[REVISION HISTORY]

Greek industrial and infrastructure sector growth

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2026-09-16 13:29 UTC → 2026-09-17 06:43 UTC · added ~~removed~~

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.~~ 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.~~ 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.

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