Terna (TRN) Q2 2026 earnings summary

Executive summary

• Achieved strong operational and financial performance in H1 2026, with revenue up 11.6%–12% and EBITDA up 7.9%–8% year-over-year, supported by major progress on grid infrastructure and renewables integration.

• Integrated over 3.4 GW of renewable capacity and more than 1.3 GWh of storage in H1 2026, with connection requests for renewables and storage up 1.2x and 1.4x, respectively.

• Net profit attributable to owners reached €591.2 million (+0.6%), with net debt reduced to €12.63 billion from €13.00 billion at year-end 2025.

• Capital expenditure rose 19.8%–20% to €1.58 billion, supporting major grid projects and digitalisation.

• Maintained global ESG leadership, with top ratings from S&P Global, MSCI, ISS Stoxx, and inclusion in major sustainability indices.

Financial highlights

• Group revenues rose 11.6%–12% year-over-year to €2.11 billion, with regulated revenues up 4.3% and non-regulated revenues up 50% to €451 million.

• EBITDA increased 7.9%–8% to €1.47 billion; regulated EBITDA up €59.9 million, non-regulated EBITDA up 79.8% to €105.9 million.

• EBIT reached €961.4 million, up 5.3% year-over-year.

• Net income was €591.2 million, up 0.6%–1% year-over-year; adjusted for higher IRAP tax, net income would be up 4%.

• CapEx totaled €1.58 billion, up 19.8%–20% year-over-year, with 60% for development and 30% for asset renewal.

Outlook and guidance

• Full-year 2026 guidance confirmed: revenue €4.41 billion, EBITDA €2.93 billion, net profit €1.12 billion, capex €4.2 billion.

• Focus on grid resilience, digitalisation, renewables integration, and operational efficiency.

• Output-based incentives for 2026 expected to total around €200 million.

• New 10-year development plan and Industrial Plan to be presented in 2027, covering 2027–2036.