Slide 1: 9M 2025 Consolidated Results
9M 2025 Consolidated Results 9M 2025 Consolidated Results Rome, November 13th 2025 1
Slide 2: Agenda
Agenda 9M 2025 Consolidated Results Highlights 3 9M 2025 Results 9 Closing Remarks 18 Annexes 20 2
Slide 3: Highlights
9M 2025 Consolidated Results Highlights
Slide 4: Grid development at the heart of the energy transition
Highlights 9M 2025 Consolidated Results Latest main achievements Tyrrhenian Link: laying of the western branch between Sicily and Sardinia started Central Link and Sardinian Link: authorisation process started Acquisition of a portion of Rome HV grid completed Approval process underway for the overh
Slide 5: Creating value for the system and shareholders
Highlights 9M 2025 Consolidated Results Latest main achievements PROCUREMENT REGULATION DIVIDEND ~88% 2026 WACC CONFIRMED 11.92 €cents/share 2024-2028 Capex plan approved as 2025 already covered by ROSS INTEGRALE Interim Dividend contracts OUTPUT-BASED In line with the new 80% in March 2025 INCENTIV
Slide 6: RES accounted for 50% of Net Total Production
Highlights 9M 2025 Consolidated Results Demand Evolution – Last 12 months National Demand at 233 TWh, Net Total Production at 201 TWh, o/w 43% covered by RES o/w 50% covered by RES 9M24 9M25 Δ% Demand as reported (TWh) 236.0 233.3 -1.2 TWh 36 Monthly energy demand 4Q24 Previous Year Monthly energy d
Slide 7: MACSE: first auction awarded at 65% discount to the reserve premium
Highlights 9M 2025 Consolidated Results First auction of MACSE* incentive scheme completed Storage capacity needed by 20301 First auction of MACSE incentive scheme Utility Scale 8 10 GWh Small Scale 14 awarded 72 GWh Capacity Market 50 Average clearing price 65% lower than reserve premium MACSE : fi
Slide 8: High double-digit capex growth
Highlights 9M 2025 Consolidated Results 9M 2025 Key Numbers 9M 2025 9M 2024 Δ vs 9M 2024 Actual Actual €mn €mn Revenues 2,882 2,647 +9% EBITDA 2,026 1,892 +7% Group Net Income1 853 813 +5% Capex 2,087 1,699 +23% Net Debt2 11,669 11,160 1. Attributable to Terna; 2. 2024 Value related to year-end High
Slide 9: 9M 2025 Results
9M 2025 Consolidated Results 9M 2025 Results
Slide 10: Revenues growth driven by both Regulated and Non-Regulated activities
9M 2025 Results 9M 2025 Consolidated Results Revenues €mn +235 +9% 135 99 2,882 2,647 525 426 2,222 2,357 Regulated Activities1 Non Regulated and International Activities 9M24 ∆ ∆ 9M25 Regulated Non Regulated 1 Activities and International Activities Revenues growth driven by both Regulated and Non-
Slide 11: Strong acceleration in Non-Regulated revenues
9M 2025 Results 9M 2025 Consolidated Results Revenues Analysis REGULATED NON-REGULATED & INTERNATIONAL €mn €mn +135 +6% +99 2,222 2,357 +23% 105 9 22 77 55 32 41 99 525 426 2,135 Transmission & Dispatching 2,240 Other IFRIC12 9M24 ∆ ∆ ∆ 9M25 9M24 ∆ 9M25 Transmission & Other IFRIC12 Non Regulated Dis
Slide 12: Opex evolution led by higher volume of Non-Regulated activities
9M 2025 Results 9M 2025 Consolidated Results Opex €mn +101 +13% 856 755 67 -2 36 1 3 422 355 397 434 9M24 ∆ ∆ ∆ 9M25 Regulated Non Regulated International Regulated Activities1 Activities¹ Activities Activities Non Regulated Act. International Act. Opex evolution led by higher volume of Non-Regulate
Slide 13: All businesses drive EBITDA high-single digit growth
9M 2025 Results 9M 2025 Consolidated Results EBITDA GROUP REGULATED €mn €mn 99 +134 +7% 1,824 1,923 9M24 ∆ 9M25 NON-REGULATED & INTERNATIONAL €mn 1,892 2,026 35 68 103 9M24 9M25 9M24 ∆ 9M25 All businesses drive EBITDA high-single digit growth Notes: figures may not add up due to rounding 13
Slide 14: +5% increase in Group Net Income
9M 2025 Results 9M 2025 Consolidated Results From EBITDA to Net Income €mn +5% YoY 679 2,026 132 362 1,348 -1 2 853 813 EBITDA D&A EBIT Net Taxes (Profit)/Loss Minority Group Group Financial from Interest Net Income 1 Net Income Expenses discontinued 9M24 1 operation +5% increase in Group Net Income
Slide 15: Steady acceleration in investments: +23% YoY
9M 2025 Results 9M 2025 Consolidated Results Capex TOTAL CAPEX REGULATED CAPEX €mn €mn 2,087 Defence 1,699 115 30% 75 Development Development 13% 1,972 Asset Renewal Defence 1,972 & Efficiency 1,625 Asset Renewal & Efficiency 57% 9M24 9M25 Regulated Non Regulated and Other 1 Steady acceleration in i
Slide 16: Operating cash flow underpins the capex plan
9M 2025 Results 9M 2025 Consolidated Results Cash Flow & Net Debt Evolution €mn +509 11,160 11,669 -1,492 2,087 607 -695 1 Dec.31, Operating Δ WC & Other Capex Dividends,Equity Sep.30, 2024 Cash Flow & 2025 2 Others Operating cash flow underpins the capex plan Note: figures may not add up due to rou
Slide 17: Maximising efficiency and maintaining a solid financial structure
9M 2025 Results 9M 2025 Consolidated Results Net Debt Evolution & Financial Structure GROSS DEBT BREAKDOWN1 KEY RATIOS3 Fixed/Floating Ratio Terna SpA Bonds 17% ~ 83% Fixed Calculated on Gross Debt 27% Terna SpA Bonds EIB ~15€bn 2 EIB Banks Maturity Banks 56% ~ 6 years Maximising efficiency and main
Slide 18: Closing Remarks
9M 2025 Consolidated Results Closing Remarks
Slide 19: Closing Remarks
Closing Remarks 9M 2025 Consolidated Results FOCUS ON ENERGY TRANSITION 2025 GUIDANCE PLAN EXECUTION GAINING MOMENTUM CONFIRMED 19
Slide 20: Annexes
9M 2025 Consolidated Results Annexes
Slide 21: 2025 Total Grid Fee update
Annexes 9M 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 22: Consolidated Income Statement
Annexes 9M 2025 Consolidated Results Consolidated Income Statement1 Notes: figures may not add up due to rounding; 1) Managerial Accounting 2) Including Quality of Service 22
Slide 23: Consolidated Balance Sheet
Annexes 9M 2025 Consolidated Results Consolidated Balance Sheet 23
Slide 24: Consolidated Cash Flow
Annexes 9M 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 24
Slide 25: Disclaimer
Disclaimer 9M 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 26: 9M 2025 Consolidated Results
9M 2025 Consolidated Results