Terna today announced the consolidated results as of March 31, 2026, which highlight solid growth in the main economic indicators compared to the corresponding period of the previous financial year. The Board of Directors, meeting under the presidency of Igor De Biasio, took note of the resignation of Giuseppina Di Foggia from the position of CEO and entrusted interim powers to the President.
The main numbers of the quarter
THE revenues of the first quarter amounted to 988.7 million euros, an increase of 9.6% compared to the 901.8 million of the first quarter of 2025. The growth in revenues is partly linked to the increase in tariff revenues from Regulated Activities, attributable to the increase in the RAB and the expansion of the scope of consolidation due to the acquisition of Rete 2 Srl which took place at the end of September 2025. The contribution of Non-Regulated Activities, driven from Energy Services (acquisition of STE Energy in May 2025) and from the Equipment segment (Tamini Group and Brugg Cables Group).
THE’EBITDA rises to 697.6 million (+7%), while EBIT stands at 449.8 million (+3.9%). Group net profit amounted to 276.5 million euros, up 0.4% compared to 275.3 million in the same period of 2025.
Overall investments amounted to 511.4 million, down 9% compared to the 562.1 million in the first quarter of 2025, a period which had benefited from the closure of significant milestones on large network development projects.
THE’net financial debt drops to 12,170.2 million euros, with a reduction of 830 million compared to the 13,000.2 million at the end of 2025. The decline is mainly attributable to the European Green Bond perpetual hybrid bond issue, launched on 26 January 2026 for an amount of 850 million euros as part of the 4 billion EMTN programme. The Group’s net assets rise to 8,901.8 million, from 7,791.3 million at the end of 2025.
The powers to De Biasio
The Board of Directors also took note of the termination, on 5 May 2026, of the office of Giuseppina Di Foggia as CEO and General Manager, appointed President of ENI SpA the following day. A transition that caused a lot of outcry, due to the obligatory nature of a choice between the “rich” severance package provided by Terna and the new position in Eni, in favor of which the manager’s preference fell.
In line with the succession plan adopted, management powers have been conferred on an interim basis to the President Igor De Biasio, with the same prerogatives provided for the CEO, until the Shareholders’ Meeting called for 12 May 2026.
The forecast for 2026
For 2026, Terna expects moderate economic growth, slowing compared to 2025 and still lower than pre-pandemic levels. In this scenario, the European electricity sector will continue the path of decarbonization and strengthening energy security outlined by the regulations. The Terna Group will therefore be focused on the implementation of its Industrial Plan, confirming its role as an enabler of the energy and digital transition and contributing to the achievement of decarbonisation targets and greater energy independence of the country. For the 2026 financial year, the Group expects revenues of 4.41 billion euros, EBITDA of 2.93 billion, Group net profit of 1.12 billion and total investments of approximately 4.2 billion.
