Shareholding

As of 31 December 2025, A2A share capital amounted to 1,629 million euros, divided into 3,132,905,277 shares with a par value of 0.52 euro each. All shares are voting shares, although - as laid down in art. 9 of by-laws - no individual shareholder other than the Municipality of Milan and the Municipality of Brescia may hold an equity interest exceeding 5% of the share capital. Should such ceiling be exceeded, the voting right attached to the shares held in excess of 5% of the share capital may not be exercised.

On 29 April 2025 A2A Shareholders’ Meeting confirmed the purchase and disposal of treasury shares.

A2A is a solid business entity with the Municipalities of Brescia and Milan as its major shareholders, each holding 25% of the share capital. Other municipalities collectively hold 4.5%, while the remaining 45.4% is represented by institutional and retail investors. Treasury shares account for 0.1% of the share capital.

Institutional investors (investment funds and other financial institutions) hold approximately 31.9% of the share capital.

Of the free float held by institutional investors, 45.7% is attributable to U.S. investors, 16.5% to Italian investors, 11.4% to British investors and 7.0% to German investors. French and Irish investors account for 5.7% and 3.6%, respectively.

Retail investors (natural persons and legal entities classified within this category) hold 12.8% of the share capital. The vast majority of retail shareholding is resident in Italy, of which 59% is concentrated in Lombardy. Investors residing in the provinces of Milan and Brescia account for 25% and 15%, respectively, of total retail shareholding.

The data have been prepared on the basis of the Shareholders’ Register updated as of the dividend payment date (19 May 2025), disclosures received pursuant to Article 120 of the Consolidated Finance Act and other available information.

For further information on shareholders holding, directly or indirectly, a significant interest in the Company (i.e., more than 3% of the share capital), please visit the Consob website.

A2A S.p.A shares are listed on Borsa Italiana stock market as of 2 January 2008.  Share capital amounts to 1,629 million euro and consists of 3,132,905,277 ordinary shares each of nominal value 0.52 euro.

The share capital of A2A S.p.A. has been unchanged since 2008 and no stock splits have occurred.

As of 31 December 2025 A2A S.p.A. owns 4,147,087 treasury shares, equal to around 0.1% of share capital.

Prior to the incorporation of ASM S.p.A. and Amsa S.p.A, the company AEM S.p.A. had been listed from 1998 to 2007 with a share capital of 936 million euro, consisting of n. 1,800,047,400 ordinary shares each of nominal value of 0,52 euro (1,000 lire before 2002).