More specifically, revenues increased by 49% amounting to € 989.4m in the first quarter of the year, while operating profitability (adj.EBITDA) increased by 55.1%, reaching € 135.5m. The performance of the Concessions segment is noteworthy, with revenues and operating profitability climbing at higher levels (an increase of 94% and 96% respectively). At the same time, the Construction segment posted an increase in revenues by 16.7% and an increase in operating profitability of 41.3%.
Finally, in the Energy segment, operating profitability increased by 10%, despite competitive pressures and market volatility. It is noted that the operating profitability recorded in the first quarter is expected to be sustainable, as it comes mainly from the concessions segment and specifically from the launch of Attiki Odos concession. Further strengthening of operating profitability is expected upon the start of operation of the next concession projects, such as Egnatia Odos and Kasteli Airport.
Profits before taxes for 1Q 2025 amounted to € 29.0m and remained at the same level comparing to the respective last year’s period, as a result of increased depreciation and financial expenses. Net profits attributable to shareholders excluding non-operating results amounted to € 26.0m. Recourse Net Debt (Adjusted Net Debt of the parent company1 ) amounted to € 169m (compared to € 153m in 2024), while free cash and equivalent for the entire Group amounts to € 1.48bn, of which € 0.8bn pertains to the parent company.
Construction activity climbed higher, as the implementation of projects under construction accelerated and new projects began to be built, while weather conditions were milder compared to the corresponding period in 2024. Also, profit margins remained at satisfactory levels, due to the project mix and the Group's execution capacity and focus. As for the backlog, it amounted to € 6.7 billion. More than 50% of the backlog corresponds to the Group's own investment projects, forming a particularly high-quality and low-risk portfolio.
Concessions recorded, as expected, a significant increase in revenue and operating profitability, setting a new "base" for the segment's performance. This performance is due, on the one hand, to the increased vehicle traffic on the entire motorway network of the Group and, on the other hand, to the contribution of Attiki Odos concession project, which contributed € 41.5m of adj.EBITDA in the first quarter of 2025. Regarding vehicle traffic, during the first quarter of the year, it increased by 5.1% on Attiki Odos (in ADT terms), by 9.0% on Nea and Kentriki Odos (affected also by the delivery of new section in Kentriki Odos), and by 4.1% on Olympia Odos.
At this point, concessions, with their stable and recurring revenue profile, constitute the main pillar of the Group's overall profitability - a participation that is expected to increase further with the launch of new projects. It is worth noting that the Group expects cash distributions of approximately € 60m from Attiki Odos within 2025, following the strong operating profitability and cash flow of the project, which at this stage performs higher than forecasts.
In the segment of thermal energy generation & supply in Greece and abroad, the demand for electricity in Greece increased by 2.4%, while the average price in the wholesale market recorded an increase of 69% compared to the first quarter of 2024, due to the increase in natural gas prices. HERON ENERGY recorded a 28% increase in electricity generation volumes compared to the corresponding period of 2024, as a result of the power plant's enhanced participation in the market, due to high demand and increased exports. With regard to the electricity supply business, the Group managed to maintain its market share with sales volumes recording a slight increase. As a result of increased reference prices in the wholesale market, the segment's total sales increased, while its vertically integrated structure contributed to a 10% increase in operating profitability, despite intensifying competitive pressures, especially in the supply sector.
Debt position and Liquidity Recourse
Net Debt (Parent Company’s Adjusted Net Debt) amounted to € 169m, compared to € 153m on 31.12.2024. The Group's Total Adjusted Net Debt (including project finance contracts - debt without recourse) amounted to € 3,287m, compared to € 3,258m on 31.12.2024. The Group's Total Cash and Cash Equivalents (excluding restricted deposits of € 70m) amounted to € 1,480m, of which € 816m at Parent company level.
