ACEA (ACE) H1 2025 earnings summary

Executive summary

• Achieved strong growth in H1 2025, with EBITDA up 12% to €731m and net profit up 32% to €227m, driven by regulated businesses representing 94% of Group EBITDA and strategic asset rotation, including the sale of ACEA Energia and the High Voltage grid.

• Revenues rose 4% year-over-year to €1,462m, with regulated EBITDA accounting for 94% of the total.

• Major milestones included the award of the Rome WTE plant, new photovoltaic plants, and the launch of a Green & Blue Financing Framework.

• Moody's upgraded the outlook to positive and confirmed the Baa2 rating, reflecting an improved financial profile.

• Approved the sale of ACEA Energia to Eni Plenitude, excluding certain business lines, with closing expected by June 2026.

Financial highlights

• Consolidated revenues reached €1,462m (+4% YoY), with regulated areas accounting for 88% of total revenues.

• EBITDA was €731m (+12% YoY); EBIT increased 27% to €378m.

• Net profit attributable to the Group rose 32% to €227m; recurring net profit up 7%.

• Investments reached €668m (+18% YoY), with 87% focused on regulated businesses.

• Average cost of debt at 2.07% for H1 2025; net financial debt at €5,401m as of June 30, 2025.

Outlook and guidance

• 2025 EBITDA guidance revised upward to 6–8% growth over 2024 restated figure, excluding ACEA Energia.

• Investments for 2025 projected at ~€1.6bn (€1.2bn net of grants/subsidies).

• Pro-forma 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.

• Focus remains on sustainable infrastructure, cost management, and reinvestment of asset sale proceeds.