First Read Terna FY26 guidance reiterated; focus during 2Q26 call on regulatory updates

Research evidence excerpt

First Read Terna FY26 guidance reiterated; focus during 2Q26 call on regulatory updates

Global Research

29 July 2026ab

First Read

EquitiesTerna

FY26 guidance reiterated; focus during 2Q26 Italy

call on regulatory updates Electric Utilities

12-month rating Neutral

12m price target €9.50

Plan execution on track; FY26 targets reiterated; new plan in 2027

Terna reported broadly neutral 2Q26 results today during market and reiterated its FY26

guidance. Management hosted a conf. call in which the focus was on regulatory Price (29 Jul 2026) €10.11

developments, guidance, execution of the plan and supply chain. The company is on RIC: TRN.MI BBG: TRN IM

track to deliver all the development milestones of their 2024-28E business plan,

Trading data and key metrics

including the flagship Tyrrhenian Link project. Management flagged the company's key

role for the Italian energy transition - with 3.4GW of renewables and 1.3GWh of BESS 52-wk range €10.39-8.32

integrated in H1 - and said they are starting to work on a new business plan, to be Market cap. €20.3b/US$23.1b

presented in 2027 once regulation post-2028 is visible. The CFO reiterated previous Shares o/s 2,010m (ORD)

comments that the plan through 2028 is fully funded and provided comfort on Free float 70%

procurement, with >92% of supplies already secured. Overall, no material news came Avg. daily volume ('000) 3,834

from the conf. call. Avg. daily value (m) €38.8

Common s/h equity (12/26E) €8.25b

Focus on framework, output-based incentives and 2027 regulated WACC P/BV (12/26E) 2.5x

Regulatory topics caught most of the attention during Q&A. Key milestones in coming Net debt to EBITDA (12/26E) 5.2x

months should be a consultation on the transition to a full ROSS ('totex') and the

EPS (UBS, diluted) (EUR)