GEK Terna (GEKTERNA) Corporate presentation summary

Strategic positioning and growth outlook

• Diversified infrastructure group with leading positions in concessions, construction, and energy in Greece and Southeast Europe, managing over 2,000 km of motorways and Greece's 2nd largest airport.

• Vertically integrated platform enables risk control and maximizes returns, with over €2.0bn equity invested and a €7bn construction backlog.

• Focused on high-growth infrastructure sectors, leveraging a robust pipeline of €8-10bn in near-term projects and additional opportunities in Southeast Europe.

• Awarded new concession/PPP projects in 2024 valued at over €2.5bn, including the North Crete motorway and major waste and water management initiatives.

• Construction backlog reached a record €6.9bn, with significant new contracts in Greece and Romania.

Financial performance and investment activity

• FY 2024 revenues were €3.25bn (down 0.1% y-o-y), with adj. EBITDA at €404m (down 2.0% y-o-y); net earnings attributed to shareholders surged to €818.3m due to capital gains from asset sales.

• Investments reached €3.5bn in 2024, mainly driven by the €3.3bn acquisition of Attiki Odos; committed equity investments for 2025 estimated at €0.4-0.5bn.

• Group net debt (excluding project finance) remains low, with a leverage ratio of 0.30x and strong liquidity supported by €1.5bn in cash.

• Dividend per share proposed at €0.40 for FY 2024, a 60% increase year-on-year.

Key assets and operational highlights

• Concessions portfolio includes Attiki Odos, Egnatia Odos, Nea Odos, Kentriki Odos, Kasteli Airport, and Hellinikon IRC, with >€11bn in cumulative cash distributions expected over project lifetimes.

• Attiki Odos acquisition is the largest investment to date (€3.3bn), with a 25-year concession and >€300m average annual EBITDA.

• Egnatia Odos, Greece's largest motorway, secured with a 35-year concession and projected cumulative EBITDA of ~€6.9bn (2028-2057).

• Construction division is the largest in Greece, with a diversified backlog across motorways, airports, rail, energy, and water projects.

• Conventional energy segment is the 2nd largest IPP in Greece, with 0.9GW installed capacity and 11.4% market share in electricity supply.