During the first quarter of 2024, the net profit of GEK Terna Group shareholders adjusted for non-operating results increased by 51.3% to € 34.8 million.Operating profitability (adj.EBITDA) increased by 20% in the same period, reaching € 148.3 million, boosted by the concessions and RES segments, with the relevant EBITDA margin at 19.8% compared to 15.1% in the corresponding quarter of 2023. Group revenues for the first quarter of the year amounted to € 747.3 million compared to € 819.7 million, due to lower prices in the energy market.

At an operational level, and in the first quarter of the year, the Group maintained strong profitability levels as investments in the concessions and RES sectors continued to mature. More specifically, the Concessions segment recorded an increase in revenue and operating profitability, mainly as a result of increased crossings in New and Central Road.

In the RES sector, the increase in installed capacity to 1,227 MW by the end of 2023, together with the normalisation of wind conditions, led to a 42.2% increase in production. The construction sector maintained its healthy profitability levels - despite a traditionally weak first quarter - with a marginal increase in revenues, while backlog stood at €5.0 billion.

Finally, in the thermal energy sector, the fall in energy prices led to lower revenues, despite an expansion in market share.