Record-breaking infrastructure project pipeline for Greece’s Top 4 construction firms in 2025

The year starts with great prospects for the top four construction companies as well as for the 6th-tier companies that have made significant leaps over the past two years. The year 2024 was one in which the backlog remained at 16 billion euros, a figure that is by no means insignificant, especially considering that five years ago, we saw approximately half of that amount.

A significant issue that emerged from the course of the major groups in 2024 is their outward expansion and their entry into or strengthening in markets outside Greece. This trend appears to be boosted by the opportunities opening up in the Balkan market, the Middle East, and the Gulf countries.

In this year, we saw several contracts being undertaken by Greek companies. For example, AKTOR, as publicly announced, has set a goal to develop Romania as its second market.

A second issue that seems to be concerning the major groups is the development of private construction. Until 2021, this term was practically nonexistent, as the ten-year crisis had nearly wiped out private investments in the construction sector.

In 2025, we see that not only has this situation changed, but there is also a trend where private construction, with the surge it has experienced over the past four years, in some cases, is reaching and even surpassing public projects in the backlog of the groups.

Unless we witness a major geopolitical event, private construction will continue to grow in the coming years, as its near elimination in the past decade has acted as a “springboard.” Today, it is moving at very dynamic rates, even despite the decision of the National Building Code , which primarily affected what is referred to as “housing construction.”

The sectors that stand out

In 2025 and for the coming years, it seems that the development of PPPs  will continue, as there are currently almost 50 ongoing tenders, mainly for building projects and facilities.

In private projects, the Elliniko development holds the lead with the major works of its first phase, followed closely by significant investments in office buildings, logistics, and hotels.

The development of energy projects remains dynamic, particularly in power generation and green energy units, with ADMIE (Independent Power Transmission Operator) leading the way with electrical interconnections that are expected to keep us busy with construction projects until 2030.

In traditional public works, metro and railway projects remain high on the agenda, as they offer transportation and environmental upgrades. We will see several projects both in Athens and Thessaloniki, as well as in the intercity network. These are also projects that, due to their large budgets, provide significant backlogs for technical companies.

Finally, we see significant growth in environmental projects (such as flood protection and waste management) and cutting-edge technology projects, particularly data centers, which are linked to the development of energy networks.

How the backlog will fluctuate among the BIG 4

A very important question is how the backlog of the BIG 4 construction companies is expected to fluctuate. Last year, we correctly predicted that it would be a year of maintaining strength, as the backlog did not change compared to 2023.

At the nine-month level, GEK TERNA announced a backlog of 5 billion euros, while the available data shows the AKTOR group with 4.5 billion euros, AVAX with 3.3 billion euros, and Metlen with 3.5 billion euros.

This year, however, it seems that this will change, as the accumulated tenders and the desire for outward expansion and an increase in private construction may lead to new growth in the major groups’ figures, as well as more broadly within the country’s technical companies.

Within 2025, GEK TERNA expects to sign very significant projects, with the most notable being the concession of the Chania-Hersonissos section of the BOAK highway, valued at approximately 2 billion euros. Additionally, the company is expected to sign important contracts, such as for the new railway line, Nea Karvali-Toxotes Xanthi, worth 240 million euros, the irrigation project in Nestos (210 million), two waste management units in Thessaloniki (around 500 million), another in Corfu (80 million), the double dam of Hochlaki and Agios Ioannis in Lasithi (70 million), and more.

AKTOR GROUP, from which we expect developments in the Romanian market, is estimated to sign, along with METLEN and MESOGEIOS, the construction of the Minayiotiko Dam, the student dormitories in Crete (255 million euros), Thessaly (116 million euros), and the new building for the Ministry of Infrastructure on Piraeus Street (140 million euros in collaboration with REDEX), among others.

METLEN is showing particularly strong activity in many countries, and new contracts for energy projects are expected this year. METKA, the construction arm, is expected to undertake the completion of the 6th Pier at Thessaloniki Port (170 million euros) jointly with TEKAL, and, together with AKTOR and MESOGEIOS, the Minayiotiko Dam (145 million euros), the Bramianou Dam (53 million euros), and the irrigation network for Yperion-Orfanos (132 million euros in collaboration with MESOGEIOS), among others.

AVAX is also expecting significant projects, with the most prominent being the irrigation networks of Tavropos (160 million euros in collaboration with AKTOR PAROCHORISEIS). Additionally, it is awaiting the development of many tenders in which it is involved, such as the expansion of the Metro towards Ilion.

In addition to the above estimates, we should add (unless there are changes) the 1.35 billion euros worth of road and railway restoration projects in Thessaly, for which the four major groups have been invited to participate.

Furthermore, we can expect announcements for private construction projects, such as the selection of contractors for the Ellinikon Mall, the Piraeus Court Complex, and others.

For more details and the complete article in Greek, click here