The New Strategic Plan envisages total CAPEX of 22 billion euros, 44% of which are focused on low-volatility businesses.
B€
22 B€ @2035
Notes:
* Includes M&A and partnerships
More than 40% of EBITDA, both in 2026 and 2030, is regulated or contractualised and characterised by low volatility; for the remaining part - mainly made up of margins related to electricity generation, energy retail and non-regulated waste treatment plants - the risk is mitigated by the hedging offered by the diversification of electricity generation sources, the consolidated customer base and the leadership position in the waste treatment sector in a market that is undersized in terms of plants.
B€
The 2024-2035 Strategic Plan envisages ordinary EBITDA growing from 1.9 billion euros in 2023 to 2.2 billion euros in 2026, to 2.6 billion euros in 2030 and above 3.2 billion euros in 2035. The 20232026 CAGR, net of the 2023 scenario effect, is 9%, while the corresponding value over the period 2023-2035 is 6%.
Ordinary net profit shows a growth trend consistent with the trend in operating margins, from 0.6 billion euros in 2023 and 2026 to 0.7 billion euros in 2030 and more than 1 billion in 2035. The CAGR 2023-2026 growth rate, net of the scenario effect on 2023, is 10%, while the corresponding rate for the period 2023-2035 is 7%.
B€
>3.2 €B @2035
CAGR
‘23-26*
CAGR
‘23-26*
Notes:
* CAGR net of 2023 scenario effect
B€
2,2 B€ 2024-2035
18-20 | 21-23 | 24-26 | 27-30 | 31-35 |
---|---|---|---|---|
2.2 | 3.9 | 5.1 | 6.9 | 9.6 |
Notes:
* Includes M&A and partnerships.
B€
>1 B€ @2035
CAGR
‘23-26*
CAGR
‘23-25*
Notes:
* CAGR net of 2023 scenario effect
c€
Notes:
* Dividend distribution proposal for 2023 is subject to AGM approval
Cumulative CAPEX of 5.1 billion euros are planned for the first 2024-2026 period, corresponding to an annual average of 1.7 billion euros, a 0.2-billion-euros increase compared to the 2021-2023 period. Excluding the effects of the extraordinary transaction and partnerships, the 2024-2026 annual average is 1.5 billion euros. The 2027-2030 period projects a cumulative figure of approximately 6.9 billion euros, corresponding to an annual average of 1.7 billion euros while, for the 2031-2035 period, a total of 9.6 billion euros is expected, corresponding to an annual average of 1.9 billion euros.
The Energy Business Unit's EBITDA is expected to grow from 1.1 billion euros in 2023 and 2026, to 1.3 billion euros in 2030 and over 1.5 billion euros in 2035, mainly due to the contribution of new renewable capacity (+3.1 GW compared to 2023, mainly attributable to the growth of solar installed capacity) to developments in plants aimed at increasing the flexibility of the electricity system (more than 60 MW of BESS installed capacity achieved between 2024 and 2030 and start-up of the new Economic targets 7 875 MW Monfalcone CCGT) and to the customer base (more than 5 million gas and power customers by 2035).
Approximately 7.8 billion euros are allocated to the Energy Business Unit between 2024 and 2035, of which 1.6 billion euros are expected in the period 2024-2026, 2.7 billion between 2027 and 2030 and 3.5 billion euros in 2031-2035. 34% will be dedicated to the development of renewables in the 2024-2026 period, rising up to 64% in the 2031-2035 period.
€B
Note:
* Of which 19€M one off
** per il 2035 si prevedono valori maggiori o almeno uguali rispetto a quelli visualizzati
€B
The growth of the Waste Business Unit is driven by the construction of treatment plants dedicated to closing the waste cycle and the strengthening of material and energy recovery. Gross operating margins (EBITDA) are expected to increase: from about 0.4 billion euros in 2023 and 2026, to 0.5 billion euros in 2030, to over 0.7 billion euros in 2035.
The Waste Business Unit invests 4.3 billion euros in the Plan period, of which 0.9 billion euros between 2024 and 2026, 1.3 billion euros between 2027 and 2030 and 2.1 billion euros in the period 2031-2035. The development of new WtE plants between 2024 and 2035 accounts for a total of 43%, while material recovery and waste treatment account for 34%.
€B
Note:
* Of which 3€M one off
** per il 2035 si prevedono valori maggiori o almeno uguali rispetto a quelli visualizzati
€B
In the Smart Infrastructures Business Unit, the 2023 EBITDA of 0.5 billion euros is expected to reach 0.7 billion euros in 2026, 0.9 billion euros in 2030, and over 1.1 billion euros in 2035. These results also include the contribution of the merger transaction in the province of Milan and Brescia (closing expected in the last quarter of 2024), which will bring an additional EBITDA of 0.2 billion euros by 2035.
9.1 billion euros are planned for the Smart Infrastructures Business Unit between 2024 and 2035, of which 2.9 billion between 2024 and 2026, 2.6 billion between 2027 and 2030 and 3.6 billion between 2031 and 2035. Approximately 80% of the Strategic Plan investments will be dedicated to distribution networks.
€B
Notes:
* Of which 19€M one off
** per il 2035 si prevedono valori maggiori o almeno uguali rispetto a quelli visualizzati
*** includes electricity networks, gas networks and water cycle
€B
Useful resources
Services
A2A S.p.A. - P.I. 11957540153