GEK Terna (GEKTERNA) Q1 2025 TU earnings summary

Executive summary

• Revenues surged 49% year-over-year to €989.4m, driven by the addition of Attiki Odos and strong performance across all segments.

• Adjusted EBITDA rose 55.1% year-over-year to €135.5m, reflecting higher profitability in concessions and construction.

• Net profit excluding non-operating items was €26.0m; EPS at €0.26.

• Group cash position stood at €1.48bn, with €816m at the parent company.

Financial highlights

• Group revenues increased to €989.4m (+49% y-o-y), with growth in all segments.

• Adjusted EBITDA reached €135.5m (+55.1% y-o-y), structurally reset at higher levels post-Attiki Odos.

• Construction backlog at €6.7bn, with €4.5bn signed projects.

• Profits before taxes were €29.0m, stable year-over-year due to higher depreciation and financial expenses.

• Free cash and equivalents totaled €1.48bn, with €0.8bn at the parent company.

Outlook and guidance

• Attiki Odos addition expected to provide a structural boost to results and recurring cash flows.

• Operating profitability is expected to remain sustainable, mainly from concessions, with further gains anticipated from new projects like Egnatia Odos and Kasteli Airport.

• Cash distributions of ~€60m from Attiki Odos expected in 2025.

• Solid traffic growth anticipated across the motorway network.

• Construction segment supported by a robust backlog and new project starts.