H1 2025 results
Milan, 31st July 2025
H1 2025 execution: laying the base for future growth
Reaffirming the bond with our
Stakeholders
313 €M dividend paid
>+4% yoy
Launch of Employee Stock Ownership Plan 86% subscriptions
Upgrade of rating
outlook to "positive"
Main achievements
Industrial push on electricity
Major asset rotation towards electricity grids
Enhanced electricity networks resilience new primary substation
1.6M electricity customers reached on free mass market
Business risk profile optimization
LNG supply
agreement with BP
20-year DH concession tender won
In North-Milan area
Higher % of EBITDA from regulated activities (*) increased to 32%
Paving the way for emerging opportunities
First data center connected to DH network
~0.4 €B development
capex executed
on track with Plan @2035
(*) Electricity and gas networks, water cycle, district heating, collection and regulated treatment
2
H1 2025 Results: resilient performance, improving financial solidity
Key Financial Indicators (€M)
Revenues
EBITDA
Ordinary EBITDA
+2%
2.3x
2.5x
NFP/EBITDA*
net of exceptional hydro production effect in H1 2024
Group Net Income
Ordinary Group Net Income
Net Financial Position
+1%
net of exceptional hydro production effect in H1 2024
+2%
Net of 11€M
settlement of the dispute with the Municipality of
Cinisello Balsamo
Net of 8€M
-
price adjustment referring to the acquisition of the stake in Tecnoa (WtE Crotone)
-
Badwill recognition from the completion of PPA process after Biomax acquisition
Contribution from exceptional hydro production
Note:
(*) EBITDA rolling
3
H1 2025 results: consistent CapEx growth to support ecological transition
€M
Breakdown by Activity Breakdown by BU
28%
72%
51%
72%
Breakdown by SDGs
Breakdown by EU Taxonomy
Breakdown by Circular Economy & Energy Transition
15%
85%
Note:
(*) 2024 pro forma consistent with the new organizational structure (BU Circular Economy)
Aligned Eligible
Energy Transition Circular Economy
4
H1 2025 EBITDA: business integration provides consistent results delivery
-11%**
-24%
-10%
+33%
+
-
Thermoelectric production
-
Revenues from urban WTE
-
Electricity distribution network
consolidation (Duereti)
5
**Contribution from exceptional hydro production
-
-
Hydroelectric production
-
Safeguard Market
Note:
(*) 2024 pro forma consistent with the new organizational structure (BU Circular Economy)
Generation & Trading: diversification of sources supports performance despite hydro normalization
EBITDA €M
Hydro, Wind &Solar production (GWh)
Thermal Production (GWh)
RES: normalization of hydro production
Flexibility:
higher
CCGT
production
and capacity market, less
opportunities for hedging
Contribution from exceptional hydro production
6
Market: Solid Mass Market upholds results
EBITDA €M
Customer Base Mass Market (#/000)
Of which electricity free market +11%
Total Electricity Sales (TWh)
-
Higher mass market segment contribution thanks to electricity customer base
increase and lower retention costs
-
Growth in electricity volumes sales
-
Loss of Safeguard and lower contribution of large customers' gas segment
-
Higher marketing costs
Total Gas Sales (Bcm)
7
Circular Economy: WTEs revenues increase and higher volumes in District Heating
ELECTRICITY ENERGY SALES (GWh)
EBITDA €M WTE and other plants
Cogeneration
ENERGY RECOVERY (kton)
Treatment: higher WTEs treatment prices
Collection: new collection services in Milan after tender won
District Heating: volumes increase and higher revenues from white certificates
HEAT VOLUMES (GWht)
8
Smart Infrastructures: growth driven by Duereti consolidation and organic RAB increase
EBITDA €M
EE RAB (€M)
(*)
6.0%
5.6%
WACC
Of which Duereti
+44 €M
Of which
+23 €M of allowed gas opex related to 2020-
2024 (ARERA
res. 98 and 87/2025)
Power Network Capacity 8,682 MVA +67% yoy
GAS RAB (€M) (**)
(*)
Regulated Networks: Duereti consolidation and higher electricity allowed revenues thanks to capex deployment Increased power network capacity and resilience
6.5%
5.9%
WACC
(*) Updated RAB according to Resolution 217/2025/R/eel for Electricity Networks and Resolution 274/2025/R/gas for Gas Networks (**) Gas RAB includes assets sold to Ascopiave, deconsolidated from July 1st 2025
9
H1 2025 results: from EBITDA to Net Income
€M
Tax rate H1 2025 (29%)
H1 2025:
+7M€ of price adjustment referring to the acquisition of the stake in Tecnoa (WtE Crotone
+1M€ of badwill from Biomax acquisition
H1 2024 1,279 -441 -73 2 -61 -3 703 -207 -18 478 11 489
10
31.12.2024
NFP NFP/EBITDA
5,835 €M 2.5x
H1 2025 results: net free cash flow
€M
30.06.2025
NFP NFP/EBITDA
5,325 €M 2.3x
-
(+) Lower retail receivables due to seasonality effect and lower prices
-
(+) Lower safeguard portfolio receivables
Cash Conversion(1)> 65% enabled the full financing of development capex and the distribution of dividends
(*) Change in Working Capital includes also other Assets and Liabilities and Use of Funds Notes: (1) (OCF - maintenance CAPEX) / EBITDA
11
2025 Guidance confirmed in the upper end
EBITDA
12
2.17 - 2.20 €B
Ordinary Net Income*
0.68 - 0.70 €B
*Excluding non-recurring items
Shaped to move forward in a dynamic context
Double-digit Capex increase
Enabling the industrial growth envisaged in the Plan
On track with targets
2025E EBITDA and
Ordinary Net Income
in the upper end of the guidance
Solid year-end NFP expected
~2.5x 2025E NFP/EBITDA
Strong cash flow
generation
Strategically positioned and agile, ready to seize valuable opportunities
>65% cash conversion in H1 2025
13
Q&A
14
Annexes
15
EBITDA breakdown by Business Unit
€M
|
H1 2025 Reported Ordinary |
H1 2024* Reported Ordinary |
Reported |
Change |
Ordinary |
||||
|
A2A |
1,223 |
1,194 |
1,279 |
1,269 |
-56 |
-4% |
-75 |
-6% |
|
Generation & Trading |
420 |
418 |
556 |
552 |
-136 |
-24% |
-134 |
-24% |
|
RES |
273 |
274 |
395 |
395 |
-122 |
-31% |
-121 |
-31% |
|
Flexibility |
147 |
144 |
161 |
157 |
-14 |
-9% |
-13 |
-8% |
|
Market |
229 |
227 |
251 |
252 |
-22 |
-9% |
-25 |
-10% |
|
Energy Retail |
228 |
226 |
251 |
252 |
-23 |
-9% |
-26 |
-10% |
|
o/w Electricity Contribution Margin |
187 |
187 |
193 |
193 |
-6 |
-3% |
-6 |
-3% |
|
o/w Gas Contribution Margin |
172 |
172 |
178 |
178 |
-6 |
-3% |
-6 |
-3% |
|
o/w Operating costs and other |
-131 |
-132 |
-119 |
-118 |
-12 |
10% |
-14 |
12% |
|
Energy Solutions |
1 |
1 |
0 |
0 |
1 |
n.s. |
1 |
n.s. |
|
Circular Economy |
322 |
323 |
320 |
304 |
2 |
1% |
19 |
6% |
|
Collection |
23 |
24 |
37 |
29 |
-14 |
-38% |
-5 |
-17% |
|
Treatment |
188 |
187 |
179 |
173 |
9 |
5% |
14 |
8% |
|
District Heating |
75 |
74 |
65 |
64 |
10 |
16% |
10 |
16% |
|
Water Cycle |
36 |
38 |
39 |
38 |
-3 |
-9% |
0 |
0% |
|
Smart Infrastructures |
276 |
249 |
186 |
187 |
90 |
48% |
62 |
33% |
|
Electricity Networks |
147 |
146 |
81 |
81 |
66 |
81% |
65 |
80% |
|
Gas Networks |
113 |
88 |
90 |
91 |
23 |
26% |
-3 |
-3% |
|
Smart City |
5 |
5 |
4 |
4 |
1 |
25% |
1 |
27% |
|
Public Lighting |
12 |
11 |
11 |
11 |
1 |
9% |
0 |
-1% |
|
E-Moving |
-1 |
-1 |
0 |
0 |
-1 |
n.s. |
-1 |
n.s. |
|
Corporate |
-24 |
-23 |
-34 |
-26 |
10 |
n.s. |
3 |
n.s. |
Note:
(*) 2024 pro forma consistent with the new organizational structure (BU Circular Economy)
16
H1 2025 VS H1 2024: profit & loss
|
€M |
H1 2024 |
H1 2025 |
Delta vs 2024 |
Delta % |
||||
|
Revenues |
6,091 |
6,891 |
800 |
13% |
||||
|
Operating costs |
-4,370 |
-5,203 |
-833 |
19% |
||||
|
Staff costs |
-442 |
-465 |
-23 |
5% |
||||
|
EBITDA |
1,279 |
1,223 |
-56 |
-4% |
||||
|
D&A |
-441 |
-469 |
-28 |
6% |
||||
|
Provisions |
-73 |
-36 |
37 |
-51% |
||||
|
ORDINARY EBIT |
765 |
718 |
-47 |
-6% |
17 |
|||
|
Net Financial Expenses |
-61 |
-85 |
-24 |
39% |
||||
|
Associates, JV & other |
-1 |
2 |
3 |
n.s. |
||||
|
ORDINARY EBT |
703 |
635 |
-68 |
-10% |
||||
|
Taxes |
-207 |
-186 |
21 |
-10% |
||||
|
Minorities |
-18 |
-23 |
-5 |
28% |
||||
|
Group Ordinary Net |
Income |
478 |
426 |
-52 |
-11% |
|||
|
+/- Special Items |
11 |
8 |
-3 |
n.s. |
||||
|
Group Net Income |
489 |
434 |
-55 |
-11% |
||||
vs 2024
H1 2025 VS FY 2024: balance sheet
€M
FY 2024
H1 2025
∆ vs
FY 2024
Tangible Assets 7,517 7,639 122
Intangible Assets 4,299 4,389 90
Shareholdings and Other Non Current Financial Assets 100 108 8
Other Non Current Assets/Liabilities -67 -5 62
Employee Benefits
-214
-205
9
Net Fixed Capital 11,330 11,636 306
Deferred Tax Assets and Liabilities 549 545 -4 Provisions for Risks, Charges and Liabilities for landfills -854 -835 19
Net Working Capital 277 267 -10
Other Current Assets/Liabilities -88 -887 -799
Working Capital and Other Current Assets/Liabilities 114 -612 -726
Current Tax Assets/Liabilities -75 8 83
Total Capital Employed 11,838 11,439 -399
Non Curent Assets/Liabilities held for sale 394 415 21
Equity 6,003 6,114 111
Total Sources 11,838 11,439 -399
Net Financial Position 5,835 5,325 -510
18
Energy scenario
|
UoM |
H1 2024 |
H1 2025 |
Δ% vs 2024 |
|
|
Brent |
$/bbl |
83 |
71 |
-15% |
|
CO2 - EU ETS cost |
€/Tonn |
66 |
73 |
11% |
|
€/$ |
€/$ |
1 |
1 |
1% |
|
Brent € |
€/bbl |
77 |
65 |
-16% |
|
PUN Baseload(2) |
€/MWh |
93 |
120 |
28% |
|
PUN Peak(2) |
€/MWh |
99 |
124 |
25% |
|
PUN Off-Peak(2) |
€/MWh |
90 |
118 |
30% |
|
CCGT gas cost(3) |
€/MWh |
78 |
101 |
30% |
|
Spark Spread CCGT_PSV vs Baseload |
€/MWh |
16 |
19 |
19% |
|
Spark Spread CCGT_PSV vs Peakload |
€/MWh |
22 |
23 |
5% |
|
Spark Spread CCGT_PSV vs Off-Peak |
€/MWh |
13 |
17 |
31% |
|
Clean Spark Spread vs Baseload |
€/MWh |
-10 |
-10 |
-2% |
|
Clean Spark Spread vs Peakload |
€/MWh |
-4 |
-6 |
n.s. |
|
Clean Dark Spread vs Baseload(4) |
€/MWh |
-34 |
-10 |
-69% |
PSV(1)
€/MWh
31
43
39%
Notes:
-
Gas at virtual trading point
-
Hourly average for each month
-
Based on as at virtual trading point with 51% efficiency; includes transport costs
-
35% efficiency - includes cost spread on API2 and transport costs
19
Volumes
|
UoM |
H1 2024 |
H1 2025 |
Δ vs 2024 |
Δ% vs 2024 |
|
|
Thermal production |
GWh |
2,011 |
3,258 |
1,248 |
62% |
|
- CCGT production |
GWh |
1,971 |
3,205 |
1,233 |
63% |
|
- Oil production |
GWh |
40 |
53 |
12 |
31% |
|
Renewable production |
GWh |
3,174 |
2,399 |
-775 |
-24% |
|
- Hydro production |
GWh |
2,723 |
1,973 |
-750 |
-28% |
|
- Photovoltaic production |
GWh |
197 |
207 |
10 |
5% |
|
- Wind production |
GWh |
254 |
219 |
-35 |
-14% |
|
Electricity sales |
GWh |
11,873 |
12,828 |
955 |
8% |
|
Gas sales |
Mcm |
1,738 |
1,552 |
-187 |
-11% |
|
Electricity distributed |
GWh |
5,465 |
9,410 |
3,945 |
72% |
|
Gas distributed |
Mcm |
1,477 |
1,468 |
-9 |
-1% |
|
Collected waste |
Kton |
925 |
955 |
31 |
3% |
|
Waste disposal |
Kton |
2,420 |
2,421 |
1 |
0% |
|
- Material recovery |
Kton |
603 |
573 |
-30 |
-5% |
|
- Energy recovery |
Kton |
1,092 |
1,183 |
91 |
8% |
|
- Other |
Kton |
725 |
665 |
-61 |
-8% |
|
WTE and other plants electricity sold |
GWh |
1,011 |
1,105 |
95 |
9% |
|
Water Distributed |
Mcm |
68 |
33 |
-35 |
-52% |
|
Cogeneration electricity sales |
GWh |
344 |
367 |
23 |
7% |
|
Heat volumes sales |
GWht |
1,700 |
1,795 |
95 |
6% |
20
Financials as of 30th June 2025
Sound financial structure
13%
21%
H124
H125
79%
Fix
87%
Float
Duration and Average Cost of debt
Duration
5.4
Years
Cost of debt(1)
2.7%
@H1 2025
Steady Liquidity Position (€M)
H124
H125
1,893
1,813
4,253
3,998
2,360
Coverage Ratio(2) > 1.2x
Cash & Cash Equivalent
2,185
Coverage Ratio(2) > 1.2x
Undrawn Committed Lines
|
Agency |
Rating |
Outlook |
|
|
(3) |
BBB |
Stabile |
|
|
|
Baa2 |
Positive |
Strong commitment to current credit rating
-
Financial expenses reported / average gross debt (excluding Hot Money & RCF)
-
This ratio measures the coverage of expected cash flows in the next 12 months given the current Liquidity position and the expected obligations
-
December 2024: S&P's confirms Outlook Stable, S&P has also revised downward the threshold for maintaining the current rating of FFO/Net Debt to 24% from 25%
-
May 2025: Moody's confirms Rating Baa2, Moody's has also revised Outlook from Stable to Positive following the update of the sovereign Rating
21
Indebtedness redemption profile H1 2025 (€M)
618
21
7
5
14
5
3
26
496
664
497
497
299
397
495
493
499
322
114
109
95
57
148
175
27
27
24
82 1
4
2
3
32
40
40
647
10
2025 2026 2027 2028 2029* 2030 2031 2032 2033 2034 2035 2036 2037
(*) Not included 750€M Green Hybrid Bond NC5.25
22
Sustainable Finance Highlights
ESG Debt and targets at 30 June 2025
Highlights 2019-2025
Inaugural European Green Bond First Green Bond with Eligible Green Projects based First EuGB ever issued in the World on Green Financing Framework
Jul 19
Jan 25
The new Sustainable Finance Framework combines the UoP approach with the Sustainability-linked approach
Jul 24
Jun 21
Jun 24
Financial strategy
linked to the Sustainability
Jan 23
5th Green Bond with EU
Taxonomy-eligible UoPs
Oct 21
Sep 22
Feb 22
Jun 22
4th Green Bond with EU
Taxonomy-aligned UoPs
Mar 22
A2A updates the Sustainable Finance Framework to reflect the revised KPIs and targets in line with its Strategic Plan
3rd Green Bond with EU Taxonomy-aligned UoPs
2nd SLB with KPI Renewable Energy Capacity Installation
A2A is the 1st Italian corporate to adopt a Framework that combines the UoP approach with Sustainability-Linked principles
120%
1st Hybrid Green Bond with EU
Taxonomy-eligible UoPs
100%
80%
60%
First SLB with KPI Scope 1 CO2Emission Intensity
Jul 21
40%
20%
0%
Effective Target
Percentage of ESG Debt of total (%)
2nd Green Bond with UoPs aligned with the EU Taxonomy
83%
78%
70%
58%
44%
>80%
>90%
100%
+6%
vs. H1 2024
FY 2021 FY 2022 FY 2023 FY 2024 H1 2025 2027 2030 2035
ESG Debt
26%
2025 Global Capital Bond Awards
Most Innovative Corporate
18th June 2025
Most Impressive Corporate Green, Social or Sustainable Bond Issuer
18th June 2025
18%
56%
23
Contacts
A2A Investor Relations Team
E-mail: ir@a2a.it Phone: +39 02 7720 3974
https://www.gruppoa2a.it/en/investors
Attachments
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A2A S.p.A. published this content on July 31, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on July 31, 2025 at 13:15 UTC.
