Gek Terna S.a. · ATHEX:GEKTERNA
Gek Terna — Investor Presentation (May 2026)
59 slides from Gek Terna's investor presentation, May 2026
Slide 1: Corporate Presentation
Corporate Presentation May 2026
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. FY 2025 FINANCIAL RESULTS 4. Appendix Corporate Presentation| May 2026
Slide 4: A New Growth Era for GEK TERNA
4 SECTION 1 A NEW GROWTH ERA FOR GEK TERNA Corporate Presentation| May 2026
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 €9.1 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 90% 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: Water and Waste Management Infrastructure Market
Water and Waste Management Infrastructure Market 13 Together, water scarcity and waste compliance support an overall environmental infrastructure investment of over €13–16bn over the coming years in Greece Water Infrastructure – Supply, Wastewater & Irrigation: €9–11bn Key Investment Drivers Address
Slide 14: Business Model
Business Model 14 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 15: Medium Term Operating Profitability
Medium Term Operating Profitability 15 ➢ Secured and landmark concession projects offering highly attractive and visible returns ➢ Growth momentum to continue as the group is strategically positioned to capture new attractive opportunities in the concessions/PPP market ➢ Earnings mix driven by growt
Slide 16: Credit Rating
Credit Rating 16 GEK TERNA has secured an inaugural Investment Grade rating from two international rating agencies, underpinning its solid financial profile 07/05/2026 "….the rating reflects its ownership and control of critical and substantial road transport infrastructure assets in Greece, operate
Slide 17: Financial Strategy
Financial Strategy 17 Funding based on two pillars: 1) Non-Recourse, project level financing and 2) equity contributions from Parent Co. Balance Sheet (Recourse) Project Finance Facilities (Non-Recourse debt) Parent Co. (Non-Recourse) & Other Corporate • Parent Co. Balance Sheet utilised to cover eq
Slide 18: Debt Capital KPIs
Debt Capital KPIs 18 Balance sheet fit to support business plan execution Group adj. Net Debt* (€ m) Group Cash (€ m) 1,694 4,297 1,517 1,311 3,259 841 664 3.825 730 1,606 3.107 853 853 1.289 581 317 152 471 FY 2023 FY 2024 FY 2025 FY 2023 FY 2024 FY 2025 Parent Company Assets & Subsidiaries Parent
Slide 19: Group Leverage Ratio
Group Leverage Ratio 19 ➢ Enhancing clarity and consistency with international market practice in the infrastructure sector, we focus on the non-Project Finance (PF) debt ➢ Group EBITDA is further adjusted to exclude EBITDA from PF assets, while including any cash distributions received from these p
Slide 20: Upcoming Investments
Upcoming Investments 20 Investments during 2026-29 ➢ Α. Committed equity investments (for secured projects) of € 0.6bn in total for the period, including: o Acquisition of a ~13% stake in Athens Water (EYDAP GA) for € 134m in 1Q 2026 o IRC in Ellinikon (remaining equity contributions) o North Crete
Slide 21: Key Assets Overview
21 SECTION 2 KEY ASSETS OVERVIEW Corporate Presentation| May 2026
Slide 22: Concessions
22 CONCESSIONS Corporate Presentation| May 2026
Slide 23: Concessions/PPP Portfolio
Concessions/PPP Portfolio 23 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
Slide 24: Motorways Portfolio
Motorways Portfolio 24 GEK TERNA motorways portfolio has a length of ~2,000kms, representing about 80% of the Greek toll roads network Corporate Presentation| May 2026
Slide 25: Motorways Portfolio Traffic Momentum
Motorways Portfolio Traffic Momentum 25 Attiki Odos (AADT) Egnatia Odos (AADT) 300.000 300.000 250.000 270.000 200.000 240.000 150.000 210.000 180.000 100.000 150.000 50.000 120.000 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2
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 – The largest motorway in the country
Egnatia Odos – The 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
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 ✓ Kastelli airport is planned to replace the existing State-owned “Kazantzakis” Heraklion International Airport which is the 2nd busiest airport in Greece (~12% market share) ✓ 35-year concession period out of
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: Concessions Business 2025 Highlights
Concessions Business 2025 Highlights 31 ➢ Solid volume growth registered across motorways portfolio ➢ Attiki Odos first FY operation provides structural boost to operating profitability ➢ Commencement of Egnatia motorway concession to further support operating profits GEK TERNA Motorways Traffic Tre
Slide 32: Concessions Portfolio KPIs
Concessions Portfolio KPIs 32 ➢ >€ 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 2042 2024 2026 2028 2030 20
Slide 33: Group Concessions & PPP's projects directory
Group Concessions & PPP’s projects directory 33 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 34: Construction
34 CONSTRUCTION Corporate Presentation| May 2026
Slide 35: Construction Division Overview
Construction Division Overview 35 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 (Dec’25) 9,1 6,9 2,6 Private; 25% 4,9 5,3
Slide 36: Construction Business Highlights
Construction Business Highlights 36 ➢ GEK TERNA’s construction division landed € 4.0bn of new high-quality contracts in 2025 ➢ Backlog of € 9.1bn offers long term visibility (Backlog/Revenues >5 years) ➢ Revenues increase amid sustained heathy margins New Order Intake (€ bn) Major New Projects Secur
Slide 37: Construction - Backlog Analysis FY 2025
Construction - Backlog Analysis FY 2025 37 Group construction backlog Value Project (€ bn) Egnatia Odos 0.9 North Crete Motorway 0.8 IRC in Ellinikon 0.7 Other Motorways 0.6 Kasteli Airport 0.5 The Ellinikon Mall 0.5 Amfilochia Hydro Pump Storage 0.4 Commercial Real Estate (various projects) 0.4 Inf
Slide 38: Conventional Energy
38 CONVENTIONAL ENERGY Corporate Presentation| May 2026
Slide 39: Conventional Energy Generation, Supply & Trading
Conventional Energy Generation, Supply & Trading 39 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 ~5.0 TWh • ~ 10% market share Segment adj.EBITDA Mix € 97.5m € 93.1m Installed Ca
Slide 40: Strategic Partnership between GEK TERNA & Motor Oil
Strategic Partnership between GEK TERNA & Motor Oil 40 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 41: Greek Electricity Market Update (FY 2025)
Greek Electricity Market Update (FY 2025) 41 Power market generation mix DAM (€/MWh) 49.5 52.1 54.3 Demand (TWh) 2025 average: € 103.8/MWh 2024 average: € 100.7/MWh 192 2023 average: € 118.8/MWh 51.3% 55.0% 54.3% % of RES and hydro 156 154 Net 135 135,2 129,8 137,4 129,8 10% Imports/(Expor 123 120 1
Slide 42: FY 2025 Financial Results
42 SECTION 3 FY 2025 FINANCIAL RESULTS Corporate Presentation| May 2026
Slide 43: FY 2025 Group Highlights – Financials
FY 2025 Group Highlights – Financials 43 Solid set of results driven by sustainable growth in concessions GEK TERNA Group ▪ Revenues at € 3,855bn (+18.6% y-o-y) driven by growth on concessions and construction ▪ adj.EBITDA at € 631.4m (+56.3% y-o-y) – Reset at higher levels following addition of new
Slide 44: Group Revenues and adj.EBITDA Causal Track
Group Revenues and adj.EBITDA Causal Track 44 ➢ 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 45: Contribution per segment
Contribution per segment 45 ➢ Concessions - with highly visible and recurring cash flow streams – now account for 57% of operating profitability ➢ Contribution to increase further due to Egnatia (2026) and other projects gradually coming online Revenues FY 2024 FY 2025 y-o-y % of total (FY 2025) €m
Slide 46: Consolidated Income Statement
Consolidated Income Statement 46 €m FY 2024 FY 2025 y-o-y Revenues 3,249.9 3,855.4 18.6% ▪ Revenues and operating profitability increase across the 2 main business adj.EBITDA 404.0 631.4 56.3% segments Non-Cash items(1) (87.7) (97.7) 11.4% ▪ Non-cash items increase on the back of higher heavy mainte
Slide 47: Cash Flow Statement
Cash Flow Statement 47 GEK TERNA Group €m FY 2024 FY 2025 ▪ Adj.EBITDA growth driven by contribution adj. EBITDA 404.0 631.4 of Attiki Odos for a 12-month basis and Non-cash adjustments 3.2 (0.6) solid performance on construction Net WC changes (14.1) (22.5) division Taxes (51.5) (51.7) ▪ Contained
Slide 48: Investments & Leverage
Investments & Leverage 48 ➢ Group leverage remains modest despite the peak investment period of 2024-25 ➢ Strong Operating CF generation to keep the group in a deleveraging trajectory over the coming years, while ensuring capacity to capture future opportunities Group Investments (Capex) (€ bn) Pare
Slide 49: Group Net Debt Breakdown FY 2025
Group Net Debt Breakdown FY 2025 49 Restricted (€ m) Gross Debt Finance Leasing Cash Net Debt adj. Net Debt Cash(1) Parent Co 1,345 -- 851 494 21 473 TERNA (Construction) 91 71 383 (221) 3 (225) Heron (Conventional Energy) 155 0 57 98 -- 98 Other(2) 21 -- 148 (127) 9 (136) Attiki Odos 2,600 -- 53 2,
Slide 50: Group Debt Maturities
Group Debt Maturities 50 Parent Co. Maturities (Corporate Bonds € m) 500 500 300 FY 2026 FY 2027 FY 2028 FY 2029 FY 2030 FY 2031 FY 2032 Project Finance Maturities 2026-2032 (€ m) 180,0 150,0 120,0 90,0 60,0 30,0 0,0 2026 2027 2028 2029 2030 2031 2032 Attiki Odos Egnatia Nea & Kentriki Odos GT Motor
Slide 51: Appendix
51 Appendix 1. 2026 Outlook 2. Attiki Odos KPIs 3. Nea & Kentriki Odos KPIs 4. EYDAP Snapshot 5. Dividend 6. Share price performance and shareholding 7. ESG Highlights Corporate Presentation| May 2026
Slide 52: Outlook – Operating Trends for 2026
Outlook – Operating Trends for 2026 52 Concessions • Toll prices increased on Jan’26 inline with contractual provisions across motorways network • Positive underlying trends in traffic – January was partially affected by farmers protests • Egnatia to operate in 2026 for a full-year supporting revenu
Slide 53: Nea Attiki Odos Concession performance
Business Segments Review Nea Attiki Odos Concession performance 53 Attiki Odos Traffic (ADT) 16.544 15.303 14.117 11.200 13.123 11.984 258.352 269.734 10.295 245.242 224.890 223.684 198.429 169.479 2019 2020 2021 2022 2023 2024 Heron Retail 2025 Store II LV HV €m 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2
Slide 54: Nea & Kentriki Odos performance
Business Segments Review Nea & Kentriki Odos performance 54 Nea & Kentriki Odos Traffic (ADT) 33.075 31.725 29.138 27.728 25.890 22.689 139.882 123.716 133.927 112.375 83.126 94.644 2020 2021 2022 2023 2024 2025 LV HV €m FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Traffic (m. transactions) 38.8
Slide 55: EYDAP Snapshot
EYDAP Snapshot 55 Athens Water & Sewage Company (EYDAP GA) is Greece’s largest water utility serving ~50% of the population of the country Operating Highlights Regulated Asset Base (RAB) Evolution (€ m) 1.085 14,300 km 8,700 km #2.2m 990 Length of Water Length of Sewage Network Number of total 874 D
Slide 56: Dividend
Dividend 56 ➢ BoD to propose to the AGM a dividend distribution of € 40m (or € 0.40 per share, stable y-o-y) for FY 2025 ➢ Maintaining the optionality for tactical buy-back opportunities GEK TERNA Cash Distribution to Shareholders ( € per Share) 0,40 0,40 0,25 0,20 0,12 FY 2021 FY 2022 FY 2023 FY 20
Slide 57: Shareholding and Share Price Performance
Shareholding and Share Price Performance 57 Share Price Performance L12M Shareholder Structure (Apr’25) 45,00 Treasury; 2% 40,00 Retail, 16% G. Peristeris; 35,00 32% 30,00 Greek Institutionals, 25,00 9% 20,00 15,00 21/10/2025 20/11/2025 5/12/2025 20/12/2025 24/4/2025 24/5/2025 23/6/2025 23/7/2025 22
Slide 58: ESG Highlights 2025
ESG Highlights 2025 58 o Zero fatalities o Green energy certificates covering 65.9 % of total electricity consumption o Scope 3 emissions reduction up to 42.52% o Our total workforce, including subcontractors, reached 14,094 individuals this year, marking a significant 61.7% increase compared to las
Slide 59: Investors Contacts
59 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| May 2026 T: +30 210 6968000, E: info@gekterna.com, www.gekterna.com