GEK Terna (GEKTERNA) Corporate presentation summary

Strategic positioning and growth

• Diversified portfolio in infrastructure, energy, and construction with a focus on low-risk, stable-growth sectors.

• Over 2,000 km of motorways managed, Greece's 2nd largest airport, and major waste/water management assets.

• Vertically integrated model enables risk control and maximizes returns, with 50% of construction backlog from own projects.

• Secured growth with adj. EBITDA of €0.45bn in 2024, expected to double by 2028.

• Positioned to capitalize on €40-50bn infrastructure investment needs in Greece and additional opportunities in Southeast Europe.

Key assets and project pipeline

• Major concessions include Attiki Odos, Egnatia Odos, Kasteli Airport, and Hellinikon IRC.

• New projects awarded in 2024-25 exceed €2.5bn, including North Crete Motorway and multiple water/waste PPPs.

• Construction backlog at a record €9.2bn, with significant new contracts in Greece and Romania.

• Concessions portfolio offers >25 years average remaining lifetime and >€11bn cumulative cash distributions.

• Traffic and revenue growth across motorway assets, with Attiki Odos and Nea/Kentriki Odos showing strong momentum.

Financial performance and outlook

• 9M 2025 revenues reached €2.87bn (+29% y-o-y), adj. EBITDA €464m (+66% y-o-y), and net earnings €107m (+11% y-o-y).

• Concessions now contribute 58% of adj. EBITDA, with construction and energy maintaining healthy margins.

• Group consolidated adj. net debt at €3.1bn, Parent Co. adj. net debt at €145m, and cash at €1.97bn.

• Leverage ratio reduced to 0.30x, reflecting strong operating cash flow and disciplined balance sheet management.

• Investment pipeline remains robust, with €3.5bn invested in 2024 and further equity commitments for 2025-28.