A2A as an investment

Value from assets

We are a Life Company because we generate environmental, social and economic value, contributing to the quality of life today and in the future

The Group’s integrated model, built on the pillars of our strategy, ensures a unique strategic position at the core of the country’s energy transition.

Through a diversified portfolio of activities in energy, environment, and smart infrastructures, we deliver sustainable growth, a balanced risk-return profile, and long-term value for stakeholders.

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9M results

In the first nine months of 2025, A2A delivered sound financial results despite the normalization of hydroelectric production. The Smart infrastructures BU stood out with strong performance, driven by the successful consolidation of Duereti and by the organic RAB increase.

Consolidated EBITDA for the period reached €1,729 million, reflecting a decrease of 4%. Ordinary net income amounted to €559 million, down 16% compared to the same period last year.

Sustainable growth

2035 Strategic Plan Update

With our Strategic Plan update, presented on 12 November 2025, we are strengthening our efforts towards ecological transition and sustainable growth. In addition, we launched a new business line dedicated to Data Centers development.

We are progressing on our competitive transition path towards Net Zero.

Industrial Target

4.0€B

Electricity RAB @2035

3.7GW

Solar and wind capacity @2035

70%

Electricity customers @2035

6.6Mton

Waste treated @2035

Economic Target

	2024A	2025F	2028E	2030E	2035E
EBITDA (B€)	2.3	2.17-2.2	2.4	2.8	3.6
Ordinary net income (B€)	0.8	0.68-0.70	0.7	>0.8	>1.1
Dividend per share (€ cent)	0.100	≥0.104	≥0.117	≥0.127	≥0.154

Dividend policy

The new policy provides for sustainable growth of the dividend per share of at least 4% per year, starting from the dividend paid over 2023 (€0.0958 per share). The 2025 AGM approved the distribution of a dividend of €0.10 per share to be paid over FY 2024 (a total of 313 million didvidend payment), up 4.4% year on year.

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2025 Outlook

Financial Outlook

The forecasts for the 2025 financial year foresee an EBITDA of between 2.17 and 2.20 billion euro and a Group Net Income, net of non-recurring items, of between 0.68-0.70 billion euro.

The Group's commitment to sustainable finance continues in January 2025, A2A placed its inaugural European Green Bond of 500 million euro with a tenor of 10 years, the first on the market by a European corporate issuer, in accordance with EU Regulation 2023/2631.