The Athens-based group told analysts it expects EBITDA to rise from €631 million in 2025 to above €1 billion by 2030, implying growth of more than 58%, with further upside tied to projects still in the pipeline.
Recent results underscore that trajectory. Revenue climbed 18.6% last year to €3.86 billion, while EBITDA jumped 56.3% and net profit rose 48.1% to €147.3 million. Operating cash flow increased 63%, reflecting stronger contributions from concessions and construction.
Toll-road concessions have become the company’s main profit engine, accounting for more than half of operating earnings. The segment benefited from rising traffic and a broader asset base, and is expected to gain further momentum as Egnatia Odos—a key highway corridor across northern Greece—enters full operation in 2026. The addition of Attiki Odos, the capital’s main ring road, is also set to reinforce recurring revenue.
The construction business provides visibility into future growth, with an order backlog of €9.1 billion, most of it already contracted. That pipeline is expected to support stable or rising revenue from 2026, alongside solid margins.
In energy, earnings dipped slightly in 2025, but management expects a turnaround driven by a partnership with Motor Oil and the launch of a new utility platform. Investments in energy storage are also expanding the group’s footprint in the sector.
GEK TERNA plans to deploy roughly €600 million in equity between 2026 and 2029, with about €500 million earmarked for 2026 alone. The company is also maintaining exposure to large-scale infrastructure, including a casino development at Ellinikon and a major highway project on Crete, as well as public-private partnerships in water and waste.
At the same time, the group is moving to balance cyclical businesses with regulated assets. Its recent €134 million investment for a 12.8% stake in EYDAP reflects that shift.
EYDAP, which supplies water and wastewater services to roughly half of Greece’s population, operates an extensive network of pipelines and treatment facilities and generates predictable, regulated income. Its asset base is expected to expand at a double-digit annual rate through 2029, while revenues are projected to grow steadily. The regulated asset base is expected to grow from €696 million in 2025 to €1.085 billion by 2029, implying an average annual increase of about 12%. Regulated revenues are projected to rise more gradually, from €376 million to €416 million over the same period. Together, these trends point to a business with stable cash flows and long-term investment visibility, aligning with GEK TERNA’s strategy to balance growth with resilience.
