Terna stock draws neutral analyst consensus at EUR 9.845 target

Published on 10/04/2026 at 20:24 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Terna stock was last at EUR 9.15 on October 2, while 19 analysts held a Neutral consensus and set an average target of EUR 9.845. H1 revenue rose 12 percent.

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Terna stock (ISIN IT0003242622) was last at EUR 9.15 on the Milan exchange on October 2, 2026 at 5:35 p.m. CEST, up 0.18 percent from EUR 9.14. The latest analyst picture is Neutral, with an average 12-month target of EUR 9.845, giving the regulated grid operator a clearly defined valuation reference.

Analysts see a neutral balance

Investing.com reports a Neutral consensus from 19 analysts as of October 3, 2026, with 4 Buy ratings, 12 Holds and 3 Sells. The average target is EUR 9.845, while the high and low estimates are EUR 11.20 and EUR 8.65.

The target spread matters because Terna's reference price sits at EUR 9.15, compared with a 52-week range of EUR 8.53 to EUR 10.41. The average target therefore remains above the latest Milan quotation, while the low estimate is only EUR 0.62 below it.

H1 growth meets heavy investment

Terna's H1 2026 results provide the operating anchor for that valuation. Investing.com reports revenue of EUR 2.1 billion, up 12 percent year over year, and EBITDA of EUR 1.5 billion, up 8 percent, while net income increased 1 percent to EUR 591 million in H1 2026.

The mix was uneven but important. Non-regulated revenue rose 50 percent to EUR 451 million, and non-regulated EBITDA increased 81 percent to EUR 106 million, lifting that segment's margin to 24 percent from 20 percent. Capital expenditure also rose 20 percent to EUR 1.6 billion, directing more cash toward regulated grid development.

Buyback adds a capital signal

Terna's capital policy supplied the most recent company-specific update. Teleborsa reported on September 28, 2026, that Terna bought 421,000 ordinary shares between September 21 and September 25 at an average EUR 9.2305 per share. The purchases represented 0.021 percent of share capital, bringing treasury stock to 4,084,546 shares, or 0.203 percent.

The combination of 12 percent revenue growth, rising investment and a 4.33 percent dividend yield places Terna between income characteristics and infrastructure expansion. For investors, the key tension is visible in the numbers: earnings growth was modest at 1 percent, while the non-regulated business delivered much faster growth.

Terna stock stays below its yearly high

Terna stock was last at EUR 9.15 on October 2, 2026, with a market capitalization of EUR 18.4 billion and volume of 3,690,881 shares. The stock remains EUR 1.26 below its 52-week high of EUR 10.41, while the latest consensus target is EUR 9.845.