Slide 1: 1Q 2025 Consolidated Results
1Q 2025 Consolidated Results Rome, May 15th 2025 0
Slide 2: Agenda
Agenda Highlights 2 1Q 2025 Results 6 Closing Remarks 15 Annexes 17 1
Slide 3: Highlights
Highlights 2
Slide 4: Focus on the execution of updated Plan targets
Highlights Latest main achievements S&P Global Ratings upgrades the Group’s 2024-2028 Industrial Plan rating to A- from BBB+, with stable Update presentation outlook Moody’s confirms the rating at 2025 National Development Plan: Baa2, with stable outlook over €23bn of investment foreseen in New issu
Slide 5: Demand Evolution – Last months
Highlights Demand Evolution – Last 12 months DEMAND AS REPORTED (TWh) 1Q24 1Q25 Δ% TWh 77,9 77,4 -0,7% Monthly energy demand 32 31.1 Previous Year 30 28 27.2 26.9 25.7 25.7 25.5 25.7 25.5 26 YoyChg% Aug Sep Oct Nov Dec Jan Feb Mar Apr Mag Jun Jul Aug Sep -2,7% -0,6% -1,7% -0,1% 0,4% 6,2% -2,3% 0,7%
Slide 6: 1Q 2025 Key Numbers
Highlights 1Q 2025 Key Numbers 1Q 2024 1Q 2025 ∆ vs 1Q 2024 Actual Actual €mn €mn Revenues 858 902 +5% EBITDA 628 652 +4% Group Net Income1 268 275 +3% Capex 483 562 +16% Net Debt2 11,160 11,127 Solid P&L results and strong capex delivery 1. Attributable to Terna 2. 2024 Value related to FY 5
Slide 7: 1Q 2025 Results
1Q 2025 Results 6
Slide 8: Revenues
1Q 2025 Results Revenues €mn +44 +5.1% 25 19 902 858 147 128 730 755 1Q24 ∆ ∆ 1Q25 Regulated Non Regulated Activities 1 and International Activities Revenues increase in all business areas Note: figures may not add up due to rounding 1. Including IFRIC12 7
Slide 9: Revenues Analysis
1Q 2025 Results Revenues Analysis REGULATED NON-REGULATED & INTERNATIONAL €mn €mn +25 +19 +3.4% +14.5% 730 755 10 18 1 6 17 11 12 128 19 147 708 727 1Q24 ∆ ∆ ∆ 1Q25 1Q24 ∆ 1Q25 Transmission & Other IFRIC12 Non Regulated Dispatching and International Activities Both Regulated and Non Regulated revenu
Slide 10: Opex
1Q 2025 Results Opex €mn +20 +8.5% 230 250 8 12 -1 0 1 121 109 120 129 1Q24 ∆ ∆ ∆ 1Q25 Regulated Non Regulated International Activities¹ Activities Activities Regulated Activities1 Non Regulated Act. International Act. Operating costs dynamic driven by increasing volume of activities Note: figures m
Slide 11: EBITDA
1Q 2025 Results EBITDA GROUP REGULATED €mn €mn +24 17 +3.8% 610 627 1Q24 ∆ 1Q25 NON-REGULATED & INTERNATIONAL €mn 628 652 7 18 25 1Q24 1Q25 1Q24 ∆ 1Q25 Steady growth from Regulated business and acceleration of Non Regulated Notes: figures may not add up due to rounding 10
Slide 12: From EBITDA to Net Income
1Q 2025 Results From EBITDA to Net Income €mn 219 +3% YoY 652 39 119 433 0 0 275 268 EBITDA D&A EBIT Net Taxes (Profit)/Loss Minority Group Group Financial from Interest Net Income 1 Net Income Expenses discontinued 1Q24 operation +3% increase in Group Net Income Note: figures may not add up due to
Slide 13: Capex
1Q 2025 Results Capex TOTAL CAPEX REGULATED CAPEX €mn €mn 562 483 35 21 30% Development 462 527 527 56% Defence Asset Renewal & Efficiency 14% 1Q24 1Q25 1 Regulated Non Regulated and Other Focus on execution of our investment plan: Capex +16% Note: figures may not add up due to rounding 1. Of which
Slide 14: Cash Flow & Net Debt Evolution
1Q 2025 Results Cash Flow & Net Debt Evolution €mn -34 11,160 -483 -127 562 14 11,127 1 Dec.31, Operating Δ WC & Other Capex Dividends,Equity Mar.31, 2024 Cash Flow & 2025 Others 2 Net debt evolution under control Note: figures may not add up due to rounding; 1. Including Other Fixed Assets Changes
Slide 15: Net Debt Evolution & Financial Structure
1Q 2025 Results Net Debt Evolution & Financial Structure GROSS DEBT BREAKDOWN1 KEY RATIOS3 Fixed/Floating Ratio Terna SpA Bonds EIB ~ 88% Fixed 13% Banks Calculated on Gross Debt 28% ~14€bn 2 59% Maturity ~ 6 years Ensuring long-term visibility and a solid financial structure 1. Percentages calculat
Slide 16: Closing Remarks
Closing Remarks 15
Slide 17: Driving the energy transition and reinforcing resilience efforts
Closing Remarks Driving the energy transition and reinforcing resilience efforts Well on track on the execution of our investment plan Reaffirming financial stability and low-risk profile 16
Slide 18: Annexes
Annexes 17
Slide 19: 2025 Total Grid Fee update
Annexes 2025 Total Grid Fee update1 2024 2025 Transmission Transmission 2.41€bn 2.70€bn Resolution 632/2023 Resolution 579/2024 36% 42% + + Dispatching Dispatching 0.15€bn 0.17€bn Resolution 625/2023 Resolution 586/2024 22% = = RAB remuneration Allowed Opex 2.56€bn 2.87€bn Allowed D&A Notes: 1) ARER
Slide 20: Consolidated Income Statement
Annexes Consolidated Income Statement1 Notes: figures may not add up due to rounding; 1. Managerial Accounting 2. Including Quality of Service 19
Slide 21: Consolidated Balance Sheet
Annexes Consolidated Balance Sheet 20
Slide 22: Consolidated Cash Flow
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 Cash Flow Hedge accruals, Hybrid Green Bond and other 21
Slide 23: Disclaimer
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 INFORMATI