Slide 1: 1H 2025 Consolidated Results
1H 2025 Consolidated Results Rome, July 29th 2025 1
Slide 2: Agenda
Agenda 1H 2025 Consolidated Results Highlights 3 1H 2025 Results 8 Closing Remarks 17 Annexes 19 2
Slide 3: Highlights
© Highlights
Slide 4: Latest main achievements (1/2)
Highlights 1H 2025 Consolidated Results Latest main achievements (1/2) Grita 2: Tyrrhenian Link: MoU for the laying of the first development of the submarine cable of the interconnection signed eastern section completed Adriatic innovation Terna and Microsoft: zone launched agreement on digitalizati
Slide 5: Latest main achievements (2/2)
Highlights 1H 2025 Consolidated Results Latest main achievements (2/2) Moody’s improves the outlook RATING to positive and confirms the rating at Baa2 €1.5 bn secured for the FINANCING Adriatic Link Terna successfully launched its first European Green Bond for a nominal amount of €750 mn DIVIDEND 20
Slide 6: Demand Evolution – Last months
Highlights 1H 2025 Consolidated Results Demand Evolution – Last 12 months National Demand at 153 TWh, Net Total Production at 131 TWh, o/w 42% covered by RES o/w 49% covered by RES 1H24 1H25 Δ% Demand as reported (TWh) 152.1 152.6 0.3 TWh 36 Monthlyenergy Monthly energydemand demand 2H24 Previous Ye
Slide 7: 1H 2025 Key Numbers
Highlights 1H 2025 Consolidated Results 1H 2025 Key Numbers 1H 2025 1H 2024 Δ vs 1H 2024 Actual Actual €mn €mn Revenues 1,894 1,754 +8% EBITDA 1,360 1,257 +8% Group Net Income1 588 545 +8% Capex 1,319 1,042 +27% Net Debt2 11,970 11,160 1. Attributable to Terna; 2. 2024 Value related to year-end Reco
Slide 8: 1H 2025 Results
ll 1H 2025 Results
Slide 9: Revenues
1H 2025 Results 1H 2025 Consolidated Results Revenues €mn +140 +8.0% 122 18 , 1.894 1,754 300 282 1,594 1,473 Regulated Activities1 Non Regulated and International Activities 1H24 ∆ ∆ 1H25 Regulated Non Regulated 1 Activities and International Activities High-single digit revenues growth Note: figur
Slide 10: Revenues Analysis
1H 2025 Results 1H 2025 Consolidated Results Revenues Analysis REGULATED NON-REGULATED & INTERNATIONAL €mn €mn +122 +8.3% +18 1,473 1,594 +6.5% 96 5 20 54 34 28 282 18 300 23 1,416 Transmission & Dispatching 1,512 Other IFRIC12 1H24 ∆ ∆ ∆ 1H25 1H24 ∆ 1H25 Transmission & Other IFRIC12 Non Regulated D
Slide 11: Opex
1H 2025 Results 1H 2025 Consolidated Results Opex €mn +37 +7.5% 497 534 32 6 -1 1 2 241 235 260 293 1H24 ∆ ∆ ∆ 1H25 Regulated Non Regulated International Regulated Activities1 Activities¹ Activities Activities Non Regulated Act. International Act. Opex dynamic led by organic activities Note: figures
Slide 12: EBITDA
1H 2025 Results 1H 2025 Consolidated Results EBITDA GROUP REGULATED €mn €mn 89 +103 +8.2% 1,212 1,302 1H24 ∆ 1H25 NON-REGULATED & INTERNATIONAL €mn 1,257 1,360 13 45 58 1H24 1H25 1H24 ∆ 1H25 EBITDA growth supported by all business areas Notes: figures may not add up due to rounding 12
Slide 13: From EBITDA to Net Income
1H 2025 Results 1H 2025 Consolidated Results From EBITDA to Net Income €mn +8% YoY 447 76 249 1,360 913 -1 1 588 545 EBITDA D&A EBIT Net Taxes (Profit)/Loss Minority Group Group Financial from Interest Net Income 1 Net Income Expenses discontinued 1H24 1 operation Group Net Income up by 8% Note: fig
Slide 14: Capex
1H 2025 Results 1H 2025 Consolidated Results Capex TOTAL CAPEX REGULATED CAPEX €mn €mn Defence 1,319 31% 1,042 76 Development 47 Development 15% 1,243 1,243 Asset Renewal & Efficiency Defence 1,243 996 Asset Renewal & Efficiency 54% 1 1H24 1H25 Regulated Non Regulated and Other New all-time high Cap
Slide 15: Cash Flow & Net Debt Evolution
1H 2025 Results 1H 2025 Consolidated Results Cash Flow & Net Debt Evolution €mn +809 11,160 602 11,970 , -1.009 1,319 -103 1 Dec.31, Operating Δ WC & Other Capex Dividends,Equity Jun.30, 2024 Cash Flow & 2 2025 Others Net debt evolution mainly driven by capex acceleration Note: figures may not add u
Slide 16: Net Debt Evolution & Financial Structure
1H 2025 Results 1H 2025 Consolidated Results Net Debt Evolution & Financial Structure GROSS DEBT BREAKDOWN1 KEY RATIOS3 Fixed/Floating Ratio Terna SpA Bonds 13% ~ 88% Fixed 27% Calculated on Gross Debt Terna SpA Bonds EIB ~15€bn 2 EIB Banks Maturity Banks 60% ~ 6 years Preserving a robust and divers
Slide 17: Closing Remarks
Closing Remarks
Slide 18: Closing Remarks
Closing Remarks 1H 2025 Consolidated Results Solid results delivered even in a challenging scenario Empowering Tomorrow Focus on the execution of our Plan targets Confirming 2025 guidance 18
Slide 19: Annexes
Annexes
Slide 20: 2025 Total Grid Fee update
Annexes 1H 2025 Consolidated Results 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€
Slide 21: Consolidated Income Statement
Annexes 1H 2025 Consolidated Results Consolidated Income Statement1 Notes: figures may not add up due to rounding; 1) Managerial Accounting 2) Including Quality of Service 21
Slide 22: Consolidated Balance Sheet
Annexes 1H 2025 Consolidated Results Consolidated Balance Sheet 22
Slide 23: Consolidated Cash Flow
Annexes 1H 2025 Consolidated Results 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 Assets Held for Sale, Cash Flow Hedge reserve and other 23
Slide 24: Disclaimer
Disclaimer 1H 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 DO
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