A2A, results as at 30 september 2025

Accelerating capex for the ecological transition
Solid economic and financial results
Significant improvement in the Net Financial Position
Launch of A2A Life Ventures, the Group's new integrated open innovation company

• Organic Capex at 1,037 million euro (+15% year-on-year) primarily focused on strengthening the efficiency of electricity distribution networks and enhancing the flexibility of generation plants, as well as expanding the Circular Economy businesses.
• Revenues at 10,170 million euro: +12% year-on-year driven by the consolidation of Duereti and the increase in wholesale energy commodity prices.
• EBITDA at 1,729 million euro (-4% compared with the first nine months of 2024), mainly due to the normalisation of hydroelectric production. Excluding this effect, EBITDA grew by 3%.
• EBITDA from regulated activities at 30% (24% in September 2024), also thanks to the positive contribution of the new electricity distribution company Duereti.
• Net profit at 581 million euro, a 19% decrease year-on-year (713 million euro). Excluding the effect from the normalization of hydraulicity, Net profit decreased by 7%.
• Net Financial Position at 5,317 million euro (5,835 million euro at 31 December 2024), thanks to operating cash flow covering capex and dividends as well as cash-ins from asset disposal. NFP/EBITDA ratio at 2.4x (2.5x at 31 December 2024).
• Continued growth in the customer base of the free electricity mass market segment, up 7% compared with the first nine months of 2024.
• A2A Life Ventures has been established. This is the first corporate-funded company in Italy synergistically integrating all levers of open innovation to develop and test concrete digital, physical and AI-based solutions within A2A before scaling them to the broader market.
• A 15-year renewable energy Power Purchase Agreement (PPA) was signed with ERG which, starting from 1 January 2027, will supply A2A with approximately 2.7 TWh of wind energy. This supply will cover the annual needs of about 41,000 households, avoiding a total of 74 kt/year of CO₂.

Sustainability

• 70% of capex eligible under the European Taxonomy (51% capex aligned)
• 8,682 MVA installed capacity of the electricity grid, up 67% compared to the first nine months of 2024, also thanks to the consolidation of Duereti
• 8.3 TWh of green electricity sold, up 43% compared to the first nine months of 2024

A2A confirms its position as a reference issuer in sustainable finance: sustainable debt was 82% of the Group's total gross debt as of 30 September 2025 (77% as of 30 September 2024).
In addition, in October, the Group issued the first Blue Bond in Italy, in a private placement format. The proceeds will be allocated for the development and maintenance of water resources financing water networks – water supply and sewer systems - as well as wastewater treatment plants.

The Board of Directors of A2A S.p.A. has examined and approved the Quarterly Report as at 30 September 2025

Milan, 12 November 2025 - The Board of Directors of A2A S.p.A. under the chairmanship of Roberto Tasca examined and approved the Quarterly Report as at 30 September 2025.

"The first nine months’ results confirmed our solid business model and our ability to generate value through targeted and sustainable capex. - commented Renato Mazzoncini, CEO of A2A - We increased the investments allocated to organic growth by 15% to strengthen our networks and plants, further boost our renewable generation, our circular economy businesses, as well as our digital transformation journey. We have reinforced our commitment to decarbonising the country: since the beginning of the year, we have supplied 8.3 TWh of green energy, up 43% compared to 2024, and signed a 2.7 TWh wind energy PPA to expand our renewable portfolio and provide greater price stability for households and businesses. In October, we launched A2A Life Ventures, the first integrated open innovation vehicle in Italy, a platform designed to become a European benchmark for innovation in the ecological transition, anticipating global trends and creating long-term value."

EBITDA decreased slightly in the first nine months of 2025, down 4% year-on-year. The consolidation of Duereti, a stronger contribution from the capacity market, higher output from CCGT plants, and increased treatment revenues from waste-to-energy plants mostly offset the reduction from the normalization of hydroelectric production, net of which the EBITDA grew by 3%.
On the backof rising energy prices, with the average PUN Base Load increasing by 14.3% compared to the same period in 2024 (from €102 to €116.7/MWh) and the average cost of gas at the PSV increasing by 21.4% (from €33.6 to €40.8/MWh), the opportunities for hedging energy commodities were lower in the first nine months of 2025 compared to the same period in 2024.

Contatti
Giuseppe Mariano
Head of Media relations, Social networking, and Web Manager

Silvia Merlo, Silvia Onni
Press Office
ufficiostampa@a2a.it Tel. +390277204583

Marco Porro
Head of Investor Relations
ir@a2a.it
Tel. +390277203974

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