Terna - Rete Elettrica Nazionale Societa per Azioni Earnings Recaps
Q2 2026
Jul 31, 2026
Shares declined 2.0% post-earnings as investors digested modest net income growth and cautious commentary on the upcoming regulatory update, signaling tempered enthusiasm despite stable underlying operational progress.
Key takeaways
- Group revenues rose 12% to €2.1 billion, driven by 4% regulated revenue growth and 50% expansion in nonregulated activities.
- EBITDA increased 8% to €1.5 billion, supported by a stronger margin in the nonregulated segment (24% vs 20% a year ago).
- Net income edged up 1% to €591 million, reflecting higher taxes due to a temporary IRAP increase and rising financial expenses from higher debt costs.
- Capital expenditures surged 20% to €1.6 billion, with 92% of business plan projects contracted and 93% authorized.
- Management flagged ongoing work to update the industrial plan ahead of regulatory adjustments due in 2027, injecting uncertainty about future guidance and growth assumptions.
Q3 2025
Nov 13, 2025
Terna reported solid progress in its 9-month 2025 results, supported by strategic infrastructure developments and increased procurement efficiency as the company advances towards its 2024-2028 Industrial Plan.
Key takeaways
- Significant strides made in the Tyrrhenian Link project, nearing completion of the first submarine cable installation, with the project set to establish a new world record.
- Strong procurement coverage with 88% of the 2024-2028 CapEx plan contracted, ensuring project continuity and risk mitigation.
- Approved interim dividend of EUR 11.92 per share, maintaining the Board's commitment to stable shareholder returns amid a consistent regulatory environment.
- Notable increase in national photovoltaic production by 23%, highlighting Terna's strategic positioning in Italy's renewable energy landscape.
- Regulatory support confirmed through EUR 93 million in output-based incentives for enhanced transmission capacity and investment efficiency.