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Terna S.p.A. (TEZNY) Q4 2025 Earnings Call March 26, 2026 12:00 PM EDT
Company Participants
Stefano Gamberini – Head of Investor Relations
Giuseppina Di Foggia – CEO, GM & Non-Independent Director
Francesco Beccali – Chief Financial Officer
Presentation
Operator
Good afternoon, ladies and gentlemen, and welcome to Terna’s Full Year 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.
Stefano Gamberini
Head of Investor Relations
Thank you, and good afternoon, everyone, and welcome to Terna’s Full Year 2025 Results Presentation. The call will be hosted by our CEO and General Manager, Giuseppina Di Foggia; and our CFO, Francesco Beccali. Following the presentation, we will have the Q&A session. So we kindly ask you to send any questions you might have to our e-mail address, investor.relations@terna.it. Please Giuse.
Giuseppina Di Foggia
CEO, GM & Non-Independent Director
Thank you, Stefano. Good afternoon, everyone. Let me start by giving you an overview of the key highlights of 2025. This year confirms we are on track with the execution of our plan while accelerating investments in maintaining financial strength.
In March 2025, we updated our 2024-2028 industrial plan. Total investment now stands at EUR 17.7 billion, 7% higher compared with the previous version of our plan and with a consistent plus 77% versus the 2022 plan. Out of this amount, EUR 16.6 billion are allocated to regulated investments.
As of today, this is Terna’s largest investment program. At the beginning of last year, we also presented our national development plan. It foresees more than EUR 23 billion of investments between 2025 and 2034. Once projects in this plan are completed, the transmission capacity between Southern and Northern Italy will increase from
