Terna S.p.a. · MIL:TRN
Terna — H1 2026 Earnings Presentation
25 slides from Terna's earnings presentation, Jul 29, 2026
Slide 1: H1 2026 Consolidated Results
1H 2026 Consolidated Results H1 2026 Consolidated Results Rome, July 29th 2026 1
Slide 2: Opening Remarks
1H 2026 Consolidated Results Opening Remarks
Slide 3: Opening Remarks
Opening Remarks 1H 2026 Consolidated Results GRID DEVELOPMENT ENERGY TRANSITION SUSTAINABILITY STRATEGY UPDATE More than 3 GW RES and Confirmed among global 1.3 GWh Storage Continued execution across leaders in ESG New Industrial Plan to be integrated in H1 2026 key infrastructure projects presented
Slide 4: H1 2026 Results
1H 2026 Consolidated Results H1 2026 Results
Slide 5: H1 2026 Results – Key Numbers
H1 2026 Results – Key Numbers1H 2026 Consolidated Results €mn Revenues EBITDA CAPEX +12% +8% +20% 2,114 1,581 1,467 1,894 1,360 1,319 1H25 1H26 1H25 1H26 1H25 1H26 NET INCOME1 NET DEBT 588 591 13.0002 12.626 1. Attributable to Terna; 2. value related to year-end 5
Slide 6: H1 2026 Results - Capex
H1 2026 Results - Capex 1H 2026 Consolidated Results Capex by business, €mn Regulated Capex by category, €mn +20% 28% 1,581 1,465 1,319 60% 116 12% Non-Regulated 76 & Other1 1,465 Regulated 1,243 Development Defence Asset renewal & Efficiency H1 25 H1 26 Accelerating investment efforts to foster ene
Slide 7: H1 2026 Results - Revenues
H1 2026 Results - Revenues 1H 2026 Consolidated Results Revenues evolution, €mn Regulated +12% Performance mainly driven by RAB increase and Output-Based Incentives 2,114 150 1,894 69 451 Non-Regulated & Intl 300 REGULATED Consolidation of STE Energy 1,594 1,663 Higher sales volume from the Equipmen
Slide 8: H1 2026 Results - Opex
H1 2026 Results - Opex 1H 2026 Consolidated Results Opex evolution, €mn +21% Regulated 0 647 Cost dynamics under control and in line with Plan 103 534 0 1 9 345 241 Non-Regulated & Intl REGULATED 293 302 Opex driven by consolidation of STE Energy H1 25 Regulated Non Regulated Intl H1 26 Activities A
Slide 9: H1 2026 Results - EBITDA
H1 2026 Results - EBITDA 1H 2026 Consolidated Results EBITDA evolution and breakdown, €mn By Business ∆ YoY +8% + 81% 106 Solid and visible delivery H1 2026 1,467 Well on track to 1,360 1,467 + 5% meet FY 2026 1,361 target Regulated Non-Regulated H1 25 H1 26 and Intl Notes: rounded figures 9
Slide 10: H1 2026 Results - From EBITDA to Net Income
H1 2026 Results - From EBITDA1Hto 2026Net Income Consolidated Results €mn 506 94 1,467 274 0 3 961 591 EBITDA D&A EBIT Net Taxes (Profit)/Loss Minority Group Financial from Interest Net Income1 Expenses discontinued operation H1 ‘25 1,360 447 913 76 249 1 1 588 Strong underlying earnings growth net
Slide 11: H1 2026 Results - Net Debt
H1 2026 Results - Net Debt 1H 2026 Consolidated Results Net Debt evolution, €mn Gross Debt3 - 374 21% 15 14,000 1,581 48% € bn 13,000 -244 12,626 12,000 -1,062 31% -650 10,000 Includes Bonds EIB Banks 8,000 557 €mn of dividends 6,000 Fixed/Floating Ratio ̴ 72% Fixed 4,000 Dec.31, Operating Δ WC & Ot
Slide 12: Closing Remarks
1H 2026 Consolidated Results Closing Remarks
Slide 13: Closing Remarks
Closing Remarks 1H 2026 Consolidated Results Solid progress across all our key areas of activity Strong operational and financial performance FY2026 Guidance fully confirmed 13
Slide 14: Annexes
1H 2026 Consolidated Results Annexes
Slide 15: Annexes - 2026 Total Grid Fee update
Annexes - 2026 Total Grid Fee update 1 1H 2026 Consolidated Results 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.
Slide 16: Annexes - Consolidated Income Statement
Annexes - Consolidated Income1HStatement 1 2026 Consolidated Results - Notes: figures may not add up due to rounding; 1) Managerial Accounting 2) Including Quality of Service 16
Slide 17: Annexes - Consolidated Balance Sheet
Annexes - Consolidated Balance Sheet 1H 2026 Consolidated Results 17
Slide 18: Annexes - Consolidated Cash Flow
Annexes - Consolidated Cash Flow 1H 2026 Consolidated Results 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 18
Slide 19: Annexes - Energy system update
Annexes - Energy system update 1H 2026 Consolidated Results Renewables Storage Data Center CAPACITY EVOLUTION > 3GW > 1GWh TOTAL CONNECTION REQUESTS integrated in six months integrated in six months 70 GW 94 GW New MACSE3 auction expected by FERX approved year-end Dec 2025 Jun 2026 37GW to be awarde
Slide 20: Annexes - Revenues Analysis
Annexes - Revenues Analysis 1H 2026 Consolidated Results Non-Regulated and Regulated Activities, €mn Intl Activities, €mn +4% 1,594 1,663 6 54 69 48 -6 34 +50% 28 451 1,512 1,581 300 150 H1 25 Transmission & Other IFRIC 12 H1 26 H1 25 Non Regulated and Intl H1 26 Dispatching Activities Transmission
Slide 21: Annexes - Demand Evolution
Annexes - Demand Evolution 1H 2026 Consolidated Results National Demand at 157 TWh, Net Total Production at 134 TWh, o/w 43% covered by RES o/w 50% covered by RES 1H25 1H26 Δ% Demand as reported (TWh) 152.9 156.7 +2.5% TWh Monthly energy demand 2025 Previous Year Monthly energy demand 2026 36 34 32
Slide 22: Annexes - ESG Commitments
Annexes - ESG Commitments 1H 2026 Consolidated Results 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 aligne
Slide 23: Disclaimer
Disclaimer 1H 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 24: Contact us
Contact us 1H 2026 Consolidated Results Fabrizio Ragnacci - Head of Investor Relations fabrizio.ragnacci@terna.it +39 06.8313.8282 Cristiano Bertoldi - Investor Relations Market cristiano.bertoldi@terna.it Giorgio Bellomo Ludovico Cancellaro Enrica Martini - Investor Relations Reporting enrica.marti
Slide 25: 1H 2026 Consolidated Results
1H 2026 Consolidated Results