9M 2025 Results

November 2025



‌Contents

  1. 9M 2025 Group Results Review

  2. Business Segments Review

  3. Appendix

    1. PnL by Segment

    2. Non-Cash & Non-Operating Items Reconciliation

    3. Directory of Group Concessions/PPPs projects

3

9M 2025 Results | November 2025



‌9M 2025 Group Key Financial Figures

Revenues adj. EBITDA
4


Net Earnings to shareholders

€ 2,875m

+29% y-o-y

€ 464m

+66% y-o-y

exc. non-operating items(1)

€ 107m

+11% y-o-y



€ 589m

+111% vs. FY2024



LTM adj. EBITDA Recourse adj. Net Debt

€ 145m



(Parent Co)

Group Cash

€ 1,971m



(exc. restricted cash)

9M 2025 Results | November 2025

1. See Appending for Non-Operating items Reconciliation





‌9M 2025 Highlights - Financials

5

Solid set of results driven by sustainable growth in concessions

GEK TERNA

Group

  • Revenues at € 2,874.9bn (+28.7% y-o-y) - Growth across all business lines
  • adj.EBITDA at € 463.9m (+66.2% y-o-y) - Reset at higher levels following addition of new projects in

    concessions (Attiki Odos)

  • Net profit (exc. non-operating items) of € 106.6m (+11.0% y-o-y) - EPS € 1.06
  • Parent Company adj.Net Debt (Recourse Net Debt) € 145m
  • Group consolidated adj. Net Debt € 3.1bn
  • Group Cash € 1.97bn, of which € 1.22bn at Parent Co following successful bond issuance in

September



  • Construction

    • Backlog at € 9.2bn, with € 6.8bn of signed projects as of 9M 2025

    • Revenues and profitability increase on the back of project mix and solid execution

  • Concessions

    • Commencement of Attiki Odos concessions provides structural boost to results and cash flow

    • Solid traffic growth across network and contractual tariff adjustments drive performance

    • Egnatia concession commencement scheduled to take place before the end of year - North Crete concession commencement to take place in early 2026 - Kasteli construction progress

      >65% with completion within 2026

  • Conventional Energy

    • Profitability supported by vertical integration despite intense market competition

    • Komotini CCGT starts contributing to financials



9M 2025 Results | November 2025



‌Group Revenues and adj.EBITDA causal track



6

Group operating profitability (adj. EBITDA) structurally reset at higher levels following Attiki Odos addition - Construction activity accelerates while Conventional energy maintains its profitability levels despite market headwinds

Group Revenues (€ m)


+34.3%

2.233,3

+96.1% +8.4%

2.874,9

Revenues 9M 2024 Construction Concessions Conventional Energy Other (inc. eliminations) Revenues 9M 2025

Group adj. EBITDA (€ m)


+112.2% +4.1%

463,9

+35.8%

279,2

adj.EBITDA 9M 2024 Construction Concessions Conventional Energy Other (inc. eliminations) adj.EBITDA 9M 2025

9M 2025 Results | November 2025





‌Contribution per segment

7

Concessions - with highly visible and recurring cash flow streams - now account for almost 60% of operating profitability

Revenues 9M 2024

9M 2025

y-o-y

% of total (9M 2025)

Construction 887.6

1,192.0

34.3%

41.5%

Concessions 204.8

401.5

96.1%

14.0%

Conventional Energy 1,193.9

1,294.1

8.4%

45.0%

€ m

HQ and Other

20.0

25.7

28.5%

0.9%

Eliminations

(73.0)

(38.5)

n.m.

-1.3%

Group Total

2,233.2

2,874.9

28.7%

100.0%

adj. EBITDA 9M 2024

9M 2025

y-o-y

% of total (9M 2025)

Construction 90.9

123.4

35.7%

26.6%

Concessions 126.0

267.3

112.2%

57.6%

Conventional Energy 82.6

86.0

4.1%

18.5%

€ m

HQ and Other

(13.0)

(12.3)

-5.0%

n.m.

Eliminations

(7.3)

(0.5)

-93.5%

n.m.

Group Total

279.2

463.9

66.2%

100.0%

9M 2025 Results | November 2025





‌Consolidated Income Statement

8

€ m

9M 2024

9M 2025

y-o-y

Revenues

2,233.3

2,874.9

28.7%

adj. EBITDA

279.2

463.9

66.2%

Non-cash items(1)

(40.4)

(69.2)

71.3%

EBITDA

238.8

394.7

65.3%

Net depreciation and other items

(73.9)

(177.2)

139.6%

EBIT

164.9

217.5

31.9%

Financial Income

34.7

49.8

43.5%

Financial Expenses

(84.7)

(167.2)

97.4%

Results from valuation of derivatives and participations

4.3

17.4

305.9%

Results from JVs & associates

5.0

15.5

208.5%

EBT

124.2

133.0

7.1%

Taxes

(33.4)

(28.4)

-14.8%

Minorities

7.5

1.9

-74.6%

Net Profit attributed to shareholders

98.3

106.5

8.8%

  • Revenues and operating profitability increase across the 3 main business segments

  • Non-cash items increase on the back of higher heavy maintenance provisions & share bonus scheme amortization

  • D&A charges increase on the back of Attiki Odos consolidation

  • Financial income increase driven by active cash management and income from hedging (IRS)

  • Financial expenses rise on the back of new debt facilities for new projects

  • Increased contribution from associates depicting strong operating performance of Olympia Odos and launch of Komotini CCGT operations

    Net Profit attributed to shareholders exc. non-

    operating items(1)

    96.1

    106.6

    11.0%

    EPS

    0.98

    1.06

    8.7%

  • Capital gains from investment portfolio valuation and the sale of 10% stake in Attiki Odos at a 15% premium

1. See detailed breakdown in Appendix

9M 2025 Results | November 2025

‌Debt and Liquidity Overview

Parent Co. adj. Net Debt (Recourse) (€ m)

317

153

145

500

500

300

Corporate Bonds Maturity

2.75%

New Bond

Issue 3.20%

2.30%

FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 FY 2030 FY 2031 FY 2032

FY 2023 FY 2024 9M 2025

9


Parent Co. Cash(1) (€ m)

1.222

852

581

FY 2023 FY 2024 9M 2025

Group adj. Net Debt (€ m)

317

145

153

1.289

2.961

3.106

3,259

3,107

1,606

Assets & Subsidiaries

Parent Company

FY 2023 FY 2024 9M 2025

9M 2025 Results | November 2025

(1) Does not include restricted cash





‌Group Net Debt Breakdown 9M 2025

10

(€ m)

Gross Debt Finance Leasing

Cash

Net Debt

Restricted

Cash(1) adj. Net Debt

Parent Co 1,388 -- 1,222 166 21 145

TERNA (Construction)

Heron (Conventional Energy)

Other(2)

92

157

1

66

0

--

265

40

80

(107)

117

(79)

3

--

14

(110)

117

(93)

Attiki Odos

2,650

--

140

2,510

10

2,500

Nea Odos & Kentriki Odos

413

--

198

215

--

215

GEK Motorways

166

--

11

155

0

155

GEK TERNA Kasteli

145

--

2

143

0

143

Peloponnese Waste Management

33

--

5

28

4

24

Epirus Waset Management

12

--

5

7

1

6

E-Ticket

14

--

4

10

4

6

Group Total 5,069 66 1,971 3,164 58 3,107

Project Finance (asset level)

Operating subsidiaries

  1. Restricted Cash only for debt servicing purposes

  2. Includes mainly subsidiaries in the energy segment outside the Heron perimeter (Optimus, TETRA) and other concession related companies

9M 2025 Results | November 2025

‌Business Segments Review







‌Concessions - Financial highlights

12

Segment revenues and profitability reset at higher levels amid continued

(€m)

9M 2024

9M 2025

Revenues

204.8

401.5

adj. EBITDA

126.0

267.3

margin

61.5%

66.6%

EBIT

61.4

115.3

EBT

36.4

17.8

Net Profit

39.2

14.8

Concession segment Revenues (€ m)

9M 2024

9M 2025

y-o-y

Motorways Tolls

151.6

338.3

123.1%

o/w Nea & Kentriki Odos

151.7

169.2

11.5%

o/w Attiki Odos

n.a.

169.1

n.a.

Waste management

15.9

17.7

11.2%

E-Ticket

18.7

16.2

-13.4%

Other

18.5

28.3

52.6%

Total Revenues

204.8

401.5

96.1%

growth momentum in underlying traffic

  • Attiki Odos addition, strong traffic momentum across network and contractual tariff adjustments drive revenues higher

  • Operating profitability tracking revenue growth, while margins increase given the contribution of Attiki Odos in the mix

  • Higher D&A charges and net interest expenses given Attiki

    Odos addition

  • Steady revenues contribution from waste management projects and lower from e-ticket following completion of construction works

  • Increased profitability from Olympia Odos (booked below EBIT line)

  • Traffic in existing HER airport up 6.3% in 9M 2025, while

winter scheduled seats (Nov'25-Mar'26) are up 76% y-o-y

Key Takeaways 9M 2025 Motorways Traffic y-o-y (ADT)


10,0%

4,6%

4,6%

3,6%

4,1%

Attiki Odos Nea Odos Kentriki Odos Olympia Odos Egnatia

New section delivered since 2Q 2024

9M 2025 Results | November 2025

‌Concessions - Main Motorways KPIs

Nea & Kentriki Odos traffic (m transactions) Attiki Odos traffic (000's ADT)

287

284

269

272

280

256

18,1 18,9

12,4 13,6

15,0 15,9

15,2

1Q 2Q 3Q 4Q

13


299

1Q 2Q 3Q 4Q

2024
2025

€ m

3Q 2024

4Q 2024

1Q 2025

2Q 2025

3Q 2025

Traffic (m. transactions)

18.1

15.2

13.6

15.9

18.9

Toll Revenues

58.3

50.6

48.6

56.6

64.0

Other Income (inc. State

4.7

5.6

5.8

7.6

6.0

compensations)

Total Income

63.0

56.2

54.3

64.2

70.0

adj. EBITDA

44.3

32.1

34.9

43.5

47.0

margin

70.4%

57.2%

64.2%

67.8%

67.1%

Gross Bank Debt

437.2

419.2

426.8

407.6

412.6

Cash

148.3

123.9

133.8

126.4

198.0

Net Debt

288.9

295.4

292.9

281.2

214.6

2024
2025

€m 4Q 2024 1Q 2025 2Q 2025 3Q 2025

Total Transactions (m) 25.8 24.2 27.2 26.1

ADT (000's) 280.1 268.8 298.8 284

Revenues from Tolls 52.4 52.9 59.4 56.8

Other Revenues 1.2 1.5 1.6 1.7

Total Revenues 53.6 54.4 60.9 58.5

adj. EBITDA 40.8 41.5 47.4 44.8

margin 76.1% 76.3% 77.8% 76.6%

D&A 23.8 25.9 25.9 25.9

EBIT 16.4 14.2 20.1 17.6

Cash 103.2 146.0 118.6 149.8

Gross Bank Debt 2,643.8 2,673.4 2,619.4 2,649.7

Net Debt 2,540.6 2,527.3 2,500.8 2,499.9

9M 2025 Results | November 2025





‌Construction - Financial Highlights

14

Robust performance driven by quality project mix and execution capacity

Key Takeaways Construction margin trends




(€m)

9M 2024

9M 2025

Revenues

887.6

1,192.0

Gross Profit

95.2

129.9

margin

10.7%

10.9%

adj. EBITDA

90.9

123.4

margin

10.2%

10.4%

EBIT

73.9

101.5

margin

8.3%

8.5%

EBT

65.2

94.2

Net Profit

42.6

70.2

  • Revenues increase by 34.3% y-o-y on the back of paced execution of projects that were under execution and launch of new ones during the period

  • Main projects contributing during 9M 2025 include motorways (Kentriki Odos extensions, Olympia Odos, North Crete), Kasteli airport, EPC (Amfilochia pump storage, PV and networks) as well as private commercial RE (IRC, hotels, offices)

  • Profitability margins remain healthy depicting quality of the project mix and execution capacity

  • 50% of backlog refers to own investments with the rest equally split between private (third party) and public

Backlog 9M 2025 (€ bn)


12,0%

10,0%

8,0%

6,0%

4,0%

2,0%

1.800

1.600

1.400

1.200

1.000

800

600

400

200

4,9 5,3 5,3

6,9

9,2 9,2

2,9

2,5

3,4

4,5

4,1

5,0

1,9

2,4

2,4

1,8

1,8

2,8

2,4

2,9

0,0%

0

FY 2021 FY 2022 FY 2023 FY 2024 LTM 9M

2025

Revenues (RHS) Gross Profit % EBIT %

FY 2021 FY 2022 FY 2023 FY 2024 1H 2025 9M 2025

Signed
North Crete
Pending to be signed

9M 2025 Results | November 2025





‌Construction - Backlog Analysis 9M 2025

15

Group construction backlog

Project

Remaining Value

(€ bn)

North Crete Motorway (Chania-Irakleio segment)

1.8

Egnatia motorway

0.7

Other motorways (Nea/Kentriki Odos, Olympia etc.)

0.8

Hydro (inc. Amfilochia)

0.7

New airport in Kasteli, Crete

0.5

Solar Parks

0.4

Infrastructure restoration works due to natural disasters ("Daniel & Elias")

0.4

Commercial RE (Hotels, Office building, Malls etc)

0.8

Rail

0.1

Energy gids (electricity & natural gas)

0.1

Other

0.6

Total signed

6.8

Pending to be signed

2.4

Total Backlog 9M 2025

9.2

9M 2025 Results | November 2025





‌Conventional Energy Generation, Supply & Trading

16

Vertical integration supports profitability despite highly competitive market conditions

Key Takeaways




(€m)

9M 2024

9M 2025

Revenues

1,193.9

1,294.1

adj. EBITDA

82.6

86.0

margin

6.9%

6.6%

EBIT

54.5

24.7

EBT

45.2

26.0

Net Profit

34.9

25.4

  • Market backdrop: Demand in Greece was flattish in 9M25, with increased exports driving total system demand up 3.6% y-o-y. Wholesale power prices increase 7.8% y-o-y in 9M25 (-29.4% y-o-y in 3Q25). Increased nat. gas production (+11%) and RES (+8.0%) to cover lower hydro and lignite and net exports

  • Heron Electricity Supply sales volumes decline 10.4% y-o-y to 3.9 TWh mainly depicting lower sales to specific industrial clients (HV) and commercial clients (LV) - Market share recovery since late 3Q

  • Generation of Heron CCGT at 1.21 TWh (vs. 1.36 TWh in 9M 2024)

  • Komotini CCGT production at 1.5 TWh in 9M25 (under trial operation) with positive contribution (below EBIT line)

  • Profitability safeguarded by vertical integration i.e. improved margins in generation amidst a highly competitive period in the supply market

  • Positive contribution in 9M25 operating profitability from the completion of installation and commissioning of a power plant (ex-Heron 1 OCGT) in the island of Crete for a third party

Electricity Supply Sales Volume (TWh) adj. EBITDA (€ m)


4.4 3.9

1,3

1,0

1,4

1,4

1,5

1,6

LV

82.6 86.0
MV

HV

9M 2024 9M 2025

9M 2024 9M 2025

Commissioning of OCGT for third party

9M 2025 Results | November 2025

‌Greek Electricity Market Update (9M 2025)

DAM (€/MWh)

37.8

39.6

41.1

Demand (TWh)

50.2%

55.1%

58.1% % of RES and hydro

Power market generation mix


17


2025 average (9M): € 102.0/MWh 2024 average: € 100.7/MWh

154

135

106

112

101

89

82

85

93

73

2023 average: € 118.8/MWh

9M 2023 9M 2024

2,0%

47,7%

37,0%

7,4%

4,9%

8,7%

29,5%

7,5%

42,7%

11,6%

41,3%

6,3%

51,7%

5,9%

9M 2025

-4,3%

Net Imports

RES

Hydro

Natural Gas

Lignite

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2023 2024 2025

Electricity supply market shares

(Sep-2025)



Heron electricity supply market share

(annual average-Mainland)



11,4%

Other; 7,6%

9,8%

9,3%

6,6%

6,7%

Peer 4; 4,4%

Peer 3; 6,1%

Heron; 9,3%

Peer 2; 21,8%

Peer 1; 50,8%

2021 2022 2023 2024 Σεπ-25

9M 2025 Results | November 2025

Source: IPTO, Henex

‌Appendix

  1. PnL by Segment

  2. Non-Cash & Non-Operating Items Reconciliation

  3. Directory of Group Concessions/PPPs projects

18

9M 2025 Results | November 2025



‌Income Statement by Segment

19




9M 2025

(€ m)

Construction

Concessions C

onventional Energy Hold Co and

Eliminations

Group

Revenues

1,192.0

401.5

1,294.1

25.7

(38.5)

2,874.9

Gross profit

129.9

134.9

61.4

4.7

(5.3)

325.5

adj.EBITDA

123.4

267.3

86.0

(12.3)

(0.5)

463.9

EBIT

101.5

115.3

24.7

(23.5)

(0.5)

217.5

EBT

94.2

17.8

26.0

(4.5)

(0.5)

133.0

Net Earnings

70.2

14.8

25.4

(5.3)

(0.5)

104.6

9M 2024 Construction Concessions Conventional Energy Hold Co and Eliminations Group

(€ m)

Other

Revenues

887.6

204.8

1,193.9

20.0

(73.0)

2,233.2

Gross profit

95.2

75.6

79.7

(0.1)

(11.1)

239.3

adj. EBITDA

90.9

126.0

82.6

(13.0)

(7.3)

279.2

EBIT

73.9

61.4

54.5

(18.5)

(6.5)

164.9

EBT

65.2

36.4

45.2

(16.4)

(6.2)

124.2

Net Earnings

42.6

39.2

34.9

(19.8)

(6.2)

90.8

Other

9M 2025 Results | November 2025





‌Non-Cash & Non-Operating Items Reconciliation

20

Non-Cash items excluded from adj.EBITDA Non-Operating Items after tax excluded from Net Profit

€ m

9M 2024

9M 2025

Heavy maintenance provision in motorways

29.4

39.5

Bad debt provisions

9.2

15.2

Share bonus plan 2024-27 provision

1.5

14.3

Other

0.3

0.2

Total non-cash items

40.4

69.2

EBITDA

238.8

394.7

(+) Non-Cash Items

40.4

69.2

Adj. EBITDA (cash)

279.2

463.9

€ m

9M 2024

9M 2025

Interest Rate derivatives valuation

profit/(loss)

Energy derivatives valuation profit/(loss)

(3.5)

(0.1)

Valuation of assets/participations/holdings

4.9

13.2

Share bonus plan 2024-27 provision & Other

(0.5)

(11.3)

Total Profit/(Loss) from non-operating 1.8 (0.2)

items

Net Profit for shareholders 97.9 106.5

(+) Non-Operating Items (1.8) 0.2

Net Profit for shareholders exc. Non- 96.1 106.6

operating items

9M 2025 Results | November 2025





‌Group Concessions & PPP's projects directory

21

Motorway

Length (km)

Status

Stake

COD

End date

Consolidation

Attiki Odos

70

In operation

90%

2024

2049

Full

Nea Odos

377

In operation

100%

2018

2037

Full

Kentriki Odos

238

In operation

100%

2018

2037

Full

Olympia Odos

277

In operation

20%

2018

2044

Equity

Egnatia Odos

883

Pre-CCD

75%

2025E

2060

Full

North Crete (Chersonisos-Neapoli)

22

Under construction

55%

2028E

2053

Equity

North Crete (Chania-Irakleio)

187

Pre-CCD

100%

2030E

2059

Full

Total motorway network

2,054

Project

Metric

Status

Stake

COD

End date

Consolidation

Kasteli Airport

9.4m pax*

Under construction

33%

2027E

2055

Equity

IRC in Ellinikon

NM

Under construction

49%

2028E

2053

Equity

Peloponnese waste management

200 kt p.a.

In operation

100%

2023

2049

Full

Epirus waste management

105 kt p.a.

In operation

100%

2017

2044

Full

Western Macedonia waste management

300 kt p.a.

Pre-CCD

50%

2029E

2052

Equity

Nestos water transport & distribution

NM

Under construction

100%

2028E

2050

Full

Chochlakia water dam & irrigation

NM

Pre-CCD

100%

2029E

2050

Full

Kavala Port

NM

In operation

90%

2025

2064

Full

Electronic ticketing (Athens/Thessaloniki)

NM

In operation

70%

2014/2024

2026/2035

Full

*Refers to the traffic of the existing Kazantzakis airport in Irakleio for 2024 CCD: Concession Commencement Date

COD: Commercial Operation Date

9M 2025 Results | November 2025

‌Investors Contacts Argyris Gkonis - IR Officer

agkonis@gekterna.com

+30 210 6968499

Investor Relations Desk

ir@gekterna.com

+30 210 6968457

85, Mesogeion Ave, Athens, 115 26, Greece

T: +30 210 6968000, E: info@gekterna.com, https://www.gekterna.com

22

9M 2025 Results | November 2025



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