Terna closed the 2025 financial year with solid growth, announcing an increase in revenues and profits. Therefore, the Board of Directors will propose to the Shareholders’ Meeting the approval of an overall dividend for the 2025 financial year of almost 796 million euros, equal to 39.62 euro cents per share in circulation and the distribution – net of the interim dividend of 11.92 cents – of the balance of 27.70 euro cents per share, to be paid from 24 June 2026 with the “ex-dividend date” on June 22, 2026.
The results for the 2025 financial year
Revenues of 4,033 million euros recorded an increase of 352.8 million euros (+9.6%) compared to 2024, thanks to the growth of Regulated Activities and partly to the contribution of Non-Regulated Activities, in particular the Energy Services and Equipment business (Tamini Group and Brugg Cables Group). EBITDA stood at 2,750.8 million euros, up by 184.4 million euros compared to 2024 (+7.2%), while EBIT rose to 1,789.9 million euros (+6.7%).
The pre-tax result stood at 1,608.4 million euros, up by 102.5 million euros compared to 2024 (+6.8%), while the Group’s net profit reached 1,111.5 million euros, up by 49.6 million euros (+4.7%) compared to 1,061.9 million euros in 2024.
Net financial debt at 31 December 2025 stood at 13,000.2 million euros, compared to 11,160.4 million euros at the end of 2024, supporting the significant growth in investments for the development of an increasingly safe and efficient electricity system.
Strongly growing investments
The overall investments made by the Terna Group in the year amounted to 3,514.9 million euros, a strong growth (+30.6%) compared to the 2,692.1 million euros of 2024. Among the main projects the progress of the Tyrrhenian Link, the submarine electrical connection between Campania, Sicily and Sardinia, the connection between Tuscany, Corsica and Sardinia (Sa.Co.I.3) and the Adriatic Link, the underwater power line between Abruzzo and Marche.
Also noteworthy are the interventions to increase the safety and efficiency of the high and very high voltage electricity grid in the areas of the Milan Cortina 2026 Olympic and Paralympic Games, those to increase the exchange capacity between Calabria and Sicily (Bolano-Annunziata connection) and the interventions carried out in the various areas of the electricity market.
During the period, the renewal activities of overhead lines and station machinery also continued which, as of 31 December 2025, saw the replacement of approximately 1,298 km of backhoe loaders and 18 machines, including transformers, autotransformers and reactors.
The 2026 Outlook
For 2026, the Terna Group expects to achieve revenues of 4.41 billion euros, an EBITDA of 2.93 billion euros and a Group net profit of 1.12 billion euros. With specific reference to the Investment Plan, the Group has a 2026 target of approximately 4.2 billion euros. These objectives will be pursued while maintaining the commitment to maximizing the cash generation necessary to ensure a healthy and balanced financial structure.
