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
Heat
Italian leader in district heating
3.1TWh
Heat volumes sales
0.6TWh
Electricity production from cogeneration plants
Water Cycle
Relevant presence in Lombardy
66Mm3
Water distributed
0.5€B
Water cycle RAB
Networks
Second Italian electricity DSO for distributed volumes
11.0TWh
Electricity distributed
2.6Bm3
Gas distributed
1.1€B
Electricity RAB
1.7€B
Gas RAB
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
Our megatrends
Different megatrends are driving our choices and actions in the 2024-2035 Business Plan, according to the two pillars of Circular Economy and Energy Transition.
In the field of Circular Economy, we addressed the following topics:
- Scarcity of resources and water crisis: all estimates state that mineral and water resources will soon be insufficient. Therefore, companies need to optimize production cycles by recovering resources, and new water infrastructures are needed to reduce waste and pipeline losses.
- Analysis of future urbanization: new infrastructures with digital logic will be necessary to enable Smart Cities.
- Demographic growth: this increases the consumption of natural resources, so an analysis of how and where this growth takes place is needed.
- Aware consumers: thanks in part to social media, there is a growing awareness of using products with a low environmental impact. Companies have the opportunity to raise quality standards along the product chain, creating new shared value.
- The advent of the sharing economy: the spread of sharing goods and resources will push companies to integrate this green economy business model to optimize supply management, eliminate waste from the system, and create new corporate value.
Regarding the Energy Transition:
- Decarbonization and climate change: the international community has recognized the need to keep global warming well below 2ºC. Therefore, the industry must accelerate the path of energy transition and decarbonization to limit its impact on the climate and the territory.
- Electrification of consumption: given the expected increase in electricity demand, ever more capable and resilient grid infrastructures will be required.
- Energy security: the increasing use of renewable energy sources will lead to a beneficial reduction in CO2 emissions but also to greater volatility in energy production, especially in adverse weather conditions. Therefore, it will be essential to develop flexible energy systems to ensure service continuity.
- Industry 4.0 and innovation: Digitalization and technological innovation will lead to new business models leveraging big data, analytics, and artificial intelligence.
Overperformance on 2023 and 2024 targets
A2A has constantly overperformed the targets of the strategic plans presented in 2021 and 2022 thanks to the significant industrial growth and the hedging policies.
The annual average of the Total Shareholder Return in 2021-2024 was equal to 23%.
The targets from 2025 onwards are shown in the Strategic Plan presented in November 2024
| 2023 | 2024 | 2025 | 2026 | 2027 | 2035 | |
|---|---|---|---|---|---|---|
| EBITDA Reported (€M) | 1,971  |
2,328 |
2,170-2,200 | 2,400 | 2,600 | 3,300 |
| Ordinary net income (€M) | 635 |
816 |
680-700 | 700 | 800 | >1,000 |
| Dividend per share (€) | 0.096 |
0.100 |
0.104 | 0.112 | 0.127 | 0.154 |
Legend: = achieved
Outlook 2025
The context is characterized by upward energy price dynamics, with the average value of the PUN (Single National Price) Base Load increasing by 28.3% in the first half of 2025 compared to the same period in 2024 (from 93.4 €/MWh in 2024 to 119.9 €/MWh in 2025) and the average cost of gas at the PSV increasing by 38.6% (from 31,2 €/MWh in 2024 to 43.3 €/MWh in 2025), in the first half of 2025, the opportunities for energy commodities hedging were fewer than in the same period of 2024.
The A2A Group constantly monitors the evolution of the energy and macroeconomic scenario and promptly identifies possible actions, aimed at greater protection of the economic and financial position.
In the first half of 2025, A2A showed good resilience in its economic and financial results, recording only a limited decrease in operating margins (-4%), despite the extraordinary hydraulics from which the Group benefited in the first half of 2024. In fact, the contribution of margins deriving from the consolidation of Duereti, the higher production from CCGT plants and the higher revenues from the disposal of waste through waste-to-energy plants largely absorbed the effect deriving from lower hydroelectric production, which returned to historical average levels. The same trends are expected in the second half of the year.
For the 2025 financial year, the forecast of EBITDA in the upper end of the range between 2.17 and 2.20 billion euro and Group Net Profit, net of non-recurring items, in the upper end of the range of between 0.68- 0.70 billion euro is confirmed.
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 | %
FFO / Net Debt | %:
2024F: 26,4
2027: 25,2
2030: 24,3
2035: 28,2
FFO / Net Debt | %:
2024F: 26,4
2027: 25,2
2030: 24,3
2035: 28,2
Shareholders return
Financial solidity on all indicators to support shareholder remuneration
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 Ordinary Shareholders’ Meeting approved the distribution 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€
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. DPS growth planned in March 24 plan was 3%.
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. DPS growth planned in March 24 plan was 3%.
Useful resources
Services
A2A S.p.A. - P.I. 11957540153