The GEK TERNA Group confirmed the successful completion of its share capital increase through a fully covered book-building process, which was announced on the morning of Tuesday, June 30, with the goal of raising approximately €500 million. The company emphasized that the net proceeds will be used “to support the continued expansion of its infrastructure and concessions platform, primarily in Greece, and specifically to finance its identified investment program in the sectors of transport, water, energy, and other related infrastructure, including concession and PPP projects beyond its current business plan.”
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GEK TERNA: A €5 billion investment program
It is worth noting that 2025 proved to be a strong year for GEK TERNA, as the financial benefits of the group’s transformation — from a construction and energy conglomerate into a full-fledged infrastructure company — began to materialize. Under this new model, the majority of earnings are long-term and predictable, generating consistent value creation, a trend clearly reflected in the company’s share price performance.
GEK TERNA has launched an investment program worth approximately €5 billion, with a project portfolio that includes — among others — the Northern Road Axis of Crete (BOAK), the Central Greece Motorway (E65) — where the delivery of the northern section spanning a remaining 46 km is imminent — as well as infrastructure works at Hellinikon and the new Kastelli Airport. Construction work is expected to be completed by year-end; however, full operational launch is scheduled for 2028, as it requires the installation of essential air navigation systems, which fall under the responsibility of the Hellenic Civil Aviation Authority.
Revenue approaching the €1 billion mark
It is also worth recalling that in the first quarter of 2026, the GEK TERNA Group continued to execute its strategic plan with consistency while delivering strong growth across key financial metrics. More specifically, group revenues reached €992.6 million. At the same time, adjusted EBITDA rose by 22.4%, reaching €165.9 million, with the corresponding margin improving to 16.7% from 13.7% in the same quarter of the previous year. Finally, adjusted net profit attributable to shareholders stood at €34.6 million, up by 33.2%.
The primary driver of this growth was the Concessions segment, whose revenues and operating profitability reached significantly higher levels (up 33.6% and 45.0% respectively), accounting for 65% of GEK TERNA’s total adjusted EBITDA. The Construction segment also posted solid results, with revenues up 8.0% and operating profitability up 9.7%, supported by healthy margins secured through a well-balanced project mix and the group’s strong execution capabilities. In the Electricity segment — covering thermal energy generation and electricity and natural gas trading in Greece and abroad — the merger process with the corresponding subsidiary of Motor Oil is advancing, with completion expected before year-end. At the operational level, market volatility persisted, though GEK TERNA achieved satisfactory profitability, also benefiting from the contribution of its new natural gas unit in Komotini.
