Growing economic and financial indicators and record investments for Terna, whose board of directors approved the 2025 results, a year in which the company accelerated "in the execution of the main projects, operating successfully in a particularly complex energy and geopolitical scenario", underlined the CEO Josephine of Foggia.
Terna: Revenues and profits to increase in 2025
2025 ended for Terna with revenues of 4,033 billion, up 9,6% compared to 2024. The EBITDA rose to 2,750,8 billion (+7,2%) mainly due to the better result of Regulated Activities, while the EBIT, against amortizations and write-downs of 960,9 million euros, it stood at 1,789 billion, +6,7% compared to 1.677,4 million euros in 2024 (+6,7%). Growth also Group net profit, equal to 1,111 billion (+4,7%). Finally, increases net financial debt, which rose to 13 billion euros from 11,16 the previous year, due to the investment boom which we will discuss shortly.
By virtue of the excellent results achieved, the board of directors will propose to the shareholders' meeting a dividend equal to 39,62 cents euros per outstanding share, totaling 795,8 million euros. The advance payment of 11,92 euros was already paid in November 2025, while the final payment of 27,7 cents will be made starting June 24th, with an ex-dividend date of June 22nd.
Terma: €3,5 billion in investments in 2025
The war in Ukraine first and the conflict in the Middle East later made it "ever more urgent for Italy to strengthen the security of the national electricity system, reducing dependence on fossil fuels,” Terna underlines in a statement. And it is in this context that the company has accelerated investments to improve grid efficiency and safety and environmental sustainability, obtaining a historic record. In fact, last year the following were carried out: total investments of 3,5 billion euros, up 30,6% compared to 2,7 billion in 2024.
Among the main projects, the national electricity grid manager reports progress on both the Eastern and Western Branches of the Tyrrhenian Link, the submarine electrical connection between Campania, Sicily and Sardinia; those on the connection between Tuscany, Corsica and Sardinia (Sa.Co.I.3); those on theAdriatic Link, the submarine power line between Abruzzo and Marche. The group has also carried out interventions to increase the safety and efficiency of the high and very high voltage electricity grid in the areas where the events took place. Milan Cortina 2026 Olympic and Paralympic Games. The plan to install equipment, including synchronous compensators, stabilizing resistors, and reactors, to improve grid security, also continues.
From an operational perspective, last year Terna also put into operation new infrastructure for approximately 800 million of euros and authorized 38 new development projects, for approximately 1 billion euros of investments.
From Foggia: "A solid model and a credible path."
“The improving economic and financial results, the progressive increase in investments and the progress in the construction of strategic network infrastructures for the country testify to the solidity of our industrial model , credibility of the development path“, said CEO and General Manager, Giuseppina Di Foggia.
“Over the last three years, Terna has completed a profound transformation, consolidating its role as an enabler of the energy transition with a vision based on innovation, sustainability, and the development of professional skills,” Di Foggia explained. “The market has recognized us as a reliable operator capable of sustaining long-term investments. Today, strengthened by the results achieved in 2025 and the foundations built in previous years, we are ready to face increasingly complex challenges and to contribute to the country's energy independence and to the safety and efficiency of the electrical system."
Guidance for 2026
For the current year Terna expects revenues of 4,41 billion euros, an EBITDA of 2,93 billioni.e., a group net profit of €1,12 billion. Regarding investments, the group has a 2026 target of approximately €4,2 billion. "These objectives will be pursued while maintaining the commitment to maximizing the cash generation necessary to ensure a healthy and balanced financial structure," the statement specifies.
