GEK TERNA, following reports by bankingnews – BN – concerning on the one hand the existence of a file at the European Public Prosecutor's Office over how it obtained concessions for almost all motorways in Greece, and on the other hand SSM's concerns regarding the excessive debt of the group to Greek banks, instead of answering the questions, threatens with extrajudicial notices and lawsuits. GEK TERNA had learned to remain untargeted, and the personal relations of Giorgos Peristeris with the Prime Minister's office were the catalytic factor behind this tolerance. BN spoke of reports from the SSM, the Supervisory Board of the ECB to Greek banks, which the Greek financial institutions indirectly confirm.
However, the Bank of Greece and Yannis Stournaras do not confirm them, but the Bank of Greece does not exercise supervision over systemic banks. The extreme borrowing of GEK TERNA, standing at nearly 4.1 billion euros close to its market capitalization of 5.1 billion euros, raises widespread concerns given that for 2026 it will report profits of 165 to 170 million euros. It should be noted that without the EBITDA contribution from concessions, this corporate group would simply be faltering. To pay off these loans, it would require committing GEK TERNA's total annual profits for 20 years, to put it on an oversimplified basis. An impression has been created that it is a large group... but with low performance when relying solely on concessions, for which there are many questions and risks. Greek banks must take a stance and exert pressure on GEK TERNA to reduce its over-indebtedness, which constitutes a bomb for the balance sheets of Greek banks.
Large exposures
It is recalled here that in a note from the International Monetary Fund regarding the Greek banking system, dated May 4, 2026, it was explicitly stated that Greek systemic banks have very large and interconnected exposures to the same large Greek corporate entities. Therefore, if several of them are hit simultaneously, the systemic risk could be transmitted to multiple banks at the same time. Specifically, the sensitivity analysis demonstrates a significant concentration risk arising from bank exposures to domestic non-financial companies. Large exposures of systemic banks are high, representing approximately 200% of Common Equity Tier 1 (CET1) capital on a gross basis, while after applying credit risk mitigation (CRM) techniques, they stand at 122.3%. These exposures mainly concern the utility, manufacturing, and financial services sectors.
Additional concern is raised by the fact that large exposures of systemic banks show a high degree of correlation with each other. The distribution of large exposures among banks displays limited differentiation, indicating limited portfolio diversification and a high degree of correlation in solvency risk. The 10 largest common exposures of banks to non-financial corporations account for 121.6% of Tier 1 capital before applying CRM measures and 81% after their application. These exposures constitute the majority of the total large corporate exposures mentioned above. If war were to simultaneously cause severe financial strain on more than one of these enterprises, it could place a significant burden and pressure on the banking system.
What BN wrote on September 15, 2026
SSM bomb: High risk in banks' exposure to GEK TERNA with 4.3 billion in loans – Investors grow concerned
With the file on GEK TERNA remaining at the European Public Prosecutor's Office under investigation regarding concessions, and investor concerns heightening as GEK TERNA is valued at an unjustified P/E ratio of 32... a new parameter is added to GEK TERNA's outlook. According to information, the SSM unexpectedly characterized the exposure of Greek banks to GEK TERNA with 4.3 billion euros in loans as high risk... The position of the SSM is not merely formal but substantive, as the competent banking supervision body—the Single Supervisory Mechanism of the ECB—evaluates all potential financial risks... In its report, the SSM focuses on two Greek companies that it considers high-risk, and one of them is GEK TERNA.
Let's examine the data
GEK TERNA has entered into loans of 4.3 billion euros and possesses a burdened history of over-indebtedness, both as a group and through Giorgos Peristeris himself, head of the group and main shareholder. After the sale of TERNA Energy, which was a necessity to cover the main shareholder's impasse... GEK TERNA continues the same policy of high leverage...
It is unthinkable for a company with a market valuation of 5.1 billion to carry loans of 4.3 billion euros. In the view of many, GEK TERNA's stock is a bubble, manipulated by reports from entities like Santander that suddenly receive business from GEK TERNA and, of course... through a strange relationship—an osmosis—between Giorgos Peristeris, the government, and Minister Gerapetritis. The key issue here is how GEK TERNA secured all concessions for major motorways, how all this connects to the government, and at the same time how an investor can feel secure about the future of a company with extremely high debt.
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