The ongoing year-by-year evolution of our results demonstrates the significant growth of all the main profit and loss account indicators, thus enabling an increase in investments and in the dividends paid while maintaining a solid financial structure.
| FINANCIAL HIGHLIGHTS (million euros) | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Adjusted Revenues | 14,014 | 12,857 | 14,758 | 23,156 | 11,549 |
| Adjusted EBITDA | 2,243 | 2,328 | 1,971 | 1,498 | 1,428 |
| Adjusted EBIT | 1,190 | 1,317 | 1,017 | 682 | 660 |
| Group Net Profit | 750 | 864 | 659 | 401 | 504 |
| Adjusted Group Net Profit | 686 | 816 | 635 | 380 | 371 |
| Organic Capex | 1,681 | 1,512 | 1,376 | 1,240 | 1,074 |
| Net Capital Employed | 11,964 | 11,838 | 9,485 | 8,725 | 8,416 |
| Net Financial Position | 5,474 | 5,835 | 4,683 | 4,258 | 4,113 |
| Net Equity | 6,490 | 6,003 | 4,802 | 4,467 | 4,303 |
| Dividends (accrual basis) | 325 | 313 | 300 | 283 | 283 |
| Market cap. (year-end) | 7,237 | 6,720 | 5,824 | 3,900 | 5,389 |
| EBITDA BREAKDOWN BY BUSINESS UNIT (million euros) | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Adjusted EBITDA | 2,243 | 2,328 | 1,971 | 1,498 | 1,428 |
| Generation | 728 | 986 | 829 | 554 | 368 |
| Market | 464 | 462 | 299 | 125 | 214 |
| Circular Economy | 595 | 582 | 563 | 555 | 525 |
| Smart Infrastructures | 518 | 379 | 346 | 316 | 354 |
| Corporate | -62 | -81 | -66 | -52 | -33 |
| RATIOS | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Net Debt / Adjusted EBITDA (x) | 2.4 | 2.5 | 2.4 | 2.8 | 2.9 |
| Net Debt / Equity (x) | 0.8 | 1.0 | 1.0 | 1.0 | 1.0 |
| ROI | 9.9% | 11.1% | 10.7% | 7.8% | 7.8% |
| EPS (€/share) | 0.24 | 0.28 | 0.21 | 0.13 | 0.16 |
| Adjusted EPS (€/share) | 0.22 | 0.26 | 0.20 | 0.12 | 0.13 |
| DPS (€/share) | 0.104 | 0.1000 | 0.0958 | 0.0904 | 0.0904 |
| Adjusted pay-out | 47.4% | 38.4% | 47.3% | 74.5% | 70.8% |
| Dividend Yeld | 4.6% | 5.2% | 5.9% | 6.6 | 5.4% |
Useful resources
Services

A2A S.p.A. - P.I. 11957540153