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During the first half of 2026, the GEK TERNA Group recorded a further strengthening of its financial metrics and operating profitability, driven primarily by the Concessions segment, while the Construction segment posted another strong half-year, maintaining high activity levels and making a significant contribution to the Group’s results. At the same time, the Group undertook significant strategic and financial initiatives that further bolster its growth prospects.

At corporate level, achieving an investment-grade credit rating from S&P and Moody’s (“BBB-”/“Baa3”) marked a significant milestone for the Group, confirming its strong financial position and broadening its access to funding sources. In their assessments, both agencies highlight, among other factors, the Group’s strong position in long-term motorway concessions, their governing contractual and regulatory framework, and the predictability of operational performance and cash flows resulting from the long duration of the Group’s concession portfolio.

At the same time, the successful placement of 15.5m new shares and the raising of €659m, with the strong participation of international institutional investors, significantly strengthened the Group’s capital base and financial flexibility, enhancing its ability to capitalize on new investment opportunities and accelerate the implementation of its growth strategy.

Group’s total available cash and cash equivalents – including the proceeds from the successful placement of 15.5m shares completed on July 3, 2026 – stood at approximately €2.2bn, of which €1.3bn was held at parent company level.

For the first half of the year, GEK TERNA Group’s financial figures increased, driven by the investments the Group is implementing and the effective execution of its business plan. More specifically, Group revenues reached €2,101.6m. At the same time, the Group’s operating profitability (adj. EBITDA) rose by 12.2% to €356.3m, with the corresponding margin standing at 17.0%, up from 16.2% in the respective period of the previous year. Finally, Adjusted Net Profit attributable to shareholders amounted to €83.4m, an increase of 22.1%.

Concessions segment was the primary driver of the aforementioned growth; its revenues and operating profitability reached significantly higher levels (increasing by 32.3% and 35.2%, respectively), with the Concessions segment now serving as the Group’s key pillar of operating profitability and contributing 63% of total adj. EBITDA. Construction segment recorded a 10.9% increase in revenues and a 32.7% increase in operating profitability, benefiting from stable margins secured through the project mix and the Group’s execution capabilities. Finally, in the Electricity segment, which includes thermal power generation as well as electricity and natural gas trading activities in Greece and abroad, revenues declined, yet net profitability reached satisfactory levels, bolstered also by the contribution of the new natural gas plant in Komotini.

Profit before tax for the first half of 2026 stood at €94.7m, compared to €87.6m in the respective last year period, driven by increased operating profits and the contribution of activities consolidated with the equity method.
Operating performance by segment

Concessions segment

Concessions segment continued to strengthen its contribution to the Group’s profitability mix. Revenue growth of 32.3% was driven by increased traffic volumes across motorways, contractual toll adjustments and the first-time consolidation of the Egnatia Odos concession. Revenues from Egnatia Odos amounted to €78.2m in 1H 2026. The contribution of Egnatia Odos is expected to increase further as revamp works and the full operational maturity of the concession progress. Attiki Odos recorded a 4.2% increase in revenues, with traffic rising by 2.4% and adj. EBITDA increasing by 7.7%, reflecting the operating leverage inherent in concession assets. The positive trend continued during the first two months of the third quarter, with traffic growth in Attiki Odos in July and August remaining at similar levels. Regarding the Nea Odos and Kentriki Odos motorways, average daily traffic for the first half of 2026 posted a year-on-year decrease of 2.1% and an increase of 3.5%, respectively, primarily due to farmers’ protests at the beginning of the year. However, total revenues – including contractual provisions for such events – recorded a 2.2% increase. The Group’s results include also profits from its 32.46% participation in the Heraklion International Airport concession company, in accordance with the relevant concession agreement (consolidated with the equity method).

Construction segment

Activity in the Construction segment reached higher levels, driven by the acceleration of projects under execution and the commencement of new projects. Also, profitability margins remained at satisfactory levels as a result of the project mix, the Group’s execution capacity and commitment. As of 30.06.2026, signed backlog stood at €6.9bn (€6.6 billion at the end of 2025) while projects pending signature amounted to €2.0bn, bringing the total backlog to €8.9bn. Approximately 79% of the backlog relates to own investment projects (54%) and private projects for third parties (25%), shaping a high-quality and low-risk portfolio, with high revenue and profitability visibility and limited exposure to award and financing risks. Finally, 87% of projects is located in Greece.

Generation and Supply of Electricity and Natural Gas

Electricity demand in the Greek market decreased by 1.5%, while total production rose by 18.4% (mainly RES and hydroelectric) due to strong export activity, reaching 5.2 TWh on a net basis in the half of the year. Wholesale electricity prices declined by 15.2%. The Group’s generation from the HERON plant increased by 17% to 0.85TWh, while the Komotini plant contributed 1.3TWh. In electricity and natural gas supply to end customers, HERON maintained its market share at 10% while expanding its customer base, both in the electricity and the natural gas sector. Total electricity sales amounted to 2.2TWh, lower year-on-year due to reduced sales to specific industrial customers. In terms of profitability, comparability with the first half of 2025 is affected by the gains recorded at that time from the sale of the HERON 1 plant. Excluding this impact and taking into account the contribution of the new Komotini plant, the sector’s underlying profitability remained at satisfactory levels.

Debt highlights – Investments

Excluding project finance facilities, which is non-recourse debt, and including the proceeds from the placement of 15.5m shares, the Group’s net cash position stood pro forma at €280m, compared to net debt of €211m on December 31, 2025.

On a consolidated basis, in accordance with relevant IFRS requirements, the debt of companies controlled by the Group is included, even though these are non-recourse project finance arrangements serviced exclusively by the cash flows of the respective projects. On this basis, pro forma Adjusted Net Debt4 stood at €3.82bn, compared to €4.30bn on December 31, 2025. Almost the entire amount relates to long-term project finance facilities with an average maturity of approximately 20 years; furthermore, over 85% of the relevant debt concerns the concession companies for Nea Attiki Odos and Nea Egnatia Odos, two long-term infrastructure projects of strategic importance to the country and the Greek economy, offering significant added value and strong cash flow generation potential.

At the same time, 93% of the Group’s total debt carries a fixed interest rate or is hedged against interest rate risk, while the Group’s weighted average cost of debt stood at approximately 3.8%.

These figures reflect the Group’s robust capital structure and financial position, reinforcing its ability to finance its next growth phase in a disciplined manner and confirming its status as a leading infrastructure and concessions group in Greece and the wider region.
Total investments amounted to approximately €296m and were directed toward projects under execution (Egnatia Odos, VOAK, IRC, Nestos), as well as the acquisition of a 12.8% stake in EYDAP for approximately €134m, in line with the Group’s strategic planning.

Prospects

GEK TERNA Group is entering a new phase of robust growth and enhanced profitability, as a significant portion of investments implemented in previous years begins to contribute to its financial results. The growing contribution from the Concessions segment – with Egnatia Odos project still in a phase of gradual maturity – combined with the Construction segment’s substantial and high-quality backlog, offers high visibility regarding the further strengthening of the Group’s financial metrics and cash flows.
At the same time, the Group’s strong financial position, attainment of investment-grade status, and significantly bolstered capital base expand its capacity to accelerate the execution of its investment plan and capitalize on new investment opportunities, thereby paving the way for further significant value creation for shareholders.