +80% |
| AEGN.ATΑεροπορια Αιγαιου Ανωνυμη Αεροπορικη Εταιρεια | 995.2 m | 6.7 | 27.7% | 7.9% | +4.6% | −23% / −3% |
| AVAX.ATΑβαξ Ανωνυμη Εταιρεια Εργοληπτικη-Τουριστικη-Εμπορικη-Βιομηχανικη-Οικοδομικων Υλικων & Μηχανηματων | 495.3 m | 10.4 | 25.9% | 5.0% | +47.1% | +37% / +119% |
| BYLOT.ATBally's Intralot Α.ε. | 460.2 m | 15.1 | -9.3% | -12.6% | +34.8% | +10% / +17% |
| ELLAKTOR.ATΕλλακτωρ Ανωνυμη Εταιρεια | 419.4 m | 2.7 | 26.1% | 175.2% | −74.8% | −32% / −44% |
| AEM.ATAlter Ego Media Α.ε. | 350.0 m | 17.8 | 18.3% | 14.0% | +12.6% | −3% / unavailable |
| ALMY.ATΑλουμυλ Βιομηχανια Αλουμινιου Αε | 319.4 m | 10.4 | 23.5% | 6.0% | +11.7% | +15% / +118% |
| DIMAND.ATDimand Ανωνυμη Εταιρεια Αξιοποιησης Και Εκμεταλλευσης Ακινητων Και Κατασκευων Υπηρεσιων Και Συμμετοχων | 266.7 m | 7.6 | 18.5% | 58.5% | +110.6% | +42% / +28% |
| EVR.ATΕυρώπη Holdings Α.ε. | 168.6 m | 37.2 | 2.9% | 30.7% | +435.3% | −32% / +33% |
| EYAPS.ATΕταιρεια Υδρευσης & Αποχετευσης Θεσσαλονικης Α.ε. | 166.6 m | 21.6 | 4.1% | 8.8% | +2.4% | +22% / +39% |
| BRIQ.ATBriq Properties Ανωνυμη Εταιρεια Επενδυσεων Σε Ακινητη Περιουσια | 148.6 m | 5.9 | 15.5% | 116.9% | +37.8% | +12% / +69% |
| FAIS.ATΦαις Συμμετοχων Ανωνυμη Εταιρεια | 116.3 m | 8.7 | 22.1% | 6.3% | +12.9% | −7% / unavailable |
| DAIOS.ATΔαϊος Πλαστικα Ανωνυμη Βιομηχανικη Εμπορικη Εταιρεια Α.ε. | 102.0 m | 10.3 | 14.0% | 15.6% | +9.1% | −5% / +113% |
| ASTAK.ATAlpha Real Estate Services Ae | 94.7 m | 12.6 | 10.4% | 30.3% | +22.4% | −7% / −7% |
| FLEXO.ATFlexopack Ανωνυμη Εμπορικη Και Βιομηχανικη Εταιρεια Πλαστικων | 92.5 m | 8.3 | 8.3% | 6.8% | +4.6% | −2% / −2% |
| ASCO.ATA.s. Εμπορικη-Βιομηχανικη Εταιρια Η/υ & Παιχνιδιων Α.ε. | 59.6 m | 10.4 | 14.1% | 15.8% | +16.4% | +10% / +105% |
| AVE.ATAve Α.ε. | 50.4 m | — | -25.2% | -7.4% | +8.2% | −8% / −13% |
| ELTON.ATΕλτον Διεθνους Εμποριου Ανωνυμη Εμπορικη Βιομηχανικη Εταιρεια | 46.8 m | 13.7 | 4.9% | 1.9% | +8.6% | −12% / −19% |
1- and 3-year price returns: for EKTER.AT from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
EKTER S.A. is a Greek construction company active in property development, engineering works and PPP-type projects, listed in Athens. Its 2025 annual report shows growth in sales and pre-tax profit, alongside a larger project portfolio 1.
SWOT
Strengths
- Diversified portfolio across construction works, property development and PPP projects, with revenue growth in 2025.
- Solid liquidity indicators, with a current ratio above the reference level.
- Capacity to deliver large projects, with property sales bringing in cash.
Weaknesses
- Reliance on a few large projects makes results sensitive to the timing of each contract.
- Rising execution costs pressure operating margins.
- The capital structure includes significant fixed assets, limiting flexibility in weaker periods.
Opportunities
- Public infrastructure programmes could open new PPP tenders.
- Housing demand in Greece could support new property developments.
- Monetising land and existing projects could generate additional revenue.
Threats
- Rising material and labour costs could hurt the profitability of fixed-price contracts.
- Changes in financing conditions or interest rates could slow projects.
- Intense tender competition could pressure bid prices.
Risks
- Concentration on large projectsmedium
A small number of large projects can cause significant swings in revenue from year to year.
- Execution cost pressurehigh
If costs rise faster than contract prices, margins could narrow.
- Financing exposuremedium
Long-duration projects depend on favourable financing; changes could affect timing.
- Dependence on public contractsmedium
PPP and public works revenue depends on budgets and authority decisions.
- Share liquiditylow
The relatively small number of shares in circulation can affect trading volumes.
Investment thesis
What would need to be true (bull case)
- If revenue and profit growth seen in 2025 holds, the company could strengthen its position in public projects.
- A solid liquidity ratio could provide flexibility for new investments.
- Property sales and monetisation of existing projects could generate additional cash.
What would break the thesis
- If execution costs keep rising, margins could shrink even with higher turnover.
- Reliance on a few large projects could make revenue volatile from year to year.
- A more expensive financing environment could delay projects and reduce returns.
What to watch
- Trend in execution costs and gross marginsQ1 2027
- Timing of residential unit sales and related collections2027
- New PPP tenders and infrastructure projects wonnext annual report
- Current liquidity ratio and short-term debt levelsnext annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
EKTER S.A. (Technical, Building, Real Estate, Hotel, Trading and Industrial Company) operates in technical construction and property development in Greece, including residential, infrastructure and PPP-type projects, according to its annual report 1. Share capital stood at EUR 7,209,457.32 at 31/12/2025 and construction revenue at EUR 95,524,427.52 for 2025 1.
The report describes a strategy of diversifying toward long-duration projects, PPPs and property development, combined with property sales, with management aiming to keep a solid financial structure.
Activity is organised across technical construction, property development and publicly financed projects, each with its own collection cycle.
Segments
Market context
The report describes Greece's construction and property development market as growing, supported by public investment and infrastructure development, with intense competition in large project tenders 1.
Market capitalisation at 31/12/2025 was EUR 104,259,844 with 27,728,682 shares outstanding, per the report 1.
Trends
- PPP and public infrastructure projectstailwind
Growth in public infrastructure investment programmes could support the company's PPP project portfolio.
- Rising construction costsheadwind
Execution costs rose in 2025, which could compress margins if they cannot be passed on to clients.
- Property sales affecting liquiditymixed
Residential unit sales can bring liquidity, but results may vary from year to year depending on delivery timing.
- Financing and interest ratesmixed
Financing conditions set the cost of long-duration projects; changes could alter development returns.
Competitive position
The company competes in public tenders and the property development market with other Greek construction firms, and the report notes intense competition for large projects 1.
- Greek construction and property developers
Local competitors in public tenders and property projects in Greece.
- International property developers
Players that may enter the Greek market for premium residential projects.
- European infrastructure contractors
Large firms competing for infrastructure and PPP projects.
- Regional Balkan contractors
Regional rivals that may bid for tenders in Greece.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202523 Oct 2026
- Annual report 202423 Oct 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / ΕΚΤΕΡ Α.Ε. (EKTER) · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.