With “guide” the construction sector, GEK TERNA Group saw a significant increase in total revenues in the first quarter, as they amounted to 819.7 million euros compared to 634 million euros, an increase of 29% compared to the corresponding period last year. Accordingly, operating profit rose to 123.6 million euros from 105 million euros last year, while net income rose to 23 million euros from 9.6 million euros in the first quarter of last year.

In particular, construction sector revenue almost doubled to €297.5 million compared to €150.6 million in the corresponding quarter of 2022. Accordingly, adjusted EBITDA operating income was 34.3 million euros compared to 8.3 million euros, for an increase in revenue, but also a combination of projects (more profitable projects than last year). It is recalled that the group has accumulated a historically high project portfolio of 5.5 billion euros (up from 5.3 billion euros at the end of 2022), of which 2.8 billion euros relate to signed contracts and 2.7 billion euros of contracts to be signed. It is noted that 90% of the signed contracts relate to projects in Greece.

Among the most important projects that the GEK TERNA group is going to implement in the near future is the Egnatia Road concession agreement, which provides for the construction of a facility worth more than 1.1 billion euros over time from projects for the maintenance and modernization of road sections. axis. Also, the project of its construction will be taken over by the subsidiary company TERNA. Integrated Resort Complex (IRC) in Ellinikothe total cost of which is estimated at 1 billion euros.

In the concession zone, crossings on existing motorways increased by 10.2% compared to the previous year. Revenue increased to 48.1 million euros from 41.2 million euros, while operating profit increased by 44.5% to 27.9 million euros from 19.3 million euros in the corresponding quarter of the previous year.

Energy

The Group has accumulated a historically high order book of 5.5 billion euros.

In the energy generation and trading sector (electricity and natural gas), Greece’s electricity demand fell by 11.9% in the first quarter as a result of very warm temperatures for the season and energy conservation measures, according to GEK TERNA. . In this context, and in combination with an increase in production from RES, due to an increase in installed capacity and an increase in imports, natural gas production has decreased. However, in the supply sector, Iron Energy increased its market share to 7.53% (in March), leaving sales unaffected except slightly.

By mid-May, the group’s installed renewable capacity had increased to 1,141 MW, as an additional 245 MW were added from the new wind farms on the island of Evia (74% of the total project). At the end of 2022, the installed capacity was 906 MW. The construction of a 680 MW pumped storage facility in Amfilochia is also on schedule, and outside of Greece, the group is preparing to start construction of large energy facilities, mainly photovoltaic. In total, including facilities under construction, the total capacity of the group now exceeds 2,000 MW.

As GEK TERNA highlights, the first quarter of 2023 was characterized by light winds compared to very strong winds in the first quarter of 2022. In particular, the portfolio utilization rate was 32.5% compared to 36.5% in the corresponding quarter of 2022. which led to a reduction in production.

In this context, the total revenue of the TERNA Energy group fell to 73.9 million euros from 81.8 million euros with the ceiling on the sale price of renewable energy projects in Greece, starting from July 2022. On the other hand, a positive contribution was made by the gradual increase in revenues from waste management after the launch of the Peloponnese project.

However, the group’s management expects a significant increase in revenue in the long term, due to the start of operation of new wind farms in 2023.