› Italy › TERNA – RETE ELETTRICA NAZIONALE SOCIETA PER AZIONI (IN FORMA ABBREVIATA TERNA S.P.A. )
TERNA – RETE ELETTRICA NAZIONALE SOCIETA PER AZIONI (IN FORMA ABBREVIATA TERNA S.P.A. )
TERNA – RETE ELETTRICA NAZIONALE SOCIETA PER AZIONI (in forma abbreviata TERNA S.p.A.) is a joint-stock company (società per azioni) registered in Italy at the Rome Company Registry under number RM-922416, with a value added tax number of IT05779661007 and an incorporation date of 5 July 1999. The company’s current registry status is listed as active.
Terna S.p.A. owns and operates Italy’s national high-voltage electricity transmission grid, acting as the country’s transmission system operator under a concession granted by the Italian state. Its principal activities cover the planning, development, maintenance and real-time dispatching of the national electricity transmission network, together with services that balance electricity supply and demand across the Italian grid. The company’s registered address is in Rome.
Alongside its regulated transmission business, Terna S.p.A. has expanded into non-regulated activities carried out through group companies, including cable manufacturing and system-integration services for grid infrastructure, and international electricity-transmission and interconnection projects.
Terna S.p.A. shares are listed on the Milan stock exchange operated by Borsa Italiana, part of Euronext, trading under the ticker TRN and included in the FTSE MIB index.
For the 2025 financial year, Terna reported consolidated Group revenue of approximately €4,033.0 million, consolidated operating income of approximately €1,789.9 million and consolidated net income of approximately €1,113.5 million, together with a Group workforce of approximately 7,117 employees. These figures were presented in Terna’s 2025 annual results, published on 26 March 2026, and relate to the Terna Group on a consolidated basis rather than to Terna S.p.A. on a standalone company-only basis. During 2025, Terna also carried out a capital-expenditure programme of approximately €3.5 billion, an increase of around 31% on the prior year.
On 12 May 2026, Terna’s ordinary shareholders’ meeting approved the company’s 2025 financial statements and authorised a dividend distribution of €0.3962 per share for the 2025 financial year.
- Company fundamentals
- Corporate linkage & group structures
- Digitized company financials
- Firmographics — websites, social profiles, revenue and employee estimates
Shareholders
5
Shareholders of TERNA – RETE ELETTRICA NAZIONALE SOCIETA PER AZIONI (TERNA S.p.A.)
Terna S.p.A. is listed on Borsa Italiana (ticker TRN, FTSE MIB index), and its shareholder base combines one long-term strategic investor with a broad free float of institutional and retail investors. Under Italian securities-transparency rules, listed companies publicly disclose only shareholders whose stake crosses the statutory notification threshold, so the holdings reported below represent significant, individually disclosed shareholders rather than Terna S.p.A.’s complete shareholder register.
According to disclosures published by Consob (the Italian securities regulator), Cassa Depositi e Prestiti S.p.A. holds an indirect interest of 29.851% in Terna S.p.A. through its subsidiary CDP Reti S.p.A.; this holding was last notified on 27 October 2014 and is reported by CDP itself as unchanged as of 30 June 2026. Two asset managers have separately crossed the disclosure threshold: BlackRock, Inc., reported at 5.014% as of 3 July 2025 (holding consolidated across multiple managed entities), and Lazard Asset Management LLC, reported at 5.122% as of 13 December 2016, an older filing that may not reflect Lazard’s current position. All disclosed stakes carry full voting rights. The remainder of Terna S.p.A.’s share capital is held in free float across numerous institutional funds and retail investors whose individual holdings fall below the public-disclosure threshold; several such funds appear in the fund-level holdings shown in the shareholder table on this profile.
Ultimate beneficial ownership
CDP Reti S.p.A., Terna S.p.A.’s largest disclosed shareholder, is itself owned by Cassa Depositi e Prestiti S.p.A. (59.1%, Italy’s state-controlled national promotional institution), State Grid Europe Limited (35%, a subsidiary of State Grid Corporation of China), and Italian institutional investors (5.9%), according to CDP’s own corporate disclosures. Because CDP Reti’s 29.851% stake in Terna S.p.A. and CDP Reti’s own ownership breakdown are reported in separate disclosures without a single confirmed common reporting date, no calculated effective ownership percentage is presented here. On this ownership chain, Cassa Depositi e Prestiti S.p.A. and State Grid Europe Limited are each indirect shareholders of Terna S.p.A. through CDP Reti S.p.A., but neither is identified by an authoritative source as Terna S.p.A.’s ultimate beneficial owner in an individual capacity, which is consistent with the disclosure practices typical of widely held, exchange-listed companies with dispersed free-float ownership.
Data availability
Shareholder disclosure for Terna S.p.A. is major shareholders only: Consob publishes holdings that cross Italy’s statutory notification thresholds for listed companies, while the large free-float shareholder base below those thresholds is not individually disclosed.
Sources
- Consob, Area Pubblica – Azionariato rilevante di TERNA – RETE ELETTRICA NAZIONALE SPA, https://www.consob.it/web/area-pubblica/w/terna-rete-elettrica-nazionale-spa-azionariato- (filings through 3 July 2025, retrieved 10 September 2026)
- Cassa Depositi e Prestiti, "CDP Reti", https://www.cdp.it/sitointernet/en/cdp_reti.page (data as of 30 June 2026, retrieved 10 September 2026)
Registry feed — rows exactly as filed with the source register, including entries the profile above does not cover.
| Shareholder | Type | Holding | Source Document |
|---|---|---|---|
| VANGUARD STAR FUNDS-Vanguard Total International Stock Index Fund | 16.1% | ||
| First TRT Exch-Trd Fd. II-First TRT NASDAQ Clean Edge Smart Grid Infra | 5.8% | ||
| Fidelity Concord Street Trust-Fidelity International Index Fund | 3.8% | ||
| VANGUARD Intl Eqy. INDEX Fd.S-Vanguard European Stock Index Fd. | 2.7% | ||
| Generali Investments Cee, Investicni Spolecnost, A.s. | 0.1% |
Officers
17
Directors and officers of TERNA – RETE ELETTRICA NAZIONALE SOCIETA PER AZIONI (TERNA S.p.A.)
Terna S.p.A.’s registered corporate-officer records include several active senior executives, with roles such as Executive Vice President of People, Organization & Change; Head of Project Execution Department; Head of Procurement; Head of Technologies & Asset Management (Engineering); and Executive Vice President of Innovation & Market Solutions, drawn from a total of 17 officer records on file. These records reflect senior operational and functional management roles rather than the statutory Board of Directors, and appointment or resignation dates are not recorded for them.
At Board level, Terna S.p.A.’s ordinary shareholders’ meeting held on 12 May 2026 elected a new Board of Directors of 13 members for a three-year term. Stefano Cuzzilla was appointed Chairman of the Board, and the Board subsequently appointed Pasqualino Monti as Chief Executive Officer and General Manager. These appointments are confirmed both by Terna’s official governance disclosures and by Italian financial-press coverage of the 12 May 2026 shareholders’ meeting. Legal representation and day-to-day management authority at Terna S.p.A. sit with the Chief Executive Officer and General Manager, distinct from the functional officer records described above.
Recent officer changes
- New appointment: Stefano Cuzzilla appointed Chairman of the Board of Directors, effective 12 May 2026 (source: Terna S.p.A. official governance page; Il Sole 24 Ore).
- New appointment: Pasqualino Monti appointed Chief Executive Officer and General Manager, effective 12 May 2026 (source: Terna S.p.A. official governance page; Borsa Italiana/Teleborsa).
- Board renewal: the full Board of Directors was renewed for a new three-year term by the shareholders’ meeting of 12 May 2026 (source: Il Sole 24 Ore; Borsa Italiana/Teleborsa).
Data availability
Officer information for Terna S.p.A. combines company-registered functional executive records (partial: 5 of 17 shown, without appointment or resignation dates) with Board-level governance data confirmed through the company’s official investor-relations disclosures and Italian financial press. Nationality and country of residence for individual officers are not disclosed in the sources reviewed and are reported here as not disclosed.
Sources
- Terna S.p.A., Board of Directors, https://www.terna.it/en/Governance/board-directors (retrieved 10 September 2026)
- Il Sole 24 Ore, "Terna: ok assemblea a bilancio e cda con Cuzzilla presidente e Monti ad", https://www.ilsole24ore.com/radiocor/nRC_12.05.2026_11.10_29510295 (12 May 2026, retrieved 10 September 2026)
- Borsa Italiana / Teleborsa, "Terna, nominato nuovo CdA con Stefano Cuzzilla presidente", https://www.borsaitaliana.it/borsa/notizie/teleborsa/finanza/terna-nominato-nuovo-cda-con-stefano-cuzzilla-presidente-ok-soci-a-cedola-95_2026-05-12_TLB.html (12 May 2026, retrieved 10 September 2026)
Registry feed — rows exactly as filed with the source register, including entries the profile above does not cover.
Group Structure
Group structure of TERNA – RETE ELETTRICA NAZIONALE SOCIETA PER AZIONI (TERNA S.p.A.)
Terna S.p.A. heads the Terna Group and has no verified controlling parent of its own: its largest disclosed shareholder, CDP Reti S.p.A., holds a minority stake of 29.851% of share capital, and no single shareholder has been confirmed by an authoritative source as holding a majority or controlling interest. Company-registry data on file identifies Terna S.p.A. as the parent of a group of direct and indirect subsidiaries spanning Italy, Switzerland, Montenegro and Uruguay at the first tier, with further subsidiaries recorded in Norway, Finland, India, China, Kuwait, Germany, Peru and Brazil, active in electricity transmission, cable manufacturing and energy-transition system-integration services. This reflects a company-registry snapshot; ownership percentages for most intra-group holdings are not published in the sources reviewed, so the structure should be read as partial with respect to ownership percentages.
Verified corporate relationships
| Entity | Country | Registration number | Relationship | Ownership | Status | Information date |
|---|---|---|---|---|---|---|
| Terna Rete Italia S.p.A. | Italy | IT 11799181000 | Direct subsidiary | Ownership percentage not disclosed | Active | 2 September 2026 |
| Terna Plus S.r.l. | Italy | IT 11670331005 | Direct subsidiary | Ownership percentage not disclosed | Active | 2 September 2026 |
| Terna Energy Solutions S.r.l. | Italy | IT 14891001001 | Direct subsidiary | Ownership percentage not disclosed | Active | 2 September 2026 |
| Brugg Kabel AG | Switzerland | CHE-105.960.250 | Direct subsidiary | Approximately 90% at acquisition (closed 1 March 2020); current percentage not confirmed | Active | 2 September 2026 |
Recent structural changes
- In March 2025, Terna Energy Solutions reorganised its cable and system-integration activities by establishing Altenia S.r.l. to consolidate system-integrator functions previously managed separately by LT, Terna Energy Solutions and Avvenia (source: Brugg Cables corporate website).
Data availability
Group-structure information for Terna S.p.A. is partial: the parent-level shareholding is fully disclosed through Consob filings, but ownership percentages for individual subsidiaries are not published in the sources reviewed, and the subsidiary list reflects a company-registry snapshot dated 2 September 2026 rather than a single consolidated corporate filing.
Sources
- Consob, Area Pubblica – Azionariato rilevante, https://www.consob.it/web/area-pubblica/w/terna-rete-elettrica-nazionale-spa-azionariato- (retrieved 10 September 2026)
- Terna S.p.A., "Terna: closing signed for the acquisition of Brugg Kabel AG (Brugg Group)", https://www.terna.it/en/media/press-releases/detail/TERNA-CLOSING-SIGNED-FOR-THE-ACQUISITION-OF-BRUGG-KABEL-AG-Brugg-Group (retrieved 10 September 2026)
- Brugg Cables, "Terna Energy Solutions", https://www.bruggcables.com/en/who-we-are/terna-energy-solutions/ (retrieved 10 September 2026)
Registry feed — rows exactly as filed with the source register, including entries the profile above does not cover.
TERNA – RETE ELETTRICA NAZIONALE SOCIETA PER AZIONI (IN FORMA ABBREVIATA TERNA S.P.A. )
Italy
Get complete shareholder and officer records, ultimate beneficial owner resolution, and ongoing ownership monitoring.
Frequently Asked Questions
What does TERNA – RETE ELETTRICA NAZIONALE SOCIETA PER AZIONI (IN FORMA ABBREVIATA TERNA S.P.A. ) do?
Terna S.p.A. owns and operates Italy's national high-voltage electricity transmission grid as the country's transmission system operator, covering planning, development, maintenance and dispatching of the network, plus non-regulated cable-manufacturing and grid system-integration services through group companies.
Who owns TERNA – RETE ELETTRICA NAZIONALE SOCIETA PER AZIONI (IN FORMA ABBREVIATA TERNA S.P.A. )?
Consob discloses three shareholders above Italy's notification threshold: Cassa Depositi e Prestiti S.p.A., via CDP Reti S.p.A., at 29.851% (notified 27 October 2014, reaffirmed by CDP as of 30 June 2026); Lazard Asset Management LLC at 5.122% (notified 13 December 2016); and BlackRock, Inc. at 5.014% (notified 3 July 2025). The remaining share capital is free float.
Who is TERNA – RETE ELETTRICA NAZIONALE SOCIETA PER AZIONI (IN FORMA ABBREVIATA TERNA S.P.A. )'s UBO (Ultimate Beneficial Owner)?
CDP Reti S.p.A. is owned by Cassa Depositi e Prestiti S.p.A. (59.1%), State Grid Europe Limited (35%, a State Grid Corporation of China subsidiary) and Italian institutional investors (5.9%). Because the CDP Reti-in-Terna and Cassa Depositi e Prestiti-in-CDP Reti percentages are reported in separately dated disclosures, no single calculated effective ownership percentage is presented; no individual has been identified by an authoritative source as Terna S.p.A.'s ultimate beneficial owner.
Is TERNA – RETE ELETTRICA NAZIONALE SOCIETA PER AZIONI (IN FORMA ABBREVIATA TERNA S.P.A. ) still an active company?
TERNA – RETE ELETTRICA NAZIONALE SOCIETA PER AZIONI (IN FORMA ABBREVIATA TERNA S.P.A. )'s status is listed as active.
When was TERNA – RETE ELETTRICA NAZIONALE SOCIETA PER AZIONI (IN FORMA ABBREVIATA TERNA S.P.A. ) incorporated?
TERNA – RETE ELETTRICA NAZIONALE SOCIETA PER AZIONI (IN FORMA ABBREVIATA TERNA S.P.A. ) was incorporated on 5 July 1999.
What is TERNA – RETE ELETTRICA NAZIONALE SOCIETA PER AZIONI (IN FORMA ABBREVIATA TERNA S.P.A. )'s registered address?
The registered address on file for TERNA – RETE ELETTRICA NAZIONALE SOCIETA PER AZIONI (IN FORMA ABBREVIATA TERNA S.P.A. ) is Rome, Italy.
What legal structure is TERNA – RETE ELETTRICA NAZIONALE SOCIETA PER AZIONI (IN FORMA ABBREVIATA TERNA S.P.A. ) registered as?
TERNA – RETE ELETTRICA NAZIONALE SOCIETA PER AZIONI (IN FORMA ABBREVIATA TERNA S.P.A. ) is registered as a Public Limited Company in Italy.
What is TERNA – RETE ELETTRICA NAZIONALE SOCIETA PER AZIONI (IN FORMA ABBREVIATA TERNA S.P.A. )'s revenue?
For the 2025 financial year, the Terna Group reported consolidated revenue of approximately €4,033.0 million and consolidated net income of approximately €1,113.5 million, published in results on 26 March 2026; these are consolidated Group figures, not Terna S.p.A. standalone figures.
Is TERNA – RETE ELETTRICA NAZIONALE SOCIETA PER AZIONI (IN FORMA ABBREVIATA TERNA S.P.A. ) listed on a stock exchange?
Terna S.p.A. shares are listed on Borsa Italiana (part of Euronext) under the ticker TRN and are included in the FTSE MIB index.
Who are the officers/directors of TERNA – RETE ELETTRICA NAZIONALE SOCIETA PER AZIONI (IN FORMA ABBREVIATA TERNA S.P.A. )?
Terna S.p.A.'s Board of Directors was renewed by the shareholders' meeting of 12 May 2026 for a three-year term. Stefano Cuzzilla was appointed Chairman and Pasqualino Monti was appointed Chief Executive Officer and General Manager.
Does TERNA – RETE ELETTRICA NAZIONALE SOCIETA PER AZIONI (IN FORMA ABBREVIATA TERNA S.P.A. ) have a parent company or subsidiaries?
Terna S.p.A. heads the Terna Group and has no confirmed controlling parent; its largest disclosed shareholder, CDP Reti S.p.A., holds a minority 29.851% stake. Company-registry data records direct and indirect subsidiaries in Italy, Switzerland, Montenegro, Uruguay and other jurisdictions, active in electricity transmission, cable manufacturing and energy-transition system-integration.
Can Zavia monitor changes to TERNA – RETE ELETTRICA NAZIONALE SOCIETA PER AZIONI (IN FORMA ABBREVIATA TERNA S.P.A. )'s ownership over time?
This profile reflects a point-in-time snapshot. Zavia's monitoring API can track changes to TERNA – RETE ELETTRICA NAZIONALE SOCIETA PER AZIONI (IN FORMA ABBREVIATA TERNA S.P.A. )'s registered shareholders, officers, and group structure going forward, flagging updates as they're filed rather than requiring a manual recheck.
Can I access TERNA – RETE ELETTRICA NAZIONALE SOCIETA PER AZIONI (IN FORMA ABBREVIATA TERNA S.P.A. )'s data through an API?
Yes. Zavia's API connects directly to official government ownership registries across 195 countries and territories, including Italy, so records like TERNA – RETE ELETTRICA NAZIONALE SOCIETA PER AZIONI (IN FORMA ABBREVIATA TERNA S.P.A. )'s registration, shareholder, UBO, and group-structure data can be queried programmatically instead of viewed one page at a time.