Press Releases

A2A: results as at 30 september 2026

Growth in capex for the ecological transition continues: 1,131 million euro
Adjusted EBITDA of 1,673 million euro
Adjusted net profit of 473 million euro
NFP/ Adjusted Rolling EBITDA ratio of 2.8x

  • Capex amounted to 1,131 million euro, up 9% compared to the first nine months of the previous year, of which around 70% related to development projects for the upgrading and efficiency improvement of electricity distribution networks, the construction of photovoltaic assets, increasing the flexibility of generation plants and the growth of the Circular Economy businesses.
    67% of capex is eligible under the EU Taxonomy, with 56% aligned.
  • Adjusted revenue of 13,720 million euro: +35% compared to the first nine months of 2025 (10,169 million euro), mainly driven by the increase in the quantities of electricity sold on the retail market and brokered on wholesale markets.
  • Adjusted EBITDA of 1,673 million euro, down 3% compared to the first nine months of the previous year (1,729 million euro): the growth of regulated businesses, the diversification of energy sources and effective energy management actions implemented by the Group mitigated the increase in hydroelectric concession fees, the effects of the summer drought on hydroelectric production, energy price volatility and the lower contribution of some treatment plants.
  • Adjusted net profit of 473 million euro, down 14% compared to the same period in 2025 (550 million euro), following higher depreciation and amortization expenses driven by increased investments and the contraction in Adjusted EBITDA.
  • Net Financial Position at 6,063 million euro (5,474 million euro as of 31 December 2025), with an operating cash flow generation, supporting the Group’s organic growth after maintenance capex and dividend payments. NFP/ Adjusted Rolling EBITDA ratio of 2.8x (2.4x as of 31 December 2025). The cost of debt was unchanged at 2.7%.
  • The share of sustainable debt in total gross debt as of 30 September 2026 stood at 82%.
  • 2.7 GW of installed RES capacity(1), up 2% compared to the same period in 2025, thanks to the commissioning of new wind and photovoltaic plants.
  • 24.7 TWh of electricity sold on retail markets, up 22% compared to the first nine months of 2025, mainly driven by the B2B segment, of which 8.5 TWh of green electricity sold, up 3% compared to the first nine months of 2025.
  • An agreement was signed with Dolomiti Energia for the sale of the entire 91.6% stake held in Retragas, a company active in regional natural gas transport. The sale is part of the strategy to further focus on electricity networks, the upgrading of which is a key lever in supporting the country's energy transition.

Brescia, 10 November 2026 - The Board of Directors of A2A S.p.A. met today, chaired by Roberto Tasca, to review and approve the quarterly financial information as of 30 September 2026.

“In the first nine months of the year, our industrial model has once again proved to be a factor of stability: the diversification of business activities between the energy transition and the circular economy made it possible to mitigate the impact on individual sectors, preserve a solid performance and determinedly pursue a capex programme of over one billion euro, up 9% compared to the same period in 2025, 70% of which was earmarked for the development of renewable sources, the upgrading and efficiency improvement of electricity networks, and the Circular Economy”, commented Renato Mazzoncini, Chief Executive Officer of A2A. “We continue to provide citizens and businesses with accessible, reliable and sustainable energy. Thanks to our generation portfolio, we sell renewable generation in advance through long-term, fixed-price contracts (PPAs): green sources have known and stable production costs, and do not depend on commodity price volatility. This allows us to offer low and predictable prices, shielded from geopolitical tensions and market turbulence, with tariffs equal to about half of the current PUN. After large companies, in March we extended the option of signing PPAs to SMEs, which have already been available to households since 2023. By 2027, similar solutions will be extended to all remaining VAT-registered customer segments, making us the first Italian company to offer a comprehensive portfolio of 10 to 20-year PPA products across every customer category.”

Contacts
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

 

1 Includes hydroelectric, photovoltaic, wind and B2B retail solar plants

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