Terna (TRN) Q2 2025 earnings summary

Executive summary

• Presented a new 10-year National Development Plan with over EUR 23 billion in green investments by 2034 and an updated 2024-2028 Industrial Plan with EUR 17.7 billion in investments, focusing on grid efficiency, resilience, and sustainability.

• Delivered solid results in H1 2025, maintaining focus on execution of the strategic plan and confirming 2025 guidance despite a challenging environment.

• Achieved key milestones including the Tyrrhenian Link submarine cable, a memorandum with IPTO for Italy-Greece HVDC interconnection, and partnerships for digital transformation and innovation hubs.

• Published the first consolidated sustainability report aligned with the new EU directive and received credit rating upgrades from S&P and Moody’s.

• Launched a EUR 750 million green bond and secured EUR 1.5 billion in financing for the Adriatic Link project.

Financial highlights

• Revenues reached €1,894.2 million, up 8% year-over-year; EBITDA rose 8.2% to €1,359.8 million; Group net income increased 7.9% to €587.7 million.

• CapEx reached a record €1,390 million, up 27% year-over-year.

• Net debt at June 2025 was €11,970 million, up from €11,160 million at 2024 year-end.

• EBIT reached €913 million, up 9.2% year-over-year.

• Operating cash flow was €1,009 million, up from €931 million in H1 2024.

Outlook and guidance

• Full-year 2025 guidance confirmed, with expectations to meet or exceed targets.

• 2025 revenue expected at €4.03 billion, EBITDA at €2.70 billion, and net profit at €1.08 billion.

• Capex targeted at approximately €3.4 billion for 2025.

• Continued strong growth in renewable installations, with 3.1 GW added in H1 2025 and further momentum expected from new incentive schemes.

• Focus on delivering the 2024-2028 Industrial Plan, grid digitalisation, and energy transition projects.