1H 2026 Consolidated Results
1H1 2026
Consolidated Results
Rome, July 29th 2026
1H 2026 Consolidated Results
Opening Remarks
1H 2026 Consolidated Results
3Opening Remarks
*Corporate Sustainability AssessmentMore than 3 GW RES and 1.3 GWh Storage integrated in H1 2026 Clearance granted to connection requests up by 1.2x and 1.4x YTD for RES and storageContinued execution across key infrastructure projects On track with major development milestonesGRID DEVELOPMENT S&P Global CSA* - Top 1%
MSCI - AAA
Standard Ethics - EE+ ISS Stoxx - PrimeConfirmed among global leaders in ESG New Industrial Plan to be presented in 2027 following the definition of the new
regulatory frameworkENERGY TRANSITION SUSTAINABILITY STRATEGY UPDATE
1H 2026 Consolidated Results H1 2026 Results
1H 2026 Consolidated Results 5H1 2026 Results – Key Numbers 1. Attributable to Terna; 2. v alue related to year -end Revenues EBITDA
1,8942,114
1H25 1H26+12%
1,3601,467
1H25 1H26+8%
588 591NET INCOME1CAPEX
1,3191,581
1H25 1H26+20%
13.0002 12.626NET DEBT€mn
1H 2026 Consolidated Results 6H1 2026 Results - Capex Note: rounded figures; 1. Of which about 76 €mn of Capitalized Financial Charges in 1H26 and 56 €mn in 1H25Accelerating investment efforts to foster energy transition60% 12%28%Regulated Capex by category, €mn
1,465+20%
Development Defence Asset renewal & EfficiencyRegulatedNon-Regulated & Other1Capex by business, €mn
1,2431,465761161,3191,581
H1 25 H1 26
1H 2026 Consolidated Results 7H1 2026 Results - Revenues Note: rounded figures; 1. Including IFRIC 12REGULATED
1,594 1,66330069150
4511,8942,114
H1 25 Regulated
ActivitiesNon Regulated
and Intl
ActivitiesH1 26Revenues evolution, €mn
+12%
Regulated Non-Regulated and IntlRegulated Non-Regulated & Intl Consolidation of STE Energy Higher sales volume from the Equipment segmentPerformance mainly driven by RAB increase and Output -Based Incentives 1
1H 2026 Consolidated Results 8H1 2026 Results - Opex Note: rounded figures; 1. Including IFRIC12+21% Regulated Activities1293 3022419103 0
34510
H1 25 Regulated
ActivitiesNon Regulated
ActivitiesIntl
ActivitiesH1 26534647Opex evolution, €mn Non-Regulated Act. IntlAct.REGULATEDRegulated Non-Regulated & Intl Opex driven by consolidation of STE EnergyCost dynamics under control and in line with Plan
1H 2026 Consolidated Results 9H1 2026 Results - EBITDA Notes: rounded figures1,361106
Regulated Non-Regulated
and Intl1,3601,467
H1 25 H1 26+8%EBITDA evolution and breakdown, €mn + 5%+ 81%
H1 2026
1,467Solid and visible
delivery
Well on track to meet FY 2026
targetBy Business
∆ YoY
1H 2026 Consolidated Results
1,467
961
591506
94274
0 3
EBITDA D&A EBIT Net
Financial
ExpensesTaxes (Profit)/Loss
from
discontinued
operationMinority
InterestGroup
Net Income
10H1 2026 Results - From EBITDA to Net Income €mn Note: rounded figures; 1. Attributable to Terna. 1 Strong underlying earnings growth net of higher taxation impact1,360 H1 ‘25 447 913 76 249 1 1 588
1H 2026 Consolidated Results 48%
31%21%
15 €bn
11H1 2026 Results - Net Debt Note: rounded figures 1. Including Other Fixed Assets Changes; 2. Including Green Hybrid Bond Issue, Assets Held for Sale, Cash Flow Hedge reserve and other; 3. Percentages calculated on Gross Debt nominal value;Confirming our disciplined financial managementGross Debt3
Fixed/Floating Ratio
̴72% Fixed
Maturity
̴6 YearsBonds EIB BanksNet Debt evolution , €mn
13,00012,626
-1,062
-6501,581
-244
4,0006,0008,00010,00012,00014,000
Dec.31,
2025Operating
Cash FlowΔ WC & Other Capex Dividends, Equity
& OthersJun.30,
2026-374
1
2Includes
557 €mn
of dividends
1H 2026 Consolidated Results
Closing Remarks
1H 2026 Consolidated Results
13Closing Remarks
Strong operational and
financial performance
FY2026 Guidance
fully confirmedSolid progress across all our key areas of activity
1H 2026 Consolidated Results
Annexes
1H 2026 Consolidated Results 15Annexes - 2026 Total Grid Fee update1 Notes: 1) ARERA Resolutions and Terna ’s preliminary estimates, net of pass -through itemsTransmission
Dispatching+
3.01€bnTransmission
Dispatching+2026 2025
= =0.17€bn2.84€bn
Resolution 573/2025
Resolution 587/20252.70€bn
Resolution 579/2024
0.17€bn
Resolution 586/2024
2.87€bn44%
18%38%
RAB remuneration
Allowed Opex
Allowed D&A
1H 2026 Consolidated Results 16Annexes - Consolidated Income Statement1 Notes: figures may not add up due to rounding; 1) Managerial Accounting 2) Including Quality of Service-
1H 2026 Consolidated Results 17Annexes - Consolidated Balance Sheet
1H 2026 Consolidated Results 18Annexes - Consolidated Cash Flow Notes: figures may not add up due to rounding; 1) Net of assets ’ disposal 2) Including Other Fixed Assets Changes; 3) Including Green Hybrid Bond Issue, Assets Held for Sale, Cash Flow Hedge reserve and other
1H 2026 Consolidated Results 19Annexes - Energy system updateCONNECTION REQUESTSRenewablesCAPACITY EVOLUTIONStorage Data Center Dec 2025 Jun 2026
Project with
Clearance 1
Dec 2025 Jun 2026 11GW 13GW79GW 94GWReady to build 2PV
Wind
Other
Project with
Clearance 1Ready to build 2TOTAL CONNECTION REQUESTS
76 GW56 GW
Dec 2025 Jun 2026
6.8 GW9.4 GW
Dec 2025 Jun 2026
> 3GW
integrated in six months
FERX approved
37GW to be awarded> 1GWh integrated in six months New MACSE3 auction expected by
year-end
Up to 16GWh4to be awarded94 GW70 GW Dec 2025 Jun 2026 Ready to buildProject under valuation 2 1. Projects validated by Terna with « nulla-osta«, as of May 2026 / 2. Fully permitted, ready -to-build projects 3. Meccanismo di Approvvigionamento di Capacità di Stoccaggio Elettrico 4. Capacity approved by the Ministry of the Environment and Energy Security (MASE)3 GW
1.7 GW
1H 2026 Consolidated Results 20Annexes - Revenues Analysis Notes: rounded figuresRegulated Activities, €mnNon-Regulated and Intl Activities, €mn
1,512 1,58128696
-6 3454 48 H1 25 Transmission & DispatchingOther IFRIC 12 H1 261,594 1,663+4% Transmission & Dispatching Other IFRIC 12300451 150 H1 25 Non Regulated and Intl
ActivitiesH1 26+50%
1H 2026 Consolidated Results
30.0
24.826.1 25.7 25.8 26.128.0
25.426.5
23.924.828.0
202224262830323436
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 21Annexes - Demand Evolution Note: 2025 and 2026 provisional figures Yoy Chg % Aug Sep Oct Nov Dec Jan Feb Mar Apr Mag Jun Jul Aug Sep -2,7% -0,6% -1,7% -0,1% 0,4% 6,2% -2,3% 0,7% -0,7% 2,7% 9,8% 2,6% 10,0% 0,1%TWhNational Demand at 157 TWh , o/w 43% covered by RES Demand as reported (TWh)Net Total Production at 134 TWh , o/w 50% covered by RES
1H25 1H26
152.9 156.7+2.5%Δ % Monthly energy demand 2026 Monthly energy demand 2025 Previous Year YoY Chg %Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun -3.1% -8.7% 1.8% 0.3% 2.0% 1.8% 4.1% 2.1% 2.8% 1.9% 2.1% 1.8%
1H 2026 Consolidated Results 22Annexes - ESG Commitments Pubblication ofthefirstreport focused onSustainability Due Diligence principles by2026 Science -based target setby2030 (-46,2%vs2019 )inlinewith1,5°scenario andcommitment to setaNet Zero target by2050 inlinewiththeframework ofScience -based Target Initiative Ontrack with thejourney tosetatarget onnature aligned with the Science -based Target
Network
ESG Ratings andIndices First electric utility worldwide in the
Corporate Sustainability
Assessment 2025 ; “Top 1%” status in the
“Sustainability
Yearbook 2026 ”First electric utility
worldwide
according to
Sustainailytics
ESG Risk
AssessmentIndustry Leader in the sector “Gas and
Electricity Network
Operators” according
to ISS STOXX , with “Prime ” status,
Confirmation by
Standard Ethics
among the leaders of “Utilities”, with a “EE+” rating, in the highest “Sustainable ” band
Confirmed among
the international
leaders in the fight
against climate
change, earning an “A-” ratingConfirmation in the main ESG Indices , among
them :
❖Dow Jones
Sustainability Index
(now “Dow Jones Best-in-Class Index ”) ❖STOXX Global ESG
Leaders
❖MIB ESG
❖FTSE 4Good
❖Euronext Sustainable
Leader within the “Utilities ” industry in managing the
most significant
sustainability risks and opportunities, with an MSCI ’s ESG Rating equal to AAA, the highest
possible
1H 2026 Consolidated Results
23Disclaimer
THIS DOCUMENT HAS BEEN PREPARED BY TERNA S.P.A. (THE “COMPANY”) FOR THE SOLE PURPOSE DESCRIBED HEREIN . IN NO CASE MAY IT BE INTERPRETED AS AN OFFER OR INVITATION TO SELL OR PURCHASE ANY SECURITY ISSUED BY THE COMPANY OR ITS SUBSIDIARIES .
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1H 2026 Consolidated Results
24Contact us
Fabrizio Ragnacci - Head of Investor Relations
fabrizio.ragnacci@terna.it
+39 06.8313.8282
Cristiano Bertoldi - Investor Relations Market
cristiano.bertoldi@terna.it
Giorgio Bellomo
Ludovico Cancellaro
Enrica Martini - Investor Relations Reporting
enrica.martini@terna.it
Giuseppe De Luca
Francesco Mazzoni
IR Team
investor.relations@terna.itWebsite
Terna.it
1H 2026 Consolidated Results