A2A (A2A) Q4 2024 earnings summary

Executive summary

• Achieved record EBITDA of €2.33 billion and net income of €864 million, with 18% and 31% year-over-year growth, respectively, despite a 13% decline in revenues due to lower energy prices.

• Record capex of €2.94 billion, focused on network expansion, renewables, and ecological transition, including major acquisitions and new plant launches.

• Strategic reorganization into three pillars: circular economy, energy, and smart infrastructures, with integration of waste, water, and district heating BUs.

• Financial discipline maintained with NFP/EBITDA at 2.5x, strong cash flow generation, and 21% total shareholder return.

• ESG integration advanced, with 78% of debt ESG-linked and a 17–18% reduction in Scope 1 & 2 emissions.

Financial highlights

• Revenues declined 13% year-over-year to €12.86 billion, but EBITDA rose 18% to €2.33 billion and ordinary net income increased 29% to €816 million.

• Net financial position increased to €5.84 billion, with NFP/EBITDA at 2.5x.

• Capex reached €2.94 billion (organic €1.51 billion, M&A €1.43 billion), with 72% eligible under EU taxonomy.

• Dividend proposal of €0.10 per share, up 4.4% year-over-year.

• Ordinary EBIT up 29% to €1.32 billion; net free cash flow negative due to high investment and M&A.

Outlook and guidance

• 2025 guidance confirmed: EBITDA €2.17–2.20 billion and ordinary net income €680–700 million.

• Dividend payout for 2025 set at €0.10 per share, with policy targeting at least 4% annual growth through 2035.

• Leverage expected to remain below 2.7, with a target close to 2024 levels.

• Continued focus on RES platform, network integration, and circular economy opportunities.

• Hedging for 2025 at 77% (€120/MWh) and 32% for 2026 (€114/MWh); capacity market awards secured through 2027.