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9M 2025 Consolidated Results Presentation
- 1. 9M 2025 ConsolidatedResults 1 9M 2025 Consolidated Results Rome, November 13th 2025
- 2. 9M 2025 ConsolidatedResults 2 9M 2025 Results Closing Remarks Highlights Annexes 9 18 3 20 Agenda
- 3. 9M 2025 ConsolidatedResults Highlights
- 4. 9M 2025 ConsolidatedResults 4 Highlights Latest main achievements Grid development at the heart of the energy transition Tyrrhenian Link: laying of the western branch between Sicily and Sardinia started Acquisition of a portion of Rome HV grid completed Central Link and Sardinian Link: authorisation process started Approval process underway for the overhaul of the electricity grid in the city of Ferrara
- 5. 9M 2025 ConsolidatedResults 5 Highlights Latest main achievements Creating value for the system and shareholders DIVIDEND REGULATION PROCUREMENT 2024-2028 Capex plan already covered by contracts approved as 2025 Interim Dividend OUTPUT-BASED INCENTIVES 2026 WACC CONFIRMED ROSS INTEGRALE ~88% 80% in March 2025 11.92€cents/share In line with the new dividend policy
- 6. 9M 2025 ConsolidatedResults 25.5 25.1 25.7 26.9 24.9 25.5 23.4 24.2 27.6 30.0 24.7 26.0 20 22 24 26 28 30 32 34 36 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep 6 Highlights Demand Evolution – Last 12 months YoyChg%AugSepOctNovDecJanFebMarAprMagJunJulAugSep -2,7%-0,6%-1,7%-0,1%0,4%6,2%-2,3%0,7%-0,7%2,7%9,8%2,6%10,0%0,1% TWh National Demand at 233 TWh, o/w 43% covered by RES Demand as reported (TWh) Net Total Production at 201 TWh, o/w 50% covered by RES RES accounted for 50% of Net Total Production Monthly energy demand 9M25 Note: 2024 -2025 provisional figures 9M24 9M25 236.0 233.3 -1.2 Δ % Oct Nov Dec Jan Feb Mar Apr May Jun Jul Ago Sep 0.2% 0.2% 2.8% 1.0% -2.1% -0.9% -1.1% -2.7% 7.4% -3.5% -8.9% 1.2% YoY Chg% Monthly energy demand 4Q24 Previous Year
- 7. 9M 2025 ConsolidatedResults 7 Highlights First auction of MACSE* incentive scheme completed MACSE : first auction awarded at 65% discount to the reserve premium Storage capacity needed by 20301 First auction of MACSE incentive scheme *Meccanismo di Approvvigionamento di Capacità di Stoccaggio Elettrico 50 14 8 72 GWh 10 GWh awarded Average clearing price 65% lower than reserve premium Small Scale Utility Scale Capacity Market 1. On top of the existing Hydro-pumping installed capacity Source: Scenarios Description Document (October 2024) developed jointly by Terna and Snam.
- 8. 9M 2025 ConsolidatedResults 8 Highlights 9M 2025 Key Numbers Group Net Income1 Revenues EBITDA Capex Net Debt2 9M 2024 9M 2025 Δ vs 9M 2024 Actual €mn Actual €mn 2,882 2,647 +9% 2,026 1,892 +7% 853 813 +5% 2,087 1,699 +23% 11,669 11,160 1. Attributable to Terna; 2. 2024 Value related to year-end High double-digit capex growth
- 9. 9M 2025 ConsolidatedResults 9M 2025 Results
- 10. 9M 2025 ConsolidatedResults 10 9M 2025 Results Revenues Note: figures may not add up due to rounding; 1. Including IFRIC12 1 Regulated Activities1 Non Regulated and International Activities Revenues growth driven by both Regulated and Non-Regulated activities 2,222 2,357 426 525 2,647 135 99 2,882 9M24 ∆ Regulated Activities ∆ Non Regulated and International Activities 9M25 1 €mn +235 +9%
- 11. 9M 2025 ConsolidatedResults 426 99 525 9M24 ∆ Non Regulated and International Activities 9M25 11 9M 2025 Results Revenues Analysis Notes: figures may not add up due to rounding €mn €mn REGULATED NON-REGULATED & INTERNATIONAL Transmission & Dispatching Other IFRIC12 Strong acceleration in Non-Regulated revenues 2,135 2,240 32 105 9 22 41 55 77 2,222 2,357 9M24 ∆ Transmission & Dispatching ∆ Other ∆ IFRIC12 9M25 +99 +23% +135 +6%
- 12. 9M 2025 ConsolidatedResults 12 9M 2025 Results Opex Note: figures may not add up due to rounding; 1. Including IFRIC12 €mn Regulated Activities1 Non Regulated Act. International Act. Opex evolution led by higher volume of Non-Regulated activities 397 434 355 422 3 1 36 67 -2 755 856 9M24 ∆ Regulated Activities¹ ∆ Non Regulated Activities ∆ International Activities 9M25 +101 +13%
- 13. 9M 2025 ConsolidatedResults 13 9M 2025 Results EBITDA Notes: figures may not add up due to rounding €mn €mn €mn GROUP REGULATED NON-REGULATED & INTERNATIONAL All businesses drive EBITDA high-single digit growth +134 +7% 1,892 2,026 9M24 9M25 1,824 1,923 99 9M24 ∆ 9M25 68 103 35 9M24 ∆ 9M25
- 14. 9M 2025 ConsolidatedResults 2,026 1,348 853 813 679 132 362 -1 2 EBITDA D&A EBIT Net Financial Expenses Taxes (Profit)/Loss from discontinued operation Minority Interest Group Net Income Group Net Income 9M24 14 9M 2025 Results From EBITDA to Net Income €mn Note: figures may not add up due to rounding; 1. Attributable to Terna. 1 1 +5% YoY +5% increase in Group Net Income
- 15. 9M 2025 ConsolidatedResults 57% 13% 30% Development Defence Asset Renewal & Efficiency 1,972 15 9M 2025 Results Capex Note: figures may not add up due to rounding; 1. Of which about 86 €mn of Capitalized Financial Charges in 9M25 and 52 €mn in 9M24 €mn €mn 1 TOTAL CAPEX REGULATED CAPEX Development Defence Asset Renewal & Efficiency Steady acceleration in investments: +23% YoY 1,625 1,972 75 115 1,699 2,087 9M24 9M25 Regulated Non Regulated and Other 1,972
- 16. 9M 2025 ConsolidatedResults 11,160 11,669 -1,492 -695 2,087 607 Dec.31, 2024 Operating Cash Flow Δ WC & Other Capex Dividends,Equity & Others Sep.30, 2025 16 9M 2025 Results Cash Flow & Net Debt Evolution Note: figures may not add up due to rounding; 1. Including Other Fixed Assets Changes; 2. Including Assets Held for Sale, Cash Flow Hedge reserve and other €mn 2 1 +509 Operating cash flow underpins the capex plan
- 17. 9M 2025 ConsolidatedResults 56% 27% 17% Terna SpA Bonds EIB Banks 17 9M 2025 Results Net Debt Evolution & Financial Structure Maximising efficiency and maintaining a solid financial structure 1. Percentages calculated on Gross Debt nominal value; 2. IAS value; 3 Key ratios calculated on Medium/Long Term Debt KEY RATIOS3 ~ 83% Fixed ~ 6 years Calculated on Gross Debt Maturity Fixed/Floating Ratio GROSS DEBT BREAKDOWN1 EIB Terna SpA Bonds Banks ~15€bn 2
- 18. 9M 2025 ConsolidatedResults Closing Remarks
- 19. 9M 2025 ConsolidatedResults 19 Closing Remarks ENERGY TRANSITION GAINING MOMENTUM 2025 GUIDANCE CONFIRMED FOCUS ON PLAN EXECUTION
- 20. 9M 2025 ConsolidatedResults Annexes
- 21. 9M 2025 ConsolidatedResults 21 Annexes 2025 Total Grid Fee update1 Transmission Dispatching + 2.87€bn Transmission Dispatching + 2025 2024 = = 0.17€bn 2.70€bn Resolution 579/2024 Resolution 586/2024 2.41€bn Resolution 632/2023 0.15€bn Resolution 625/2023 2.56€bn 42% 22% 36% RAB remuneration Allowed Opex Allowed D&A Notes: 1) ARERA Resolutions and Terna’s preliminary estimates, net of pass-through items
- 22. 9M 2025 ConsolidatedResults 22 Annexes Consolidated Income Statement1 Notes: figures may not add up due to rounding; 1) Managerial Accounting 2) Including Quality of Service
- 23. 9M 2025 ConsolidatedResults 23 Annexes Consolidated Balance Sheet
- 24. 9M 2025 ConsolidatedResults 24 Annexes Consolidated Cash Flow Notes: figures may not add up due to rounding; 1) Net of assets’ disposal 2) Including Other Fixed Assets Changes; 3) Including Assets Held for Sale, Cash Flow Hedge reserve and other
- 25. 9M 2025 ConsolidatedResults 25 Disclaimer THIS DOCUMENT HAS BEEN PREPARED BY TERNA S.P.A. (THE “COMPANY”) FOR THE SOLE PURPOSE DESCRIBED HEREIN. IN NO CASE MAY IT BE INTERPRETED AS AN OFFER OR INVITATION TO SELL OR PURCHASE ANY SECURITY ISSUED BY THE COMPANY OR ITS SUBSIDIARIES. THE CONTENT OF THIS DOCUMENT HAS A MERELY INFORMATIVE AND PROVISIONAL NATURE AND THE STATEMENTS CONTAINED HEREIN HAVE NOT BEEN INDEPENDENTLY VERIFIED. NEITHER THE COMPANY NOR ANY OF ITS REPRESENTATIVES SHALL ACCEPT ANY LIABILITY WHATSOEVER (WHETHER IN NEGLIGENCE OR OTHERWISE) ARISING IN ANY WAY FROM THE USE OF THIS DOCUMENT OR ITS CONTENTS OR OTHERWISE ARISING IN CONNECTION WITH THIS DOCUMENT OR ANY MATERIAL DISCUSSED DURING THE PRESENTATION. THIS DOCUMENT MAY NOT BE REPRODUCED OR REDISTRIBUTED, IN WHOLE OR IN PART, TO ANY OTHER PERSON. THE INFORMATION CONTAINED HEREIN AND OTHER MATERIAL DISCUSSED AT THE CONFERENCE CALL MAY INCLUDE FORWARD-LOOKING STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS ABOUT THE COMPANY’S BELIEFS AND EXPECTATIONS. THESE STATEMENTS ARE BASED ON CURRENT PLANS, ESTIMATES, PROJECTIONS AND PROJECTS, AND CANNOT BE INTERPRETED AS A PROMISE OR GUARANTEE OF WHATSOEVER NATURE. HOWEVER, FORWARD-LOOKING STATEMENTS INVOLVE INHERENT RISKS AND UNCERTAINTIES AND ARE CURRENT ONLY AT THE DATE THEY ARE MADE. WE CAUTION YOU THAT A NUMBER OF FACTORS COULD CAUSE THE COMPANY’S ACTUAL RESULTS AND PROVISIONS TO DIFFER MATERIALLY FROM THOSE CONTAINED IN ANY FORWARD- LOOKING STATEMENT. SUCH FACTORS INCLUDE, BUT ARE NOT LIMITED TO: TRENDS IN COMPANY’S BUSINESS, ITS ABILITY TO IMPLEMENT COST-CUTTING PLANS, CHANGES IN THE REGULATORY ENVIRONMENT, DIFFERENT INTERPRETATION OF THE LAW AND REGULATION, ITS ABILITY TO SUCCESSFULLY DIVERSIFY AND THE EXPECTED LEVEL OF FUTURE CAPITAL EXPENDITURES. THEREFORE, YOU SHOULD NOT PLACE UNDUE RELIANCE ON SUCH FORWARD-LOOKING STATEMENTS. TERNA DOES NOT UNDERTAKE ANY OBLIGATION TO UPDATE FORWARD-LOOKING STATEMENTS TO REFLECT ANY CHANGES IN TERNA’S EXPECTATIONS WITH REGARD THERETO OR ANY CHANGES IN EVENTS. EXECUTIVE IN CHARGE OF THE PREPARATION OF ACCOUNTING DOCUMENTS “FRANCESCO BECCALI” DECLARES, PURSUANT TO PARAGRAPH 2 OF ARTICLE 154-BIS OF THE CONSOLIDATED LAW ON FINANCE, THAT THE ACCOUNTING INFORMATION CONTAINED IN THIS PRESENTATION, FOR WHAT CONCERNS THE ACTUAL FIGURES, CORRESPONDS TO THE DOCUMENT RESULTS, BOOKS AND ACCOUNTING RECORDS.
- 26. 9M 2025 ConsolidatedResults