Terna — Investor Presentation 2025

Nov 13, 2025

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9M 2025 Consolidated Results

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Agenda

Highlights	3
9M 2025 Results	9
Closing Remarks	18
Annexes	20

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Latest main achievements

Tyrrhenian Link:

laying of the western branch between Sicily and Sardinia started

Central Link and Sardinian Link: authorisation process started

Acquisition of a portion of Rome HV grid completed

Approval process underway for the overhaul of the electricity grid in the city of Ferrara

Grid development at the heart of the energy transition

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9M 2025 Consolidated Results

Latest main achievements

PROCUREMENT REGULATION DIVIDEND

~88%

2024-2028 Capex plan already covered by contracts

80% in March 2025

2026 WACC CONFIRMED

ROSS INTEGRALE

OUTPUT-BASED INCENTIVES

11.92€cents/share

approved as 2025 Interim Dividend

In line with the new dividend policy

Creating value for the system and shareholders

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Demand Evolution – Last 12 months

National Demand at 233 TWh, o/w 43% covered by RES

Net Total Production at 201 TWh. o/w 50% covered by RES

9M 2025 Consolidated Results

RES accounted for 50% of Net Total Production

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9M 2025 Consolidated Results

First auction of MACSE* incentive scheme completed

MACSE : first auction awarded at 65% discount to the reserve premium

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9M 2025 Consolidated Results

9M 2025 Key Numbers

	9M 20259M 2024		Δ vs 9M 2024
	Actual€mn	Actual€mn
Revenues	2,882	2,647	+9%
EBITDA	2,026	1,892	+7%
Group Net Income1	853	813	+5%
Capex	2,087	1,699	+23%
Net Debt2	11,669	11,160

1. Attributable to Terna; 2. 2024 Value related to year-end

High double-digit capex growth

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9M 2025 Consolidated Results

Revenues

Revenues growth driven by both Regulated and Non-Regulated activities

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

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9M 2025 Consolidated Results

€mn

Revenues Analysis

NON-REGULATED & INTERNATIONAL -

Strong acceleration in Non-Regulated revenues

Notes: figures may not add up due to rounding

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9M 2025 Consolidated Results

Opex

Opex evolution led by higher volume of Non-Regulated activities

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

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9M 2025 Consolidated Results

All businesses drive EBITDA high-single digit growth

Notes: figures may not add up due to rounding

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9M 2025 Consolidated Results

From EBITDA to Net Income

€mn

+5% increase in Group Net Income

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

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9M 2025 Consolidated Results

Capex

Steady acceleration in investments: +23% YoY

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

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9M 2025 Consolidated Results

Cash Flow & Net Debt Evolution

Operating cash flow underpins the capex plan

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

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9M 2025 Consolidated 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

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Closing Remarks

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Closing Remarks

9M 2025 Consolidated Results

FOCUS ON PLAN EXECUTION ENERGY TRANSITION GAINING MOMENTUM

2025 GUIDANCE CONFIRMED

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2025 Total Grid Fee update1

9M 2025 Consolidated Results

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

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9M 2025 Consolidated Results

€mn	9M25	9M24	Δmn	Δ%
Total Revenue	2,882	2,647	235	8.9%
Regulated Activities	2,357	2,222	135	6.1%
Transmission	2,094	1,830	264	14.4%
Dispatching	145	305	-159	-52.3%
Other 2	41	32	9	26.4%
IFRIC12	77	55	22	40.3%
Non Regulated and International Activities	525	426	99	23.4%
Total Costs	856	755	101	13.3%
Regulated Activities	434	397	36	9.2%
Labour Costs	211	198	13	6.4%
External Costs	130	128	2	1.3%
Other 2	17	17	0	0.6%
IFRIC12	77	55	22	40.3%
Non Regulated Activities	422	355	67	18.8%
International Activities	1	3	-2	-79.3%
EBITDA	2,026	1,892	134	7.1%
D&A	679	635	43	6.8%
EBIT	1,348	1,257	91	7.2%
Net Financial Charges	132	105	27	25.5%
Pre Tax Profit	1,216	1,152	64	5.6%
Taxes	362	339	24	7.0%
Tax Rate (%)	29.8%	29.4%	-	0.4 pp
Net Income	854	813	41	5.0%
Profit/(Loss) From Discontinued Operations	1	0	1	550.0%
Total Net Income	855	813	42	5.1%
Minority Interest	2	0	2	375.0%
Group Net Income	853	813	40	4.9%

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

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Consolidated Balance Sheet

€mn	Sep. 30,2025	Dec. 31,2024	Δmn
PP&E	20,663	19,237	1,426
Intangible Asset	1,182	982	200
Financial Inv. and Other	554	485	69
Total Fixed Assets	22,398	20,704	1,694
Net WC	-3,003	-2,025	-977
Funds	50	10	39
Net Capital Invested	19,445	18,689	756
Net Assets Held for Sale	14	15	-1
Total Net Capital Invested	19,459	18,704	755
Financed by:
Consolidated Net Debt	11,669	11,160	509
Total Shareholder's Equity	7,790	7,544	246
Total	19,459	18,704	755

9M 2025 Consolidated Results

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Consolidated Cash Flow

9M25	9M24
855	813
676	630
-39	-55
1,492	1,388
695	427
2,186	1,816
-2,087	-1,699
99	116
1	8
-609	352
-509	477
	855676-391,4926952,186-2,087991

9M 2025 Consolidated Results

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

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9M 2025 Consolidated Results

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.

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