GEK TERNA Group: Powerful H1 2025 Performance Driven by Concessions and Construction
Athens, September 10, 2025 – GEK TERNA Group posted a commanding first-half performance in 2025, powered by record-breaking earnings, robust activity across all segments, and a major boost in profitability. The numbers confirm the company’s strategic focus on infrastructure, concessions, and energy is delivering strong, sustainable results.
Revenue surged 44% year-over-year to €1.96 billion, while adjusted EBITDA jumped 84% to €317 million, reflecting a better mix of high-margin projects. Adjusted net profits rose 24% to €68 million, or €0.68 per share, from €55 million and €0.56 per share a year ago.
The Group’s pre-tax earnings reached €87 million, up 50% from the same period in 2024, driven by increased profitability in both its core concessions and construction activities. EBITDA margin rose to 16%, compared to 12% in H1 2024.
Concessions Take the Lead
The concession segment was the engine of growth, accounting for 53% of the Group’s total EBITDA. Revenues from concessions more than doubled, while adjusted EBITDA in the segment jumped 114%, reaching €167 million. This growth was driven by higher vehicle traffic across all toll roads and the inclusion of the Attiki Odos concession, which alone contributed €89 million in EBITDA during the period.
Traffic volume increased 4.6% on Attiki Odos, 7.5% on Nea and Central Odos (thanks to new segments being opened), and 3.5% on Olympia Odos. These assets now form the foundation of GEK TERNA’s recurring revenue streams, offering long-term cash flow visibility.
Additional projects, including the Egnatia Odos, the Kasteli Airport, and several water and waste management concessions, are expected to further enhance earnings starting in the coming periods.
Construction Segment Scales Up
Construction revenues increased 41% to €813 million, while segment EBITDA rose 49% to €89 million. The uptick reflects an acceleration in project execution and the launch of several new developments.
As of June 30, 2025, the Group’s signed construction backlog hit a record €6.3 billion, up from €4.1 billion at year-end 2024. Notably, around half of this backlog comes from GEK TERNA’s own investment projects, which the company characterizes as lower-risk and higher-quality assets. The pipeline is expected to grow even further as the Group awaits final contract signatures on several awarded tenders.
Energy: Steady Profitability Amid Market Volatility
In energy and natural gas, GEK TERNA maintained positive momentum despite ongoing market pressures. Demand for electricity in Greece rose just 0.6% during the first half, but wholesale prices climbed 37% year-over-year, largely due to higher natural gas prices earlier in the year.
In the power supply segment, HERON Energy preserved market share, despite a slight dip in volumes driven by reduced industrial sales. On the production side, the HERON plant generated 0.7 TWh, a marginal decrease due to planned maintenance.
Meanwhile, the new combined cycle gas plant in Komotini entered trial operation, while the HERON I plant in Crete—developed for Public Power Corporation (PPC)—came online. The completion of the Crete project contributed positively to segment earnings.
Strategic Deal with Motor Oil Reshapes Energy Division
A key development in the Group’s energy strategy is the newly announced joint venture with Motor Oil, under which both companies will merge their respective energy businesses into a new 50/50 enterprise. This move creates a vertically integrated energy platform with strong production assets and a sizable customer base.
The transaction, pending regulatory and shareholder approvals, is expected to close in early 2026. GEK TERNA will receive €128 million in cash upon completion of the deal. The combined entity is positioned to accelerate growth and lead Greece’s energy transition with a highly competitive footprint.
Strengthened Financial Position
GEK TERNA continues to improve its financial resilience. Adjusted net debt at the parent company level fell to €117 million, down from €153 million at the end of 2024. Group-level adjusted net debt also declined, from €3.26 billion to €3.12 billion.
The Group closed the half-year with €1.46 billion in total cash, including €748 million at the parent company level. The reduction in cash reserves reflects the full repayment of a €120 million bond (KOD 2018) earlier in the year, reinforcing the Group’s commitment to disciplined capital management.
Looking Ahead
GEK TERNA’s performance in the first half of 2025 paints a picture of a diversified, cash-generating group firing on all cylinders. With its concession portfolio now driving the majority of earnings, a deep and expanding construction pipeline, and a strong position in the energy transition through its Motor Oil joint venture, the Group is well-positioned for continued growth.
The second half of the year is expected to bring further progress across all fronts—especially as more concession projects become operational and energy sector synergies begin to materialize. The numbers tell the story: GEK TERNA is not just growing—it’s building a platform for long-term, sustainable value.
Athens, September 10, 2025 – GEK TERNA Group posted a commanding first-half performance in 2025, powered by record-breaking earnings, robust activity across all segments, and a major boost in profitability. The numbers confirm the company’s strategic focus on infrastructure, concessions, and energy is delivering strong, sustainable results.
Revenue surged 44% year-over-year to €1.96 billion, while adjusted EBITDA jumped 84% to €317 million, reflecting a better mix of high-margin projects. Adjusted net profits rose 24% to €68 million, or €0.68 per share, from €55 million and €0.56 per share a year ago.
The Group’s pre-tax earnings reached €87 million, up 50% from the same period in 2024, driven by increased profitability in both its core concessions and construction activities. EBITDA margin rose to 16%, compared to 12% in H1 2024.
Concessions Take the Lead
The concession segment was the engine of growth, accounting for 53% of the Group’s total EBITDA. Revenues from concessions more than doubled, while adjusted EBITDA in the segment jumped 114%, reaching €167 million. This growth was driven by higher vehicle traffic across all toll roads and the inclusion of the Attiki Odos concession, which alone contributed €89 million in EBITDA during the period.
Traffic volume increased 4.6% on Attiki Odos, 7.5% on Nea and Central Odos (thanks to new segments being opened), and 3.5% on Olympia Odos. These assets now form the foundation of GEK TERNA’s recurring revenue streams, offering long-term cash flow visibility.
Additional projects, including the Egnatia Odos, the Kasteli Airport, and several water and waste management concessions, are expected to further enhance earnings starting in the coming periods.
Construction Segment Scales Up
Construction revenues increased 41% to €813 million, while segment EBITDA rose 49% to €89 million. The uptick reflects an acceleration in project execution and the launch of several new developments.
As of June 30, 2025, the Group’s signed construction backlog hit a record €6.3 billion, up from €4.1 billion at year-end 2024. Notably, around half of this backlog comes from GEK TERNA’s own investment projects, which the company characterizes as lower-risk and higher-quality assets. The pipeline is expected to grow even further as the Group awaits final contract signatures on several awarded tenders.
Energy: Steady Profitability Amid Market Volatility
In energy and natural gas, GEK TERNA maintained positive momentum despite ongoing market pressures. Demand for electricity in Greece rose just 0.6% during the first half, but wholesale prices climbed 37% year-over-year, largely due to higher natural gas prices earlier in the year.
In the power supply segment, HERON Energy preserved market share, despite a slight dip in volumes driven by reduced industrial sales. On the production side, the HERON plant generated 0.7 TWh, a marginal decrease due to planned maintenance.
Meanwhile, the new combined cycle gas plant in Komotini entered trial operation, while the HERON I plant in Crete—developed for Public Power Corporation (PPC)—came online. The completion of the Crete project contributed positively to segment earnings.
Strategic Deal with Motor Oil Reshapes Energy Division
A key development in the Group’s energy strategy is the newly announced joint venture with Motor Oil, under which both companies will merge their respective energy businesses into a new 50/50 enterprise. This move creates a vertically integrated energy platform with strong production assets and a sizable customer base.
The transaction, pending regulatory and shareholder approvals, is expected to close in early 2026. GEK TERNA will receive €128 million in cash upon completion of the deal. The combined entity is positioned to accelerate growth and lead Greece’s energy transition with a highly competitive footprint.
Strengthened Financial Position
GEK TERNA continues to improve its financial resilience. Adjusted net debt at the parent company level fell to €117 million, down from €153 million at the end of 2024. Group-level adjusted net debt also declined, from €3.26 billion to €3.12 billion.
The Group closed the half-year with €1.46 billion in total cash, including €748 million at the parent company level. The reduction in cash reserves reflects the full repayment of a €120 million bond (KOD 2018) earlier in the year, reinforcing the Group’s commitment to disciplined capital management.
Looking Ahead
GEK TERNA’s performance in the first half of 2025 paints a picture of a diversified, cash-generating group firing on all cylinders. With its concession portfolio now driving the majority of earnings, a deep and expanding construction pipeline, and a strong position in the energy transition through its Motor Oil joint venture, the Group is well-positioned for continued growth.
The second half of the year is expected to bring further progress across all fronts—especially as more concession projects become operational and energy sector synergies begin to materialize. The numbers tell the story: GEK TERNA is not just growing—it’s building a platform for long-term, sustainable value.
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.