Terna - Rete Elettrica Nazionale Societa per Azioni Q3 2025 Earnings Recap

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.