A2a, results as at march 31,2025

CAPEX IN ECOLOGICAL TRANSITION CONTINUES
SOLID ECONOMIC AND FINANCIAL PERFORMANCE CONFIRMED
INCREASED SHARE OF REGULATED ACTIVITIES ON THE GROUP'S EBITDA
IMPROVEMENT IN NET FINANCIAL POSITION AND LEVERAGE RATIO
82% OF TOTAL DEBT IN ESG FORMAT

• Total capex of 335 million euro, of which 302 million euro organic (+37% compared to the previous year) and 33 million euro for M&A transactions, mainly attributable to the acquisition of the Sesto San Giovanni cogeneration plant from Edison.
• Revenues of 3,968 million euro: +16% compared to the first three months of 2024, driven by Duereti consolidation and the increase in energy commodity prices.
• EBITDA of 675 million euro: -4% compared to the first quarter of 2024 (703 million euro), mainly due to the alignment of hydroelectric production with historical averages. Net of the normalization related to hydraulicity, EBITDA increased by 1%.
• The contribution of regulated activities to the Group's EBITDA increased to 31%⁽¹⁾ (25% in the first quarter of 2024) thanks to the positive contribution of the new electricity distribution company Duereti.
• Net Income at 257 million euro: decreasing compared to the same period of 2024 (294 million euro, -13%). Net of the normalization related to hydraulicity, Net Income decreased by 5%.
• Net Financial Position at 5,616 million euro (5,835 million euro at 31 December 2024). Excluding changes in the scope of consolidation during the period, the NFP amounted to 5,583 million euro, thanks to an operating cash flow that more than covered capex for the period and improved NFP/rolling EBITDA ratio to 2.4x(2.5x as at 31 December 2024).
• Increase in fixed-price retail contracts, whose structure protects clients from price fluctuations and energy scenario. These contracts – with a duration up to 10 years, an option now chosen by almost 100,000 customers – allow a significant reduction in final consumers' bills compared to the first quarter of 2024.

Energy Transition and Circular Economy

• Establishment of the new Circular Economy Business Unit, into which the Waste, Water and Heat activities have been merged, in order both to optimize their integration and to adopt new solutions to further advance the decarbonization path.

The new purification plant in Calvisano, a municipality without these infrastructures so far, with a treatment
capacity covering the needs of 12,000 population equivalents (AE), has been inaugurated. The plant, which
uses advanced technologies, represents a first step to overcome the European infringement procedure
opened in 2014 and ensure compliance with EU regulations on wastewater treatment, allowing it to avoid
sanctions from the EU. This new asset has enabled the use of funds financed by PNRR.

Sustainability

• 72% of Capex was eligible for the purposes of the European Taxonomy (47% of aligned capex)
• The installed capacity of the electricity grid amounted to 8,376 MVA, up 56% compared to the value of the first quarter of 2024, with the consolidation of the company Duereti having a positive contribution.

A2A confirms its position as a reference point in sustainable finance: in January, in fact, A2A issued its inaugural European Green Bond of 500 million euro and tenor of 10 years, the first on the market by a European corporate issuer, in accordance with the EU Regulation 2631/2023.
Thanks to this transaction, sustainable debt weight on the Group's total gross debt reached 82% as of March 31, 2025 (75% as of March 31, 2024).

The Board of Directors of A2A S.p.A. has examined and approved the Quarterly Report as at 31 March 2025

Rome, May 13, 2025 - The Board of Directors of A2A S.p.A. met today and, under the chairmanship of Roberto Tasca, examined and approved the Quarterly Report as at March 31 2025.

The results of this quarter confirm the solidity of the industrial performance as well as of the economicfinancial indicators of the Group. Thanks to the integration of the new company Duereti, the percentage of regulated activities on Group EBITDA increased to 31%, helping to improve visibility and strengthen the stability of future results, allowing us to confirm the guidance for 2025. - comments Renato Mazzoncini, CEO of A2A – We increased our investments by 37% compared to the first quarter of 2024 in the strengthening and efficiency of networks, in the development of renewables, in the flexibility of generation plants, and in material and energy recovery. Cash flow ensured both the coverage of investments and the improvement of the PFN/EBITDA ratio, now equal to 2.4x.

In the first quarter of 2025, A2A showed good resilience in its economic and financial results, recording a slight decrease in operating margins. On one hand, it should be noted the contribution on margins deriving from the consolidation of Duereti, a company that benefited from the transfer by e-distribuzione of electricity distribution activities in some municipalities located in the provinces of Milan and Brescia. On the other hand, the effect of lower hydroelectric production, returning to historical average levels compared to the first quarter of the previous year, characterized by high hydraulicity, was partially offset by higher production from combined-cycle plants.
In a context characterized by increasing energy prices, with the average value of PUN (Single National Price) Base Load increasing by 50.2% compared to the same period in 2024 (from 91.9 €/MWh in 2024 to 138 €/MWh in 2025) and the average cost of gas at the PSV increasing by 65.6% (from 29.3 €/MWh in 2024 to 48.4 €/MWh in 2025), in the first quarter 2025 there were less opportunities for gas supply optimization than in the first quarter of 2024.

^{(1) Regulated EBITDA includes electricity distribution, gas distribution, integrated water cycle, district heating and regulated collection and treatment}

 

Contacts:
Giuseppe Mariano
Media Relations, Social Networking and Web Responsabile

Silvia Merlo - Silvia Onni
Press Office
ufficiostampa@a2a.it
Tel. [+39] 02 7720.4583

Marco Porro
Responsabile Investor Relations
ir@a2a.it Tel. [+39] 02 7720.3974

 

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