- The regulatory context
- The double materiality analysis
- ESG Information Disclosed
- The connectivity with economic-financial information
- The European Taxonomy
The regulatory context
The value we give to transparency
Sustainability Reporting represents a key opportunity to analyse and share our sustainability performance with stakeholders.
From 2024, the Integrated Report has been replaced by a dedicated section within the Management Report, in line with the entry into force of the Corporate Sustainability Reporting Directive (CSRD). The new regulation also introduces the European Sustainability Reporting Standards (ESRS), which define the new mandatory reporting standards.
Alignment with the CSRD has enabled us to consolidate the path already undertaken in the sustainability area, strengthening processes, technological tools and governance, while promoting an increasingly structured dialogue with stakeholders in the name of transparency.
The double materiality analysis
The identification of material topics
The double materiality analysis enables the identification of the most significant sustainability topics for our Group and for stakeholders, guiding our long-term strategy and initiatives.
In 2025, the analysis was updated in line with the ESRS standards, adopting an approach that considers both the impacts of our activities on the environment and society (impact materiality) and the ESG risks and opportunities that may influence economic and financial performance (financial materiality).
The process involved both internal functions and external stakeholders, leading to the identification of the main impacts, risks and opportunities relevant to the Group.
- Financial Materiality (Outside-in)
ESG risks and opportunities that could have a significant financial impact on A2A’s financial position and performance.
The assessment of risks and opportunities was carried out in line with the Enterprise Risk Management (ERM) Policy, assigning a rating based on impact and likelihood after taking mitigation measures into account. ESG risks and opportunities are integrated into the ERM framework and managed in the same way as non-ESG risks; those assessed as medium-high or high are considered material.
The analysis was further strengthened through the involvement of 20 stakeholders from the financial community, who were asked to prioritise risks and opportunities. The 11 responses received broadly confirmed the internal assessments and served as a benchmark in the event of any discrepancies. - Impact Materiality (Inside-out)
Material ESG topics on which the Company may have a significant impact on the economy, the environment and society.
The assessment of sustainability impacts was conducted with the involvement of 24 internal functions, which assigned a score from 1 to 5 to the impacts within their respective areas of responsibility, considering both severity and likelihood. For negative human rights impacts, in line with the ESRS, severity was given greater weight than likelihood. The results were consolidated and classified into four levels of significance, with the materiality threshold set at medium-high level.
The analysis was further strengthened through the involvement of external stakeholders (32 participants across 12 stakeholder categories), who were invited to complete a survey assessing the severity and likelihood of impacts. The 20 responses received broadly confirmed the internal assessments and served as a point of comparison in the event of any discrepancies. - The results of the impact and financial materiality assessments were consolidated
Resulting in the identification of 51 material impacts, 32 risks and 11 opportunities. The ESRS topics identified as material from the two perspectives are presented below.
ESRS Topic Impact materiality Financial materiality Impacts Risks Opportunities E1 - Climate Change x x x E2 – Pollution x x E3 - Water and marine resources x x E4 - Biodiversity and ecosystems x x x E5 - Circular economy x x S1 - Own workforce x x S2 - Workers in the value chain x x S3 - Affected communities x x x S4 - Consumers and end-users x x x G1 - Business conduct x x x The results of the Double Materiality Assessment were presented to the ESG and Local Area Relations Committee and to the Control and Risk Committee. They were subsequently approved by the Board of Directors at its meeting of 11 November 2025.
ESG Information Disclosed
Key Highlights of A2A’s Sustainability Reporting
42 %
of Board of Directors members are women
50%
of the Chief Executive Officer’s MBO linked to ESG targets
67%
of Board of Directors members meet the independence requirements set out in the Corporate Governance Code
In the “General Disclosures” section of the Sustainability Statement, A2A presents the reporting framework and principles underpinning its sustainability reporting, highlighting alignment with the Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS). The section defines the scope of the information disclosed, the methodological approach adopted and the level of integration with financial reporting, with a view to ensuring full transparency and consistency across all reporting components.
Within this context, the main supporting processes are described, including the Double Materiality Assessment, internal control and risk management systems, and the key methodological assumptions used in preparing the reported data. The section also provides governance-related information relevant to sustainability reporting, including the sustainability governance model, the roles and responsibilities of corporate bodies and organisational functions, and the integration of sustainability considerations into the Group’s control systems and decision-making processes.
288gCO2/kWh
emissions intensity (Scope 1 + Scope 2 – market-based)
5.5TWh
renewable energy generated
841kt
total waste generated by own operations
In the “Environmental Information” section of the Sustainability Statement, A2A provides a structured overview of its environmental performance and strategy, in line with the requirements of the CSRD and ESRS. The section outlines the main environmental impacts, risks and opportunities, together with the objectives, policies and actions adopted by the Group to manage and mitigate them.
In particular, detailed information is provided on the key topics underpinning the energy transition and circular economy, including greenhouse gas emissions, energy consumption and generation, natural resource management (including water resources), biodiversity protection and waste management. The section also presents quantitative indicators and improvement targets, highlighting the contribution of the various Business Units to the achievement of the Group’s environmental objectives, with the aim of providing a clear, comprehensive and measurable representation of environmental performance.
14,959
total employees as at 31 December 2025
14.5
employee occupational injury rate
183,000
students and teachers involved in sustainable education projects
In the “Social Information” section, A2A provides an integrated view of the key topics relating to people and stakeholder relationships, highlighting how these issues are managed within operational activities and business processes. The section outlines the priority areas on which the Group focuses, together with the tools and initiatives adopted to monitor and continuously improve performance over time.
Particular attention is given to workforce-related matters, including health and safety, wellbeing, professional development and inclusion, as well as the responsible management of the value chain, including respect for human rights. The section also explores relationships with local communities and other key stakeholders, illustrating engagement approaches and initiatives designed to generate a positive and lasting impact.
82%
of employees completed compliance culture training over the last two years
97%
of payments made within contractual terms
The “Governance Information” section provides a comprehensive overview of A2A’s corporate governance system and the ways in which the principles of integrity, transparency and accountability are embedded in business management and decision-making processes.
The section also covers ethical business conduct, including the policies and governance mechanisms adopted in the areas of ethics and compliance, such as anti-corruption measures and the promotion of responsible behaviour throughout the organisation. In addition, it describes the Group’s policy on supplier management, including supplier selection, qualification and monitoring processes, which incorporate environmental, social and ethical criteria and contribute to the promotion of sustainability standards across the value chain.
The connectivity with economic-financial information
An integrated document
The main objective of the CSRD is to place sustainability results on an equal footing with those reported in the statutory financial statements and to recognize their natural connection. Connectivity is therefore a crucial element in the preparation of the Financial Statements Package.
Economic-financial and sustainability information are managed in an integrated manner, with the aim of ensuring consistency and alignment across the different reporting areas. This approach makes it possible to present the company’s performance and main risk factors clearly and transparently, providing an overall and coherent view of both economic results and sustainability topics.
The Internal Control System
Reliable data and information
With the entry into force of the CSRD, we have introduced a specific internal control system, integrated into the broader Internal Control and Risk Management System and aligned with Model 262.
To achieve this objective, a risk management and internal control model has been defined and progressively implemented, designed to ensure data quality and to support the Chief Executive Officer and the Manager in charge of preparing the corporate financial reports in issuing certifications to the market regarding the compliance of Sustainability Reporting with European reporting standards (ESRS) and with the specifications adopted pursuant to Regulation (EU) 2020/852 (the so-called EU Taxonomy).
The 2025 Sustainability Report was subjected to a limited review by the independent audit firm KPMG S.p.A.
Furthermore, with the entry into force of the CSRD, we introduced a specific internal control system, integrated into the broader Internal Control and Risk Management System and aligned with Model 262.
The European Taxonomy
Share of eco-sustainable Revenues, CapEx, OpEx
The European Taxonomy is a classification system for economic activities that contribute to the following environmental objectives: climate change mitigation, climate change adaptation, sustainable use and protection of water and marine resources, transition to a circular economy, pollution prevention and control, and the protection of biodiversity and ecosystem health.
The analyses carried out have led to the identification of the share of Revenues, CapEx and OpEx considered eligible and/or aligned with the European Taxonomy.
Below are the results for 2025:
Revenues
CapEx
OpEx
Useful resources
Services
A2A S.p.A. - P.I. 11957540153