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Investing.com -- Italian grid operator Terna reported third-quarter EBITDA of €666 million, representing a 5% increase year-over-year and exceeding analyst forecasts of €649 million.
The company’s shares rose 1.3% following the announcement.
Net profit for the quarter reached €265 million, down 1% compared to the same period last year but €10 million higher than expected. The slight decline in profit was attributed to lower output-based incentives, which will be more heavily weighted in the fourth quarter this year.
Management reaffirmed its full-year 2025 guidance, projecting €4 billion in revenues, €2.7 billion in EBITDA, €3.4 billion in net capital expenditure, plus an additional €200 million for the previously announced acquisition of high-voltage assets from ACEA. The company also maintained its net profit target of €1,080 million.
The Italian energy regulator ARERA has kept the allowed weighted average cost of capital (WACC) for regulated networks unchanged, including the 5.5% rate for electricity transmission applicable to Terna.
During the earnings announcement, management also dismissed recent media reports suggesting a potential equity raise or sale of regulated assets.
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