GEK TERNA enters new growth phase from position of strength, CEO says

GEK TERNA is entering a new phase of growth from a position of strength, the group’s chairman and CEO George Peristeris said during an analyst conference call.

According to Peristeris, the group has a high-quality portfolio, strong cash-flow visibility, solid financial strength and a broad range of new investment opportunities.

Key points highlighted during the call included:

Motorways: Traffic remains resilient, with Attiki Odos recording a 2.5% increase from the start of the year through the first half of September. At the same time, planned upgrades to road infrastructure in the Attica region are becoming increasingly necessary, with their construction and investment value estimated at €2-3 billion.

Construction: Careful project selection and pricing, combined with consistent execution and the ability to deliver projects quickly, are keeping profit margins at satisfactory levels, where they are expected to remain in the coming periods. At the same time, the strong €8.9 billion backlog provides significant long-term earnings visibility.

Energy: The group reiterated its expectation that Motor Oil’s transaction with HERON will be completed within the current year. The exercise of the call option for the pumped-storage project in Amfilochia is also expected within the same timeframe.

Debt structure: At parent-company level, GEK TERNA is debt-free on a net basis, with net cash of €280 million. At group level, adjusted net debt stands at €3.82 billion due to mandatory accounting consolidation under IFRS. However, almost all of this amount relates to non-recourse project finance, with more than 85% tied exclusively to the Attiki Odos and Egnatia Odos concessions.

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