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A2A (A2A) investor relations material
A2A Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary31 Jul, 2025
Executive summary
Revenues rose 13% year-over-year to €6,891 million, driven by higher energy prices, consolidation effects, and asset rotation toward electricity grids.
EBITDA declined 4% to €1,223 million, mainly due to normalization of hydroelectric production; adjusted EBITDA up 2%.
Net profit fell 11% year-over-year to €434 million; adjusted for hydro and special items, net profit increased 1%.
Major investments and acquisitions in renewables, district heating, and infrastructure supported growth; first data center connected to district heating network.
Employee stock ownership plan launched with 86% participation; €313M dividend paid, up 4% year-over-year.
Financial highlights
Revenues: €6,891 million (+13% year-over-year); EBITDA: €1,223 million (-4%); Net profit: €434 million (-11%).
Capex rose 23% to €681 million, with 85% aligned to SDGs and 72% to energy transition.
Net financial position improved by €510 million to €5,325 million; NFP/EBITDA ratio reduced to 2.3x from 2.5x.
Cash flow from operations fully funded investments and dividends, with €126M net cash flow and a cash conversion rate above 65%.
Operating costs rose 19% to €5,203 million, reflecting commodity price trends.
Outlook and guidance
2025 guidance confirmed at the upper end: EBITDA €2.17–2.20B, net ordinary income €0.68–0.70B, excluding non-recurring items.
Strategy remains CapEx-driven, with double-digit CapEx growth on track with the industrial plan.
Solid year-end NFP/EBITDA expected at ~2.5x; strong cash flow generation with >65% cash conversion.
Management remains prudent despite a strong H1, citing market uncertainties.
Focus on regulated networks, renewables, and circular economy investments.
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Q3 202511 Nov, 2025
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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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