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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.
- Sale of TERNA ENERGY stake unlocks capital for growth, boosting profitability and project pipeline.GEKTERNA
Corporate presentation - Strong FY 2025 growth, robust concessions pipeline, and investment grade ratings drive future value.GEKTERNA
Corporate presentation - €880M TERNA ENERGY stake sale to Masdar unlocks capital for infrastructure growth and dividends.GEKTERNA
Corporate presentation - Record growth in infrastructure, strong cash flows, and rising shareholder returns in 2025.GEKTERNA
Corporate presentation - Record investments and a growing concessions portfolio drive profitability and shareholder returns.GEKTERNA
Corporate presentation - Two major energy groups form a leading regional power and gas utility JV with 550,000 customers.GEKTERNA
Corporate presentation - FY 2025 saw record revenues, strong cash flow, and growth driven by concessions and construction.GEKTERNA
H2 2025 - Record revenue and EBITDA growth, major project wins, and strong financial flexibility.GEKTERNA
H1 2025 - Adjusted EBITDA up 7.6% to €269.1m; TERNA ENERGY sale to cut net debt to near zero.GEKTERNA
H1 2024
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