Terna’s first-half results, revenues up 5.9%: focus on investments and future projects

Terna

On July 28, Terna‘s Board of Directors approved the results for the six months ended 30 June 2022. Revenues for the first half of 2022, amounting to €1,330.8 million, are up €74.5 million (+ 5.9%) compared to the same period of 2021; EBITDA amounts to €946.9 million, an increase of €37.0 million (+ 4.1%) compared to the €909.9 million of the first half of 2021; EBIT amounts to €607.4 million (an increase of 3.9%). The total capital expenditure during the period amounts to €660.5 million, with an increase of 10.2% compared to the €599.6 million of the same period of 2021.
Despite the conflict in Ukraine, which has caused a sharp rise in in commodity prices and energy price tensions that could last for several years to come, and despite the current climate events, the Group continued to increase investments, which exceeded €367 million in the second quarter.
“The tragic events in Ukraine, and the resulting international energy crisis, have led to the essential need for our Country, in line with the objectives foreseen by the European Union, to continue to work towards reducing as far as possible the dependence on fossil-fuel,” said Stefano Donnarumma, Terna’s CEO and General Manager. “This goal can be met primarily by accelerating the development of renewable sources. In this perspective, the grid has a key role to play in enabling the necessary shift and therefore Terna is continuing to step up its investments”.
In the first six months of the year, the delivery of construction projects not only continued, but intensified further. “Despite the worsening geopolitical situation caused by the prolonged conflict between Russia and Ukraine and continued commodity price pressures, the second half of the year will see the Group continue to focus on delivering on the updated “Driving Energy” 2021-2025 Industrial Plan”. With a total investment of €10 billion in the five years from 2021 to 2025, of which about €1.7 billion in 2022, Terna strengthens its “central role in driving the Italian energy system and enabling the energy transition”. Investments will contribute to achieving the goals set by the Green Deal and to Italy’s economic recovery, focusing on energy transition and facilitating the development and integration of renewable energy sources. Investments in innovation and digital solutions will also play a central role, along with the development of people and the insourcing of strategic skills, the strengthening of departments and the optimisation of the working environment through the implementation of the NexTerna cultural transformation programme. Terna will continue to base its management business “on a sustainable approach and respect for the ESGs, ensuring that the Company is able to minimise its environmental impact, involve local stakeholders and meet the need for integrity, responsibility and transparency”.

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