GEK TERNA Real Estate Construction S A : IR Report FY2023

FY 2023 Results

April 2024

Contents

1. FY 2023 Group Results Review

1. Business Segments Review

1. Outlook

IV. ESG Progress

1. Appendix
2. 1. Construction Backlog Analysis
   2. Greek Electricity Market Performance
   3. Performance by Segment
   4. Debt breakdown by segment
   5. Greek Infrastructure Market Outlook

FY 2023 Group Key Financial Figures

Revenues

Adj. EBITDA

3,499.2	585.5
-11.1%y-o-y	-11.5%y-o-y

Net Earnings	Cash and
attributed to parent shareholders exc. non-	Equivalent
operating items(1)

133.3	1,310.7
-23.6%y-o-y	FY22: 1,491.7

3

EBT

268.5

+10.3% y-o-y

Amounts in € m

(unless otherwise

stated)

Adj. Net Debt

1,605.6

FY 2022: 1,365.8

2.7x Leverage

FY 2022: 2.1x

BoD to propose Capital Return of € 0.25/sh for FY 2023 (+25% y-o-y)

1. Non operating items include at pre-tax level: a) FY23 loss of € 5.6 from valuation of embedded derivative in motorways concessions segment (vs.

FY 2023 Results | APRIL 2024

loss of € 76.3m in FY 2022); b) FY23 profit of € 20.5m from derivatives valuation in conventional energy segment (vs. loss of € 1.8m in FY22); c) FY 23 profit of € 4.0m from valuation of various participations (vs. profit of € 21.7m in FY22)

4

FY 2023 Highlights - Strategy & Operations (1/2)

We continue to consolidate our leading position the infrastructure and energy sectors, setting the foundations for continued long term growth and value creation

New major concession asset wins with total investment of >€ 5.0bn

• Provisional concessionaire for North Crete Motorway (Chania-Irakleio)
• Preferred bidder for Attiki Odos concession

Maturing portfolio

• Egnatia Motorway concession contract signed - Closing expected within 2H24
• Kasteli airport construction to reach 50% by the end of the year
• Ellinikon IRC has entered its construction phase
• Successful ramp-up of construction activity to new record high revenues
• Komotini CCGT (JV with Motor Oil) entering trial operation soon
• Heron market share in electricity supply increases >10%
• Kafireas (the largest wind park in Greece 327MW) enters operation on time and on budget
• >600 MW of new capacity to be commissioned in 2024-25

Enhancing balance sheet capacity

• Placement of 6m treasury shares for € 80m
• Agreement for the lease of Heron I OCGT
• Increased debt capacity at Parent Co. level following bondholders approval

FY 2023 Results | APRIL 2024

5

FY 2023 Highlights - Financials (2/2)

Solid operating profitability driven by growth in concessions and construction - normalization in conventional energy as expected

GEK TERNA

Group

• Group Revenues, adj. EBITDA and net earnings decline in FY 2023
• • Adj. EBITDA € 585.5m (-11.5%y-o-y)
  • • Adj.EBITDA excluding Conventional Energy increased by 39% y-o-y
  • Net Profit attributable to shareholders exc. Non-operating items € 133.3m (-23.6%y-o-y)
• Net operating CF € 235.1m
• Solid financial position and liquidity to support upcoming investments
• • Cash € 1.31bn - Parent Co. net debt at € 317m - Group Net debt/adj.EBITDA at 2.7x

• Construction: Strong performance with revenues exceeding € 1.4bn (+38% y-o-y) - Backlog at € 5.3bn
• Concessions: Higher revenues and earnings driven by traffic growth (+9.1% y-o-y) and commencement of operations of new waste management project
• RES: Profitability growth on the back of new capacity commissioning - Installed capacity Dec'23 1.2GW (vs. 0.9GW in Dec'22)
• Thermal Energy Generation, Supply and Trading: Healthy profitability safeguarded by vertical integration and market share gains

FY 2023 Results | APRIL 2024

6

Group Revenues and adj.EBITDA causal track

Adj.EBITDA excluding Conventional Energy increased by 39% y-o-y driven by strong performance in infrastructure (concessions and construction)

Group Revenues (€ m)

	3,938.3	25.5	389.1	13.7	950.1
				82.7	3,499.2
1,144.2		+12.6% y-o-y	+38.0% y-o-y	+5.8% y-o-y	-35.7%y-o-y
Group RevenuesRevenues FY	Revenues FY	Concessions	Construction	RES	Conventional	Other	Revenues FY
and adj. EBITDA	2022				Energy		2023
2021

Group adj. EBITDA (€ m)

		53.1	56.0	10.3	203.7
	661.8
					8.0	585.5
323.5
		+47.5% y-o-y	+69.5% y-o-y	+6.4% y-o-y	-60.7%y-o-y
adj.EBITDA FY	adj.EBITDA FY	Concessions	Construction	RES	Conventional	Other	adj. EBITDA FY
2021	2022				Energy		2023

FY 2023 Results | APRIL 2024

						7
Contribution per segment
	Revenues	FY 2022	FY 2023	y-o-y	% of total (FY 2023) (1)
	€ m
	Construction	1,024.2	1,413.3	38.0%	38.9%
	RES	236.2	249.9	5.8%	6.9%
	Concessions	202.0	227.5	12.6%	6.3%
	Conventional Energy Generation, Supply & Trading	2,661.1	1,711.0	-35.7%	47.1%
	HQ and Other	25.4	29.0	6.4%	0.8%
	Eliminations	(210.6)	(131.6)	n.m.
	Group total	3,938.3	3,499.2	-11.1%	100.0%
	adj. EBITDA	FY 2022	FY 2023	y-o-y	% of total (FY 2023) (1)
	€ m
	Construction	80.6	136.6	69.4%	22.6%
	RES	161.1	171.4	6.4%	28.4%
	Concessions	111.7	164.8	47.5%	27.3%
	Conventional Energy Generation, Supply & Trading	335.5	131.8	-60.7%	21.8%
	HQ and Other	(12.2)	(11.6)	n.m.
	Eliminations	(15.0)	(7.5)	n.m.
	Group total	661.8	585.5	-11.5%	100.0%

FY 2023 Results | APRIL 2024

1. Including only positive contributors

8

Consolidated Income Statement

€ m	FY 2022	FY 2023	y-o-y
Revenues	3,938.3	3,499.2	-11.1%
adj. EBITDA	661.8	585.5	-11.5%
Non-cash items(1)	117.3	50.9
EBITDA	544.5	534.5	-1.8%
Net depreciation	128.7	141.3
EBIT	415.8	393.2	-5.4%
Net financial expenses	(116.3)	(126.7)	8.9%
Gains / (Losses) from financial instruments	(76.3)	16.3
Other Income/Expenses	20.1	(14.4)
Earnings/(Losses) before taxes	243.3	268.5	10.3%
Income tax	(66.0)	(81.1)
Net Earnings/(Losses) after taxes	177.3	187.3	5.7%
Minorities	(40.8)	(39.5)
Net Earnings/(Losses) Attributed to shareholders of the	136.5	147.8	8.3%
parent
Net Earnings/(Losses) Attributed to shareholders of the	174.4	133.3	-23.6%
parent exc. Non operating items(2)
EPS exc. Non operating items(2)	1.82	1.42

• Revenues decline on the back of lower contribution from Conventional Energy vis-a-vie lower energy prices
• Operating profitability supported by growth in infrastructure (Concessions and Construction) as well as RES, mitigating the normalisation in Conventional Energy
• Financial expenses move in line prevailing rates environment - Active cash management and debt profile (i.e. hedges) mitigate impact
• Gains/(Losses) from financial instruments
• • Profits from nat. gas portfolio
  • Embedded derivative (E65 motorway) loss of € 5.6m in FY23 vs. loss of € 76.3m in FY22
• Other income in FY22 inc. capital gains due to Heron Energy minorities acquisition

1. Non-cashitems include among others: FY23 € 40.6m heavy maintenance provision in concessions (vs. € 25.9m in FY22), € 14.6m provision for bad debt mainly for Energy Supply (€ 39.6m in FY22), loss of € 2.3m from stock option plans (vs. loss of € 50.7m in FY22) € 7.6m profit from real estate assets valuation (vs. loss of € 0.4m in FY22), € 1.3m provisions for employee's compensation (€ 1.3m in FY22)
2. Non operating items include at pre-tax level: a) FY23 loss of € 5.6 from valuation of embedded derivative in motorways concessions segment (vs. loss of € FY 2023 Results | APRIL 2024 76.3m in FY 2022); b) FY23 profit of € 20.5m from derivatives valuation in conventional energy segment (vs. loss of € 1.8m in FY22); c) FY 23 profit of € 4.0m
   from valuation of various participations (vs. profit of € 21.7m in FY22)

9

Cash Flow

Strong Operating CF generation despite reduced profitability and higher cash taxes - Parent Co. Cash Flows from Investments (mainly cash upstreams from projects/subsidiaries) reach € 201m in 2023

Group Cash Flow (€ m)

585 224

126

1,492

Net Operating CF

FY 2023: 235.1m

FY 2022: 244.0m

238
54	155	49	13	42	1,310

Investing CF	Financing CF
FY 2023: (184.1m)	FY 2023: (232.4m)
FY 2022: (291.5m)	FY 2022: 173m

Cash and	adj.EBITDA Net WC and	Taxes	Capex	Other	Financial	Buy-back and Net change in	Other	Cash and
Equivalent FY	Other			Investing	expenses	dividends	loans	Financing and Equivalent FY
2022								FX	2023

Parent Co. Cash Flow Statement	FY 2022	FY 2023
Operating Cash Flow	(22.6)	0.9
Investing Cash Flow	127.0	201.2
Financing Cash Flow	(103.0)	(179.3)

FY 2023 Results | APRIL 2024

Debt highlights: Leverage KPIs

Group Net Debt (1) (€ m)

Net Debt/	5.0x	3.4x	2.1x	2.7x
adj.EBITDA

1,606

1,366

1,214

1,107

FY 2020

FY 2021

FY 2022

FY 2023

Parent Co. Cash position & Net Debt (2) (€ m

558	559	581

10

Group Cash and Equivalent (€ m)

	1,492
1,364	1,311

1,108

FY 2020

FY 2021

FY 2022

FY 2023

Parent Co. Debt / Equity (x)

330

330

317

FY 2021		FY 2022		FY 2023
		Cash and equivalent		Net Debt

2.5
	2.0	2.1
FY 2021	FY 2022	FY 2023

FY 2023 Results | APRIL 2024

1. Inc. restricted deposits of € 146m in FY 2023, € 139.0m in FY 2022
2. Parent Co. Cash do not include restricted deposits of € 25.5m, Net debt inc. restricted deposits of € 25.5m