Terna — Interim / Quarterly Report 2026

May 7, 2026

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1Q 2026

Consolidated Results

Rome, May 7th 2026

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mmms

Agenda

1Q 2026 Consolidated Results

Highlights

3

1Q 2026 Results

7

Annexes

16

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EUROPEAN
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Highlights

Terna
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emarket

with storage

of business

Highlights

1Q 2026 Consolidated Results

Key highlights

INFRASTRUCTURE

10 projects authorized to develop the National Transmission Grid

FINANCE

First perpetual EU hybrid green bond issued

ESG-linked Credit Facility for €100mn signed

ESG

Terna confirmed among the global leaders in Sustainability by S&P Global

Standard Ethics confirms the “EE+” rating

ENERGY SYSTEM

Renewables

Capacity evolution

1.6GW

integrated in 1Q26

Connection requests

Storage

Capacity evolution

-1GWh

integrated in 1Q26

The Ministry of the Environment and Energy Security approved Terna’s proposal on the MACSE³ framework

Connection requests

An enhanced financial structure and tangible progress in the energy system

1. Projects validated by Terna with «nulla-osta», as of March 2026
2. Fully permitted, ready-to-build projects
3. Meccanismo di Approvvigionamento di Capacità di Stoccaggio Elettrico (MACSE)

Terna

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air storage
company

Highlights
1Q 2026 Consolidated Results

Demand Evolution – Last 12 months

Growing electricity demand covered by renewables at 36%

Note: 2025 and 2026 provisional figures

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Terna
Driving Energy

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emarket:
air storage
company

Highlights

1Q 2026 Consolidated Results

1Q 2026 Key Numbers

| | 1Q 2026
Actual
€mn | 1Q 2025
Actual
€mn | Δ vs 1Q 2025 |
| --- | --- | --- | --- |
| Revenues | 989 | 902 | +10% |
| EBITDA | 698 | 652 | +7% |
| Group Net Income¹ | 277 | 275 | In line |
| Capex | 511 | 562 | -9% |
| Net Debt | 12,170 | 13,000² | |

1. Attributable to Terna; 2. value related to year-end

Robust P&L delivery and lower net debt

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1Q 2026 Results

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1Q 2026 Results

1Q 2026 Consolidated Results

emarket: sdr storage commons

Revenues

Double-digit revenue growth thanks to Non-Regulated Activities

Note: figures may not add up due to rounding; 1. Including IFRIC12

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Driving Energy

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service
opmnes

1Q 2026 Results

1Q 2026 Consolidated Results

Revenues Analysis

REGULATED

NON-REGULATED & INTERNATIONAL

Resilient Regulated revenues, strong increase in Non-Regulated Activities

Notes: figures may not add up due to rounding

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1Q 2026 Results

1Q 2026 Consolidated Results

Opex

☐ Regulated Activities¹
☐ Non Regulated Act.
☐ International Act.

Opex growth reflects business development

Note: figures may not add up due to rounding; 1. Including IFRIC12

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1Q 2026 Consolidated Results

1Q 2026 Results

1Q 2026 Consolidated Results

EBITDA

GROUP
€mn

NON-REGULATED & INTERNATIONAL
€mn

EBITDA up 7%, also underpinned by robust Non-Regulated Activities momentum

Notes: figures may not add up due to rounding

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Terna
Driving Energy

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1Q 2026 Results

1Q 2026 Consolidated Results

emarket: sdr storage

opmnes

From EBITDA to Net Income

€mn

Net Income broadly in line year-on-year despite the higher taxation

Note: figures may not add up due to rounding; 1. Attributable to Tema.

Tema

Driving Energy

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1Q 2026 Results

1Q 2026 Consolidated Results

emarket: sdr storage

azemnas

Capex

TOTAL CAPEX

REGULATED CAPEX

Capex execution focused on key regulated infrastructure projects

Note: figures may not add up due to rounding; 1. Of which about 36 €/mn of Capitalized Financial Charges in 1Q26 and 28 €/mn in 1Q25

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Terna

Driving Energy

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1Q 2026 Results

1Q 2026 Consolidated Results

emarket: sdr storage commons

Cash Flow & Net Debt Evolution

Confirming our ability to manage and keep the net debt evolution under control

Note: figures may not add up due to rounding; 1. Including Other Fixed Assets Changes; 2. Including Green Hybrid Bond Issue, Assets Held for Sale, Cash Flow Hedge reserve and other

Terna Driving Energy

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1Q 2026 Results

1Q 2026 Consolidated Results

emarket: sdr sionge commons

Net Debt Evolution & Financial Structure

GROSS DEBT BREAKDOWN

Terna SpA Bonds

EIB

Banks

KEY RATIOS³

Fixed/Floating Ratio

~ 75% Fixed

Calculated on Gross Debt

Maturity

~ 6 years

CREDIT RATING

	Terna		Sovereign
	Rating	Outlook	Rating	Outlook
S&P	A-	Stable	BBB+	Positive
Moody's	Baa1	Stable	Baa2	Stable

Disciplined financial management and sustainable funding

1. Percentages calculated on Gross Debt nominal value; 2. IAS value; 3 Key ratios calculated on Medium/Long Term Debt

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Annexes

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OEMINAS
A

Annexes

1Q 2026 Consolidated Results

2026 Total Grid Fee update¹

2025

Transmission
2.70_{€bn}
Resolution 579/2024
+
Dispatching
0.17_{€bn}
Resolution 586/2024
=
2.87_{€bn}

2026

Transmission
2.84_{€bn}
Resolution 573/2025
+
Dispatching
0.17_{€bn}
Resolution 587/2025
=
3.01_{€bn}

• RAB remuneration
• Allowed Opex
• Allowed D&A

Notes: 1) ARERA Resolutions and Tema’s preliminary estimates, net of pass-through items

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Annexes

1Q 2026 Consolidated Results

Consolidated Income Statement¹

€ mn	1Q26	1Q25	Δmn	Δ%
Total Revenue	989	902	87	9.6%
Regulated Activities	795	755	40	5.2%
Transmission	713	678	35	5.1%
Dispatching	46	48	-2	-4.8%
Other²	17	12	5	39.7%
IFRIC12	19	17	2	14.5%
Non Regulated and International Activities	194	147	47	32.3%
Total Costs	291	250	41	16.5%
Regulated Activities	143	129	14	10.9%
Labour Costs	75	72	3	3.6%
External Costs	42	36	6	15.7%
Other²	7	3	3	103.1%
IFRIC12	19	17	2	14.5%
Non Regulated Activities	148	121	27	22.7%
International Activities	0	0	0	-33.3%
EBITDA	698	652	46	7.0%
D&A	248	219	29	13.0%
EBIT	450	433	17	3.9%
Net Financial Charges	47	39	8	20.1%
Pre Tax Profit	403	394	9	2.3%
Taxes	125	119	7	5.6%
Tax Rate (%)	31.1%	30.1%	-	1.0 pp
Net Income	278	275	3	0.9%
Profit/(Loss) From Discontinued Operations	0	0	0	133.3%
Total Net Income	278	276	2	0.8%
Minority Interest	1	0	1	225.0%
Group Net Income	277	275	1	0.4%

Notes: figures may not add up due to rounding; 1) Managerial Accounting 2) Including Quality of Service

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Terna

Driving Energy

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emarket:

and storage

CENTRES

Annexes

1Q 2026 Consolidated Results

Consolidated Balance Sheet

€ mn	Mar. 31,2026	Dec. 31,2025	Δmn
PP&E	21,882	21,665	217
Intangible Asset	1,296	1,293	4
Financial Inv. and Other	554	554	0
Total Fixed Assets	23,732	23,512	220
Net WC	-2,667	-2,712	45
Funds	13	-1	14
Net Capital Invested	21,078	20,799	279
Net Assets Held for Sale	14	14	0
Total Net Capital Invested	21,092	20,813	279
Financed by:
Consolidated Net Debt	12,170	13,000	-830
Total Shareholder's Equity	8,922	7,813	1,109
Total	21,092	20,813	279

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Terna

Driving Energy

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emarket

and storage

of America

Annexes

1Q 2026 Consolidated Results

Consolidated Cash Flow

€ mn	1Q26	1Q25	Δ mn
Total Net Income	278	276	2
D&A¹	246	219	27
Net Change in Funds	-14	-12	-2
Operating Cash Flow	510	483	27
Δ Working Capital & Other²	0	127	-127
Cash Flow from Operating Activities	510	610	-100
Capital Expenditures	-511	-562	51
Free Cash Flow to Equity	-1	48	-49
Net Assets Held for Sale	0	0	-1
Dividends & Equity³	832	-15	846
Change in Net Cash (Debt)	830	34	796

Notes: figures may not add up due to rounding; 1) Net of assets' disposal 2) Including Other Fixed Assets Changes; 3) Including Green Hybrid Bond Issue, Assets Held for Sale, Cash Flow Hedge reserve and other

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Terna

Driving Energy

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emarket: eilr storage

annews

1Q 2026 Consolidated Results

ESG Commitments

Science-based target set by 2030 (-46,2% vs 2019) in line with 1,5° scenario and commitment to set a Net Zero target by 2050 in line with the framework of Science-based Target Initiative

On track with the journey to set a target on nature aligned with the Science-based Target Network

Publication of the first report focused on Sustainability Due Diligence principles by 2026

ESG Ratings and Indices

S&P Global

First electric utility worldwide in the Corporate Sustainability Assessment 2025; "Top 1%" status in the "Sustainability Yearbook 2026"

SUSTAINABLYTICS

First electric utility worldwide according to Sustainalytics ESG Risk Assessment

ISS ESG

Industry Leader in the sector "Gas and Electricity Network Operators" according to ISS ESG, with "Prime" status,

standard ethics

Confirmation by Standard Ethics among the leaders of "Utilities", with a "EE+" rating, in the highest "Sustainable" band

Confirmation in the main ESG Indices, among them :

• Dow Jones Sustainability Index (now "Dow Jones Best-in-Class Index")
• STOXX Global ESG Leaders
• MIB ESG
• FTSE4Good
• Euronext Sustainable

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Terna

Driving Energy

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Dieclaimer

1Q 2026 Consolidated Results

emarket
of storage
in London

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.

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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.

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