GEK Terna (GEKTERNA) investor relations material

Executive summary

• Revenues reached €2,874.9m, up 28.7% year-over-year, with growth across all business lines and improved performance in all segments.

• Adjusted EBITDA rose 66.2% year-over-year to €463.9m, with margin improving to 16.1% from 12.5%, driven by new concession projects.

• Net profit excluding non-operating items was €106.6m, up 11.0% year-over-year; EPS at €1.06.

• Profit before tax climbed to €133.0m from €124.2m in the prior year period.

Financial highlights

• Group cash and cash equivalents stood at €1.97bn, with €1.22bn at the parent company after a successful bond issuance.

• Parent company adjusted net debt was €145m; group consolidated adjusted net debt at €3.1bn, both reduced from year-end 2024.

• Construction backlog reached €9.2bn, with €6.8bn in signed projects, providing high visibility and low risk.

• Capital gains realized from the sale of a 10% stake in Attiki Odos at a 15% premium.

• Concessions segment revenues surged 96.1% to €401.5m; operating profitability up 112.2% to €267.3m, now 57% of total group EBITDA.

Outlook and guidance

• Egnatia concession commencement expected before year-end; North Crete concession to start in early 2026.

• Kasteli airport construction over 65% complete, targeting completion within 2026.

• Operating profitability growth is expected to be sustainable, driven by long-term, stable revenue streams from concessions.

• Further improvement anticipated with the operation of new concession projects and increased traffic volumes.