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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Terna
Terna (TRN) investor relations material
Terna Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary12 Nov, 2026
Executive summary
9M 2026 revenue rose 8.1% to €3,114.6m and EBITDA rose 7.2% to €2,172.0m; profit attributable to owners increased 0.5% to €857.2m.
Capital expenditure reached €2,353.1m, up 12.7%, supporting grid expansion, energy security and renewable integration.
2026 guidance was reaffirmed; the interim dividend is €0.1192 per share, in line with dividend policy.
The Peru asset sale sharpened focus on core activities and strategic priorities.
Financial highlights
9M revenue was €3,114.6m (+8.1%); EBITDA €2,172.0m (+7.2%); EBIT €1,403.4m (+4.1%).
Profit attributable to owners was €857.2m, up 0.5%; net income would have risen 4% excluding the Decreto Bollette impact.
Q3 revenue was €1,001.0m (+1.3%) and Q3 EBITDA €705.0m (+5.8%).
Operating costs rose 10% to €943m, mainly reflecting growth in non-regulated activities; regulated cost growth was broadly in line with inflation.
Free cash flow was €679.3m versus €98.6m; cash flow from operating activities was €3,032.4m versus €2,186.1m.
Outlook and guidance
FY 2026 targets: revenue €4.41bn, EBITDA €2.93bn, profit attributable to owners €1.12bn and capital expenditure ~€4.2bn.
75% of the FY26 EBITDA target had been achieved by 9M26; capex trajectory remained in line with the annual target.
The €17.7bn 2024–2028 plan targets renewable integration, system security and energy independence; a new multi-year plan is expected to be considered by the Board in 2027.
Q4 priorities include Tyrrhenian Link, Sa.Co.I.3, Adriatic Link and Elmed works; Cassano–Chiari and Colunga–Calenzano lines are expected to enter service by year-end.
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Latest events from Terna
- Revenue and EBITDA up, record capex, net debt down, and 2026 guidance confirmed.TRN
Q2 2026 - Q1 2026 saw 9.6% revenue growth, lower net debt, and strong progress on grid and ESG initiatives.TRNQ1 2026
- Record investments and double-digit revenue growth in 2025, with strong ESG and renewables momentum.TRNQ4 2025
- Revenue up 8.9%, EBITDA up 7.1%, and capex up 22.9%, with robust outlook and major projects advancing.TRNQ3 2025
- Record capex and 8% growth in revenue and EBITDA in H1 2025, with 2025 guidance confirmed.TRNQ2 2025
- Strong financial growth and record capex support energy transition and digitalization.TRNQ3 2024
- Double-digit profit and revenue growth in H1 2024, fueled by record capex and renewables.TRNH1 2024
- Q1 2025: revenue, EBITDA, and capex rose; S&P upgrade, green finance, and grid projects advanced.TRNQ1 2025
- Record investments and double-digit growth support ambitious 2024-2028 financial targets.TRNQ4 2024
Next Terna earnings date
Q4 202622 Mar, 2027
Terna
Next Terna earnings date
Q4 202622 Mar, 2027
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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.