GEK TERNA reported a strong increase in profitability during the first quarter of 2026, driven primarily by the concessions sector, which now accounts for 65% of the group’s total operating profit following the commencement of the Egnatia Motorway concession.
Adjusted net profit attributable to shareholders stood at €34.6 million, up 33.2% compared to the same period in 2025, while earnings per share (EPS) amounted to €0.34.
The group’s adjusted operating profitability (adj. EBITDA) increased by 22.4%, reaching €165.9 million, with the corresponding margin rising to 16.7% from 13.7% a year earlier. Total revenue amounted to €992.6 million.
In the concessions sector , revenue increased by 33.6% and operating profitability by 45%, reflecting increased traffic on the highways, the planned toll adjustments, and the first consolidation of Egnatia Odos. Egnatia Odos’s revenue stood at €35.6 million, while traffic increased by 4.5%.
Attiki Odos recorded a 3.8% increase in revenue, with traffic rising by 2.6% and adjusted EBITDA increasing by 8.9%, benefiting from operational leverage. Management notes that the positive trend in traffic continued during the first two months of the second quarter.
In the construction sector, revenue increased by 8% to €373.9 million, while operating profitability rose by 9.7% to €51.5 million. The total backlog amounted to €8.8 billion, of which €7.2 billion relates to signed contracts and €1.6 billion to projects awaiting signature. Approximately 76% of the backlog relates to own investments and third-party private investments, while 88% of the projects are located in Greece.
In the electricity and natural gas production and supply sector, procedures are continuing for the merger of the relevant activities with Motor Oil, with the transaction expected to be completed within the year. The new natural gas plant in Komotini contributed positively to the results, while the company IRON maintained a 10% market share, while also expanding its customer base.
Pre-tax profits stood at €46.5 million, up from €28.9 million in the same period last year, while net profits after taxes amounted to €32.4 million. The amount attributable to the parent company’s shareholders was €34.7 million, compared to €21.1 million in the first quarter of 2025.
During the quarter, the group made investments totaling €268 million, which were directed toward projects such as the Egnatia Highway, the BOAK, the IRC, and the Nestos project, as well as the acquisition of a 12.8% stake in EYDAP for approximately €134 million.
Adjusted net debt, excluding project finance contracts, stood at €402 million, up from €211 million at the end of 2025, a development attributed to the implementation of the investment program. The group’s total adjusted net debt amounted to €4.52 billion, of which approximately 91% consists of non-recourse debt.
The Group’s total cash and cash equivalents, excluding restricted deposits of €76 million, stood at €1.57 billion, of which €619 million was held by the parent company.
At the same time, GEK TERNA maintains an investment-grade rating from S&P and Moody’s (“BBB-” and “Baa3,” respectively), with a stable outlook.
*See GEK TERNA’s first-quarter results in detail in the right-hand column “Related Materials.”