Terna closes the first half of 2026 with growing results and a strong acceleration on the front of investments strategic for the national electricity grid. The group chaired by Stephen Cuzzilla and led by the CEO Pasqualino Monti posted revenues for 2,113 billion euros, an increase of 11,6% compared to the 1,894 billion of the same period last year, thanks to the growth of regulated activities and, in particular, of Non-Regulated Activities, which recorded an increase of 50,1%.
Also growing there profitability: EBITDA stood at 1,467 billion euros, up 7,9%, while EBIT reached 961,4 million euros, up 5,3% compared to 913 million in the first half of 2025, after amortization, depreciation and write-downs amounting to 505,6 million euros.Net income Group revenue rose to 591,2 million euros, compared to 587,7 million in the same period of the previous year, with a growth of 0,6%.
Despite the positive accounts, the title Terna moves in decline at Business Square, where it recorded a decline of 0,78%, in line with a cautious market trend.
Terna accelerates investments: over 1,5 billion in the first half of the year
In the first six months of the year Terna has investments exceeded 1,58 billion euros, up 19,8% compared to the first half of 2025. The resources were allocated to the development, strengthening and digitalization of the electricity grid, with the aim of supporting the energy transition and integrating increasing shares of renewable energy.
Among the main projects underway, work continues on the Tyrrhenian Link, the submarine electrical connection that will unite Campania, Sicily and Sardinia, and on the Elmed, the direct current interconnection between Italy and Tunisia.
Terna: second quarter accelerates
even the second quarter confirms the group's positive trend. Between April and June, revenues grew 13,4%, reaching €1,124 billion compared to €992,4 million in the same period of 2025.
Quarterly EBITDA increased by 8,7% to 769,4 million euros, while net profit stood at 314,7 million, up 0,7% from 312,4 million in the second quarter of last year.
Declining debt and growing net worth
On the financial front, Terna has reduced itsnet debt, which fell to 12,625 billion euros as of June 30, 2026, down by 374,3 million compared to the 13 billion at the end of 2025. At the same time, the net assets Group net debt increased to 8,628 billion euros, compared to 7,791 billion euros recorded at 31 December 2025.
The improvement of the financial structure is mainly linked to the issuance of the perpetual hybrid green bond Launched on January 26, the €850 million transaction was accounted for as an equity instrument and contributed to strengthening the group's capital position.
On the tax front, the taxes In the first half of 2020, revenues amounted to 273,8 million euros, up 9,9% compared to the same period in 2025, while the tax rate rose to 31,6% from 29,8% due, among other factors, to the increase in the IRAP rate provided for by the Bollette Decree.
Terna confirms its 2026 guidance
In light of the half-year results, the group confirms financial targets for 2026. Terna forecasts revenues of €4,41 billion, an EBITDA of €2,93 billion, and a group net profit of €1,12 billion. The forecast also confirmed investment plan, with an annual target of approximately 4,2 billion euros, allocated to strengthening the network and the interventions necessary to support the evolution of the Italian energy system.
“These results reaffirm Terna's solidity and the group's ability to generate value for the country through investments, innovation and distinctive skills,” commented the CEO. Monti, emphasizing the company's role as an "enabler of the energy and digital transformation of the electricity system." According to Monti, Terna is building "an increasingly modern, resilient, and digital electricity grid," capable of integrating new renewable sources, supporting the electrification of consumption, and ensuring the security and efficiency of the national energy system.
