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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
A2A
A2A (A2A) investor relations material
A2A Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary30 Jul, 2026
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.
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Latest events from A2A
- €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.A2AQ1 2026
- Revenue up 9% to €14.0bn, EBITDA down 4%, capex up 11%, leverage at 2.4x, dividend up 4%.A2AQ4 2025
- Revenue up 12%, EBITDA down 4%, net profit down 19%, capex up 15%, guidance strong.A2AQ3 2025
- Revenue up 13%, EBITDA down 4%, capex and leverage improved, guidance at upper end.A2AQ2 2025
- EBITDA up 33% and net income up 68% year-over-year; 2024 guidance raised on strong results.A2AQ3 2024
- EBITDA up 45%, net profit up 75%, guidance raised, and sustainable finance advanced.A2AH1 2024
- EBITDA and net income surged with record capex and robust green, network, and profit growth.A2AQ4 2024
- Revenue up 16%, EBITDA down 4%, capex up 37%, 2025 guidance confirmed.A2AQ1 2025
Next A2A earnings date
Q3 202610 Nov, 2026
A2A
Next A2A earnings date
Q3 202610 Nov, 2026
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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.