A2A (A2A) Investor presentation summary

Business model and strategic positioning

• Focuses on energy transition and circular economy, supporting decarbonization and Italy’s competitiveness.

• Operates a diversified asset portfolio: 2.7 GW RES capacity, 2.3 Mton waste disposed for energy recovery, and 3.6M mass market customers.

• Integrated business mix spans generation, trading, smart infrastructures, waste, heat, and water services.

• Second largest Italian operator in RES production and electricity sales, with strong market positions across energy and waste sectors.

• Nearly 70% of capex is EU Taxonomy eligible, emphasizing sustainability.

Financial performance and targets

• 2025 adjusted revenues: €14.0B; adjusted EBITDA: €2.24B; adjusted group net profit: €0.69B.

• 2024–2035 investment plan totals €23B, with 81% allocated to development and 74% to low-volatility segments.

• Dividend per share set to grow at least 4% annually through 2035, with a 2025 DPS of €0.104.

• ROI and ROE targets for 2025–2035 average 12% and 10% respectively.

• Maintains a strong liquidity position and commitment to investment grade ratings.

Operational and sustainability initiatives

• Plans to reach 5.7 GW RES capacity and 16,000 EV charging points by 2035.

• Targets 6.6 Mt waste treated and 2.3 TWh renewable heat by 2035.

• Data center business leverages energy assets and heat recovery for district heating.

• Net Zero by 2050, with 2030 target of 228 gCO2/kWh for Scope 1 & 2 emissions.

• 100% of executives have sustainability-linked incentives; 90% of employees have cascaded objectives by 2028.