Slide 1: 1Q 2026 Consolidated Results
1Q 2026 Consolidated Results 1Q 2026 Consolidated Results Rome, May 7th 2026 1
Slide 2: Agenda
Agenda 1Q 2026 Consolidated Results Highlights 3 1Q 2026 Results 7 Annexes 16 2
Slide 3: Highlights
1Q 2026 Consolidated Results Highlights
Slide 4: Key highlights
Highlights 1Q 2026 Consolidated Results Key highlights ENERGY SYSTEM INFRASTRUCTURE Renewables Storage Capacity evolution Capacity evolution 10 projects authorized to develop the National Transmission Grid ~1GWh 1.6GW integrated in 1Q26 integrated in 1Q26 The Ministry of the Environment and FINANCE
Slide 5: Growing electricity demand covered by renewables at 36%
Highlights 1Q 2026 Consolidated Results Demand Evolution – Last 12 months National Demand at 80 TWh, Net Total Production at 68 TWh, o/w 36% covered by RES o/w 42% covered by RES 1Q25 1Q26 Δ% Demand as reported (TWh) 77.6 79.9 +3.0% TWh 36 Monthlyenergy Monthly energydemand demand 2025 Previous Prev
Slide 6: Robust P&L delivery and lower net debt
Highlights 1Q 2026 Consolidated Results 1Q 2026 Key Numbers 1Q 2026 1Q 2025 Δ vs 1Q 2025 Actual Actual €mn €mn Revenues 989 902 +10% EBITDA 698 652 +7% Group Net Income1 277 275 In line Capex 511 562 -9% Net Debt 12,170 13,0002 1. Attributable to Terna; 2. value related to year-end Robust P&L delive
Slide 7: 1Q 2026 Results
1Q 2026 Consolidated Results 1Q 2026 Results
Slide 8: Double-digit revenue growth thanks to Non-Regulated Activities
1Q 2026 Results 1Q 2026 Consolidated Results Revenues €mn +87 +10% 989 902 40 47 194 147 755 795 Regulated Activities1 Non Regulated and International Activities 1Q25 ∆ ∆ 1Q26 Regulated Non Regulated Activities 1 and International Activities Double-digit revenue growth thanks to Non-Regulated Activi
Slide 9: Resilient Regulated revenues, strong increase in Non-Regulated Activities
1Q 2026 Results 1Q 2026 Consolidated Results Revenues Analysis REGULATED NON-REGULATED & INTERNATIONAL €mn €mn +40 +5% +47 755 795 +32% 32 5 2 19 17 17 12 IFRIC 12 727 Other 759 47 Transmission & Dispatching 147 194 1Q25 ∆ ∆ ∆ 1Q26 1Q25 ∆ 1Q26 Transmission & Other IFRIC12 Non Regulated Dispatching a
Slide 10: Opex growth reflects business development
1Q 2026 Results 1Q 2026 Consolidated Results Opex €mn +41 +17% 291 250 27 0 0 14 0 148 121 129 143 1Q25 ∆ ∆ ∆ 1Q26 Regulated Non Regulated International Regulated Activities1 Activities¹ Activities Activities Non Regulated Act. International Act. Opex growth reflects business development Note: figur
Slide 11: EBITDA up 7%, underpinned by Non-Regulated Activities momentum
1Q 2026 Results 1Q 2026 Consolidated Results EBITDA GROUP REGULATED €mn €mn 26 +46 +7% 627 652 1Q25 ∆ 1Q26 NON-REGULATED & INTERNATIONAL €mn 652 698 20 46 25 1Q25 1Q26 1Q25 ∆ 1Q26 EBITDA up 7%, also underpinned by robust Non-Regulated Activities momentum Notes: figures may not add up due to rounding
Slide 12: Net Income broadly in line year-on-year despite higher taxation
1Q 2026 Results 1Q 2026 Consolidated Results From EBITDA to Net Income €mn In line YoY 248 698 47 125 450 0 1 277 275 EBITDA D&A EBIT Net Taxes (Profit)/Loss Minority Group Group Financial from Interest Net Income1 Net Income 1 Expenses discontinued 1Q25 operation Net Income broadly in line year-on-
Slide 13: Capex execution focused on key regulated infrastructure projects
1Q 2026 Results 1Q 2026 Consolidated Results Capex TOTAL CAPEX REGULATED CAPEX €mn €mn 562 Defence 511 35 49 33% Development Development Asset Renewal 10% 463 463 & Efficiency 527 463 Defence Asset Renewal & Efficiency 57% 1Q25 1Q26 1 Regulated Non Regulated and Other Capex execution focused on key
Slide 14: Cash Flow & Net Debt Evolution
1Q 2026 Results 1Q 2026 Consolidated Results Cash Flow & Net Debt Evolution €mn -830 13.000 , -510 0 511 -831 12.170 , Dec.31, Operating Δ WC & Other 1 Capex Dividends,Equity Mar.31, 2025 Cash Flow & 2026 Others 2 Confirming our ability to manage and keep the net debt evolution under control Note: f
Slide 15: Net Debt Evolution & Financial Structure
1Q 2026 Results 1Q 2026 Consolidated Results Net Debt Evolution & Financial Structure GROSS DEBT BREAKDOWN1 KEY RATIOS3 Fixed/Floating Ratio Maturity Terna SpA Bonds 19% ~ 75% Fixed ~ 6 years Calculated on Gross Debt 30% Terna SpA Bonds EIB ~15€bn 2 EIB CREDIT RATING Banks 51% Terna Sovereign Banks
Slide 16: Annexes
1Q 2026 Consolidated Results Annexes
Slide 17: 2026 Total Grid Fee update
Annexes 1Q 2026 Consolidated Results 2026 Total Grid Fee update1 2025 2026 Transmission Transmission 2.70€bn 2.84€bn Resolution 579/2024 Resolution 573/2025 38% + + 44% Dispatching Dispatching 0.17€bn 0.17€bn Resolution 586/2024 Resolution 587/2025 18% = = RAB remuneration Allowed Opex 2.87€bn 3.01€
Slide 18: Consolidated Income Statement
Annexes 1Q 2026 Consolidated Results Consolidated Income Statement1 - Notes: figures may not add up due to rounding; 1) Managerial Accounting 2) Including Quality of Service 18
Slide 19: Consolidated Balance Sheet
Annexes 1Q 2026 Consolidated Results Consolidated Balance Sheet 19
Slide 20: Consolidated Cash Flow
Annexes 1Q 2026 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 Green Hybrid Bond Issue, Assets Held for Sale, Cash Flow Hedge reserve and other 20
Slide 21: ESG Commitments
Annexes 1Q 2026 Consolidated Results ESG Commitments Science-based target set by 2030 (-46,2% vs 2019) in line with 1,5° scenario and commitment to set a Net Zero target by 2050 in line with the framework of Science-based Target Initiative On track with the journey to set a target on nature aligned
Slide 22: Disclaimer
Disclaimer 1Q 2026 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
Slide 23: 1Q 2026 Consolidated Results
1Q 2026 Consolidated Results