Funding needs: 8.1 €B between 2025 and 2035
Use of the capital markets to refinance existing and incremental debt, exploiting the most suitable instruments to provide diversification of sources and investors
- Value from assets
- Sustainable growth
- Effective finance strategy
- Shareholders return
Value from assets
Infrastructures, people and businesses at the core of our commitment for ecological transition
The industrial synergies between our businesses enable the creation of ecological transition models.
The quality and renewal of our assets make the generation of value for stakeholders and territories tangible.
Portfolio of activities, excellent positioning for critical mass and quality of assets.
Generation
Second Italian operator for RES production
1.6GW
Hydroelectric capacity
0.3GW
Photovoltaic capacity
0.3GW
Wind capacity
6.7GW
Thermoelectric capacity
Market
Second Italian operator for electricity free market sales
2.1M
Electricity Customers
1.5M
Gas Customers
Italian leader in energy recovery from waste
3.9M
Inhabitants served
1.8Mton
Waste collected
4.7Mton
Waste disposed of
2.1TWh
Electricity generated by WTE and other plants
1.7TWht
Heat generated by WTE and other plants
Networks
Second Italian electricity DSO for distributed volumes
11.0TWh
Electricity distributed
2.6Bm3
Gas distributed
66Mm3
Water distributed
1.1€B
Electricity RAB
1.7€B
Gas RAB
0.5€B
Water cycle RAB
Heat
Italian leader in district heating
3.1TWh
Heat volumes sales
0.6TWh
Electricity production from cogeneration plants
Results
In 2024, the A2A Group achieved excellent economic and financial results thanks to the excellent performance of the Generation & Trading and Market Business Units and the positive contribution of the other Business Units, ending the year with the best results ever and a ordinary net profit up 29% compared to 2023.
Sustainable growth
Infrastructures, people and businesses at the core of our commitment for ecological transition
We develop infrastructures on our territories to support people and businesses in electrification and decarbonisation by encouraging circular economy models.
With the update of the 2024-35 Strategic Plan, we confirm our ambition by maintaining the goals for 2035
Industrial Target
3.4€B
Electricity network RAB @2035
5.7GW
Renewables @2035
>7Mton
Waste treated @2035
Economic Targets
22€B
CAPEX 2024-35
3.3€B
EBITDA @ 2035
>1€B
Net Income @2035
Strategic Pillars of the Plan confirmed to support the ecological transition with an investment plan of 22 billion euros for 2024-2035
Circular economy
6 €B CAPEX 2024-2035
Strategic targets @2035
Waste
- >7 Mton Total Waste treated
- 3.0 TWhe Energy recovered
- >2 Mton Material recovered
- ~75% Separate collection index
Water
- 13 m3 Water leakage by km/day
- ~60% Green heat
Energy transition
Towards greater electrification of consumption and greener energy
16 €B CAPEX 2024-2035
Strategic targets @2035
Networks
- 3.4 €B Electricity network RAB
- 2.1 M Electricity POD
Energy
- 5.7 GW RES capacity
- 4.7 €B CAPEX FER
Customer
- >5 M Customer Base
- 800 k acquisitions/year ‘25-35
Outlook 2024
2024 operating results were achieved thanks to the strategies to optimise the integrated production portfolio, the hedging carried out and the commercial development actions in an energy context of lower volatility compared to the previous year, characterised by falling prices overall - albeit tending to rise in the last part of the year - with an average annual PUN of 108.4 €/MWh (down 14.9%) and the average cost of gas at the PSV at 36.3 €/MWh (in decrease of 14.3%). These activities will be carried out also in 2025, coherently with the objectives of 2024-2035 Strategic Plan
The A2A Group constantly monitors the evolution of the context, which remains characterised by high economic and geopolitical uncertainty and, as done in other situations of volatility, promptly identifies possible mitigating actions, aimed at greater protection of the economic and financial position.
The A2A Group's 2024 results confirm a growth in operating margins, driven by the increase in energy production from renewable sources as a result of high hydraulicity and the positive contribution of the energy retail sector. It should also be noted that the financial ratios remained solid, with a NFP/EBITDA ratio of 2.5x, a slight increase compared to the previous year (equal to 2.4x), despite the significant acquisition of the electricity distribution network from e-distribuzione, that will contribute to Group results starting from January 2025.
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.
Effective finance strategy
The Strategic Plan is based on a considered and selective capital allocation to ensure sustainable growth in profitability, based on three guidelines:
- Strategic: investments are aligned with growth trends related to Circular economy and Energy transition, with a focus on infrastructures and low-volatility assets.
- Financial: investments guarantee adequate returns, with a spread over the Group's WACC of at least 200 basis points, contributing to the generation and stability of cash-flow.
- ESG: resources are earmarked for decarbonisation and combating climate change, reducing resource waste and protecting biodiversity through increasing alignment with European taxonomy.
Average expected cost of debt: <2.8% at 2027
The cost of debt, thanks to careful management, is always kept below 3.5%
Average debt duration: >5 years between 2024 and 2035
Over the plan horizon, the average duration of debt is always expected to be above five years, thus reducing the refinancing risk
Sustainable Finance: 100% of ESG debt on total at 2035
The Plan's Financial Strategy will further increase the weight of Sustainable Finance to more than 80% in 2027, more than 90% in 2030 and reach a fully sustainable debt share in 2035.
FFO/ NET DEBT | %
Shareholders return
The progress in the Group's structural growth path has allowed for an update of the dividend policy. The new policy provides for sustainable growth of the dividend per share of at least 4% per year during the plan period, starting from the dividend for the 2023 financial year, amounting to 0.0958 euros per share.
As for the year 2024, the Board of Directors resolved to propose to the Ordinary Shareholders' Meeting the approval of a dividend of 0.10 euro per share, corresponding to a total dividend of approximately 313.3 million euro, up 4.4% compared to the dividend distributed last year, equal to 0.0958 euro per share.
Dividends per shares I c€
