UNPRECEDENTED GROWTH OPPORTUNITY

Financial Outlook Reflecting the Expected Growth Robust EBITDA improvement resulting in increasing operating cash-flow generation EBITDA (€ m) CAGR 2022-2026 ~18% 360 - 400 290 - 320 240 - 260 190 220 160 - 170 2022 2023 2024 2025 2026 Operating Cash-flow (€ m) T CAGR 2022-2026 ~16% 240 - 260 190 210 170-190 150 - 170 110-130 2022 TERNA ENERGY 2023 2024 2025 2026 Considerable EBITDA improvement as a result of well-invested and high returns pipeline coming online Business plan underpinned by conservative economic assumptions that have already been outperformed by recently secured project terms Continuous improvement of profitability and low Working Capital needs bolster Operating Cash-flow FINANCIAL OUTLOOK 23 223

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