ACEA (ACE) H1 2025 earnings summary

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.