“Our strategy to become one of the leading infrastructure players in Europe is progressing according to our plan and is already producing tangible results.” With these words, the President and CEO of GEK TERNA Group, opened the teleconference with analysts last Friday, on the occasion of the announcement of the financial results for the first half of the year.

Mr. Giorgos Peristeris characteristically revealed that in the last 2-3 months GEK TERNA has strengthened its infrastructure footprint by €1 billion through tendersin sectors beyond traditional transport infrastructure, where the Group has become a protagonist (Attiki Odos, Egnatia Odos, Northern Road Axis of Crete, etc.).

He noted, in fact, that the contribution of the Concessions sector to the financial performance of the Group will increase significantly in the coming periods with the commercial operation of various projects. “This will start as early as the latter part of the year with the start of the concession of the Attica Road, followed by the start of commercial operation of the Natural Gas Power Plant in Komotini and the start of the concession of the Egnatia Road within 2025, with subsequent milestones in period 2026-27 the New International Airport in Kasteli and in 2028 the Integrated Tourist Complex in Elliniko” said Mr. Peristeris.

“For our construction segment, we expect to maintain healthy and strong profitability given our mix of projects in progress” said Mr. Peristeris, adding “in terms of conventional/thermal energy based on what we are currently seeing in the market, we expect improved performance for the second half of the year”.

Strong profitability levels

It is recalled that during the first half of the year, GEK TERNA Group strengthened its strong levels of profitability, following the further maturation of investments in the concessions and RES sectors and the healthy profitability of the construction sector. More specifically, the concessions sector saw an increase in revenue and operating profitability mainly due to increased traffic on Nea Odos and Central Odos. The construction sector maintained its healthy levels of profitability – despite lower revenues due to the timing of project execution – while the backlog stood at €5.0 billion. In the conventional energy sector, HERON ENERGY recorded higher sales volumes by 45, 6% compared to H1 2023, following the increase in market share achieved during 2023 and early 2024, which now stands at 10.9% for June 2024. At the generation level, electricity generation from natural gas increased by 16.6% in H1 2024.

It is noted that after the completion of the transaction for the sale of the Group’s participation in TERNA ENERGY, cash available (€ 1.1 billion on 30.06.2024) will increase by € 864 million.significantly strengthening the Group’s investment power, while at the same time loan obligations related to TERNA ENERGY amounting to €1.1 billion will be removed from the Group’s consolidated balance sheet.