A2A, results as at 30 june 2026

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Ongoing growth in capex for the ecological transition: 718 million euro
Adjusted EBITDA of 1,181 million euro
Adjusted Net Profit of 374 million euro
NFP/Adjusted Rolling EBITDA ratio of 2.6x
S&P Global upgrades A2A’s business risk profile assessment

Capex of 718 million euro, up 5% compared to the first half of the previous year, of which approximately 70% related to development projects to upgrade and improve the efficiency of electricity distribution grids, for the further construction of photovoltaic assets, as well as for the growth of businesses in the Circular Economy.
67% of capex is eligible under the European Taxonomy, with 59% aligned.
Adjusted revenues of 8,425 million euro: +22% compared to the first half of 2025 (6,891 million euro) driven by the increase in the quantities of electricity brokered on the wholesale markets and the growth in volumes sold on the retail electricity market.
Adjusted EBITDA of 1,181 million euro, -3% compared to the first half of the previous year (1,223 million euro), due to the increase in hydroelectric concession fee costs and the temporarily lower contribution from some waste treatment plants. This trend was partly offset by higher wind and photovoltaic production, the positive performance of trading and energy management activities, and the growth in the contribution from regulated businesses, specifically electricity distribution and water cycle.
Adjusted Net Profit of 374 million euro, down 11% compared to the same period of 2025 (419 million euro), following the reduction in Adjusted EBITDA and the increase in depreciation and amortization due to higher capex deployed.
Net Financial Position at 5,786 million euro (5,474 million euro at 31 December 2025), with operating cash flow covering capex for the period. NFP/Adjusted Rolling EBITDA ratio of 2.6x (2.4x at 31 December 2025).
S&P Global has upgraded A2A’s business risk profile from “Satisfactory” to “Strong”, reflecting the Group’s continued growth in green investments, particularly in renewable energy and electricity distribution, as well as the stability of cash flows generated by regulated activities and long-term contracted operations. Following the improvement in the business risk profile S&P Global has also revised the FFO/Net Debt ratio thresholds to 20%-26%, from the previous 24%-30%.
S&P Global has confirmed A2A’s long-term rating at BBB, with a “stable” outlook.
The share of sustainable debt on total gross debt as at 30 June 2026 was 82%.
2.7 GW of RES installed capacity¹, up 5% compared to the same period of 2025, thanks to the commissioning of new wind and photovoltaic plants.
15.9 TWh of electricity sold on retail markets, up 24% compared to the first half of 2025, especially driven by the B2B segment. 5.4 TWh of green electricity sold, up 11% compared to the first half of 2025.
Signed an agreement with Equinix for the recovery and reuse of heat generated by data centers, which will be integrated into the district heating network of the city of Milan. The project represents one of the most significant circular economy initiatives applied to digital infrastructure in Italy which, once fully operational, will allow for the recovery of approximately 225 GWh/year of thermal energy, sufficient to meet the needs of over 21,000 homes.

Brescia, 30 July 2026 - The Board of Directors of A2A S.p.A., chaired by Roberto Tasca, met today and reviewed and approved the Half-Year Financial Report as at 30 June 2026.

“The results for the first half of 2026 confirm the soundness of our industrial model and the resilience of the Group's economic and financial fundamentals. In a context of persistent uncertainty in the energy markets and the international geopolitical scenario, we have continued to ensure a robust performance, translating the objectives of the Strategic Plan into concrete results and confirming our commitment to the ecological transition. The growth in capex, up 5% compared to the same period of 2025 to 718 million euro, together with the increase in installed capacity from renewable sources and the rise in green energy sold, demonstrates A2A's contribution to the decarbonisation of the country. The data center strategy outlined last November is taking shape: we have already secured the areas for the first two projects and the authorization processes are being launched. We have also signed a strategic partnership with Equinix, one of the most important players in digital infrastructure, for the recovery of heat generated by data centers to be used for district heating in Milan: a significant step towards an ecosystem in which the energy and digital transitions mutually reinforce one another. – stated Renato Mazzoncini, Chief Executive Officer of A2A - We have begun the move to the Group's new Milan headquarters, a choice that meets criteria of operational efficiency and real estate valorization. The Life Campus, powered entirely by renewable sources and designed according to high standards of energy and water efficiency, represents a concrete and innovative example of sustainable building.
Finally, we are pleased with S&P’s recognition of our strengthened business risk profile, which supports the Group’s continued growth.”

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^{1 Includes hydroelectric, photovoltaic, wind and B2B retail solar plants.}

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Giuseppe Mariano
Media Relations, Social Networking and Web Manager

Silvia Merlo - Silvia Onni
Press Office
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Marco Porro
Head of Investor Relations
ir@a2a.it
Tel. [+39] 02 7720,3974