Gek Terna S.a. · ATHEX:GEKTERNA
Gek Terna — Investor Presentation (November 2025)
59 slides from Gek Terna's investor presentation, November 2025
Slide 1: Corporate Presentation
Corporate Presentation November 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. 9M2025 FINANCIAL RESULTS 4. DIVIDEND & SHARE DETAILS Corporate Presentation| November 2025
Slide 4: A New Growth Era for GEK TERNA
4 SECTION 1 A NEW GROWTH ERA FOR GEK TERNA Corporate Presentation| November 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 2024-2025
New Concession/PPP Projects Awarded In 2024-2025 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
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: Financial Strategy
Financial Strategy 17 Funding based on two pillars: Non-Recourse, project level financing and equity contributions from Parent Co. Balance Sheet (Recourse) Assets & Subsidiaries (Non-Recourse debt) Parent Co. Balance Sheet (Recourse debt) • All projects and subsidiaries (SPVs) utilise own balance •
Slide 18: Debt Capital KPIs
Debt Capital KPIs 18 Balance sheet fit to support business plan execution Parent Co. adj. Net Debt (€ m) - Recourse Group consolidated adj. Net Debt (€ m) 4.000 700 3.500 72% 90% 93% Hedged/Fixed 3.000 500 317 2.500 6.000 3.258 3.107 300 153 3.000 2.000 145 5.000 4.000 1.606 2.000 1.500 100 3.000 1.
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: Outlook – Investments
Outlook – Investments 20 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 21: Key Assets Overview
21 SECTION 2 KEY ASSETS OVERVIEW Corporate Presentation| November 2025
Slide 22: Concessions
22 CONCESSIONS Corporate Presentation| November 2025
Slide 23: Concessions Portfolio
Concessions 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 c90
Slide 24: Motorways Portfolio Traffic Momentum
Motorways Portfolio Traffic Momentum 24 Attiki Odos traffic (000’s ADT) +4.6% 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 9M 9M 20
Slide 25: Group Concessions & PPP's projects directory
Group Concessions & PPP’s projects directory 25 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 26: Concessions Portfolio KPIs
Concessions Portfolio KPIs 26 ➢ >€ 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 27: Attiki Odos – Greece's Prime Concession Asset
Attiki Odos – Greece’s Prime Concession Asset 27 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 28: Egnatia Odos – The largest motorway in the country
Egnatia Odos – The largest motorway in the country 28 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 29: Nea & Kentriki Odos – Mature and yielding assets
Nea & Kentriki Odos – Mature and yielding assets 29 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 30: Kasteli Airport – The 2nd largest airport in Greece
Kasteli Airport – The 2nd largest airport in Greece 30 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 31: Integrated Resort Complex (IRC) in Athens
Integrated Resort Complex (IRC) in Athens 31 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 32: Construction
32 CONSTRUCTION Corporate Presentation| November 2025
Slide 33: Construction Division Overview
Construction Division Overview 33 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; 18,4% 6,9 2,4 4,9 5,3 5,3 2,8
Slide 34: Construction – New Order Intake & Backlog
Business Segments Review Construction – New Order Intake & Backlog 34 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 2,4 1,8 4,9 5,3 5,3 1,8 2,8 3,3 2,9 2,4 1,9 2,4
Slide 35: Construction Financial Performance
Construction Financial Performance 35 ➢ 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 36: Conventional Energy
36 CONVENTIONAL ENERGY Corporate Presentation| November 2025
Slide 37: Conventional Energy Generation, Supply & Trading
Conventional Energy Generation, Supply & Trading 37 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 38: Strategic Partnership between GEK TERNA & Motor Oil
Strategic Partnership between GEK TERNA & Motor Oil 38 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 39: Greek Electricity Market Update (9M 2025)
Greek Electricity Market Update (9M 2025) 39 Power market generation mix DAM (€/MWh) 37.8 39.6 41.1 Demand (TWh) 2025 average (9M): € 102.0/MWh 2024 average: € 100.7/MWh 2023 average: € 118.8/MWh 50.2% 55.1% 58.1% % of RES and hydro 154 135 2,0% 106 112 11,6% Net Imports 101 89 93 82 85 47,7% 51,7%
Slide 40: 9M 2025 Financial Results
40 SECTION 3 9M 2025 FINANCIAL RESULTS Corporate Presentation| November 2025
Slide 41: 9M 2025 Results Summary
9M 2025 Results Summary 41 Group revenue (€m) adj. EBITDA (€m) +44% +66% 3.891 589 3.252 3.250 535 464 227 338 2.875 404 412 347 2.233 402 1.780 1.711 1.679 205 165 205 279 267 1.294 1.194 126 133 101 98 86 1.626 83 1.365 1.321 1.192 888 133 130 162 123 91 FY 2023 FY 2024 LTM 9M 2025 9M 2024 9M 2025
Slide 42: 9M 2025 Group Key Financial Figures
9M 2025 Group Key Financial Figures 42 Net Earnings to Revenues adj. EBITDA shareholders exc. non-operating items(1) € 2,875m € 464m € 107m +29% y-o-y +66% y-o-y +11% y-o-y Recourse adj. Net Debt Group Cash LTM adj. EBITDA (Parent Co) (exc. restricted cash) € 589m € 145m € 1,971m +46% vs. FY2024 Cor
Slide 43: 9M 2025 Highlights – Financials
9M 2025 Highlights – Financials 43 Solid set of results driven by sustainable growth in concessions GEK TERNA Group ▪ Revenues at € 2,874.9bn (+28.7% y-o-y) - Growth across all business lines ▪ adj.EBITDA at € 463.9m (+66.2% y-o-y) – Reset at higher levels following addition of new projects in conce
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 almost 60% of operating profitability Revenues 9M 2024 9M 2025 y-o-y % of total (9M 2025) €m Construction 887.6 1,192.0 34.3% 41.5% Concessions 204.8 401.5 96.1% 14.0% Conventional Energy
Slide 46: Consolidated Income Statement
Consolidated Income Statement 46 €m 9M 2024 9M 2025 y-o-y Revenues 2,233.3 2,874.9 28.7% ▪ Revenues and operating profitability adj. EBITDA 279.2 463.9 66.2% increase across the 3 main business segments Non-cash items(1) (40.4) (69.2) 71.3% ▪ Non-cash items increase on the back of EBITDA 238.8 394.7
Slide 47: Group Net Debt Breakdown 9M 2025
Group Net Debt Breakdown 9M 2025 47 Restricted (€ m) Gross Debt Finance Leasing Cash Net Debt adj. Net Debt Cash(1) Parent Co 1,388 -- 1,222 166 21 145 TERNA (Construction) 92 66 265 (107) 3 (110) Heron (Conventional Energy) 157 0 40 117 -- 117 Other(2) 1 -- 80 (79) 14 (93) Attiki Odos 2,650 -- 140
Slide 48: Concessions - Financial highlights
Business Segments Review Concessions - Financial highlights 48 Segment revenues and profitability reset at higher levels amid continued growth momentum in underlying traffic (€m) 9M 2024 9M 2025 Key Takeaways ▪ Attiki Odos addition, strong traffic momentum across network Revenues 204.8 401.5 and con
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) 299 287 284 18,1 18,9 272 280 269 15,0 15,9 15,2 256 13,6 12,4 Heron Retail Store II 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2024 2025 2024 2025 €m 3Q 2024 4Q 2024 1Q 2025 2Q 20
Slide 50: Construction - Financial Highlights
Business Segments Review Construction - Financial Highlights 50 Robust performance driven by quality project mix and execution capacity (€m) 9M 2024 9M 2025 Key Takeaways Revenues 887.6 1,192.0 ▪ Revenues increase by 34.3% y-o-y on the back of paced execution of projects that were under execution an
Slide 51: Construction - Backlog Analysis 9M 2025
Construction - Backlog Analysis 9M 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 Hydro (inc. Amfilochia) 0.7 New airport in Kasteli, Crete 0.5 Solar Parks
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) 9M 2024 9M 2025 Key Takeaways Revenues 1,193.9 1,294.1 • Market backdrop: Demand in Greece was flattish in 9M25, with increased e
Slide 53: Income Statement by Segment
Income Statement by Segment 53 9M 2025 Hold Co and Construction Concessions Conventional Energy Eliminations Group (€ m) Other Revenues 1,192.0 401.5 1,294.1 25.7 (38.5) 2,874.9 Gross profit 129.9 134.9 61.4 4.7 (5.3) 325.5 adj.EBITDA 123.4 267.3 86.0 (12.3) (0.5) 463.9 EBIT 101.5 115.3 24.7 (23.5)
Slide 54: Non-Cash & Non-Operating Items Reconciliation
Non-Cash & Non-Operating Items Reconciliation 54 Non-Cash items excluded from adj.EBITDA Non-Operating Items after tax excluded from Net Profit €m 9M 2024 9M 2025 €m 9M 2024 9M 2025 Interest Rate derivatives valuation Heavy maintenance provision in motorways 29.4 39.5 0.9 (2.1) profit/(loss) Bad deb
Slide 55: Leverage Ratio Reconciliation FY 2023-24
Leverage Ratio Reconciliation FY 2023-24 55 €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 56: Dividend, Shareholding and Share Price Performance
56 SECTION 4 DIVIDEND, SHAREHOLDING AND SHARE PRICE PERFORMANCE Corporate Presentation| November 2025
Slide 57: Dividend History
Dividend History 57 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| November 2025
Slide 58: Shareholding and Share Price Performance
Shareholding and Share Price Performance 58 Share Price Performance 2023-Nov’25 Shareholder Structure (Sep’25) 27 Treasury; 3% 25 23 Retail; 17% 21 G. Peristeris; 31% 19 17 Greek 15 Institutionals; 13 11% 11 9 Lexcor Masetr Fund; 6% 7 Foreign Institutionals; 30% GEK TERNA ATHEX (Indexed) S&P Global
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| November 2025 T: +30 210 6968000, E: info@gekterna.com, www.gekterna.com