Terna (TRN) Q3 2025 earnings summary

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.