In the first half of 2025, Terna, Italy’s national electricity transmission operator, reported a record €1.319 billion in capital expenditure, a 26.6% increase compared to the same period in 2024. This surge underscores Terna’s pivotal involvement in Italy’s energy transition and infrastructure modernization.
During this period, Terna achieved €1,894.2 million in revenue, reflecting an 8.0% year-on-year growth. The increase was largely driven by higher earnings from regulated activities, boosted by recent tariff adjustments on transmission and dispatching fees. However, this growth was partially offset by a decrease in output-based incentives. Non-regulated activities also contributed positively, particularly through the Tamini Group and Brugg Cables Group.
EBITDA for the six months rose to €1,359.8 million, an increase of 8.2% from €1,257.2 million in the first half of 2024. EBIT reached €913.0 million, marking a 9.2% rise after accounting for amortization, depreciation, and impairment losses that totaled €446.8 million. Terna’s net profit reached €587.7 million, up 7.9% from €544.8 million in the previous year. Meanwhile, net debt rose to €11,969.8 million at the end of June, up from €11,160.4 million at the end of 2024, reflecting the increased investment pace.
In the second quarter alone, capital expenditure surged by 35.3% year-on-year to €757.2 million, while revenue increased by 10.7% to €992.4 million. This growth illustrates Terna’s ability to efficiently execute projects while maintaining financial discipline.
Terna directed its capital investments toward critical initiatives designed to bolster grid security, facilitate renewable energy integration, and enhance interconnections. Key projects include the Tyrrhenian Link, a 1,000 MW submarine cable connecting Campania, Sicily, and Sardinia. The first submarine cable of the East Section, linking Campania and Sicily, was completed in May 2025. Other notable projects include the Sa.Co.I.3 interconnection between Tuscany, Corsica, and Sardinia, the Adriatic Link between Abruzzo and Marche, and various grid reinforcement efforts supporting the upcoming 2026 Olympic and Paralympic Games in Milan.
Further investments of €69.8 million were made in synchronous compensators, reactors, and stabilizing resistors to enhance grid stability. Internationally, Terna signed a memorandum of understanding with Greece’s IPTO for a new 1,000 MW, 300 km interconnection, which includes 240 km of submarine cable and an estimated joint investment of €1.9 billion. This project will complement the existing 500 MW Italy-Greece link, operational since 2002.
In the realm of digitalization, Terna strengthened its partnership with Microsoft to incorporate artificial intelligence and advanced data platforms into its operations. Initiatives include AI-assisted infrastructure maintenance and automated fault detection, which aim to improve system reliability.
Terna’s financial strategies align with sustainability goals. In April, Standard & Poor’s upgraded the company’s long-term rating to ‘A-‘, reflecting its strong financial position, while Moody’s confirmed its Baa2 rating in June. Terna actively engaged in green finance, revising its €12 billion Euro Medium Term Note (EMTN) program and launching a new €4 billion EMTN program on Italy’s MOT market. In June, Terna issued €3 billion in senior green bonds and €1.85 billion in perpetual subordinated green bonds. Additionally, in July, it issued its first single-tranche European Green Bond valued at €750 million, with demand nearly five times the offering amount.
In July, Terna secured financing agreements worth €1.5 billion with the European Investment Bank and other financial institutions to support the Adriatic Link project. This financing package includes a €750 million EIB loan with a 22-year maturity.
Terna’s strong ESG performance is evidenced by its inclusion in various sustainability indices, including the Stoxx Global ESG Leaders and FTSE4Good. The company was ranked in the top 10 of the ESG Identity Corporate Index 2025 and recognized among the World’s Most Sustainable Companies by TIME magazine.
Looking ahead, Terna projects revenue of €4.03 billion, EBITDA of €2.70 billion, and a net profit of €1.08 billion for 2025, with planned investments of around €3.4 billion. The strategy aligns with the EU’s Fit-for-55 package and Italy’s National Energy and Climate Plan, focusing on renewable integration, interconnections, grid resilience, and digital advancements.
Key projects, including the Tyrrhenian Link’s East Section and the Adriatic Link civil works, are set to advance significantly. Terna aims to optimize its portfolio, focusing on the Balkans and Mediterranean, while continuing to enhance grid infrastructure to support upcoming events like the 2026 Winter Games. Terna’s approach combines extensive investments, strong financial results, and a clear strategic vision, solidifying its position as a leader in Europe’s energy transition.
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