GEK Terna (GEKTERNA) Q1 2026 earnings summary

Executive summary

• Revenues reached €992.6m in 1Q 2026, up 0.3% year-over-year, with growth in concessions and construction segments.

• Adjusted EBITDA rose 22.4% year-over-year to €165.9m, with margin improving to 16.7%, driven by organic growth in concessions and Egnatia consolidation.

• Net profit excluding non-operating items was €34.6m, up 33.2% year-over-year; EPS at €0.34.

• Total investments for the quarter were €268m, including acquisition of a 12.8% stake in Athens Water (EYDAP).

• Achieved inaugural investment-grade credit ratings from S&P (BBB-) and Moody's (Baa3), both with stable outlooks.

Financial highlights

• Group cash stood at €1.6bn, with adjusted net debt (excluding project finance) at €403m.

• EBIT increased 32.7% year-over-year to €85.3m; EBT up 60.5% to €46.5m.

• Net earnings after taxes and minorities rose 65.8% year-over-year to €34.7m.

• Financial expenses increased 20.4% due to new project debt facilities.

• Group gross debt at €6.1bn, with project finance representing the majority.

Outlook and guidance

• Positive momentum expected to continue in 2Q 2026, especially in concessions with further ramp-up of Egnatia and other projects.

• Merger of electricity segment with Motor Oil's business expected to complete within the year.