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Terna (TRN) investor relations material

Terna Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary13 Nov, 2025

Executive summary

  • Significant progress in grid development, including Tyrrhenian Link, Central and Sardinian Links, and acquisition of Rome's high-voltage grid, with innovative technology and environmental integration.

  • 2025 guidance confirmed, with a focus on plan execution, energy transition, and supporting infrastructure investments.

  • Strong focus on procurement, with 88% of 2024-2028 CapEx already contracted, mitigating supply chain risks.

Financial highlights

  • Group revenues rose 8.9% year-over-year to €2,882.3 million in the first nine months of 2025.

  • EBITDA increased 7.1% to €2,026 million, with net income up 4.9% to €853 million.

  • CapEx reached €2,087.5 million, up 22.9% year-over-year, setting a new record.

  • Net debt at September 2025 was €11,669.2 million, up from €11,160.4 million at 2024 year-end.

Outlook and guidance

  • Full-year 2025 guidance confirmed: revenue of €4.03 billion, EBITDA of €2.7 billion, net profit of €1.08 billion, and CapEx target of €3.4 billion.

  • Interim dividend set at €0.1192 per share, in line with the new dividend policy.

  • Continued focus on delivering the 2024-2028 Industrial Plan, with investments in grid digitalisation, renewables integration, and interconnections.

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Frequently asked questions

Terna S.p.A. is an Italian electricity transmission system operator responsible for managing the national high-voltage transmission grid. The company oversees the transmission of electricity across Italy, ensuring the reliability and efficiency of the country's power system. Terna plays a key role in balancing electricity supply and demand, maintaining grid infrastructure, and integrating renewable energy sources into the network. The company is headquartered in Rome, Italy, and its shares are listed on Borsa Italiana.

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