Terna Balance Sheet

Financials in millions EUR. Fiscal year is January - December.

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cash & Equivalents	1,833	2,312	1,378	2,155	1,567
Short-Term Investments	731.4	426.5	362.2	246.8	958.5
Accounts Receivable	3,191	3,195	2,155	2,358	2,777
Other Receivables	237.3	137.8	130.6	166.8	60.1
Inventory	127.7	108.2	75	83	69.9
Prepaid Expenses	31.3	26.7	24	22.7	16.8
Other Current Assets	32.8	48.7	118	88.4	408.6
Total Current Assets	6,184	6,254	4,243	5,121	5,858
Property, Plant & Equipment	21,665	19,237	17,597	16,201	15,317
Goodwill	349.1	250.9	252.3	251.5	256.5
Other Intangible Assets	943.6	731.3	614.9	524.3	400
Long-Term Investments	105.4	90.4	200.1	193.6	99.5
Long-Term Loans Receivable	9.4	10	10.9	11	10.4
Long-Term Deferred Tax Assets	286.4	228.4	168.7	121	146.6
Other Long-Term Assets	440	384.3	307	379.5	271.5
Total Assets	29,983	27,187	23,393	22,803	22,359
Accounts Payable	3,887	3,443	2,791	3,642	3,247
Accrued Expenses	145	159.6	131	183.2	118
Short-Term Debt	860.7	1,767	1,314	487.6	1,988
Current Portion of Long-Term Debt	756.7	681	1,386	1,911	1,645
Current Unearned Revenue	675.9	413.7	340.7	197.4	120.3
Current Portion of Leases	19.9	-	-	-	-
Current Income Taxes Payable	45.5	112.3	-	43.8	28.1
Other Current Liabilities	342.7	286.6	364.1	344.3	501.8
Total Current Liabilities	6,733	6,864	6,327	6,809	7,648
Long-Term Debt	13,897	11,399	9,508	8,596	8,882
Long-Term Leases	42.5	58.8	65.6	67.7	36.9
Long-Term Unearned Revenue	617.7	-	-	-	-
Pension & Post-Retirement Benefits	90	88	83.4	75.3	82.8
Other Long-Term Liabilities	790.4	1,233	1,067	1,085	997
Total Liabilities	22,170	19,643	17,050	16,634	17,646
Common Stock	442.2	442.2	442.2	442.2	442.2
Additional Paid-In Capital	20	20	20	20	20
Retained Earnings	4,766	4,501	4,134	3,913	3,645
Treasury Stock	-34.3	-31.4	-29.8	-29.5	-19.5
Comprehensive Income & Other	2,598	2,593	1,758	1,796	594.5
Total Common Equity	7,791	7,524	6,324	6,142	4,682
Minority Interest	21.4	19.8	18.9	27.1	31.1
Shareholders' Equity	7,813	7,544	6,343	6,169	4,713
Total Liabilities & Equity	29,983	27,187	23,393	22,803	22,359
Total Debt	15,576	13,906	12,274	11,062	12,552
Net Cash (Debt)	-13,012	-11,168	-10,533	-8,660	-10,026
Net Cash Per Share	-6.49	-5.50	-5.09	-4.31	-4.99
Filing Date Shares Outstanding	2,006	2,006	2,006	2,006	2,007
Total Common Shares Outstanding	2,006	2,006	2,006	2,006	2,007
Working Capital	-549.2	-609.7	-2,084	-1,688	-1,790
Book Value Per Share	2.97	2.84	2.66	2.57	2.33
Tangible Book Value	6,499	6,542	5,457	5,366	4,025
Tangible Book Value Per Share	2.32	2.35	2.23	2.18	2.01
Land	251.2	242.8	232.5	217.7	211.7
Buildings	2,907	2,715	2,588	2,403	2,288
Machinery	25,419	23,827	22,643	21,212	20,375
Construction In Progress	5,167	3,755	2,885	2,581	2,193

Source: S&P Global Market Intelligence. Utility template. Financial Sources.