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GEK Terna (GEKTERNA) investor relations material

GEK Terna H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary1 Oct, 2025

Executive summary

  • Revenue rose 44% year-over-year to €1,957.4m, with all business segments growing and strong momentum from strategic plan execution and new project additions, notably Attiki Odos concession.

  • Adjusted EBITDA increased 84.4% to €317.5m, with margin improving to 16% from 12%.

  • Net income from continuing operations rose 72.9% to €68.3m; EPS from continuing operations was €0.68.

  • Operating cash flow increased 135% year-over-year to €219.3m, reflecting higher profitability and strong cash conversion.

  • Major new contracts and project wins in construction, concessions, and energy, including full consolidation of NEA ATTIKI ODOS CONCESSION S.A.

Financial highlights

  • Revenues: €1,957.4m (+43.6% y-o-y); adjusted EBITDA: €317.5m (+84.4% y-o-y); net profit (excl. non-operating items): €68.3m (+24.4% y-o-y); EPS: €0.68 (+22.5% y-o-y).

  • Group cash at €1,464m; parent company cash at €747m.

  • Adjusted net debt at €3,119.8m (down from €3,258.5m at year-end 2024).

  • Operating cash flow: €219.3m (+135% y-o-y); investing cash flow positive at €8.7m due to lower capex and asset sales.

  • Dividend of €0.40/share paid in July 2025.

Outlook and guidance

  • Backlog of €9.2bn ensures strong revenue visibility for ~6 years.

  • Positive outlook for all segments, with new investments and expansion in Greece and abroad.

  • Continued focus on executing under-development investment projects and leveraging strategic partnerships in utilities.

  • Expectation of further cash distributions from Attiki Odos in 2H 2025.

  • Joint venture with Motor Oil in energy expected to complete in early 2026.

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Frequently asked questions

GEK Terna S.A. is a Greece-based diversified infrastructure and energy company engaged in construction, renewable energy, concessions, and real estate development. The company operates through subsidiaries involved in large-scale civil engineering projects, power generation from renewable sources, and the management of concessions such as highways and airports. It also has investments in industrial and commercial real estate. The company is headquartered in Athens, Greece, and its shares are listed on the ATHEX.

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