Terna — Investor Presentation 2026

Mar 26, 2026

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FY 2025

Consolidated Results

Rome, March 26th 2026

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Agenda

FY 2025 Consolidated Results

Highlights

3

FY 2025 Results

14

Closing Remarks

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Annexes

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EUROPEAN
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Highlights

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KENNEDY

Highlights

FY 2025 Consolidated Results

Main achievements 2025

INFRASTRUCTURE

Group's 2024-2028 Industrial Plan Update: €17.7bn of investments

2025 National Development Plan: €23bn of investments

Progressing in all key infrastructure projects

FINANCE

S&P and Moody's ratings upgrade

Strengthening leadership in green financing:

80%¹ of funding covered by ESG debt instruments

RESULTS

Solid set of results

2025 results:

EBITDA	NET INCOME
+7%	+5%
CAPEX	+31%

ENERGY TRANSITION

Renewables

Capacity evolution	"FER X" auctions
>7GW integrated in 2025	around 12GW awarded²

Storage

First MACSE³ auction	Average price 65% lower than reserve price
	10GWh awarded

2025: Delivering on our Plan targets — driving the Energy Transition

1. Including EIB funds and the green hybrid bond issued in January 2026
2. FER X transitorio auctions, including ~2GW of plants below 1MW (so-called «Registro»)
3. Meccanismo di Approvvigionamento di Capacità di Stoccaggio Elettrico (MACSE)

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Highlights

Renewables Integration

• Deployment momentum towards 2030 target

• New capacity already contracted by the end of 2025

• Grid connection pipeline: quality improving

+7.2 GW integrated in 2025
aligned with national targets

-43
-30
-12
-2023
-2024
-2025
-2025
NECP Policy 2030
* provisional data

-43
-30
-12
-2023
-2024
-2025
-2025
NECP Policy 2030
* provisional data

• -22 GW¹ of contracted capacity (several schemes)
• ~12 GW² from FER X decree auctions in 2025

Ready-to-build pipeline

11.1 GW as of January 2026

Renewables capacity: Scaling Up to the 2030 NECP

Source: Tema data

Source: Tema data

1. Contracted capacity at the end of 2025

2. FER X transitorio acutions, including ~2GW of plants below 1MW (so-called «Registro»)

3. Projects validated by Tema with «nulla-osta», as of January 2026

4. Fully permitted, ready-to-build projects

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SIKONIA

Highlights

FY 2025 Consolidated Results

Storage: MACSE Auction and Trends Evolution

MACSE ACHIEVEMENTS

• 10 GWh contracted in 2025 delivery by 2028
• Strong oversubscription, ~4x demand
• Clearing price ~€13k/MWh-year ~⅓ of reserve price
• MACSE became an international benchmark

Cumulative installed Storage Capacity (excl. pumped hydro)

Storage connection requests

Projects with clearance

Ready-to-build Storage

Dec 2024

Dec 2025

Dec 2024

Dec 2025

Secured storage pipeline with the first MACSE successful auction

Source: Tema Data - Installed Storage Capacity comprehends LV/MV, all other data is in HV/EHV only

1. Projects validated by Tema with

2. Projects with all technical requirements to finalise construction approved by Tema

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Highlights

FY 2025 Consolidated Results

Demand Evolution – Last 12 months

Renewables at 41% of demand - solar generation +25% YoY (44.3 TWh)

Note: 2025 and 2026 provisional figures

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Highlights

FY 2025 Consolidated Results

Infrastructure Development

AUTHORIZATION

~6.3' €bn

authorized in 2023-2025

PROCUREMENT

~11.6² €bn

procured in 2023-2025

EXECUTION

~5.5 €bn

entry into operation 2023-2025

~92%

the projects in the 2024-2028 plan authorized

March 2025

December 2025

~90%

~92%

~88%

of 2024-2028 investments already covered by procurement contracts

March 2025

December 2025

~80%

~88%

Tyrrhenian Link

Adriatic Link

Completed the installation of the first marine cables (Polo1) both on western and eastern branch

Opening of substation and underground cables construction sites

Opening of substation and underground cables construction sites and completed first phase of overhead line in Corsica

Sa.Co.I.3

Building the grid of the future across approvals, procurement and execution

1. Including authorizations ahead of the 2024-28 Plan horizon

2. Including procurement contracts ahead of the 2024-28 Plan horizon

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Highlights

FY 2025 Consolidated Results

Security of National Transmission Grid

2025 MAIN ACHIEVEMENTS

Terna has been implementing a structured Security Plan to strengthen grid regulation and stability, ensuring system security in the context of the energy and digital transition.

1 Synchronous Compensator

4 Reactors

1 Stabilizing Resistors

>€430 mn in investments for grid defense in 2025

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Highlights

FY 2025 Consolidated Results

Digitalization Plan

PROCESS
DIGITALIZATION

DIGITAL TRANSFORMATION

DIGITAL TWIN

ARTIFICIAL
INTELLIGENCE

INFRASTRUCTURE RESILIENCE
AND CYBER

> €600 mn invested for Terna’s digital transformation in 2025

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Highlights

FY 2025 Consolidated Results

Innovation: main achievements 2025

Projects that will continue in 2026

Projects completed and validated at industrial scale

GRID FORMING

Testing of Grid Forming technology, which enables batteries and inverters to stabilize the power grid

OPERATIONAL IMPROVEMENT

Innovative solutions to improve operator safety during the operations activities on power lines and electrical substations

TERNA@WORKS

An innovative app which simplifies data collection and real-time monitoring during site inspections

Innovation: delivering transformative impact

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Highlights

FY 2025 Consolidated Results

Sustainability

Certified Science-based Target aligned with 1.5°C trajectory

Scope 1 & 2 emissions

• 27% Group SF₆ gas leakage rate vs 2024
• 92% Group’s waste recovered (vs 91% in 2024)
• Terna’s Foundation is fully operational, addressing electric education and energy poverty for a just transition

RECOGNITIONS

World’s top electric utility according to the ‘Sustainability Yearbook’ by S&P Global

World’s top electric utility according to Sustainalytics’ ESG Risk Assessment (December 2025)

2026 Top Employer according to the certification programme run by the Top Employers Institute

Confirmed as a global leader in sustainability

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HIGHLIGHTS

FY 2025 Consolidated Results

FY 2025 Key Numbers

	FY 2025		FY 2024		Δ vs FY 2024
	Actual €mn	Guidance €bn	Actual €mn
Revenues	4,033	4.03	3,680		+10%
EBITDA	2,751	2.70	2,566		+7%
Group Net Income¹	1,111	1.08	1,062		+5%
Capex	3,515	3.4	2,692		+31%
Net Debt²	13,000		11,160

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

Solid set of results and strong capex growth

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FY 2025 Results

FY 2025 Consolidated Results

Revenues

☐ Regulated Activities¹
☐ Non Regulated and International Activities

Revenues up double digit

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

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FY 2025 Consolidated Results

FY 2025 Resul

FY 2025 Consolidated Results

Revenues Analysis

REGULATED

NON-REGULATED & INTERNATIONAL

Constant growth in regulated and marked acceleration in non-regulated

Notes: figures may not add up due to rounding

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FY 2025 Consolidated Results

FY 2025 Consolidated Results

Opex

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

Opex dynamic driven by non-regulated activities growth

Note: figures may not add up due to rounding; 1. Including IFRIC12 (+8.1¢mn YoY)

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FY 2025 Results

FY 2025 Consolidated Results

EBITDA

GROUP

REGULATED

NON-REGULATED & INTERNATIONAL

Improving operating performance both from regulated and non-regulated activities

Notes: figures may not add up due to rounding

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FY 2025 Results

FY 2025 Consolidated Results

From EBITDA to Net Income

€mn

Steady growth in Group Net Income

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

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FY 2025 Results

FY 2025 Consolidated Results

Capex

TOTAL CAPEX

REGULATED CAPEX

Defence
Development
Asset Renewal & Efficiency

Strong capex acceleration focused on system priorities

Note: figures may not add up due to rounding; 1. Of which about 122 €/mn of Capitalized Financial Charges in FY25 and 74 €/mn in FY24

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FY 2025 Results

FY 2025 Consolidated Results

FY 2025

Cash Flow & Net Debt Evolution

Net debt evolution under control

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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CENTRAL

FY 2025 Consolidated Results

FY 2025 Consolidated Results

Net Debt Evolution & Financial Structure

GROSS DEBT BREAKDOWN

Terna SpA Bonds

EIB

Banks

KEY RATIOS³

Fixed/Floating Ratio

~ 78% Fixed

Calculated on Gross Debt

Maturity

~ 6 years

CREDIT RATING

	Terna		Sovereign
	Rating	Outlook	Rating	Outlook
S&P	A- ↑	Stable	BBB+	Positive⁴
Moody’s	Baa1 ↑	Stable	Baa2	Stable

Solid financial structure reflected on improved credit ratings

1. Percentages calculated on Gross Debt nominal value; 2. IAS value; 3. Key ratios calculated on Medium/Long Term Debt; 4. Updated in January 2026

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OEMINAS

FY 2025 Consolidated Results

IY 2025 Results

Italian leader in Green Bond issuance

ISSUED GREEN BONDS¹

	£mn
Green Bond 7Y – 1,000* 10-Apr-2026	500
Green Bond 12Y – 0,750* 24-Jul-2032	500
Green Bond 8Y – 0,375* 23-Jun-2029	600
Green Bond 10Y – 3,875* 21-Jul-2033	650
Green Bond 7Y – 3,125* 17-Feb-2032	750
EU Green Bond 6Y – 3,000* 22-Jul-2031	750
Perpetual Hybrid Green Bond – 2,375* (issued 09-Feb-2022)	1.000
Perpetual Hybrid Green Bond – 4,750* (issued 11-Apr-2024)	850
EU Perpetual Hybrid Green Bond (issued 26-Jan-2026)	850

Green Bonds²

6.5 £bn

(including hybrids)

EIB Loans

4.7 £bn

ESG Loans

2.5 £bn

ESG Revolving Credit Facilities

4.3 £bn

Committed to Sustainable Finance: 80% ESG Fundings³

1. Nominal value, issued as of 26.03.2026
   *annual coupon
2. 62% of outstanding bond debt is represented by green bonds (including hybrids)
3. Including EIB funds and the green hybrid bond issued in January 2026

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FY 2025

FY 2025 Consolidated Results

FY2026 Guidance

| | FY 2025
Actual
£mn | FY 2026²
Guidance
£bn |
| --- | --- | --- |
| Revenues | 4,033 | 4.41 |
| EBITDA | 2,751 | 2.93 |
| Group Net Income¹ | 1,111 | 1.12 |
| Capex | 3,515 | 4.2 |

Confirming our growth trajectory

1. Attributable to Tema
2. Including the impact of about 40 million euros of higher IRAP taxation related to the Energy Decree.

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Closing Remarks

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Closing Remarks

FY 2025 Consolidated Results

DRIVING SYSTEM EVOLUTION

FOCUSING ON EXECUTION

ENSURING STRONG RESULTS

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Annexes

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Annexes

FY 2025 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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GENME

Annexes

FY 2025 Consolidated Results

Consolidated Income Statement¹

€ mn	FY25	FY24	Δmn	Δ%
Total Revenue	4,033	3,680	353	9.6%
Regulated Activities	3,279	3,096	182	5.9%
Transmission	2,813	2,424	389	16.0%
Dispatching	280	500	-219	-43.9%
Other²	64	60	5	7.7%
IFRIC12	121	113	8	7.2%
Non Regulated and International Activities	754	584	170	29.2%
Total Costs	1,282	1,114	168	15.1%
Regulated Activities	667	635	33	5.2%
Labour Costs	299	295	4	1.3%
External Costs	208	193	15	7.8%
Other²	39	34	6	17.0%
IFRIC12	121	113	8	7.2%
Non Regulated Activities	613	476	137	28.8%
International Activities	2	3	-1	-48.3%
EBITDA	2,751	2,566	184	7.2%
D&A	961	889	72	8.1%
EBIT	1,790	1,677	113	6.7%
Net Financial Charges	182	172	10	5.8%
Pre Tax Profit	1,608	1,506	103	6.8%
Taxes	495	455	40	8.8%
Tax Rate (%)	30.8%	30.2%	-	0.6 pp
Net Income	1,113	1,051	62	5.9%
Profit/(Loss) From Discontinued Operations	0	12	-11	-97.4%
Total Net Income	1,114	1,062	51	4.8%
Minority Interest	2	1	1	233.3%
Group Net Income	1,111	1,062	50	4.7%

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

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Annexes

FY 2025 Consolidated Results

Consolidated Balance Sheet

€ mn	Dic. 31,2025	Dec. 31,2024	Δmn
PP&E	21,665	19,237	2,428
Intangible Asset	1,293	982	311
Financial Inv. and Other	554	485	69
Total Fixed Assets	23,512	20,704	2,808
Net WC	-2,712	-2,025	-686
Funds	-1	10	-12
Net Capital Invested	20,799	18,689	2,110
Net Assets Held for Sale	14	15	-2
Total Net Capital Invested	20,813	18,704	2,109
Financed by:
Consolidated Net Debt	13,000	11,160	1,840
Total Shareholder's Equity	7,813	7,544	269
Total	20,813	18,704	2,109

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CENTRES

Annexes

FY 2025 Consolidated Results

Consolidated Cash Flow

€ mn	FY25	FY24
Total Net Income	1,114	1,063
D&A¹	957	876
Net Change in Funds	12	-43
Operating Cash Flow	2,082	1,896
Δ Working Capital & Other²	436	-73
Cash Flow from Operating Activities	2,518	1,823
Capital Expenditures	-3,515	-2,692
Free Cash Flow to Equity	-997	-870
Net Assets Held for Sale	2	65
Dividends & Equity³	-845	138
Change in Net Cash (Debt)	-1,840	-666

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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Disclaimer

FY 2025 Consolidated Results

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MARKETING
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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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