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A2A (A2A) investor relations material
A2A Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Adjusted revenue rose 22% year-over-year to €8,425 million, driven by higher electricity volumes in wholesale and retail markets.
Adjusted EBITDA declined 3% to €1,181 million, mainly due to lower contributions from Circular Economy and Generation & Trading, partially offset by Smart Infrastructures and Market units.
Adjusted net profit fell 11% to €374 million, reflecting lower EBITDA and higher depreciation/amortization from increased capex.
The company advanced strategic investments in renewables, infrastructure, digital platforms, and circular economy, including major partnerships for data center heat recovery.
S&P Global upgraded the business risk profile to "Strong" and confirmed a BBB rating with a stable outlook.
Financial highlights
Revenue: €8,425 million (+22% year-over-year); Adjusted EBITDA: €1,181 million (-3% year-over-year).
Adjusted group net profit: €374 million (-11% year-over-year); operating expenses: €6,761 million (+30%).
Capex: €718 million in H1 2026, up 5% year-over-year, with 70% focused on development projects.
Net financial position: €5,786 million (NFP/EBITDA rolling: 2.6x); 68% of gross debt at fixed rates, average cost of debt 2.7%.
Operating cash flow of €749 million fully covered capex; dividend distributed: €0.104 per share.
Outlook and guidance
FY2026 guidance confirmed: Adjusted EBITDA between €2.21–2.25 billion and Adjusted Group Net Profit between €0.63–0.66 billion.
Strategic focus remains on energy transition, circular economy, and infrastructure resilience.
Positive expectations for H2 in generation, trading, and market segments; recovery expected in circular economy business.
- €23B investment plan accelerates energy transition, digital growth, and sustainable value.A2A
Investor presentation - Revenue up 15% YoY, EBITDA and net profit down; renewables and grid investments continue.A2A
Q1 2026 - Revenue up 9% to €14.0bn, EBITDA down 4%, capex up 11%, leverage at 2.4x, dividend up 4%.A2A
Q4 2025 - Revenue up 12%, EBITDA down 4%, net profit down 19%, capex up 15%, guidance strong.A2A
Q3 2025 - Revenue up 13%, EBITDA down 4%, capex and leverage improved, guidance at upper end.A2A
Q2 2025 - EBITDA up 33% and net income up 68% year-over-year; 2024 guidance raised on strong results.A2A
Q3 2024 - EBITDA up 45%, net profit up 75%, guidance raised, and sustainable finance advanced.A2A
H1 2024 - EBITDA and net income surged with record capex and robust green, network, and profit growth.A2A
Q4 2024 - Revenue up 16%, EBITDA down 4%, capex up 37%, 2025 guidance confirmed.A2A
Q1 2025
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