21/05/2025 - A2A S.p.A.: A2A 2025 Investor Guidebook

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May 2025



‌About A2A

More in-depth is available in the following

A2A documents:

  • FY'24 Results presentation

  • 2024 Consolidated Financial statements

  • 2024 Report on Operations

  • 2024 Separate Financial statements

A2A Group

A2A Life Company - Pag. 4

Integrated and balanced business mix - Pag. 5

Assets and activities

A2A asset portfolio - Pag. 6 Dynamic M&A Track Record - Pag. 7 Regulatory framework - Pag. 8 - 9



A2A positioning in its main businesses - Pag. 10

3





‌A2A Life Company

As a Life company, we develop infrastructures to support people and businesses in energy transition and encourage circular economy models. Our growth strategy is based on competitive ecological transition, which combines decarbonization of operations and Italy's competitiveness.

(million euros)

2024

2023

2022

A2A @2035

Revenues

12,857

14,758

23,156

Strategic Pillars

Reported EBITDA

2,328

1,971

1,498

Key Financial Highlights

Our geographical footprint



Plants





Wind

Photovoltaic





Hydro



Consolidated Ordinary EBITDA

2,317 1,930 1,488

income

EBIT

1,317

1,017

682

statement

EBT

1,211

879

751

Group net income

864

659

401

Ord. Group Net income

816

635

380

DPS (€)

0.100

0.0958

0.0904

Energy transition

Thermoelectric

WTE

Bioenergy

16 €bn Capex

in 2024-2035



Circular economy

Waste treatment

Material recovery
Landfill



Services

Dividends

6 €bn Capex

Dividend Yield (%)

5.2%

5.9%

6.6%

Waste

District

collection

Heating

Net Financial Position

-5,835

-4,683 -4,258 Integrated

in 2024-2035

Electricity





distribution



Gas distribution

Gas transport





Public Lighting





Net Financial

EV charging

Position

Consolidated Capex

1,512

1,376

1,240

Manpower (units)

14,777

13,958

13,655

water service points

A2A @2024

Key Strenghts



Generation

2.6 GW of RES

installed capacity,

producing over 6 TWh





Waste

Increasing volumes for energy recovery (+7% yoy)

Market

3.6 M mass market customers (+4% yoy) of which 57% in electricity

Smart Infrastructures

Growing investments in electricity networks (RAB +14% yoy)

A2A @2025

Guidance

EBITDA

2.17 - 2.20 €B



Ordinary Net Income

0.68 - 0.70 €B

  • Wind and solar plants (Spain)

  • Technological partnerships in waste (Spain, UK, Greece)



72% of Capex eligible for the purposes of EU Taxonomy

4



‌A2A asset portfolio: first class asset base and size



ENERGY

2024 Annual Data

Generation

Capacity

Production

Market

Electricity

Gas

Total RES

2,555 MW

6,032 GWh

Total customers

2,095 k

1,549 k

- Hydroelectric

1,945 MW

5,193 GWh

- Free market

1,539 k

1,379 k

- Photovoltaic

337 MW

382 GWh

- Regulated market

86 k

170 k

- Wind

273 MW

457 GWh

Total thermoelectric

6,687 MW

6,189 GWh

- CCGT

5,492 MW

5,718 GWh

- Coal (under conversion)

309 MW

0 GWh

- Gradual Protection

470 k

Total sales

24,502 GWh

3,139 Mcm

- Free market

21,166 GWh

3,050 Mcm

- Regulated market

293 GWh

89 Mcm

  • Fuel Oil 886 MW 471 GWh

    Syncronous condensers 492 MW

    Trading activities in Italy and European energy markets: power, gas & environmental markets

  • Gradual Protection 3,043 GWh

WASTE

Inhabitants served:

WTE Plants (n.):

3.94 M

11

Technological partnerships: 8 plants (UK, Spain, Greece)



Biogas/Biomass/Bioenergy plants (n.):

24

Other treatment plants (n.):

35

Thermal capacity:

561 MWt

Electricity capacity:

456 MW

Waste collected:

1,825 Kton

Waste disposed:

4,732 Kton

WTE heat production:

1,661 GWht

WTE and biogas electricity production:

2,106 GWh

Energy efficiency servicing

(e.g. PV for B2B, energy efficiency of buildings)





Regulatory Asset Base (RAB)

Electricity

1,089 €M

Gas

1,726 €M

Water

542 €M

Network length

16,490 km

13,928 km

5,342 km

(aqueduct)

Heat

Heat production: 1.4 TWht

Heat volumes sales: 3.1 TWht Cogeneration electricity sales: 0.6 TWh District Heating Customers: 541 k flats

Grid capacity 5,155 MVA

Quantities distributed 11.0 TWh 2.6 Bcm 66 Mcm

Points of delivery 1.27 M 1.86 M 0.7M

(customers)

Other

Public lighting - 0.4M lighting points

EV Charging points - 1.9 k

SMART INFRASTRUCTURES

5



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A2A S.p.A. published this content on May 21, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 21, 2025 at 15:44 UTC.

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