A2A (A2A) Q3 2026 earnings summary

Executive summary

• 9M 2026 adjusted revenue rose 35% YoY to €13,720m, while adjusted EBITDA fell 3% to €1,673m and adjusted net profit fell 14% to €473m.

• Capex increased 9% YoY to €1,131m; around 70% supported development, including electricity networks, renewables and Circular Economy projects.

• FY 2026 guidance was confirmed: adjusted EBITDA of €2.21–2.25bn and adjusted Group net profit of €0.63–0.66bn.

Financial highlights

• Adjusted revenue was €13,720m, up 35% YoY, mainly reflecting higher retail electricity sales and wholesale-market brokerage volumes.

• Adjusted EBITDA was €1,673m, down 3%; adjusted EBIT was €852m, down 10%; reported net profit was €476m, down 17%.

• Adjusted net profit was €473m, down 14% YoY, with higher depreciation and amortization and lower adjusted EBITDA contributing to the decline.

• Operating expenses rose 46% to €11,337m, reflecting higher volumes and energy commodity prices; personnel expenses increased 3% to €710m.

Outlook and guidance

• FY 2026 adjusted EBITDA guidance remained €2.21–2.25bn; adjusted Group net profit guidance remained €0.63–0.66bn.

• Long-term fixed-price renewable PPAs were available to large companies, SMEs from March 2026 and households since 2023; similar offers are planned for remaining VAT-registered segments by 2027.