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Circular economy in our strategy

The Circular Economy BU is evolving into new businesses and growing through synergies
  • Growth strategy
  • Areas of investment

Our growth strategy

As part of the Circular Economy we will reach 6.6 million tonnes of waste treated and new data centers to be developed leveraging energy assets as a platform to grow.

Areas of investment

Waste treatment: increased plant capacity

We consolidate our leadership in waste treatment increasing energy recovery

We intend to consolidate our leadership in the waste sector by 2035, managing about 6.6 million tonnes of waste. Investments planned will address Italy’s infrastructure gap and enhance waste valorisation, through energy and material recovery.

Total waste treated1

Mt

3.3€B​

CAPEX2
2024-2035​

0.7€B​

EBITDA2
@2035​

Notes:
(1) Includes the entire treatment capacity in use
(2) Refers to waste treatment business, including Collection

Circular businesses: a new Circular Economy strategy​

 New development opportunities by integrating waste management with water cycle, district heating, and data centers in the Circular Economy BU

We established a new Circular Economy Business Unit to foster operational integration across business areas with complementary strengths generating synergies. Today, the BU includes waste management, water cycle, district heating, energy efficiency, and more recently, data-center-related activities.

6.5€B

CAPEX
2024-35

1.3€B

EBITDA
@2035

Data center: we position ourselves as an energy partner and development platform

We operate as an energy partner for data centers

We position ourselves both as an energy partner for market players - in energy supply, electricity networks, and thermal management businesses - and as a direct developer, thanks to its strong presence in high-potential areas.

Energy production and sale to data centers

Expected electricity demand from data centers in Italy  could be up to 42 TWh to 2035.

For this reason we will offer the production and supply of energy to data centers, including long-term agreements to stabilize energy costs.

Data center electricity demand

Italy’s potential market

TWh

Up to 42TWh

Expected electricity demand
from data centers in Italy​

Source: Position paper "Italy of data centers", A2A-TEHA, 2025

Note:
(1) Data to 2035 refers to baseline scenario

Distribution network connection requests by data centers

Requests for connections to the MV network in Milan will reach 1.4 GW to 2035. We offer connection to the distribution grid within the areas where we operate as Distribution System Operator.

MV3 network connections

Connection requests Milan
MW

1.4GW

Request for connections
to the MV network in Milan

Source: Position paper "Italy of data centers", A2A-TEHA, 2025

Note:
(1) Data to 2035 refers to baseline scenario

Heat recovery by data centers

Recoverable heat from data centers in Milan to 2035 is higher than 3 TWht. We recover waste heat to power the district heating network in the areas served by the Group.

Data center heat1

Potential market Milan
GWht

>3TWht

Recoverable heat
from data centers in Milan 

Source: Position paper "Italy of data centers", A2A-TEHA, 2025

Notes:
(1) Excluding the power already installed by 2024 in the Metropolitan Area of Milan;
(2) Data to 2035 refers to baseline scenario

Our energy plants as a development platform to invest in new data centers

1.6 billion euros has been allocated to investments for the creation and management of new data centers, leveraging the Group’s energy assets as key enablers for the development of these digital hubs.

A2A Data Center Platform Model

Value proposition
We develop data centers by leveraging our competitive and distinctive advantages, such as direct connection to the Group's energy assets
Portfolio offer
We design and build energy-optimised data center infrastructures, to accelerate time-to-market and improve energy efficiency
Partnerships
We collaborate with specialised players to manage projects, creating shared value

A2A energy sites in Lombardy

~2.70

GW

Installed power capacity1

1,6€B

CAPEX
2027-35​

0.4€B

EBITDA
@2035​

Note
(1) The figure does not refer to the Group’s total power capacity in Lombardy, but to the sites with the highest potential for data center development (e.g., it excludes hydropower)

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