Terna — Investor Presentation 2024

May 8, 2024

1Q 2024 Consolidated Results

Rome, May 8 th 2024

1Q 2024 Results 7

Annexes 16

Latest main achievements

▪ Group's 2024-2028 Industrial Plan presentation

▪ €850 million 7-year bond issue successfully launched

- Adriatic Link: project authorized by the Ministry of Environment and Energy Security

• Sustainability Plan embedded in the 2024-2028 Industrial Plan
• Climate change leader according to CDP (ex Carbon Disclosure Project)

▪ Tyrrhenian Link: last tranche of the €1.9 billion financing provided by EIB

▪ €850 million hybrid green perpetual bond issue successfully launched

Focus on execution

Demand Evolution – Last 12 months

Guaranteeing a safe management of the electricity system

Note: 2023-2024 preliminary figures

Highlights

1Q 2024 Key Numbers

	1Q 2024	1Q 2023	∆ vs 1Q 2023
	Actual €mn	Actual €mn
Revenues	858	713	+20%
EBITDA	628	500	+26%
Group Net Income1	268	200	+34%
Capex	483	315	+53%
Net Debt2	10,587	10,494

Strong growth in all P&L lines and Capex

1. Attributable to Terna; 2. 2023 Value related to FY

Revenues

Double digit increase in Revenues

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

Revenues Analysis

REGULATED NON-REGULATED AND INTERNATIONAL

Growth driven by Regulated and Non Regulated activities

Note: figures may not add up due to rounding

Operating costs evolution reflecting Non Regulated activities increase

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

EBITDA

Regulated Activities as EBITDA growth driver

Note: figures may not add up due to rounding

€mn

From EBITDA to Net Income

+34% increase in Group Net Income

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

Capex

Record-breaking Capex

Note: figures may not add up due to rounding; 1. Of which about 14 €mn of Capitalized Financial Charges in 1Q24 and 14 €mn in 1Q23

Cash Flow & Net Debt Evolution

Operating cash flow supports investment activity

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

Net Debt Evolution & Financial Structure

Ensuring financial structure solidity

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

Annexes

Consolidated Income Statement1

nemn	1Q24	1Q23	Amn	A%
Total Revenue	858 730	713 614	146 116	20.4% 18.9%
Regulated Activities
Transmission	607	508	gg	19.5%
Dispatching	101	80	21	26.5%
Other2	11	15	-4	-26.6%
IFRIC12	10	10	0	2.0%
Non Regulated and International Activities	128	gg	29	29.8%
Total Costs	230	213	18	8.3%
Regulated Activities	120	128	-8	-5.9%
Labour Costs	64	68	-5	-6.6%
External Costs	39	41	-3	-6.3%
Other2	8	8	-1	-8.5%
IFRIC12	10	10	0	2.0%
Non Regulated Activities	109	83	26	30.6%
International Activities	1	1	0	-18.2%
EBITDA	628	500	128	25.6%
D&A	209	187	23	12.1%
EBIT	419	313	105	33.6%
Net Financial Charges	37	32	য	13.7%
Pre Tax Profit	382	281	101	35.9%
Taxes	112	81	30	37.3%
Tax Rate (%)	29.2%	28.9%		0.3 pp
Net Income	271	200	71	35.3%
Profit/(Loss) From Discontinued Operations	-3	-1	-3	-500.0%
Total Net Income	268	199	68	34.1%
Minority Interest	-1	-1	0	-14.3%
Group Net Income	268	200	68	34.0%

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

Annexes

Consolidated Balance Sheet

€ mn	Mar. 31,2024 Dec. 31,2023		Amn
PP&F	17,838	17,597	242
Intangible Asset	866	867	-2
Financial Inv. and Other	501	501	0
Total Fixed Assets	19,205	18.965	240
Net WC	-2,078	-2.175	96
Funds	-18	-33	15
Net Capital Invested	17,109	16,757	352
Net Assets Held for Sale	77	80	-3
Total Net Capital Invested	17,186	16,838	349
Financed by:
Consolidated Net Debt	10.587	10.494	93
Total Shareholder's Equity	6,599	6,343	256
Total	17,186	16,838	349

Annexes

Consolidated Cash Flow

€ mn	1024	1023
Total Net Income	268	200
D&AT	209	183
Net Change in Funds	-15	-14
Operating Cash Flow	461	368
△ Working Capital & Other-	-62	-309
Cash Flow from Operating Activities	399	59
Capital Expenditures	-483	-315
Free Cash Flow to Equity	-84	-256
Net Assets Held for Sale	3	-4
Dividends & Equity®	-12	-11
Change in Net Cash (Debt)	-93	-271

Notes: figures may not add up due to rounding; 1) Net of assets' disposal 2) Including Other Fixed Assets Changes 3) Including Cash Flow Hedge accruals and other

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