As a Life Company, we promote a sustainable and competitive ecological transition to improve the quality of life of people and the territories where we operate.
Through our activities, we deliver sustainable growth and solid cash generation, creating value for shareholders.
1,681€M
2025 Capex
2,243€M
2025 Adjusted EBITDA
686€M
2025 Adjusted Net profit
0.104€/share
2025 Dividend
- Why invest in A2A
- Business model
- Sustainable growth
- Value for shareholders
Why invest in A2A
We are among the leading utilities in Italy in the energy, environment and network infrastructure sectors
The energy transition towards the electrification of consumption and the decarbonization of the generation mix, together with the adoption of circular economy models, represent structural system trends. Thanks to our future-fit assets and integration along the value chain, we are well positioned to proactively capture growth opportunities.
Future-fit business model
We create value through a diversified portfolio of high-quality assets
The uniqueness of our integrated business model, which combines industrial assets, regulated infrastructure and commercial activities, makes value generation tangible while reducing the risk profile.
Diversified generation portfolio with a growing focus on renewable sources and high-efficiency CCGT plants.
Second largest Italian operator by renewable electricity production.
1.9GW
Hydroelectric capacity
0.4GW
Photovoltaic capacity
0.3GW
Wind capacity
6.5GW
Thermoelectric capacity
Large and growing customer base in the Italian retail market and development of value-added energy services.
Second largest Italian operator by electricity sales in the free market.
2.1M
Electricity Customers
1.5M
Gas Customers
27.5TWh
Electricity volumes
2.8Bm3
Gas volumes
Integrated management of the waste cycle, water cycle and district heating.
Leading Italian operator in waste-to-energy and district heating.
1.9Mton
Waste collected
4.8Mton
Waste treated
3.1TWht
Heat sold
0.6€B
Water Cycle RAB
Investments supporting the electrification of consumption and system resilience.
Second largest Italian operator by distributed electricity volumes.
1.7€B
Electricity distribution RAB
1.3€B
Gas distribution RAB
0.4M
Light points
2.4k
EV charging points
Sustainable growth to 2035
Our industrial investments are aligned with our strategic vision and generate returns above our cost of capital
Our Strategic Plan to 2035 defines a clear path of industrial and economic growth, supported by investments that enable the ecological transition and energy autonomy.
Industrial Targets
We invest in building energy infrastructure and providing services to support the electrification and decarbonization of final consumption. We leverage our energy sites as a platform for data center development.
| KPI | 2025A | 2028E | 2030E | 2035E |
|---|---|---|---|---|
| Electricity RAB (€B) | 1.6 | 2.2 | 2.7 | 4 |
| Renewable capacity (GW) | 0.7 | 1.2 | 1.7 | 3.7 |
| Customers (M) | 3.6 | 4.1 | 4.4 | 5.0 |
| Waste treated*(Mton) | 5.8 | 5.6 | 6 | 6.6 |
*Includes property and managed plants
Driven by a culture of continuous improvement, we integrate AI across our operations on a daily basis, spanning customer service, predictive network maintenance, power generation forecasting, and the optimization of waste collection and street-cleaning. We use AI, including in many staffing functions, to enhance our effectiveness and efficiency.
Financial Targets
A2A has consistently outperformed the EBITDA and net income targets of the strategic plans presented in 2021 and 2022, thanks to significant industrial growth and hedging policies.
In 2026-2035, we also expect sustainable growth in profitability and shareholder remuneration.
| 2024A | 2025A | 2028E | 2030E | 2035E | |
|---|---|---|---|---|---|
| Adjusted EBITDA (€B) | 2.33  | 2.24 | 2.4 | 2.8 | 3.6 |
| Adjusted net profit (€B) | 0.82 | 0.68 | 0.7 | >0.8 | >1.1 |
| Dividend per share (€/share) | 0.100 | 0.104 | ≥0.117 | ≥0.127 | ≥0.154 |
| Capex (€B) | 23 | ||||
| NFP/EBITDA (x) | 2.5 | 2.4 | 2.8 | 2.7 | 2.4 |
2021-2022 Strategic Plans - target achieved
ESG targets
We renew our commitment to a competitive and just ecological transition, towards Net Zero by 2050.
| KPI | 2025A | 2028E | 2030E | 2035E |
|---|---|---|---|---|
| Scope 1 + Scope 2 emission factor (gCO2e/kWh) | 288 | - | 228 | 161 |
| Linear water losses - A2A Ciclo Idrico perimeter (cubic meter/km/day - average) | 15.4 | 15.4 | 14.9 | 13.9 |
| Investments eligible under the EU Taxonomy (%) | 66 | 76 | 77 | 80 |
| Injury Frequency Rate (If) | 14.4 | 13.61 | 12.28 | 9.91 |
| Women in positions of responsibility (%) | 29 | 32 | 35 | 40 |
2021-2022 Strategic Plans - target achieved
2026 Outlook
Market Outlook
The average value of the Base Load PUN (Single National Price) in the first half of 2026 stood at 127.0 €/MWh, an increase of +5.9% compared to the same period of 2025. After a start to the year at high levels, with an average of 132.7 €/MWh in January, prices fluctuated, reaching a peak for the period in March, when the Base PUN reached a value of 143.4 €/MWh. For the entire year 2026, forward curves indicate Base Load PUN prices with average values close to 130.4 €/MWh. According to projections by the experts of the European Central Bank published in June, Euro Area GDP is expected to reach +0.8% in 2026, +1.2% in 2027, and +1.5% in 2028. Compared to the projections of last March, GDP growth has been revised downwards by 0.1 percentage points for both 2026 and 2027 following the intensification of the conflict in the Middle East and the deterioration in consumer confidence. According to the Bank of Italy’s estimates, Italian GDP is expected to grow to +0.5% in 2026, to +0.4% in 2027, and then accelerate to +0.9% in 2028. GDP growth continues to be affected by weak domestic demand, hampered by rising energy prices and continuing geopolitical uncertainties.
Financial Outlook
The forecasts for 2026 confirm Adjusted EBITDA between 2.21 and 2.25 €B and Adjusted Group Net Profit between 0.63 and 0.66 €B.
In a still volatile scenario, the solidity of the economic and financial indicators confirms the effectiveness of the industrial model adopted and allows us to continue implementing the Strategic Plan with discipline and generating sustainable value for all stakeholders.
Value for shareholders
We are committed to generate sustainable value for our shareholders
A2A pursues the creation of sustainable long-term value through disciplined earnings growth, a solid financial structure and increasing shareholder remuneration.
Dividend policy
A2A couples industrial growth with disciplined financial management aimed at delivering long-term value creation.
The dividend policy provides for continued sustainable growth in the dividend per share, supported by solid cash flows and careful financial management.
21.0%
TSR '21-'25
≥4%
Dividend growth
annual growth
Useful resources
Services
A2A S.p.A. - P.I. 11957540153