(Alliance News) - Terna Spa reported Wednesday that it closed the first quarter with group net income of EUR268.2 million from EUR200.2 million as of March 31, 2023, up 34 percent.

Revenues in the period stood at EUR858.1 million, up 20 percent from EUR712.5 million from Q1 2023.

Ebitda was EUR627.9 million from EUR500.0 million and up 26% from March 31, 2023.

Net financial debt is EUR10.58 billion from EUR10.49 billion as of Dec. 31, 2023.

Total investments made by the Terna Group during the period amounted to EUR482.7 million, up sharply by 53 percent from EUR314.9 million in the corresponding period of 2023.

During 2024, the company expects moderate global economic growth and the continuation of trade tensions among the world's major economies, with the risk of the introduction of new protectionist measures. In addition, geopolitical tensions could persist or even intensify, with negative impacts on political and economic stability. In such a scenario, the Terna group will be focused on the implementation of what is envisaged in the 2024-2028 business plan, the company explained in a note.

Finally, by 2024, Terna is expected to achieve revenues of EUR3.55 billion, Ebitda of EUR2.42 billion, and EPS of EUR0.49. With specific reference to the investment plan, the group has a 2024 target of around EUE2.6 billion. These targets will be pursued while maintaining a commitment to maximizing the cash generation necessary to ensure a healthy and balanced financial structure, the company further announced in a note.

"The first quarter results show that the record relative growth in capital expenditures was accompanied by robust performance across all economic indicators. The quarter's results once again demonstrate the excellence of our people in creating value for Terna and its stakeholders, reinforcing the group's strategic role in serving the country," commented Giuseppina Di Foggia, chief executive officer and general manager of Terna.

"The data confirm that we are on the right track in executing the new 2024-2028 business plan that will see us make the highest investments in Terna's history, amounting to EUR16.5 billion. Our strong commitment, coupled with the broader vision we have given ourselves with the new plan, will enable us to support and promote an energy and digital transition that is also a fair, inclusive process and attentive to the possible impacts on all the people we do business with: workers, local communities and suppliers."

Terna trades in the green by 2.4 percent at EUR7.71 per share.

By Claudia Cavaliere, Alliance News reporter

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