GEK TERNA Reports Significant Growth in Revenue and Operating Profitability for Q1 2025
In the first quarter of 2025, GEK TERNA achieved remarkable financial results, with consolidated revenue reaching €989.4 million, marking a 49% year-on-year increase. Adjusted EBITDA hit €135.5 million, reflecting a 55.1% rise.
The concessions sector was the primary contributor to this growth, with revenue soaring by 94% and adjusted EBITDA climbing 96%.
Attiki Odos
Attiki Odos enhanced the Group’s operating profitability by €41.5 million, driven by increased traffic on all motorways. Specifically, traffic increased by 5.1% on Attiki Odos and by 4.1% on Olympia Odos.
Construction Sector
The construction division saw a revenue increase of 16.7%, along with an adjusted EBITDA growth of 41.3%. This surge was fueled by the acceleration of ongoing projects and the initiation of new ones. As of March 31, 2025, the project backlog stood at €6.7 billion, with over half pertaining to the Group’s own investment projects, which contribute to a “quality and low-risk portfolio,” as stated in the announcement.
Energy: Stable Profitability Amid Market Pressures
In the Energy sector, operating profitability rose by 10%. HERON Energy experienced a 28% boost in electricity production, driven by increased market participation of its natural gas plant. The sector’s vertically integrated structure helped maintain profitability despite fierce supply competition, with demand in Greece rising by 2.4% and wholesale electricity prices climbing 69%.
Net Earnings and Debt Overview
Earnings before tax reached €29 million, maintaining the same level as the previous year’s quarter, due to higher depreciation and financial costs. Net earnings attributable to shareholders, excluding non-operating results, totaled €26 million.
The adjusted net debt of the parent company rose slightly to €169 million (up from €153 million at the end of 2024), while the total adjusted net debt of the Group, including project finance, reached €3.29 billion.
Free cash flow was reported at €1.48 billion, with €816 million at the parent company level, ensuring ample liquidity to support the Group’s investment initiatives.
