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Visual21 Nov 2025
Data center suppliers
A2A (A2A) investor relations material
A2A Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
Revenues increased 12% year-over-year to €10,170 million, driven by higher energy prices and Duereti consolidation, while EBITDA reached €1,729 million, down 4% due to hydro normalization but up 3% when adjusted for hydro effects.
Ordinary net income declined 16% to €559 million, and net profit fell 19% to €581 million, mainly due to lower hydro production and higher costs.
CapEx rose 15% to €1,037 million, focused on electrification, renewables, data centers, and circular economy expansion.
Strategic plan to 2035 targets €23 billion in investments, emphasizing energy transition, digital transformation, and a €1.6 billion direct investment in data centers.
The company is positioning itself as a key player in the energy transition and digital economy.
Financial highlights
EBITDA for the first nine months was €1,729 million, with adjusted EBITDA up 3% year-over-year.
Ordinary net income, excluding special items, decreased 16% to €559 million.
Net Financial Position improved to €5,317 million, with NFP/EBITDA at 2.4x.
CapEx in the first nine months reached €1,037 million, with 70% eligible for taxonomy and 51% aligned.
Operating cash flow fully financed CapEx and dividend payments, with a positive net free cash flow.
Outlook and guidance
2025 EBITDA guidance confirmed at the upper end of €2.17–2.20 billion; group net profit (excluding non-recurring items) expected between €680–700 million.
Long-term plan targets €3.6 billion EBITDA by 2035, with a 5% CAGR from 2025–2035, accelerating to 6% from 2028 as data center contributions ramp up.
Dividend growth of at least 4% per year is confirmed, with a payout ratio between 45% and 55%.
Return on investment forecast at 9% and return on equity at 12%.
A2A Life Ventures: future market scaling strategy?
Energy commodity hedging: 2025 vs 2024 changes?
Post-Duereti, gas sale: Smart Infra focus?
Why direct data center investment vs. energy partner role?
What uncaptured upsides exist in the plan?
European expansion: CapEx allocation and strategy?
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Frequently asked questions
A2A S.p.A. is an Italian multi-utility company that operates in the energy, environment, heat, and networks sectors. The company is involved in electricity generation, distribution, and sale, with a focus on renewable energy sources such as hydroelectric, solar, and waste-to-energy plants. A2A also provides natural gas distribution and district heating services. In the environmental sector, it manages waste collection, recycling, and treatment services. Additionally, the company is involved in water services, public lighting, and smart city initiatives, contributing to the development of sustainable urban infrastructure. The company is headquartered in Brescia, Italy, and its shares are listed on the Borsa Italiana.
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