GEK Terna (GEKTERNA) Q3 2024 TU earnings summary

Executive summary

• Strategic plan execution remains on track, highlighted by the sale of TERNA ENERGY to Masdar, the commencement of the Attiki Odos 25-year concession, and progress on major infrastructure projects such as Komotini CCGT and Kasteli airport.

• Total cash proceeds from the TERNA ENERGY sale reached €864m, with the group actively participating in new concession and PPP tenders.

• Adjusted net profit attributable to shareholders rose 29.2% year-over-year to €114.6m for 9M 2024, with adjusted EPS at €1.17.

• Group revenues reached €2,482.7m, slightly down year-over-year, with strong performance in concessions and RES segments.

• Komotini CCGT is in trial operation, with commercial operation expected in 1Q 2025; Kasteli airport construction is over 40% complete.

Financial highlights

• Adjusted EBITDA increased 9.5% year-over-year to €433.9m, with margin improving to 17.5% from 15.7%.

• Net earnings attributable to shareholders (adjusted) were €114.6m, up from €88.7m in 9M 2023.

• EPS (excluding non-operating items) increased 24.1% year-over-year to €1.17.

• EBIT reached €277.6m, up from €251.3m; pre-tax profits were €190.7m, up from €166.7m year-over-year.

• Recourse net debt stood at €423m as of 30.09.2024; total adjusted net debt at €1,713.3m.

Outlook and guidance

• Strategic execution and robust construction backlog position the group for continued growth.

• Commercial operation of Komotini CCGT and commencement of Egnatia Odos concession expected in 1Q 2025.

• Main works for Ellinikon tourist complex to start early next year; North Crete Motorway concession contract expected in 2025.