Terna (TRN) Q2 2025 earnings summary

Executive summary

• Revenue for H1 2025 reached €1,894.2 million, up 8% year-over-year, with EBITDA at €1,359.8 million (+8.2%) and net profit at €587.7 million (+7.9%).

• Record-high capex of €1,319.3 million (+26.6% year-over-year) supported grid development, energy transition, and digitalisation.

• Major progress on strategic infrastructure projects, including Tyrrhenian Link, Adriatic Link, and new Italy-Greece interconnection.

• Launched €750 million European Green Bond, secured €1.5 billion financing for Adriatic Link, and received credit rating upgrades from S&P and Moody’s.

• Published first consolidated sustainability report aligned with EU directive and achieved robust ESG recognition.

Financial highlights

• Revenue: €1,894.2 million (+8.0% vs H1 2024); EBITDA: €1,359.8 million (+8.2%); Net profit: €587.7 million (+7.9%).

• Capex: €1,319.3 million (+26.6%); Net debt: €11,969.8 million (up from €11,160.4 million at end-2024).

• EBIT: €913.0 million (+9.2% year-over-year).

• Regulated revenues: €1,594.1 million (+8.3%); Non-regulated revenues: €300.1 million (+6.5%).

• Operating costs rose 7.5% to €534 million, mainly due to higher labor costs.

Outlook and guidance

• 2025 guidance confirmed: revenue €4.03 billion, EBITDA €2.70 billion, net profit €1.08 billion, capex ~€3.4 billion.

• Focus on executing €17.7 billion investment plan, grid digitalisation, and energy transition.

• Continued progress on major projects: Tyrrhenian Link, Sa.Co.I.3, Adriatic Link, Elmed, and Milan-Cortina 2026 grid.

• Data centers and electrification expected to drive future power demand.