Financial & economics

2035 targets

Short-term targets confirmed with upside in the medium to long term

EBITDA

€B

The strategic plan, updated in November 2025, envisages EBITDA to grow from 2.2 €B in 2025F to 2.4 €B in 2028, 2.8 €B in 2030, and 3.6 €B in 2035. This is a CAGR of 5% over 2025-2035 and 6% over 2028-2035.

Ordinary Net Income

€B

Ordinary Net Income is expected to reach 0.7€B in 2025F, 0.7 €B in 2028, >0.8 €B in 2030, and >1.1 €B in 2035. This is a CAGR of 6% over 2025-2035 and 8% over 2028-2035.

NFP and debt ratios

	2024A	2025F	2028E	2030E	2035E
NFP (€B)	5.8	5.5	6.6	7.4	8.7
NFP/EBITDA	2.5	2.5	2.8	2.7	2.4
Cost of debt (%)	2.7	2.7	3.0	3.2	3.3
FFO/Net debt¹ (%)	26.0	24.3	24.0	24.6	28.9

Note:
(1) methdology based on cash FFO

Return metrics and dividend growth

>9%

Return on Investment² (ROI)

12%

Return on Equity³ (ROE)

≥4%

DPS growth (annual)

Notes
(2) ROI calculated as EBIT on Net Invested Capital, average 2024F-2035
(3) ROE calculated as Net Income including hybrid coupon / Equity pertaining to the Gruppo, average 2024F-2035

2026 outlook

Business outlook for 2026 Based on the development of industrial projects and considering price trends and market conditions, the A2A Group is expected to achieve in 2026:

EBITDA between 2.21 and 2.25 billion euro
Ordinary Net Income of the Group between 0.63 and 0.66 billion euro

Ordinary Net Income of the Group includes the estimate of higher depreciation and amortization resulting from the Purchase Price Allocation process related to the acquisition of 90% of Duereti S.r.l..

2.21 – 2.25€B

EBITDA

0.63 – 0.66€B

Ordinary Net Income