Gek Terna S.a. · ATHEX:GEKTERNA
Gek Terna — Investor Presentation (October 2025)
60 slides from Gek Terna's investor presentation, October 2025
Slide 1: Corporate Presentation
Corporate Presentation October 2025
Slide 2: Legal Disclaimer
Legal Disclaimer 2 We have prepared this document solely for informational purposes. You should not rely upon it or use it to form the definitive basis for any decision, contract, commitment or action whatsoever, with respect to any proposed transaction or otherwise. You and your directors, officers
Slide 3: Contents
3 CONTENTS 1. A NEW GROWTH ERA FOR GEK TERNA GROUP 2. KEY ASSETS OVERVIEW 3. 1H2025 FINANCIAL RESULTS 4. DIVIDEND & SHARE DETAILS Corporate Presentation| October 2025
Slide 4: A New Growth Era for GEK TERNA
4 SECTION 1 A NEW GROWTH ERA FOR GEK TERNA Corporate Presentation| October 2025
Slide 5: The Leading Core Infrastructure Player in Greece
The Leading Core Infrastructure Player in Greece 5 A diversified group strategically positioned in low risk and stable growth economic sectors with unparalleled execution capabilities, unique market positioning and expertise ~2,000 Km of motorways under Nestos Water Komotini CCGT Treatment managemen
Slide 6: Vertically Integrated Infrastructure Platform
Vertically Integrated Infrastructure Platform 6 Providing critical infrastructure to Greece and South-East Europe Leading concessions operator in Greece and SEE Largest construction company in the country Largest >25 years #1 Concessions Avg Remaining €9.2 Bn Backlog Amongst Investor/ Lifetime Backl
Slide 7: GEK TERNA at a Glance
GEK TERNA at a Glance 7 Concessions Construction Energy Design, finance, construct and operate Construction of large scale, complex Thermal generation and supply of Description large scale concession projects public and private projects electricity • Auxiliary business supporting • One of the larges
Slide 8: Group Structure Overview
Group Structure Overview 8 Conventional Concessions Construction Energy Waste/Water 100% 100% Transportation Other management Production & Supply 100% 100% 49% 50% Peloponnese Komotini CCGT Hellinikon IRC Waste 90% 100% 90% Epirus Waste Kavala Port 20% 50% Central 70% Macedonia E-Ticket Waste 75% 10
Slide 9: Driving Sustainable Value Creation
Driving Sustainable Value Creation 9 GEK TERNA is strategically positioned to create long term value by addressing critical infrastructure needs Challenges shaping the future of GEK TERNA’s approach infrastructure Mobility Leadership in core businesses Urbanisation Utilise the highly efficient verti
Slide 10: Greek Economy on a Sustained Overperformance Path
Greek Economy on a Sustained Overperformance Path 10 Rising investments, strong labour market, improving liquidity conditions and positive credit and fiscal performance to allow the country to continue to outperform EU average THE INFRASTRUCTURE SECTOR IN GREECE IS BOOMING GDP y-o-y % change Greece
Slide 11: Infrastructure Sector Dynamics
Infrastructure Sector Dynamics 11 Infrastructure sector in Greece is booming and GEK TERNA is at the forefront Greece’s infrastructure requires €40-50 Bn in investments Sizeable near-term projects pipeline in Greece 9% Railways 6% 31% Motorways ~€8-10 Bn ~40-50 Waste management Infrastructure projec
Slide 12: Sizeable Near-Term Projects Pipeline in Greece
Sizeable Near-Term Projects Pipeline in Greece 12 GEK TERNA is strategically positioned to capture multiple attractive new investment opportunities • Un-solicitated proposals (concessions) • Attiki Odos expansion ~€1.5Bn (GEK Terna is the leading party in the JV) Motorways • Western Attika Motorway
Slide 13: Business Model
Business Model 13 Vertically integrated operating model allowing to manage risks and maximize returns An established and Highly competitive …generating value Secured long term Uniquely vertically and versatile, during all stages of value creation with positioned for the integrated platform actively
Slide 14: New Concession/PPP Projects Awarded In 2024
New Concession/PPP Projects Awarded In 2024 14 GEK TERNA continued consolidating its leading presence in the Greek infrastructure market landing new concession/PPP projects with a total value of over € 2.5bn Hochlakia water management project Nestos water management project North Crete motorway (Cha
Slide 15: Construction Backlog New Record High of €9.2bn
Construction Backlog New Record High of € 9.2bn 15 Construction division has landed major new contracts in 2024, with momentum continuing in 2025, including major contracts in Greece and Southeastern Europe New Order Intake (€ bn) New landmark contracts in 2024-25 • North Crete Motorway Concession ~
Slide 16: Medium Term Operating Profitability Outlook
Medium Term Operating Profitability Outlook 16 Long term visibility and growth driven by already secured concession projects adj.EBITDA Long Term Visibility Secured projects at various development stages • Secured and landmark existing and upcoming concession projects >€0.1bn Kasteli IRC(2) (Pro-rat
Slide 17: Debt Capital Structure
Debt Capital Structure 17 Balance sheet fit to support business plan execution Parent Co. adj. Net Debt (€ m) - Recourse Group consolidated adj. Net Debt (€ m) 3,000 700 2,500 72% 90% 91% Hedged/Fixed 500 2,000 317 1,500 153 300 6,000 3,258 3,120 117 5,000 3,000 1,000 100 1,606 2,000 4,000 500 923 1
Slide 18: Outlook – Investments
Outlook – Investments 18 Investment pipeline moving beyond the 2024-25 peak Investments completed in 2024 Medium-term investments • Group investments reached € 3.5bn during FY During the medium term GEK TERNA will continue 2024, mainly driven by the acquisition of Attiki investing in: Odos (€ 3.3bn)
Slide 19: Leverage
Leverage 19 Operating cash flow and healthy balance sheet allow for low leverage levels despite continued investments Group Net Debt Less Project Finance Net Debt Leverage Ratio 0.30x FY 2024 Group adj.EBITDA Less PF Projects EBITDA Add Cash Distributions (See appendix for detailed calculations) Gro
Slide 20: Key Assets Overview
20 SECTION 2 KEY ASSETS OVERVIEW Corporate Presentation| October 2025
Slide 21: Concessions
21 CONCESSIONS Corporate Presentation| October 2025
Slide 22: Concessions Portfolio
Concessions Portfolio 22 Strategically positioned in critical assets, with defensive characteristics, inelastic demand and inflation protected pricing Road Egnatia Odos Nea & Kentriki Odos Airport Nestos Water • Greece’s largest motorway Treatment • Total length of c.600Km Port with total length c90
Slide 23: Motorways Portfolio Traffic Momentum
Motorways Portfolio Traffic Momentum 23 Attiki Odos traffic (000’s ADT) +4.8% Peak year ~12% below peak 301 307 295 281 274 284 270 271 249 250 259 226 236 235 216 210 217 210 200 197 202 180 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1H 1H 20
Slide 24: Group Concessions & PPP's projects directory
Group Concessions & PPP’s projects directory 24 Motorway Length (km) Status Stake COD End date Consolidation Attiki Odos 70 In operation 90% 2024 2049 Full Nea Odos 377 In operation 100% 2018 2037 Full Kentriki Odos 238 In operation 100% 2018 2037 Full Olympia Odos 277 In operation 20% 2018 2044 Equ
Slide 25: Concessions Portfolio KPIs
Concessions Portfolio KPIs 25 ➢ >€ 11bn of cumulative cash distributions over projects lifetime (nominal) ➢ W.A. remaining lifetime >25 years Cumulative cash distributions Concessions Portfolio Rolling NPV (Indexed) 250 ~25% 225 200 175 150 >€ 11bn 125 100 ~75% 75 50 25 0 2024 2026 2028 2030 2032 20
Slide 26: Attiki Odos – Greece's Prime Concession Asset
Attiki Odos – Greece’s Prime Concession Asset 26 Overview Main Concession Highlights ✓ GEK TERNA’s biggest investment to-date with acquisition ticket of € 3.3bn through an international competitive tender ✓ Landmark and essential asset, serving as the backbone of Attica connecting all modes of trans
Slide 27: Egnatia Odos – Largest motorway in the country
Egnatia Odos – Largest motorway in the country 27 Overview Main Concession Highlights ✓ Concession Period: 35 years (5-year revamp and 30-year operation) ✓ Background: Largest motorway in Greece. Constructed as a public project with a total construction cost of € 6.0Bn ` ✓ Traffic History: Road axis
Slide 28: Nea & Kentriki Odos – Mature and yielding assets
Nea & Kentriki Odos – Mature and yielding assets 28 Overview Main Concession Highlights ✓ “Nea Odos” ✓ “Kentriki Odos” Concession Project Concession Project • Concession Grant: 2007 • Concession Grant: 2007 • Concession End: 2037 • Concession End: 2037 • Total Length: 377km • Total Length: 238km, ✓
Slide 29: Kasteli Airport – The 2nd largest airport in Greece
Kasteli Airport – The 2nd largest airport in Greece 29 Overview Main Concession Highlights Key Metrics (existing asset) ✓ It is one the most significant investments that have taken place in the island of Crete and one of the country’s top infrastructure Pax (2019A) (1): 8.0m projects Pax (2023A) (1)
Slide 30: Integrated Resort Complex (IRC) in Athens
Integrated Resort Complex (IRC) in Athens 30 Main Concession Highlights • Site: The site is unique, located in the south coastline of the greater Athens area within the overall Hellinikon Project (largest waterfront development in Europe’s history) and in proximity to the Athens center and major tra
Slide 31: Construction
31 CONSTRUCTION Corporate Presentation| October 2025
Slide 32: Construction Division Overview
Construction Division Overview 32 The largest and most profitable construction business in the country offering significant competitive advantages and risk management supporting complex infra projects Construction Backlog (€ Bn) Signed Backlog Mix by Client 9.2 Private, 23.6% 6.9 2.9 4.9 5.3 5.3 2.8
Slide 33: Construction – New Order Intake & Backlog
Business Segments Review Construction – New Order Intake & Backlog 33 New private and public project additions and signing of Nort Crete motorway drive backlog to € 9.2bn increasing visibility to ~6 years New Order Intake (€ bn) Backlog (€ bn) 9.2 6.9 2.9 1.8 5.3 5.3 4.9 2.8 1.8 3.3 2.9 2.4 1.9 2.4
Slide 34: Construction Financial Performance
Construction Financial Performance 34 ➢ Successful ramp up of activity levels following increased order intake and the launch of new projects ➢ Unwavering focus on profitable execution along with operating leverage driving sustainable margin expansion and cash generation ➢ Scope for further accelera
Slide 35: Conventional Energy
35 CONVENTIONAL ENERGY Corporate Presentation| October 2025
Slide 36: Conventional Energy Generation, Supply & Trading
Conventional Energy Generation, Supply & Trading 36 A leading and innovative IPP in the Greek market with an integrated and balanced business model offsetting extreme energy scenarios Supply • 2nd largest IPP in Greece ~5.7 TWh • ~ 10% market share Segment adj.EBITDA Mix € 132m € 98m Installed Capac
Slide 37: Strategic Partnership between GEK TERNA & Motor Oil
Strategic Partnership between GEK TERNA & Motor Oil 37 Establishing a new utility company with a leading position in Greece and Southeast Europe able to better manage risks and capture superior economics Transaction overview UtilityCo 50% 50% ~550,000 Electricity and Gas Customers UtilityCo (Dec. 20
Slide 38: Greek Electricity Market Update (1H 2025)
Greek Electricity Market Update (1H 2025) 38 Power market generation mix DAM (€/MWh) 49.5 51.8 25.5 Demand (TWh) 2025 average (YTD): € 103.1/MWh 2024 average: € 100.7/MWh 2023 average: € 118.8/MWh 51.3% 55.3% 54.1% % of RES and hydro 192 154.09 0.1% 135.13 135.2 137.4 9.9% Net Imports 156 129.8 129.
Slide 39: 1H 2025 Financial Results
39 SECTION 4 1H 2025 FINANCIAL RESULTS Corporate Presentation| October 2025
Slide 40: 1H 2025 Results Summary
1H 2025 Results Summary 40 Group revenue (€m) adj. EBITDA (€m) 3,843 549 +44% +84% 3,252 3,250 467 227 338 412 404 294 1,890 317 1,956 165 205 1,711 1,679 259 1,363 167 122 172 129 899 133 98 688 78 1,563 71 1,365 1,321 47 133 130 159 572 813 89 60 FY 2023 FY 2024 LTM 1H 2025 1H 2024 1H 2025 FY 2023
Slide 41: 1H 2025 Group Key Financial Figures
1H 2025 Group Key Financial Figures 41 Strong and sustainable growth momentum driven by strategic plan execution Net Earnings to Revenues adj. EBITDA shareholders exc. non-operating items(1) € 1,957m € 317.5m € 68.3m +43.6% y-o-y +84.4% y-o-y +24.4% y-o-y Operating Cash Flow Recourse adj. Net Debt G
Slide 42: 1H 2025 Highlights – Operational Performance
1H 2025 Highlights – Operational Performance 42 Focused execution leveraging positive market backdrop and leading position ✓ Contribution of Attiki Odos since 4Q 2025 provides sustainable growth to operating profitability with high cash generation ➢ LTM Group adj. EBITDA of € 549m (+35% vs. FY 2024)
Slide 43: Group Revenues and adj.EBITDA causal track
Group Revenues and adj.EBITDA causal track 43 Group operating profitability (adj. EBITDA) structurally reset at higher levels following Attiki Odos addition – Construction activity accelerates while Conventional energy maintains its profitability levels despite market headwinds Group Revenues (€ m)
Slide 44: Contribution per segment
Contribution per segment 44 Concessions - with highly visible and recurring cash flow streams – now account for >50% of operating profitability Revenues 1H 2024 1H 2025 y-o-y % of total (1H 2025) €m Construction 572.2 813.5 42.2% 41.6% Concessions 129.4 258.9 100.1% 13.2% Conventional Energy 688.2 8
Slide 45: Consolidated Income Statement
Consolidated Income Statement 45 €m 1H 2024 1H 2025 y-o-y Revenues 1,362.8 1,957.4 43.6% ▪ Revenues and operating profitability adj. EBITDA 172.2 317.5 84.4% increase across the 3 main business segments Non-cash items(1) 25.6 45.8 79.1% ▪ Non-cash items increase on the back of EBITDA 146.6 271.7 85.
Slide 46: Cash Flow bridge (continued ops)
Cash Flow bridge (continued ops) 46 318 87 12 111 34 43 5 231 66 Operating Cash Flow Investing Cash Flow Financing Cash Flow 1,517 1H 2025: € 219.3m 1H 2025: € 8.7m 1H 2025: € (279.8)m 1,464 1H 2024: € 93.3m 1H 2024: € (100.5)m 1H 2024: € 60m Cash and adj.EBITDA Net WC and Taxes Capex Other Financia
Slide 47: Group Net Debt Breakdown 1H 2025
Group Net Debt Breakdown 1H 2025 47 Restricted (€ m) Gross Debt Finance Leasing Cash Net Debt adj. Net Debt Cash(1) Parent Co 891 -- (748) 143 (26) 117 TERNA (Construction) 131 65 (264) (68) (4) (72) Heron (Conventional Energy) 157 0 (110) 47 -- 47 Other(2) 0 -- (89) (89) (7) (96) Attiki Odos 2,619
Slide 48: Concessions - Financial highlights
Business Segments Review Concessions - Financial highlights 48 Segment revenues and profitability reset at higher levels following the addition of Attiki Odos amid continued growth momentum in underlying traffic (€m) 1H 2024 1H 2025 Key Takeaways ▪ Strong traffic momentum across network, new section
Slide 49: Concessions - Main Motorways KPIs
Business Segments Review Concessions - Main Motorways KPIs 49 Nea & Kentriki Odos traffic (m transactions) Attiki Odos traffic (000’s ADT) 18.1 299 15.9 15.2 281 287 15.0 280 13.6 269 272 12.4 Heron Retail Store II 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2024 2025 2024 2025 €m 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 202
Slide 50: Construction - Financial Highlights
Business Segments Review Construction - Financial Highlights 50 Robust performance driven by quality project mix and execution capacity (€m) 1H 2024 1H 2025 Key Takeaways ▪ Revenues increase by 42.2% y-o-y on the back of paced Revenues 572.2 813.5 execution of projects that were under execution and
Slide 51: Construction - Backlog Analysis 1H 2025
Construction - Backlog Analysis 1H 2025 51 Group construction backlog Remaining Value Project (€ bn) North Crete Motorway (Chania-Irakleio segment) 1.8 Egnatia motorway 0.7 Other motorways (Nea/Kentriki Odos, Olympia etc.) 0.8 Amfilochia Hydro Pump-Storage facility 0.5 New airport in Kasteli, Crete
Slide 52: Conventional Energy Generation, Supply & Trading
Business Segments Review Conventional Energy Generation, Supply & Trading 52 Vertical integration supports profitability despite highly competitive market conditions (€m) 1H 2024 1H 2025 Key Takeaways Revenues 688.2 899.6 • Market backdrop: Total demand in Greece +0.6% y-o-y in 1H 2025. Wholesale po
Slide 53: Income Statement by Segment
Income Statement by Segment 53 1H 2025 Hold Co and Construction Concessions Conventional Energy Eliminations Group (€ m) Other Revenues 813.5 258.9 899.6 17.9 (32.5) 1,957.4 Gross profit 95.9 79.9 46.0 3.0 (6.3) 218.5 adj.EBITDA 89.6 166.8 71.2 (8.8) (1.3) 317.5 EBIT 74.6 66.0 23.9 (15.8) (1.3) 147.
Slide 54: Group Balance Sheet and Cash Flow Statement
Group Balance Sheet and Cash Flow Statement 54 Group Balance Sheet Group Cash Flow (Continued Ops) €m FY 2024 1H 2025 €m 1H 2024 1H 2025 Tangible and Intangible assets 4,109.3 4,025.6 adj. EBITDA 172.2 317.5 Investments 434.0 435.3 Non-cash adjustments 3.3 (1.8) Other long-term assets 488.3 479.7 Ne
Slide 55: Non-Cash & Non-Operating Items Reconciliation
Non-Cash & Non-Operating Items Reconciliation 55 Non-Cash items excluded from adj.EBITDA Non-Operating Items after tax excluded from Net €m 1H 2024 1H 2025 Profit €m 1H 2024 1H 2025 Interest Rate derivatives valuation Heavy maintenance provision in motorways 19.5 25.6 (4.9) (1.4) profit/(loss) Bad d
Slide 56: Leverage Ratio Reconciliation FY 2023-24
Leverage Ratio Reconciliation FY 2023-24 56 €m FY 2023 FY 2024 Group Consolidated Net Debt 1,606 3,258 Project Finance Net Debt (1,478) (3,183) = non Project Finance Net Debt (A) 127 76 Group adj.EBITDA 412 404 adj.EBITDA from PF assets (147) (188) Cash distributions from projects/assets 29 33 = Rec
Slide 57: Dividend, Shareholding and Share Price Performance
57 SECTION 5 DIVIDEND, SHAREHOLDING AND SHARE PRICE PERFORMANCE Corporate Presentation| October 2025
Slide 58: Dividend History
Dividend History 58 Balancing shareholder distributions and investment opportunities, while preserving balance sheet health DPS of € 0.40 for FY 2024 (all-cash) 0.40 0.25 0.20 0.12 FY 2021 FY 2022 FY 2023 FY 2024 Corporate Presentation| October 2025
Slide 59: Shareholding and Share Price Performance
Shareholding and Share Price Performance 59 Share Price Performance 2023-Oct.2025 (Indexed) Shareholder Structure (June’25) 250 Treasury, 3% 200 Retail, 18% G.Peristeris, 31% 150 Greek Instititionals, 100 12% Lexcor Master 50 Fund, 6% Foreign Institutionals, 0 29% 02/01/2023 02/03/2023 02/05/2023 02
Slide 60: Investors Contacts
60 Investors Contacts Argyris Gkonis - IR Officer agkonis@gekterna.com +30 210 6968499 Investor Relations Desk ir@gekterna.com +30 210 6968457 85, Mesogeion Ave, Athens, 115 26, Greece Corporate Presentation| October 2025 T: +30 210 6968000, E: info@gekterna.com, www.gekterna.com