A2A, results as at 30 june 2025

ONGOING CAPEX GROWTH

SOLIDITY OF ECONOMIC RESULTS CONFIRMED

NET FINANCIAL POSITION AND LEVERAGE RATIO SIGNIFICANTLY IMPROVED

GROWING CONTRIBUTION TO MARGINS FROM ELECTRICITY DISTRIBUTION NETWORKS

COMPLETION OF THE SALE OF PART OF THE GAS DISTRIBUTION IN LINE WITH THE ECOLOGICAL TRANSITION PATH

LAUNCH OF THE STOCK OWNERSHIP PLAN FOR THE GROUP'S PEOPLE

• Organic Capex of 681 million euro (+23% compared to the previous year) mainly aimed at strengthening and improving the efficiency of networks, increasing the flexibility of generation plants, further developing photovoltaic and wind power plants, as well as the growth of the businesses in the Circular Economy, and Group digitalization.
• Revenues of 6,891 million euro: +13% compared to the first six months of 2024 following the consolidation of the company Duereti and the increase in energy commodity prices.
• EBITDA of 1,223 million euro: -4% compared to the first half of 2024 (1,279 million euro), mainly due to hydroelectric production more in line with historical averages. Net of the normalization related to hydraulicity, EBITDA grew by 2%.
• The impact of regulated activities on the Group's EBITDA rose to 32%⁽¹⁾ (25% in the first half of 2024), also thanks to the positive contribution of the new electricity distribution company Duereti.
• Net Profit of 434 million euro: decreasing compared to the same period of 2024 (489 million euro, -11%). Net of the normalization relating to hydraulicity, Net Profit grew by 1%.
• Net Financial Position of 5,325 million euro (5,835 million euro as at 31 December 2024), thanks to a cash flow that financed both capex and dividends, as well as cash-in from asset disposal. The NFP/EBITDA ratio improved to 2.3x (2.5x as at 31 December 2024).
• The growth of the customer base of the free mass market electric segment continues (+11%).
• A2A Life Sharing, the Employee Stock Ownership Plan covering the period 2025-2027, has been launched. The Plan allows all participating employees to become shareholders of the Group by receiving shares free of charge.

Energy Transition and Circular Economy

• Presented in Brescia, at the Lamarmora power plant, an innovative solution that allows new green heat to be recovered for the city from a data center. Thanks to liquid cooling, the system allows the recovery of heat at 65 °C which is destined for the city district heating network. At full capacity, it will produce 16 GWh of thermal energy per year, equivalent to the consumption of about 1,350 apartments, avoiding the emission of 3,500 tons of CO₂ per year. The initiative is part of Brescia's urban decarbonization path, whichin 2024 covered 83% of its heating needs with non-fossil sources.
• An agreement has been signed with bp for the supply of up to 10 annual LNG cargoes (approximately 1 billion cubic meters) from 2027 to 2044, which will cover approximately 20% of the Group's needs. The transaction will allow A2A to diversify its sourcing mix and benefit from greater security of supply and further price stability and visibility in the medium - long term.
• On 30 June 2025, with effect from 1st July 2025, the closing was signed for the sale to Ascopiave of 100% of the shares of the corporate vehicle that owns a compendium of assets consisting of approximately 490 thousand gas distribution pdr relating to ATEMs in the Provinces of Brescia, Cremona, Bergamo, Pavia and Lodi, for a consideration of 430 million euro. This transaction represents a further step in the Group's ecological transition path.

Sustainability

• 72% of capex eligible for the purposes of the European Taxonomy (51% of capex aligned)
• 8,682 MVA the installed capacity of the electricity grid up to 67% compared to the value of the first half of 2024, thanks also to the consolidation of Duereti
• 4,9 TWh of green electricity sold, up 35% compared to the value of the first half of 2024
• A2A confirms its position as a reference issuer in sustainable finance: sustainable debt on the Group's total gross debt reached 83% as at 30 June 2025 (77% as of 30 June 2024).

The Board of Directors of A2A S.p.A. has examined and approved the half-year report as at 30 June 2025

 

Milan, 31 July 2025 - The Board of Directors of A2A S.p.A. met today and, under the chairmanship of Roberto Tasca, examined and approved the half-year report as at 30 June 2025.

"The results of the half-year confirm the validity of the Business Plan and the solidity of the Group. Organic capex, intended for the country's ecological transition, grew by 23% compared to the same period in 2024, exceeding 680 million euro. Accurate financial management has allowed a further improvement of the NFP to 2.3X. The contribution to margins from electricity distribution networks is also growing, confirming their increasingly important role in our strategy for the decarbonization of urban centers – comments Renato Mazzoncini, CEO of A2A – Also with this objective, in June we inaugurated the first liquid-cooled data center connected to the district heating network in Brescia to provide the city with new green heat. To diversify the sourcing mix and benefit from greater stability and price visibility in the medium to long term, we have entered into an agreement with bp for the purchase of approximately 1 billion cubic meters of LNG per year. Also in June, "Life Sharing" was launched, the Employee Stock Ownership Plan for A2A people to which over 11 thousand colleagues have already joined. We continue our work with the utmost commitment to citizens and customers with the aim of sharing the value generated by the Group with all stakeholders, contributing to the sustainable development of the territory and the economic and social growth of the communities in which we operate."

In the first half of 2025, A2A showed good resilience in its economic and financial results, recording only a limited decrease in operating margins (-4%), despite the extraordinary hydraulics from which the Group benefited in the first half of 2024. In fact, the contribution of margins deriving from the consolidation of Duereti, the higher production from CCGT plants and the higher revenues from the disposal of waste through waste-to-energy plants largely absorbed the effect deriving from lower hydroelectric production, which returned to historical average levels.
Furthermore, in a context characterized by upward energy price dynamics, with the average value of the PUN (Single National Price) Base Load increasing by 28.3% compared to the same period in 2024 (from 93.4 €/MWh in 2024 to 119.9 €/MWh in 2025) and the average cost of gas at the PSV increasing by 38.6% (from 31,2 €/MWh in 2024 to 43.3 €/MWh in 2025), in the first half of 2025, the opportunities for energy commodities hedging were fewer than in the same period of 2024.

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

Contacts:

Giuseppe Mariano
Media Relations, Social Networking and Web Manager

Silvia Merlo - Silvia Onni
Press Office
ufficiostampa@a2a.it
Tel. [+39] 02 7720,4583

Marco Porro
Head of Investor Relations
ir@a2a.it
Tel. [+39] 02 7720,3974

 

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