Italy's Terna reports higher core profit after CEO leaves for Eni (updated)

Eni SpA

07/05/2026 12:25

Adds comments on geopolitics in paragraph 3, adds result details and context in bullet point summary

May 7 (Reuters) - Italy's power grid operator Terna TRN.MI said on Thursday its core earnings rose 7% to 697.6 million euros ($820.9 million) in the first quarter, driven by improved profitability both in regulated and non-regulated activities.

The geopolitically tense first three months of 2026 made the need to strengthen the security of the national electricity system clear, Terna said in a statement. Reducing dependence on fossil sources and accelerating the energy transition form another priority for Italy, it added.

Terna also confirmed that former CEO Giuseppina Di Foggia had departed the company on May 5 to become chair of energy group Eni ENI.MI.

Di Foggia has waived her claim to a 7.3 million euro severance pay, having come under pressure from Italian Prime Minister Giorgia Meloni to do so

Interim powers have been granted to Chairman Igor De Biasio until the general annual meeting on May 12

Q1 revenue rose 9.6% to 988.7 million euros; Terna expects the figure to reach 4.41 billion euros by end-2026

Terna said in March it expected 2026 core earnings to rise 6.5% to 2.93 billion euros, supported by growth at its regulated business

The company, which runs Italy's high-voltage power network, plans to invest 4.2 billion euros this year

($1 = 0.8498 euros)

(Reporting by Mirko Miorelli, Editing by Milla Nissi-Prussak)

((Mirko.Miorelli@thomsonreuters.com;))