A2A (A2A) investor relations material

Executive summary

• 9M 2026 adjusted revenue rose 35% to €13,720m, while adjusted EBITDA fell 3% to €1,673m and adjusted net profit fell 14% to €473m.

• Weak hydro output, higher concession fees and volatile energy prices weighed on results; diversified generation and network growth helped offset pressure.

• FY 2026 guidance was confirmed at €2.21–2.25bn adjusted EBITDA and €0.63–0.66bn adjusted net profit, excluding special items.

Financial highlights

• Revenue was €13,720m, up 35%, mainly reflecting higher retail electricity sales and wholesale-market brokerage volumes; operating expenses rose 46% to €11,337m.

• Adjusted EBITDA was €1,673m, down 3%; adjusted EBIT was €852m, down 10%, and adjusted net profit was €473m, down 14%.

• Reported net profit was €476m, down 17%, including €3m of net positive special items; adjusted taxes were €210m and the tax rate was 29.5%.

• Adjusted net financial expenses increased to €145m from €128m; D&A rose €53m to €768m, while provisions fell €16m to €53m.

Outlook and guidance

• FY 2026 guidance remained €2.21–2.25bn adjusted EBITDA and €0.63–0.66bn adjusted net profit, excluding special items; results were expected near the low end.

• Q4 supports include higher CCGT generation, energy-management opportunities, ~100 MW of new solar capacity and treatment-plant normalization.

• Churn improved since Q3, customer acquisition was positive and the customer-base trend turned positive; treatment operations stabilized.

• The 2027 budget and plan presentation was postponed to improve visibility amid regulatory and commodity-price uncertainty; planning remains aligned with the current business plan.