Terna S.p.A. (TRN.MI) Q1 2025 Earnings β Full Coverage
*β β Terna S.p.A. (TRN.MI) Q1 2025 Earnings β Full Coverage* *β KEY HIGHLIGHTS:β * β **Financials**β β Q1 2025 revenue β¬902M (~$974.2M USD, +5.1%), EBITDA β¬652M (+3.8%), net income β¬275M (+3%), CapEx β¬562M (+16.4%). β **Operations**β β 12 grid projects authorized (β¬240M), Tyrrhenian Link progress, net debt stable at β¬11.1B, green bond issuance (β¬750M). β **Strategy**β β CFO Francesco Beccali emphasized β¬17.7B 2024-2028 investment plan, energy transition leadership, and ESG focus. β **Outlook**β β Confirms 2025 targets, expects β¬550M out-of-base incentives, no WACC change for 2026, robust gridβ¦