GEK Terna (GEKTERNA) Corporate presentation summary

Strategic positioning and growth outlook

• Positioned as Greece's leading diversified infrastructure group with a vertically integrated platform and strong execution capabilities.

• Focused on high-quality, long-term concession assets, including over 1,800 km of motorways, major airports, and waste management projects.

• Infrastructure sector in Greece is booming, with €40-50bn in investments needed and a near-term pipeline of €8-10bn in projects.

• Sale of TERNA ENERGY stake to Masdar for €880m unlocks capital for new investments and accelerates growth.

• Proceeds from the transaction will be redeployed to landmark concessions, targeting adj. EBITDA growth from €0.4bn in 2023 to €0.7-0.8bn by 2028.

Financial performance and capital structure

• 1H 2024 revenues reached €1.52bn (-5.7% y-o-y), with adj. EBITDA at €269.1m (+7.6% y-o-y) and net earnings to parent at €65.7m (+20.3% y-o-y).

• Operating profitability driven by concessions and construction, with robust cash flow and prudent capital structure.

• Group net debt reduced to €840m (excluding assets held for sale), with pro-forma net debt near zero after TERNA ENERGY sale.

• Investment firepower of €2.0bn available for new opportunities, supporting both growth and increased shareholder distributions.

• 86% of debt is fixed or hedged, with a weighted average cost of debt at 4.37%.

Key assets and operational highlights

• Major concession assets include Attiki Odos, Egnatia Odos, Nea & Kentriki Odos, Kasteli Airport, and Hellinikon IRC.

• Motorways portfolio exceeds 1,800km, with average remaining concession life over 25 years and invested equity above €1.2bn.

• Construction backlog at €5.0bn, with over 65% related to own projects or concession add-ons.

• HERON is a leading IPP in Greece, with 0.9GW installed capacity and 11% electricity supply market share.

• RES segment (held for sale) saw installed capacity rise to 1,227MW and strong EBITDA growth in 1H 2024.