Strong profit growth for GEK TERNA, with €8.9B backlog in H12026

Group revenue reached €2.10 billion, while adjusted EBITDA increased by 12.2% to €356.3 million, compared with €317.6 million in the corresponding period of 2025. The operating profit margin strengthened to 17%, from 16.2% a year earlier.

At the same time, adjusted net profit attributable to shareholders increased by 22.1% to €83.4 million, while profit before tax stood at €94.7 million, compared with €87.6 million in the first half of 2025.

Concessions: The Key Profitability Driver

The Concessions segment made a decisive contribution, with revenue increasing by 32.3% and operating profitability by 35.2%. Concessions now account for 63% of the Group’s total adjusted EBITDA, a development driven by increased traffic on the motorways, contractual toll adjustments and, primarily, the commencement of the concession period and the initial consolidation of Egnatia Odos.

Revenue from Egnatia Odos reached €78.2 million in the first half of the year, with management estimating that its contribution will increase in the coming years as rehabilitation works progress and the concession matures operationally.

At Attiki Odos, revenue increased by 4.2%, traffic rose by 2.4%, and adjusted EBITDA increased by 7.7%. According to the company, the positive trend continued in July and August.

On the Nea Odos and Kentriki Odos motorways, average daily traffic changed by -2.1% and +3.5%, respectively, while total revenue, including contractual compensation payments, increased by 2.2%.

Construction: €8.9 Billion Backlog

The Construction segment also continued to perform strongly. Revenue increased by 10.9%, while operating profitability rose by 32.7%, with the company attributing the performance to the project mix, margins and execution speed.

Signed backlog stood at €6.9 billion as of June 30, 2026, compared with €6.6 billion at the end of 2025. An additional €2 billion in projects pending signature brings the total backlog to €8.9 billion.

The composition of the portfolio is particularly significant: approximately 79% of the backlog relates to the Group’s own investment projects and private-sector investments by third parties. At the same time, 87% of the projects are located in Greece.

Strengthened Liquidity and Investment-Grade Rating

The Group’s financial position strengthened significantly during the first half of the year. GEK TERNA obtained investment-grade credit ratings from S&P and Moody’s, receiving ratings of BBB- and Baa3, respectively.

At the same time, the issuance of 15.5 million new shares for €659 million, with the participation of international institutional investors, strengthened the Group’s capital base and financial flexibility. Total available cash, including proceeds from the capital increase, reached approximately €2.2 billion, of which €1.3 billion was held at the parent-company level.

Excluding Project Finance and on a pro forma basis, the Group’s net cash position stood at €280 million, compared with net debt of €211 million at the end of 2025.

On a consolidated basis, adjusted net debt stood at €3.82 billion, down from €4.30 billion at the end of 2025. More than 85% of the relevant debt relates to the New Attiki Odos and New Egnatia Odos concessions.

At the same time, 93% of total debt carries a fixed interest rate or is hedged against interest-rate risk, while the average cost of borrowing stood at approximately 3.8%.

€296 Million in Investments

The Group’s total investments during the first half of the year amounted to approximately €296 million and were directed, among other areas, towards Egnatia Odos, the Northern Road Axis of Crete (BOAK), the Integrated Resort and Casino (IRC), and Nestos.

The investment plan also includes the acquisition of a 12.8% stake in EYDAP for approximately €134 million, as part of GEK TERNA’s strategic planning.

Meanwhile, in the energy sector, the new natural gas-fired power plant in Komotini contributed to the Group’s operating performance. The plant generated 1.3 TWh, while Heron’s generation increased by 17% to 0.85 TWh.

Outlook

GEK TERNA management expects the gradual maturation of investments made in previous years to further strengthen the Group’s financial performance.

Key areas of focus include the growing contribution of the Concessions segment, the further maturation of Egnatia Odos and the Construction segment’s substantial backlog. Meanwhile, the investment-grade rating and strengthened capital base provide greater financial flexibility for the implementation of the Group’s investment strategy.