GEK TERNA announced an impressive increase in turnover and operating profitability in the first quarter of 2025.
More specifically, consolidated revenue amounted to 989.4 million euros, recording a 49% increase year-on-year, while adjusted EBITDA totaled 135.5 million euros, up 55.1%.
The concessions sector was the main growth driver, with revenue increasing by 94% and adjusted EBITDA rising by 96%.
Attiki Odos
Attiki Odos contributed 41.5 million to the Group’s operating profitability, while increased traffic across all motorways boosted overall figures. Specifically, traffic rose by 5.1% on Attiki Odos and 4.1% on Olympia Odos.
Constructions
The construction sector reported a 16.7% increase in revenue and adj. EBITDA of 41.3%, with activity boosted by the acceleration of project implementation and the start of new ones. The backlog of projects as of March 31, 2025 amounted to 6.7 billion euros, with over 50% relating to the Group’s own investment projects – an element that forms a “quality and low-risk portfolio”, according to the announcement.
Energy: Stable profitability despite pressure
In the Energy sector, operating profitability rose by 10%, with HERON Energy recording a 28% increase in electricity production, thanks to higher participation of the natural gas plant in the market. The vertically integrated structure of the sector protected profitability from intense competition in supply, while demand in Greece increased by 2.4% and the wholesale price of electricity soared by 69%.
Net earnings and debt
Earnings before tax amounted to 29 million euros, remaining at the same level as in the corresponding quarter of 2024, due to increased depreciation and financial expenses. Net earnings attributable to shareholders, excluding non-operating results, amounted to 26 million.
Adjusted net debt of the parent company increased slightly to 169 million euros (from 153 million at the end of 2024), while the total adjusted net debt of the Group, including project finance, amounted to 3.29 billion euros.
Free cash flow amounted to 1.48 billion euros, of which 816 million at the parent company level, providing the Group with sufficient liquidity to support its investment plans.
