GEK Terna (GEKTERNA) H1 2026 earnings summary

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.