Press Releases

A2A, results as at 31 march 2026

Ongoing growth of capex for the ecological transition:
315 million euro
Adjusted EBITDA of 647 million euro
Adjusted Net Profit of 221 million euro
NFP/Adjusted EBITDA ratio of 2.5x

  • Capex 315 million euro, up 4% compared to the first quarter of the previous year, of which approximately 70% related to development projects for the strengthening and efficiency of electricity distribution networks, for the further construction of photovoltaic assets, as well as for the growth of businesses in the Circular Economy area.
    66% of capex is eligible for purposes of the European Taxonomy.
  • Adjusted Revenues of 4,552 million euro: +15% compared to the first three months of 2025 (3,968 million euro) thanks to the increase in volumes of electricity sold on retail markets and intermediated on wholesale markets, partly offset by the decline in commodity prices.
  • Adjusted EBITDA of 647 million euro, -4% compared to the first quarter of the previous year (675 million euro), mainly due to the decrease in commodity prices, the increase in concession fees and the lower contribution of some treatment plants due to scheduled maintenance and revised service terms on the Acerra contract. This trend was partly offset by the growth of electricity distribution activities, and by higher renewable production.
  • Adjusted Net Profit of 221 million euro, down 11% compared to the same period of 2025 (249 million euro), following the contraction in Adjusted EBITDA and the increase in depreciation and amortization due to higher deployment of capex.
  • Net Financial Position at 5,628 million euro (5,474 million euro at 31 December 2025), due to seasonal factors. NFP/Adjusted EBITDA ratio of 2.5x (2.4x at 31 December 2025).
  • 2.7 GW of RES installed capacity, up 4% compared to the same period in 2025, thanks to the entry into service of new wind and photovoltaic plants.
  • 8.1 TWh of electricity sold on retail markets, up 24% compared to the first quarter of 2025, driven by B2B segment, of which 2.7 TWh green electricity sold, up 17% compared to the first quarter of 2025.
  • A 200 million euro loan has been signed with the European Investment Bank (EIB), intended for the modernization of the electricity distribution networks in Lombardy, with the renewal of approximately 450 km of medium voltage and 140 km low voltage grids, in line with decarbonisation targets. The share of sustainable debt on total gross debt as of March 31, 2026 was 82% (82% in 2025).


Milan, 14 May 2026 - The Board of Directors of A2A S.p.A. met today and, under the chairmanship of Roberto Tasca, examined and approved the Quarterly Report as at 31 March 2026.

"In the first quarter, we confirmed our commitment to the ecological transition, with a capex of 315 million euro, up 4% compared to the same period in 2025. Installed renewable capacity reached 2.7 GW, thanks to the entry into service of new wind and photovoltaic plants, and green production increased by 14%, consolidating A2A's role in promoting the growth of the country's energy autonomy." - comments Renato Mazzoncini, CEO of A2A - "We believe that renewable sources constitute a crucial lever to strengthen national energy independence and stabilize prices for families and businesses, and we hope for an evolution of the regulatory framework that accelerates their development. In a still volatile scenario, the solidity of our economic and financial indicators attests to the effectiveness of the company’s industrial model and allows us to look ahead with confidence, continuing with discipline in the implementation of the Strategic Plan and in the generation of sustainable value for all stakeholders."

Adjusted EBITDA, amounting to 647 million euro, decreased by 4% in the first quarter of 2026 compared to the same period of 2025, mainly attributable to the reduction in margins in the Generation and Trading Business Unit due to higher concession fees and lower energy commodity prices, as well as to lower operating margins of some Group's treatment plants.

These trends were partially offset by higher production in the renewables portfolio, growth in the electricity distribution business, as well as stable results in the energy retail segment.

Adjusted Net Profit, amounting to 221 million euro, decreased by 11% compared to the same period of the previous year. This decrease is attributable by two main factors: the contraction in Adjusted EBITDA and the increase in depreciation and amortization following higher capex deployed.

Net Financial Position, amounting to 5,628 million euro, increasing compared to 31 December 2025, with a leverage ratio of 2.5x which guarantees its full sustainability.

Guidance
The outlook for the 2026 financial year confirms an Adjusted EBITDA of between 2.21 and 2.25 billion euro and an Adjusted Group Net Profit of between 0.63-0.66 billion euro.

Download full text of the press release with data and tables.