Significantly enhanced was her profitability GEK TERNA for 2024, as the clean profits The company amounted to EUR 818.3 million versus € 147.8 million last year, according to the company’s financial results.
An important contribution to the annual profitability was the profits from the sale of the GEK TERNA Group’s participation in TERNA ENERGY in 2024, which amounted to EUR 742.5 million (cash price of € 864 million), while shareholders’ profits from continued activities- except for non-operating activities.
Regarding the Group’s revenue and operating profitability from continuing activities for the whole year, they were kept at levels respectively of the previous year, at € 3.25 billion and EUR 404 million respectively. According to the announcement, the increasing participation of the concessions sector is noteworthy, which now contributes more than 60% of operating profitability.
Reduction borrowing (ie the parental debt of the parent company) decreased to EUR 152 million (compared to EUR 317 million in 2023), while free cash available for the entire group amounts to EUR 1.5 billion (of which € 0.9 billion to the parent company).
Following the healthy financial structure, as well as the provisions for profitability and cash flows, the Board of Directors will propose to the General Assembly the increase in the dividend for 2024 by 60% compared to the previous year, to € 0.40 per share (all-cash).
During 2024, the Group implemented a very important part of its strategic planning, with the aim of highlighting it in a leading infrastructure group in Greece and Southeast Europe, participating in iconic transactions totaling € 11 billion, including the sale of TERNA ENERGY. In addition, it prevailed in tenders for new concessions and PPP projects of € 2.5 billion in 2024, ensuring additional and attractive returns for its shareholders.
Finally, the Group points out that it continues to prepare and evaluate its participation in a significant number of projects, which are expected to mature in the coming period.
Along with the execution of the strategic plan in the field of concessions, the group’s construction sector recorded a historical high in Backlog, which now amounts to € 6.9 billion, with more than 70% of private investment projects and projects. The new projects that have been secured, in addition to the same investment projects and public projects, include a significant number of emblematic private projects, such as the first stage of the expansion of the Athens International Airport, a significant number of high -quality commercial real estate (offices, hotels, etc.), energy projects, Also, in April 2025, the Group became a temporary contractor for a new railway project of € 400 million in Romania (it has not yet been incorporated).
Strong functional performance in all areas
The activity in the construction sector was moving at the same high levels as the previous use, with a slight decrease in sales being attributed to temporary factors, while maintaining healthy profit margins. The performance of 2024 is a confirmation of the group’s ability to maintain high project execution rates and satisfactory profitability, while recording strong cash flows. It should be noted that in the period 2023-2024 investments-including small-scale acquisitions-were made in the construction sector of more than 60 million euros with the aim of enhancing the effectiveness of the group in the assumption and execution of the projects.
As for the backlog, it amounted to € 6.9 billion (compared to € 5.3 billion at the end of 2023), with signed projects amounting to € 4.1 billion and an additional € 2.8 billion in signature. The current backlog does not include projects for which the Group expects the definitive signature, such as the concession of the north road of Crete (Heraklion-Chania Department), as well as the new Romania Railway in Romania.
The concessions were reported, as expected, a significant increase in revenue and operating profitability. This performance is due on the one hand to the increased traffic of vehicles across the Group’s highway network in 2024 and on the start of October 6, 2024, from the 25 -year concession period of the Attica Motorway. It is noted that for the whole of 2024, traffic increased by 5.5% annually on the Attica Road by 8.7% on the new and central road (due to the delivery of new sections from the middle of the year), and by 3.3% on Olympia Road. Now, the concession sector, with its fixed and repetitive revenue profile, contributes more than 60% to the group’s total operating profitability- which is expected to increase further with the start of new projects under development.
In the production of electricity from thermal sources of energy and marketing in Greece and abroad, the demand for electricity in Greece increased by 4.7%, while the average price on wholesale market decreased by 15.5% against 2023. HERON ENERGY recorded an increase of 22% in the volumes of electricity in the final consumer. its purchase, which was 11.4%. At the production level, the power generation of the Group of Energy Group from gas increased by 5.2% in 2024. As a consequence of higher sales volumes and lower reference prices in the wholesale market, overall sales of the sector remained at the same level. In terms of profitability, the group’s vertical presence contributed to maintaining healthy levels, despite increasing competitive pressures, especially in the supply industry.
Cash Flows – Investments – Debt
Cash flows from operating activities for the Group in 2024 showed a significant increase and amounted to EUR 342 million, as a result of continuing operating profitability in the areas of construction and concessions, as well as effective management of capital.
The Group’s total investments (CAPEX) for 2024 amounted to 3.5 billion euros and relate almost exclusively to the concession sector, and in particular the Attica Odos project. Also, in 2024, the Group received the total price of € 864 million from the sale of its participation in TERNA ENERGY.
Net borrowing (customized net debt of the parent company) stood at EUR 152 million on 31.12.2024, compared to EUR 316.5 million at 31.12.2023. The Group’s total custom net debt (including Project Finance contracts – lending without reduction) stood at 31.12.2024 to EUR 3,258.5 million, compared to EUR 1,605.6 million on EUR 31.12.2023, with the increase attributed to the assumption of the Attica concession.
The group’s total cash available (excluding 90.6 million euros) stood at 31.12.2024 to EUR 1,517.4 million, of which EUR 853.1 million at the parent level.
Perspective
As stated in the announcement, the GEK TERNA Group, despite the great volatility observed at a global geopolitical level, is expected to continue to reinforce its presence in the infrastructure area in Greece and the SE. Europe, consistently implementing its strategic planning. Having significant visibility due to the number of projects that have been secured and gradually enter into operation, a steady rate of profitability increase in medium term is expected.
At the same time, the infrastructure market is expected to continue to offer significant opportunities for further increase in the group’s footprint. Verticalization, deep knowledge of the object and systematic dedication to the infrastructure sector, coupled with the strong financial structure, are expected to continue to be the main competitive advantages of the group and support the securing new contracts, which will create even greater value for shareholders.
