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GEK Terna (GEKTERNA) investor relations material
GEK Terna H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenues reached €3,855m, up 18.6% year-over-year, driven by growth in concessions and construction.
Adjusted EBITDA rose 56.3% to €631.4m, reflecting new concession projects and strong construction profitability.
Net profit excluding non-operating items increased 48.1% to €147.3m; EPS at €1.47.
Net operating cash flow surged 63% to €556.6m, supporting a stable dividend of €0.40 per share.
Financial highlights
Group consolidated adjusted net debt stood at €4.3bn, with 95% as project finance; group cash at €1.7bn.
Leverage ratio at 0.6x, reflecting strong cash generation despite peak investment period.
Financial expenses increased due to new project finance facilities and a €500m bond issue.
Significant investing outflow of €1.3bn for Egnatia Odos concession and other projects.
Outlook and guidance
Toll prices increased in January 2026; Egnatia Odos to contribute for a full year.
Construction backlog at record €9.1bn; revenues expected to remain strong as new projects commence.
Conventional energy segment to benefit from JV with Motor Oil and new BESS projects operational by end-2026.
Committed equity investments of €0.6bn for 2026-29, including a 13% stake in Athens Water.
- Record revenue and EBITDA growth, major project wins, and strong financial flexibility.GEKTERNA
H1 20259 Jan 2026 - Adjusted EBITDA up 7.6% to €269.1m; TERNA ENERGY sale to cut net debt to near zero.GEKTERNA
H1 20249 Jan 2026 - Net profit soared to €818.3m on asset sales, with record backlog and strong concessions growth.GEKTERNA
H2 20249 Jan 2026 - Adjusted net profit rose 29.2% to €114.6m, with EBITDA margin at 17.5%.GEKTERNA
Q3 2024 TU9 Jan 2026 - Strong revenue and EBITDA growth led by concessions and construction, with improved liquidity.GEKTERNA
Q3 202521 Nov 2025 - Profitability and cash flow surged on Attiki Odos and construction growth.GEKTERNA
Q1 2025 TU6 Jun 2025
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