08/08/2025 - A2A S.p.A.: 2025 Half-yearly financial report

2025

Interim financial report

June 30, 2025

Interim financial report

at June 30,

2025

This report is available

at the website

Contents

Corporate bodies

4

Scenario and Market

1

Key figures

of the A2A Group

5 4.1 Macroeconomic scenario 58

4.2 Energy market trends 61

5

Result sector by sector

2

Sustainability

and sustainable finance

6

Condensed interim consolidated financial statements

3 Consolidated results and report on operations		comprehensive income Consolidated cash-flow statement Statement of changes in Group equity	89 90 91
3.1 Overview of performance, financial conditions and net debt	30
3.2 Significant events during the period	40
3.3 Significant events after June 30, 2025	45
3.4 Climate change	46
3.5 Taxonomy	53
3.6 Outlook for operations	54

2 A2A Interim financial report at June 30, 2025

7

Notes to the Condensed interim consolidated financial statements

9

Evolution of the regulation and impacts on the Business Units of the A2A Group

8

Attachments to the notes to the Condensed interim consolidated financial statements

10

Risks and uncertainties

11

Statement on the Condensed interim consolidated

financial statements pursuant to art. 154-bis, paragraph 5

of Legislative Decree no. 58/98

222

12

Independent Auditors' Report

224

This is a translation of the Italian original "Relazione finanziaria semestrale al 30 giugno 2025" and has been prepared solely for the convenience of international readers. In the event of any ambiguity the Italian text will prevail.

The Italian original is available at the website

Corporate bodies

Board of Directors

Chair

Roberto Tasca

Deputy Chair

Giovanni Comboni

CEO and General Manager

Renato Mazzoncini

Directors Elisabetta Bombana Vincenzo Cariello Maria Elisa D'Amico Susanna Dorigoni Fabio Lavini

Mario Motta Elisabetta Pistis

Maria Grazia Speranza Alessandro Zunino

Board of Statutory Auditors

Chair

Silvia Muzi

Standing Auditors Maurizio Dallocchio Chiara Segala

Alternate Auditors Vieri Chimenti Patrizia Riva

Independent Auditors

KPMG S.p.A.

Corporate bodies

1

Key Figures of the A2A Group

2

Sustainability and sustainable finance

3

Consolidated results and report on operations

4

Scenario and Market

5

Result sector by sector

6

Condensed interim consolidated financial statements

7

Notes to the Condensed interim consolidated financial statements

8

Attachments to the notes to the Condensed interim consolidated financial statements

9

Evolution of the regulation

and impacts on the Business Units of the A2A Group

10

Risks and uncertainties

11

Statement on the Condensed interim consolidated financial statements pursuant

to art. 154-bis, paragraph 5 of Legislative Decree

no. 58/98

12

Independent Auditors' Report

Interim financial report at June 30, 2025

1

Key figures of the A2A Group

1.1

Business Units

The A2A Group operates in the production, sale and distribution of gas and electricity, district heating, waste services and the integrated water cycle.

These sectors are in turn attributable to the "Business Units" specified in the following scheme identified following the reorganization made by management:

Generation and Trading

• Thermoelectric, hydroelectric and other renewable plants

• Energy Management

  Market

• Sale of electricity and natural gas

• Energy Efficiency

• Electric mobility

  Circular Economy*

• Waste collection and street sweeping

• Processing

• Disposal and energy recovery

• Integrated water cycle

• District heating services

• Heat management services

  Smart Infrastructures

• Electricity grids

• Gas networks

• Development and management of technology infrastructures for integrated digital services

• Public lighting

  Corporate

• Corporate services

This breakdown into Business Units reflects the organization of financial reports regularly analyzed by management and the Board of Directors in order to manage and plan the Group's business.

(*) As of January 1, 2025, the new Circular Economy Business Unit has been established, incorporating the activities of the Waste, the Integrated Water Cycle and District Heating sector.

Corporate bodies

1

Key Figures of the A2A Group

2

Sustainability and sustainable finance

3

Consolidated results and report on operations

4

Scenario and Market

5

Result sector by sector

6

Condensed interim consolidated financial statements

7

Notes to the Condensed interim consolidated financial statements

8

Attachments to the notes to the Condensed interim consolidated financial statements

9

Evolution of the regulation

and impacts on the Business Units of the A2A Group

10

Risks and uncertainties

11

Statement on the Condensed interim consolidated financial statements pursuant

to art. 154-bis, paragraph 5 of Legislative Decree

no. 58/98

12

Independent Auditors' Report

1.2

Geographical areas of activity

Plants

Energy

Waste

Thermoelectric Hydroelectric Photovoltaic Wind

Waste-to-energy plant Waste treatment plant Material recovery plant Landfill

Biogas production

Services

Unsorted Waste collection

Distribution and transport

Electricity distribution Gas distribution

Gas transport

District heating District heating

Water Integrated Water Service

Lighting Public lighting

Electric mobility Recharge stations e-Moving

A2A Group is also present in the United Kingdom, in Spain, Greece, and Croatia with some technological partnerships related

to the activities of the Circular Economy Business Unit.

Lombardy

Milan

Brescia - Head Office

Sondrio Bergamo

Pavia

Varese

Como

Mantova

Lodi

Cremona

Monza

Lecco

Corporate bodies

1

Key Figures of the A2A Group

2

Sustainability and sustainable finance

3

Consolidated results and report on operations

4

Scenario and Market

5

Result sector by sector

6

Condensed interim consolidated financial statements

7

Notes to the Condensed interim consolidated financial statements

8

Attachments to the notes to the Condensed interim consolidated financial statements

9

Evolution of the regulation

and impacts on the Business Units of the A2A Group

10

Risks and uncertainties

11

Statement on the Condensed interim consolidated financial statements pursuant

to art. 154-bis, paragraph 5 of Legislative Decree

no. 58/98

12

Independent Auditors' Report

1.3

Group Structure

The chart illustrates the most notable shareholdings within the A2A Group. See attachments 1, 2 and 3 for full details of shareholdings.

A2A

gencogas

100%

A2A

Energia

100%

A2A

Ambiente

100%

A2A Smart City

100%

Acinque

41.34%

Ergosud

50%

Metamer

50%

Amsa

100%

Unareti

100%

Acinque Energia

99.75%

A2A

Energiefuture

100%

A2A Energy Solutions

100%

Aprica

100%

Duereti

90%

AGESP

Energia

70%

A2A

Rinnovabili

100%

AGRI-POWER

100%

LD Reti

100%

Retragas

91.60%

Acinque Ambiente

100%

Linea Green

100%

Linea Ambiente

100%

A2A Ciclo Idrico

100%

Camuna Energia

89%

Lereti

100%

ASVT

74.80%

Acinque Tecnologie

100%

A2A Calore & Servizi

100%

AEB

33.52%

A2A Airport Energy

100%

VGE 05

90%

Gelsia

100%

Sesto Energia

100%

Gelsia Ambiente1

100%

A2A Illu-minazione Pubblica

100%

RetiPiù

100%

Generation and Trading

Market

Circolar Economy (*)

Smart Infrasctructures

Other companies

1. 30% held through A2A Integrambiente S.r.l..

(*) As of January 1, 2025, the new Circular Economy Business Unit has been established, incorporating the activities of the Waste, the Integrated Water Cycle and District Heating sector.

1.4

Financial highlights

at June 30, 2025(*)

Corporate bodies

1

Key Figures of the A2A Group

2

Sustainability and sustainable finance

6,891

mln €

Revenues

434

mln €

Profit of the period

1,223

mln €

Gross Operating Income

3

Consolidated results and report on operations

4

Scenario and Market

5

Result sector by sector

6

Condensed interim consolidated financial statements

7

Notes to the Condensed interim consolidated financial statements

Income statement figures millions of euro	01.01.2025 06.30.2025	01.01.2024 06.30.2024
Revenues	6,891	6,091
Operating expenses	(5,203)	(4,370)
Personnel expenses	(465)	(442)
Gross Operating Income - EBITDA	1,223	1,279
Depreciation, amortization, provisions and impairment losses	(505)	(514)
Net Operating Income - EBIT	718	765
Result from non-recurring transactions	8	3
Financial balance	(83)	(50)
Profit before taxes	643	718
Income taxes	(186)	(211)
Profit (loss) from discontinued operations	-	-
Profit for the period attributable to non-controlling interests	(23)	(18)
Profit for the period attributable to the Group	434	489
Gross Operating Income/Revenues	17.7%	21.0%

8

Attachments to the notes to the Condensed interim consolidated financial statements

9

Evolution of the regulation

and impacts on the Business Units of the A2A Group

10

Risks and uncertainties

11

Statement on the Condensed interim consolidated financial statements pursuant

to art. 154-bis, paragraph 5 of Legislative Decree

no. 58/98

(*) The figures serve as performance indicators as required by ESMA/2015/1415.

For a description of the Alternative Performance Indicators used by the Group, please refer to the Report on Operations at December 31, 2024.

12

Independent Auditors' Report

Balance sheet figures millions of euro	06.30.2025	12.31.2024
Capital employed	11,439	11,838
Equity	6,114	6,003
Net financial position	(5,325)	(5,835)
Net financial position / Equity	0.87	0.97
Net financial position / EBITDA Rolling (*)	2.3	2.5

(*) EBITDA for the last 12 months

Financial data millions of euro	01.01.2025 06.30.2025	01.01.2024 06.30.2024
Cash flows from operating activities	858	558
Cash flow from investment activities	(285)	(587)
Free cash flow (Cash Flow Statement figure)	573	(29)

Energy scenario	06.30.2025	06.30.2024
Average of the PUN (Single Nationwide Price) Base load (Euro/MWh)	120	93
Average of the PUN (Single Nationwide Price) Peak load (Euro/MWh)	124	99
Average price of gas to the PSV* (Euro/MWh)	43	31
Average price of emission certificates EU ETS** (Euro/tonne)	73	66

* Price of gas of reference for the Italian market.

** EU Emissions Trading System.

Quantitative KPIs	06.30.2025	06.30.2024
Generation and Trading
Thermoelectric production (GWh)	3,258	2,012
Hydroelectric production (GWh)	1,973	2,723
Electricity sold to wholesale customers (GWh)	4,773	3,705
Electricity sold on the Power Exchange (GWh)	6,134	6,108
Market
Electricity sold to retail customers (GWh)	12,828	11,873
POD Electricity (#/1000)	2,122	1,981
of which POD Electricity Free Market	1,594	1,430
Gas sold to retail customers (Mcm)	1,552	1,738
PDR Gas (#/1000)	1,528	1,562
of which PDR Gas Free Market	1,360	1,392
Circular Economy
Waste collected (Kton)	955	925
Residents served (#/1000)	3,953	3,908
Waste disposed of (Kton)	2,421	2,420
Electricity sold from waste-to-energy and other plants (GWh)	1,105	1,011
Water distributed (Mcm)	33	32
Heat sales (GWht)	1,743	1,651
Electricity sold from cogeneration (GWh)	367	344
Smart Infrastructures
Electricity distributed (GWh)	9,410	5,465
Gas distributed (Mcm)	1,468	1,477
RAB Electricity (M€)	1,636	1,081
RAB Gas (M€)	1,794	1,725

Corporate bodies

1

Key Figures of the A2A Group

2

Sustainability and sustainable finance

3

Consolidated results and report on operations

4

Scenario and Market

5

Result sector by sector

6

Condensed interim consolidated financial statements

7

Notes to the Condensed interim consolidated financial statements

8

Attachments to the notes to the Condensed interim consolidated financial statements

9

Evolution of the regulation

and impacts on the Business Units of the A2A Group

10

Risks and uncertainties

11

Statement on the Condensed interim consolidated financial statements pursuant

to art. 154-bis, paragraph 5 of Legislative Decree

no. 58/98

12

Independent Auditors' Report

1.5

Shareholding*

45.5

Market

0.1

Treasury shares

%

4.4

25.0

Municipality of Brescia

25.0

Municipality of Milan

Other municipalities

Key figures of A2A S.p.A.

	06 30 2025	12 31 2024
Share Capital (euro)	1,629,110,744	1,629,110,744
Number of ordinary shares (par value 0.52 euro)	3,132,905,277	3,132,905,277
Number of treasury shares (par value 0.52 euro)	4,317,976	-

(*) Sources: Shareholders' Register updated at dividend payment date (May 19, 2025) and communications received in accordance with Art. 120 of Legislative Decree February 24, 1998, no. 58 ("TUF").

1.6

A2A S.p.A. on the Italian Stock Exchange

Market capitalisation at June 30, 2025 (millions of euro)	7,159
Share capital at June 30, 2025 (shares)	3,132,905,277

	First six months of 2025	Last 4 quarters
Average market cap (millions of euro)	6,965	6,690
Average daily volumes (shares)	10,627,623	9,314,202
Average price (€/share)	2.22	2.14
Maximum price (€/share)	2.36	2.36
Minimum price (€/share)	1.91	1.86

A2A in figures (Borsa Italiana)

Source: Bloomberg

On May 19, 2025 A2A distributed a dividend equal to 0.10 euro per share.

Corporate bodies

1

Key Figures of the A2A Group

2

Sustainability and sustainable finance

3

Consolidated results and report on operations

4

Scenario and Market

5

Result sector by sector

6

Condensed interim consolidated financial statements

7

Notes to the Condensed interim consolidated financial statements

A2A forms part of the following indices

FTSE MIB

STOXX Europe 600

STOXX Europe 600 Utilities EURO STOXX

EURO STOXX Utilities MSCI Europe Small Cap

WisdomTree International Equity S&P Global Mid Small Cap

S&P Global Dividend Aristocrats

ESG Indices

MIB ESG

FTSE4Good ECPI Indices

Ethibel Sustainability Index Excellence Europe EURO STOXX Sustainability

Euronext Vigeo Index: Eurozone 120 Solactive Climate and Energy Transition Index Source: Bloomberg and company information.

A2A obtained the following ESG ratings:

Assessment Rating

CDP Climate Change A-

CDP Water B

FTSE ESG Rating 3.8/5

ISS ESG B-

MSCI A

Refinitiv B+

S&P CSA 70/100

Sustainalytics 20.0/40

Vigeo 62/100

Moreover, A2A has been included in the Ethibel Excellence Investment Register and in the Ethibel Pioneer Investment Register and regularly participates in the assessments by Corporate Knights, EthiFinance ESG Ratings (formerly Gaia Research) and the ICI - ESG Identity Corporate Index (formerly IGI).

8

Attachments to the notes to the Condensed interim consolidated financial statements

9

Evolution of the regulation

and impacts on the Business Units of the A2A Group

10

Risks and uncertainties

11

Statement on the Condensed interim consolidated financial statements pursuant

to art. 154-bis, paragraph 5 of Legislative Decree

no. 58/98

12

Independent Auditors' Report

A2A: price and volumes

2.40

2.30

2.20

A2A

(€/share)

2.10

2.00

1.90

1.80

1.70

1.60

1.50

100

90

80

Volumes (M shares)

70

60

50

40

30

20

10

Jul. 2024

Aug. 2024

Sep. 2024

Oct. 2024

Nov. 2024

Dec. 2024

Jan. 2025

Feb. 2025

Mar. 2025

Apr. 2025

May. 2025

Jun. 2025

0

Volumes (right-hand axis) Price

A2A vs FTSE MIB and EURO STOXX UTILITIES

(Price 28th June 2024 = 100) Historical 30-day volatility

in the last 4 quarters:

140

FTSE MIB: 17.9%

130

120

110

100

A2A: 23.3%

Jul. 2024

Aug. 2024

Sep. 2024

Oct. 2024

Nov. 2024

Dec. 2024

Jan. 2025

Feb. 2025

Mar. 2025

Apr. 2025

May. 2025

Jun. 2025

90

A2A

FTSE MIB Euro Stoxx Utilities

Rating

Current

Standard & Poor's	M/L Term Rating	BBB
	Short Term Rating	A-2
	Outlook	Stable
Moody's	M/L Term Rating	Baa2
	Outlook	Positive

Source: Rating Agencies.

In the first half of 2025, European stock exchanges performed very positively (DAX Frankfurt +20.1%, IBEX Madrid +21.3%, FTSE 100 London +7.9%), benefiting from the shift of investment flows from the United States to Europe and the continuation of the ECB's

expansionary monetary policy (overall reduction of the reference rate by 100 bps over the period). In particular, the German index was supported by the new government's economic stimulus, including the investment plan for the defence sector. The French stock market (CAC 40 Paris

+4.4%) saw a more moderate increase, with the luxury sector feeling the effects of tensions linked to tariffs on international trade.

The US indices (Nasdaq +4.5 %) and (S&P 500

+5.0 %) gained ground especially in June with the partial easing of tensions over the tariff issue, which had previously impacted inflation and economic growth expectations. This potential for inflationary pressure prompted the Federal Reserve to maintain steady interest

rates through to the end of 2024. The Japanese Nikkei index (+1.5%) remained essentially stable, detracted by the downturn in technology stocks in the first quarter. The Hong Kong index (Hang Seng +20.1%) rose sharply, driven by new IPOs and capital inflows from mainland China, while the Shanghai index (CSI -1.6%) was affected by the weakness of the domestic economy.

The FTSE MIB index wrapped up the half-year with remarkable growth of +16.4%, propelled by the banking (+32.5%), financial services (+27.2%), telecommunications (+30.7%), and industrial (+23.6%) sectors.

The Italian utilities sector (+17.1%) slightly outperformed the FTSE MIB. Shares within this sector are seen as a defensive choice amid geopolitical and macroeconomic uncertainties, particularly for companies with a significant proportion of regulatory assets.

A2A shares rose 6.5%, closing at €2.29 per share. Performance was supported by both the resilience of first-quarter economic results and external variables, such as the ECB's expansionary monetary policy and the trend in

energy commodity prices. In the second quarter, the stock reached €2.36/share (the highest since June 2008), after quickly recovering from the decline at the beginning of April linked to the announcements on tariffs. The ex-dividend (equal to 10 euro cents per share) was paid out on 19 May.

The EURO STOXX Utilities Index rose 21.9% thanks to strong growth in companies active in electricity transmission and distribution, with significant development plans. Solid quarterly results also supported the performance of major integrated utilities, while the renewables segment recorded weaker momentum.

Corporate bodies

1

Key Figures of the A2A Group

2

Sustainability and sustainable finance

3

Consolidated results and report on operations

4

Scenario and Market

5

Result sector by sector

6

Condensed interim consolidated financial statements

7

Notes to the Condensed interim consolidated financial statements

8

Attachments to the notes to the Condensed interim consolidated financial statements

9

Evolution of the regulation

and impacts on the Business Units of the A2A Group

10

Risks and uncertainties

11

Statement on the Condensed interim consolidated financial statements pursuant

to art. 154-bis, paragraph 5 of Legislative Decree

no. 58/98

12

Independent Auditors' Report

Interim financial report at June 30, 2025

2

Sustainability and sustainable finance

2.1

Sustainability and sustainable finance

The Group value creation is based on the efficient use of resources, which, appropriately enhanced by the business model, enable the achievement of the set outcomes. The inputs that enable the Group to operate are many: economic resources, infrastructure, natural resources such as water, wind, sun but also natural gas, people and their knowledge and skills, and all the relationships with stakeholders and all the other actors in the value chain.

The final outcome envisaged by the A2A Group Industrial Plan is to promote the energy transition and the development of circular economy models and thus create sustainable value for people and territories, improving people's lives.

In recent years, the Group has reported on its activities and performance through the

Integrated Report; in 2025, A2A published, for the first time, its Sustainability Report, drawn up in accordance with EFRAG Standards and in compliance with CSRD and the related

Italian implementing decree (Legislative Decree 125/2024). The Sustainability Report, i.e. chapter 5 of the Report on Operations, was approved on April 29, 2025 by the Group Shareholders' Meeting. With the new reporting model, ESG topics and balance sheet information are even

more connected, showing how, within the Group, sustainability is embedded in the business itself.

Furthermore, as required by the regulations, the document includes the KPIs outlined by Regulation EU 2020/852 - Taxonomy of

Sustainable Investments - regarding eligible activities that are aligned with the six goals delineated by the European taxonomy classification system.

Environmental

The update of the 2024-2035 Strategic Plan confirmed the environmental goals already defined and further strengthened the Group commitment and ambitions in the ecological transition. The two pillars of circular economy and energy transition continue to drive the

investment plan. The Group decarbonisation goals for 2030 and 2035 remain unchanged, aiming for a 65% reduction in the Scope 1 and Scope 2 emission factor compared to 2017 levels. This will be achieved by eliminating Scope 2 by 2026, electrifying the corporate fleet,

and gradually reducing fossil fuel production. Furthermore, the Group has set the target to reduce emissions from upstream energy carriers by 65%, emissions related to gas sales to end customers by 26%, and emissions related to

the supply chain by 30% by 2035, compared to 2023 values.

At the same time, the Group is drafting its Climate Transition Plan and a specific action plan for the protection of biodiversity, which will be completed by the end of 2025.

In the first half of 2025, important initiatives were launched to establish what was defined in the strategic plan. In March, the new purifier in Calvisano, in the province of Brescia, was officially opened, part of a total investment of more than 81 million euro for the upgrading of the local water system, in line with European regulations.

Also in Brescia, the first data centre in Italy with liquid cooling connected to a district heating network was activated, enabling the recovery of thermal energy at 65 °C immediately available for heating buildings. When fully operational, the plant will generate 16 GWh of clean heat per

year, enough to cover the needs of around 1,350 flats, with an estimated saving of 3,500 tonnes of CO₂ per year.

Furthermore, on March 3, 2025, A2A secured

4.6 GW in the capacity market auction for the delivery year 2027, with a mix of gas plants and renewable sources, at a price of 47,000 €/MW/ year, in addition to annual agreements for 520 MW of foreign capacity. This result confirms the Group alignment with the goals of the 2024-2035 Strategic Plan and its active role in strengthening national energy security.

Social

As part of the Group stakeholder engagement activities, A2A Multistakeholder Forums have been renewed again this year, continuing the commitment made in previous editions to involve local stakeholders through dialogue and listening activities. In 2025, the programme of the "Transizione ESG: un'impresa comune" (ESG Transition: a joint effort) Forums includes 14 stops throughout Italy, 12 of which are

in cooperation with The European House Ambrosetti and the territorial associations of Confindustria. The last 2 will take place in Campania and Abruzzo for the first time,

featuring events with broader popular appeal.

The format aims to respond to some of the needs that emerged from the 2024 Multistakeholder Forums, which focused on two topics: "Sustainable supply chain"

and "Biodiversity and climate". From the first working group, the most urgent and necessary actions at the moment concern training events on sustainability tools and the transfer of specialised skills between companies through exchange programmes, due to the shortage of in-house skills, especially among SMEs. Another of the main critical issues encountered is securing financial resources, as the investments required from SMEs for the transition often do not align with their size and financial strength.

For these reasons, the 2025 pathway includes a closed-door meeting, attended by the Group suppliers and major customers, as well as

by Confindustria member companies, where the main topics of the sustainable transition are addressed, providing participants with exclusive global and local scenario figures, as well as with the results of a national survey on Italian companies' approach to sustainability. Following the meeting are two working groups aimed at providing participating businesses with concrete tools to integrate sustainability into their business model, to measure their

carbon footprint, and to draft an initial reporting document.

As in previous years, Territorial Sustainability Reports are presented at each stop.

The programme was launched in May and the territories involved until June were Piedmont, Friuli-Venezia Giulia, Liguria and Bergamo,

to be followed by Apulia, Brescia, South Lombardy, Valtellina - Valchiavenna, Abruzzo, Milan, Calabria, Sicily, Monza and Brianza and Campania.

In early 2025, initiatives were also developed in response to the needs that emerged from the second working group of the 2024 pathway on biodiversity:

• Webinars for schools (2024-2025 SY): introduction of the topic in 13 workshops of the educational project "Futuro in circolo" (Future continuous) and 2 dedicated webinars.

• Podcasts (autumn 2024 and 2025): 3 special episodes of "News dal Pianeta Terra" (News from Planet Earth) and 1 episode of "Cose Belle dal Pianeta Terra" (Good Things from Planet Earth) (live during the Life Talk in Gissi), in cooperation with Lifegate.

• Production of the documentary "Missione Amazzonia" (Mission Amazonia), in collaboration with 3BMeteo.

• Plogging (June 2025) in 3 stops to cover the Olympic Day week (June 23): Valtellina-Valchiavenna, Sicily, Liguria (Sestri Levante, Lavagna and Chiavari).

• Multimedia installation (summer 2025): in the area of the Gulf of Tigullio, in cooperation with the Verdeacqua Association, viewers will be positioned to allow everyone to explore the seabed and underwater biodiversity of the area.

• Project work with the Catholic University of Milan (January - May 2025): development of a communication campaign on biodiversity, based on the needs that emerged from the Brescia forum.

• Anton Dohrn zoological station and University of Catania: monitoring activities of the Kentish plover species in relation to anthropic activities.

• Lipu Pavia: environmental restoration of two wetlands by planting hygrophilous vegetation and shrub species, construction of a relief irrigation well to maintain water levels during drought periods, creation of bird observation points at the Bosco Giuseppe Negri nature reserve.

  Corporate bodies

  1

  Key Figures of the A2A Group

  2

  Sustainability and sustainable finance

  3

  Consolidated results and report on operations

  4

  Scenario and Market

  5

  Result sector by sector

  6

  Condensed interim consolidated financial statements

  7

  Notes to the Condensed interim consolidated financial statements

  8

  Attachments to the notes to the Condensed interim consolidated financial statements

  9

  Evolution of the regulation

  and impacts on the Business Units of the A2A Group

  10

  Risks and uncertainties

  11

  Statement on the Condensed interim consolidated financial statements pursuant

  to art. 154-bis, paragraph 5 of Legislative Decree

  no. 58/98

  12

  Independent Auditors' Report

  In 2025, the educational activities dedicated to schools proceeded in continuity with the training offer launched in the 2024/25 school year.

  The Group involved teachers and students in educational visits to plants and in environmental educational projects at national and territorial level, also through collaboration with partners and institutional stakeholders. The "Futuro in Circolo" project, the national environmental educational programme promoted by the

  A2A Group to make the new generations aware of sustainability topics, has reached its second edition, involving 4,300 classes throughout the country, for a total of about 110,000 students and teachers. Aimed at

  institutions of all levels, the programme offered an educational experience integrated with the teaching of Citizenship education. At the end of the pathway, the "In Movimento per il

  nostro Pianeta" (In Motion for our Planet) contest collected more than 110 projects from almost

  80 different schools, enhancing the concrete actions implemented by the participants in their territories to build a more sustainable future.

  The 2024-2025 edition of #AmbienteaScuola confirmed the effectiveness of an educational model based on participation, innovation and collaboration between schools, institutions and companies. Over the course of the school year, more than 2,000 young people in Milan delved into the topics of the circular economy, waste management and its proper recovery, through a structured experience involving 26 school buildings with about 120 classroom interventions and the distribution of more than 400 educational kits. The activities, carried out through workshops, educational materials and digital tools, also offered a glimpse into the potential of artificial intelligence to stimulate environmental awareness right from the school desks.

  The "Guarda, è così che si fa!" (Look, that's how it's done) contest, the environmental educational pathway promoted by A2A, Aprica and the Municipality of Brescia, which over the last few months has involved more than 30 classes from the City primary and secondary schools and around 800 "student-directors" of sustainability, has come to an end with an award ceremony in Brescia.

  A project, launched last October, that combined education, creativity and active citizenship, transforming young people into real authors and

  performers of videos dedicated to the topics of recycling, waste sorting and circular economy.

  Together with the University of Calabria, YES Europe and SVIMEZ, the Group involves engineering students to promote the culture

  of water sustainability and enhance the role of industrial investments in the management of the resource. The first stop of the dissemination project promoted in Calabria by A2A, dedicated to the protection of water and to the role of industrial operators in its management, has come to an end, with the aim of promoting

  a shared technical and scientific reflection on the value of this strategic resource for

  Southern Italy. A2A confirms its commitment to dissemination, promoting correct information on hydroelectricity and integrated management of the water cycle, also through the active involvement of the new generations, which can contribute to building sustainable development models and strengthening the link between innovation, territories and environmental resources.

  In 2025, we also celebrated the International Day for Women and Girls in Science, an anniversary established by the United Nations to promote gender equality in science and technology. For years, our Group has been committed to promoting equal access and participation of the female population in STEM fields: since 2018, we have joined the Elis Sistema Scuola Impresa project with a specific focus on girls and their access to

  professions in male-dominated fields. In 2025, another 6 female colleagues will carry on the commitment of our Group as Role Models.

  The new edition of Assolombarda Premi al Merito (Merit Awards) is back, an initiative that aims to enhance talents and to encourage female and male students who have distinguished themselves for dedication and achievement.

  Discover the opportunity reserved for sons and daughters of employees of member companies in the Lodi office.

• STEM Merit Award | In order to enhance talents and promote STEM education, 10 awards of 500 euro each will be granted for a secondary educational pathway; 8 awards

  of 500 euro each will be granted for a tertiary educational pathway (Sciences, Technologies, Engineering, Mathematics).

  • Maria Cosway Award | In order to enhance the talent of young people in initiatives of high social value, solidarity and civic commitment, following the model of Maria Cosway, 2 awards of 500 euro each will be granted to secondary school female students involved

in extracurricular initiatives with high social, cultural and philanthropic content.

In addition, this year we are also promoting the Confindustria Lecco e Sondrio initiative, that allocates three scholarships to the memory of Plinio Agostoni, President of the Association from June 2022 to March 2024, to support young people within the area. Three female

or male students resident in the provinces of Lecco and Sondrio and enrolled in the 2024/2025 academic year will have the opportunity to access the scholarships for a tertiary educational pathway, either a three-

year Bachelor's degree or ITS Academy, who are attending their first year of course.

The three scholarships are worth 2,000 euro each per study year. Scholarship will be

awarded based on merit and income, and will be sustained for the duration of the study cycle, subject to academic achievement.

At the end of April 2025, A2A Life Sharing

was also approved, the Group widespread shareholding plan: people will be able to receive A2A shares on favourable terms and become A2A shareholders.

With this new initiative, the Group wants to confirm its focus on its colleagues and its desire to strengthen their sense of belonging to the company. The LIFE Sharing project aims to involve employees within the company growth pathway and to share the results of a work built together.

The Plan - intended for workers with permanent or apprenticeship contracts - is divided into three cycles (in 2025, 2026 and 2027), during which participants will be assigned, without any financial outlay, ordinary A2A shares for

an individual monetary countervalue of 1,500 euro over the three-year period. Managers will initially be allocated 1 symbolic share per cycle. All employees participating in the programme will be able to purchase other ordinary shares in compliance with the minimum and maximum

investment thresholds, benefiting from additional shares (so-called "matching shares") that A2A will allocate to them with a logic inversely

proportional to their corporate role (more favourable conditions for the categories with lower classifications) based on the established criteria.

Allocated shares will be subject to a three-year non-transferability restriction, while purchased shares will be subject to a one-year restriction. A2A also plans to launch an internal financial educational programme to encourage a greater awareness of the initiative and, in general, the use of its economic resources.

A2A LIFE Sharing aligns with national and international best practices and is added to the welfare initiatives already implemented, such as support for parenting with the A2A Life Caring Plan, which allocates 120 million euro by 2035 to the Group mums and dads.

Sustainable finance

As far as Sustainable Finance is concerned, in the first half of 2025 A2A further confirmed its leading role in this field.

In January, A2A issued its inaugural European Green Bond with a nominal value of 500 million euro and a maturity of 10 years, the first on the market for this new instrument by a European corporate issuer. In addition, the bond was

the first to be issued on an EMTN Programme approved in Italy.

The issue attracted a lot of interest, receiving orders for about 2.2 billion euro, more than about 4.4 times the amount offered. The bond was placed at an issue price of 99.080% and will have an annual yield of 3.737% and a fixed coupon of 3.625%, with a spread of 125 basis points over the mid-swap reference rate.

The bonds, regulated by English law and intended for institutional investors, were issued on the European Medium Term Notes Programme approved in December 2024 (and

updated through a Supplement in January 2025) by CONSOB and were admitted to trading, subject to the signing of the relevant contractual documentation, on the MOT managed by the Italian Stock Exchange from January 30, 2025.

In accordance with the provisions of Regulation EU 2023/2631, the operating income from the issue has to finance or refinance projects as indicated in the Factsheet that was published on January 29, 2025 in the appropriate Sustainable

Corporate bodies

1

Key Figures of the A2A Group

2

Sustainability and sustainable finance

3

Consolidated results and report on operations

4

Scenario and Market

5

Result sector by sector

6

Condensed interim consolidated financial statements

7

Notes to the Condensed interim consolidated financial statements

8

Attachments to the notes to the Condensed interim consolidated financial statements

9

Evolution of the regulation

and impacts on the Business Units of the A2A Group

10

Risks and uncertainties

11

Statement on the Condensed interim consolidated financial statements pursuant

to art. 154-bis, paragraph 5 of Legislative Decree

no. 58/98

12

Independent Auditors' Report

Finance section of the A2A website, without resorting to the use of the flexibility pocket. The selected projects will be fully aligned with the European Taxonomy, central to executing the Group Strategic Plan in the framework of the Energy Transition and the Circular Economy, such as the development of electricity grids and renewable energy sources, energy efficiency, and waste collection.

At the same time as the Factsheet, A2A published the pre-issue external review, issued by Sustainable Fitch. Fitch expressed a positive opinion on the Factsheet, confirming alignment with Regulation (EU) 2023/2631

for the transaction and with Regulation (EU) 2020/852 for the use of income considered fully aligned with the EU Taxonomy. Then, in February 2025, Sustainable Fitch released the updated external review, also confirming the alignment

of the transaction with the ICMA Green Bond Principles.

The new Regulation (EU) 2023/2631 establishes the standard with the criteria that Green

Bonds must satisfy to obtain the "European Green Bond" label and is applicable from December 21, 2024. This EU Green Bond standard is considered as the "gold standard" for Green Bonds in terms of income allocation, reporting, and requirements for external review, enhancing transparency and building investor trust, reducing the risk of greenwashing and positioning A2A as a reliable partner.

The stake of ESG debt on total gross debt reached 83% as of June 30, 2025 (vs 77% as of

June 30, 2024).

In June, A2A was awarded by Global Capital, one of the main sources of financial information, during the Bond Awards 2025 ceremony held in London, an event that annually celebrates the most relevant transactions and operators in the international bond markets.

The two awards obtained, Most Innovative Corporate Borrower and Most Impressive Corporate Green, Social or Sustainable Bond Issuer, confirm our role as innovators in the capital market and in sustainable finance and the solidity of the choices made in recent months, with the first EMTN Programme approved in

Italy and the first European Green Bond on the market.

Furthermore, A2A was awarded the Best Sustainable Treasury Solution at the Adam Smith Awards 2025, thanks to the various Sustainable Finance instruments issued over the past years.

In addition, during the first half-year, three additional green guarantees were issued on behalf of A2A, based on an agreement signed by A2A with Intesa at the end of 2024. This agreement allows to use the existing credit line of 575 million euro to issue green guarantees, obtaining a discount on the related fees applied.

Guarantees can be classified as green if the underlying projects meet the eligibility criteria of the A2A Sustainable Finance Framework and the guidelines of the Green Loan Principles administered by the Loan Market Association (LMA).

The three new guarantees are added to seven other guarantees issued last year, resulting

in a total of approximately 33 million euro in green guarantees. The underlying projects cover the following areas: renewable energies, waste collection and treatment, sustainable management of water resources and electric mobility.

Corporate bodies

1

Key Figures of the A2A Group

2

Sustainability and sustainable finance

3

Consolidated results and report on operations

4

Scenario and Market

5

Result sector by sector

6

Condensed interim consolidated financial statements

7

Notes to the Condensed interim consolidated financial statements

8

Attachments to the notes to the Condensed interim consolidated financial statements

9

Evolution of the regulation

and impacts on the Business Units of the A2A Group

10

Risks and uncertainties

11

Statement on the Condensed interim consolidated financial statements pursuant

to art. 154-bis, paragraph 5 of Legislative Decree

no. 58/98

12

Independent Auditors' Report

Interim financial report at June 30, 2025

3

Consolidated results and report on operations

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A2A S.p.A. published this content on August 08, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on August 08, 2025 at 10:47 UTC.