Significant growth showed the income and the group’s operating profitability GEK TERNA During the first half of the year with all areas of activity to rise.
Specifically, the total revenue of the GEK TERNA Group increased by 44% and amounted to € 1,957 million, while operating profitability increased by 84%, reaching € 317 million with the margin of 16% against 12% in the improved sales mix.
Remarkable is the performance of the concession sector, with revenue and operating profitability now moving to significantly higher levels (100% increase and 114% respectively), accounting for 53% of the group’s total operating profitability. At the same time, the construction sector increased by 41% revenue and operating profitability by 49%. Finally, in the production and marketing of electricity from thermal sources of energy in Greece and abroad, competitive pressures and market volatility continued, with the group achieving satisfactory operating profitability and maintenance of market share.
It is noted that the increase in operating profitability recorded in the first half is expected to be sustainable, as it comes primarily from the concession sector with projects to ensure long -term and fixed revenue flows for the Group. It is further enhanced gradually with the operation of the next concessions, such as Egnatia Odos, Kasteli Airport, Water and Waste Management Projects and more.
Profit pre -tax profits for the first half of 2025 amounted to € 87 million versus € 57 million in the previous comparative period, as a consequence of increased operating profits. The net profit of shareholders, without the effect of non -functional results (customized net profits) stood at € 68 million, showing a 24% increase compared to the corresponding period of the previous year.
Strong functional performance in all areas
The activity in the construction sector has moved to a higher level, as the implementation of projects under construction and new projects were accelerated. Also, the profit margins continued to move to satisfactory levels as a result of the mix of projects and the executive and attachment of the group. As for the signed backlog on 30.06.2025, it amounted to € 6.3 billion (€ 4.1 billion on 31.12.2024). The backlog is expected to increase further in the coming period as the Group expects the signing of new project contracts for which it has qualified (either as temporary or as a definitive contractor).
It is worth noting that about 50% of the signed backlog corresponds to the group’s own investment projects, shaping a high quality and low -risk portfolio. At the same time, the height of the unexplained offers significant visibility in the group’s construction activity.
The concessions were recorded, as expected, a significant increase in revenue and operating profitability, now forming a new “basis” for the financial figures of the sector. This performance is due, on the one hand, to the increased traffic of vehicles across the Group’s motorway network and, on the other hand, to the contribution of the new Attica Road concession project, which contributed to the first semester € 89 million at AD. Ebitda. In terms of vehicles, in the first half of the year, it increased by 4.6% on Attica Road, 7.5% on the new and central road (due to the delivery of new sections on the main street), and by 3.5% on Olympia Road. Now, the concessions, with their fixed and repetitive revenue profile, are the main area of the Group’s operating profitability – participation that is expected to increase further with the start of the new concession projects.
In the production and marketing of electricity from thermal sources of energy in Greece and abroad, the demand for electricity in Greece increased by 0.6%, while the average price in the wholesale market increased by 37% compared to the first half of 2024, mainly due to increased gas prices observed at the beginning of the year. In the field of electricity supply, HERON ENERGY has managed to maintain market shares despite competitive pressures, with sales volumes reporting a slight decline over the corresponding 2024 period due to lower sales to industrial customers. In the production sector, the HEROS plant produced 0.7 TWH, showing a slight decrease over the comparative period of 2024, mainly due to scheduled maintenance work. Also, within the first half of 2025 began the trial operation of the new Komotini combined gas unit. It is noted that in the first half of 2025 it was installed and put into operation, on behalf of PPC, a gas station from natural gas in Crete (Iron I) under the relevant agreement. The outcome of the transaction, which contributed to the sector’s operating profitability in the first half was recognized.
Significant development for the Group’s strategy regarding its presence in the energy sector is the recent agreement with Motor Oil to create a new vertical company with the merger of the activities of the two groups in this sector and the creation of a new energy pole under common control (50/50). The new company, with one of the most efficient electricity production portfolios, coupled with the extensive customer base, will be able to achieve faster growth rates and top economic performance, responding effectively to the challenges of energy transition. The completion of the transaction, under the filling of a series of heresies (Competition Authority, RAAE, GS companies), is expected in early 2026.