Shareholding

At 31 December 2024, A2A share capital amounts 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 24 April 2024 A2A Shareholders’ Meeting confirmed the purchase and disposal of treasury shares. A2A currently didn’t holds own shares.

We are a solid business entity with the municipalities of Brescia and Milan as major investors, holding 25% of the share capital each. Other municipalities also have a total share of 4.4%, while the remaining 45.6% is represented by the market, divided between institutional and retail investors

The institutional investors (investment funds and other financial institutions) hold about 30.8% of the share capital. Approximately 35% of the shares held by institutional investors are in funds that integrate ESG analyses into their investment processes. 43.6% of the free float in the hands of institutional investors is held by US investors, 18.5% by Italian investors, about 12% by British investors, 6.3% by French investors, followed by German and Irish investors with 5.8% and 3.3% respectively.

The retail investors (natural persons and legal entities in this category) hold 13,9% of the share capital. Almost all of the retail shareholding is resident in Italy, and in particular 58% in Lombardy. The investors residing in the provinces of Milan and Brescia hold 27.1% and 13%, respectively, of the total retail.

The data were prepared on the basis of the Shareholders' Register updated as of the dividend distribution date (May 22, 2024), communications received pursuant to Article 120 of the Consolidated Finance Act and other available information.

For further information about the shareholders that hold, directly or indirectly, a significant stake 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 at 30 June 2025 A2A S.p.A. owns 4,317,976 treasury shares, equal to around 0.14% 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).