Terna (TRN) Q4 2025 earnings summary

Executive summary

• Achieved strong financial and operational results in FY 2025, with significant progress in energy transition, infrastructure, and sustainability initiatives.

• Integrated over 7 GW of renewables, awarded 12 GW in FER X auctions, and contracted 10 GWh of storage.

• Upgraded credit ratings from S&P and Moody's, both now one notch above the Italian Republic.

• Major progress on strategic infrastructure projects, including Tyrrhenian Link and grid upgrades for the Milan-Cortina 2026 Olympics.

• Workforce expanded by 697 to 7,117, reflecting acquisitions and business growth.

Financial highlights

• Revenues rose 10% year-over-year to €4,033 mn; EBITDA up 7% to €2,751 mn; Group Net Income increased 5% to €1,111 mn.

• Capex surged 31% to €3,515 mn, a record high focused on grid development and security.

• Net debt at year-end was €13,000 mn, up from €11,160 mn.

• EBIT reached €1,789.9 mn, up 6.7% year-over-year.

• Free cash flow was negative at €996.6 mn, reflecting high investment levels.

Outlook and guidance

• FY 2026 guidance: revenues €4.41 bn, EBITDA €2.93 bn, Group Net Income €1.12 bn, Capex €4.2 bn.

• Growth trajectory confirmed, including impact of higher IRAP taxation.

• Continued focus on grid resilience, digitalisation, and integration of renewables.

• Strategic projects include further progress on Tyrrhenian Link, Sa.Co.I.3, and Adriatic Link.

• Ongoing adaptation to evolving regulatory mechanisms and market conditions.