GEK TERNA's reported return since a 2025 portfolio change exceeded Nvidia's in a comparison attributed to Jefferies, though the absent cutoff prevents a defined like-for-like reading.
Jefferies Global Head of Equity Strategy Christopher Wood removed Nvidia and added the Greek infrastructure company to a global long-only portfolio in October 2025, according to accounts citing the firm's Oct. 9 GREED & fear report. The report itself was unavailable for direct review, so neither the switch nor the later return comparison is confirmed against Jefferies' primary research.
A subsequent comparison attributed to Jefferies put GEK TERNA's gain at 65% in U.S.-dollar terms and Nvidia's at 15%. The cited coverage does not give the measurement end date, currency conversion method or whether dividends are included.
Yahoo Finance historical data show Nvidia closed at $192.57 on Oct. 9, 2025, and $221.97 on Oct. 21, 2026, a price gain of about 15.3%. Its Oct. 22 close was $212.21, which puts the price gain at about 10.2% from the same 2025 close. These price-only calculations show how the end date changes Nvidia's return; they do not confirm Jefferies' comparison or its methodology.
GEK TERNA reported adjusted EBITDA of €631.4 million for 2025, 56.3% higher than in 2024, with concessions and construction as the main contributors. For the six months through June 30, 2026, adjusted EBITDA was €356.3 million, up 12.2% year over year. Concessions adjusted EBITDA reached €225.4 million, equal to 63% of the group's adjusted EBITDA, while the construction backlog was €8.9 billion.
The company linked first-half concession revenue growth to rising motorway traffic, toll increases set by contract and Egnatia Odos joining its consolidated results for the first time. These company-reported operating figures provide business context for the infrastructure company, but do not establish what drove its share-price performance.
