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GEK Terna (GEKTERNA) investor relations material
GEK Terna Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenues reached €992.6m in 1Q 2026, up 0.3% year-over-year, with growth in concessions and construction segments.
Adjusted EBITDA rose 22.4% year-over-year to €165.9m, with margin improving to 16.7%, driven by organic growth in concessions and Egnatia consolidation.
Net profit excluding non-operating items was €34.6m, up 33.2% year-over-year; EPS at €0.34.
Total investments for the quarter were €268m, including acquisition of a 12.8% stake in Athens Water (EYDAP).
Achieved inaugural investment-grade credit ratings from S&P (BBB-) and Moody's (Baa3), both with stable outlooks.
Financial highlights
Group cash stood at €1.6bn, with adjusted net debt (excluding project finance) at €403m.
EBIT increased 32.7% year-over-year to €85.3m; EBT up 60.5% to €46.5m.
Net earnings after taxes and minorities rose 65.8% year-over-year to €34.7m.
Financial expenses increased 20.4% due to new project debt facilities.
Group gross debt at €6.1bn, with project finance representing the majority.
Outlook and guidance
Positive momentum expected to continue in 2Q 2026, especially in concessions with further ramp-up of Egnatia and other projects.
Merger of electricity segment with Motor Oil's business expected to complete within the year.
- FY 2025 saw record revenues, strong cash flow, and growth driven by concessions and construction.GEKTERNA
H2 20257 Apr 2026 - 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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