Turning annual reporting into a shared strategic communication project 

Bringing different corporate perspectives together to rethink Terna’s reporting, strengthen its narrative and integrate sustainability more effectively into the way the company communicates its value.

Corporate reporting / Sustainability communications / Strategic narrative / Stakeholder engagement

Brief

Terna’s annual reporting provides a comprehensive picture of the Group, but the breadth and density of information can make it difficult for the most relevant messages to stand out. 

Building on work carried out earlier in 2025 with the CFO and Investor Relations teams to define how sustainability contributes to Terna’s business value, Terna asked Lundquist to help rethink its 2025 Annual Report: making the narrative more effective, bringing sustainability more clearly into the corporate story and ensuring that the report reflects what matters to different stakeholders. 

An important part of the challenge was to broaden the conversation beyond the functions traditionally responsible for reporting.

Our Work

We started with an analysis of Terna’s reporting and a benchmark of relevant market practices, identifying opportunities to strengthen the structure, hierarchy and overall narrative of the Annual Report. 

At the end of 2025, we brought together people from different functions across Terna (spanning finance, sustainability, strategy, investor relations and communications) in a dedicated workshop. 

Rather than involving each function only as a contributor to a specific section of the report, the workshop gave participants the opportunity to consider the Annual Report as a whole and discuss how the company’s story could evolve from different professional and stakeholder perspectives. 

The ideas and priorities emerging from the workshop then informed our redesign of the 2025 Management Report, with a particular focus on making the content easier to navigate, bringing the most relevant messages forward and creating a clearer connection between strategy, sustainability and value creation. 

Result

The project helped turn the 2025 Annual Report into a more shared strategic communication project, bringing together different perspectives to sharpen Terna’s overall narrative. This included exploring how to give greater prominence to the company’s role in the energy transition, alongside other key strategic messages, and ensuring these themes emerged more clearly throughout the report. 

To support a more consistent approach across the document, we also shared with content owners a set of writing guidelines and, above all, the key messages to bring forward in their respective sections.