Terna (TRN) Q3 2026 earnings summary

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.