A2A, results as at september 30, 2023

CONFIRMATION OF THE IMPROVEMENT PATH IN ECONOMIC AND FINANCIAL INDICATORS

UPWARD REVISION TO 2023 GUIDANCE FOR EBITDA AND ORDINARY NET PROFIT

DEVELOPMENT OF STRATEGIC INFRASTRUCTURES FOR ENERGY TRANSITION

INCREASE IN ENERGY PRODUCED FROM RENEWABLE SOURCES

THE GROUP’S COMMITMENT TO SUSTAINABLE FINANCE CONTINUES: PORTION OF SUSTAINABLE DEBT AT 67%

• EBITDA at 1,354 million euro: +19% compared to 9M 2022 (1,136 million euro).
• Ordinary net profit at 402 million euro: +26% compared to the same period of 2022 (319 million euro).
• Revenues at 10,952 million euro: -35% compared to the same period of 2022 mainly following the contraction in electricity and gas prices on the markets.
• Mass market customer base at 3.5 million: +445,000 customers compared to 9M 2022
• Capex of 796 million euro for the development of plants of green energy production plants and for the enhancement and efficiency of networks to support the decarbonisation and circular use of resources
• Net Financial Position at 4,469 million euro (4,258 million euro as at December 31, 2022). Net of changes in the scope of consolidation of -12 million euro, the NFP increased by 223 million euro, given capex for 796 million euro and dividends for 283 million euro. NFP/EBITDA rolling ratio at 2.6x, down from December 31, 2022 (2.8x).
• Upward revision to guidance: The Group will target an EBITDA of between 1.88and 1.92billion euro and an Ordinary Group Net Profit of between 550and 570 million euro in 2023 on the basis of the significant results in the first nine months and the better than expected performance of the Generation & Trading and Market Business Units.

Energy Transition

• Introduced innovative offers for Power Purchase Agreement (PPA), aimed at mass-market customers and renewable energy producers, with the goal of making energy prices less exposed to market fluctuations. The Group is positioning itself among the leading players in the green energy market.
• New agreement for the construction of two 17.5 MW solar plants in Veneto: acquisition by A2A Rinnovabili S.p.A. of 100% of the companies Juwi Development 12 S.r.l. and Juwi, Development 13 S.r.l., which have obtained the authorisations for the construction and operation of two solar plants.

Sustainability

• 602 GWh of green energy from solar and wind sources in 9M 2023 (475 GWh in 9M 2022), +27%.

The Group's commitment to sustainable finance continues: in 2023, A2A successfully placed a new 500 million euro Green Bond with an 11-year term, receiving orders for approximately 2.2 billion euro (around four times the amount offered) to strengthen the Group's liquidity position and support its investment plan.

Following these transactions, the portion of sustainable debt to the Group's total gross debt as at September 30, 2023 reached 67% (60% as at September 30, 2022).

The Board of Directors of A2A S.p.A. has examined and approved the quarterly Financial Information as at September 30, 2023

 

Milan, November 14, 2023 - At today’s meeting of the Board of Directors of A2A S.p.A., chaired by Roberto Tasca, the Board examined and approved the quarterly financial information at September 30, 2023.

"The results of these nine months confirm the solidity of the growth path undertaken by our Group. In the course of the year, we invested around 800 million euro in new solar and wind power plants, network upgrades, and material and energy recovery. We have increased wind and photovoltaic production by 27%, and through power purchase agreements (PPA) with clients (Noi2) and producers (Enfinity), we can provide an increasing share of green energy, consolidating our role as a key player supporting the Country's ecological transition." - commented Renato Mazzoncini, Chief Executive Officer of A2A - "The significant improvement in the economic and financial indicators, supported in particular by the performance of the
Generation & Trading and Market Business Units, has allowed us to revise upwards the Group's guidance with EBITDA between 1.88 and 1.92 billion euro and a Ordinary Net Profit between 550 and 570 million euro. We are proceeding with conviction in the direction outlined in our Business Plan, aimed at fostering the decarbonisation and electrification of consumption: indispensable goals to provide concrete answers to the challenges of ongoing climate change and to help make the energy market more stable and autonomous."

In the first nine months of 2023, A2A achieved excellent economic-financial results, thanks to the excellent performance of the Generation & Trading and Market Business Units, which were able to benefit from a progressive normalisation of the energy context in which they operate.

The period saw an attenuation of the strong tensions in the energy markets that had characterised 2022, with wholesale electricity and gas prices falling significantly: the PUN (Single National Price) decreased by 60.2% (from 323 euro/MWh in 9M 2022 to 129 euro/MWh in the corresponding period of 2023) and the average cost of gas at the PSV by 67.2% (from 130.7 euro/MWh to 42.8 euro/MWh).

In a context characterised by downward dynamics in energy prices, the A2A Group has adopted effective hedging strategies and, thanks to the optimisation of the integrated production portfolio and profitable commercial development actions, has obtained significant increases in operating margins.

 

Contacts:
Giuseppe Mariano
Media Relations, Social Networking and Web Manager
Silvia Merlo - Silvia Onni
Press Office
ufficiostampa@a2a.eu
Tel. [+39] 02 7720.4583
Marco Porro
Investor Relations Manager
ir@a2a.eu Tel. [+39] 02 7720.3974

 

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