GEK Terna (GEKTERNA) H2 2024 earnings summary

Executive summary

• Revenues reached €3.25bn, nearly flat year-over-year, as growth in concessions offset declines in conventional energy and construction.

• Adjusted EBITDA was €404.0m, down 2.0% year-over-year, with net earnings attributed to shareholders at €818.3m, boosted by a €742.5m gain from the sale of RES activities.

• Net profit from continued operations excluding non-operating items was €99.5m, a 10.2% decrease year-over-year.

• Strategic plan execution included major transactions over €11bn, such as the TERNA ENERGY disposal and Attiki Odos acquisition.

• Proposed dividend per share is €0.40, up 60% year-over-year.

Financial highlights

• Operating cash flow increased to €342m from €83.6m in 2023.

• Parent company adjusted net debt declined to €152m from €317m in 2023.

• Group consolidated net debt rose to €3.26bn, mainly due to project finance for new concessions.

• Cash and equivalents at year-end were €1.52bn, with €0.9bn at the parent company.

• EPS reached €8.3, up 426.8% year-over-year.

Outlook and guidance

• Positive traffic trends expected across all concession networks, with toll price hikes in line with contractual provisions.

• Backlog at a record €6.9bn, with further growth anticipated from new projects.

• Commercial operation of Komotini 887 MW CCGT expected in 2025.

• FY 2025 committed equity investments estimated at €0.4–0.5bn, mainly for Egnatia Odos and IRC project.

• Medium-term growth to be driven by secured and upcoming concession projects, including North Crete Motorway and water/waste management PPPs.