Terna (TRN) Q3 2025 earnings summary

Executive summary

• Revenue for the first nine months of 2025 reached €2,882.3 million, up 8.9% year-over-year, with EBITDA at €2,026.3 million (+7.1%) and net profit at €852.7 million (+4.9%), driven by both regulated and non-regulated activities.

• Capital expenditure surged 22.9% to €2,087.5 million, supporting major grid projects, acquisitions, and energy transition initiatives.

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

• Interim dividend of €0.1192 per share confirmed, in line with the Group's dividend policy.

• Share price closed at €8.638 on 30 September 2025, up 13.4% from year-end 2024.

Financial highlights

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

• EBITDA increased 7.1% to €2,026.3 million, with net income up 4.9% to €852.7 million.

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

• Net debt at 30 September 2025 was €11,669.2 million, up from €11,160.4 million at 2024 year-end.

• Free cash flow for the nine months was €98.6 million, with operating cash flow at €1,491.6 million.

Outlook and guidance

• Full-year 2025 guidance confirmed: revenue of €4.03 billion, EBITDA of €2.70 billion, net profit of €1.08 billion, and capex target of €3.4 billion.

• Continued focus on executing the 2024-2028 Industrial Plan, advancing decarbonisation, grid digitalisation, and interconnections.

• Key projects include Tyrrhenian Link, Adriatic Link, Sa.Co.I.3, and grid upgrades for the Milan-Cortina 2026 Olympics.