Slide 1: FY 2025 Consolidated Results
FY 2025 Consolidated Results FY 2025 Consolidated Results Rome, March 26th 2026 1
Slide 2: Agenda
Agenda FY 2025 Consolidated Results Highlights 3 FY 2025 Results 14 Closing Remarks 25 Annexes 27 2
Slide 3: Highlights
FY 2025 Consolidated Results Highlights
Slide 4: Highlights 2025: Delivering on our Plan targets
Highlights FY 2025 Consolidated Results Main achievements 2025 ENERGY TRANSITION Renewables Capacity “FER X” evolution auctions INFRASTRUCTURE FINANCE RESULTS >7GW around 12GW Group’s 2024-2028 integrated in 2025 awarded2 S&P and Moody’s Solid set of results Industrial Plan Update: ratings upgrade €
Slide 5: Renewables capacity: Scaling Up to the 2030 NECP
Highlights FY 2025 Consolidated Results Renewables Integration Deployment momentum New capacity already Grid connection pipeline: towards 2030 target contracted by the end of 2025 quality improving Wind and Solar Capacity Evolution [GW] Contracted capacity [GW] Connection Requests [GW] 107 ~12.0 2 P
Slide 6: Secured storage pipeline with the first MACSE successful auction
Highlights FY 2025 Consolidated Results Storage: MACSE Auction and Trends Evolution MACSE ACHIEVEMENTS Cumulative installed Storage Capacity (excl. pumped hydro) 10 GWh contracted in 2025 delivery by 2028 17.9 GWh +~5 GWh 13.1 GWh (7.4 GW) (5.6 GW) Strong oversubscription, ~4x demand Dec 2024 Dec 20
Slide 7: Renewables at 41% of demand
Highlights FY 2025 Consolidated Results Demand Evolution – Last 12 months National Demand at 311 TWh, Net Total Production at 268 TWh, o/w 41% covered by RES o/w 48% covered by RES FY24 FY25 Δ% Demand as reported (TWh) 311.9 311.3 -0.2 TWh 36 Monthlyenergy Monthly energydemand demand 2025 PreviousYe
Slide 8: Infrastructure Development
Highlights FY 2025 Consolidated Results Infrastructure Development AUTHORIZATION PROCUREMENT EXECUTION ~6.3 €bn ~11.6 €bn ~5.5 €bn 1 2 authorized in 2023-2025 procured in 2023-2025 entry into operation 2023-2025 ~92% Completed the installation of the first ~88% Tyrrhenian marine cables (Polo1) both
Slide 9: Security of National Transmission Grid
Highlights FY 2025 Consolidated Results Security of National Transmission Grid 2025 MAIN ACHIEVEMENTS 1 Synchronous SECURITY PLAN Compensator Terna has been implementing a structured Security Plan to strengthen grid regulation and stability, 4 Reactors ensuring system security in the context of the
Slide 10: Digitalization Plan
Highlights FY 2025 Consolidated Results Digitalization Plan PROCESS DIGITAL TWIN DIGITALIZATION DIGITAL TRANSFORMATION ARTIFICIAL INFRASTRUCTURE RESILIENCE INTELLIGENCE AND CYBER > €600 mn invested for Terna’s digital transformation in 2025 10
Slide 11: Innovation: delivering transformative impact
Highlights FY 2025 Consolidated Results Innovation: main achievements 2025 Direct & Indirect Investments in startups Innovation 9 Patents 8 100 Projects Obtained €mn Projects completed and validated at industrial scale Projects that will continue in 2026 GRID FORMING Testing of Grid Forming technolo
Slide 12: Confirmed as a global leader in sustainability
Highlights FY 2025 Consolidated Results Sustainability RECOGNITIONS Certified Science-based Target aligned with 1.5°C trajectory Scope 1 & 2 emissions World’s top electric utility according to the ‘Sustainability Baseyear Result Target Commitment Yearbook’ by S&P 2019 2025 2030 2050 Global -31% -46.
Slide 13: Solid set of results and strong capex growth
Highlights FY 2025 Consolidated Results FY 2025 Key Numbers FY 2025 FY 2024 Δ vs FY 2024 Actual Guidance Actual €mn €bn €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
Slide 14: FY 2025 Results
FY 2025 Consolidated Results FY 2025 Results
Slide 15: Revenues up double digit
FY 2025 Results FY 2025 Consolidated Results Revenues €mn +353 +10% 170 4,033 182 3,680 754 584 3,096 3,279 Regulated Activities1 Non Regulated and International Activities FY24 ∆ ∆ FY25 Regulated 1 Non Regulated Activities and International Activities Revenues up double digit Note: figures may not
Slide 16: Constant growth in regulated and marked acceleration in non-regulated
FY 2025 Results FY 2025 Consolidated Results Revenues Analysis REGULATED NON-REGULATED & INTERNATIONAL €mn €mn +182 +6% +170 3,096 3,279 +29% 170 5 8 121 113 64 170 754 60 584 IFRIC 12 3,093 2,924 Other Transmission & Dispatching FY24 ∆ ∆ ∆ FY25 FY24 ∆ FY25 Transmission & Other IFRIC12 Non Regulated
Slide 17: Opex dynamic driven by non-regulated activities growth
FY 2025 Results FY 2025 Consolidated Results Opex €mn +168 +15% 1,282 1,114 137 -1 2 33 3 613 476 635 667 FY24 ∆ ∆ ∆ FY25 Regulated Non Regulated International Activities¹ Activities Activities Regulated Activities1 Non Regulated Act. International Act. Opex dynamic driven by non-regulated activitie
Slide 18: Improving operating performance both from regulated and non-regulated activities
FY 2025 Results FY 2025 Consolidated Results EBITDA GROUP REGULATED €mn €mn 150 +184 +7% 2,462 2,611 FY24 ∆ FY25 NON-REGULATED & INTERNATIONAL €mn 2,566 2,751 35 105 140 FY24 ∆ FY25 FY24 FY25 Improving operating performance both from regulated and non-regulated activities Notes: figures may not add
Slide 19: Steady growth in Group Net Income
FY 2025 Results FY 2025 Consolidated Results From EBITDA to Net Income €mn 961 +5% YoY 2,751 182 495 1,790 0 2 1,111 1,062 EBITDA D&A EBIT Net Taxes (Profit)/Loss Minority Group Group Financial from Interest Net Income1 Net Income Expenses discontinued FY241 operation Steady growth in Group Net Inco
Slide 20: Strong capex acceleration focused on system priorities
FY 2025 Results FY 2025 Consolidated Results Capex TOTAL CAPEX REGULATED CAPEX €mn €mn 3,515 Defence 2,692 193 123 27% Development Asset Renewal 3,322 13% Development & Efficiency 2,569 3,322 3,322 Defence Asset Renewal & Efficiency 60% FY24 FY25 1 Regulated Non Regulated and Other Strong capex acce
Slide 21: Net debt evolution under control
FY 2025 Results FY 2025 Consolidated Results Cash Flow & Net Debt Evolution €mn +1,840 13,000 3,515 843 11,160 -2,082 -436 Dec.31, Operating Δ WC & Other 1 Capex Dividends,Equity Dec.31, 2024 Cash Flow & 2025 Others 2 Net debt evolution under control Note: figures may not add up due to rounding; 1.
Slide 22: Solid financial structure reflected on improved credit ratings
FY 2025 Results FY 2025 Consolidated Results Net Debt Evolution & Financial Structure GROSS DEBT BREAKDOWN1 KEY RATIOS3 Fixed/Floating Ratio Maturity Terna SpA Bonds 18% ~ 78% Fixed ~ 6 years Calculated on Gross Debt 30% Terna SpA Bonds EIB ~16€bn 2 CREDIT RATING EIB Banks Terna Sovereign Banks 52%
Slide 23: Committed to Sustainable Finance
FY 2025 Results FY 2025 Consolidated Results Italian leader in Green Bond issuance ISSUED GREEN BONDS1 Green Bonds2 6.5 €bn €mn (including hybrids) 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 EIB Loans 4.7 €bn Green Bond 10Y –
Slide 24: Confirming our growth trajectory
FY 2025 Results FY 2025 Consolidated Results FY2026 Guidance FY 2025 FY 20262 Actual Guidance €mn €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 Terna 2. Including the impact of about 40 million euros of high
Slide 25: Closing Remarks
FY 2025 Consolidated Results Closing Remarks
Slide 26: Closing Remarks
Closing Remarks FY 2025 Consolidated Results DRIVING FOCUSING ON ENSURING SYSTEM EXECUTION STRONG EVOLUTION RESULTS 26
Slide 27: Annexes
FY 2025 Consolidated Results Annexes
Slide 28: 2026 Total Grid Fee update
Annexes FY 2025 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 29: Consolidated Income Statement
Annexes FY 2025 Consolidated Results Consolidated Income Statement1 - Notes: figures may not add up due to rounding; 1) Managerial Accounting 2) Including Quality of Service 29
Slide 30: Consolidated Balance Sheet
Annexes FY 2025 Consolidated Results Consolidated Balance Sheet 30
Slide 31: Consolidated Cash Flow
Annexes FY 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 31
Slide 32: Disclaimer
Disclaimer FY 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
Slide 33: FY 2025 Consolidated Results
FY 2025 Consolidated Results