Q3 2025 Terna Rete Elettrica Nazionale SpA Earnings Call Transcript
Key Points
- Terna SpA (TEZNY) reported a 9% increase in group revenues and a 7% increase in EBITDA for the first nine months of 2025 compared to the previous year.
- The company made significant progress in grid development, including the Tyrrhenian Link and the Central and Sardinian Links, which are crucial for enhancing transmission capacity and renewable integration.
- Terna SpA (TEZNY) successfully managed supply chain risks, with 88% of the 2024-'28 CapEx plan already covered by procurement contracts.
- The company completed the acquisition of part of the high-voltage grid from Acea for EUR227 million, strengthening the electricity transmission service.
- Terna SpA (TEZNY) held a successful auction under the MACSE framework, awarding 10 gigawatt hours of storage capacity, indicating strong market interest and competitive pricing.
- National electricity demand in Italy recorded a slight contraction of 1.2% in the first nine months of 2025 compared to the same period last year.
- Operating costs increased by 13% year-on-year, driven by higher labor costs and material expenses in non-regulated activities.
- Net debt increased to EUR11.7 billion by the end of September 2025, up from EUR11.2 billion at the end of 2024, primarily due to CapEx acceleration and dividend payments.
- The weighted average cost of capital (WACC) for electricity transmission was reduced from 5.8% to 5.5% in 2025, impacting regulated revenue growth.
- Despite strong financial performance, Terna SpA (TEZNY) did not increase its full-year guidance due to uncertainties in dispatching incentives and the new incentive framework.
Good afternoon, ladies and gentlemen, and welcome to Terna's Nine Months 2025 Consolidated Results Presentation. (Operator Instructions) Please be advised that today's conference is being recorded.
I would like to hand the conference over to our host speaker today, Mr. Stefano Gamberini, Head of Investor Relations. Please go ahead, sir.
Thank you very much. Good afternoon, everyone, and welcome to the presentation of Terna's nine month results 2025. This call will be hosted by our CFO, Francesco Beccali. Following the presentation, there will be the Q&A session. So we kindly ask you to send your question to our e-mail address, [email protected]. Please, Francesco.
Thank you, Stefano, and good afternoon, everyone. Before moving at the figures, I'd like to take a moment to highlight some of
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