GEK TERNA sees 56.3% profit growth as backlog surpasses €9B

GEK TERNA delivered strong financial performance in 2025, reporting significant growth across all key metrics.

Strong Financial Performance

The Group’s consolidated revenues reached €3.855 billion, marking an 18.6% year-on-year increase, while adjusted EBITDA surged by 56.3% to €631.4 million. This upward trajectory confirms the strong momentum already reflected in the interim results of 2025.

Profit before tax rose to €182.9 million, compared to €53.1 million in 2024, while adjusted net profit attributable to shareholders increased by 48.1% to €147.3 million.

Concessions Drive Growth

The concessions segment remained the primary growth driver, with revenues up 60.4% and EBITDA rising 76.7%, accounting for 57.5% of total EBITDA.

This performance was largely driven by the full-year consolidation of Attiki Odos and the launch of the 35-year concession of Egnatia Odos toward the end of the year—both projects of strategic importance for the Group’s long-term cash flows.

Total investment in these two assets exceeds €5.3 billion, while cumulative dividend flows over their lifetime are estimated to surpass €7.5 billion, significantly enhancing long-term earnings visibility. Traffic trends were also positive, with average daily traffic on Attiki Odos increasing by 4.6%, while the project generated €180 million in EBITDA.

Construction: Record Backlog

The construction division also posted strong growth, with revenues up 27.7% and EBITDA rising 44.5%, supported by accelerated project execution and new contract wins.

The total backlog reached €9.1 billion, compared to €4.1 billion a year earlier, providing exceptional visibility for future revenues. Notably, around 77% of the backlog relates to lower-risk projects, linked either to the Group’s own investments or to private sector projects, improving overall portfolio quality.

Energy: Resilient Performance

In the energy segment, the Group maintained a solid position despite volatility in electricity and natural gas markets. Total power generation stood at 1.8 TWh, while the new gas-fired plant in Komotini (50% stake) entered trial operation, contributing an additional 1.5 TWh.

HERON retained a 10% market share, significantly expanding its customer base in both electricity and natural gas. At the same time, the strategic partnership with Motor Oil to establish a new utility company is expected to further strengthen the Group’s energy pillar.

Strong Cash Flows and Investments

Net operating cash flow rose by 62.9% to €555.6 million, reflecting improved profitability and efficient working capital management.

Investments remained elevated at €1.3 billion, with the majority directed toward concessions, particularly Egnatia Odos. Total adjusted net debt stood at €4.297 billion, mainly due to the concession payment, with approximately 90% classified as non-recourse project finance debt, limiting exposure at the parent level.

Outlook: Positive Momentum into 2026

Management remains optimistic for 2026, expecting continued growth driven by:

• The full contribution of Egnatia Odos
• Toll adjustments
• Strong execution of the existing backlog

At the same time, the Group is advancing energy storage projects (BESS) totaling 162 MW, while exploring new opportunities in water infrastructure and PPPs, with participation in tenders exceeding €2 billion and a broader pipeline that could reach €8–10 billion.