The total increased by 28.7% income of the Group GEK TERNA in the first nine months of 2025, according to today’s (21.11.2025) Group announcement.
More specifically, the totals income reached €2,874.9 million in the nine months of 2025, showing an increase of 28.7%, while operating profitability increased by 66.2%, reaching €463.9 million, with the relative margin amounting to 16.1% against 12.5%, following an improved sales mix.
A significant contribution now comes from the Concessions sector, which contributed 57% of the total operating profitability of GEK TERNA. More specifically, revenues increased by 96.1%, while operating profitability increased by 112.2%, following the contribution of new projects (Attiki Odos) and organic profitability due to increased traffic data. At the same time, the Construction sector showed an increase in revenue by 34.3% and operating profitability by 35.7%.
Finally, in the area of Production and Trading of Electricity from Thermal Energy Sources in Greece and Abroad, competitive pressures and market volatility continued, with the Group achieving satisfactory operating profitability.
It is noted that the increase in operating profitability recorded during the first nine months of the year is expected to be sustainableas it mainly comes from the concessions sector with the projects ensuring long-term and stable revenue streams for the Group. Its further strengthening is expected gradually with the operation of the following concession projects (Egnatia Odos, Kastelli airport, water and waste management projects, etc.) but also due to increased traffic volumes.
Profits before taxes for the Nine Months of 2025 amounted to 133.0 million euros against 124.2 million euros the previous comparative period, as a consequence of increased operating profits. Shareholders’ net profits, without the effect of non-operating results (adjusted net earnings) amounted to 106.6 million euros, showing an increase of 11% compared to the corresponding period of the previous year.
Strong operational performance across the board
Activity in the construction sector moved to higher levelsas the implementation of projects under construction was accelerated and the construction of new projects started. Also, profit margins continued to move at satisfactory levels, as a result of the mix of projects as well as the executive ability and commitment of the Group.
Regarding the signed backlog on 30.09.2025, it amounted to 6.8 billion euros (4.1 billion euros on 31.12.2024), while the projects to be signed amount to 2.4 billion euros, with the total backlog standing at 9.2 billion eurosapproximately 75% of the signed backlog corresponds to projects of the Group’s own investments (50%) and private investments of third parties (25%), forming a particularly high-quality and low-risk portfolio. The backlog level provides significant visibility into the Group’s construction activity given its ability to successfully manage current backlog levels.
In the concessions, a significant increase was recorded both in terms of revenue and operating profitability, now forming a new “base” for the financial figures of the sector. This performance is due, on the one hand, to increased vehicle traffic throughout the Group’s highway network and, on the other hand, to the contribution of the new highway concession project of Attica Odou, which contributed 133.7 million euros in the nine months.
Regarding vehicle traffic, during the first nine months of 2025, it increased by 4.6% on Attiki Odos, by 3.6% on Nea Odos, by 16.5% on Central Odos (due to the delivery of new sections) and by 4.6% on Olympia Odos. Concessions, with their stable and recurring revenue profile, are now the Group’s core operating profitability segment – participation which is expected to increase further with the start of the new concession projects as well.
Regarding the main projects of the concession sector under development, the signing of the Egnatia Road concession contract and the start of the 35-year period of the project are expected to be completed by the end of the year. Also, at the beginning of 2026, the signing and start of the concession for the BOAK project is expected.
Regarding the new international airport in Kasteli, Crete, the progress of the construction works now exceeds 65%, with their completion expected within 2026. Finally, the construction of the Integrated Tourist Complex project in Elliniko (IRC) is progressing according to the schedules, while the construction of the new waste and water management projects is gradually starting.
In the field of electricity and natural gas supplyHeron Energy recorded lower sales volumes compared to the corresponding period in 2024, due to lower sales to industrial and commercial customers, with revenues however increasing due to higher prices in the wholesale market.
It is worth noting that, already at the end of the third quarter, there is a reversal of the trend with an increase in the number of household consumers. In the field of electricity generationwithin 2025 the trial operation of the new combined cycle natural gas plant in Komotini began, which now contributes positively to the Group’s profitability. At the same time, the production from the Heron unit reached 1.2TWh, highlighting its ability to remain competitive in the current market environment.
It is recalled that in the first half of 2025, an electricity generation station in Crete (Heron I) was installed and put into operation, on behalf of PPC, within the framework of the relevant agreement. Following this, the result of the transaction was recognized, which contributed to the operational profitability of the sector.
Borrowing – Cash available
Net debt with reduction (Adjusted Net Debt of the Parent company) amounted to 145 million eurosagainst 153 million euros on 31.12.2024. The Total Adjusted Net Debt of the Group (including project finance contracts – non-recourse borrowing) amounted to 3,107 million euros, compared to 3,258 million euros on 31.12.2024.
The Group’s Total Cash Available (excluding restricted deposits of EUR 58 million) amounted to 1,971 million eurosof which 1,222 million euros at the level of the Parent Company.