A number of 2.6 million shares of GEK Terna have been transferred from Latsco Family Office, in the interest of Marianna Latsis, to international investors, to the Group's Chairman and CEO, G. Peristeris, and other senior executives of GEK Terna and Terna Energy.

In detail:

• A number of trading packages were passed at €18, very close to the 25-year high of CEC Terna's shares. According to information, 5 international investors are reportedly sharing around 1.7 million shares of the listed company
• Mr. Peristeris acquired over 600,000 shares
• The rest were bought by executives of GEK Terna and Terna Energy

IMPORTANCE 

Market participants comment that the timing of the placement is not coincidental, coming immediately after the financial close of the transaction for the acquisition of 70% of Terna Energy by Masdar and just before the public offer for the remaining 30% is submitted, releasing close to €700 million of liquidity to the SA, of which €200 million is estimated to be Greek institutional and private investors.

Mr. Peristeris and his associates, who sold their shares in Terna Energy to Masdar, are reinvesting a significant portion of the capital they raised in GEK Terna, indicating their confidence in the group's parent company as the next big play. At the same time, it confirms the interest of foreign investors in strengthening their position in the group, at prices very close to the share's historic highs.

It should be recalled that 11 months ago, GEK Terna had proceeded with a private placement of 6 million of its common shares through a book-building offering to selected international institutional investors.

Latsco Family Office, as part of its portfolio restructuring, proceeded to liquidate a small portion of the position it acquired in GEK Terna in 2021, capitalizing a return of over 60%. Recall that it recently invested nearly €80m to acquire a 10% stake in Nea Attiki Odos.

INVESTMENT POWER

According to an analysis by Pantelakis Securities, GEK Terna has accumulated €3.1 billion of investment power after the sale of Terna Energy. Even after the commitments for the projects it has already secured, there remains €2 billion that will be directed to finance new projects. Based on these estimates, GEK Terna, having very low leverage (net parent debt of around €400m), will receive €300m of dividends annually from 2028, which is enough to fund a dividend yield of around 4% but also €1bn of new projects each year.

€5 BILLION

• With a backlog of €5bn, construction revenues are expected at €1.5bn each year until 2028, with a 10% margin
• Conventional energy EBITDA is expected to stabilise at €100 million/year
• The new gas unit (50-50 with motor oil) from Q1 2025 is expected to contribute €20m/year to net profit.

In terms of estimates:

• EBITDA adj. for 2024 is expected at €433 million and to gradually increase to €785 million in 2028
• borrowings are expected to peak in 2025 at €4.3 billion following the start of the Egnatia Odos concession and gradually taper off
• the dividend is expected at €0.40/share in 2024 and €0.45/share in 2025