Terna Rete Elettrica Adr (TEZNY) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon, ladies and gentlemen, and welcome to PERNA's full year 2025 consolidated results presentation. At this time, all participants are in listen-only mode. Please be advised that today's conference is being recorded. I would like to hand the conference over to you, our host speaker today, Mr. Stefano Gamberini, Head of Investor Relations. Please go ahead, sir. Thank you. Good afternoon, everyone, and welcome to Terna's full year 2025 results presentation. The call will be hosted by our CEO and general manager, Giuseppina Di Foggia, and our CFO, Francesco Beccali. Following the presentation, we will have the Q&A session, so we kindly ask you to send any questions you might have to our email address, investors.relations at terna.it. Thank you Stefano. Good afternoon everyone. Let me start by giving you an overview of the key highlights of 2025. This year confirms we are on track with the execution of our plan while accelerating investments and maintaining financial strength. In March 2025, we updated our 2024-2028 industrial plan. Total investment now stands at 17.7 billion euros, 7% higher compared with the previous version of our plan and with a consistent plus 17.7% versus the 2022 plan. Out of this amount, 16.6 billion euros are allocated to regulated investments. As of today, this is Terna's largest investment program. At the beginning of last year, we also presented our national development plan. It foresees more than 23 billion euros of investment between 2025 and 2034. Once projects in this plan are completed, the transmission capacity between southern and northern Italy will increase from 16 to 39 gigawatts. Our execution remains strong. In 2025, we obtain authorizations for 38 projects, representing around 1 billion euros of investments. Overall, a...