GEK Terna launches EUR 500 million bond plan: UBS keeps EUR 54 target for GEK Terna stock

Published on 10/20/2026 at 12:50 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

First-half revenue reached EUR 2.1 billion on September 15, 2026. GEK Terna stock has a EUR 3.9 billion market value as of October 20, 2026.

Bond financing and growth

GEK Terna began investor meetings for a EUR 500 million bond on October 19, 2026.
First-half 2026 revenue reached EUR 2.1 billion, up 8.00 percent year over year.
UBS cut its target from EUR 55.00 to EUR 54.00 on September 29, 2026.
The next reported results are scheduled for November 27, 2026.

GEK Terna, GRS145003000, Illustration mit AI erstellt.

GEK Terna (GRS145003000) is seeking EUR 500 million through a proposed seven-year bond issue, after announcing investor meetings on October 19, 2026. Euro2day reported that the senior unsecured notes would carry a fixed rate and that the proceeds would serve general business purposes. OT said the issue was expected to receive investment-grade ratings from S&P Global Ratings and Moody's Ratings.

Financing reaches the market

The proposed bonds are part of GEK Terna's Euro Medium Term Note program. The company established that program on October 15, 2026, with a 12-month term and annual renewal option, according to GEK Terna. The notes may be listed in Luxembourg or another European market, depending on financing conditions.

What supports the valuation?

GEK Terna's first-half 2026 revenue was EUR 2.1 billion, an 8.00 percent increase from EUR 1.9 billion in the first half of 2025. Adjusted EBITDA rose 12.00 percent to EUR 400 million, while net earnings attributable to shareholders reached EUR 84 million, up 22.00 percent, according to the Yahoo Finance transcript. Concessions generated 63.00 percent of adjusted EBITDA, giving the infrastructure portfolio a larger role in group earnings.

On September 29, 2026, OT reported that UBS maintained a Buy rating while cutting its price target from EUR 55.00 to EUR 54.00. UBS also raised its 2026 adjusted EBITDA estimate from EUR 698 million to EUR 767 million, a 9.89 percent increase.

Upcoming reporting date

Investing.com lists November 27, 2026 as the next reporting date. That date would give investors the next scheduled checkpoint on concessions, construction and financing.

Stock price and market value

GEK Terna was last quoted at EUR 39.02 on the Athens Exchange on October 20, 2026 at 1:33 p.m. EEST. Its market capitalization was EUR 3.9 billion, while the reported 52-week range was EUR 22.50 to EUR 48.32.

The further course of trading is shown by the continuously updated real-time quote of GEK Terna stock.