GEK Terna (GEKTERNA) H1 2025 earnings summary

Executive summary

• Revenues rose 44% year-over-year to €1,957.4m in 1H 2025, with all business segments growing and major new project additions, including Attiki Odos concession.

• Adjusted EBITDA increased 84.4% to €317.5m, with margin improving to 16% from 12% due to a better revenue mix.

• Net earnings to shareholders (excluding non-operating items) rose 24.4% to €68.3m, with EPS at €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 and cash equivalents at €1,464m; parent company adjusted net debt: €117m; group total adjusted net debt: €3,120m.

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

• Financing cash flow: -€279.8m, reflecting loan repayments and bond issuance.

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

Outlook and guidance

• Backlog of €9.2bn ensures strong revenue visibility for approximately six years.

• Operating profitability growth expected to be sustainable, mainly driven by long-term concession projects.

• 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.