Terna (TRN) investor relations material

Executive summary

• Revenues rose 10% year-over-year to EUR 989 million in Q1 2026, driven by strong performance in Non-Regulated and International Activities.

• Robust operational delivery with major milestones on the Tyrrhenian Link and authorization of 10 national grid projects worth EUR 167 million.

• Sale agreement for Terna Peru signed for $15 million, closing expected by Q3 2026.

• Strong ESG recognition, including top 1% in S&P Global Sustainability Yearbook, MSCI AAA, and EE+ from Standard Ethics.

• Leadership transition with CEO's departure and interim management by the Chairman until May 2026 AGM.

Financial highlights

• EBITDA increased 7% to EUR 698 million; EBIT up 4% to EUR 450 million.

• Net income at EUR 277 million, stable year-over-year; adjusted for higher IRAP tax, up 4%.

• CapEx totaled EUR 511 million, down 9% due to timing differences and completion of major projects.

• Net debt at EUR 12.2 billion, EUR 800 million lower than year-end 2025, aided by hybrid bond issuance.

• Equity attributable to owners of the Parent rose to EUR 8.9 billion from EUR 7.8 billion at year-end 2025.

Outlook and guidance

• Full 2026 guidance confirmed, with revenue expected at EUR 4.41 billion, EBITDA at EUR 2.93 billion, and net profit at EUR 1.12 billion.

• CapEx targeted at approximately EUR 4.2 billion for 2026, focusing on grid resilience, digitalisation, and renewable integration.

• Non-regulated activities EBITDA expected to grow at low double digits for 2026, despite Q1's 80% surge.

• New industrial plan to be published in 2H 2026.

• Ongoing commitment to sustainability, with science-based targets and Net Zero ambitions by 2050.