GEK Terna (GEKTERNA) H2 2025 earnings summary

Executive summary

• Revenues reached €3,855m, up 18.6% year-over-year, driven by growth in concessions and construction.

• Adjusted EBITDA rose 56.3% to €631.4m, reflecting new concession projects and strong construction profitability.

• Net profit excluding non-operating items increased 48.1% to €147.3m; EPS at €1.47.

• Net operating cash flow surged 63% to €556.6m, supporting a stable dividend of €0.40 per share.

Financial highlights

• Group consolidated adjusted net debt stood at €4.3bn, with 95% as project finance; group cash at €1.7bn.

• Leverage ratio at 0.6x, reflecting strong cash generation despite peak investment period.

• Financial expenses increased due to new project finance facilities and a €500m bond issue.

• Significant investing outflow of €1.3bn for Egnatia Odos concession and other projects.

Outlook and guidance

• Toll prices increased in January 2026; Egnatia Odos to contribute for a full year.

• Construction backlog at record €9.1bn; revenues expected to remain strong as new projects commence.

• Conventional energy segment to benefit from JV with Motor Oil and new BESS projects operational by end-2026.

• Committed equity investments of €0.6bn for 2026-29, including a 13% stake in Athens Water.