A2A (A2A) investor relations material

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.