Terna stock trades at EUR 9.24 after H1 profit reaches EUR 591.2 million

Published on 09/28/2026 at 15:18 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Terna stock posted a 0.74 percent session change on September 28, 2026. First-half revenue reached EUR 2.114 billion, while the analyst average target is EUR 9.85.

Hochspannungs-Umspannwerk Sonnenuntergang Terna - Rete Elettrica Nazionale IT0003242622 — Terna - Rete Elettrica Nazionale IT0003242622 zeigt Hochspannungs-Umspannwerk mit Strommasten in Hügellandschaft bei Sonnenuntergang, Illustration mit AI erstellt.

Terna stock (ISIN IT0003242622) was trading at EUR 9.24 on Borsa Italiana at 3:00 p.m. CEST on September 28, 2026, up 0.74 percent from the previous close. The company is digesting first-half figures that put net income at EUR 591.2 million, compared with EUR 587.7 million in the first half of 2025.

First-half profit reaches EUR 591.2 million

For the six months ended June 30, 2026, revenue reached EUR 2.114 billion against EUR 2.08 billion of consensus, according to MathStock on September 16, 2026. That puts reported revenue 1.63 percent above the cited consensus figure.

The same report states that earnings per share came in at EUR 0.156 against EUR 0.157 of consensus, while net income increased 0.60 percent from the prior-year first-half figure. The earnings mix therefore combines a revenue beat with a small earnings-per-share miss.

Guidance stays tied to grid investment

Terna reaffirmed 2026 guidance of EUR 4.41 billion in revenue, EUR 2.93 billion in EBITDA and EUR 1.12 billion in group net income, according to MathStock on September 16, 2026. The company also guided to EUR 4.20 billion of capital expenditure for the year.

The spending plan is central to the investment case because Terna operates and maintains most of Italy's high-voltage and very high-voltage electricity network, as Borsa Italiana records. For investors, the key tension is the gap between strong regulated operating earnings and the cash required to expand the grid.

Analysts see EUR 9.85 average target

Investing.com lists a 12-month average analyst target of EUR 9.845 as of September 28, 2026, based on 19 analysts. Its table shows JPMorgan maintaining a Hold rating and a EUR 9.55 target on September 16, 2026.

The average target is EUR 0.61 above the September 28 trading price, or 6.55 percent higher. The range is wide, from EUR 8.65 to EUR 11.20, while the overall consensus is Neutral with 4 Buy, 12 Hold and 3 Sell ratings.

EUR 3.78 billion maturity wall

Terna's financing calendar remains the main counter-factor. MathStock says EUR 3.78 billion of bonds mature between 2026 and 2029, including EUR 580 million in 2026, EUR 1.10 billion in 2027, EUR 750 million in 2028 and EUR 1.35 billion in 2029.

That refinancing requirement matters alongside the EUR 4.20 billion 2026 capital-expenditure plan and the latest negative free cash flow of EUR 261 million cited by MathStock. Terna's regulated earnings provide operating support, but the balance sheet must fund both network growth and refinancing.

Terna stock trades at EUR 9.24

Terna stock was trading at EUR 9.24 on Borsa Italiana at 3:00 p.m. CEST on September 28, 2026. The session range was EUR 9.21 to EUR 9.28, volume was 658,944 shares and market capitalization was EUR 18.5 billion.