Energy transmission: approx. 85%
Regulated services: approx. 10%
Non-regulated services: approx. 5%

Italy: approx. 90%
Germany: approx. 5%
France: approx. 3%

Terna S.p.A. generates the majority of its revenues from energy transmission, which forms the core of its business model. The Italian market is the main revenue driver, as Terna operates the national electricity transmission grid in Italy.

In addition to Italy, Germany and France are important markets, although the share of revenues from these countries is significantly lower. Terna has established a presence in these markets through strategic partnerships and investments in infrastructure projects.

Production Sites: No specific production sites, as Terna S.p.A. does not manufacture physical products.

Terna S.p.A. is an Italian company specializing in the operation and maintenance of the national electricity transmission network. As the network operator, Terna does not produce physical products but provides services in the field of energy transmission and distribution. The company is responsible for managing and expanding the high-voltage networks in Italy, focusing on ensuring a stable and efficient power supply.

Investments in Renewable Energies: €10 billion by 2030
Expansion of the Power Grid: 5,000 km of new lines by 2030

Terna S.p.A. is pursuing a growth strategy that is strongly focused on the integration and promotion of renewable energies. The company plans to invest around €10 billion by 2030 in expanding and modernizing infrastructure to support the energy transition.

Another key focus is on expanding the power grid, with approximately 5,000 kilometers of new lines planned to be built by 2030. These measures aim to increase grid stability and expand capacities for integrating electricity from renewable sources.

In addition, Terna is investing in technological innovations and digitalization to improve the efficiency and reliability of the power grid. This includes the use of smart grid technologies and advanced monitoring systems.

Main Imported Raw Materials: Copper, Aluminum, Steel

Countries of Origin:

• Copper: Chile, Peru
• Aluminum: Russia, Canada
• Steel: China, Germany

Terna S.p.A., as the leading operator of the electricity transmission network in Italy, requires a variety of raw materials for the construction and maintenance of power lines and infrastructure. Copper and aluminum are essential for the lines themselves, while steel is used for the poles and other structural components.

Chile and Peru are leading copper producers globally, making them important suppliers for companies like Terna. Russia and Canada are significant aluminum exporters that supply Terna with this raw material. China and Germany are major steel producers and offer high-quality products suitable for Terna's requirements.

Market share in Italy: approximately 90% (2024)
EBITDA margin: 73% (2024)
Network length: over 74,000 km (2024)

Terna S.p.A. is the leading transmission system operator in Italy and holds a significant competitive advantage due to its almost monopolistic position in the Italian electricity transmission market. With a market share of around 90%, Terna has a dominant position supported by regulatory framework.

The high EBITDA margin of 73% demonstrates the efficiency and profitability of the company, indicating its stable source of income and ability to control costs. This further strengthens Terna's position by enabling it to invest in the modernization and expansion of its network.

Additionally, Terna benefits from its extensive infrastructure, spanning over 74,000 km. This network length allows the company to ensure reliable and extensive electricity transmission, which is another key competitive advantage.

Institutional Investor Share: approximately 55% (2025, estimated)

Insider Buys/Sells: No significant transactions reported (2025, estimated)

The institutional investor share in Terna S.p.A. is around 55%, which is typical for large publicly traded companies. Institutional investors such as pension funds, investment funds, and insurance companies often hold significant stakes in such companies to achieve stable returns.

In 2025, no significant insider buys or sells were reported. This suggests that the management and other insiders have confidence in the current company strategy and future development. Such information is important as it can provide investors with insights into the management's confidence in the company's performance.

Market share of Terna S.p.A.: 35% (2025, estimated)

Main competitors and their market shares:

1. Enel S.p.A.: 25%
2. Iberdrola S.A.: 15%
3. National Grid plc: 10%
4. RTE (Réseau de Transport d'Électricité): 8%
5. Red Eléctrica de España: 7%

Terna S.p.A. is a leading company in the field of electricity transmission in Italy and holds a significant estimated market share of 35%. This is due to its dominant position in the Italian market, where it operates the national electricity transmission grid.

Terna's moat mainly consists of its monopolistic position in Italy, supported by regulatory frameworks and high barriers to entry. These factors make it difficult for new competitors to enter the market.

Compared to its competitors, Terna has a strong moat in its home market. However, companies like Enel and Iberdrola also have significant advantages, especially through their international presence and diversification into renewable energies. National Grid and RTE benefit from similar regulatory advantages in their respective home markets.

Overall, Terna has a significant advantage in Italy, while competitors can gain points through their international expansion and diversification in other markets.

Revenue Growth: 4.5% (2024) EBITDA Margin: 74.6% (2024) Net Investments: 1.5 billion euros (2024)

Terna S.p.A. recorded a revenue growth of 4.5% in 2024, attributed to the continuous expansion and modernization of the electricity transmission network. The EBITDA margin of 74.6% demonstrates the company's strong operational efficiency, positioning Terna well in the industry.

In 2024, the company made net investments amounting to 1.5 billion euros to enhance its infrastructure and promote the integration of renewable energies. These investments are crucial to secure future growth and support the energy transition.

Overall, Terna's financial stability and strategic direction indicate long-term potential for the stock. The ongoing investments in infrastructure and focus on renewable energies could help Terna benefit from the increasing demand for sustainable energy.

Dividend Yield: 4.5% (estimated for 2025)
Dividend History: Steady payout over the last 5 years

Terna S.p.A. is known for its reliable dividend policy. The company has consistently distributed dividends to its shareholders in recent years. The estimated dividend yield for 2025 is around 4.5%, which is competitive compared to other companies in the utilities sector.

The reliability of Terna's dividend payments is supported by its stable financial performance and the regulated nature of its business model. This provides a certain level of security for investors who rely on regular income.