Strengthening of industrial targets in line with the expected growth in electricity demand
New strategic positioning in data center segment, leveraging on A2A’s expertise in the energy sector
Seizing new opportunities in the European market
Shareholders remuneration policy confirmed
Sound financial discipline to support credit rating metrics
Ongoing execution of sustainable and competitive transition initiatives towards the Net Zero 2050 goal
- Investment plan of 23 billion euro over 2024-35 period, of which:
- 16 to the Energy Transition
- 7 to the Circular Economy - EBITDA at 2.4 billion euro in 2028 and 3.6 billion euro in 2035
- Ordinary Net Income at 0.7 billion euro in 2028 and over 1.1 billion euro in 2035
- NFP/EBITDA never exceeding 2.8x over the Plan period
- Group’s commitment to maintaining the current credit rating confirmed
Milan, 12 November 2025 – The Board of Directors of A2A, chaired by Roberto Tasca, has examined and approved the 2024-3035 Strategic Plan Update, the Group’s industrial growth targets announced in the November 2024 Plan. The strategy, built around the two pillars of Energy Transition and Circular Economy, strengthens industrial objective s by consolidating core businesses and expanding through new growth initiatives. The Plan envisages 23 billion euro in investments, with over 35% already completed or in progress.
"With our Strategic Plan update, A2A reaffirms its strong commitment to solid and sustainable industrial growth, focused on creating long-term value for all stakeholders. We have increased total investments to 23 billion euro by 2035 to accelerate the Group’s development path and unlock new opportunities in innovative business areas. A2A’s long-standing presence in Lombardy – today a strategic hub for data centers – together with the significant acquisition of electricity networks in the provinces of Milan and Brescia, positions the Group in a privileged position to actively support the rollout of these digital infrastructures while capturing the related industrial and economic opportunities. Our goal is clear: to evolve from an energy partner into an integrated development platform, leveraging our assets, expertise, and ability to innovate," said Renato Mazzoncini, Chief Executive Officer of A2A. "To meet rising energy demand and support the electrification of consumption, we will continue investing in “future-fit” infrastructure, strengthening networks, generation capacity, and circular economy activities. We aim to consolidate A2A’s leadership in Italy while expanding our business model internationally, capitalizing on distinctive capabilities in environmental services and renewable energy. People remain the driving force of this Plan: their professionalism and dedication turn objectives into tangible results every day. Sustainability remains at the core of our strategy. We confirm our Net Zero target for 2050 and the reduction of the emissions factor by 2030, in line with our vision of a responsible energy future that safeguards future generations and the planet’s resources".
In a time of rapid change and technological innovation, A2A is strengthening its role as a key player in the energy sector, committed to supporting a more sustainable and efficient future for the country. Rising electricity demand driven by electrification of consumption and by the growth of data centers - the backbone of the digital revolution - is reshaping the energy system. Over the past five years, A2A has invested in improving network efficiency and expanding renewable energy generation, supporting customers through the energy transition. The 2035 Strategic Plan continues this same trajectory, with significant infrastructure investments, to meet rising electricity demand and increasingly decarbonised consumption. The update leverages A2A’s unique positioning in territories and sectors leading digital transformation, anchored on the strategic pillars of Energy Transition and Circular Economy. The ongoing energy transformation requires concrete actions and a long-term vision, and A2A is ready to respond with innovative and sustainable solutions.
The Plan update envisages 23 billion euro in investments, with 7 billion euro allocated to the Circular Economy and 16 billion euro to the Energy Transition, enabling the Group to reach 3.6 billion euro in EBITDA and over 1.1 billion euro in ordinary net income by 2035. The Group’s ambition for 2035 grows across both strategic pillars: in the Energy Transition, with 4 billion euro of RAB in electricity networks, 3.7 GW of wind and solar capacity, and 5 million customers; in the Circular Economy, 6.6 million tonnes of waste treated and new data centers to be developed leveraging energy assets as a platform to grow.
Energy Transition
The acquisition of electricity distribution networks in the provinces of Milan and Brescia has positioned A2A as a leading national operator and key enabler of electrification that is reshaping the sector. With 4.9 billion euro in planned investments, the Group’s infrastructures will be strengthened to ensure resilience and future grid requirements. E-mobility remains a core part of
the portfolio, with the target of installing 16,000 charging points by 2035, supported by a growth strategy focused on performance optimisation.
The Group’s growth in renewable generation continues, with a targeted strategy to reach 3.7 GW of wind and solar installed capacity by 2035. The integration of new renewable assets and the modernization of the thermoelectric fleet with high-efficiency assets will further diversify the generation mix, which already incorporates multiple risk-mitigation levers, including natural
hedging through the Group’s customer base.
In the Retail segment, amid a highly dynamic residential market environment, A2A confirms its target of 5 million customers by 2035, with around 70% as power customers. In industrial energy supply, where the Group currently holds a market share above 10%, further volume growth is targeted, supported by PPAs (Power Purchase Agreement) to help stabilize margins.
Circular Economy
The new Circular Economy Business Unit has been established to foster operational integration across business areas with complementary strengths generating synergies. Today, the BU includes waste management, water cycle, district heating, energy efficiency, and more recently, data-center related activities.
Data centers are a key innovation in the updated Plan, positioning the A2A Group both as an energy partner for market players - across energy supply, electricity networks, and thermal management - and as a direct developer, thanks to its strong presence in high-potential areas. 1.6 billion euro has been allocated to investments for the creation and management of new data centers, leveraging the Group’s energy assets as key enablers for the development of these digital hubs.
A2A intends to consolidate its leadership in the waste sector by 2035, managing about 6.6 million tonnes of waste. Investments planned will address Italy’s infrastructure gap and enhance waste valorisation, through energy and material recovery.
Our backyard
The Group is extending the Strategic Plan’s geographical reach beyond Italy, aiming for greater geographic diversification. Expansion into new countries will be guided by market potential, expected returns and speed of development, to mitigate execution risk and maximise returns. Expansion initiatives will be selected as alternatives to projects in Italy with the same level of investment.
Development initiatives will focus on the Waste-to-Energy and Power value chains, leveraging A2A’s distinctive expertise in energy recovery from waste and power generation, while exploring integration opportunities both upstream and downstream. This multi-value-chain approach will enable sustainable growth in the selected countries.
The Group’s development strategy follows an "anchoring-platform" model, with internationalisation driven by acquisitions or partnerships in priority value chains with progressive organic growth to consolidate presence over the medium-long term.
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Contacts:
Giuseppe Mariano
Media Relations, Social Networking and Web Manager
Silvia Merlo - Silvia Onni
Press Office
ufficiostampa@a2a.it
Tel. [+39] 02 7720.4583
Marco Porro
Investor Relations Manager
ir@a2a.it Tel. [+39] 02 7720.3974
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