Terna (TRN) Q4 2025 earnings summary

Executive summary

• Achieved strong financial and operational results in 2025, with record capital expenditure of €3.51 billion, significant progress in energy transition, infrastructure, and sustainability initiatives.

• Total investment in the 2024–2028 plan increased to EUR 17.7 billion, up 7%, with major infrastructure projects advanced and 92% of the CapEx plan authorized.

• Integrated over 7 GW of renewables, awarded 12 GW in FER X auctions, and contracted 10 GWh of storage, supporting national 2030 targets.

• Upgraded credit ratings from S&P and Moody's, with 80% of funding covered by ESG debt instruments.

• Digitalization, innovation, and sustainability remain strategic pillars, with significant progress and global ESG recognition.

Financial highlights

• Revenues reached €4,033 million in 2025, up 10% year-over-year; EBITDA grew 7% to €2,751 million; net income rose 5% to €1,111 million.

• CapEx surged 31% to €3,515 million; net debt increased to €13,000 million from €11,160 million.

• Non-regulated revenues surged 29%, driven by equipment and energy solutions segments.

• Dividend per share set at €0.3962, in line with policy.

• EBIT reached €1,789.9 million, up 6.7% year-over-year.

Outlook and guidance

• 2026 guidance: revenues of €4.41 billion (+9%), EBITDA of €2.93 billion (+7%), net income above €1.12 billion, CapEx planned at €4.2 billion.

• Net debt expected to rise slightly but remain solid; FFO to net debt ratio around 14%.

• Double-digit growth expected in non-regulated activities for 2026.

• Continued focus on grid resilience, digitalisation, and renewables integration.

• Strategic projects include Tyrrhenian Link, Sa.Co.I.3, and Adriatic Link.