Annual Financial Report 2025 (Terna)

Summary

• Terna Group revenues were €4,033.0 million in 2025, up 9.6% versus 2024.p.14
• EBITDA reached €2,750.8 million, up 7.2% versus 2024.p.14
• Investments totalled €3,514.9 million, up 30.6% versus 2024.p.14
• The 2025 Development Plan of the grid foresees investments of over €23 billion over 2025-2034, and the 2024-2028 Industrial Plan €17.7 billion.p.16
• S&P Global Ratings upgraded Terna from BBB+ to A-, and Moody's from Baa2 to Baa1, both with stable outlook.p.6
• The first MACSE auction in September 2025 awarded 10 GWh of storage capacity.p.18
• Terna received connection requests for 329 GW of new renewable capacity at 31 December 2025.p.33

Key insights

1. Electricity demand in Italy was 311 TWh in 2025.p.14
2. Terna launched its first European Green Bond of €750 million in 2025.p.6
3. A hybrid perpetual European Green Bond of €850 million was launched in January 2026.p.6
4. Terna's market capitalisation exceeded €20.5 billion in February 2026.p.6
5. Terna has allocated €2.4 billion to innovation and digitalisation in its investment plan.p.6
6. MACSE offers exceeded demand by more than four times.p.5
7. Each euro invested in the transmission grid generates 1.31 euro of GDP.p.29
8. Of the connection requests, 146.2 GW are solar and 180.2 GW wind.p.33