GEK Terna Case Study

June, 2026

Mark Jones, Global Listed Infrastructure Portfolio Manager at Resolution Capital, explains why GEK Terna offers a compelling opportunity in listed infrastructure.

In the video, he presents the Greek company as a clear example of how investors can benefit from rising private sector investment in infrastructure.

Video Summary:

From Construction Company to Infrastructure Champion

For many years, investors overlooked GEK Terna. Its construction roots, low-growth highway assets and Greek domicile made many investors cautious.

However, GEK Terna has transformed. Today, the company owns most of Greece’s toll motorway network.

It also plays a key role in major Greek infrastructure projects, including the country’s new airport and highways.

As a result, GEK Terna now has stronger infrastructure credentials. Its long-dated assets offer pricing power, inflation protection and resilient cash flows.

Why Greece Matters Now

Greece has strengthened its fiscal position. It also continues to run fiscal surpluses.

Therefore, the government increasingly turns to private capital to fund infrastructure development. This creates a supportive backdrop for companies such as GEK Terna.

In addition, Greece’s improving sovereign status may help narrow the valuation discount that investors attach to Greek-listed companies.

For GEK Terna, this creates the potential for both earnings growth and valuation upside.

Resolution Capital’s Investment Approach

Resolution Capital looks for positive “rate of change” opportunities.

Therefore, GEK Terna fits the type of opportunity the team seeks: improving quality, stronger growth and better market recognition.

The company sits in the strategy’s non-benchmark allocation. As a result, it shows how the team can look beyond the benchmark for differentiated infrastructure ideas.

A Multi-Portfolio Manager Model

Resolution Capital also uses a true multi-portfolio manager approach.

Each portfolio manager runs a discrete sleeve of the strategy. However, the team shares a common research platform.

This structure helps the team test ideas from different angles. As a result, the portfolio gives meaningful weight only to the strongest ideas.

Disclaimer:

Resolution Capital Limited ABN: 50 108 584 167 AFSL No. 274491. This communication was prepared by Resolution Capital Limited (“Resolution Capital”). The information in this communication is for general information purposes only. Information in communication is not intended as a securities recommendation or statement of opinion intended to influence a person or persons in making a decision in relation to investment. This communication has been prepared without taking account of any person’s objectives, financial situation or needs, and because of that, reliance should not be placed on the information in this communication as the basis for making an investment, financial or other decision. Any opinions or forecasts reflect the judgment and assumptions of Resolution Capital and its representatives on the basis of information at the date of publication and may later change without notice. Any projections contained in this communication are estimates only and may not be realised in the future. Returns from investments may fluctuate and past performance is not a reliable indicator of future performance. Resolution Capital believes the information contained in this communication is reliable, however no warranty is given as to its accuracy and persons relying on this information do so at their own risk.Unauthorised use, copying, distribution, replication, posting, transmitting, publication, display, or reproduction in whole or in part of the information contained in this communication is prohibited without obtaining prior written permission from Resolution Capital Limited.