GEK Terna (GEKTERNA) Corporate presentation summary

Transaction overview

• Agreement to combine electricity generation and supply businesses into a 50:50 joint venture, forming a leading integrated power and gas utility in Greece and Southeastern Europe.

• The joint venture will serve approximately 550,000 electricity and gas customers, with 8.3 TWh combined electricity sales and a 16.6% market share in electricity supply as of 2024.

• Dispatchable generation capacity will reach 1.5 GW, leveraging both peaking and baseload assets.

• Completion is expected by early 2026, pending due diligence and regulatory approvals.

Strategic rationale and value creation

• Larger scale and market positioning will accelerate growth and provide a solution-based platform for customers.

• Power portfolio includes the most modern and efficient conventional generation unit in Greece, plus flexible capacity for superior economics.

• Enhanced vertical integration and best-in-class expertise from both partners.

• Significant synergy potential across operations, marketing, procurement, and energy management.

• Positioned to capture opportunities in developing energy markets.

Operational and financial profile

• Combined supply business includes Heron and nrg, with 488,000 electricity and 61,000 natural gas customers as of December 2024.

• 2024 supply EBITDA projected at €108 million, with generation and energy management EBITDA at €67 million.

• Generation assets include Heron II (441 MW, intermediate/peaking) and Komotini (877 MW, baseload, most modern gas-fired unit in Greece).

• NewCo pro forma average EBITDA for 2023-2024 is €120 million (supply and generation combined).