Gek Terna S.a. · ATHEX:GEKTERNA
Gek Terna — Investor Presentation (May 2025)
52 slides from Gek Terna's investor presentation, May 2025
Slide 1: Corporate Presentation
Corporate Presentation May 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. FY 2024 FINANCIAL RESULTS 4. DIVIDEND & SHARE DETAILS Corporate Presentation| May 2025
Slide 4: A New Growth Era for GEK TERNA
4 SECTION 1 A NEW GROWTH ERA FOR GEK TERNA Corporate Presentation| May 2025
Slide 5: GEK TERNA is the Leading Core Infrastructure Player in Greece
5 GEK TERNA is The Leading Core Infrastructure Player in Greece A diversified group strategically positioned in low risk and stable growth economic sectors with unparalleled execution capabilities, unique market positioning and expertise Nestos Water Komotini CCGT Treatment ~2,000 Km of motorways un
Slide 6: GEK TERNA Group overview
6 GEK TERNA Group overview Conventional Concessions Construction Energy 100% 100% Other Waste/Water Motorways Infrastructure management 100% 33% 100% 50% Kasteli airport Peloponnese Komotini CCGT Waste 90% 49% 100% Hellinikon IRC Epirus Waste 20% 90% 50% Central Kavala Port Macedonia Waste 75% 70% 1
Slide 7: GEK TERNA Unlocks its Full Potential as Leading Diversified Infrastructure Group
7 GEK TERNA Unlocks its Full Potential as the Leading Diversified Infrastructure Group With Unparallel Execution Capabilities Vertically integrated platform providing critical infrastructure to Greece and South-East Europe Leading concessions operator in Greece and SEE Largest construction business
Slide 8: Greece's economy is on a sustained overperformance path
8 Greece’s economy is on a sustained overperformance path 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 Gr
Slide 9: GEK TERNA will Remain Focused on the Highly Attractive Infrastructure Sector
9 GEK TERNA will Remain Focused on the Highly Attractive Infrastructure Sector THE INFRASTRUCTURE SECTOR IN GREECE IS BOOMING 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 Infras
Slide 10: Near-Term Concession/PPP Projects Pipeline in Greece of €8-10Bn
10 Near-Term Concession/PPP Projects Pipeline in Greece of € 8-10Bn • Un-solicitated proposals (concessions) • Attiki Odos expansion ~€1.5Bn (GEK TERNA is the leading party in the JV) Motorways • Western Attika Motorway ~€ 0.5Bn (submitted by GEK TERNA) • Motorways PPPs in Norther Greece • 2 project
Slide 11: Balanced Business Approach to Minimize Risks and Maximise Returns
11 Balanced Business Approach to Minimize Risks and Maximise 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 managing a project and all its in
Slide 12: New Concession/PPP Projects Awarded In 2024
12 New Concession/PPP Projects Awarded In 2024 ➢ 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 North Crete motorway (Chania-Irakleio) Western Macedonia waste management Nestos water man
Slide 13: Construction Backlog reaches new record high of €6.9bn
13 Construction Backlog reaches new record high of € 6.9bn ➢ GEK TERNA’s construction division has landed >€ 3.0bn of new contracts in 2024-25 (ytd)… ➢ …and is poised to increase further following the signing of North Crete Concession and … ➢ …the first major contract in Romania that was secured in
Slide 14: Outlook – Investments
14 Outlook – Investments Investments completed in 2024 Medium-term investments • Group investments (capex) reached € 3.5bn During the medium term GEK TERNA will continue during FY 2024, mainly driven by the acquisition investing in: of Attiki Odos (€ 3.3bn) ➢ Α. Already secured projects, including:
Slide 15: Outlook – Medium term operating profitability
15 Outlook – Medium term operating profitability ➢ Secured and landmark upcoming concession projects offering highly attractive and visible returns ➢ Growth momentum to continue as the group is strategically positioned to capture new attractive opportunities Group adj. EBITDA ~€ 0.7-0.8 bn Secured p
Slide 16: Operating Profitability Mix
16 Operating Profitability Mix Earnings mix driven by growth in concessions, i.e. projects with long term, recurring and visible cash flow streams Group adj.EBITDA mix 2024 2028E 10.0% 22.6% 30.0% 20.0% € 0.4bn € 0.7-0.8bn 70% 47.5% Concessions/Assets Construction Conventional Energy Corporate Prese
Slide 17: Group Consolidated Debt Overview
17 Group Consolidated Debt Overview Group Consolidated Gross Debt* (€ m) Group Consolidated Cash (€ m) 4,867 3,062 1,517 3,836 1,311 665 2,140 730 852 1,031 581 923 FY 2023 FY 2024 FY 2023 FY 2024 Parent Company Assets & Subsidiaries Parent Company Assets & Subsidiaries Group Consolidated W.A. Cost
Slide 18: Leverage
18 Leverage ➢ 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 projects. Gr
Slide 19: Key Assets Overview
19 SECTION 2 KEY ASSETS OVERVIEW Corporate Presentation| May 2025
Slide 20: Concessions
20 CONCESSIONS Corporate Presentation| May 2025
Slide 21: GEK TERNA Concessions Portfolio Key Projects
21 GEK TERNA Concessions Portfolio Key Projects GEK TERNA is strategically positioned in critical assets, with defensive characteristics, inelastic demand and pricing flexibility Nea & Kentriki Odos Road Egnatia Odos Nestos Water Airport • Total length of c.600Km Treatment • Greece’s largest motorwa
Slide 22: Group Concessions & PPP's projects directory
22 Group Concessions & PPP’s projects directory GEK TERNA has committed € 2.0bn of equity (book value) to develop one of the most lucrative portfolios in the market Motorway Length (km) Status Stake Start date End date Consolidation Attiki Odos 70 In operation 90% 2024 2049 Full Nea Odos 377 In oper
Slide 23: Concessions portfolio KPIs
23 Concessions portfolio KPIs ➢ >€ 11bn of cumulative cash distributions over projects lifetime (nominal) and ➢ 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 203
Slide 24: GEK TERNA Motorways Portfolio Traffic (2015-2023)
24 GEK TERNA Motorways Portfolio Traffic (2015-2023) Vehicle Kilometers Traveled (millions) Nea & Kentriki Odos Egnatia Odos 3,000 4,000 2,500 3,500 3,000 2,000 2,500 1,500 2,000 1,000 1,500 1,000 500 500 0 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2015 2016 2017 2018 2019 2020 2021 2022 2023 O
Slide 25: Attiki Odos – Greece's prime concession asset
25 Attiki Odos – Greece’s prime concession asset 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 26: Nea Attiki Odos Concession KPI's
26 Nea Attiki Odos Concession KPI’s €m 6/10-31/12 2024 Attiki Odos Traffic (ADT 000’s) Traffic (m. transactions) – Refers to 1/10-31/12 2024 25.8 Peak year ~12% below peak 307 ADT (000’s) – Refers to 1/10-31/12 2024 273.8 295 301 281 274 270 250 259 249 236 235 226 Revenues from Tolls 52.4 216 210 2
Slide 27: Egnatia Odos Motorway – Largest motorway in the country
27 Egnatia Odos Motorway – Largest motorway in the country 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:
Slide 28: Nea Odos & Kentriki Odos Motorways – Mature and yielding assets
28 Nea Odos & Kentriki Odos Motorways – Mature and yielding assets 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 Le
Slide 29: Nea Odos & Kentriki Odos KPI's
29 Nea Odos & Kentriki Odos KPI’s €m FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 Traffic (m. transactions) 38.8 44.0 51.1 55.8 60.6 ▪ Traffic up by 8.7% y-o-y in 2024 ▪ 1Q 2025 traffic increases by 9.0% y- Toll Revenues 129.6 144.0 164.9 171.9 202.2 o-y Other Income (inc. State compensations) 44.6 28.5
Slide 30: New International Airport in Crete – The 2nd largest airport in Greece
30 New International Airport in Crete – The 2nd largest airport in Greece 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 proje
Slide 31: Integrated Resort Complex (IRC) in Athens – A unique asset in the EU
31 Integrated Resort Complex (IRC) in Athens – A unique asset in the EU 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
Slide 32: Construction
32 CONSTRUCTION Corporate Presentation| May 2025
Slide 33: Construction Division Overview
33 Construction Division Overview The largest and most profitable construction business in the country offering significant competitive advantages and risk management supporting complex infra projects Construction Backlog (€ Bn) Backlog Mix by Client 6.9 Private, 23.6% 4.9 5.3 5.3 2.8 2.4 1.9 Group
Slide 34: Construction financial performance
34 Construction financial performance ➢ 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: Backlog analysis FY 2024
35 Backlog analysis FY 2024 Group construction backlog breakdown Value Project (€ bn) Egnatia 0.7 Other Motorways (Nea/Kentriki Odos, Olympia etc.) 0.8 Other Infra, 15.8% Motorways, Amfilochia Pump Storage 0.5 24.0% Kasteli Airport 0.5 Rail, 5.2% PV Stations 0.2 Hotels and Offices 0.5 Airports, 8.8%
Slide 36: Conventional Energy
36 CONVENTIONAL ENERGY Corporate Presentation| May 2025
Slide 37: Conventional Energy Generation, Supply & Trading
37 Conventional Energy Generation, Supply & Trading 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 • 11.4% market share Segment adj.EBITDA Mix € 132m € 98m Installed Capac
Slide 38: Greek Electricity Market Update (FY 2024)
38 Greek Electricity Market Update (FY 2024) Power market generation mix DAM (€/MWh) 50.6 49.5 51.8 Demand (TWh) 2024 average: € 100.7/MWh 2023 average: € 118.8/MWh 46.7% 51.2% 55.3% % of RES and hydro 192 154.09 6.8% 135.13 135.2 137.4 9.9% 156 129.8 129.8 Net Imports 112.4 105.91 38.8% 48.6% 93.0
Slide 39: FY 2024 Financial Results
39 SECTION 4 FY 2024 FINANCIAL RESULTS Corporate Presentation| May 2025
Slide 40: FY 2024 Group Key Financial Figures
40 FY 2024 Group Key Financial Figures Net Earnings Revenues adj. EBITDA attributed to shareholders 3,249.9 404.0 818.3 -0.1% y-o-y -2.0% y-o-y +453.7% y-o-y Net Earnings from Cont. Ops attributed to shareholders exc. non- operating items(1) Investments Dividend 99.5 0.40 3.5 bn +60% y-o-y -10.2% y-
Slide 41: Group Revenues and adj.EBITDA causal track
41 Group Revenues and adj.EBITDA causal track Increased revenues and profitability from concessions mitigate lower contribution of Conventional Energy Group Revenues (€ m) 3,252.0 3,249.9 -1.9% y-o-y -3.2% y-o-y +48.5% y-o-y Revenues FY 2023 Construction Concessions Conventional Energy Other (inc. e
Slide 42: Contribution per segment
42 Contribution per segment Concessions - with highly visible and recurring cash flow streams – now account for ~50% of operating profitability (~65% in 4Q 2024 accounting for Attiki Odos contribution) Revenues FY 2023 FY 2024 y-o-y % of total (FY 2024) €m Construction 1,365.3 1,321.5 -3.2% 39.2% Co
Slide 43: Consolidated Income Statement
43 Consolidated Income Statement €m FY 2023 FY 2024 y-o-y ▪ Growth in concessions revenues and Revenues 3,252.3 3,249.9 -0.1% operating profitability mitigates lower contribution from conventional energy adj. EBITDA 412.3 404.0 -2.0% ▪ Non-cash items increase mainly on Non-cash items(1) (50.1) (87.7
Slide 44: GEK TERNA Group Cash Flow
44 GEK TERNA Group Cash Flow Strong operating cash flow generation, asset rotation and financing actions, support record-high investments, while preserving liquidity 2,893 76 (318) 404 (11) (51) (3,502) 1,517 1,311 Operating Cash Flow FY 2024: € 342m FY 2023: € 83m 912 (162) (33) Cash and adj.EBITDA
Slide 45: Group Consolidated Debt Overview
45 Group Consolidated Debt Overview Group Consolidated Gross Debt* (€ m) Group Consolidated Cash (€ m) 4,867 3,062 1,517 3,836 1,311 665 2,140 730 852 1,031 581 923 FY 2023 FY 2024 FY 2023 FY 2024 Parent Company Assets & Subsidiaries Parent Company Assets & Subsidiaries Group Consolidated W.A. Cost
Slide 46: Group Net Debt Breakdown FY 2024
46 Group Net Debt Breakdown FY 2024 (€ m) Gross Debt Finance Leasing Cash Net Debt Restricted Cash* adj. Net Debt Parent Co 1,031 -- 852 179 26 153 TERNA (Construction) 141 59 314 (114) 4 (118) Heron (Conventional Energy) 158 -- 45 114 -- 114 Other -- -- 68 (68) 4 (73) Attiki Odos 2,644 -- 93 2,551
Slide 47: Performance by Segment
47 Performance by Segment FY 2024 Hold Co and Construction Concessions Conventional Energy Eliminations Group (€ m) Other Revenues 1,321.5 337.9 1,679.3 33.2 (122.0) 3,249.9 Gross profit 132.1 121.0 97.1 3.5 (16.5) 337.2 adj.EBITDA 129.6 205.3 97.5 (14.5) (14.0) 404.0 EBIT 100.1 96.9 53.7 (43.6) (13
Slide 48: Group Balance Sheet and Cash Flow Statement
48 Group Balance Sheet and Cash Flow Statement Group Balance Sheet Group Cash Flow €m FY 2023 FY 2024 €m FY 2023 FY 2024 Tangible and Intangible assets 2,276.2 4,109.3 adj. EBITDA 412.3 404.0 Investments 384.7 434.0 Non-cash adjustments (2.5) 3.2 Other long-term assets 323.7 483.7 Net WC changes (21
Slide 49: Dividend, Shareholding and Share Price Performance
49 SECTION 5 DIVIDEND, SHAREHOLDING AND SHARE PRICE PEROFORMANCE Corporate Presentation| May 2025
Slide 50: Dividend
50 Dividend Proposed DPS of € 0.40 for FY 2024 (all-cash) Cut-off date: 25.06.2025 | Payment Date: 02.07.2025 (pending EGM approval) 0.40 0.25 0.20 0.12 FY 2021 FY 2022 FY 2023 FY 2024 Corporate Presentation| May 2025
Slide 51: Shareholding and Share Price Performance
51 Shareholding and Share Price Performance Share Price Performance vs. infra benchmark Shareholder Structure (Dec’24) (Indexed) 200 180 3.0% G.Peristeris +65.0% 17.4% 160 140 31.3% Foreign Institutional 120 +18.4% Investors 100 Greek Institutional 80 Investors 12.3% 60 Retail 40 20 Treasury 0 35.9%
Slide 52: Investors Contacts
52 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 2025 T: +30 210 6968000, E: info@gekterna.com, www.gekterna.com