Greek industrial and infrastructure sector growth

Financial performance and outlooks for major Greek industrial sectors show significant growth. GEK Terna reported a 22.1% increase in adjusted net profits for the first half of 2026, reaching €83.4 million, largely driven by its concessions sector. The company achieved investment-grade ratings from S&P and Moody’s following a capital increase that brought cash reserves to approximately €2.2 billion.

In the concessions segment, the first consolidation of Egnatia Odos and steady performance from Attiki Odos contributed to the group's results, with concessions now accounting for 63% of adjusted EBITDA. The construction sector also maintains a robust unexecuted project backlog of approximately €8.9 billion. Following the capital increase, Santander named GEK Terna one of its “top three European infrastructure choices,” raising its price target to €62.

Simultaneously, Eurobank Equities upgraded profitability forecasts for Greek refineries Motor Oil and HELLENiQ Energy for the 2026–2028 period. This revision was prompted by rising refining margins for diesel and jet fuel, which moved toward $80 per barrel due to tightening market supply. For 2026, adjusted EBITDA projections for the two companies were increased by more than 80% compared to June estimates, with Motor Oil projected at €2.52 billion and HELLENiQ Energy at €2.27 billion.

While Eurobank Equities maintains a ‘Buy’ rating for Motor Oil with a raised price target of €73.9, it downgraded HELLENiQ Energy from ‘Buy’ to ‘Hold,’ noting that much of the upward movement is already reflected in the stock price.