The GEK TERNA Group announces its financial results for the 2025 financial year.

GEK TERNA Group reported a significant increase in its 2025 figures, with the key business areas (Concessions and Construction) showing a significant increase. More specifically, the revenues of GEK Terna Group increased by 18.6% in 2025 and amounted to EUR 3,855.4 million. At the same time, the Group’s operating profitability (adj. EBITDA) increased by 56.3%, reaching EUR 631.4 million.

The main sources of growth in the above figures were both the Concessions sector, whose revenues and operating profitability were significantly higher (up 60.4% and 76.7% respectively), representing 57.5% of the Group’s total operating profitability, and the Construction sector, which reported a 27.7% increase in revenues and a 44.5% increase in operating profitability. And in the Electricity from thermal energy sources, electricity and gas trading in Greece and abroad, competitive pressures and market volatility continued, with the Group achieving satisfactory operating profitability and maintaining market share.

2025 was another particularly important year for GEK Terna Group, during which its business and strategic footprint was further strengthened. The landmark concession of Attiki Odos, which is consolidated for the first time for full use for 2025, and the start of the concession of Egnatia Odos at the end of the year, are key milestones that will contribute to increasing long-term revenue streams and strengthening the Group’s position in the concessions sector.

At the same time, the total backlog of projects amounted to €9.1 billion, reflecting the Group’s increased competitiveness in high-profile projects and providing clear visibility of work for the coming years.

In the same context, the strategic partnership with Motor Oil (MOH) will be an important step in further strengthening the value of the Group’s energy pillar, creating new opportunities to exploit business synergies and joint investment opportunities in energy infrastructure and related services.

Profit before tax for 2025 amounted to € 182.9 million compared to € 53.1 million in the previous comparative period, as a consequence of increased operating profit. Net profit attributable to shareholders excluding the impact of non-operating results (adjusted net profit) amounted to € 147.3 million, representing an increase of 48.1% compared to the previous year.

Operating performance by business segment

The concessions segment significantly increased its figures, as the Attiki Odos project contributed for the full year, while the start of the 35-year concession period of the Egnatia Odos project took place at the end of December 2025. These two projects represent a total investment of more than €5.3 billion for the Group, which is now entering the commercial operation phase, providing significant and long-term dividend streams estimated to exceed €7.5 billion over the life of the projects.

In terms of 2025 figures, a significant increase in revenue and operating profitability was recorded following both increased vehicle traffic across the Group’s motorway network and the contribution of the new Attiki Odos motorway concession project for the full year.

Average daily traffic (ADT) on the Attiki Odos motorway showed an annual increase of 4.6% compared to the same period last year, with operating profitability of €180 million. As for the motorways of the Nea and Central Motorway, the average daily traffic for 2025 showed an annual increase of 1.7% and 12.5% respectively.

It should be noted that daily traffic on the two motorways in the month of December was adversely affected by the farmers’ mobilisations. Also included in the profit for the financial year are profits of €17.8 million from the Group’s 32.46% stake in the company INTERNATIONAL AIRPORT OF HERAKLEIOS CRETE, in application of the existing concession agreement and in accordance with the provisions of the relevant articles.

The activity in the Construction Sector moved to higher levels, as the implementation of projects under construction accelerated and new projects started to be built. Margins also continued to move at satisfactory levels as a result of the mix of projects and the Group’s execution capability and commitment. In terms of signed backlog at 31 December 2025, it amounted to €6.6 billion (€4.1 billion at 31 December 2024), while projects to be signed amounted to €2.6 billion, with the total backlog amounting to €9.1 billion.

Around 77% of the backlog is accounted for by the Group’s own investment projects (51%) and third party private investments (25%), forming a very high quality and low risk portfolio. The level of backlog provides significant visibility on the Group’s construction activity, given its ability to successfully manage current levels of backlog.

In the Power Generation sector, despite the ever-intensifying competition, the Group has managed to maintain its competitive presence, taking advantage of its long experience and the flexibility provided by its ability to supply gas on competitive terms, as well as the technical characteristics of the plant. Production amounted to 1.8 TWh, almost stable compared to the previous year.

Also, in 2025, the trial operation of the new gas plant in Komotini (the Group has a 50% stake) began, with production amounting to 1.5 TWh. In the Electricity and Natural Gas Supply to End Consumers sector, the market moved upwards throughout the year and particularly in the second half of this year.

HRON maintained its market share at 10%, significantly increasing the number of its customers in both the Electricity and Natural Gas sectors, achieving its goal of establishing itself among the top independent suppliers in terms of both share and customer growth.

Total electricity sales for 2025 amounted to 5.0 TWh, showing a decrease compared to the previous year, due to reduced sales to specific industrial customers.

It is noted that in the first half of 2025, a gas-fired power plant was installed and commissioned on behalf of PPC in Crete (HERON I), under the relevant agreement. Following this, the positive result was recognized, which contributed to the operating profitability of the segment.

Cash Flow – Investments – Borrowings

The Group’s net operating cash flow (Net Operating CF) for 2025 amounted to €555.6 million, representing an increase of 62.9% compared to the previous year, following the increased operating profitability and working capital management.

Total capital expenditure (capex) remained at a high level in 2025 and amounted to €1.3 billion (compared to €3.4 billion in 2024), almost all of which has been spent in the Concessions Sector, especially on the Egnatia Highway project.

Net borrowings, excluding Project Finance contracts, amounted to €211 million, compared to €76 million at 31 December 2024. The Group’s Total Adjusted Net Debt2 amounted to €4,297 million (~90% relates to non-recourse debt), compared to €3,258 million as at 31.12.2024, with the increase attributed to the payment of the price for the Egnatia Odos concession at the end of the year. Excluding this payment, total net borrowings decreased by approximately €300 million.

The Group’s Total Cash and Cash Equivalents (excluding restricted deposits of €99 million) amounted to €1,693 million, of which €851 million at the Parent Company level.

Outlook

GEK Terna Group, despite the high volatility observed at the global geopolitical level, is expected to continue to strengthen its presence in the infrastructure sector in Greece and South East. Europe, consistently implementing its strategic planning. Having significant visibility due to the number of projects secured and gradually coming on stream, a steady rate of profitability growth is expected.

It is noted that the growth in operating profitability is expected to be sustainable in the long term, as it is primarily driven by the concessions segment with projects ensuring long-term and stable revenue streams for the Group.

In the construction sector, the outlook for the coming years argues for improved financials as the high but qualitative backlog and the Group’s proven commitment to profitable project execution provide strong visibility.

In the concessions sector, further strengthening of figures is expected in 2026 from the operation of the Egnatia Odos project, whose contribution will increase significantly and gradually as the upgrading of the motorway progresses. At the same time, the contractually foreseen adjustments to toll rates across the entire motorway portfolio have been completed since the beginning of the year.

In the electricity sector, progress is being made towards the completion of the strategic partnership with Motor Oil and the creation of the new Utility Co. later this year, which is expected to offer significant opportunities to exploit joint investment opportunities and business synergies. On a separate level, GEK TERNA Group is proceeding with the investment in two conventional energy storage (BESS) projects with a total capacity of 162MW/324MWh in central Greece, expected to be operational by the end of 2026.

Group, given its leading position in the infrastructure sector, is continuously looking at new business opportunities and projects to further strengthen its footprint. In this context, the Group, recognising the significant infrastructure prospects in the water sector, proceeded in early 2026 to acquire a 12.8% stake in EYDAP.

In parallel, the Group is participating in ongoing tenders for new concessions/ PPP projects in Greece with a total value of over €2.0 billion, and expects to launch new tenders worth €8-10 billion.