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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
GEK Terna
GEK Terna (GEKTERNA) investor relations material
GEK Terna H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary16 Sep, 2026
Executive summary
Revenues for H1 2026 rose to €2,101.6 million, up 7.4% year-over-year, driven by strong performance in Concessions and Construction segments.
Adjusted EBITDA increased 12.2% to €356.3 million, with Concessions now contributing 63% of group profitability after the Egnatia Odos consolidation.
Adjusted net profit attributable to shareholders rose 22.1% to €83.4 million, with EPS at €0.83.
Achieved investment grade ratings from S&P and Moody's and completed a €659 million share capital increase, enhancing financial flexibility.
Major investments included a 12.8% stake in EYDAP and the full consolidation of NEA EGNATIA ODOS CONCESSION S.A.
Financial highlights
Group revenues reached €2,101.6 million, up 7.4% year-over-year; adjusted EBITDA rose 12.2% to €356.3 million.
Net profit excluding non-operating items was €83.4 million, up 22.1% year-over-year; EPS at €0.83.
Operating cash flow increased 26.1% to €276.5 million; group cash and cash equivalents at €2.2 billion pro-forma.
Pro-forma adjusted consolidated net debt (including project finance) at €3.82 billion, down from €4.3 billion at end-2025; net cash position at parent level (excl. project finance) at €280 million.
Adjusted EBITDA margin improved to 17.0% from 16.2% year-over-year; weighted average cost of debt at 3.8%, with 93% of debt fixed or hedged.
Outlook and guidance
Concessions expected to further strengthen recurring revenue base, with full-year contribution from Egnatia Odos and new projects coming online.
Construction profitability seen as sustainable, supported by a high-quality backlog and indexation clauses mitigating inflation.
Energy segment in transition due to ongoing transaction with Motor Oil, with completion expected within 2026; maintains 10% market share in supply.
Group expects robust growth and enhanced profitability as recent investments begin to contribute.
Positive prospects for all segments, with further investments in infrastructure, energy, and real estate.
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Latest events from GEK Terna
- Construction, RES and concessions advanced as lower energy sales weighed on earnings and raised net debt.GEKTERNA
H2 2023 - Sale of TERNA ENERGY stake unlocks capital for growth, boosting profitability and project pipeline.GEKTERNACorporate presentation
- Strong FY 2025 growth, robust concessions pipeline, and investment grade ratings drive future value.GEKTERNACorporate presentation
- €880M TERNA ENERGY stake sale to Masdar unlocks capital for infrastructure growth and dividends.GEKTERNACorporate presentation
- Record growth in infrastructure, strong cash flows, and rising shareholder returns in 2025.GEKTERNACorporate presentation
- Record investments and a growing concessions portfolio drive profitability and shareholder returns.GEKTERNACorporate presentation
- Two major energy groups form a leading regional power and gas utility JV with 550,000 customers.GEKTERNACorporate presentation
- Strong concessions and construction growth drove higher profits and investment-grade ratings.GEKTERNAQ1 2026
- FY 2025 saw record revenues, strong cash flow, and growth driven by concessions and construction.GEKTERNAH2 2025
Next GEK Terna earnings date
Q3 202620 Nov, 2026
GEK Terna
Next GEK Terna earnings date
Q3 202620 Nov, 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.