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ACEA (ACE) investor relations material
ACEA H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
EBITDA rose 12% year-over-year to €731m, with recurring EBITDA up 9%, driven by regulated businesses representing 94% of Group EBITDA.
Net profit increased 32% year-over-year to €227m; recurring net profit up 7%.
Investments reached €668m, up 18% from 1H2024, with 87% focused on regulated businesses.
Strategic asset rotation continued, including the sale of the High Voltage grid and approval of a binding offer for ACEA Energia.
Moody's upgraded outlook to positive and confirmed Baa2 rating, reflecting improved financial profile.
Financial highlights
Consolidated revenues grew 4% year-over-year to €1,462m, with regulated areas accounting for 88% of total revenues.
EBIT increased 27% to €378m, supported by EBITDA growth and lower depreciation/amortization.
Net financial debt rose to €5,401m from €4,944m at end-2024, mainly due to investments, dividends, and taxes.
Proforma Net Debt/LTM EBITDA ratio at 3.36x (vs. 3.23x at 31 Dec 2024).
CapEx increased 18% to €668m, with 87% allocated to regulated businesses.
Outlook and guidance
2025 EBITDA guidance revised upward to €1.37B, growth of 6–8% over 2024 restated figure, excluding ACEA Energia.
Investments for 2025 projected at ~€1.6bn (€1.2bn net of grants/subsidies).
Proforma Net Debt/EBITDA expected at 3.4–3.5x, including proceeds from asset sales.
Business plan update expected between late 2025 and early 2026, reflecting transformation.
Guidance includes technical and contractual quality incentives of ~€25m at EBITDA level.
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