Press Releases

A2A, results as at 31 december 2025

Capex of 1.7 billion euro

Solid industrial performance with Adjusted EBITDA of 2,243 million euro

Adjusted net profit of 686 million euro

Improvement in Net Financial Position with an NFP/Adjusted EBITDA ratio of 2.4x

Proposed a total dividend of 0.104 euro per share with a 4.0% growth

83% of total debt in ESG format

  • Capex of 1.7 billion euro, +11% compared to the previous year, of which 1 billion euro relating to development projects, mainly aimed at strengthening and improving the efficiency of electricity distribution networks and increasing the flexibility of generation plants, as well as to the growth of businesses in the Circular Economy area.
    Approximately 70% of the capex eligible for the purposes of the European Taxonomy.
  • Adjusted revenues at 14 billion euro: +9% compared to 2024 following the consolidation of the company Duereti and the increase in volumes sold, in particular of electricity.
  • Adjusted EBITDA of 2,243 million euro, -4% compared to 2024, mainly due to the normalisation of hydroelectric production. Net of this effect, EBITDA grew by 4%.
  • Adjusted net profit of 686 million euro, decreasing 16% compared to the same period of 2024 (816 million euro). Net of the normalization of hydroelectric production, Net profit was down 1%.
  • A dividend of 0.104 euro per share will be proposed to the shareholders' meeting, up 4.0% compared to last year (0.10 euro per share).
  • Net Financial Position at 5,474 million euro (5,835 million euro at 31 December 2024), thanks to an operating cash flow covering capex and dividends, as well as cash-ins from asset disposal. NFP/Adjusted EBITDA ratio of 2.4x (2.5x at 31 December 2024).
  • Issuance of second European Green Bond, with net proceeds to be allocated to projects fully aligned with the European Taxonomy. Thanks to the 2025 transactions, the share of sustainable debt on total gross debt as of December 31, 2025 is 83% (78% in 2024).
  • A 15-year renewable energy Power Purchase Agreement (PPA) has been signed with ERG which, starting from 1 January 2027, will guarantee A2A approximately 2.7 TWh of wind energy. This supply will meet the needs of about 41 thousand households, for a total of 74 kt/year of CO2  avoided.
  • A liquid-cooled data center has been inaugurated in Brescia. It allows heat recovery and it’s connected to a district heating network: at full capacity it will produce 16 GWh of thermal energy per year, to heat about 1,350 apartments, avoiding the emission of 3,500 tons of CO2 per year.
  • 11.6 TWh green electricity sold, up 30% compared to 2024 and free electricity mass market customer base up 3%
  • 8,788 MVA the installed capacity of the electricity grid up 71% compared to 2024, thanks also to the consolidation of the company Duereti
  • 2,086 Points of Delivery (PoD) relating to electricity grid distribution, up 65% compared to 2024, thanks also to the consolidation of the company Duereti

Milan, 17 March 2026 - The Board of Directors of A2A S.p.A. met today and, under the chairmanship of Roberto Tasca, examined and approved the Annual Financial Report as at 31 December 2025.

2025 was still a year characterized by a complex and volatile energy scenario during which green policies and ESG values also seem to have lost their centrality. In this context, A2A continued to demonstrate its ability to adapt and execute, confirming the Group's industrial and financial solidity. With 1.7 billion euro in capex, up 11% compared to 2024, we have accelerated our development path in renewable energy, in the strengthening and efficiency of electricity distribution networks, with the installed capacity of the electricity grid up 71%, in improving the flexibility of generation plants and in strengthening our Circular Economy businesses — comments Renato Mazzoncini, CEO of A2A. – With the update of the Strategic Plan, we have further increased investments, bringing them to 23 billion euro, with a focus on the new data center business and an expansion of the scope of our activities in Europe. Strong cash generation and disciplined investments allow us to maintain a solid financial structure and a sustainable shareholder remuneration policy. We will submit a dividend of 0.104 euro per share to the approval of the next Shareholders' Meeting, an increase of 4.0%. Despite the international tensions we are witnessing, we will continue to invest in the capacity and flexibility of the energy system as well as in innovation and digitalization, with the aim of continuing to contribute to the country's ecological transition and creating long-term value for all our stakeholders.

Adjusted EBITDA decreased by 4% in 2025 compared to the previous year, a trend mainly attributable to the normalization of hydroelectric production. The effects of this normalisation were largely offset by positive factors, including the consolidation of Duereti, the greater contribution from the capacity market, retail margins and higher revenues from the disposal of waste from waste-to-energy plants. Excluding the impact of hydroelectric production, EBITDA grew by 4%.
The operating results were achieved despite the fewer opportunities for hedging energy commodities recorded in 2025 compared to 2024 (the hedging price was in fact lower on average in 2025 than in 2024).
Adjusted Net Profit decreased by 16% compared to the previous year. This decrease is attributable to three main factors: the contraction in Adjusted EBITDA, the increase in depreciation and amortization following higher capex and the conclusion of the Purchase Price Allocation process for the acquisition of Duereti, and the increase in net financial expenses, following the bond issues of the year and the bridge loan for the acquisition of Duereti. The cost of debt remains unchanged compared to 2024 and equal to 2.7%.
Improvement in Net Financial Position compared to 31 December 2024, with a leverage ratio of 2.4x that guarantees its full sustainability.

Dividend distribution proposal
The Board of Directors resolved to propose to the Ordinary Shareholders' Meeting the approval of a dividend of 0.104 euro per share, corresponding to a total dividend of approximately 325 million euro, up to 4.0% compared to last year, equal to 0.10 euro per share. The dividend will be paid starting from 20 May 2026 (ex-dividend date 18 May 2026 – record date 19 May 2026).

Guidance
The outlook for the 2026 financial year foresees Adjusted EBITDA in the range of 2.21 to 2.25 billion euro and Adjusted Group Net Profit in the range of 0.63-0.66 billion euro.

Contacts
Giuseppe Mariano
Head of Media relations, Social networking, and Web

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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