A2A (A2A) investor relations material

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%.