Financials Terna S.p.A.

Equities

TRN

IT0003242622

Electric Utilities

Market Closed - Borsa Italiana Other stock markets 11:45:00 2025-06-24 EDT			After hours 15:59:58
8.628 ^EUR	-0.69%		8.651	+0.27%

11:10am	Stefano Cappiello Joins Terna's Board of Directors	AN
04:51am	DIARY - Italy to July 31	RE

Projected Income Statement: Terna S.p.A.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	2,514	2,605	2,964	3,187	3,680	3,959	4,275	4,708
Change	-	3.61%	13.81%	7.5%	15.49%	7.58%	7.99%	10.12%
EBITDA ¹	1,830	1,855	2,059	2,169	2,566	2,691	2,890	3,141
Change	-	1.36%	11.02%	5.31%	18.34%	4.85%	7.38%	8.71%
EBIT ¹	1,187	1,200	1,334	1,362	1,677	1,758	1,865	2,030
Change	-	1.13%	11.09%	2.16%	23.13%	4.8%	6.07%	8.85%
Interest Paid ¹	-94	-79	-112.5	-117.7	-171.5	-227.3	-318	-406.3
Earnings before Tax (EBT) ¹	1,093	1,122	1,233	1,245	1,506	1,520	1,553	1,645
Change	-	2.61%	9.98%	0.91%	20.99%	0.92%	2.17%	5.91%
Net income ¹	786	789.4	857	885.4	1,062	1,066	1,089	1,143
Change	-	0.43%	8.56%	3.31%	19.93%	0.36%	2.17%	4.94%
Announcement Date	3/24/21	3/17/22	3/22/23	3/19/24	4/29/25	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1
Net sales ¹	615.6	597.5	733.4	621.8	637.2	642.9	703.2	644.4	686.4	661.6	972.1	712.5	772.5	761.8	939.9	858.1	895.9	893	1,033	901.8	989.7	986	1,138	970.7
Change	-	-2.94%	22.74%	-15.22%	2.48%	0.89%	9.38%	-8.36%	6.52%	-3.61%	46.93%	-26.71%	8.42%	-1.39%	23.38%	-8.7%	4.41%	-0.32%	15.66%	-12.68%	9.75%	-0.37%	15.43%	-14.72%
EBITDA ¹	441.8	447.3	506.7	453.6	456.4	463.4	480.9	461.3	485.6	465.3	647	500	519	537	612.6	627.9	629.1	635	674.2	652	664.7	664.7	719.5	714.5
Change	-	1.24%	13.28%	-10.48%	0.62%	1.53%	3.78%	-4.08%	5.27%	-4.18%	39.05%	-22.72%	3.8%	3.47%	14.08%	2.5%	0.19%	0.94%	6.17%	-3.29%	1.94%	0%	8.25%	-0.7%
EBIT ¹	291.7	291.4	321.9	290.8	294.2	297.7	317.9	293.7	313.7	288.9	437.2	313.4	325.6	340.7	382.6	418.7	417.3	420.7	420.6	432.8	426	423.4	434.7	473.2
Change	-	-0.1%	10.47%	-9.66%	1.17%	1.19%	6.79%	-7.61%	6.81%	-7.91%	51.33%	-28.32%	3.89%	4.64%	12.3%	9.44%	-0.33%	0.81%	-0.02%	2.9%	-1.57%	-0.62%	2.68%	8.85%
Charge d'intérêts	-19.8	-31.3	-23.6	-21.8	-19.3	-27.3	-10.6	-24.4	-11.8	-	-	-32.1	-	-	-36.5	-	-	-	-66.6	-	-	-	-	-
Earnings before Tax (EBT)	271.9	260.1	298.3	269	275	270.4	307.4	269.3	301.9	268.8	393.4	281.3	298.7	318.6	346	382.2	390.8	379.2	354	394	-	-	-	-
Change	-	-4.34%	14.69%	-9.82%	2.23%	-1.67%	13.68%	-12.39%	12.11%	-10.96%	46.35%	-28.5%	6.19%	6.66%	8.6%	10.46%	2.25%	-2.97%	-6.65%	11.3%	-	-	-	-
Net income ¹	190.9	191.6	216.9	190.4	194.6	195.8	209	191.8	206.3	188.8	270.1	200.2	210.8	230.3	244.1	268.2	276.8	267.8	249.3	275.3	285.6	298.9	225.9	295.7
Change	-	0.37%	13.2%	-12.22%	2.21%	0.62%	6.74%	-8.23%	7.56%	-8.48%	43.06%	-25.88%	5.29%	9.25%	5.99%	9.87%	3.21%	-3.25%	-6.91%	10.43%	3.75%	4.64%	-24.4%	30.87%
Announcement Date	7/29/20	11/11/20	3/24/21	5/12/21	7/29/21	11/10/21	3/17/22	5/11/22	7/28/22	11/9/22	3/22/23	5/5/23	7/27/23	11/8/23	3/19/24	5/8/24	7/26/24	11/6/24	4/29/25	5/15/25	-	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2021 S1	2022 S1	2023 S1	2024 S1
Net sales ¹	1,259	1,331	1,485	1,754
Change	-	5.7%	11.59%	18.11%
EBITDA ¹	910	946.9	1,019	1,257
Change	-	4.05%	7.61%	23.36%
EBIT ¹	585	607.4	639	836
Change	-	3.83%	5.2%	30.83%
Charge d'intérêts	-41.1	-36.2	-	-
Earnings before Tax (EBT) ¹	544	571.2	580	773
Change	-	5%	1.54%	33.28%
Net income ¹	385	398.1	411	545
Change	-	3.4%	3.24%	32.6%
Announcement Date	7/29/21	7/28/22	7/27/23	7/26/24

¹EUR in Million

Estimates

Forecast Balance Sheet: Terna S.p.A.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	9,173	10,003	8,446	10,365	11,160	13,469	15,875	17,986
Change	-	9.05%	-15.57%	22.72%	7.67%	20.69%	17.86%	13.3%
Announcement Date	3/24/21	3/17/22	3/22/23	3/19/24	4/29/25	-	-	-

¹EUR in Million

Estimates

Cash Flow Forecast: Terna S.p.A.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	1,351	1,521	1,757	2,290	2,692	3,467	3,690	3,507
Change	-	12.56%	15.53%	30.35%	17.56%	28.78%	6.44%	-4.96%
Free Cash Flow (FCF) ¹	-303	-218.6	771.2	-1,190	-869.5	-1,528	-1,569	-1,190
Change	-	27.85%	452.79%	-254.32%	26.94%	-75.76%	-2.67%	24.19%
Announcement Date	3/24/21	3/17/22	3/22/23	3/19/24	4/29/25	-	-	-

¹EUR in Million

Estimates

Forecast Financial Ratios: Terna S.p.A.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	72.79%	71.21%	69.46%	68.05%	69.74%	67.97%	67.59%	66.73%
EBIT Margin (%)	47.22%	46.08%	44.98%	42.75%	45.58%	44.4%	43.61%	43.11%
EBT Margin (%)	43.48%	43.06%	41.61%	39.06%	40.92%	38.39%	36.32%	34.93%
Net margin (%)	31.26%	30.31%	28.91%	27.78%	28.85%	26.92%	25.47%	24.27%
FCF margin (%)	-12.05%	-8.39%	26.01%	-37.35%	-23.63%	-38.6%	-36.7%	-25.27%
FCF / Net Income (%)	-38.55%	-27.69%	89.99%	-134.41%	-81.88%	-143.4%	-144.1%	-104.11%
Profitability
ROA	5.14%	4.93%	3.8%	3.83%	4.2%	3.66%	3.63%	3.58%
ROE	18.18%	17.29%	15.84%	14.2%	15.34%	13.88%	13.22%	13.18%
Financial Health
Leverage (Debt/EBITDA)	5.01x	5.39x	4.1x	4.78x	4.35x	5.01x	5.49x	5.73x
Debt / Free cash flow	-30.27x	-45.76x	10.95x	-8.71x	-12.84x	-8.81x	-10.12x	-15.12x
Capital Intensity
CAPEX / Current Assets (%)	53.74%	58.38%	59.26%	71.86%	73.15%	87.57%	86.31%	74.5%
CAPEX / EBITDA (%)	73.83%	81.99%	85.31%	105.6%	104.9%	128.84%	127.71%	111.65%
CAPEX / FCF (%)	-445.87%	-695.65%	227.8%	-192.42%	-309.61%	-226.86%	-235.19%	-294.83%
Items per share
Cash flow per share ¹	0.5218	0.6482	1.26	0.5484	0.7321	1.005	1.052	1.126
Change	-	24.23%	94.34%	-56.47%	33.5%	37.28%	4.7%	7%
Dividend per Share ¹	0.2695	0.2911	0.3144	0.3396	0.3962	0.3921	0.3966	0.3984
Change	-	8.01%	8%	8.02%	16.67%	-1.04%	1.15%	0.46%
Book Value Per Share ¹	2.176	2.346	3.061	3.153	3.751	3.883	4.052	4.248
Change	-	7.84%	30.45%	3.02%	18.95%	3.52%	4.37%	4.83%
EPS ¹	0.391	0.393	0.426	0.441	0.523	0.5372	0.5454	0.5701
Change	-	0.51%	8.4%	3.52%	18.59%	2.72%	1.52%	4.52%
Nbr of stocks (in thousands)	2,008,686	2,006,897	2,005,616	2,005,778	2,005,840	2,005,840	2,005,840	2,005,840
Announcement Date	3/24/21	3/17/22	3/22/23	3/19/24	4/29/25	-	-	-