The GEK TERNA Group reported significant growth in its key financial metrics for 2025, with its main business sectors (Concessions and Construction) recording substantial increases. Specifically, GEK TERNA Group revenues rose by 18.6% in 2025, reaching €3.855.4 million. Simultaneously, the Group’s operating profitability (adj. EBITDA) increased by 56.3%, reaching €631.4 million.
The main sources of growth for these metrics were both the Concessions sector, whose revenues and operating profitability reached significantly higher levels (increases of 60.4% and 76.7% respectively), representing 57.5% of the Group’s total operating profitability, as well as the Construction sector, which showed revenue growth of 27.7% and operating profitability growth of 44.5%. In the Electricity sector from thermal energy sources, electricity and natural 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 significant year for GEK TERNA Group, during which its business and strategic footprint was further strengthened. The emblematic Attiki Odos concession, which is consolidated for the first time for a full year in 2025, and the commencement of the Egnatia Odos concession at year-end, constitute decisive milestones that will contribute to increased long-term revenue streams and strengthen the Group’s position in the concessions sector. Meanwhile, the total backlog reached €9.1 billion, reflecting the Group’s increased competitiveness in high-requirement projects and providing clear work visibility for the coming years. In the same context, the strategic partnership with Motor Oil (MOH) will constitute a significant step in further strengthening the value of the Group’s energy pillar, creating new opportunities for leveraging operational synergies and joint investment opportunities in energy infrastructure and related services.
Pre-tax profits for 2025 reached €182.9 million versus €53.1 million in the previous comparative period, as a result of increased operating profits. Net profits to shareholders, excluding the impact of non-operating results (adjusted net profits) reached €147.3 million, showing a 48.1% increase compared to the previous year.
Operating performance by business sector
The concessions sector significantly increased its metrics, as the Attiki Odos project contributed for the entire year, while at the end of December 2025, the 35-year Egnatia Odos concession period commenced. These two projects represent a total investment of over €5.3 billion for the Group, which is now entering the commercial operation phase, offering significant and long-term dividend flows estimated to exceed €7.5 billion over the projects’ lifetime. Regarding 2025 metrics, significant increases in revenues and operating profitability were recorded following both increased vehicle traffic throughout the Group’s highway network and the contribution of the new Attiki Odos highway concession project for the entire year. Average daily traffic (ADT) on the Attiki Odos highway showed an annual increase of 4.6% compared to the corresponding period of the previous year, with operating profitability reaching €180 million. Regarding the Nea Odos and Central Road highways, average daily traffic for 2025 showed annual increases of 1.7% and 12.5% respectively. It should be noted that daily traffic on these two highways in December was adversely affected by farmers’ protests. Also, the year’s profits include €17.8 million in profits from the Group’s 32.46% participation in INTERNATIONAL HERAKLION AIRPORT OF CRETE company, in application of the existing concession agreement and according to the provisions of relevant articles.
Activity in the Construction sector moved to higher levels, as implementation of projects under construction accelerated and new projects began construction. Also, profit margins continued to move at satisfactory levels, as a result of the project mix and the Group’s execution capability and commitment. Regarding signed backlog as of 31.12.2025, it reached €6.6 billion (€4.1 billion on 31.12.2024), while projects to be signed
amount to €2.6 billion, with total backlog reaching €9.1 billion. Approximately 77% of the backlog corresponds to the Group’s own investment projects (51%) and third-party private investments (25%), forming a particularly high-quality and low-risk portfolio. The backlog amount provides significant visibility regarding the Group’s construction activity, given its ability to successfully manage current backlog levels.
In the Electricity Generation sector, despite intensifying competition, the Group managed to maintain its competitive presence, leveraging its long-term experience and the flexibility provided by its ability to procure natural gas on competitive terms, as well as the technical characteristics of the station. Production reached 1.8 TWh, almost stable compared to the previous year. Also, in 2025, trial operation of the new natural gas unit in Komotini began (the Group participates with 50%) with production reaching 1.5 TWh. In the Electricity and Natural Gas Supply sector to end consumers, the market moved upward throughout the year, particularly in the second half. HERON company maintained its 10% market share, significantly increasing its customer base in both the Electricity and Natural Gas sectors, achieving its goal of establishing itself among the top independent suppliers in terms of both market share and customer base growth. Total electricity sales for 2025 reached 5.0 TWh, showing a decrease compared to the previous year due to reduced sales to specific industrial customers. It should be noted that in the first half of 2025, a natural gas electricity generation station was installed and put into operation for DEH in Crete (HERON I), within the framework of the relevant agreement. Following this, the positive result that contributed to the sector’s operating profitability was recognized.
Cash flows – Investments – Borrowing
The Group’s net operating cash flows (Net Operating CF) for 2025 reached €555.6 million, showing a 62.9% increase compared to the previous year following increased operating profitability and working capital management.
Total investments (capex) remained at a high level in 2025 and reached €1.3 billion (versus €3.4 billion in 2024), with almost the entire amount spent in the Concessions Sector, specifically on the Egnatia Odos project.
Net debt, excluding Project Finance contracts, reached €211 million, versus €76 million on 31.12.2024. The Group’s Total Adjusted Net Debt reached €4,297 million (~90% concerns non-recourse debt to the parent company), versus €3,258 million on 31.12.2024, with the increase attributed to payment for the Egnatia Odos concession at year-end. Excluding this specific payment, total net debt shows a decrease of approximately €300 million.
The Group’s Total Cash Available (excluding restricted deposits of €99 million) reached €1,693 million, of which €851 million at Parent Company level.
Prospects – Outlook
GEK TERNA Group, despite the significant volatility observed at the global geopolitical level, is expected to continue strengthening its presence in infrastructure in Greece and SE Europe, consistently implementing its strategic planning. Having significant visibility due to the number of secured projects gradually entering operation, steady profitability growth is expected. It should be noted that operating profitability growth is expected to be sustainable long-term, as it mainly derives from the concessions sector with projects ensuring long-term and stable revenue streams for the Group.
In the construction sector, prospects for the coming years support improvement in financial metrics, as the high-quality backlog and the Group’s proven commitment to profitable project execution provide strong visibility.
In the concessions sector, further growth enhancement is expected in 2026 from the Egnatia Odos project operation, whose contribution will increase significantly gradually as highway upgrade works progress. Meanwhile, from the beginning of the year, contractually provided toll price adjustments were completed across the entire highway portfolio.
In the electricity sector, procedures for completing the strategic partnership with Motor Oil and creating the new Utility Co. within the year are progressing, expected to offer significant opportunities for leveraging joint investment opportunities and operational synergies. Separately, GEK TERNA Group is proceeding with investment in two conventional energy storage projects (BESS) with total capacity of 162MW/324MWh in central Greece, expected to be operational by end-2026.
The Group, given its leading position in infrastructure, continuously examines new business opportunities and projects to further strengthen its footprint. In this context, recognizing significant prospects for water infrastructure, the Group acquired a 12.8% stake in EYDAP in early 2026. It also participates in ongoing tenders for new concession/PPP projects in Greece worth over €2.0 billion, while expecting new tenders worth €8-10 billion to begin.
GEK TERNA – Leading infrastructure group in SE Europe
GEK TERNA is Greece’s leading infrastructure and concessions group, with a leading role in developing, operating and managing strategic projects in transport, energy and environment.
With decades of expertise in designing and implementing large and complex infrastructure, the Group undertakes study, construction, financing, operation and maintenance of large-scale facilities and units. Its portfolio includes highways, airports, energy infrastructure, waste management units, as well as significant Public-Private Partnerships (PPPs) in Greece and Europe.
GEK TERNA continuously strengthens its concessions portfolio through targeted investments that enhance connectivity, secure energy security and promote sustainable economic development, creating long-term value for society, citizens and shareholders.
It is listed on the Athens Stock Exchange, with a market capitalization of approximately €3.7 billion.
